XML 31 R39.htm IDEA: XBRL DOCUMENT
v3.20.1

UNSECURED SENIOR NOTES (Details) $ in Thousands |  |  |  | 3 Months Ended |  |
--- | --- | --- | --- | --- | --- | ---
Apr. 04, 2017 USD ($) | Oct. 26, 2015 USD ($) | Dec. 17, 2013 USD ($) | Mar. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | Jan. 31, 2019 USD ($)
Mortgage loans and Notes payable |  |  |  |  |  |
Less: Loan procurement costs, net |  |  |  | $ (3,834) | $ (4,059) |
Total unsecured senior notes, net |  |  |  | 1,836,223 | 1,835,725 |
Cubesmart, L P and Subsidiaries |  |  |  |  |  |
Mortgage loans and Notes payable |  |  |  |  |  |
Less: Loan procurement costs, net |  |  |  | (3,834) | (4,059) |
Total unsecured senior notes, net |  |  |  | 1,836,223 | 1,835,725 |
Senior Notes |  |  |  |  |  |
Mortgage loans and Notes payable |  |  |  |  |  |
Carrying value |  |  |  | 1,850,000 | 1,850,000 |
Less: Discount on issuance of notes, net |  |  |  | (3,759) | (3,860) |
Less: Loan procurement costs, net |  |  |  | (10,018) | (10,415) |
Total unsecured senior notes, net |  |  |  | $ 1,836,223 | 1,835,725 |
Senior Notes | Maximum |  |  |  |  |  |
Mortgage loans and Notes payable |  |  |  |  |  |
Consolidated leverage ratio |  |  |  | 0.60 |  |
Secured debt leverage ratio |  |  |  | 0.40 |  |
Senior Notes | Minimum |  |  |  |  |  |
Mortgage loans and Notes payable |  |  |  |  |  |
Consolidated interest coverage ratio |  |  |  | 1.50 |  |
Financial and customary covenant, minimum unencumbered asset (as a percent) |  |  |  | 150.00% |  |
Senior notes 4.800% due 2022 |  |  |  |  |  |
Mortgage loans and Notes payable |  |  |  |  |  |
Interest rate (as a percent) |  |  |  | 4.80% |  |
Carrying value |  |  |  | $ 250,000 | 250,000 |
Effective interest rate (as a percent) |  |  |  | 4.82% |  |
Senior notes 4.375% due 2023 |  |  |  |  |  |
Mortgage loans and Notes payable |  |  |  |  |  |
Senior notes, principal amount | $ 50,000 |  | $ 250,000 |  |  |
Interest rate (as a percent) | 4.375% |  | 4.375% | 4.375% |  |
Carrying value |  |  |  | $ 300,000 | 300,000 |
Effective interest rate (as a percent) | 3.495% |  | 4.501% | 4.33% |  |
Effective weighted average interest rate (as a percent) |  |  |  | 4.33% |  |
Proceeds from senior notes | $ 50,000 |  | $ 250,000 |  |  |
Debt instrument, redemption percentage | 105.04% |  | 98.995% |  |  |
Senior notes 4.000% due 2025 |  |  |  |  |  |
Mortgage loans and Notes payable |  |  |  |  |  |
Senior notes, principal amount | $ 50,000 | $ 250,000 |  |  |  |
Interest rate (as a percent) | 4.00% | 4.00% |  | 4.00% |  |
Carrying value |  |  |  | $ 300,000 | 300,000 |
Effective interest rate (as a percent) | 3.811% | 4.032% |  | 3.99% |  |
Effective weighted average interest rate (as a percent) |  |  |  | 3.994% |  |
Proceeds from senior notes | $ 50,000 | $ 250,000 |  |  |  |
Debt instrument, redemption percentage | 101.343% | 99.735% |  |  |  |
Senior Notes 3.125% Due 2026 |  |  |  |  |  |
Mortgage loans and Notes payable |  |  |  |  |  |
Interest rate (as a percent) |  |  |  | 3.125% |  |
Carrying value |  |  |  | $ 300,000 | 300,000 |
Effective interest rate (as a percent) |  |  |  | 3.18% |  |
Senior Notes 4.375 % Due 2029 |  |  |  |  |  |
Mortgage loans and Notes payable |  |  |  |  |  |
Senior notes, principal amount |  |  |  |  |  | $ 350,000
Interest rate (as a percent) |  |  |  | 4.375% |  | 4.375%
Carrying value |  |  |  | $ 350,000 | 350,000 |
Effective interest rate (as a percent) |  |  |  | 4.46% |  |
Senior Notes 3.000 % Due 2030 |  |  |  |  |  |
Mortgage loans and Notes payable |  |  |  |  |  |
Interest rate (as a percent) |  |  |  | 3.00% |  |
Carrying value |  |  |  | $ 350,000 | $ 350,000 |
Effective interest rate (as a percent) |  |  |  | 3.04% |  |

X
- Definition The interest coverage ratio permitted under the terms of a senior credit facility covenant. + References No definition available. + Details
Name: | cube_DebtInstrumentCovenantConsolidatedInterestCoverageRatio
Namespace Prefix: | cube_
Data Type: | xbrli:pureItemType
Balance Type: | na
Period Type: | duration

X
- Definition The leverage ratio permitted under the terms of a senior credit facility covenant. + References No definition available. + Details
Name: | cube_DebtInstrumentCovenantConsolidatedLeverageRatio
Namespace Prefix: | cube_
Data Type: | xbrli:pureItemType
Balance Type: | na
Period Type: | duration

X
- Definition The secured leverage ratio permitted under the terms of a senior credit facility covenant. + References No definition available. + Details
Name: | cube_DebtInstrumentCovenantConsolidatedSecuredLeverageRatio
Namespace Prefix: | cube_
Data Type: | xbrli:pureItemType
Balance Type: | na
Period Type: | duration

X
- Definition The covenant percentage permitted under the terms of a senior credit facility of unencumbered assets to unsecured indebtedness. + References No definition available. + Details
Name: | cube_DebtInstrumentCovenantUnencumberedAssets
Namespace Prefix: | cube_
Data Type: | num:percentItemType
Balance Type: | na
Period Type: | instant

X
- Definition Represents the current and noncurrent portions, carrying value as of the balance sheet date of uncollateralized senior notes net of discounts, with the highest claim on the assets of the issuer in case of bankruptcy or liquidation (with maturities initially due after one year or beyond the operating cycle if longer). Senior note holders are paid off in full before any payments are made to junior note holders. + References No definition available. + Details
Name: | cube_UnsecuredSeniorNotesNet
Namespace Prefix: | cube_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant

X
- Definition Amount, before unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 4 -Subparagraph (b)(1) -URI http://asc.fasb.org/extlink&oid=109500613&loc=SL6031897-161870 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(16)) -URI http://asc.fasb.org/extlink&oid=119400593&loc=d3e572229-122910 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(16)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 + Details
Name: | us-gaap_DebtInstrumentCarryingAmount
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant

X
- Definition Face (par) amount of debt instrument at time of issuance. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400 + Details
Name: | us-gaap_DebtInstrumentFaceAmount
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant

X
- Definition Effective interest rate for the funds borrowed under the debt agreement considering interest compounding and original issue discount or premium. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 6 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=109500613&loc=SL6036836-161870 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22(a)(1)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_DebtInstrumentInterestRateEffectivePercentage
Namespace Prefix: | us-gaap_
Data Type: | num:percentItemType
Balance Type: | na
Period Type: | instant

X
- Definition Contractual interest rate for funds borrowed, under the debt agreement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22(a)(1)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_DebtInstrumentInterestRateStatedPercentage
Namespace Prefix: | us-gaap_
Data Type: | num:percentItemType
Balance Type: | na
Period Type: | instant

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
Name: | us-gaap_DebtInstrumentLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Percentage price of original principal amount of debt at which debt can be redeemed by the issuer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -Subparagraph e -URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823 + Details
Name: | us-gaap_DebtInstrumentRedemptionPricePercentage
Namespace Prefix: | us-gaap_
Data Type: | num:percentItemType
Balance Type: | na
Period Type: | duration

X
- Definition Amount, after accumulated amortization, of debt discount (premium). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28555-108399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28567-108399 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400 + Details
Name: | us-gaap_DebtInstrumentUnamortizedDiscountPremiumNet
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | instant

X
- Definition Weighted average interest rate of debt outstanding. + References No definition available. + Details
Name: | us-gaap_DebtWeightedAverageInterestRate
Namespace Prefix: | us-gaap_
Data Type: | num:percentItemType
Balance Type: | na
Period Type: | instant

X
- Definition Amount, after accumulated amortization, of debt issuance costs. Includes, but is not limited to, legal, accounting, underwriting, printing, and registration costs. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.17) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28555-108399 + Details
Name: | us-gaap_DeferredFinanceCostsNet
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | instant

X
- Definition The cash inflow during the period from additional borrowings in aggregate debt. Includes proceeds from short-term and long-term debt. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 14 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=118932676&loc=d3e3255-108585 + Details
Name: | us-gaap_ProceedsFromIssuanceOfDebt
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | duration

X
- Details
Name: | dei_LegalEntityAxis=cube_CubesmartLPAndSubsidiariesMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_DebtInstrumentAxis=us-gaap_SeniorNotesMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | srt_RangeAxis=srt_MaximumMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | srt_RangeAxis=srt_MinimumMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_DebtInstrumentAxis=cube_SeniorNotes4.80PercentDueOnJuly152022Member
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_DebtInstrumentAxis=cube_SeniorNotes4.375PercentDueOnDecember152023Member
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_DebtInstrumentAxis=cube_SeniorNotes4.00PercentDueOnNovember152025Member
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_DebtInstrumentAxis=cube_SeniorNotes3.125PercentDue2026Member
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_DebtInstrumentAxis=cube_SeniorNotes4.375PercentDue2029Member
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_DebtInstrumentAxis=cube_SeniorNotes3.000PercentDue2030Member
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |