XML 50 R37.htm IDEA: XBRL DOCUMENT
v3.21.2

LEASES (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2021
LEASES |
Summary of lease cost | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, | ​ | ​ | Six Months Ended June 30,
​ |  | 2021 |  | 2020 | ​ | ​ | 2021 |  | 2020
​ | ​ | (in thousands)
Finance lease cost: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization of finance lease right-of-use assets | ​ | $ | 241 | ​ | $ | — | ​ | ​ | $ | 482 | ​ | $ | —
Interest expense related to finance lease liabilities | ​ | ​ | 533 | ​ | ​ | — | ​ | ​ | ​ | 1,060 | ​ | ​ | —
Operating lease cost | ​ | ​ | 822 | ​ | ​ | 746 | ​ | ​ | ​ | 1,644 | ​ | ​ | 1,492
Short-term lease cost (1) | ​ |  | 326 | ​ | ​ | 275 | ​ | ​ |  | 632 | ​ | ​ | 583
Total lease cost | ​ | $ | 1,922 | ​ | $ | 1,021 | ​ | ​ | $ | 3,818 | ​ | $ | 2,075
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash paid for amounts included in measurement of lease liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating cash outflows for finance leases | ​ | $ | 445 | ​ | $ | — | ​ | ​ | $ | 861 | ​ | $ | —
Operating cash outflows for operating leases | ​ | ​ | 635 | ​ | ​ | 577 | ​ | ​ | ​ | 1,253 | ​ | ​ | 1,142
Total cash outflows for lease liability measurement | ​ | $ | 1,080 | ​ | $ | 577 | ​ | ​ | $ | 2,114 | ​ | $ | 1,142
​
| (1) | Represents automobile leases that have a lease term of 12 months. The Company has made an accounting policy election not to apply the recognition requirements of ASC 842 to this asset class. The lease cost associated with these leases is recognized on a straight-line basis over the related lease term.
Schedule of balance sheet information associated with operating leases | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | December 31, | ​
​ |  | 2021 | ​ | 2020 | ​
​ | ​ | (dollars in thousands) | ​
Finance Leases | ​ | ​ | ​ | ​ | ​ | ​ | ​
Right-of-use assets included in Storage properties, net | ​ | $ | 41,414 | ​ | $ | 41,896 | ​
Lease liabilities included in Lease liabilities - finance leases | ​ | $ | 65,798 | ​ | $ | 65,599 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating Leases | ​ | ​ | ​ | ​ | ​ | ​ | ​
Right-of-use assets included in Other assets, net | ​ | $ | 54,683 | ​ | $ | 55,302 | ​
Lease liabilities included in Accounts payable, accrued expenses and other liabilities | ​ | $ | 53,476 | ​ | $ | 53,595 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted Average Lease Term (in years) | ​ | ​ | ​ | ​ | ​ | ​ | ​
Finance leases | ​ | ​ | 43.0 | ​ | ​ | 43.5 | ​
Operating leases | ​ | ​ | 34.4 | ​ | ​ | 34.8 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted Average Discount Rate | ​ | ​ | ​ | ​ | ​ | ​ | ​
Finance leases | ​ | ​ | 3.25 | % | ​ | 3.25 | %
Operating leases | ​ | ​ | 4.47 | % | ​ | 4.46 | %
Schedule of future operating lease liability maturities | ​ The following table represents the future lease liability maturities as of June 30, 2021 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Finance | ​ | Operating
2021 |  | $ | 1,075 |  | $ | 1,258
2022 | ​ |  | 2,183 | ​ |  | 2,639
2023 | ​ |  | 2,183 | ​ |  | 2,690
2024 | ​ |  | 2,183 | ​ |  | 2,540
2025 | ​ |  | 2,224 | ​ |  | 2,539
2026 and thereafter | ​ |  | 122,932 | ​ |  | 99,290
Total lease payments | ​ |  | 132,780 | ​ |  | 110,956
Less: Imputed interest | ​ | ​ | (66,982) | ​ | ​ | (57,480)
Present value of lease liabilities | ​ | $ | 65,798 | ​ | $ | 53,476
​ | ​ | ​ | ​ | ​ | ​ | ​

X
- Definition Tabular disclosure of lessee's right-of-use assets and lease liabilities and other supplemental balance sheet information. + References No definition available. + Details
Name: | cube_LeaseBalanceSheetDisclosureTableTextBlock
Namespace Prefix: | cube_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918686-209980 + Details
Name: | us-gaap_LeaseCostTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918701-209980 + Details
Name: | us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration