<SEC-DOCUMENT>0001104659-21-141926.txt : 20211119
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ACCESSION NUMBER:		0001104659-21-141926
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		21
CONFORMED PERIOD OF REPORT:	20211116
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20211119
DATE AS OF CHANGE:		20211119

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CubeSmart
		CENTRAL INDEX KEY:			0001298675
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				201024732
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32324
		FILM NUMBER:		211428833

	BUSINESS ADDRESS:	
		STREET 1:		5 OLD LANCASTER ROAD
		CITY:			MALVERN
		STATE:			PA
		ZIP:			19355
		BUSINESS PHONE:		610-535-5700

	MAIL ADDRESS:	
		STREET 1:		5 OLD LANCASTER ROAD
		CITY:			MALVERN
		STATE:			PA
		ZIP:			19355

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	U-Store-It Trust
		DATE OF NAME CHANGE:	20040727

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CubeSmart, L.P.
		CENTRAL INDEX KEY:			0001300485
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-54462
		FILM NUMBER:		211428834

	BUSINESS ADDRESS:	
		STREET 1:		5 OLD LANCASTER ROAD
		CITY:			MALVERN
		STATE:			PA
		ZIP:			19355
		BUSINESS PHONE:		610-535-5000

	MAIL ADDRESS:	
		STREET 1:		5 OLD LANCASTER ROAD
		CITY:			MALVERN
		STATE:			PA
		ZIP:			19355

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	U-Store-It L P
		DATE OF NAME CHANGE:	20041115

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Acquiport Amsdell I L P
		DATE OF NAME CHANGE:	20040812
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b></b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES</b></p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Washington, D.C. 20549</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FORM&#160;<span id="xdx_904_edei--DocumentType_c20211116__20211116_z5aOvqzKXJl8"><ix:nonNumeric contextRef="From2021-11-16to2021-11-16" name="dei:DocumentType">8-K</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Current Report</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span><b>Pursuant To Section 13 or 15(d) of
the Securities Exchange Act of 1934</b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 12pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Exact Name Of Registrant As Specified In
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of Principal Executive Offices)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Registrant&#8217;s telephone number, including
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Not Applicable</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former Name or Former Address, if Changed Since
Last Report)</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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                                         communications pursuant to Rule&#160;13e-4(c)&#160;under the Exchange Act (17 CFR 240.13e-4(c))</span></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Securities registered pursuant to Section&#160;12(b)&#160;of
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table border="0" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
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Registered</b></span></td></tr>
<tr>
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</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 under the Securities Act (17 CFR 230.405) or Rule 12b-2 under the Exchange Act (17 CFR 240.12b-2).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt"><span style="font: 10pt Times New Roman, Times, Serif">Emerging growth company (CubeSmart) </span><span style="font-family: Wingdings"><span style="font-family: Wingdings"><span id="xdx_900_edei--EntityEmergingGrowthCompany_c20211116__20211116_zJS0lMafFfXl"><ix:nonNumeric contextRef="From2021-11-16to2021-11-16" format="ixt:booleanfalse" name="dei:EntityEmergingGrowthCompany">&#168;</ix:nonNumeric></span></span></span></p>

<p style="margin: 0pt 0; font-size: 10pt"><span style="font: 10pt Times New Roman, Times, Serif">Emerging growth
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section&#160;13(a)&#160;of the Exchange Act.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt"><span style="font: 10pt Times New Roman, Times, Serif">CubeSmart </span><span style="font-family: Wingdings"><span style="font-family: Wingdings">&#168;</span></span></p>

<p style="margin: 0pt 0; font-size: 10pt"><span style="font: 10pt Times New Roman, Times, Serif">CubeSmart,
L.P. </span><span style="font: 10pt Wingdings">&#168;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; border-bottom: Black 2pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

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    <td style="width: 54%; display: none; visibility: hidden"><span id="xdx_90F_edei--EntityCentralIndexKey_dxL_c20211116__20211116__dei--LegalEntityAxis__custom--CubeSmartLPMember_z2pRKWe9MPV4"><span style="-sec-ix-hidden: xdx2ixbrl0035">0001300485</span></span></td></tr>
<tr style="vertical-align: top; text-align: left; display: none; visibility: hidden">
    <td style="display: none; visibility: hidden">Co-Registrant Amendment Flag</td>
    <td style="display: none; visibility: hidden"><span id="xdx_90A_edei--AmendmentFlag_dxL_c20211116__20211116__dei--LegalEntityAxis__custom--CubeSmartLPMember_ztI7BM7PiF06"><span style="-sec-ix-hidden: xdx2ixbrl0036">false</span></span></td></tr>
<tr style="vertical-align: top; text-align: left; display: none; visibility: hidden">
    <td style="display: none; visibility: hidden">Co-Registrant Form Type</td>
    <td style="display: none; visibility: hidden"><span id="xdx_90B_edei--DocumentType_dxL_c20211116__20211116__dei--LegalEntityAxis__custom--CubeSmartLPMember_zEVh28ufI4vb"><span style="-sec-ix-hidden: xdx2ixbrl0037">8-K</span></span></td></tr>
<tr style="vertical-align: top; text-align: left; display: none; visibility: hidden">
    <td style="display: none; visibility: hidden">Co-Registrant DocumentPeriodEndDate</td>
    <td style="display: none; visibility: hidden"><span id="xdx_904_edei--DocumentPeriodEndDate_dxL_c20211116__20211116__dei--LegalEntityAxis__custom--CubeSmartLPMember_zC2iuOE25gR1"><span style="-sec-ix-hidden: xdx2ixbrl0038">2021-11-16</span></span></td></tr>


<tr style="vertical-align: top; text-align: left; display: none; visibility: hidden"><td style="width: 46%; display: none; visibility: hidden">Co-Registrant Address Line One</td>
    <td style="width: 54%; display: none; visibility: hidden"><span id="xdx_909_edei--EntityAddressAddressLine1_dxL_c20211116__20211116__dei--LegalEntityAxis__custom--CubeSmartLPMember_z9DwA71uPgR5"><span style="-sec-ix-hidden: xdx2ixbrl0039">5 Old Lancaster Road</span></span></td></tr>
<tr style="vertical-align: top; text-align: left; display: none; visibility: hidden"><td style="width: 46%; display: none; visibility: hidden">Co-Registrant City or Town</td>
    <td style="width: 54%; display: none; visibility: hidden"><span id="xdx_900_edei--EntityAddressCityOrTown_dxL_c20211116__20211116__dei--LegalEntityAxis__custom--CubeSmartLPMember_zRUnUM7HgtZk"><span style="-sec-ix-hidden: xdx2ixbrl0040">Malvern</span></span></td></tr>
<tr style="vertical-align: top; text-align: left; display: none; visibility: hidden"><td style="width: 46%; display: none; visibility: hidden">Co-Registrant State</td>
    <td style="width: 54%; display: none; visibility: hidden"><span id="xdx_90D_edei--EntityAddressStateOrProvince_dxL_c20211116__20211116__dei--LegalEntityAxis__custom--CubeSmartLPMember_zxbvs44X5vw1"><span style="-sec-ix-hidden: xdx2ixbrl0041">Pennsylvania</span></span></td></tr>
<tr style="vertical-align: top; text-align: left; display: none; visibility: hidden"><td style="width: 46%; display: none; visibility: hidden">Co-Registrant Zipcode</td>
    <td style="width: 54%; display: none; visibility: hidden"><span id="xdx_90C_edei--EntityAddressPostalZipCode_dxL_c20211116__20211116__dei--LegalEntityAxis__custom--CubeSmartLPMember_zVP3H8S6hfN5"><span style="-sec-ix-hidden: xdx2ixbrl0042">19355</span></span></td></tr>
<tr style="vertical-align: top; text-align: left; display: none; visibility: hidden"><td style="width: 46%; display: none; visibility: hidden">Co-Registrant City Area Code</td>
    <td style="width: 54%; display: none; visibility: hidden"><span id="xdx_90D_edei--CityAreaCode_dxL_c20211116__20211116__dei--LegalEntityAxis__custom--CubeSmartLPMember_zjKOkSgqjf43"><span style="-sec-ix-hidden: xdx2ixbrl0043">610</span></span></td></tr>
<tr style="vertical-align: top; text-align: left; display: none; visibility: hidden"><td style="width: 46%; display: none; visibility: hidden">Co-Registrant Local Phone No.</td>
    <td style="width: 54%; display: none; visibility: hidden"><span id="xdx_90C_edei--LocalPhoneNumber_dxL_c20211116__20211116__dei--LegalEntityAxis__custom--CubeSmartLPMember_z2jb68p7u99j"><span style="-sec-ix-hidden: xdx2ixbrl0044">535-5000</span></span></td></tr>




<tr style="vertical-align: top; text-align: left; display: none; visibility: hidden">
    <td style="display: none; visibility: hidden">Co-Registrant Written Communications</td>
    <td style="display: none; visibility: hidden"><span id="xdx_901_edei--WrittenCommunications_dxL_c20211116__20211116__dei--LegalEntityAxis__custom--CubeSmartLPMember_zY5l0B1o4lP4"><span style="-sec-ix-hidden: xdx2ixbrl0045">false</span></span></td></tr>
<tr style="vertical-align: top; text-align: left; display: none; visibility: hidden">
    <td style="display: none; visibility: hidden">Co-Registrant Solicitating Materials</td>
    <td style="display: none; visibility: hidden"><span id="xdx_900_edei--SolicitingMaterial_dxL_c20211116__20211116__dei--LegalEntityAxis__custom--CubeSmartLPMember_zWXXtgBuKs0d"><span style="-sec-ix-hidden: xdx2ixbrl0046">false</span></span></td></tr>
<tr style="vertical-align: top; text-align: left; display: none; visibility: hidden">
    <td style="display: none; visibility: hidden">Co-Registrant PreCommencement Tender Offer</td>
    <td style="display: none; visibility: hidden"><span id="xdx_906_edei--PreCommencementTenderOffer_dxL_c20211116__20211116__dei--LegalEntityAxis__custom--CubeSmartLPMember_zFwFWnhlLyR4"><span style="-sec-ix-hidden: xdx2ixbrl0047">false</span></span></td></tr>
<tr style="vertical-align: top; text-align: left; display: none; visibility: hidden">
    <td style="display: none; visibility: hidden">Co-Registrant PreCommencement Issuer Tender Offer</td>
    <td style="display: none; visibility: hidden"><span id="xdx_90E_edei--PreCommencementIssuerTenderOffer_dxL_c20211116__20211116__dei--LegalEntityAxis__custom--CubeSmartLPMember_zMLhiaK2q0D8"><span style="-sec-ix-hidden: xdx2ixbrl0048">false</span></span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"></p>

<!-- Field: Page; Sequence: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 1.01 Entry into a Material Definitive Agreement</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 16, 2021, CubeSmart, a Maryland
real estate investment trust (the &#8220;<b><i>Company</i></b>&#8221;), and CubeSmart, L.P., a Delaware limited partnership (the
&#8220;<b><i>Operating Partnership</i></b>&#8221;), executed and delivered an Underwriting Agreement (the &#8220;<b><i>Underwriting
Agreement</i></b>&#8221;), by and among the Company, the Operating Partnership, and Wells Fargo Securities, LLC and BofA Securities,
Inc., as representatives of the several underwriters listed on Exhibit A to the Underwriting Agreement (the
&#8220;<b><i>Underwriters</i></b>&#8221;), relating to the issue and sale by the Company (the &#8220;<b><i>Offering</i></b>&#8221;)
of 15,525,000 common shares of beneficial interest of the Company, $0.01 par value per share (the &#8220;<b><i>Common
Shares</i></b>&#8221;). The Common Shares sold include  2,025,000 Common Shares issued and sold pursuant to the
Underwriters&#8217; exercise in full of their option to purchase such additional shares under the Underwriting Agreement. The
Offering was completed on November 19, 2021.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Underwriting Agreement, the Company
and the Operating Partnership have agreed to indemnify the Underwriters against certain liabilities, including liabilities under the
Securities Act of 1933, as amended (the &#8220;<b><i>Act</i></b>&#8221;), or to contribute payments that the Underwriters may be required
to make because of any of those liabilities. The Underwriting Agreement contains customary representations and covenants.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Underwriting Agreement is filed as Exhibit 1.1 hereto, and the
description of the material terms of the Underwriting Agreement in this Item 1.01 is qualified in its entirety by reference to such Exhibit,
which is incorporated herein by reference.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company received net proceeds from the
Offering, after deducting the underwriting discount and other estimated offering expenses payable by the Company, of approximately
$765.7 million. The Company intends to contribute the net proceeds from the offering to the Operating Partnership
in exchange for partnership units of the Operating Partnership having identical economic terms. The Operating Partnership expects to
use all of the net proceeds of the offering to fund a portion of the approximately $1.648 billion cash purchase price, plus the
payoff of approximately $40.9 million of existing indebtedness of LAACO, Ltd. (&#8220;LAACO&#8221;), for its pending acquisition of
LAACO, including its portfolio of 59 open and operating self-storage properties that contain an aggregate of approximately 4.4
million rentable square feet, which includes two self-storage properties owned and operated by two joint ventures owned fifty
percent by LAACO (the &#8220;<b><i>Storage West Portfolio Acquisition</i></b>&#8221;), which was announced on November 15, 2021 and
to pay transaction expenses related thereto. If the Storage West Portfolio Acquisition is not consummated, the Operating Partnership
expects to use the net proceeds from the offering for general corporate purposes, which may include funding acquisitions and other
investment opportunities and the repayment or repurchase of existing indebtedness.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Common Shares are being offered and sold pursuant to the Company&#8217;s
automatic shelf registration statement on Form S-3 (Registration No. 333-236886) (the &#8220;<b><i>Registration Statement</i></b>&#8221;)
filed with the Securities and Exchange Commission (the &#8220;<b><i>SEC</i></b>&#8221;) on March 4, 2020, which became effective immediately
upon filing. A final prospectus supplement relating to the offering and sale of the Common Shares was filed with the SEC on November 18,
2021.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the filing of the Underwriting Agreement, the Company
is filing on Exhibits 5.1 and 8.1 to this Current Report on Form 8-K the opinion of its counsel.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Current Report on Form 8-K shall not constitute an offer to sell
or a solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which
such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state
or other jurisdiction.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 7.01 Regulation FD Disclosure.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On November 19, 2021, the Company issued a press release
announcing the closing of the Offering. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K
and is incorporated herein by reference. The information in this Item 7.01, including Exhibit 99.1, is being furnished and shall not be deemed &#8220;filed&#8221; for purposes
of Section 18 of the Act, or otherwise subject to the liabilities of that Section. The information in this Item 7.01, including Exhibit
99.1, shall not be incorporated by reference into any registration statement or other document pursuant to the Act.&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<!-- Field: Page; Sequence: 2 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 9.01. Financial Statements and Exhibits.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d) Exhibits</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; width: 10%; font-size: 10pt"><span style="font-size: 10pt"><b>Exhibit No.</b></span></td>
    <td style="padding: 0.25pt; width: 1%">&#160;</td>
    <td style="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; width: 89%; font-size: 10pt; text-align: center"><span style="font-size: 10pt"><b>Description</b></span></td></tr>
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    <td style="padding: 0.25pt; text-align: justify; vertical-align: top; font-size: 10pt"><a href="tm2133352d1_ex1-1.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Underwriting Agreement, dated November 16, 2021, by and among CubeSmart, CubeSmart, L.P. and Wells Fargo Securities, LLC and BofA Securities, Inc., as representatives of the several underwriters listed on Exhibit A thereto.</span></a></td></tr>
  <tr>
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    <td style="padding: 0.25pt; vertical-align: bottom">&#160;</td>
    <td style="padding: 0.25pt; vertical-align: top">&#160;</td></tr>
  <tr>
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  <tr>
    <td style="padding: 0.25pt; vertical-align: top">&#160;</td>
    <td style="padding: 0.25pt; vertical-align: bottom">&#160;</td>
    <td style="padding: 0.25pt; vertical-align: top">&#160;</td></tr>
  <tr>
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    <td style="padding: 0.25pt; vertical-align: top; font-size: 10pt"><a href="tm2133352d1_ex8-1.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Opinion of Troutman Pepper Hamilton Sanders LLP with respect to certain tax matters.</span></a></td></tr>
  <tr>
    <td style="padding: 0.25pt; vertical-align: top">&#160;</td>
    <td style="padding: 0.25pt; vertical-align: bottom">&#160;</td>
    <td style="padding: 0.25pt; vertical-align: top">&#160;</td></tr>
  <tr>
    <td style="padding: 0.25pt; vertical-align: top; font-size: 10pt"><a href="tm2133352d1_ex5-1.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">23.1</span></a></td>
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    <td style="padding: 0.25pt; vertical-align: top; font-size: 10pt"><a href="tm2133352d1_ex5-1.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Consent of Troutman Pepper Hamilton Sanders LLP (included in Exhibit 5.1).</span></a></td></tr>
  <tr>
    <td style="padding: 0.25pt; vertical-align: top">&#160;</td>
    <td style="padding: 0.25pt; vertical-align: bottom">&#160;</td>
    <td style="padding: 0.25pt; vertical-align: top">&#160;</td></tr>
  <tr>
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  <tr>
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    <td style="padding: 0.25pt; vertical-align: bottom">&#160;</td>
    <td style="padding: 0.25pt; vertical-align: top">&#160;</td></tr>
  <tr>
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    <td style="padding: 0.25pt; vertical-align: bottom">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Signatures</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Pursuant to the requirements of the Securities Exchange
Act of 1934, each of the registrants has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

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<TYPE>EX-1.1
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<FILENAME>tm2133352d1_ex1-1.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 5in"><B>Exhibit 1.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 5in"><FONT STYLE="background-color: White"><B><I>Execution
Version</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 5in">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CUBESMART</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">13,500,000 Common Shares of Beneficial Interest</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>UNDERWRITING AGREEMENT</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dated: November&nbsp;16, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Rule-Page --><DIV STYLE="width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right; width: 10%">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right; width: 5%">Page</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section&nbsp;1.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Representations and Warranties</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">2</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section&nbsp;2.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Sale and Delivery to Underwriters; Closing</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">21</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section&nbsp;3.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Covenants of the Transaction Entities</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">22</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section&nbsp;4.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Payment of Expenses</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">27</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section&nbsp;5.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Conditions of Underwriters&rsquo; Obligations</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">28</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section&nbsp;6.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Indemnification</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">31</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section&nbsp;7.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Contribution</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">33</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section&nbsp;8.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Representations, Warranties and Agreements to Survive Delivery</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">35</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section&nbsp;9.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Termination of Agreement</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">35</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section&nbsp;10.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Default by One or More of the Underwriters</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">36</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section&nbsp;11.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Notices</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">36</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section&nbsp;12.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Parties</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">36</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section&nbsp;13.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Recognition of the U.S. Special Resolution Regimes</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">37</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section&nbsp;14.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Governing Law and Time</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">37</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section&nbsp;15.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Effect of Headings</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">37</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section&nbsp;16.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Definitions</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">38</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section&nbsp;17.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Permitted Free Writing Prospectuses</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">40</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section&nbsp;18.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Absence of Fiduciary Relationship</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">40</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section&nbsp;19.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Research Analyst Independence</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">41</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section&nbsp;20.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Consent to Jurisdiction</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">41</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section&nbsp;21.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Waiver of Immunity</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">41</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBITS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif; text-align: left">Exhibit&nbsp;A</TD>
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; width: 4%; text-align: left">&ndash;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Underwriters</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Exhibit&nbsp;B</TD>
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">&ndash;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Subsidiaries of the Company&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Exhibit&nbsp;C</TD>
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">&ndash;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">List of Persons Subject to Lock-Up</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Exhibit&nbsp;D</TD>
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">&ndash;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Form&nbsp;of Lock-Up Agreement</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Exhibit&nbsp;E</TD>
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">&ndash;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Form&nbsp;of Opinion of Transaction Entities&rsquo; Counsel</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Exhibit&nbsp;F</TD>
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">&ndash;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Form&nbsp;of Transaction Entities&rsquo; Tax Counsel Opinion</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Exhibit&nbsp;G</TD>
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">&ndash;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Price-Related Information</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Exhibit&nbsp;H</TD>
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">&ndash;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Issuer General Use Free Writing Prospectuses</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CUBESMART</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">13,500,000 Common Shares of Beneficial Interest</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>UNDERWRITING AGREEMENT</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">November&nbsp;16, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Wells Fargo Securities, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BofA Securities,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As Representatives of the several Underwriters</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">c/o Wells Fargo Securities, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">550 South Tryon Street, 5<SUP>th</SUP> Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Charlotte, North Carolina 28202</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">c/o BofA Securities,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">One Bryant Park</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10036</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">CubeSmart, a Maryland real
estate investment trust (the &ldquo;<U>Company</U>&rdquo;), and CubeSmart, L.P., a Delaware limited partnership for which the Company
is the sole general partner (the &ldquo;<U>Operating Partnership</U>&rdquo; and together with the Company, the &ldquo;<U>Transaction Entities</U>&rdquo;),
confirm their respective agreements with Wells Fargo Securities, LLC and BofA Securities,&nbsp;Inc., and each of the other underwriters
named in <U>Exhibit&nbsp;A</U> hereto (collectively, the &ldquo;<U>Underwriters,</U>&rdquo; and each, an &ldquo;<U>Underwriter,</U>&rdquo;
which term shall also include any underwriter substituted as hereinafter provided in Section&nbsp;10 hereof), for whom Wells Fargo Securities
LLC and BofA Securities,&nbsp;Inc. are acting as representatives (in such capacity, the &ldquo;<U>Representatives</U>&rdquo;), with respect
to the issue and sale by the Company of a total of 13,500,000 shares (the &ldquo;<U>Initial Securities</U>&rdquo;) of the Company&rsquo;s
common shares of beneficial interest, par value $.01 per share (the &ldquo;<U>Common Shares</U>&rdquo;), and the purchase by the Underwriters,
acting severally and not jointly, of the respective numbers of the Initial Securities set forth in <U>Exhibit&nbsp;A</U> hereto, and with
respect to the grant by the Company to the Underwriters, acting severally and not jointly, of the option described in Section&nbsp;2(b)&nbsp;hereof
to purchase all or any part of 2,025,000 additional Common Shares. The Initial Securities to be purchased by the Underwriters and all
or any part of the 2,025,000 Common Shares subject to the option described in Section&nbsp;2(b)&nbsp;hereof (the &ldquo;<U>Option Securities</U>&rdquo;)
are hereinafter called, collectively, the &ldquo;<U>Securities</U>.&rdquo; Certain terms used in this Agreement are defined in Section&nbsp;16
hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Transaction Entities understand
that the Underwriters propose to make a public offering of the Securities as soon as the Representatives deem advisable after this Agreement
has been executed and delivered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Transaction Entities have
prepared and previously delivered to you a preliminary prospectus supplement, dated November&nbsp;15, 2021, relating to the Securities
and a related base prospectus dated March&nbsp;4, 2020 (the &ldquo;<U>Base Prospectus</U>&rdquo;). Such preliminary prospectus supplement
and Base Prospectus, including the documents incorporated or deemed to be incorporated by reference therein pursuant to Item 12 of Form&nbsp;S-3
under the 1933 Act, are hereinafter called, collectively, the &ldquo;<U>Pre-Pricing Prospectus</U>.&rdquo; Promptly after the execution
and delivery of this Agreement, the Company will prepare and file with the Commission a prospectus supplement, dated November&nbsp;16,
2021 (the &ldquo;<U>Prospectus Supplement</U>&rdquo;), together with the Base Prospectus, all in accordance with the provisions of Rule&nbsp;430B
and Rule&nbsp;424(b). The Prospectus Supplement and the Base Prospectus, in the form first furnished to the Underwriters for use in connection
with the offering of the Securities (whether to meet the requests of purchasers pursuant to Rule&nbsp;173(d)&nbsp;or otherwise), including
the documents incorporated or deemed to be incorporated by reference therein pursuant to Item 12 of Form&nbsp;S-3 under the 1933 Act,
are herein called, collectively, the &ldquo;<U>Prospectus</U>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On November&nbsp;15, 2021,
the Operating Partnership and CS West Merger Sub, L.P., a California limited partnership (&ldquo;<U>Merger Sub</U>&rdquo;), entered into
an Agreement and Plan of Merger (the &ldquo;<U>Acquisition Agreement</U>&rdquo;) to acquire LAACO,&nbsp;Ltd., a California limited partnership
(&ldquo;<U>LAACO</U>&rdquo;), as described in the Prospectus (the &ldquo;<U>Proposed Acquisition</U>&rdquo;). Through the Proposed Acquisition,
the Operating Partnership will acquire (i)&nbsp;a portfolio of 59 open and operating self-storage properties that contain an aggregate
of approximately 4.4 million rentable square feet, which includes two self-storage properties owned and operated by two separate joint
ventures each of which is owned fifty percent by LAACO (the &ldquo;<U>Self-Storage Properties</U>&rdquo;), (ii)&nbsp;one four-acre parcel
of land, which the Company expects to be sold prior to closing of the Proposed Acquisition (the &ldquo;<U>Land Parcel</U>&rdquo;), and
(iii)&nbsp;two subsidiaries that own and operate The Los Angeles Athletic Club (consisting of athletic facilities, food and beverage operations
and a hotel) and California Yacht Club (consisting of sports facilities, food and beverage operations and a marina) (the &ldquo;<U>Club
Properties</U>&rdquo; and, together with the Self-Storage Properties and the Land Parcel, the &ldquo;<U>Acquisition Properties</U>&rdquo;).
To the extent the Club Properties are not disposed of prior to closing of the Proposed Acquisition, the Company&rsquo;s intention is to
sell the Club Properties to an unaffiliated buyer. Contemporaneously with entering into the Acquisition Agreement, the Transaction Entities
also obtained a written commitment (the &ldquo;<U>Bridge Loan Commitment</U>&rdquo; and, together with the Acquisition Agreement, the
 &ldquo;<U>Transaction Agreements</U>&rdquo;) from Wells Fargo Bank, National Association and Wells Fargo Securities, LLC to provide an
unsecured term loan facility for purposes of financing the Proposed Acquisition and to pay related fees, commissions and expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; background-color: White">Section&nbsp;1.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="text-transform: uppercase; background-color: White"></FONT><FONT STYLE="font-size: 10pt"><U>Representations
and Warranties</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Representations
and Warranties by the Transaction Entities</U>. The Transaction Entities hereby jointly and severally represent and warrant to each Underwriter
as of the date hereof, as of the Applicable Time, as of the Closing Date referred to in Section&nbsp;2(c)&nbsp;hereof, and as of each
Option Closing Date (if any) referred to in Section&nbsp;2(b)&nbsp;hereof, and agree with each Underwriter, as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Status
as a Well-Known Seasoned Issuer</U>. (i)&nbsp;At the respective times the Registration Statement or any amendments thereto were filed
with the Commission, (ii)&nbsp;at the time of the most recent amendment to the Registration Statement for the purposes of complying with
Section&nbsp;10(a)(3)&nbsp;of the 1933 Act (whether such amendment was by post-effective amendment, incorporated report filed pursuant
to &lrm;Section&nbsp;13 or 15(d)&nbsp;of the 1934 Act or form of prospectus), (iii)&nbsp;at any time the Transaction Entities or any person
acting on their behalf (within the meaning, for this clause only, of Rule&nbsp;163(c)) made any offer relating to the Securities in reliance
on the exemption of Rule&nbsp;163 and (iv)&nbsp;at the date hereof, the Company was and is a &ldquo;well-known seasoned issuer&rdquo;
as defined in Rule&nbsp;405, including not having been and not being an &ldquo;ineligible issuer&rdquo; as defined in Rule&nbsp;405 (without
taking into account any determination made by the Commission pursuant to paragraph&nbsp;(2)&nbsp;of the definition of such term in Rule&nbsp;405).
The Registration Statement is an &ldquo;automatic shelf registration statement,&rdquo; as defined in Rule&nbsp;405 and the Securities,
since their registration on the Registration Statement, have been and remain eligible for registration by the Transaction Entities on
such an &ldquo;automatic shelf registration statement.&rdquo; The Transaction Entities have not received from the Commission any notice
pursuant to Rule&nbsp;401(g)(2)&nbsp;objecting to the use of the automatic shelf registration statement form. Any written communication
that was an offer relating to the Securities made by the Transaction Entities or any person acting on their behalf (within the meaning,
for this sentence only, of Rule&nbsp;163(c)) prior to the filing of the Registration Statement has been filed with the Commission in accordance
with Rule&nbsp;163 and otherwise complied with the requirements of Rule&nbsp;163, including without limitation the legending requirement,
to qualify such offer for the exemption from &lrm;Section&nbsp;5(c)&nbsp;of the 1933 Act provided by Rule&nbsp;163.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Compliance
with Registration Requirements</U>. The Transaction Entities meet the requirements for use of Form&nbsp;S-3 under the 1933 Act and the
Securities have been duly registered under the 1933 Act pursuant to the Registration Statement. The Registration Statement and any post-effective
amendments thereto have become effective under the 1933 Act and no stop order suspending the effectiveness of the Registration Statement
has been issued under the 1933 Act and no proceedings for that purpose or pursuant to Section&nbsp;8A of the 1933 Act have been instituted
or are pending or, to the knowledge of the Transaction Entities, are contemplated by the Commission, and any request on the part of the
Commission for additional information has been complied with. The Registration Statement was initially filed with the Commission and became
effective under the 1933 Act on March&nbsp;4, 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(3)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Registration
Statement, Prospectus and Disclosure at Time of Sale</U>. At the respective times that the Registration Statement and any amendments thereto
became effective, at each deemed effective date with respect to the Underwriters pursuant to Rule&nbsp;430B(f)(2), and at the Closing
Date (and, if any Option Securities are purchased, at the applicable Option Closing Date), the Registration Statement and any amendments
to the Registration Statement complied and will comply in all material respects with the requirements of the 1933 Act and the 1933 Act
Regulations and did not and will not contain an untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary to make the statements therein not misleading.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">Neither the Prospectus
or any amendment or supplement thereto, as of its date, the time of first use (within the meaning of the rules&nbsp;and regulations of
the Commission), at the Closing Date (and, if any Option Securities are purchased, at the applicable Option Closing Date), and at all
subsequent times until the expiration of the Prospectus Delivery Period (as defined below), included or will include an untrue statement
of a material fact or omitted or will omit to state a material fact necessary in order to make the statements therein, in the light of
the circumstances under which they were made, not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">As of the Applicable
Time and as of each time prior to the Closing Date that an investor agrees (orally or in writing) to purchase any Securities from the
Underwriters, neither (x)&nbsp;the Issuer General Use Free Writing Prospectuses, if any, issued at or prior to the Applicable Time, the
Pre-Pricing Prospectus as of the Applicable Time and the information, if any, included on <U>Exhibit&nbsp;G</U> hereto, all considered
together (collectively, the &ldquo;<U>General Disclosure Package</U>&rdquo;), nor (y)&nbsp;any individual Issuer Limited Use Free Writing
Prospectus, when considered together with the General Disclosure Package, included or will include an untrue statement of a material fact
or omitted or will omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading. Each preliminary prospectus and the Prospectus and any amendments or supplements to any of
the foregoing filed as part of the Registration Statement or any amendment thereto, or filed pursuant to Rule&nbsp;424 under the 1933
Act, or delivered to the Underwriters for use in connection with the offering of the Securities, complied when so filed or when so delivered,
as the case may be, in all material respects with the 1933 Act and the 1933 Act Regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">The representations
and warranties in the preceding paragraphs of this Section&nbsp;1(a)(3)&nbsp;do not apply to statements in or omissions from the Registration
Statement, any preliminary prospectus, the Prospectus, the General Disclosure Package or any Issuer Free Writing Prospectus or any amendment
or supplement to any of the foregoing made in reliance upon and in conformity with the Underwriter Content (as hereinafter defined).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">Each Issuer Free
Writing Prospectus, as of its issue date and at all subsequent times through the completion of the public offering and sale of the Securities
did not, does not and will not include any information that conflicted, conflicts or will conflict with the information contained in the
Registration Statement, any preliminary prospectus (including the Pre-Pricing Prospectus) or the Prospectus that has not been superseded
or modified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">At the respective
times that the Registration Statement or any amendments to any of the foregoing were filed and as of the earliest time after the filing
of the Registration Statement that either of the Transaction Entities or any other offering participant made a bona fide offer of the
Securities within the meaning of Rule&nbsp;164(h)(2), and at the date hereof, neither of the Transaction Entities was nor is an &ldquo;ineligible
issuer&rdquo; as defined in Rule&nbsp;405, in each case without taking into account any determination made by the Commission pursuant
to paragraph (2)&nbsp;of the definition of such term in Rule&nbsp;405; and without limitation to the foregoing, each of the Transaction
Entities has at all relevant times met, meets and will at all relevant times meet the requirements of Rule&nbsp;164 for the use of a free
writing prospectus (as defined in Rule&nbsp;405) in connection with the offering of the Securities as contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">The copies of the
Registration Statement and any amendments to any of the foregoing and the copies of each preliminary prospectus, each Issuer Free Writing
Prospectus that is required to be filed with the Commission pursuant to Rule&nbsp;433 and the Prospectus and any amendments or supplements
to any of the foregoing, that have been or subsequently are delivered to the Underwriters in connection with the offering of the Securities
(whether to meet the requests of purchasers pursuant to Rule&nbsp;173(d)&nbsp;or otherwise) were and will be identical to the electronically
transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T. For purposes
of this Agreement, references to the &ldquo;delivery&rdquo; or &ldquo;furnishing&rdquo; of any of the foregoing documents to the Underwriters,
and any similar terms, include, without limitation, electronic delivery.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(4)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Incorporated
Documents</U>. The documents incorporated or deemed to be incorporated by reference in the Registration Statement, any preliminary prospectus
and the Prospectus, at the respective times when they became or hereafter become effective or at the respective times they were or hereafter
are filed with the Commission, complied and will comply in all material respects with the requirements of the 1933 Act, the 1933 Act Regulations,
the 1934 Act and the 1934 Act Regulations, as applicable, and did not and will not contain an untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary to make the statements therein not misleading.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(5)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>REIT
Status</U>. The Company has been organized and has operated in conformity with the requirements for qualification and taxation as a real
estate investment trust (&ldquo;<U>REIT</U>&rdquo;) under the Internal Revenue Code of 1986, as amended (the &ldquo;<U>Code</U>&rdquo;),
for each taxable year commencing with its taxable year ended December&nbsp;31, 2004 and through its taxable year ended December&nbsp;31,
2020, and its current and proposed organization and method of operation (as described in the Registration Statement, the General Disclosure
Package and the Prospectus) will enable the Company to continue to meet the requirements for qualification and taxation as a REIT under
the Code for its taxable year ending December&nbsp;31, 2021 and thereafter.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(6)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Distribution
of Offering Material By the Company</U>. The Company has not distributed and will not distribute, prior to the later of the last Option
Closing Date (as defined below) and the completion of the Underwriters&rsquo; distribution of the Securities, any offering material in
connection with the offering and sale of the Securities other than a preliminary prospectus (including the Pre-Pricing Prospectus), the
Prospectus, any Issuer Free Writing Prospectus reviewed and consented to by the Representatives or referenced in <U>Exhibit&nbsp;H</U>
hereto or the Registration Statement.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(7)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>The
Underwriting Agreement</U>. This Agreement has been duly authorized, executed and delivered by each of the Transaction Entities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(8)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Authorization
of the Securities</U><I>. </I>The Securities to be purchased by the Underwriters from the Company have been duly authorized for issuance
and sale pursuant to this Agreement and, when issued and delivered by the Company to the Underwriters against payment therefor pursuant
to this Agreement on the Closing Date or any Option Closing Date, will be validly issued, fully paid and nonassessable. The form of the
certificate representing the Common Shares, which was incorporated by reference as an exhibit to the Registration Statement, complies
with all applicable legal requirements, the requirements of the Company&rsquo;s declaration of trust and bylaws, and the requirements
of the New York Stock Exchange (&ldquo;<U>NYSE</U>&rdquo;).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(9)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>No
Private Issuances of Common Shares</U>. During the six-month period preceding the date of the Prospectus, the Company has not issued or
sold any securities pursuant to Rule&nbsp;144A, Regulation D, or Regulation S of the 1933 Act, except in connection with the redemption
or conversion of limited partnership units of the Operating Partnership (the &ldquo;<U>Units</U>&rdquo;).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(10)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>No
Applicable Registration or Other Similar Rights</U>. Except as otherwise disclosed in the General Disclosure Package and the Prospectus,
there are no persons with registration or other similar rights to have any equity or debt securities registered for sale under the Registration
Statement or included in the offering contemplated by this Agreement, except for such rights as have been effectively waived or are inapplicable
to the offering of the Securities.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(11)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>No
Material Adverse Change</U>. Except as otherwise disclosed in the General Disclosure Package and the Prospectus, subsequent to the respective
dates as of which information is given in the General Disclosure Package and the Prospectus: (i)&nbsp;there has been no material adverse
change, or any development that could reasonably be expected to result in a material adverse change, in the condition, financial or otherwise,
or in the earnings, business, properties, operations or prospects, whether or not arising from transactions in the ordinary course of
business, of the Transaction Entities or their subsidiaries or, to the knowledge of the Transaction Entities, LAACO, considered as one
entity (any such change is called a &ldquo;<U>Material Adverse Change</U>&rdquo;); (ii)&nbsp;the Transaction Entities and their subsidiaries,
considered as one entity, have not incurred any material liability or obligation, indirect, direct or contingent, nor entered into any
material transaction or agreement; and (iii)&nbsp;there has been no dividend or distribution of any kind declared, paid or made by either
of the Transaction Entities or, except for dividends paid to either of the Transaction Entities or their subsidiaries or joint ventures,
any of their subsidiaries or joint ventures on any class of capital shares or repurchase or redemption by either of the Transaction Entities
or any of their subsidiaries or joint ventures of any class of capital shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(12)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Independent
Accountants</U>. KPMG LLP, who has certified the financial statements (which term as used in this Agreement includes the related notes
thereto and any schedules) included or incorporated by reference in the Registration Statement and included or incorporated by reference
in the General Disclosure Package and the Prospectus, is an independent registered public accounting firm with respect to the Transaction
Entities as required by the 1933 Act and the 1934 Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(13)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Preparation
of the Financial Statements</U>. The financial statements filed with the Commission as a part of or incorporated by reference in the Registration
Statement and included or incorporated by reference in the General Disclosure Package and the Prospectus present fairly the consolidated
financial position of each of the Transaction Entities and their subsidiaries as of and at the dates indicated and the results of their
operations and cash flows for the periods specified. The supporting schedules included or incorporated by reference in the Registration
Statement, the General Disclosure Package and the Prospectus present fairly the information required to be stated therein. Such financial
statements comply as to form with the applicable accounting requirements of the 1933 Act and have been prepared in conformity with U.S.
generally accepted accounting principles (&ldquo;<U>GAAP</U>&rdquo;) applied on a consistent basis throughout the periods involved, except
as may be expressly stated in the related notes thereto. No other financial statements or supporting schedules are required under applicable
law or the rules&nbsp;and regulations of the Commission to be included or incorporated by reference in the Registration Statement, the
General Disclosure Package and the Prospectus. The selected historical operating and financial data set forth in or incorporated by reference
in the Registration Statement, the General Disclosure Package and the Prospectus fairly presents the information set forth therein on
a basis consistent with that of the audited financial statements contained in, or incorporated by reference in, the Registration Statement,
the General Disclosure Package and the Prospectus. The pro forma financial statements and the related notes thereto included or incorporated
by reference in the Registration Statement, the General Disclosure Package and the Prospectus present fairly the information shown therein,
have been prepared in accordance with the Commission&rsquo;s rules&nbsp;and guidelines with respect to pro forma financial statements
and have been properly compiled on the bases described therein, and the assumptions used in the preparation thereof are reasonable and
the adjustments used therein are appropriate to give effect to the transactions and circumstances referred to therein. Except as included
therein, no pro forma financial statements or supporting schedules are required to be included or incorporated by reference into the Registration
Statement, General Disclosure Package or Prospectus. The interactive data in eXtensible Business Reporting Language incorporated by reference
in to the Registration Statement, the General Disclosure Package and the Prospectus fairly presents the information called for in all
material respects and has been prepared in accordance with the Commission&rsquo;s rules&nbsp;and guidelines applicable thereto.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(14)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Incorporation
and Good Standing of the Company and its Subsidiaries</U><I>. </I>(i)&nbsp;Each of the Company and its subsidiaries has been duly formed
or organized and is validly existing and in good standing under the laws of the jurisdiction of its formation or organization, except
with respect to any subsidiaries as would not have a Material Adverse Effect (as defined below), and (ii)&nbsp;the Company and each of
its subsidiaries is duly qualified to transact business as a foreign entity and is in good standing in each jurisdiction in which such
qualification is required, whether by reason of the ownership or leasing of property or the conduct of business, except in each case where
the failure to so qualify or be in good standing would not, individually or in the aggregate, result in a material adverse effect on the
condition, financial or otherwise, or on the earnings, business, properties, operations or prospects, whether or not arising from transactions
in the ordinary course of business, of the Transaction Entities and their subsidiaries, considered as one entity (a &ldquo;<U>Material
Adverse Effect</U>&rdquo;). Each of the Company and its subsidiaries has the entity power and authority to own or lease, as the case may
be, and operate its properties and to conduct its business as described in the General Disclosure Package and the Prospectus and, in the
case of the Company, to enter into, execute, deliver and perform all of its obligations under this Agreement and to consummate the transactions
contemplated hereby to be consummated on its part. All of the issued and outstanding shares of beneficial interest and/or capital stock,
partnership interests and limited liability company interests of each subsidiary have been duly authorized and validly issued, are fully
paid and, as applicable, nonassessable and are owned by the Company, directly or through subsidiaries, free and clear of any security
interest, mortgage, pledge, lien, encumbrance or claim. The Company does not own or control, directly or indirectly, any corporation,
association or other entity other than the subsidiaries and joint ventures listed on <U>Exhibit&nbsp;B</U> attached hereto.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(15)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Formation
and Good Standing of the Operating Partnership</U>. The Operating Partnership has been duly formed and is validly existing as a limited
partnership in good standing under the laws of the State of Delaware, is duly qualified to do business and is in good standing as a foreign
limited partnership in each jurisdiction in which its ownership or lease of property and other assets or the conduct of its business requires
such qualification, except where the failure to so qualify or be in good standing, individually or in the aggregate, could not reasonably
be expected to have a Material Adverse Effect, and has all limited partnership power and authority necessary to own or hold its properties
and other assets, to conduct the business in which it is engaged and to enter into, execute and deliver and perform all of its obligations
under this Agreement and to consummate the transactions contemplated thereby to be consummated on its part. The Company is the sole general
partner of the Operating Partnership and, as of the date of this Agreement, owns a 96.7% interest in the Operating Partnership.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(16)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Capitalization
and Other Capital Share Matters</U><I>. </I>The authorized, issued and outstanding capital shares of the Company is as set forth in the
General Disclosure Package and the Prospectus under the caption &ldquo;Capitalization&rdquo; (other than for subsequent issuances, if
any, pursuant to employee benefit plans described in the General Disclosure Package and the Prospectus, upon exercise of outstanding options
or upon redemption of outstanding limited partnership units of the Operating Partnership (the &ldquo;<U>Units</U>&rdquo;) described in
the General Disclosure Package and the Prospectus, as the case may be). The Common Shares (including the Securities) conform in all material
respects to the description thereof contained in the General Disclosure Package and the Prospectus. All of the issued and outstanding
capital shares of the Company have been duly authorized and validly issued, are fully paid and nonassessable and have been issued in compliance
with all federal and applicable state securities laws. None of the outstanding capital shares of the Company were issued in violation
of any preemptive rights, rights of first refusal or other similar rights to subscribe for or purchase securities of the Company. There
are no authorized or outstanding options, warrants, preemptive rights, rights of first refusal or other rights to purchase, or equity
or debt securities convertible into or exchangeable or exercisable for, any shares of beneficial interest of the Company or any of its
subsidiaries other than those described in the General Disclosure Package and the Prospectus or as provided in the declaration of trust
of the Company. The description of the Company&rsquo;s stock option, stock bonus and other stock plans or arrangements, and the options
or other rights granted thereunder, set forth or incorporated by reference in the General Disclosure Package and the Prospectus accurately
present the information required to be shown with respect to such plans, arrangements, options and rights and all such plans have been
approved or adopted in accordance with applicable law, rule&nbsp;or regulations, including without limitation, the rules&nbsp;of the NYSE.
All of the issued and outstanding Units have been duly authorized and validly issued, and have been offered and sold in compliance with
all applicable laws (including, without limitation, federal or state securities laws). The terms of the Units conform in all material
respects to the descriptions thereof contained in the General Disclosure Package and the Prospectus. Except as disclosed in the General
Disclosure Package and the Prospectus or as provided in the limited partnership agreement of the Operating Partnership, (i)&nbsp;no Units
are reserved for any purpose, (ii)&nbsp;there are no outstanding securities convertible into or exchangeable for any Units, and (iii)&nbsp;there
are no outstanding options, rights (preemptive or otherwise) or warrants to purchase or subscribe for Units or any other securities of
the Operating Partnership.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(17)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Listing</U>.
The Common Shares are listed on the NYSE.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(18)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Non-Contravention
of Existing Instruments</U><I>. </I>Neither of the Transaction Entities nor any of their subsidiaries is (i)&nbsp;in violation or in default
(or, with the giving of notice or lapse of time, would be in default) (&ldquo;<U>Default</U>&rdquo;) under its declaration of trust, charter,
certificate of limited partnership, by-laws, limited partnership agreement or other organizational documents, as the case may be, (ii)&nbsp;in
Default under any indenture, mortgage, loan or credit agreement, deed of trust, note, contract, franchise, lease or other agreement, obligation,
condition, covenant or instrument to which such Transaction Entity or subsidiary is a party or by which it may be bound, or to which any
of the property or assets of a Transaction Entity or any of its subsidiaries is subject (each, an &ldquo;<U>Existing Instrument</U>&rdquo;)
or (iii)&nbsp;in violation of any statute, law, rule, regulation, judgment, order or decree of any court, regulatory body, administrative
agency, governmental body, arbitrator or other authority having jurisdiction over a Transaction Entity or subsidiary or any of its properties,
as applicable, except with respect to clauses&nbsp;(ii)&nbsp;and (iii), for such Defaults or violations as would not, individually or
in the aggregate, have a Material Adverse Effect.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(19)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>No
Cross Defaults or Cross Collateralizations</U>. Except as set forth in the General Disclosure Package and the Prospectus, the mortgages
and deeds of trust encumbering the Properties (as defined below) are not convertible into equity interests in any of the Transaction Entities,
and none of the Transaction Entities, any of their subsidiaries, or any person affiliated therewith holds a participating interest therein,
and such mortgages and deeds of trust are not cross-defaulted or cross-collateralized to any property not owned directly or indirectly
by the Transaction Entities or any of their subsidiaries.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(20)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>No
Further Authorizations or Approvals Required</U>. The execution, delivery and performance of this Agreement and the Transaction Agreements
by each of the Transaction Entities and Merger Sub, as applicable, and consummation of the transactions contemplated herein and therein
by the Transaction Entities and Merger Sub, as applicable, by the General Disclosure Package and by the Prospectus (i)&nbsp;have been
duly authorized by all necessary trust or limited partnership action, as applicable, and will not result in any Default under the declaration
of trust or by-laws of the Company, the certificate of limited partnership or limited partnership agreement of the Operating Partnership
or any organizational document of any subsidiary thereof, (ii)&nbsp;will not conflict with or constitute a breach of, or Default or a
Debt Repayment Triggering Event (as defined below) under, or result in the creation or imposition of any lien, charge or encumbrance upon
any property or assets of the Transaction Entities or any of their subsidiaries pursuant to, or require the consent of any other party
to, any Existing Instrument, except for such conflicts, breaches, defaults, Debt Repayment Triggering Events, liens, charges or encumbrances
that could not result in a Material Adverse Effect, and (iii)&nbsp;will not result in any violation of any statute, law, rule, regulation,
judgment, order or decree applicable to the Transaction Entities or any of their subsidiaries of any court, regulatory body, administrative
agency, governmental body, arbitrator or other authority having jurisdiction over the Transaction Entities or any of their subsidiaries
or any of their properties. No consent, approval, authorization or other order of, or registration or filing with, any court or other
governmental or regulatory authority or agency is required for the execution and delivery by each of the Transaction Entities and Merger
Sub of, and the performance by each of the Transaction Entities and Merger Sub of its respective obligations under this Agreement, the
Transaction Agreements, as applicable, and the consummation of the transactions contemplated hereby and thereby, except for (i)&nbsp;those
that have been obtained or made by each of the Transaction Entities and Merger Sub and are in full force and effect under the 1933 Act,
or (ii)&nbsp;or as may be obtained under the 1933 Act, applicable state securities or blue sky laws and from the Financial Industry Regulatory
Authority,&nbsp;Inc. (&ldquo;<U>FINRA</U>&rdquo;), and, in the case of the Transaction Agreements, such approvals, consents, authorizations,
orders, registrations and filings as have been or will be obtained prior to the applicable closing dates under the Transaction Agreements.
As used herein, a &ldquo;<U>Debt Repayment Triggering Event</U>&rdquo; means any event or condition which gives, or with the giving of
notice or lapse of time would give, the holder of any note, debenture or other evidence of indebtedness (or any person acting on such
holder&rsquo;s behalf) the right to require the repurchase, redemption or repayment of all or a portion of such indebtedness by either
of the Transaction Entities or any of their subsidiaries.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(21)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Enforceability
and Description of Transaction Agreements</U>. The Acquisition Agreement has been duly authorized, executed and delivered by, and is a
valid and binding agreement of, the Operating Partnership and Merger Sub, enforceable in accordance with its terms, except as enforcement
thereof may be subject to or limited by bankruptcy, insolvency or other similar laws relating to or affecting creditors&rsquo; rights
generally or by general equitable principles. To the knowledge of the Transaction Entities, the Acquisition Agreement has been duly authorized,
executed and delivered by, and is a valid and binding agreement of LAACO, enforceable in accordance with its terms, except as enforcement
thereof may be subject to or limited by bankruptcy, insolvency or other similar laws relating to or affecting creditors&rsquo; rights
generally or by general equitable principles. The Bridge Loan Commitment has been duly authorized, executed and delivered by, and is a
valid and binding agreement of, each of the Transaction Entities, enforceable in accordance with its terms, except as enforcement thereof
may be subject to or limited by bankruptcy, insolvency or other similar laws relating to or affecting creditors&rsquo; rights generally
or by general equitable principles. To the knowledge of the Transaction Entities, the conditions to the consummation of the Proposed Acquisition
will be satisfied, and the Proposed Acquisition will be consummated on the terms and by the date, and as otherwise contemplated by, the
Prospectus and the Transaction Agreements. The descriptions of the Transaction Agreements set forth under the headings &ldquo;Summary&mdash;Overview&mdash;The
Storage West Portfolio Acquisition&rdquo; and &ldquo;The Storage West Portfolio Acquisition&rdquo; in the General Disclosure Package and
the Prospectus constitutes a complete and accurate summary of the material terms thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(22)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>No
Material Actions or Proceedings</U>. Except as otherwise disclosed in the General Disclosure Package and the Prospectus, there are no
legal or governmental actions, suits or proceedings pending or, to the Company&rsquo;s knowledge, threatened against or affecting the
Transaction Entities or any of their subsidiaries, (i)&nbsp;which has as the subject thereof any officer, director or trustee of, or property
owned or leased by, the Transaction Entities or any of their subsidiaries or (ii)&nbsp;relating to environmental or discrimination matters,
where in either such case, (A)&nbsp;there is a reasonable possibility that such action, suit or proceeding might be determined adversely
to such Transaction Entity or subsidiary, or any officer, director or trustee of, or property owned or leased by, the Transaction Entities
or any of their subsidiaries and (B)&nbsp;any such action, suit or proceeding, if so determined adversely, could reasonably be expected
to have a Material Adverse Effect or adversely affect the consummation of the transactions contemplated by this Agreement.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(23)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>No
Material Actions or Proceedings Affecting LAACO or the Acquisition Properties.</U> Except as otherwise disclosed in the General Disclosure
Package and the Prospectus, to the knowledge of the Transaction Entities, there are no legal or governmental actions, suits or proceedings
pending or threatened against or affecting LAACO, any of its subsidiaries or any of the Acquisition Properties where (A)&nbsp;there is
a reasonable possibility that such action, suit or proceeding might be determined adversely LAACO, any of its subsidiaries or any of the
Acquisition Properties and (B)&nbsp;any such action, suit or proceeding, if so determined adversely, could reasonably be expected to have
a Combined Material Adverse Effect or adversely affect the consummation of the transactions contemplated by this Agreement or the Transaction
Agreements.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(24)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Labor
Matters</U>. No labor problem or dispute with the employees of the Transaction Entities or any of their subsidiaries exists or, to the
knowledge of the Transaction Entities, is threatened or imminent, and neither of the Transaction Entities is aware of any existing, threatened
or imminent labor disturbance by the employees of any of its or its subsidiaries&rsquo; principal suppliers, contractors or customers,
that could reasonably be expected to have a Material Adverse Effect.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(25)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Intellectual
Property Rights</U>. The Transaction Entities and their subsidiaries and, to the knowledge of the Transaction Entities, LAACO and its
subsidiaries own, possess, license or have other rights to use, or can acquire on reasonable terms, all patents, patent applications,
trade and service marks, trade and service mark registrations, trade names, copyrights, licenses, inventions, trade secrets, technology,
know-how and other intellectual property (collectively, the &ldquo;<U>Intellectual Property</U>&rdquo;) necessary for the conduct of the
Transaction Entities&rsquo; and, to the knowledge of the Transaction Entities, LAACO&rsquo;s businesses, as applicable, as now conducted
or as proposed in the General Disclosure Package and the Prospectus to be conducted. Except as set forth in the General Disclosure Package
and the Prospectus, no party has been granted an exclusive license to use any portion of such Intellectual Property owned by the Transaction
Entities or their subsidiaries or, to the knowledge of the Transaction Entities, LAACO or its subsidiaries. There is no (i)&nbsp;to the
knowledge of the Transaction Entities, infringement by third parties of any such Intellectual Property owned by or exclusively licensed
to the Transaction Entities or their subsidiaries or LAACO or its subsidiaries, (ii)&nbsp;pending or, to the knowledge of the Transaction
Entities, threatened action, suit, proceeding or claim by others challenging the Transaction Entities&rsquo; or their subsidiaries&rsquo;
or, to the knowledge of the Transaction Entities, LAACO&rsquo;s or its subsidiaries&rsquo; rights in or to any Intellectual Property,
and the Transaction Entities are unaware of any facts that would form a reasonable basis for any such claim, (iii)&nbsp;pending or, to
the knowledge of the Transaction Entities, threatened action, suit, proceeding or claim by others challenging the validity or scope of
any such Intellectual Property, and the Transaction Entities are unaware of any facts that would form a reasonable basis for any such
claim, or (iv)&nbsp;pending or, to the knowledge of the Transaction Entities, threatened action, suit, proceeding or claim by others that
either of the Transaction Entities&rsquo; or LAACO&rsquo;s business as now conducted infringes or otherwise violates any patent, trademark,
copyright, trade secret or other proprietary rights of others, and the Transaction Entities are unaware of any other fact that would form
a reasonable basis for any such claim, except in each case, any such action, suit, proceeding or claim that would not, individually or
in the aggregate, result in a Combined Material Adverse Effect.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(26)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>All
Necessary Permits,&nbsp;etc</U>. The Transaction Entities and each of their subsidiaries and, to the knowledge of the Transaction Entities,
LAACO and each of its subsidiaries possess such valid and current licenses, certificates, authorizations or permits issued by the appropriate
state, federal or foreign regulatory agencies or bodies necessary to conduct their respective businesses, as described in the General
Disclosure Package and the Prospectus, except where failure to possess any such licenses, certificates, authorizations or permits would
not, singly or in the aggregate, result in a Combined Material Adverse Effect, and neither of the Transaction Entities nor any of their
subsidiaries, nor, to the knowledge of the Transaction Entities, LAACO nor any of its subsidiaries, has received any notice of proceedings
relating to the revocation or modification of, or non-compliance with, any such license, certificate, authorization or permit which, singly
or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would have a Combined Material Adverse Effect.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(27)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Title
to Properties</U>. The Transaction Entities and each of their subsidiaries have (or, to the knowledge of the Transaction Entities, will
have in relation to the Acquisition Properties (other than the Club Properties and the Land Parcel if sold by LAACO prior to closing of
the Proposed Acquisition) upon the closing of the Proposed Acquisition) good and marketable title to all the properties and assets owned
or leased by the Transaction Entities and each of their subsidiaries (the &ldquo;<U>Existing Properties</U>&rdquo; and, together with
the Acquisition Properties, the &ldquo;<U>Properties</U>&rdquo;), in each case free and clear of any security interests, mortgages, liens,
encumbrances, equities, claims and other defects, except (i)&nbsp;as otherwise disclosed in the Registration Statement, the General Disclosure
Package and the Prospectus or the Transaction Agreements or (ii)&nbsp;those which do not, singly or in the aggregate, materially affect
the value of such Property and do not interfere with the use made or proposed to be made of such Property by the Transaction Entities,
LAACO, any subsidiary or a joint venture entity in which either of the Transaction Entities or any of their subsidiaries or LAACO or any
of its subsidiaries owns a minority interest. The real property, improvements, equipment and personal property held under lease by the
Transaction Entities or any subsidiary or, to the knowledge of the Transaction Entities, LAACO or any subsidiary are held under valid
and enforceable leases, with such exceptions as are not material and do not materially interfere with the use made or proposed to be made
of such real property, improvements, equipment or personal property by the Transaction Entities or such subsidiary or, to the knowledge
of the Transaction Entities, LAACO or such subsidiary. The Operating Partnership or a subsidiary thereof has obtained title insurance
on the fee interest in each of the Existing Properties, in an amount that is commercially reasonable for each of the Existing Properties,
but at least equal to the purchase price of each of the Existing Properties. All such policies of insurance are in full force and effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(28)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Tax
Law Compliance</U>. The Transaction Entities and their consolidated subsidiaries and, to the knowledge of the Transaction Entities, LAACO
and its consolidated subsidiaries have filed all necessary federal, state, local and foreign income and franchise tax returns in a timely
manner and have paid all taxes required to be paid by any of them and, if due and payable, any related or similar assessment, fine or
penalty levied against any of them, except for (i)&nbsp;any taxes, assessments, fines or penalties as may be being contested in good faith
and by appropriate proceedings and (ii)&nbsp;any tax returns or taxes where failure to file or pay would not have a Combined Material
Adverse Effect. Each of the Transaction Entities and, to the knowledge of the Transaction Entities, LAACO has made appropriate provisions
in its respective financial statements, which in the case of the Transaction Entities, are incorporated by reference into the Registration
Statement (or otherwise described in the General Disclosure Package and the Prospectus), in respect of all federal, state, local and foreign
income and franchise taxes for all current or prior periods as to which the tax liability of the respective Transaction Entity or any
of its consolidated subsidiaries or LAACO or any of its consolidated subsidiaries has not been finally determined, except to the extent
of any inadequacy that would not result in a Combined Material Adverse Effect.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(29)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Tax
Classification of the Operating Partnership</U>. The Operating Partnership has been properly classified either as a partnership or as
an entity disregarded as separate from the Company for federal tax purposes throughout the period from its formation through the date
hereof.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(30)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Tax
Classification of LAACO</U>. To the knowledge of the Transaction Entities, LAACO has been properly classified as a partnership for federal
tax purposes throughout the period from its formation through the date hereof.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(31)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Company
Not an &ldquo;Investment Company</U><I>.</I>&rdquo; Neither of the Transaction Entities is, and after receipt of payment for the Securities
and the application of the proceeds thereof as contemplated under the caption &ldquo;Use of Proceeds&rdquo; in the preliminary prospectus
and the Prospectus, and after consummation of the Proposed Acquisition, neither of the Transaction Entities will be required to register
as, an &ldquo;investment company&rdquo; within the meaning of the 1940 Act.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(32)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Compliance
with Reporting Requirements</U>. Each of the Transaction Entities is subject to and in compliance in all material respects with the reporting
requirements of &lrm;Section&nbsp;13 or Section&nbsp;15(d)&nbsp;of the 1934 Act.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(33)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Insurance.</U>
The Transaction Entities and their subsidiaries are insured by recognized, financially sound and reputable institutions with policies
in such amounts and with such deductibles and covering such risks as are generally deemed adequate and customary for their businesses.
To the knowledge of the Transaction Entities, all policies of insurance and fidelity or surety bonds insuring the Transaction Entities
or any of their subsidiaries or their respective businesses, assets, employees, officers, directors and trustees are in full force and
effect; the Transaction Entities and their subsidiaries are in compliance with the terms of such policies and instruments in all material
respects and there are no material claims by the Transaction Entities or any of their subsidiaries under any such policy or instrument
as to which any insurance company is denying liability or defending under a reservation of rights clause; and neither of the Transaction
Entities nor any such subsidiary has been refused any insurance coverage sought or applied for. Neither of the Transaction Entities has
any reason to believe that it or any of its subsidiaries will not be able (i)&nbsp;to renew its existing insurance coverage as and when
such policies expire or (ii)&nbsp;to obtain comparable coverage from similar institutions as may be necessary or appropriate to conduct
its business as now conducted and at a cost that would not have a Material Adverse Effect.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(34)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>No
Restrictions on Dividends or Other Distributions</U>. No subsidiary of the Transaction Entities is currently prohibited, directly or indirectly,
from paying any dividends or other distributions to the Transaction Entities, from making any other distribution on such subsidiary&rsquo;s
capital stock, from repaying to the Transaction Entities any loans or advances to such subsidiary from the Transaction Entities or from
transferring any of such subsidiary&rsquo;s property or assets to the Transaction Entities or any other subsidiary of the Transaction
Entities, except as described in or contemplated by the General Disclosure Package and the Prospectus.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(35)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>No
Price Stabilization or Manipulation</U>. The Transaction Entities have not taken and will not take, directly or indirectly, any action
designed to or that might be reasonably expected to cause or result in stabilization or manipulation of the price of the Common Shares
to facilitate the sale or resale of the Securities.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(36)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Related
Party Transactions</U>. There are no business relationships or related-party transactions involving either of the Transaction Entities
or any of their subsidiaries or any other person required to be described in the Registration Statement, the General Disclosure Package
or the Prospectus that have not been described, or incorporated by reference, as required.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(37)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>No
Material Weakness in Internal Controls</U><I>. </I>Except as disclosed in the General Disclosure Package and the Prospectus, or in any
document incorporated by reference therein, since the end of the Transaction Entities&rsquo; most recent audited fiscal year for the Transaction
Entities, there has been (i)&nbsp;no material weakness in the Transaction Entities&rsquo; internal control over financial reporting (whether
or not remediated) and (ii)&nbsp;no change in the Transaction Entities&rsquo; internal control over financial reporting that has materially
affected, or is reasonably likely to materially affect, the Transaction Entities&rsquo; internal control over financial reporting.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(38)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Disclosure
Controls</U>. Each of the Transaction Entities maintains an effective system of &ldquo;disclosure controls and procedures&rdquo; (as defined
in Rule&nbsp;13a-15(e)&nbsp;under the 1934 Act) that is designed to ensure that information relating to such Transaction Entity and its
consolidated subsidiaries and required to be disclosed by such Transaction Entity in reports that it files or submits under the 1934 Act
is recorded, processed, summarized and reported within the time periods specified in the Commission&rsquo;s rules&nbsp;and forms, including
controls and procedures designed to ensure that such information is accumulated and communicated to such Transaction Entity&rsquo;s management
as appropriate to allow timely decisions regarding required disclosure. Each Transaction Entity has carried out evaluations of the effectiveness
of its disclosure controls and procedures as required by Rule&nbsp;13a-15(b)&nbsp;under the 1934 Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(39)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Internal
Controls and Procedures</U><I>. </I>Each Transaction Entity maintains (i)&nbsp;effective internal control over financial reporting as
defined in Rule&nbsp;13a-15(f)&nbsp;under the 1934 Act, and (ii)&nbsp;a system of internal accounting controls sufficient to provide reasonable
assurance that &lrm;(A)&nbsp;transactions are executed in accordance with management&rsquo;s general or specific authorizations; (B)&nbsp;transactions
are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability;
(C)&nbsp;access to assets is permitted only in accordance with management&rsquo;s general or specific authorization; (D)&nbsp;the recorded
accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to
any differences; and (E)&nbsp;the interactive data in eXtensible Business Reporting Language incorporated by reference in the Registration
Statement, the General Disclosure Package and the Prospectus fairly presents the information called for in all material respects and is
prepared in accordance with the Commission&rsquo;s rules&nbsp;and guidelines applicable thereto.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(40)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Stock
Options</U>. With respect to the stock options (the &ldquo;<U>Stock Options</U>&rdquo;) granted pursuant to the stock-based compensation
plans of the Company (the &ldquo;<U>Company Stock Plans</U>&rdquo;), (i)&nbsp;each Stock Option designated by the Company at the time
of grant as an &ldquo;incentive stock option&rdquo; under Section&nbsp;422 of the Code, so qualifies, (ii)&nbsp;each grant of a Stock
Option was duly authorized no later than the date on which the grant of such Stock Option was by its terms to be effective (the &ldquo;<U>Grant
Date</U>&rdquo;) by all necessary corporate action, including, as applicable, approval by the board of trustees of the Company (or a duly
constituted and authorized committee thereof) and any required shareholder approval by the necessary number of votes or written consents,
and the award agreement governing such grant, if any, was duly executed and delivered by each party thereto, (iii)&nbsp;each such grant
was made in accordance with the terms of the Company Stock Plans, the 1934 Act and all other applicable laws and regulatory rules&nbsp;or
requirements, including the rules&nbsp;of the NYSE, (iv)&nbsp;the per share exercise price of each Stock Option was equal to or greater
than the fair market value of a Common Share on the applicable Grant Date and no action has been taken by the Company that would be considered
a &ldquo;repricing&rdquo; of such an award under the applicable listing standards of the national securities exchange on which the Company&rsquo;s
common stock is listed (if any) and (v)&nbsp;each such grant was properly accounted for in accordance with GAAP in the consolidated financial
statements (including the related notes) of the Company and disclosed in the Company&rsquo;s filings with the Commission in accordance
with the 1934 Act and all other applicable laws. The Company has not knowingly granted, and there is no and has been no policy or practice
of the Company or any of its subsidiaries of granting, Stock Options prior to, or otherwise coordinating the grant of Stock Options with,
the release or other public announcement of material information regarding the Company or its results of operations or prospects.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(41)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>No
Unlawful Contributions or Other Payments</U><I>. </I>Neither of the Transaction Entities nor any of their subsidiaries, nor, to the knowledge
of the Transaction Entities, LAACO nor any of its subsidiaries, nor, to the knowledge of the Transaction Entities, any director, trustee,
officer, agent, employee or affiliate of the Transaction Entities or any of their subsidiaries or LAACO or any of its subsidiaries is
aware of or has taken any action, directly or indirectly, that would result in a violation by such persons of the FCPA, including, without
limitation, making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment,
promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving
of anything of value to any &ldquo;foreign official&rdquo; (as such term is defined in the FCPA) or any foreign political party or official
thereof or any candidate for foreign political office, in contravention of the FCPA, and the Transaction Entities, their subsidiaries,
to the knowledge of the Transaction Entities, LAACO and its subsidiaries and, to the knowledge of the Transaction Entities, their respective
affiliates have conducted their businesses in compliance with the FCPA, and have instituted and maintain policies and procedures designed
to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(42)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>No
Conflict with Money Laundering Laws</U>. The operations of the Transaction Entities and their subsidiaries and, to the knowledge of the
Transaction Entities, LAACO and its subsidiaries are and have been conducted at all times in compliance with applicable financial recordkeeping
and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of
all applicable jurisdictions, the rules&nbsp;and regulations thereunder and any related or similar rules, regulations or guidelines issued,
administered or enforced by any governmental agency (collectively, the &ldquo;<U>Money Laundering Laws</U>&rdquo;) and no action, suit
or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Transaction Entities or
any of their subsidiaries or, to the knowledge of the Transaction Entities, LAACO or any of its subsidiaries with respect to the Money
Laundering Laws is pending or, to the knowledge of the Transaction Entities, threatened.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(43)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>No
Conflict with OFAC Laws</U>. Neither of the Transaction Entities nor any of their subsidiaries, nor, to the knowledge of the Transaction
Entities, LAACO nor any of its subsidiaries, nor, to the knowledge of the Transaction Entities, any director, trustee, officer, agent,
employee, affiliate or representative of the Transaction Entities or any of their subsidiaries or LAACO or any of its subsidiaries is
an individual or entity (&ldquo;<U>Person</U>&rdquo;) currently the subject or target of any sanctions administered or enforced by the
United States Government, including the Office of Foreign Assets Control of the U.S. Treasury Department (&ldquo;<U>OFAC</U>&rdquo;),
the United Nations Security Council, the European Union, Her Majesty&rsquo;s Treasury, or other relevant sanctions authority (collectively,
 &ldquo;<U>Sanctions</U>&rdquo;); nor are the Transaction Entities or, to the knowledge of the Transaction Entities, LAACO located, organized
or resident in a country or territory that is the subject or target of Sanctions; and the Transaction Entities will not directly or indirectly
use the proceeds of the sale of the Securities, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint
venture partner or other Person, to fund any activities of or business with any Person, or in any country or territory, that, at the time
of such funding, is subject to any Sanctions or in any other manner that will result in a violation by any Person (including any Person
participating in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(44)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Compliance
with Laws</U>. (i)&nbsp;Neither of the Transaction Entities nor any of their subsidiaries knows of any violation of any municipal, state
or federal law, rule&nbsp;or regulation (including those pertaining to environmental matters) concerning any Properties or any part thereof
which could have a Combined Material Adverse Effect; (ii)&nbsp;each of the Properties complies with all applicable zoning laws, ordinances,
regulations and deed restrictions or other covenants in all material respects and, if and to the extent there is a failure to comply,
such failure does not materially impair the value of any of the Properties and will not result in a forfeiture or reversion of title;
(iii)&nbsp;neither of the Transaction Entities nor any of their subsidiaries, nor, to the knowledge of the Transaction Entities, LAACO
nor any of its subsidiaries, has received from any governmental authority any written notice of any condemnation of or zoning change affecting
the Properties or any part thereof, and neither of the Transaction Entities nor any of their subsidiaries knows of any such condemnation
or zoning change which is threatened and which if consummated could have a Combined Material Adverse Effect; (iv)&nbsp;all liens, charges,
encumbrances, claims, or restrictions on or affecting the Properties that are required to be described in the General Disclosure Package
and the Prospectus are disclosed therein; (v)&nbsp;no lessee of any portion of any of the Properties is in default under any of the leases
governing such properties and there is no event which, but for the passage of time or the giving of notice or both would constitute a
default under any of such leases, except such defaults that could not have a Combined Material Adverse Effect; (vi)&nbsp;all water, stormwater,
sanitary sewer, electricity and telephone service are available at the property lines of each Property over duly dedicated streets or
perpetual easements of record benefiting the applicable Property other than as could not have a Combined Material Adverse Effect; and
(vii)&nbsp;no tenant under any lease pursuant to which the Transaction Entities or any of their subsidiaries or, to the knowledge of the
Transaction Entities, LAACO or any of its subsidiaries leases the Properties has an option or right of first refusal to purchase the premises
leased thereunder or the building of which such premises are a part, except as such options or rights of first refusal which, if exercised,
could not have a Combined Material Adverse Effect.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(45)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Compliance
with Environmental Laws</U><I>. </I>Except as otherwise disclosed in the Registration Statement, the General Disclosure Package and the
Prospectus, (i)&nbsp;neither the Transaction Entities nor any of their subsidiaries, nor, to the knowledge of the Transaction Entities,
LAACO nor any of its subsidiaries, is in violation of any federal, state, local or foreign law, regulation, order, permit or other requirement
relating to pollution or protection of human health or the environment (including, without limitation, ambient air, surface water, groundwater,
land surface or subsurface strata) or wildlife, including without limitation, laws and regulations relating to emissions, discharges,
releases of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous substances, petroleum and petroleum products (collectively,
 &ldquo;<U>Materials of Environmental Concern</U>&rdquo;), or otherwise relating to the manufacture, processing, distribution, use, treatment,
storage, disposal, transport or handling of Materials of Environmental Concern (collectively, &ldquo;<U>Environmental Laws</U>&rdquo;),
which violation includes, but is not limited to, noncompliance with any permits or other governmental authorizations required for the
operation of the business of the Transaction Entities or their subsidiaries or LAACO or its subsidiaries as described in the Registration
Statement, the General Disclosure Package and the Prospectus under applicable Environmental Laws, or noncompliance with the terms and
conditions thereof, nor have the Transaction Entities or any of their subsidiaries nor, to the knowledge of the Transaction Entities,
LAACO or any of its subsidiaries received any written communication that alleges that either of the Transaction Entities or any of their
subsidiaries or, to the knowledge of the Transaction Entities, LAACO or any of its subsidiaries is in violation of any Environmental Law,
except in each case as would not, individually or in the aggregate, have a Combined Material Adverse Effect; (ii)&nbsp;there is no claim,
action or cause of action filed with a court or governmental authority, no investigation with respect to which either of the Transaction
Entities or, to the knowledge of the Transaction Entities, LAACO has received written notice, and no written notice by any person or entity
alleging potential liability for investigatory costs, cleanup costs, governmental responses costs, natural resources damages, property
damages, personal injuries, attorneys&rsquo; fees or penalties arising out of, based on or resulting from the presence, or release into
the environment, of any Material of Environmental Concern at any location owned, leased or operated by the Transaction Entities or any
of their subsidiaries or LAACO or any of its subsidiaries, now or in the past (collectively, &ldquo;<U>Environmental Claims</U>&rdquo;),
pending or, to the knowledge of the Transaction Entities, threatened against the Transaction Entities or any of their subsidiaries, to
the knowledge of the Transaction Entities, LAACO or any of its subsidiaries, or any person or entity whose liability for any Environmental
Claim the Transaction Entities or any of their subsidiaries or LAACO or any of its subsidiaries has retained or assumed either contractually
or by operation of law, except as would not, individually or in the aggregate, have a Combined Material Adverse Effect; (iii)&nbsp;to
the knowledge of the Transaction Entities, there are no past, present or anticipated future actions, activities, circumstances, conditions,
events or incidents, including, without limitation, the release, emission, discharge, presence or disposal of any Material of Environmental
Concern, that reasonably could result in a violation of any Environmental Law, require expenditures to be incurred pursuant to Environmental
Law, or form the basis of a potential Environmental Claim against the Transaction Entities or any of their subsidiaries, LAACO or any
of its subsidiaries or against any person or entity whose liability for any Environmental Claim the Transaction Entities or any of their
subsidiaries or LAACO or any of its subsidiaries has retained or assumed either contractually or by operation of law, except as would
not, individually or in the aggregate, have a Combined Material Adverse Effect; and (iv)&nbsp;neither of the Transaction Entities nor
any of their subsidiaries, nor, to the knowledge of the Transaction Entities, LAACO nor any of its subsidiaries, is subject to any pending
or, to the knowledge of the Transaction Entities, threatened proceeding under Environmental Law to which a governmental authority is a
party and which is reasonably likely to result in monetary sanctions of $100,000 or more.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(46)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Periodic
Review of Costs of Environmental Compliance</U>. In the ordinary course of their business, the Transaction Entities conduct a periodic
review of the effect of Environmental Laws on the business, operations and properties of the Transaction Entities and their subsidiaries,
in the course of which they identify and evaluate associated costs and liabilities (including, without limitation, any capital or operating
expenditures required for clean-up, closure of properties or compliance with Environmental Laws or any permit, license or approval, any
related constraints on operating activities and any potential liabilities to third parties). On the basis of such review and the amount
of their established reserves, the Transaction Entities reasonably concluded that such associated costs and liabilities would not, individually
or in the aggregate, have a Material Adverse Effect, except as otherwise disclosed in the General Disclosure Package and the Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(47)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>ERISA
Compliance</U>. Each of the Transaction Entities and its subsidiaries is in compliance with all presently applicable provisions of the
Employee Retirement Income Security Act of 1974, as amended, including the regulations and published interpretations thereunder (&ldquo;<U>ERISA</U>&rdquo;);
no &ldquo;reportable event&rdquo; (as defined in ERISA) has occurred with respect to any &ldquo;pension plan&rdquo; (as defined in ERISA)
for which either of the Transaction Entities or their subsidiaries would have any liability; neither of the Transaction Entities, nor
any trade or business that together with the Transaction Entities is treated as a single employer under Section&nbsp;414 of the Code,
has incurred or reasonably expects to incur liability under (i)&nbsp;Title IV of ERISA, including with respect to termination of, or withdrawal
from, any &ldquo;pension plan&rdquo; or (ii)&nbsp;Section&nbsp;412 or 4971 of the Code, including the regulations and published interpretations
thereunder; and each &ldquo;pension plan&rdquo; for which either of the Transaction Entities or their subsidiaries would have any liability
that is intended to be qualified under Section&nbsp;401(a)&nbsp;of the Code has received a favorable determination letter from the Internal
Revenue Service that such plan is so qualified and, to the knowledge of the Transaction Entities, nothing has occurred, whether by action
or by failure to act, which would cause the loss of such qualification, except in each case where such non-compliance, reportable events,
liabilities or failure to be so qualified could not reasonably be expected to result in a Material Adverse Effect.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(48)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Brokers</U>.
Except as otherwise disclosed in the General Disclosure Package and the Prospectus, there is no broker, finder or other party that is
entitled to receive from either of the Transaction Entities any brokerage or finder&rsquo;s fee or other fee or commission as a result
of any transactions contemplated by this Agreement.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(49)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>No
Outstanding Loans or Other Indebtedness</U>. There are no outstanding loans, advances (except normal advances for business expenses in
the ordinary course of business), guarantees or indebtedness by either of the Transaction Entities to or for the benefit of any of the
officers, trustees or partners of the Company or the Operating Partnership, as applicable, or any of the members of any of their families,
except as disclosed in the General Disclosure Package and the Prospectus.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(50)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Sarbanes-Oxley
Compliance</U>. There is and has been no failure on the part of the Transaction Entities and any of the Company&rsquo;s trustees or the
Transaction Entities&rsquo; officers, in their capacities as such, to comply in all material respects with any provision of the Sarbanes-Oxley
Act of 2002 and the rules&nbsp;and regulations promulgated in connection therewith (the &ldquo;<U>Sarbanes-Oxley Act</U>&rdquo;), including
Section&nbsp;402 related to loans and Sections 302 and 906 related to certifications.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(51)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Subsidiaries</U><I>.</I>
The Operating Partnership, CubeSmart Management, LLC and CubeSmart TRS,&nbsp;Inc. are the only &ldquo;significant subsidiaries&rdquo;
of the Company (as such term is defined in Rule&nbsp;1-02(w)&nbsp;of Regulation S-X under the 1933 Act).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(52)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Statistical
and Market-Related Data.</U> Nothing has come to the attention of the Transaction Entities that has caused the Transaction Entities to
believe that the statistical and market-related data included in the General Disclosure Package and the Prospectus is not based on or
derived from sources that are reliable and accurate in all material respects.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(53)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Compliance
with the Americans with Disabilities Act</U>. Each of the Properties is in compliance with all presently applicable provisions of the
Americans with Disabilities Act, except for such failures to comply as could not, individually or in the aggregate, reasonably be expected
to have a Combined Material Adverse Effect.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(54)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>NYSE
Compliance</U>. The Company is in compliance with the rules&nbsp;and regulations of the NYSE, including without limitation, the requirements
for continued listing of the Common Shares on the NYSE, and there are no actions, suits or proceedings pending, threatened or, to the
Company&rsquo;s knowledge, contemplated, and the Company has not received any notice from the NYSE, regarding the revocation of such or
otherwise regarding the delisting of the Common Shares from the NYSE.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(55)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>FINRA
Compliance</U>. To the knowledge of the Transaction Entities, except as disclosed in the General Disclosure Package and the Prospectus,
no director or officer of the Company has any association with any FINRA member or any Underwriter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(56)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Cyber
Security.</U> Except as disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, (x)(i)&nbsp;to the
knowledge of the Transaction Entities, there has been no security breach or other compromise of or relating to any information technology
and computer systems, networks, hardware, software, data, or equipment owned by the Transaction Entities or any of their subsidiaries
or LAACO or any of its subsidiaries or of any data of the Transaction Entities&rsquo; or any of their subsidiaries&rsquo; or LAACO&rsquo;s
or and of its subsidiaries&rsquo; respective customers, employees, suppliers, vendors that they maintain or that, to their knowledge,
any third party maintains on their behalf (collectively, &ldquo;<U>IT Systems and Data</U>&rdquo;) that had, or would reasonably be expected
to have had, individually or in the aggregate, a Combined Material Adverse Effect, and (ii)&nbsp;the Transaction Entities and their subsidiaries
and, to the knowledge of the Transaction Entities, LAACO and its subsidiaries have not received any written notice of, and have no knowledge
of any event or condition that would reasonably be expected to result in, any security breach or other compromise to their IT Systems
and Data that had, or would reasonably be expected to have had, a Combined Material Adverse Effect; (y)&nbsp;the Transaction Entities
and their subsidiaries and, to the knowledge of the Transaction Entities, LAACO and its subsidiaries are presently in compliance with
all applicable laws or statutes and all applicable judgments, orders, rules&nbsp;and regulations of any court or arbitrator or governmental
or regulatory authority, internal policies and contractual obligations relating to the protection of IT Systems and Data from a security
breach or unauthorized use, access, misappropriation, modification or other compromise, except as would not, in the case of this clause
(y), individually or in the aggregate, have a Combined Material Adverse Effect; and (z)&nbsp;the Transaction Entities and their subsidiaries
and, to the knowledge of the Transaction Entities, LAACO and its subsidiaries have implemented commercially reasonable backup and disaster
recovery technology.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(57)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Forward-Looking
Statements.</U> Each financial or operational projection or other &ldquo;forward-looking statement&rdquo; (as defined by Section&nbsp;27A
of the 1933 Act or Section&nbsp;21E of the 1934 Act) regarding such financial or operational projection contained in the General Disclosure
Package or the Prospectus was so included by the Company in good faith and with reasonable basis after due consideration by the Company
of the underlying assumptions, estimates and other applicable facts and circumstances as reasonably determined by the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Certificates</U><I>.
</I>Any certificate signed by any officer of the Company or the Operating Partnership or any of their subsidiaries (whether signed on
behalf of such officer, the Company, the Operating Partnership or such subsidiary) and delivered to the Representatives or to counsel
for the Underwriters shall be deemed a representation and warranty by the Company or the Operating Partnership, as applicable, to each
Underwriter as to the matters covered thereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;2.</FONT><FONT STYLE="text-transform: uppercase">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Sale
and Delivery to Underwriters; Closing</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Initial
Securities</U><I>. </I>On the basis of the representations, warranties and covenants herein contained, and subject to the terms and conditions
herein set forth, the Company agrees to sell to the Underwriters, severally and not jointly, the Initial Securities and each Underwriter,
severally and not jointly, agrees to purchase the respective number of Initial Securities set forth opposite their names in <U>Exhibit&nbsp;A</U>
hereto plus any additional number of Initial Securities, which such Underwriter may become obligated to purchase pursuant to the provisions
of Section&nbsp;10 hereof, subject to such adjustments among the Underwriters to eliminate any sales or purchases of fractional Securities,
in each case at a price of $49.3425 per share (the &ldquo;<U>Purchase Price</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Option
Securities</U><I>. </I>In addition, on the basis of the representations, warranties and covenants herein contained, and subject to the
terms and conditions herein set forth, the Company hereby grants an option to the Underwriters, severally and not jointly, to purchase
up to 2,025,000 Option Securities at a price per share equal to the Purchase Price referred to in Section&nbsp;2(a)&nbsp;above; provided
that the price per share for any Option Securities shall be reduced by an amount per share equal to any dividends or distributions declared,
paid or payable by the Company on the Initial Securities but not payable on such Option Securities. The option hereby granted will expire
at the close of business on the 30<SUP>th</SUP> day after the date hereof and may be exercised in whole or in part from time to time upon
notice by the Representatives to the Company setting forth the number of Option Securities as to which the Underwriters are then exercising
the option and the time and date of payment and delivery for such Option Securities. Any such time and date of delivery (an &ldquo;<U>Option
Closing Date</U>&rdquo;) shall be determined by the Representatives, but shall not be later than seven full business days after the exercise
of said option (unless postponed in accordance with the provisions of Section&nbsp;10), nor in any event prior to the Closing Date. If
the option is exercised as to all or any portion of the Option Securities, each of the Underwriters, acting severally and not jointly,
will purchase that proportion of the total number of Option Securities then being purchased which the number of Initial Securities set
forth in <U>Exhibit&nbsp;A</U> hereto opposite the name of such Underwriter, plus any additional number of Initial Securities which such
Underwriter may become obligated to purchase pursuant to the provisions of Section&nbsp;10 hereof, bears to the total number of Initial
Securities, subject in each case to adjustments as the Underwriters shall make to eliminate any sales or purchases of fractional shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Payment</U><I>.
</I>Payment of the purchase price for, and delivery of, the Initial Securities shall be made at the offices of Vinson&nbsp;&amp; Elkins
L.L.P., 2200 Pennsylvania Avenue NW, Suite&nbsp;500 West, Washington, DC 20037, or at such other place as shall be agreed upon by the
Underwriters and the Company, at 9:00 A.M.&nbsp;(New York City time) on November&nbsp;19, 2021, or such other time not later than five
business days after such date as shall be agreed upon by the Underwriters and the Company (such time and date of payment and delivery
being herein called &ldquo;<U>Closing Date</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, in the event
that any or all of the Option Securities are purchased by the Underwriters, payment of the purchase price for, and delivery of, such Option
Securities shall be made at the above-mentioned offices, or at such other place as shall be agreed upon by the Representatives and the
Company, on each Option Closing Date as specified in the notice from the Representatives to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Payment shall be made to the
Company by wire transfer of immediately available funds to a single bank account designated by the Company, in each case against delivery
to the Representatives for the respective accounts of the Underwriters of the Securities to be purchased by them. Each Underwriter has
authorized the Representatives, for its account, to accept delivery of, receipt for, and make payment of the Purchase Price for, the Securities
which it has agreed to purchase. Wells Fargo Securities, LLC and BofA Securities,&nbsp;Inc., individually and not as representatives of
the Underwriters, may (but shall not be obligated to) make payment of the Purchase Price for the Securities to be purchased by any Underwriter
whose funds have not been received by the Closing Date, but such payment shall not relieve such Underwriter from its obligations hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Delivery
of Securities</U><I>. </I>Delivery of the Initial Securities and any Option Securities shall be made through the facilities of DTC unless
the Underwriters shall otherwise instruct.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Public
Offering</U>. The Underwriters hereby advise the Transaction Entities that the Underwriters intend to offer for sale to the public, as
described in the General Disclosure Package and the Prospectus, the Securities as soon as the Underwriters, in their sole judgment, have
determined is advisable and practicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;3.</FONT><FONT STYLE="text-transform: uppercase">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Covenants
of the Transaction Entities</U>. Each of the Transaction Entities, jointly and severally, covenants and agrees with each Underwriter as
follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Representatives&rsquo;
Review of Proposed Amendments and Supplements</U>. During the period beginning at the Applicable Time and ending on the later of the Closing
Date or such date, as in the opinion of counsel for the Underwriters, the Prospectus is no longer required by law to be delivered in connection
with sales by an Underwriter or dealer, including in circumstances where such requirement may be satisfied pursuant to Rule&nbsp;172 (the
 &ldquo;<U>Prospectus Delivery Period</U>&rdquo;), prior to amending or supplementing the Registration Statement, the General Disclosure
Package or the Prospectus (including any amendment or supplement through incorporation by reference of any report filed under the 1934
Act), the Transaction Entities shall furnish to the Representatives for review a copy of each such proposed amendment or supplement a
reasonable period of time prior to such proposed filing, and the Transaction Entities shall not file or use any such proposed amendment
or supplement to which the Representatives reasonably and timely object to.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>1933
Act Compliance</U>. After the date of this Agreement, the Transaction Entities shall promptly advise the Representatives in writing (i)&nbsp;when
the Registration Statement, if not effective at the time of execution of this Agreement, shall have become effective, (ii)&nbsp;of the
receipt of any comments of, or requests for additional or supplemental information from, the Commission, (iii)&nbsp;of the time and date
of any filing of any post-effective amendment to the Registration Statement or any amendment or supplement to any preliminary prospectus
or the Prospectus, (iv)&nbsp;of the time and date that any post-effective amendment to the Registration Statement becomes effective and
(v)&nbsp;of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or of any order
or notice preventing or suspending the use of the Registration Statement, any preliminary prospectus (including the Pre-Pricing Prospectus)
or the Prospectus, or of any proceedings to remove, suspend or terminate from listing or quotation the Common Shares from any securities
exchange upon which it is listed for trading or included or designated for quotation, or of the threatening or initiation of any proceedings
for any of such purposes. The Transaction Entities shall use their best efforts to prevent the issuance of any such stop order or notice
of prevention or suspension of such use. If the Commission shall enter any such stop order or issue any such notice at any time, the Transaction
Entities will use their best efforts to obtain the lifting or reversal of such order or notice at the earliest possible moment, or, subject
to Section&nbsp;3(a), will file an amendment to the Registration Statement or will file a new registration statement and use their best
efforts to have such amendment or new registration statement declared effective as soon as practicable. Additionally, each Transaction
Entity agrees that it shall comply with the provisions of Rules&nbsp;424(b)&nbsp;and 430B, as applicable, including with respect to the
timely filing of documents thereunder, and will use its reasonable efforts to confirm that any filings made by it under such Rule&nbsp;424(b)&nbsp;were
received in a timely manner by the Commission.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>1934
Act and NYSE Compliance</U>. During the Prospectus Delivery Period, the Transaction Entities will file all documents required to be filed
with the Commission pursuant to &lrm;Section&nbsp;13, 14 or 15 of the 1934 Act and the NYSE in the manner and within the time periods
required by the 1934 Act and the NYSE.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Amendments
and Supplements to the Registration Statement, General Disclosure Package and Prospectus and Other 1933 Act Matters</U>. If, during the
Prospectus Delivery Period, any event or development shall occur or condition exist as a result of which the General Disclosure Package
or the Prospectus as then amended or supplemented would include any untrue statement of a material fact or omit to state any material
fact necessary in order to make the statements therein, in the light of the circumstances under which they were made or then prevailing,
as the case may be, not misleading, or if it shall be necessary to amend or supplement the General Disclosure Package or the Prospectus,
or to file under the 1934 Act any document incorporated by reference in the General Disclosure Package or the Prospectus, in order to
make the statements therein, in the light of the circumstances under which they were made or then prevailing, as the case may be, not
misleading, or if in the opinion of the Representatives or their counsel it is otherwise necessary or advisable to amend or supplement
the Registration Statement, the General Disclosure Package or the Prospectus, or to file under the 1934 Act any document incorporated
by reference in the Registration Statement, the General Disclosure Package or the Prospectus, or to file a new registration statement
containing the Prospectus, in order to comply with law, including in connection with the delivery of the Prospectus, the Transaction Entities
agree to (i)&nbsp;notify the Representatives of any such event or condition and (ii)&nbsp;promptly prepare (subject to Sections&nbsp;3(a)&nbsp;and
3(q)&nbsp;hereof), file with the Commission (and use their best efforts to have any amendment to the Registration Statement or any new
registration statement to be declared effective) and furnish at their own expense to the Underwriters and to dealers, amendments or supplements
to the Registration Statement, the General Disclosure Package or the Prospectus, or any new registration statement, necessary in order
to make the statements in the General Disclosure Package or the Prospectus as so amended or supplemented, in the light of the circumstances
under which they were made or then prevailing, as the case may be, not misleading or so that the Registration Statement, the General Disclosure
Package or the Prospectus, as amended or supplemented, will comply with law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Copies
of any Amendments and Supplements to the Prospectus</U>. The Transaction Entities agree to furnish the Representatives, without charge,
during the Prospectus Delivery Period, as many copies of the Prospectus and any amendments and supplements thereto (including any documents
incorporated or deemed incorporated by reference therein) and the General Disclosure Package as the Representatives may reasonably request.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Copies
of the Registration Statement and the Prospectus</U>. The Transaction Entities will furnish to the Representatives and counsel for the
Underwriters signed copies of the Registration Statement (including exhibits thereto) and, so long as delivery of a prospectus by an Underwriter
or dealer may be required by the 1933 Act, as many copies of each preliminary prospectus (including the Pre-Pricing Prospectus), the Prospectus
and any supplement thereto and the General Disclosure Package as the Representatives may reasonably request; provided, in each case, that
the Representatives deliver such request(s)&nbsp;to the Transaction Entities in writing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Blue
Sky Compliance</U>. The Transaction Entities shall cooperate with the Representatives and counsel for the Underwriters to qualify or register
the Securities for sale under (or obtain exemptions from the application of) the state securities or blue sky laws or Canadian provincial
securities laws or other foreign laws of those jurisdictions designated by the Representatives, and shall comply with such laws and shall
continue such qualifications, registrations and exemptions in effect so long as required for the distribution of the Securities. The Transaction
Entities shall not be required to qualify as a foreign corporation or to take any action that would subject them to general service of
process in any such jurisdiction where they are not presently qualified or where they would be subject to taxation as a foreign corporation,
other than those arising out of the offering or sale of the Securities in any jurisdiction where they are not now so subject. The Transaction
Entities will advise the Representatives promptly of the suspension of the qualification or registration of (or any such exemption relating
to) the Securities for offering, sale or trading in any jurisdiction or any initiation or threat of any proceeding for any such purpose,
and in the event of the issuance of any order suspending such qualification, registration or exemption, the Transaction Entities shall
use their best efforts to obtain the withdrawal thereof at the earliest possible moment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(h)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Use
of Proceeds</U>. The Company shall apply the net proceeds from the sale of the Securities sold by it in the manner described under the
caption &ldquo;Use of Proceeds&rdquo; in the General Disclosure Package and the Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Transfer
Agent</U>. The Company shall engage and maintain, at its expense, a registrar and transfer agent for the Common Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(j)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Earnings
Statement</U>. Each Transaction Entity agrees with each of the Underwriters to make generally available to its shareholders as soon as
practicable, but in any event not later than 16 months after the date hereof, an earnings statement covering a period of at least 12 months
beginning after the date hereof and otherwise satisfying Section&nbsp;11(a)&nbsp;of the 1933 Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(k)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Listing</U>.
The Company will use its best efforts to list, subject to notice of issuance, the Securities on the NYSE.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(l)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Restriction
on Sale of Securities</U><I>. </I>During the Lock-Up Period, the Transaction Entities will not, without the prior written consent of the
Representatives (which consent may be withheld at the sole discretion of the Representatives), directly or indirectly:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">offer,
pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right
or warrant to purchase, lend or otherwise transfer or dispose of any Common Shares or other capital shares of the Company or any securities
convertible into or exercisable or exchangeable for Common Shares or other capital shares of the Company,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">file
or cause the filing of any registration statement under the 1933 Act with respect to any Common Shares or other capital shares of the
Company or any securities convertible into or exercisable or exchangeable for any Common Shares or other capital shares of the Company,
or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">enter
into any swap or other agreement, arrangement or transaction that transfers to another, in whole or in part, directly or indirectly, any
of the economic consequence of ownership of any Common Shares or other capital shares of the Company or any securities convertible into
or exercisable or exchangeable for any Common Shares or other capital shares of the Company,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">whether any transaction described in
clause&nbsp;(i)&nbsp;or (iii)&nbsp;above is to be settled by delivery of Common Shares, other capital shares of the Company, other securities,
in cash or otherwise, or publicly announce any intention to do any of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">Notwithstanding
the provisions set forth in the immediately preceding paragraph, the Company may, without the prior written consent of the Representatives:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">issue
Securities to the Underwriters pursuant to this Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">issue
shares, and options to purchase Common Shares pursuant to equity incentive plans described in the General Disclosure Package and the Prospectus,
as those plans are in effect on the date of this Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(3)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">issue
Common Shares pursuant to any put, tender or other rights exercised by holders of Units in the Operating Partnership; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(4)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">issue
Common Shares upon the exercise of share options or other equity incentives outstanding on the date of this Agreement or issued after
the date of this Agreement under equity incentive plans referred to in clause&nbsp;(2)&nbsp;above, as those plans are in effect on the
date of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(m)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Compliance
with Sarbanes-Oxley Act</U>. The Transaction Entities will comply in all material respects with all applicable securities and other laws,
rules&nbsp;and regulations, including, without limitation, the Sarbanes-Oxley Act, and use their best efforts to cause the Company&rsquo;s
trustees and Transaction Entities&rsquo; officers, in their capacities as such, to comply with such laws, rules&nbsp;and regulations,
including, without limitation, the provisions of the Sarbanes-Oxley Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(n)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Future
Reports to Securityholders</U>. The Transaction Entities will furnish to their securityholders as soon as practicable after the end of
each fiscal year an annual report (including a balance sheet and statements of income, shareholders&rsquo; equity and cash flows of each
Transaction Entity and its consolidated subsidiaries certified by independent public accountants) and, as soon as practicable after the
end of each of the first three quarters of each fiscal year (beginning with the fiscal quarter ending after the effective date of the
Registration Statement), to make available to its securityholders consolidated summary financial information of each Transaction Entity
and its subsidiaries for such quarter in reasonable detail; provided that any document that is available on EDGAR shall be deemed furnished
to the Transaction Entities&rsquo; securityholders in satisfaction of their obligations under this paragraph.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(o)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Future
Reports to the Representatives</U>. During the period from the date of this Agreement through the five year anniversary hereof, each Transaction
Entity will furnish upon request to the Representatives and, upon request, to each of the other Underwriters, as soon as practicable after
the end of each fiscal year, a copy of its Annual Report on Form&nbsp;10-K for such year; and each Transaction Entity will furnish upon
request to the Representatives as soon as available, a copy of each report and any definitive proxy statement of such Transaction Entity
filed with the Commission under the 1934 Act or mailed to shareholders; provided that any document that is available on EDGAR shall be
deemed furnished to the Representatives and Underwriters in satisfaction of the Transaction Entities&rsquo; obligations under this paragraph.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(p)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>REIT
Qualification</U>. The Company will use its best efforts to continue to meet the requirements for qualification and taxation as a REIT
under the Code, subject to any future determination by the Company&rsquo;s board of trustees that it is no longer in the Company&rsquo;s
best interests to qualify as a REIT.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(q)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Investment
Limitation</U>. The Transaction Entities shall not invest, or otherwise use the proceeds received by the Transaction Entities from their
sale of the Securities in such a manner as would require the Transaction Entities or any of their subsidiaries to register as an investment
company under the 1940 Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(r)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>No
Manipulation of Price</U>. The Transaction Entities will not take, directly or indirectly, any action designed to cause or result in,
or that has constituted or might reasonably be expected to constitute, under the 1934 Act or otherwise, the stabilization or manipulation
of the price of any securities of the Transaction Entities to facilitate the sale or resale of the Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;4.</FONT><FONT STYLE="text-transform: uppercase">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Payment
of Expenses</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Expenses</U><I>.
</I>The Company will pay all expenses incident to the performance of the Transaction Entities&rsquo; obligations under this Agreement,
including (i)&nbsp;the preparation, printing and filing of the Registration Statement and each amendment thereto (in each case including
exhibits) and any costs associated with electronic delivery of any of the foregoing, (ii)&nbsp;the word processing and delivery to the
Underwriters of this Agreement and such other documents as may be required in connection with the offering, purchase, sale, issuance or
delivery of the Securities, (iii)&nbsp;the preparation of the certificates for the Securities and the issuance and delivery of the Securities
to the Underwriters, including any stock or other transfer taxes and any stamp or other taxes or duties payable in connection with the
sale, issuance or delivery of the Securities to the Underwriters, (iv)&nbsp;the fees and disbursements of the counsel, accountants and
other advisors to the Company, (v)&nbsp;the qualification of the Securities under securities laws in accordance with the provisions of
Section&nbsp;3(g)&nbsp;hereof, including filing fees and the reasonable fees and disbursements of one firm or counsel for the Underwriters
in connection therewith and in connection with the preparation of any blue sky surveys and any supplements thereto, (vi)&nbsp;the preparation,
printing and delivery to the Underwriters of copies of each preliminary prospectus, any Permitted Free Writing Prospectus (as defined
in Section&nbsp;17 below) and the Prospectus and any amendments or supplements thereto and any costs associated with electronic delivery
of any of the foregoing, (vii)&nbsp;the preparation, printing and delivery to the Underwriters of copies of any blue sky surveys and any
Canadian &ldquo;wrapper&rdquo; and any supplements thereto and any costs associated with electronic delivery of any of the foregoing,
(viii)&nbsp;the fees and expenses of the transfer agent and registrar for the Securities, (ix)&nbsp;the filing fees incident to, and the
reasonable fees and disbursements of one firm or counsel to the Underwriters in connection with, the review, if any, by FINRA of the terms
of the sale of the Securities, (x)&nbsp;the fees and expenses incurred in connection with the listing of the Securities on the NYSE, (xi)&nbsp;the
costs and expenses of the Company and any of its officers, directors, trustees, counsel or other representatives in connection with presentations
or meetings undertaken in connection with the offering of the Securities, including, without limitation, expenses associated with the
production of road show slides and graphics and the production and hosting of any electronic roadshows, fees and expenses of any consultants
engaged in connection with roadshow presentations, and travel, including chartered aircraft, lodging, transportation, and other expenses
of the officers, directors, trustees, counsel and other representatives of the Company incurred in connection with any such presentations
or meetings. Except as otherwise provided herein, the Underwriters shall pay their own expenses, including the fees and disbursements
of Underwriters&rsquo; counsel.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Termination
of Agreement</U><I>. </I>If this Agreement is terminated by the Representatives in accordance with the provisions of Section&nbsp;5, Section&nbsp;9(a)(i)&nbsp;or
Section&nbsp;9(a)(v)&nbsp;hereof, the Company shall reimburse the Underwriters for all of their reasonable out-of-pocket expenses, including
the reasonable fees and disbursements of one firm or counsel for the Underwriters.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;5.</FONT><FONT STYLE="text-transform: uppercase">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Conditions
of Underwriters&rsquo; Obligations</U>. The obligations of the several Underwriters hereunder are subject to the accuracy of the representations
and warranties of the Transaction Entities contained in this Agreement, or in certificates signed by any officer of the Company or the
Operating Partnership or any subsidiary of the Company or the Operating Partnership (whether signed on behalf of such officer, the Company,
the Operating Partnership or such subsidiary) delivered to the Representatives or counsel for the Underwriters, to the performance by
the Transaction Entities of their respective covenants and other obligations hereunder, and to the following further conditions:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Effectiveness
of Registration Statement</U><I>. </I>The Registration Statement has become effective and no stop order suspending the effectiveness of
the Registration Statement shall have been issued under the 1933 Act or proceedings therefor initiated or, to the knowledge of the Transaction
Entities, threatened by the Commission, any request on the part of the Commission for additional information shall have been complied
with to the reasonable satisfaction of counsel to the Representatives, and the Commission shall not have notified either of the Transaction
Entities of any objection to the use of the form of the Registration Statement. The Prospectus shall have been filed with the Commission
in the manner and within the time period required by Rule&nbsp;424(b)&nbsp;(without reliance on Rule&nbsp;424(b)(8)).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>No
Downgrade</U>. There shall not have occurred, on or after the date of this Agreement, any downgrading in the rating of any debt securities
of or guaranteed by either of the Transaction Entities, any preferred shares of either of the Transaction Entities or any debt securities,
preferred stock or trust preferred securities of any subsidiary or subsidiary trust of either of the Transaction Entities by any &ldquo;nationally
recognized statistical rating organization&rdquo; (as defined by the Commission for purposes of Section&nbsp;3(a)(62) of the 1934 Act)
or any public announcement that any such organization has placed its rating on either of the Transaction Entities or any such debt securities,
preferred shares or other securities under surveillance or review or on a so-called &ldquo;watch list&rdquo; (other than an announcement
with positive implications of a possible upgrading, and no implication of a possible downgrading, of such rating) or any announcement
by any such organization that either of the Transaction Entities or any such debt securities, preferred shares or other securities have
been placed on negative outlook.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Opinion
of Counsel for Transaction Entities</U><I>. </I>At the Closing Date, the Representatives shall have received the opinions, dated as of
the Closing Date, of Troutman Pepper Hamilton Sanders LLP, counsel for the Transaction Entities (&ldquo;<U>Transaction Entities&rsquo;
Counsel</U>&rdquo;), in form and substance satisfactory to counsel for the Underwriters, together with signed or reproduced copies of
such letter for each of the other Underwriters, to the effect set forth in <U>Exhibit&nbsp;E</U> and <U>Exhibit&nbsp;F</U> hereto and
to such further effect as the Representatives or counsel to the Underwriters may reasonably request.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Opinion
of Counsel for Underwriters</U><I>. </I>At the Closing Date, the Representatives shall have received the favorable opinion, dated as of
the Closing Date, of Vinson&nbsp;&amp; Elkins L.L.P., counsel for the Underwriters, in form and substance satisfactory to, and addressed
to, the Representatives, with respect to the issuance and sale of the Securities, the Registration Statement, the Prospectus (together
with any supplement thereto), the General Disclosure Package and other related matters as the Representatives may reasonably require,
together with signed or reproduced copies of such letter for each of the other Underwriters. In said opinion, Vinson&nbsp;&amp; Elkins
L.L.P. may rely as to all matters of Maryland law on the opinion of Transaction Entities&rsquo; Counsel.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Officers&rsquo;
Certificate</U><I>. </I>At the Closing Date, there shall not have been, since the date hereof or since the respective dates as of which
information is given in the General Disclosure Package and the Prospectus (in each case exclusive of any amendments or supplements thereto
subsequent to the date of this Agreement), any Material Adverse Change or any development that could reasonably be expected to result
in a Material Adverse Change, and, at the Closing Date, the Representatives shall have received a certificate, signed on behalf of each
of the Transaction Entities by the President, the Chief Executive Officer or an Executive Vice President or Senior Vice President of the
Company and the Chief Financial Officer or Chief Accounting Officer of the Company and the Operating Partnership, dated as of the Closing
Date, to the effect that (i)&nbsp;there has been no such Material Adverse Change, (ii)&nbsp;the representations and warranties of the
Transaction Entities in this Agreement are true and correct at and as of the Closing Date with the same force and effect as though expressly
made at and as of the Closing Date, (iii)&nbsp;the Transaction Entities have complied with all agreements and satisfied all conditions
on their part to be performed or satisfied at or prior to the Closing Date under or pursuant to this Agreement, and (iv)&nbsp;no stop
order suspending the effectiveness of the Registration Statement has been issued and no proceedings for that purpose have been instituted
or are pending or, to the knowledge of the Transaction Entities, are contemplated by the Commission and the Commission has not notified
the Transaction Entities of any objection to the use of the form of the Registration Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Accountant&rsquo;s
Comfort Letter</U><I>.</I></FONT><I>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I><FONT STYLE="font-size: 10pt">At the time of the execution
of this Agreement, the Representatives shall have received from KPMG LLP a letter, dated the date of this Agreement and in form and
substance reasonably satisfactory to the Representatives, together with signed or reproduced copies of such letter for each of the
other Underwriters, containing statements and information of the type ordinarily included in accountants&rsquo; &ldquo;comfort
letters&rdquo; to underwriters with respect to the financial statements and certain financial information of the Transaction
Entities contained in the Registration Statement, the General Disclosure Package, any Issuer Free Writing Prospectuses (other than
any electronic roadshow) and the Prospectus and any amendments or supplements thereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Bring-down
Comfort Letter</U><I>. </I>At the Closing Date, the Representatives shall have received from KPMG LLP a letter, dated as of the Closing
Date and in form and substance satisfactory to the Representatives, to the effect that they reaffirm the statements made in the letter
furnished pursuant to subsection&nbsp;(f)&nbsp;of this &lrm;Section&nbsp;5, except that the specified date referred to shall be a date
not more than three business days prior to the Closing Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(h)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Chief
Financial Officer&rsquo;s Certificate.</U> At the time of the execution of this Agreement, the Representatives shall have received from
the Chief Financial Officer of the Company a certificate, dated such date, in form and substance satisfactory to the Representatives,
addressed to the Representatives, together with signed or reproduced copies of such certificate for each of the other Underwriters.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Bring-down
Chief Financial Officer&rsquo;s Certificate.</U> At the Closing Date, the Representatives shall have received from the Chief Financial
Officer of the Company a certificate, dated the Closing Date, in form and substance satisfactory to the Representatives, addressed to
the Representatives, together with signed or reproduced copies of such certificate for each of the other Underwriters.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(j)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Approval
of Listing</U><I>. </I>At the Closing Date and each Option Closing Date, if any, the Securities to be purchased by the Underwriters from
the Company at such time shall have been approved for listing on the NYSE subject only to official notice of issuance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(k)</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Lock-up
Agreements</U><I>.</I></FONT><I>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I><FONT STYLE="font-size: 10pt">Prior to the date of this Agreement,
the Representatives shall have received an agreement substantially in the form of <U>Exhibit&nbsp;D </U>hereto signed by each of the persons
listed in <U>Exhibit&nbsp;C</U> hereto, together with signed or reproduced copies of such agreements for each of the other Underwriters.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(l)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Conditions
to Purchase of Option Securities</U><I>. </I>In the event that the Underwriters exercise their option provided in Section&nbsp;2(b)&nbsp;hereof
to purchase all or any portion of the Option Securities on any Option Closing Date that is after the Closing Date, the obligations of
the several Underwriters to purchase the applicable Option Securities shall be subject to the conditions specified in the introductory
paragraph of this Section&nbsp;5 and to the further condition that, at the applicable Option Closing Date, the Representatives shall have
received:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Opinion
of Counsel for Transaction Entities</U>. The opinions of Transaction Entities&rsquo; Counsel, each in form and substance satisfactory
to counsel for the Underwriters, dated such Option Closing Date, relating to the Option Securities to be purchased on such Option Closing
Date and otherwise to the same effect as the opinions required by Section&nbsp;5(c)&nbsp;hereof, together with signed or reproduced copies
of such opinions for each of the other Underwriters.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Opinion
of Counsel for Underwriters</U>. The opinion of Vinson&nbsp;&amp; Elkins L.L.P., counsel for the Underwriters, dated such Option Closing
Date, relating to the Option Securities to be purchased on such Option Closing Date and otherwise to the same effect as the opinion required
by Section&nbsp;5(d)&nbsp;hereof, together with signed or reproduced copies of such opinion for each of the other Underwriters.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(3)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Officers&rsquo;
Certificate</U>. A certificate, dated such Option Closing Date, to the effect set forth in, and signed on behalf of the Transaction Entities
by two of the officers specified in, Section&nbsp;5(e)&nbsp;hereof, except that the references in such certificate to the Closing Date
shall be changed to refer to such Option Closing Date, together with signed or reproduced copies of such certificate for each of the other
Underwriters.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(4)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Chief
Financial Officer&rsquo;s Certificate</U>. A certificate, dated such Option Closing Date, to the effect set forth in, and signed by the
Chief Financial Officer of the Company, Section&nbsp;5(h)&nbsp;hereof, except that the references in such certificate to the Closing Date
shall be changed to refer to such Option Closing Date, together with signed or reproduced copies of such certificate for each of the other
Underwriters.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(5)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Bring-down
Comfort Letter</U>. A letter from KPMG LLP, in form and substance satisfactory to the Representatives and dated such Option Closing Date,
substantially in the same form and substance as the letter furnished to the Representatives pursuant to Section&nbsp;5(g)&nbsp;hereof,
except that the &ldquo;specified date&rdquo; in the letter furnished pursuant to this paragraph shall be a date not more than three business
days prior to such Option Closing Date, and except that such letter shall cover any amendments or supplements to the Registration Statement,
any Issuer Free Writing Prospectus (other than any electronic roadshow) and the Prospectus subsequent to the Closing Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(m)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Additional
Documents</U><I>. </I>At the Closing Date and each Option Closing Date, counsel for the Underwriters shall have been furnished with such
documents and opinions as they may reasonably require for the purpose of enabling them to pass upon the issuance and sale of the Securities
as herein contemplated, or in order to evidence the accuracy of any of the representations or warranties, or the fulfillment of any of
the conditions, contained in this Agreement, or as the Representatives or counsel for the Underwriters may otherwise reasonably request;
and all proceedings taken by the Transaction Entities in connection with the issuance and sale of the Securities as herein contemplated
and in connection with the other transactions contemplated by this Agreement shall be satisfactory in form and substance to the Representatives
and counsel for the Underwriters.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(n)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Termination
of Agreement</U><I>. </I>If any condition specified in this Section&nbsp;5 shall not have been fulfilled when and as required to be fulfilled,
this Agreement, or, in the case of any condition to the purchase of Option Securities on an Option Closing Date which is after the Closing
Date, the obligations of the Underwriters to purchase the relevant Option Securities on such Option Closing Date, may be terminated by
the Representatives by notice to the Company and the Operating Partnership at any time on or prior to the Closing Date or such Option
Closing Date, as the case may be, and such termination shall be without liability of any party to any other party except as provided in
Section&nbsp;4 hereof and except that Sections&nbsp;1, 6, 7, 8, and 11 through 21 hereof shall survive any such termination of this Agreement
and remain in full force and effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;6.</FONT><FONT STYLE="text-transform: uppercase">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Indemnification</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Indemnification
by the Transaction Entities</U>. The Transaction Entities, jointly and severally, agree to indemnify and hold harmless each Underwriter,
its affiliates, and its and their officers, directors, employees, partners and members and each person, if any, who controls any Underwriter
within the meaning of &lrm;Section&nbsp;15 of the 1933 Act or &lrm;Section&nbsp;20 of the 1934 Act as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, arising out of any untrue statement or alleged untrue
statement of a material fact contained in the Registration Statement (or any amendment thereto), or the omission or alleged omission therefrom
of a material fact required to be stated therein or necessary to make the statements therein not misleading, or arising out of any untrue
statement or alleged untrue statement of a material fact included in any preliminary prospectus, any Issuer Free Writing Prospectus or
the Prospectus (or any amendment or supplement to any of the foregoing), or any &ldquo;issuer information&rdquo; (as defined in Rule&nbsp;433)
filed or required to be filed pursuant to Rule&nbsp;433(d)&nbsp;, or any &ldquo;road show&rdquo; (as defined in Rule&nbsp;433) that does
not constitute an Issuer Free Writing Prospectus or the omission or alleged omission therefrom of a material fact necessary in order to
make the statements therein, in the light of the circumstances under which they were made, not misleading;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, to the extent of the aggregate amount paid in settlement
of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim whatsoever
based upon any such untrue statement or omission, or any such alleged untrue statement or omission; provided that (subject to Section&nbsp;6(d)&nbsp;below)
any such settlement is effected with the written consent of the Transaction Entities; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">against
any and all expense whatsoever, as incurred (including the fees and disbursements of counsel), reasonably incurred in investigating, preparing
or defending against any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or
any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission, to the extent
that any such expense is not paid under (i)&nbsp;or (ii)&nbsp;above,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>provided</U>, <U>however</U>, that this indemnity
agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out of any untrue statement or omission
or alleged untrue statement or omission made in reliance upon and in conformity with the Underwriter Content (as defined below in Section&nbsp;6(b)).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Indemnification
by the Underwriters</U>. Each Underwriter agrees, severally and not jointly, to indemnify and hold harmless the Transaction Entities,
the Company&rsquo;s directors and/or trustees, each of the Transaction Entities&rsquo; officers who signed the Registration Statement
and each person, if any, who controls either of the Transaction Entities within the meaning of &lrm;Section&nbsp;15 of the 1933 Act or
 &lrm;Section&nbsp;20 of the 1934 Act against any and all loss, liability, claim, damage and expense described in the indemnity contained
in subsection&nbsp;(a)&nbsp;of this Section&nbsp;6, as incurred, but only with respect to untrue statements or omissions, or alleged untrue
statements or omissions, made in the Registration Statement (or any amendment thereto), in any preliminary prospectus, any Issuer Free
Writing Prospectus or the Prospectus (or any amendment or supplement to any of the foregoing), or any &ldquo;issuer information&rdquo;
(as defined in Rule&nbsp;433) filed or required to be filed pursuant to Rule&nbsp;433(d), in reliance upon and in conformity with the
Underwriter Content. The Transaction Entities hereby acknowledge and agree that the only information furnished to the Transaction Entities
by the Underwriters through the Representatives expressly for use in the Registration Statement (or any amendment thereto), in any preliminary
prospectus, any Issuer Free Writing Prospectus or the Prospectus (or any amendment or supplement to any of the foregoing), or any &ldquo;issuer
information&rdquo; (as defined in Rule&nbsp;433) filed or required to be filed pursuant to Rule&nbsp;433(d), consists exclusively of the
following information appearing under the caption &ldquo;Underwriting&rdquo; in the Pre-Pricing Prospectus and the Prospectus: the third
paragraph appearing under the caption &ldquo;Underwriting&rdquo; in the Prospectus (the &ldquo;<U>Underwriter Content</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Actions
Against Parties; Notification</U><I>. </I>In case any action, investigation or proceeding (including any investigation or proceeding by
any governmental agency or body) shall be commenced involving any party or parties in respect of which indemnity may be sought pursuant
to this Section&nbsp;6, such party or parties (the &ldquo;<U>indemnified party</U>&rdquo; or the &ldquo;<U>indemnified parties</U>&rdquo;)
shall give notice as promptly as reasonably practicable to the party or parties against whom such indemnity may be sought (the &ldquo;<U>indemnifying
party</U>&rdquo; or the &ldquo;<U>indemnifying parties</U>&rdquo;) of such action, investigation or proceeding, but failure to so notify
an indemnifying party shall not relieve such indemnifying party from any liability hereunder, except to the extent that it has been materially
prejudiced through the forfeiture of substantive rights or defenses by such failure. Counsel to the indemnified parties shall be selected
as follows: counsel to the Underwriters and the other indemnified parties referred to in Section&nbsp;6(a)&nbsp;above shall be selected
by the Representatives; and counsel to the Transaction Entities, the Company&rsquo;s directors and/or trustees, each officer who signed
the Registration Statement, and each person, if any, who controls either of the Transaction Entities within the meaning of &lrm;Section&nbsp;15
of the 1933 Act or &lrm;Section&nbsp;20 of the 1934 Act shall be selected by the Transaction Entities. In case any such action is brought
against any indemnified party and such indemnified party seeks or intends to seek indemnity from an indemnifying party, the indemnifying
party will be entitled to participate in and, to the extent that it shall elect, jointly and with all other indemnifying parties similarly
notified, by written notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified person,
to assume the defense thereof; provided, however, that counsel to the indemnifying party shall not (except with the consent of the indemnified
party) also be counsel to the indemnified party. In no event shall the indemnifying parties be liable for the fees and expenses of more
than one counsel (in addition to any local counsel) separate from their own counsel for the Underwriters and the other indemnified parties
referred to in Section&nbsp;6(a)&nbsp;above, and the fees and expenses of more than one counsel (in addition to any local counsel) separate
from their own counsel for the Transaction Entities, the Company&rsquo;s directors and/or trustees, each officer who signed the Registration
Statement and each person, if any, who controls either of the Transaction Entities within the meaning of &lrm;Section&nbsp;15 of the 1933
Act or &lrm;Section&nbsp;20 of the 1934 Act, in each case in connection with any one action or separate but similar or related actions
in the same jurisdiction arising out of the same general allegations or circumstances. No indemnifying party shall, without the prior
written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect to any litigation,
or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever in respect of
which indemnification or contribution could be sought under this Section&nbsp;6 or Section&nbsp;7 hereof (whether or not the indemnified
parties are actual or potential parties thereto), unless such settlement, compromise or consent (i)&nbsp;includes an unconditional release
of each indemnified party from all liability arising out of such litigation, investigation, proceeding or claim and (ii)&nbsp;does not
include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Settlement
Without Consent if Failure to Reimburse</U><I>. </I>If at any time an indemnified party shall have requested an indemnifying party to
reimburse the indemnified party for fees and expenses of counsel as contemplated by this Section&nbsp;6, such indemnifying party agrees
that it shall be liable for any settlement of the nature contemplated by Section&nbsp;6(a)(ii)&nbsp;effected without its written consent
if (i)&nbsp;such settlement is entered into more than 45 days after receipt by such indemnifying party of the aforesaid request, (ii)&nbsp;such
indemnifying party shall have received notice of the terms of such settlement at least 30 days prior to such settlement being entered
into and (iii)&nbsp;such indemnifying party shall not have reimbursed such indemnified party in accordance with such request prior to
the date of such settlement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;7.</FONT><FONT STYLE="text-transform: uppercase">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Contribution</U>.
If the indemnification provided for in Section&nbsp;6 hereof is for any reason unavailable to or insufficient to hold harmless an indemnified
party in respect of any losses, liabilities, claims, damages or expenses referred to therein, then each indemnifying party shall contribute
to the aggregate amount of such losses, liabilities, claims, damages and expenses incurred by such indemnified party, as incurred, (i)&nbsp;in
such proportion as is appropriate to reflect the relative benefits received by the Transaction Entities, on the one hand, and the Underwriters,
on the other hand, from the offering of the Securities pursuant to this Agreement or (ii)&nbsp;if the allocation provided by clause (i)&nbsp;is
not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause
(i)&nbsp;above but also the relative fault of the Transaction Entities, on the one hand, and of the Underwriters, on the other hand, in
connection with the statements or omissions which resulted in such losses, liabilities, claims, damages or expenses, as well as any other
relevant equitable considerations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The relative benefits received
by the Transaction Entities, on the one hand, and the Underwriters, on the other hand, in connection with the offering of the Securities
pursuant to this Agreement shall be deemed to be in the same respective proportions as the total net proceeds from the offering of the
Securities pursuant to this Agreement (before deducting expenses) received by the Transaction Entities and the total underwriting discounts
and commissions received by the Underwriters, in each case as set forth on the cover of the Prospectus, bear to the aggregate initial
public offering price of the Securities as set forth on such cover.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The relative fault of the
Transaction Entities, on the one hand, and the Underwriters, on the other hand, shall be determined by reference to, among other things,
whether any such untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates
to information supplied by the Transaction Entities, on the one hand, or by the Underwriters, on the other hand, and the parties&rsquo;
relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Transaction Entities and
the Underwriters agree that it would not be just and equitable if contribution pursuant to this Section&nbsp;7 were determined by pro
rata allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation which does
not take account of the equitable considerations referred to above in this Section&nbsp;7. The aggregate amount of losses, liabilities,
claims, damages and expenses incurred by an indemnified party and referred to above in this Section&nbsp;7 shall be deemed to include
any legal or other expenses reasonably incurred by such indemnified party in investigating, preparing or defending against any litigation,
or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon any
such untrue or alleged untrue statement or omission or alleged omission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the provisions
of this Section&nbsp;7, no Underwriter shall be required to contribute any amount in excess of the amount by which the total price at
which the Securities underwritten by it and distributed to the public were offered to the public exceeds the amount of any damages which
such Underwriter has otherwise been required to pay by reason of any such untrue or alleged untrue statement or omission or alleged omission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No person guilty of fraudulent
misrepresentation (within the meaning of Section&nbsp;11(f)&nbsp;of the 1933 Act) shall be entitled to contribution from any person who
was not guilty of such fraudulent misrepresentation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of this Section&nbsp;7,
each officer, director, employee, partner and member of any Underwriter and its affiliates and each person, if any, who controls any Underwriter
within the meaning of <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>Section&nbsp;15 of the 1933 Act or <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>Section&nbsp;20
of the 1934 Act shall have the same rights to contribution as such Underwriter, and each director and/or trustee of the Company, each
officer of the Transaction Entities who signed the Registration Statement, and each person, if any, who controls either of the Transaction
Entities within the meaning of <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>Section&nbsp;15 of the 1933 Act or
<FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>Section&nbsp;20 of the 1934 Act shall have the same rights to contribution
as the Transaction Entities. The Underwriters&rsquo; respective obligations to contribute pursuant to this Section&nbsp;7 are several
in proportion to the number of Initial Securities set forth opposite their respective names in <U>Exhibit&nbsp;A</U> hereto and not joint.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;8.</FONT><FONT STYLE="text-transform: uppercase">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Representations,
Warranties and Agreements to Survive Delivery</U>. All representations, warranties and agreements contained in this Agreement or in certificates
signed by any officer of the Transaction Entities or any of their subsidiaries (whether signed on behalf of such officer, the Transaction
Entities or such subsidiary) and delivered to the Representatives or counsel to the Underwriters, shall remain operative and in full force
and effect, regardless of any investigation made by or on behalf of any Underwriter, any officer, director, employee, partner, member
or agent of any Underwriter or any person controlling any Underwriter, or by or on behalf of the Transaction Entities, any officer, director,
trustee or employee of the Transaction Entities or any person controlling either of the Transaction Entities, and shall survive delivery
of and payment for the Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;9.</FONT><FONT STYLE="text-transform: uppercase">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Termination
of Agreement</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Termination;
General</U>. The Representatives may terminate this Agreement, by notice to the Transaction Entities, at any time on or prior to Closing
Date (and, if any Option Securities are to be purchased on an Option Closing Date which occurs after the Closing Date, the Representatives
may terminate the obligations of the several Underwriters to purchase such Option Securities, by notice to the Transaction Entities at
any time on or prior to such Option Closing Date) (i)&nbsp;if there has been, since the time of execution of this Agreement or since the
respective dates as of which information is given in the General Disclosure Package or the Prospectus (in each case exclusive of any amendments
or supplements thereto subsequent to the date of this Agreement), any Material Adverse Change or any development that could reasonably
expected to result in a Material Adverse Change, (ii)&nbsp;if there has occurred any material adverse change in the financial markets
in the United States or the international financial markets, any declaration of a national emergency or war by the United States, any
outbreak of hostilities or escalation thereof or other calamity or crisis or any change or development involving a prospective change
in national or international political, financial or economic conditions (including, without limitation, as a result of terrorist activities),
in each case the effect of which is such as to make it, in the judgment of the Representatives, impracticable or inadvisable to market
the Securities or to enforce contracts for the sale of the Securities, (iii)&nbsp;if trading in any securities of the Company has been
suspended or materially limited by the Commission or the NYSE, or if trading generally on the NYSE, the Nasdaq Global Select Market, the
Nasdaq Global Market, the NYSE MKT, the Chicago Board of Options Exchange, the Chicago Mercantile Exchange or the Chicago Board of Trade
has been suspended or limited, or minimum or maximum prices for trading have been fixed, or maximum ranges for prices have been required,
by any of said exchanges or by order of the Commission, FINRA or any other governmental authority, or a material disruption has occurred
in commercial banking or securities settlement or clearance services in the United States or in Europe, (iv)&nbsp;if a banking moratorium
has been declared by either Federal or New York authorities or (v)&nbsp;if there shall have occurred, since the time of execution of this
Agreement, any downgrading in the rating of any debt securities or Preferred Shares of the Company, or of the securities of any subsidiary
or subsidiary trust of the Company, by any &ldquo;nationally recognized statistical rating organization&rdquo; (as defined by the Commission
for purposes of Section&nbsp;3(a)(62) of the 1934 Act) or any public announcement that any such organization has placed its rating on
the Company or any such debt securities or Preferred Shares under surveillance or review or on a so-called &ldquo;watch list&rdquo; (other
than an announcement with positive implications of a possible upgrading, and no implication of a possible downgrading, of such rating)
or any announcement by any such organization that either of the Transaction Entities or any such debt securities or Preferred Shares has
been placed on negative outlook.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Liabilities</U><I>.
</I>If this Agreement is terminated pursuant to this Section&nbsp;9, such termination shall be without liability of any party to any other
party except as provided in Section&nbsp;4 hereof, and provided further that Sections&nbsp;1, 6, 7, 8, and 11 through 21 hereof shall
survive such termination and remain in full force and effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;10.</FONT><FONT STYLE="text-transform: uppercase">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Default
by One or More of the Underwriters</U>. If one or more of the Underwriters shall fail at the Closing Date to purchase the Securities which
it or they are obligated to purchase under this Agreement (the &ldquo;<U>Defaulted Securities</U>&rdquo;), the Representatives shall have
the right, within 24 hours thereafter, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters,
to purchase all, but not less than all, of the Defaulted Securities in such amounts as may be agreed upon and upon the terms herein set
forth; if, however, the Representatives shall not have completed such arrangements within such 24-hour period, then:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">if
the number of Defaulted Securities does not exceed 10% of the<BR>
number of Securities to be purchased on such date, each of the non-defaulting Underwriters shall be obligated, severally and not jointly,
to purchase the full amount of such Defaulted Securities in the proportions that their respective underwriting obligations hereunder bear
to the underwriting obligations of all non-defaulting Underwriters; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">if
the number of Defaulted Securities exceeds 10% of the number of Securities to be purchased on such date, this Agreement shall terminate
without liability on the part of any non-defaulting Underwriter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No action taken pursuant to
this Section&nbsp;10 shall relieve any defaulting Underwriter from liability in respect of its default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event of any such default
which does not result in a termination of this Agreement, the Representatives shall have the right to postpone the Closing Date for a
period not exceeding seven days in order to effect any required changes in the Registration Statement or Prospectus or in any other documents
or arrangements. As used herein, the term &ldquo;Underwriter&rdquo; includes any person substituted for an Underwriter under this Section&nbsp;10.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;11.</FONT><FONT STYLE="text-transform: uppercase">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Notices</U>.
All notices and other communications hereunder shall be in writing, shall be effective only upon receipt and shall be mailed, delivered
by hand or overnight courier, or transmitted by fax (with the receipt of any such fax to be confirmed by telephone). Notices to the Underwriters
shall be directed to Wells Fargo Securities, LLC, 550 South Tryon Street, 5th Floor, Charlotte, North Carolina, 28202, Attention: Transaction
Management, email: tmgcapitalmarkets@wellsfargo.com; and notices to the Transaction Entities shall be directed to CubeSmart, 5 Old Lancaster
Road, Malvern, PA 19355, Attention: Jeffrey Foster, Chief Legal Officer, fax no. (610) 535-5720 (with such fax to be confirmed by telephone
to (610) 535-5700).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;12.</FONT><FONT STYLE="text-transform: uppercase">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Parties</U>.
This Agreement shall inure to the benefit of and be binding upon each of the Underwriters, the Transaction Entities and their respective
successors. Nothing expressed or mentioned in this Agreement is intended or shall be construed to give any person, firm or corporation,
other than the Underwriters, the Transaction Entities and their respective successors and the controlling persons and other indemnified
parties referred to in Sections&nbsp;6 and 7 and their heirs and legal representatives, any legal or equitable right, remedy or claim
under or in respect of this Agreement or any provision herein contained. This Agreement and all conditions and provisions hereof are intended
to be for the sole and exclusive benefit of the Underwriters, the Transaction Entities and their respective successors, and said controlling
persons and other indemnified parties and their heirs and legal representatives, and for the benefit of no other person or entity. No
purchaser of Securities from any Underwriter shall be deemed to be a successor by reason merely of such purchase.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;13.</FONT><FONT STYLE="text-transform: uppercase">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Recognition
of the U.S. Special Resolution Regimes.</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">In
the event that any Underwriter that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer
from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent
as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were
governed by the laws of the United States or a state of the United States.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">In
the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a proceeding under
a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter are permitted to
be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement
were governed by the laws of the United States or a state of the United States.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">For
purposes of this Section&nbsp;13, a &ldquo;<U>BHC Act Affiliate</U>&rdquo; has the meaning assigned to the term &ldquo;affiliate&rdquo;
in, and shall be interpreted in accordance with, 12 U.S.C. &sect; 1841(k). &ldquo;<U>Covered Entity</U>&rdquo; means any of the following:
(i)&nbsp;a &ldquo;covered entity&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 252.82(b); (ii)&nbsp;a
 &ldquo;covered bank&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 47.3(b); or (iii)&nbsp;a &ldquo;covered
FSI&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 382.2(b). &ldquo;<U>Default Right</U>&rdquo;
has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. &sect;&sect; 252.81, 47.2 or 382.1, as
applicable. &ldquo;<U>U.S. Special Resolution Regime</U>&rdquo; means each of (i)&nbsp;the Federal Deposit Insurance Act and the regulations
promulgated thereunder and (ii)&nbsp;Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated
thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;14.</FONT><FONT STYLE="text-transform: uppercase">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt; text-transform: uppercase"><U>Governing
Law and Time</U></FONT><FONT STYLE="font-size: 10pt">. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF NEW YORK. EXCEPT AS OTHERWISE EXPRESSLY SET FORTH HEREIN, SPECIFIED TIMES OF DAY REFER TO NEW YORK CITY TIME.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;15.</FONT><FONT STYLE="text-transform: uppercase">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Effect
of Headings</U>. The Section&nbsp;and Exhibit&nbsp;headings herein are for convenience only and shall not affect the construction hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;16.</FONT><FONT STYLE="text-transform: uppercase">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Definitions</U>.
As used in this Agreement, the following terms have the respective meanings set forth below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Applicable Time</U>&rdquo;
means 6:45 PM (New York City time) on November&nbsp;16, 2021 or such other time as agreed by the Company and the Representatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>capital shares</U>&rdquo;
means the capital shares of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Combined Material
Adverse Effect</U>&rdquo; means a material adverse effect on the condition, financial or otherwise, or on the earnings, business, properties,
operations or prospects, whether or not arising from transactions in the ordinary course of business, of the Company, its subsidiaries
and the Acquisition Properties, taken as a whole.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Commission</U>&rdquo;
means the Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>DTC</U>&rdquo; means
The Depository Trust Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>EDGAR</U>&rdquo;
means the Commission&rsquo;s Electronic Data Gathering, Analysis and Retrieval System.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>ERISA</U>&rdquo;
means the Employee Retirement Income Security Act of 1974, as amended, and the regulations and published interpretations thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>FCPA</U>&rdquo;
means the Foreign Corrupt Practices Act of 1977, as amended, and the rules&nbsp;and regulations thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Issuer Free Writing
Prospectus</U>&rdquo; means any &ldquo;issuer free writing prospectus,&rdquo; as defined in Rule&nbsp;433, relating to the Securities
that (i)&nbsp;is required to be filed with the Commission by the Company, (ii)&nbsp;is a &ldquo;road show for an offering that is a written
communication&rdquo; within the meaning of Rule&nbsp;433(d)(8)(i), whether or not required to be filed with the Commission or (iii)&nbsp;is
exempt from filing pursuant to Rule&nbsp;433(d)(5)(i)&nbsp;because it contains a description of the Securities or of the offering that
does not reflect the final terms, in each case in the form filed or required to be filed with the Commission or, if not required to be
filed, in the form retained in the Company&rsquo;s records pursuant to Rule&nbsp;433(g).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Issuer General Use
Free Writing Prospectus</U>&rdquo; means any Issuer Free Writing Prospectus that is intended for general distribution to prospective investors,
as evidenced by its being specified in <U>Exhibit&nbsp;H</U> hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Issuer Limited Use
Free Writing Prospectus</U>&rdquo; means any Issuer Free Writing Prospectus that is not an Issuer General Use Free Writing Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Lock-Up Period</U>&rdquo;
means the period beginning on and including the date of this Agreement through and including the date that is the 45<SUP>th</SUP> day
after the date of this Agreement, subject to extension of such period as provided herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>NYSE</U>&rdquo;
means the New York Stock Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: White">&ldquo;<U>Preferred
Shares</U>&rdquo; the Company&rsquo;s preferred shares of beneficial interest, par value $0.01 per share.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: White">&ldquo;<U>preliminary
prospectus</U>&rdquo; means any prospectus together with, if applicable, the accompanying prospectus supplement used in connection with
the offering of the Securities that omitted the public offering price of the Securities or that was captioned &ldquo;Subject to Completion,&rdquo;
together with the documents incorporated or deemed to be incorporated by reference therein pursuant to Item 12 of Form&nbsp;S-3 under
the 1933 Act. The term &ldquo;preliminary prospectus&rdquo; includes, without limitation, the Pre-Pricing Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: White">&ldquo;<U>Registration
Statement</U>&rdquo; means the Company&rsquo;s registration statement on Form&nbsp;S&ndash;3 (Registration No.&nbsp;333-216768) as amended
(if applicable), including the documents incorporated or deemed to be incorporated by reference therein pursuant to Item 12 of Form&nbsp;S&ndash;3
under the 1933 Act and the Rule&nbsp;430B Information; provided that any Rule&nbsp;430B Information shall be deemed part of the Registration
Statement only from and after the time specified pursuant to Rule&nbsp;430B.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: White">&ldquo;<U>Rule&nbsp;163</U>,&rdquo;
 &ldquo;<U>Rule&nbsp;164</U>,&rdquo; &ldquo;<U>Rule&nbsp;172</U>,&rdquo; &ldquo;<U>Rule&nbsp;173</U>,&rdquo; &ldquo;<U>Rule&nbsp;401</U>,&rdquo;
 &ldquo;<U>Rule&nbsp;405</U>,&rdquo; &ldquo;<U>Rule&nbsp;424(b),</U>&rdquo; &ldquo;<U>Rule&nbsp;430B</U>,&rdquo; and &ldquo;<U>Rule&nbsp;433</U>&rdquo;
refer to such rules&nbsp;under the 1933 Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: White">&ldquo;<U>Rule&nbsp;430B
Information</U>&rdquo; means the information included in any preliminary prospectus or the Prospectus or any amendment or supplement
to any of the foregoing that was omitted from the Registration Statement at the time it first became effective but is deemed to be part
of and included in the Registration Statement pursuant to Rule&nbsp;430B.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: White">&ldquo;<U>Sarbanes-Oxley
Act</U>&rdquo; means the Sarbanes-Oxley Act of 2002 and the rules&nbsp;and regulations promulgated thereunder or implementing the provisions
thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: White">&ldquo;<U>1933
Act</U>&rdquo; means the Securities Act of 1933, as amended.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: White">&ldquo;<U>1933
Act Regulations</U>&rdquo; means the rules&nbsp;and regulations of the Commission under the 1933 Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: White">&ldquo;<U>1934
Act</U>&rdquo; means the Securities Exchange Act of 1934, as amended.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: White">&ldquo;<U>1934
Act Regulations</U>&rdquo; means the rules&nbsp;and regulations of the Commission under the 1934 Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: White">&ldquo;<U>1940
Act</U>&rdquo; means the Investment Company Act of 1940, as amended.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: White">All
references to the Registration Statement, any preliminary prospectus, the Prospectus, any Issuer Free Writing Prospectus or any amendment
or supplement to any of the foregoing shall be deemed to include the version thereof filed with the Commission pursuant to EDGAR and
all versions thereof delivered (physically or electronically) to the Representatives or the Underwriters.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: White">All
references in this Agreement to financial statements and schedules and other information which is &ldquo;contained,&rdquo; &ldquo;included&rdquo;
or &ldquo;stated&rdquo; in the Registration Statement, any preliminary prospectus or the Prospectus (and all other references of like
import) shall be deemed to mean and include all such financial statements and schedules and other information which is incorporated by
reference in or otherwise deemed by 1933 Act Regulations to be a part of or included in the Registration Statement, any preliminary prospectus
or the Prospectus, as the case may be; and all references in this Agreement to amendments or supplements to the Registration Statement,
any preliminary prospectus or the Prospectus shall be deemed to mean and include the filing of any document under the 1934 Act which
is incorporated by reference in or otherwise deemed by 1933 Act Regulations to be a part of or included in the Registration Statement,
such preliminary prospectus or the Prospectus, as the case may be.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; background-color: White">Section&nbsp;17.</FONT><FONT STYLE="text-transform: uppercase; background-color: White">&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt; background-color: White"><U>Permitted
Free Writing Prospectuses</U>. The Transaction Entities jointly and severally represent, warrant and agree that they have not made and,
unless they obtain the prior written consent of the Representatives, they will not make, and each Underwriter, severally and not jointly,
represents, warrants and agrees that it has not made and, unless it obtains the prior written consent of the Company and the Representatives,
it will not make, any offer relating to the Securities that constitutes or would constitute an &ldquo;issuer free writing prospectus&rdquo;
(as defined in Rule&nbsp;433) or that otherwise constitutes or would constitute a &ldquo;free writing prospectus&rdquo; (as defined in
Rule&nbsp;405) or portion thereof required to be filed with the Commission or, in the case of the Transaction Entities, whether or not
required to be filed with the Commission; provided that the prior written consent of the Company and the Representatives shall be deemed
to have been given in respect of the Issuer General Use Free Writing Prospectuses, if any, listed on <U>Exhibit&nbsp;H</U> hereto and
to any electronic roadshow in the form previously provided by the Company to and approved by the Representatives. Any such free writing
prospectus consented to or deemed to have been consented to as aforesaid is referred to herein as a &ldquo;<U>Permitted Free Writing
Prospectus</U>.&rdquo; The Transaction Entities jointly and severally represent, warrant and agree that they have treated and will treat
each Permitted Free Writing Prospectus as an &ldquo;issuer free writing prospectus,&rdquo; as defined in Rules&nbsp;164 and 433, and
have complied and will comply with the requirements of Rule&nbsp;433 applicable to any Permitted Free Writing Prospectus, including timely
filing with the Commission where required, legending and record keeping.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; background-color: White">Section&nbsp;18.&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt; background-color: White"><U>Absence
of Fiduciary Relationship</U>. Each of the Transaction Entities, severally and not jointly, acknowledges and agrees that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; background-color: White">(a)</FONT><FONT STYLE="background-color: White">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Each
of the Underwriters is acting solely as an underwriter in connection with the sale of the Securities and no fiduciary, advisory or agency
relationship between the Transaction Entities, on the one hand, and any of the Underwriters, on the other hand, has been created in respect
of any of the transactions contemplated by this Agreement, irrespective of whether any of the Underwriters has advised or is advising
the Transaction Entities on other matters;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; background-color: White">(b)</FONT><FONT STYLE="background-color: White">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
public offering price of the Securities and the price to be paid by the Underwriters for the Securities set forth in this Agreement were
established by the Company following discussions and arms-length negotiations with the Representatives;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; background-color: White">(c)</FONT><FONT STYLE="background-color: White">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">it
is capable of evaluating and understanding and understands and accepts the terms, risks and conditions of the transactions contemplated
by this Agreement;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; background-color: White">(d)</FONT><FONT STYLE="background-color: White">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">it
is aware that the Underwriters and their respective affiliates are engaged in a broad range of transactions which may involve interests
that differ from those of the Company and that none of the Underwriters has any obligation to disclose such interests and transactions
to the Company by virtue of any fiduciary, advisory or agency relationship; and</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; background-color: White">(e)</FONT><FONT STYLE="background-color: White">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">it
waives, to the fullest extent permitted by law, any claims it may have against any of the Underwriters for breach of fiduciary duty or
alleged breach of fiduciary duty and agrees that none of the Underwriters shall have any liability (whether direct or indirect, in contract,
tort or otherwise) to it in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on its behalf or
in right of it or either of the Transaction Entities, including stockholders, employees or creditors of the Transaction Entities.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; background-color: White">Section&nbsp;19.</FONT><FONT STYLE="text-transform: uppercase; background-color: White">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt; background-color: White"><U>Research
Analyst Independence</U>. Each of the Transaction Entities acknowledges that the Underwriters&rsquo; research analysts and research departments
are required to be independent from their respective investment banking divisions and are subject to certain regulations and internal
policies, and that such Underwriters&rsquo; research analysts may hold views and make statements or investment recommendations and/or
publish research reports with respect to the Transaction Entities and/or the offering that differ from the views of their respective
investment banking divisions. The Transaction Entities hereby waive and release, to the fullest extent permitted by applicable law, any
claims that the Transaction Entities may have against the Underwriters with respect to any conflict of interest that may arise from the
fact that the views expressed by their independent research analysts and research departments may be different from or inconsistent with
the views or advice communicated to the Transaction Entities by such Underwriters&rsquo; investment banking divisions. The Transaction
Entities acknowledge that each of the Underwriters is a full service securities firm and as such from time to time, subject to applicable
securities laws, may effect transactions for its own account or the account of its customers and hold long or short positions in debt
or equity securities of the companies that may be the subject of the transactions contemplated by this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; background-color: White">Section&nbsp;20.</FONT><FONT STYLE="text-transform: uppercase; background-color: White">&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt; background-color: White"><U>Consent
to Jurisdiction</U>. Each party hereto hereby submits to the nonexclusive jurisdiction of any U.S. federal or state court located in
the Borough of Manhattan, the City and County of New York in any action, suit or proceeding arising out of or relating to or based upon
this Agreement or any of the transactions contemplated hereby, and irrevocably and unconditionally waives any objection to the laying
of venue of any action, suit or proceeding in any such court and agrees not to plead or claim in any such court that any such action,
suit or proceeding has been brought in an inconvenient forum.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; background-color: White">Section&nbsp;21.</FONT><FONT STYLE="text-transform: uppercase; background-color: White">&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt; background-color: White"><U>Waiver
of Immunity</U>. With respect to any action, suit or proceeding arising out of or relating to or based upon this Agreement or any of
the transactions contemplated hereby, each party irrevocably waives, to the fullest extent permitted by applicable law, all immunity
(whether on the basis of sovereignty or otherwise) from jurisdiction, service of process, attachment (both before and after judgment)
and execution to which it might otherwise be entitled, and with respect to any such action, suit or proceeding, each party waives any
such immunity in any court of competent jurisdiction, and will not raise or claim or cause to be pleaded any such immunity at or in respect
of any such action, suit or proceeding, including, without limitation, any immunity pursuant to the U.S. Foreign Sovereign Immunities
Act of 1976, as amended.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; background-color: White">Section&nbsp;22.</FONT><FONT STYLE="text-transform: uppercase; background-color: White">&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt; background-color: White"><U>Counterparts
and Facsimile Signature</U>. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original,
but all such counterparts shall together constitute one and the same Agreement. Counterparts may be delivered via facsimile, electronic
mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic
Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered
shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; background-color: White">Section&nbsp;23.</FONT><FONT STYLE="text-transform: uppercase; background-color: White">&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt; background-color: White"><U>Trial
by Jury</U>.<FONT STYLE="text-transform: uppercase"> </FONT>Each of the parties hereby (on its behalf and, to the extent
permitted by applicable law, on behalf of its partners, stockholders, members, and affiliates) hereby irrevocably waives, to the fullest
extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement
or the transactions contemplated thereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: White">[<I>Signature
Page&nbsp;Follows.</I>]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: White">If
the foregoing is in accordance with your understanding of our agreement, please sign and return to the Transaction Entities a counterpart
hereof, whereupon this instrument, along with all counterparts, will become a binding agreement between the Underwriters, the Company
and the Operating Partnership in accordance with its terms.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><B>CUBESMART</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; width: 47%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/
    Timothy M. Martin</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Name:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Timothy M. Martin</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Title:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chief Financial Officer and Treasurer</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD COLSPAN="3" STYLE="font-size: 10pt">CUBESMART, L.P.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt">By:</TD>
<TD COLSPAN="2" STYLE="font-size: 10pt"><B>&nbsp;CUBESMART</B></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;its sole general partner</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 50%">&nbsp;</TD>
<TD STYLE="font-size: 10pt; width: 3%">&nbsp;</TD>
<TD STYLE="font-size: 10pt; width: 1%">By:</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; width: 46%">/s/ Timothy M. Martin</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="font-size: 10pt">Name:</TD>
<TD STYLE="font-size: 10pt">Timothy M. Martin</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="font-size: 10pt">Title:</TD>
<TD STYLE="font-size: 10pt">Chief Financial Officer and Treasurer</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: White">[<I>Signature
Page&nbsp;to the Underwriting Agreement</I>]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White"></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">CONFIRMED AND ACCEPTED, as of<BR>
the date first above written:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD COLSPAN="2" STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white"><B>WELLS FARGO SECURITIES, LLC</B></FONT></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white">By:</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: justify; font-size: 10pt; width: 47%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Elizabeth Alvarez</FONT></TD>
<TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white">Name:</FONT>&nbsp;&nbsp;</TD>
<TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Elizabeth Alvarez</FONT></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white">Title:</FONT></TD>
<TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Managing Director</FONT></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="2" STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white"><B>BOFA SECURITIES,&nbsp;INC.</B></FONT></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white">By:&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: justify; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Chris Porter</FONT></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white">Name:</FONT></TD>
<TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chris Porter</FONT></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white">Title:</FONT></TD>
<TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Managing Director</FONT></TD>
<TD>&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: White">For themselves
and as Representatives of the Underwriters named in <U>Exhibit&nbsp;A</U> hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: White">[<I>Signature
Page&nbsp;to the Underwriting Agreement</I>]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 47 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase; background-color: White"><B>Exhibit&nbsp;A</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Name of Underwriters</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="background-color: White"><B>Number
    of Initial Securities</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 86%; font-size: 10pt; text-align: left">Wells Fargo Securities, LLC.&#9;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">5,535,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">BofA Securities,&nbsp;Inc.&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,510,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Barclays Capital Inc.&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">675,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">BMO Capital Markets Corp.&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">675,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Jefferies LLC</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">675,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Truist Securities,&nbsp;Inc.&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">675,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Stifel, Nicolaus&nbsp;&amp; Company,&nbsp;Incorporated&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">540,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">BTIG, LLC&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">405,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Regions Securities LLC.&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">405,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Berenberg Capital Markets LLC&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">135,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">KeyBanc Capital Markets Inc.&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">135,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Raymond James&nbsp;&amp; Associates,&nbsp;Inc.&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">135,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; font-size: 10pt">Total&#9;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">13,500,000</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase; background-color: White"><B>Exhibit&nbsp;B</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase; background-color: White"><B>Subsidiaries
of the Company</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="background-color: White; border: Black 1pt solid; white-space: nowrap; width: 100%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Entity
    Name</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">1
    Ellis St, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">101
    OLD WINDSOR ROAD, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">1038
    W 35TH ST., LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">10400
    Riverside Drive, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">1053
    CROMWELL AVENUE, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">12250
    El Dorado Parkway, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">12902
    South 301 Highway, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">1518
    S Washington Ave, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">1575
    NORTH BLAIRS BRIDGE ROAD, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">1830
    E ROOSEVELT RD., LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">186
    JAMAICA AVE, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">191
    CUBE SOUTHEAST FL, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">191
    CUBE SOUTHEAST GA, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">191
    CUBE SOUTHEAST SC, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">191
    III CUBE 2 LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">191
    III CUBE BORDEAUX SUB, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">191
    III CUBE CHATTANOOGA SUB, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">191
    III CUBE GA SUB&nbsp;&nbsp;LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">191
    III CUBE GOODLETTSVILLE I SUB, G.P.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">191
    III CUBE GOODLETTSVILLE II SUB, G.P.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">191
    III CUBE GRANDVILLE SUB, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">191
    III CUBE KNOXVILLE I SUB, G.P.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">191
    III CUBE KNOXVILLE II SUB, G.P.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">191
    III CUBE KNOXVILLE III SUB, G.P.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">191
    III Cube LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">191
    III CUBE MA SUB LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">191
    III CUBE MURFREESBORO SUB, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">191
    III CUBE NC SUB LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">191
    III CUBE NEW BEDFORD SUB, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">191
    III CUBE OLD HICKORY SUB, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">191
    III CUBE SC SUB LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">191
    III CUBE SUB HOLDINGS 1 LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">191
    III CUBE SUB HOLDINGS 2 LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">191
    III CUBE SUB HOLDINGS 3 LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">191
    III CUBE SUB HOLDINGS 4 LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">191
    III CUBE SUB HOLDINGS 5 LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">191
    III CUBE SUB HOLDINGS 6 LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">191
    III CUBE SUB HOLDINGS 7 LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">191
    III CUBE SUB HOLDINGS 8 LLC</FONT></TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border: Black 1pt solid; white-space: nowrap; width: 100%"><FONT STYLE="font-size: 10pt">191
    III CUBE TN SUB LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">191
    III CUBE TRINITY SUB, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">191
    IV 225 LORDSHIP BLVD,&nbsp;&nbsp;LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">191
    IV 9199 RED BRANCH ROAD,&nbsp;&nbsp;LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">191
    IV CUBE LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">191
    IV CUBE SOUTHEAST LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">191
    V 1500 NORTHPARK DRIVE, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">191
    V CUBE&nbsp;&nbsp;LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">2225
    46TH ST, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">2301
    TILLOTSON AVE, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">251
    JAMAICA AVE, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">2701
    S. CONGRESS AVENUE, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">2880
    Exterior St, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">2880
    EXTERIOR STREET TRS, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">295
    E. Ocotillo Road, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">300
    E IL ROUTE 22,&nbsp;&nbsp;LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">3068
    CROPSEY AVENUE, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">3103
    N. Decatur Road, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">33-24
    Woodside Avenue, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">3437
    Astoria LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">3526
    OAKTON ST., LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">38-01
    47TH Avenue, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">38300
    North Gantzel Road, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">41-06
    Delong Street - Retail, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">41-06
    Delong Street, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">4211
    BELLAIRE BLVD., LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">430
    1ST AVENUE SOUTH, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">4370
    Fountain Hills Drive NE, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">444
    55TH STREET HOLDINGS, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">444
    55TH STREET VENTURE, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">444
    55TH STREET, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">4441
    Alma Road, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">5
    Old Lancaster Associates, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">500
    MILDRED AVENUE PRIMOS, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">5505
    Maple Ave, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">5700
    WASHINGTON AVENUE, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">5715
    BURNET ROAD, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">610
    SAWDUST ROAD, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">619
    Somerset St, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">7205
    Vanderbilt Way, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">7605-7645
    QUINCY AVE, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">8
    Breiderhoft Rd, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">8552
    BAYMEADOWS ROAD, LLC</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border: Black 1pt solid; white-space: nowrap; width: 100%"><FONT STYLE="font-size: 10pt">9641
    Annapolis Road, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">Astoria
    Investors, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">CONSHOHOCKEN
    GP II, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">CS
    1031 Acquisition, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">CS
    1158 MCDONALD AVE, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">CS
    160 EAST 22ND ST, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">CS
    2087 HEMPSTEAD TPK, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">CS
    750 W MERRICK RD, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">CS
    ANNAPOLIS HOLDINGS, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">CS
    ANNAPOLIS, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">CS
    CAPITAL INVESTORS, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">CS
    FLORIDA AVENUE, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">CS
    LOCK UP ANOKA TRS, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">CS
    LOCK UP ANOKA, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">CS
    SDP EVERETT BORROWER, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">CS
    SDP Everett, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">CS
    SDP Newtonville, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">CS
    SDP WALTHAM BORROWER, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">CS
    SDP WALTHAM, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">CS
    SHIRLINGTON, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">CS
    SNL NEW YORK AVE, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">CS
    SNL OPERATING COMPANY, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">CS
    VALLEY FORGE VILLAGE STORAGE TRS, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">CS
    VALLEY FORGE VILLAGE STORAGE,&nbsp;&nbsp;LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">CS
    VENTURE I, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">CS
    Vienna, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">CUBE
    HHF Limited Partnership</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">CUBE
    HHF NORTHEAST CT, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">CUBE
    HHF NORTHEAST MA, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">CUBE
    HHF NORTHEAST RI, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">CUBE
    HHF NORTHEAST SUB HOLDINGS LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">CUBE
    HHF NORTHEAST TRS, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">CUBE
    HHF NORTHEAST VENTURE LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">CUBE
    HHF NORTHEAST VT, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">CUBE
    HHF TRS, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">CUBE
    III TN ASSET MANAGEMENT, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">CUBE
    III TRS 2 LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">CUBE
    III TRS LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">CUBE
    IV SOUTHEAST TRS LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">CUBE
    IV TRS LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">CUBE
    V TRS LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">CUBE
    VENTURE GP, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">CubeSmart</FONT></TD></TR>
</TABLE>

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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border: Black 1pt solid; white-space: nowrap; width: 100%"><FONT STYLE="font-size: 10pt">CUBESMART
    338 3RD AVENUE, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">CUBESMART
    39-25 21ST STREET, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">CubeSmart
    Asset Management, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">CUBESMART
    BARTOW, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">CUBESMART
    BOSTON ROAD, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">CUBESMART
    CLINTON, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">CUBESMART
    CYPRESS, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">CUBESMART
    EAST 135TH, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">CubeSmart
    Management, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">CUBESMART
    SOUTHERN BLVD, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">CUBESMART
    SWISS AVE, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">CUBESMART
    TEMPLE HILLS, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">CUBESMART
    TIMONIUM BORROWER, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">CubeSmart
    Timonium, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">CubeSmart
    TRS,&nbsp;Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">CubeSmart,
    L.P.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">EAST
    COAST GP, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">EAST
    COAST STORAGE PARTNERS, L.P.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">FREEHOLD
    MT, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">LANGHORNE
    GP II, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">Lantana
    Property Owner's Association,&nbsp;Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">MONTGOMERYVILLE
    GP II, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">Old
    Lancaster Venture, L.P.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">PSI
    Atlantic Austin TX, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">PSI
    Atlantic Brockton MA, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">PSI
    Atlantic Cornelius NC, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">PSI
    Atlantic Haverhill MA, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">PSI
    Atlantic Holbrook NY, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">PSI
    Atlantic Humble TX, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">PSI
    Atlantic Lawrence MA, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">PSI
    Atlantic Lithia Springs GA, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">PSI
    Atlantic Nashville TN, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">PSI
    Atlantic NPB FL, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">PSI
    Atlantic Pineville NC, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">PSI
    Atlantic Surprise AZ, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">PSI
    Atlantic Villa Rica GA, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">PSI
    Atlantic Villa Rica Parcel Owner, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">PSI
    Atlantic, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">R
    STREET STORAGE ASSOCIATES, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">SHIRLINGTON
    RD II, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">SHIRLINGTON
    RD TRS, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">SHIRLINGTON
    RD, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">SOMERSET
    MT, LLC</FONT></TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt"></P>

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<P STYLE="margin: 0; font-size: 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border: Black 1pt solid; white-space: nowrap; width: 100%"><FONT STYLE="font-size: 10pt">STORAGE
    PARTNERS OF CONSHOHOCKEN, L.P.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">Storage
    Partners of Freehold II, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">Storage
    Partners of Langhorne II, LP</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">STORAGE
    PARTNERS OF MONTGOMERYVILLE, L.P.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">STORAGE
    PARTNERS OF SOMERSET, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">UNITED-HSRE
    I, L.P.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">U-Store-It
    Development LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">U-Store-It
    Trust Luxembourg S.ar.l.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">Valley
    Forge Storage Venture, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">Wider
    Reach, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">YSI
    HART TRS,&nbsp;INC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">YSI
    I LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">YSI
    II LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">YSI
    X GP LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">YSI
    X LP</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">YSI
    X LP LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">YSI
    XV LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">YSI
    XX GP LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">YSI
    XX LP</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">YSI
    XX LP LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">YSI
    XXX LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">YSI
    XXXI, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">YSI
    XXXIII, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">YSI
    XXXIIIA, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">YSI
    XXXVII, LLC</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 53; Value: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase; background-color: White"><B>Exhibit&nbsp;C</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase; background-color: White"><B>List
of Persons Subject to Lock-Up</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: White">Christopher
P. Marr&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: White">Timothy
M. Martin&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: White">Jeffrey
P. Foster&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: White">Joel D.
Keaton&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: White">Piero Bussani&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: White">Dorothy
Dowling&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: White">John W.
Fain&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: White">Marianne
M. Keler&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: White">John F.
Remondi&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: White">Jeffrey
F. Rogatz&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: White">Deborah
Ratner Salzberg</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 54; Options: NewSection -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase; background-color: White"><B>Exhibit&nbsp;D</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase; background-color: White"><B>Form&nbsp;of
Lock-Up Agreement</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: White"><B>CUBESMART</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: White">Public Offering
of Common Shares</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="background-color: White">November&nbsp;16,
2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">Wells Fargo Securities, LLC&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">BofA Securities,&nbsp;Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">As Representatives of the several
Underwriters&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">c/o Wells Fargo Securities,
LLC&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">550 South Tryon Street, 5<SUP>th
</SUP>Floor&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">Charlotte, North Carolina 28202</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">c/o BofA Securities,&nbsp;Inc.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">One Bryant Park&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">New York, New York 10036</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: White">Ladies
and Gentlemen:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: White">This
agreement is being delivered to you in connection with the proposed Underwriting Agreement (the &ldquo;<U>Underwriting Agreement</U>&rdquo;)
by and among CubeSmart, a Maryland real estate investment trust (the &ldquo;<U>Company</U>&rdquo;), CubeSmart, L.P., a Delaware limited
partnership for which the Company is the sole general partner (and together with the Company, the &ldquo;<U>Transaction Entities</U>&rdquo;),
and you, as representatives (the &ldquo;<U>Representatives</U>&rdquo;) of the several underwriters listed on <U>Exhibit&nbsp;A</U> to
the Underwriting Agreement (the &ldquo;<U>Underwriters</U>&rdquo;), relating to a proposed underwritten public offering of common shares
of beneficial interest, par value $0.01 per share (the &ldquo;<U>Common Shares</U>&rdquo;) of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: White">In
order to induce you and the other Underwriters to enter into the Underwriting Agreement, and in light of the benefits that the offering
of the Common Shares will confer upon the undersigned in its capacity as a securityholder and/or an officer or director of either of
the Transaction Entities, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the undersigned agrees with each Underwriter that, during the period beginning on and including the date of the Underwriting Agreement
through and including the date that is the 45<SUP>th</SUP> day after the date of the Underwriting Agreement (the &ldquo;<U>Lock-Up Period</U>&rdquo;),
the undersigned will not, without the prior written consent of Wells Fargo Securities, LLC, directly or indirectly:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; background-color: White">(i)</FONT><FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">offer,
pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right
or warrant to purchase, lend or otherwise transfer or dispose of any shares of the Company&rsquo;s Common Shares, preferred shares or
other capital stock (collectively, &ldquo;<U>Capital Stock</U>&rdquo;) or any securities convertible into or exercisable or exchangeable
for Common Shares or other Capital Stock, whether now owned or hereafter acquired by the undersigned or with respect to which the undersigned
has or hereafter acquires the power of disposition, or</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; background-color: White">(ii)</FONT><FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">enter
into any swap or other agreement, arrangement or transaction that transfers to another, in whole or in part, directly or indirectly,
any of the economic consequence of ownership of any Common Shares or other Capital Stock or any securities convertible into or exercisable
or exchangeable for any Common Shares or other Capital Stock,</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: White">whether
any transaction described in clause (i)&nbsp;or (ii)&nbsp;above is to be settled by delivery of Common Shares, other Capital Stock, other
securities, in cash or otherwise, or publicly announce any intention to do any of the foregoing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: White">Notwithstanding
the provisions set forth in the immediately preceding paragraph, the undersigned may, without the prior written consent of the Representatives,
transfer any Common Shares or other Capital Stock or any securities convertible into or exchangeable or exercisable for Common Shares
or other Capital Stock:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; background-color: White">(2)</FONT><FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">if
the undersigned is a natural person, as a bona fide gift or gifts or by will, by intestate succession or pursuant to a so-called &ldquo;living
trust&rdquo; or other revocable trust established to provide for the disposition of property on the undersigned&rsquo;s death, in each
case to any member of the immediate family (as defined below) of the undersigned or to a trust the beneficiaries of which are exclusively
the undersigned or members of the undersigned&rsquo;s immediate family, or as a bona fide gift or gifts to a charity or educational institution,
and</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; background-color: White">(3)</FONT><FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">if
the undersigned is a partnership or a limited liability company, to a partner or member, as the case may be, of such partnership or limited
liability company if, in any such case, such transfer is not for value,</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; background-color: White">(4)</FONT><FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">pursuant
to any 10b5-1 trading plan in effect prior to the date hereof,</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; background-color: White">(5)</FONT><FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">pursuant
to any dividend reinvestment plan or pursuant to deferred compensation arrangements in effect on the date hereof; or</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; background-color: White">(6)</FONT><FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">pursuant
to sales to either of the Transaction Entities or cancellations of Capital Stock in payment of applicable taxes payable in connection
with the vesting of outstanding equity incentive awards;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: White">provided,
however, that in the case of any transfer described in clause (2)&nbsp;or (3)&nbsp;above, it shall be a condition to the transfer that
(A)&nbsp;the transferee executes and delivers to the Representatives, not later than one business day prior to such transfer, a written
agreement, in substantially the form of this agreement (it being understood that any references to &ldquo;immediate family&rdquo; in
the agreement executed by such transferee shall expressly refer only to the immediate family of the undersigned and not to the immediate
family of the transferee) and otherwise satisfactory in form and substance to the Representatives, (B)&nbsp;in the case of a transfer
pursuant to clause (2)&nbsp;above, if the undersigned is required to file a report under Section&nbsp;16(a)&nbsp;of the Securities Exchange
Act of 1934, as amended (the &ldquo;<U>1934 Act</U>&rdquo;), reporting a reduction in beneficial ownership of shares of Common Shares
or other Capital Stock or any securities convertible into or exercisable or exchangeable for Common Shares or other Capital Stock by
the undersigned during the Lock-Up Period (as the same may be extended as described above), the undersigned shall include a statement
in such report to the effect that such transfer is not a transfer for value and that such transfer is being made as a gift, by will or
intestate succession or pursuant to a so-called &ldquo;living trust&rdquo; or other revocable trust established to provide for the disposition
of property on the undersigned&rsquo;s death, as the case may be, (C)&nbsp;in the case of a transfer pursuant to clause (3)&nbsp;above,
no filing under Section&nbsp;16(a)&nbsp;of the 1934 Act reporting a reduction in beneficial ownership of shares of Common Shares or other
Capital Stock or any securities convertible into or exercisable or exchangeable for Common Shares or other Capital Stock shall be required
to be made during the Lock-Up Period (as the same may be extended as described above) and (D)&nbsp;in the case of a transfer pursuant
to clause (2)&nbsp;or (3)&nbsp;above, no voluntary filing with the Securities and Exchange Commission or other public report, filing
or announcement shall be made in respect of such transfer during the Lock-Up Period (as the same may be extended as described above).
For purposes of this paragraph, &ldquo;immediate family&rdquo; shall mean any relationship by blood, marriage or adoption not more remote
than the first cousin (including by adoption).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: White">The
undersigned further agrees that (i)&nbsp;it will not, during the Lock-Up Period (as the same may be extended as described above), make
any demand for or exercise any right with respect to the registration under the Securities Act of 1933, as amended (the &ldquo;<U>1933
Act</U>&rdquo;), of any shares of Common Shares or other Capital Stock or any securities convertible into or exercisable or exchangeable
for Common Shares or other Capital Stock, and (ii)&nbsp;the Transaction Entities may, with respect to any Common Shares or other Capital
Stock or any securities convertible into or exercisable or exchangeable for Common Shares or other Capital Stock owned or held (of record
or beneficially) by the undersigned, cause the transfer agent or other registrar to enter stop transfer instructions and implement stop
transfer procedures with respect to such securities during the Lock-Up Period (as the same may be extended as described above).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: White">In
addition, the undersigned hereby waives any and all notice requirements and rights with respect to the registration of any securities
pursuant to any agreement, instrument, understanding or otherwise, including any registration rights agreement or similar agreement,
to which the undersigned is a party or under which the undersigned is entitled to any right or benefit, provided that such waiver shall
apply only to the public offering of Common Shares pursuant to the Underwriting Agreement and each registration statement filed under
the 1933 Act in connection therewith.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: White">The
undersigned hereby represents and warrants that the undersigned has full power and authority to enter into this agreement and that this
agreement has been duly authorized (if applicable), executed and delivered by the undersigned and is a valid and binding agreement of
the undersigned. This agreement and all authority herein conferred are irrevocable and shall survive the death or incapacity of the undersigned
(if a natural person) and shall be binding upon the heirs, personal representatives, successors and assigns of the undersigned.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: White">If
the Underwriting Agreement is not executed by the parties thereto prior to November&nbsp;16, 2021, this agreement shall automatically
terminate and become null and void.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: White">The
undersigned acknowledges and agrees that whether or not any public offering of Common Shares actually occurs depends on a number of factors,
including market conditions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: White"><B>[</B><I>Signature
Page&nbsp;Follows.</I><B>]</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White"></FONT></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: White">IN
WITNESS WHEREOF, the undersigned has executed and delivered this agreement as of the date first set forth above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%"></TD>
<TD STYLE="width: 50%; text-align: left"><FONT STYLE="background-color: White">Yours very truly,</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD>
<TD STYLE="border-top: Black 1pt solid; text-align: left"><FONT>Print Name:</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase; background-color: White"><B>Exhibit&nbsp;E</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase; background-color: White"><B>Form&nbsp;of
Opinion of Transaction Entities&rsquo; Counsel</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 60 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase; background-color: White"><B>Exhibit&nbsp;F</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase; background-color: White"><B>Form&nbsp;of
Transaction Entities&rsquo; Counsel Tax Opinion</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase; background-color: White"><B>Exhibit&nbsp;G</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase; background-color: White"><B>Price-Related
Information</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: White">The following
information is included in the General Disclosure Package:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: White">Public
offering price: $51.00</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White"></FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White"></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase; background-color: White"><B>Exhibit&nbsp;H</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase; background-color: White"><B>Issuer
General Use Free Writing prospectuses</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: White"><B>None</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

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</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibit 5.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 50%"><P STYLE="margin-top: 0; margin-bottom: 0">Troutman Pepper Hamilton Sanders LLP</P>
                                                                 <P STYLE="margin-top: 0; margin-bottom: 0">3000 Two Logan Square, Eighteenth and Arch Streets</P>
                                                                 <P STYLE="margin-top: 0; margin-bottom: 0">Philadelphia, PA 19103-2799</P>
                                                                 <P STYLE="text-align: right; margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                 <P STYLE="margin-top: 0; margin-bottom: 0">troutman.com</P></TD>
  <TD STYLE="text-align: right"><IMG SRC="tm2133352d1_ex5-1img1.jpg" ALT="">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
  <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 60%">November&nbsp;19, 2021</TD>
  <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 40%">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CubeSmart</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5 Old Lancaster Road</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Malvern, PA 19355</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 0.5in">Re:</TD>
  <TD STYLE="padding-left: 10pt; text-indent: -10pt"><U>Registration Statement on Form&nbsp;S-3</U></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have acted as counsel
to CubeSmart, a Maryland real estate investment trust (the &ldquo;<U>Company</U>&rdquo;), in connection with the offering for sale of
15,525,000 of the Company&rsquo;s common shares of beneficial interest, par value $0.01 per share (the &ldquo;<U>Common Shares</U>&rdquo;),
including 2,025,000 Common Shares for which the Company has granted the underwriters in the offering an overallotment option, covered
by the Company&rsquo;s Registration Statement on Form&nbsp;S-3 (Registration No.&nbsp;333-236886) (as the same may be amended and supplemented,
the &ldquo;<U>Registration Statement</U>&rdquo;) filed with the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;)
under the Securities Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;). The Common Shares will be sold pursuant to the
Underwriting Agreement, dated November&nbsp;16, 2021, among the Company, CubeSmart, L.P. (the &ldquo;<U>Operating Partnership</U>&rdquo;),
Wells Fargo Securities, LLC and BofA Securities,&nbsp;Inc., as representatives of the several underwriters listed on <U>Exhibit&nbsp;A</U>
thereto (the &ldquo;<U>Underwriting Agreement</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In connection with our representation
of the Company, and as a basis for the opinions hereinafter set forth, we have examined originals, or copies certified or otherwise identified
to our satisfaction, of the following documents (hereinafter collectively referred to as the &ldquo;<U>Documents</U>&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Registration Statement, including the Prospectus, dated March&nbsp;4, 2020, therein (the &ldquo;<U>Prospectus</U>&rdquo;), Preliminary
Prospectus Supplement, dated November&nbsp;15, 2021, and the Prospectus Supplement, dated November&nbsp;16, 2021, related to the offers
and sales of the Common Shares (the &ldquo;<U>Prospectus Supplement</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Articles of Restatement of the Declaration of Trust of the Company, as amended and supplemented through the date hereof (the &ldquo;<U>Declaration
of Trust</U>&rdquo;), certified as of a recent date by the State Department of Assessments and Taxation of the State of Maryland (the
 &ldquo;<U>SDAT</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fourth Amended and Restated Bylaws of the Company, as amended through the date hereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
certificate of the SDAT as to the good standing of the Company, dated as of November&nbsp;15, 2021;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 50%"><P STYLE="margin-top: 0; margin-bottom: 0">CubeSmart</P>
                                                                  <P STYLE="margin-top: 0; margin-bottom: 0">November&nbsp;19, 2021<BR> Page&nbsp;2</P></TD>
  <TD STYLE="text-align: right">&nbsp;<IMG SRC="tm2133352d1_ex5-1img2.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top">
  <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resolutions
adopted by the Board of Trustees of the Company, or a duly authorized committee thereof, relating to the offer and sale of the Common
Shares (the &ldquo;<U>Resolutions</U>&rdquo;), certified by an officer of the Company as being complete, accurate and in effect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Underwriting Agreement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such
other documents, records, instruments, and matters as we have deemed necessary or appropriate to express the opinion set forth below,
subject to the assumptions, limitations and qualifications stated herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In expressing the opinion
set forth below, we have assumed the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
individual executing any of the Documents is legally competent to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
individual executing any of the Documents on behalf of a party (other than the Company and the Operating Partnership) is duly authorized
to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
Documents submitted to us as originals are authentic. The form and content of all Documents submitted to us as unexecuted drafts do not
differ in any respect relevant to this opinion from the form and content of such Documents as executed and delivered. All Documents submitted
to us as certified or photostatic copies conform to the original documents. All signatures on all Documents are genuine. All public records
reviewed or relied upon by us or on our behalf are true and complete. All statements and information contained in the Documents are true
and complete. There has been no oral or written modification of or amendment to any of the Documents, and there has been no waiver of
any provision of any of the Documents, by action or conduct of the parties or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Common Shares will not be issued or transferred in violation of any restriction on ownership and transfer set forth in Article&nbsp;VII
of the Declaration of Trust or other organizational document of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
sufficient number of authorized but unissued Common Shares will be available for issuance when Common Shares are issued and sold under
the Underwriting Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the foregoing,
it is our opinion that, as of the date hereof, the Common Shares have been duly authorized by all necessary action on the part of the
Company and, upon issuance, delivery and payment therefore in the manner contemplated by the Underwriting Agreement, the Common Shares
will be validly issued, fully paid and non-assessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The foregoing opinion is limited
to the substantive laws of the State of Maryland and we do not express any opinion herein concerning any other law. We express no opinion
as to compliance with any federal or state securities laws, including the securities laws of the State of Maryland, or as to federal or
state laws regarding fraudulent transfers. We assume no obligation to supplement this opinion if any applicable law changes after the
date hereof or if we become aware of any fact that might change the opinion expressed herein after the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 50%"><P STYLE="margin-top: 0; margin-bottom: 0">CubeSmart</P>
                                                                  <P STYLE="margin-top: 0; margin-bottom: 0">November&nbsp;19, 2021</P>
                                                                  <P STYLE="margin-top: 0; margin-bottom: 0">Page&nbsp;3</P></TD>
  <TD STYLE="text-align: right"><IMG SRC="tm2133352d1_ex5-1img2.jpg" ALT="">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
  <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No opinion is rendered as
to matters not specifically referred to herein and under no circumstances are you to infer from anything stated or not stated herein any
opinion with respect to which such reference is not made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This opinion is being furnished
to you for your submission to the Commission as an exhibit to a current report filed on Form&nbsp;8-K (the &ldquo;<U>8-K</U>&rdquo;),
to be filed by the Company with the Commission on or about the date hereof. We hereby consent to the filing of this opinion as an exhibit
to the 8-K and to the use of the name of our firm therein and under the section &ldquo;Legal Matters&rdquo; in the Registration Statement,
the Prospectus and the Prospectus Supplement. In giving this consent, we do not admit that we are within the category of persons whose
consent is required by Section&nbsp;7 of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 50%">&nbsp;</TD>
  <TD STYLE="padding-left: 10pt; text-indent: -10pt">Very truly yours,</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 50%">&nbsp;</TD>
  <TD STYLE="padding-left: 10pt; text-indent: -10pt">/s/ Troutman Pepper Hamilton Sanders LLP</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 50%">&nbsp;</TD>
  <TD STYLE="padding-left: 10pt; text-indent: -10pt">TROUTMAN PEPPER HAMILTON SANDERS LLP</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>4
<FILENAME>tm2133352d1_ex8-1.htm
<DESCRIPTION>EXHIBIT 8.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibit&nbsp;8.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 50%"><P STYLE="margin-top: 0; margin-bottom: 0">Troutman Pepper Hamilton Sanders LLP</P>
                                                                 <P STYLE="margin-top: 0; margin-bottom: 0">3000 Two Logan Square, Eighteenth and Arch Streets</P>
                                                                 <P STYLE="margin-top: 0; margin-bottom: 0">Philadelphia, PA 19103-2799</P>
                                                                 <P STYLE="text-align: right; margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                 <P STYLE="margin-top: 0; margin-bottom: 0">troutman.com</P></TD>
  <TD STYLE="text-align: right"><IMG SRC="tm2133352d1_ex8-1img1.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top">
  <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 60%">November&nbsp;19, 2021</TD>
  <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 40%">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CubeSmart</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5 Old Lancaster Road</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Malvern, PA 19355</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have acted as counsel to CubeSmart, a Maryland real estate investment
trust (the &ldquo;Company&rdquo;), and CubeSmart, L.P., a Delaware limited partnership (the &ldquo;Operating Partnership&rdquo;), in connection
with the preparation of a preliminary prospectus supplement, dated November&nbsp;15, 2021, and a final prospectus supplement, dated November&nbsp;16,
2021 (together, the &ldquo;Prospectus Supplement&rdquo;), to a Prospectus (the &ldquo;Prospectus&rdquo;), included as part of the Registration
Statement on Form&nbsp;S-3 (Registration No.&nbsp;333-236886) filed by the Company and Operating Partnership under the Securities Act
of 1933, as amended (the &ldquo;1933 Act&rdquo;) with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) on March&nbsp;4,
2020 (as the same may be amended and supplemented, the &ldquo;Registration Statement&rdquo;) with respect to the offer and sale of up
to 15,525,000 Common Shares of Beneficial Interest, par value $0.01 per share (the &ldquo;Common Shares&rdquo;), including 2,025,000 Common
Shares for which the Company has granted the underwriters in the offering an overallotment option. Any capitalized terms used but not
defined herein shall have the meanings given to such terms in the Registration Statement, the Prospectus and the Prospectus Supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The opinions expressed herein are based on the Internal Revenue Code
of 1986, as amended (the &ldquo;Code&rdquo;), Treasury regulations thereunder (including proposed and temporary Treasury regulations)
and interpretations of the foregoing as expressed in court decisions, legislative history and administrative determinations of the Internal
Revenue Service (the &ldquo;IRS&rdquo;) (including its practices and policies in issuing private letter rulings, which are not binding
on the IRS, except with respect to a taxpayer that receives such a ruling), all as of the date hereof. This opinion represents our best
legal judgment with respect to the probable outcome on the merits and is not binding on the IRS or the courts. There can be no assurance
that positions contrary to our opinion will not be taken by the IRS, or that a court considering the issues would not reach a conclusion
contrary to such opinions. No assurance can be given that future legislative, judicial or administrative changes, on either a prospective
or retroactive basis, would not adversely affect the opinions expressed herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 50%"><P STYLE="margin-top: 0; margin-bottom: 0">CubeSmart</P>
                                                                  <P STYLE="margin-top: 0; margin-bottom: 0">November&nbsp;19, 2021<BR> Page&nbsp;2</P></TD>
  <TD STYLE="text-align: right"><IMG SRC="tm2133352d1_ex8-1img2.jpg" ALT="">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
  <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In rendering the opinions expressed herein, we have examined such statutes,
regulations, records, certificates and other documents as we have considered necessary or appropriate as a basis for such opinions, including:
(1)&nbsp;the Articles of Restatement of the Declaration of Trust of the Company dated May&nbsp;27, 2015, as amended or supplemented through
the date hereof and (2)&nbsp;the Second Amended and Restated Agreement of Limited Partnership of the Operating Partnership dated as of
October&nbsp;27, 2004, as amended or supplemented through the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In rendering the opinions expressed herein, we have relied upon written
representations as to factual matters of the Company and Operating Partnership contained in an Officer&rsquo;s Certificate Regarding Certain
Tax Matters dated November&nbsp;19, 2021 regarding their consolidated assets, operations and activities (the &ldquo;Officer&rsquo;s Certificate&rdquo;).
We have not made an independent investigation or audit of the facts set forth in the Officer&rsquo;s Certificate or in any other document.
We consequently have relied upon the accuracy of the representations as to factual matters in the Officer&rsquo;s Certificate. After inquiry,
we are not aware of any facts or circumstances contrary to, or inconsistent with, the representations that we have relied upon or the
other assumptions set forth herein. Our opinion is limited to the tax matters specifically covered herein, and we have not addressed,
nor have we been asked to address, any other tax matters relevant to the Company, the Operating Partnership or any other person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have assumed, with your consent, that, insofar as relevant to the
opinions expressed herein:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">the Company has been and will be operated in the manner described in the Officer&rsquo;s Certificate, the Registration Statement and
the Form&nbsp;10-Q for the fiscal quarter ended September&nbsp;30, 2021 (including, in each case, the other documents incorporated therein
by reference);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">all of the obligations imposed by the documents that we reviewed have been and will continue to be performed or satisfied in accordance
with their terms; and all of such documents have been properly executed, are valid originals or authentic copies of valid originals, and
all signatures thereon are genuine;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: justify">all representations made in the Officer&rsquo;s Certificate (and other factual information provided to us) are true, correct and complete
and will continue to be true, correct and complete, and any representation or statement made in the Officer&rsquo;s Certificate &ldquo;to
the best of knowledge,&rdquo; &ldquo;to the knowledge&rdquo; or &ldquo;to the actual knowledge&rdquo; of any person(s)&nbsp;or party(ies)
or similarly qualified is true, correct and complete as if made without such qualification; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: justify">all documents that we have reviewed have been properly executed, are valid originals or authentic copies of valid originals, and all
signatures thereon are genuine.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TR STYLE="vertical-align: top">
  <TD STYLE="width: 50%"><P STYLE="margin-top: 0; margin-bottom: 0">CubeSmart</P>
                                                                  <P STYLE="margin-top: 0; margin-bottom: 0">November&nbsp;19, 2021</P>
                                                                  <P STYLE="margin-top: 0; margin-bottom: 0">Page&nbsp;3</P></TD>
  <TD STYLE="text-align: right"><IMG SRC="tm2133352d1_ex8-1img2.jpg" ALT="">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
  <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Based upon the foregoing, and, subject to the assumptions, limitations
and qualifications stated herein and the discussion below, we are of the opinion that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">Commencing with its taxable year ended December&nbsp;31, 2004, the Company has been organized and operated in conformity with the
requirements for qualification as a REIT under the Code, and the Company&rsquo;s current organization and current and proposed method
of operation will enable it to continue to meet the requirements for qualification and taxation as a REIT under the Code for its taxable
year ending December&nbsp;31, 2021 and thereafter.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">The discussions of the U.S. federal income tax considerations relating to the purchase, ownership and disposition of the Company&rsquo;s
common shares and the Company&rsquo;s qualification as a REIT in Exhibit&nbsp;99.1 to the Form&nbsp;10-K for the fiscal year ended December&nbsp;31,
2020 (&ldquo;Material United States Federal Income Tax Considerations&rdquo;), which are incorporated by reference into the Prospectus
Supplement and supersede the discussion under &ldquo;Material United States Federal Income Tax Considerations&rdquo; in the Prospectus,
to the extent they describe provisions of U.S. federal income tax law and regulations or legal conclusions with respect thereto, are correct
in all material respects as of the date hereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We assume no obligation to advise you of any changes in our opinion
subsequent to the date of this letter. The Company's qualification for taxation as a REIT depends upon the Company's ability to meet,
on a continuing basis, through actual annual operating and other results, the requirements of the Code, including the requirements with
regard to the sources of its gross income, the composition of its assets, the level of its distributions to shareholders and the diversity
of its share ownership. We will not review the Company's compliance with these requirements on a continuing basis. Accordingly, no assurance
can be given that the actual results of the Company's operations, the sources of its income, the nature of its assets, the level of its
distributions to shareholders and the diversity of its share ownership for any given taxable year will satisfy the requirements under
the Code for qualification and taxation as a REIT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This opinion letter has been prepared for your use in connection with
the Prospectus Supplement, including submission to the Commission as an exhibit to a current report filed on Form&nbsp;8-K (the &quot;8-K&quot;),
to be filed by the Company with the Commission on or about the date hereof, and speaks as of the date hereof. We do not purport to express
any opinion herein concerning any law other than the federal income tax law of the United States. We consent to the filing of this legal
opinion as an exhibit to the 8-K and to the use of the name of our firm therein and under the section &quot;Legal Matters&quot; in the
Registration Statement, the Prospectus, and the Prospectus Supplement. In giving this consent, we do not admit that we are within the
category of persons whose consent is required under Section&nbsp;7 of the 1933 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Troutman Pepper Hamilton Sanders LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TROUTMAN PEPPER HAMILTON SANDERS LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>5
<FILENAME>tm2133352d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
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<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0"><FONT STYLE="font-size: 10pt"><B>Exhibit 99.1</B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">CubeSmart
Announces Closing of Public Offering of <BR>
15,525,000 Common Shares, Including Exercise in Full of <BR>
Underwriters&rsquo; Option to Purchase Additional Shares</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">Company Release
-&nbsp;11/19/2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">MALVERN, Pa.,
Nov. 19, 2021 (GLOBE NEWSWIRE) -- CubeSmart (NYSE: CUBE) (the &ldquo;Company&rdquo; or &ldquo;CubeSmart&rdquo;), the third-largest owner
and operator of self-storage properties in the United States, announced today the closing of its previously announced underwritten public
offering of 15,525,000 common shares of beneficial interest (&ldquo;Common Shares&rdquo;) at a public offering price of $51.00 per share,
including 2,025,000 shares sold pursuant to the exercise in full of the underwriters&rsquo; option to purchase additional Common Shares.
<FONT STYLE="background-color: white">CubeSmart expects to use all of the net proceeds of the offering to fund a portion of the approximately
$1.648 billion cash purchase price, plus the payoff of approximately $40.9 million of existing indebtedness of LAACO, Ltd. (&ldquo;LAACO&rdquo;),
for its pending acquisition of LAACO, including its portfolio of 59 open and operating self-storage properties that contain an aggregate
of approximately 4.4 million rentable square feet, which includes two self-storage properties owned and operated by two joint ventures
owned fifty percent by LAACO (the &ldquo;Storage West Portfolio Acquisition&rdquo;), and to pay transaction expenses related thereto.
If the Storage West Portfolio Acquisition is not consummated, CubeSmart expects to use the net proceeds from the offering for general
corporate purposes, which may include funding acquisitions and other investment opportunities and the repayment or repurchase of existing
indebtedness.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">Wells Fargo
Securities and BofA Securities acted as lead joint book-running managers for the offering. Barclays, BMO Capital Markets, Jefferies and
Truist Securities acted as book-running managers for the offering. Stifel, BTIG, Regions Securities LLC, Berenberg, KeyBanc Capital Markets
and Raymond James acted as co-managers for the offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">The offering
was made under CubeSmart's existing automatic shelf registration statement filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;)
on March 4, 2020. The offering of these Common Shares was made only by means of a prospectus and a related prospectus supplement. The
prospectus supplement related to this public offering and accompanying prospectus have been filed with the SEC. Copies of the prospectus
and related prospectus supplement for this offering may be obtained by contacting:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">Wells Fargo
Securities, LLC, Attention: Equity Syndicate Department, 500 West 33rd Street, New York, New York, 10001, or by telephone at (800) 326-5897,
or by email at&nbsp;cmclientsupport@wellsfargo.com; and BofA Securities, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte
NC 28255-0001, Attn: Prospectus Department, or by email at&nbsp;<U>dg.prospectus_requests@bofa.com</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">This press
release shall not constitute an offer to sell or the solicitation of an offer to buy any Common Shares, nor shall there be any sale of
Common Shares in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such state or jurisdiction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt"><B>About CubeSmart</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">CubeSmart is
a self-administered and self-managed real estate investment trust. CubeSmart owns or manages 1,251 self-storage properties across the
United States.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">The Company&rsquo;s
mission is to simplify the organizational and logistical challenges created by the many life events and business needs of its customers
 &ndash; through innovative solutions, unparalleled service, and genuine care. The Company's self-storage properties are designed to offer
affordable, easily accessible, and, in most locations, climate-controlled storage space for residential and commercial customers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt"><B>Forward-Looking
Statements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">This press
release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Exchange Act of 1934, as amended. Forward-looking statements include statements concerning our plans, objectives, goals, strategies,
future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions and
other information that is not historical information. In some cases, forward-looking statements can be identified by terminology such
as &ldquo;believes,&rdquo; &ldquo;expects,&rdquo; &ldquo;estimates,&rdquo; &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;should,&rdquo;
 &ldquo;anticipates,&rdquo; or &ldquo;intends&rdquo; or the negative of such terms or other comparable terminology, or by discussions
of strategy. Such statements are based on assumptions and expectations that may not be realized and are inherently subject to risks,
uncertainties and other factors, many of which cannot be predicted with accuracy and some of which might not even be anticipated. There
is no assurance that the net proceeds of the offering will be used as indicated. The application of the net proceeds of the offering
are subject to numerous possible events, factors and conditions, many of which are beyond the control of the Company and not all of which
are known to us, including, without limitation, market conditions. Although we believe the expectations reflected in these forward-looking
statements are based on reasonable assumptions, future events and actual results, performance, transactions or achievements, financial
and otherwise, may differ materially from the results, performance, transactions or achievements expressed or implied by the forward-looking
statements. As a result, you should not rely on or construe any forward-looking statements in this press release, or which management
or persons acting on their behalf may make orally or in writing from time to time, as predictions of future events or as guarantees of
future performance. We caution you not to place undue reliance on forward-looking statements, which speak only as of the date of this
press release or as of the dates otherwise indicated in such forward-looking statements, as applicable. All of our forward-looking statements,
including those contained in this press release are qualified in their entirety by this statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">There are a
number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained
in this press release.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
forward-looking statements should be considered in light of the risks and uncertainties referred to in this press release and our Annual
Report on Form 10-K for the year ended December 31, 2020 and subsequent filings with the SEC. These risks include, but are not limited
to, the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 12pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">delay
                                            in closing the Storage West Portfolio Acquisition or the possibility of non-consummation
                                            of the Storage West Portfolio Acquisition;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 12pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
                                            inability to invest the net proceeds of this offering at attractive yields in the event that
                                            the Storage West Portfolio Acquisition is not consummated;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 12pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
                                            failure to identify liabilities that we will assume, or our underestimate of the amount or
                                            significance of liabilities that we will assume, upon consummation of the Storage West Portfolio
                                            Acquisition;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 12pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">limitations
                                            on our ability to recover damages we may suffer on account of inaccurate representations
                                            and warranties of LAACO in the Agreement and Plan of Merger with LAACO (the &ldquo;Merger
                                            Agreement&rdquo;);</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 12pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">difficulties
                                            in raising capital or obtaining credit at reasonable rates or at all, which could impede
                                            our ability to consummate the Storage West Portfolio Acquisition or our ability to grow;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 12pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            possibility that we may not realize the benefits we expect to realize from consummating the
                                            Storage West Portfolio Acquisition pursuant to the timing we expected, or at all;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 12pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
                                            inability to effectively integrate LAACO and its underlying assets into our portfolio;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 12pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            risk that we may not satisfy certain tests to maintain our qualification as a real estate
                                            investment trust (&ldquo;REIT&rdquo;) for U.S. federal income tax purposes, and may incur
                                            unexpected tax liabilities, if LAACO was not a publicly traded partnership, 90% or more of
                                            whose gross income in each tax year during which it was publicly traded partnership was &ldquo;qualifying
                                            income&rdquo; under Section 7704 of the Internal Revenue Code of 1986, as amended;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 12pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            failure of the Storage West Portfolio Acquisition to perform after acquisition as we expect
                                            and to realize anticipated cost savings and other synergies;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 12pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">adverse
                                            changes in the national and local economic, business, real estate and other market conditions;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 12pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            effect of competition from existing and new self-storage properties and operators on our
                                            ability to maintain or raise occupancy and rental rates;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 12pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            failure to execute our business plan;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 12pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">adverse
                                            impacts from the COVID-19 pandemic, other pandemics, quarantines and stay at home orders,
                                            including the impact on our ability to operate our self-storage properties, the demand for
                                            self-storage, rental rates and fees and rent collection levels;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 12pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reduced
                                            availability and increased costs of external sources of capital;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 12pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">financing
                                            risks, including the risk of over-leverage and the corresponding risk of default on our mortgage
                                            and other debt and potential inability to refinance existing or future indebtedness;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 12pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">increases
                                            in interest rates and operating costs;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 12pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">counterparty
                                            non-performance related to the use of derivative financial instruments;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 12pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">risks
                                            related to our ability to maintain our qualification as a REIT for federal income tax purposes;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 12pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            failure of acquisitions and developments to close on expected terms, or at all, or to perform
                                            as expected;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 12pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">increases
                                            in taxes, fees and assessments from state and local jurisdictions;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 12pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            failure of our joint venture partners to fulfill their obligations to us or their pursuit
                                            of actions that are inconsistent with our objectives;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 12pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reductions
                                            in asset valuations and related impairment charges;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 12pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">cyber
                                            security breaches, cyber or ransomware attacks or a failure of our networks, systems or technology,
                                            which could adversely impact our business, customer and employee relationships;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 12pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
                                            in real estate, zoning use and occupancy laws or regulations;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 12pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">risks
                                            related to or a consequence of natural disasters or acts of violence, pandemics, active shooters,
                                            terrorism, insurrection or war that affect the markets in which we operate;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 12pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">potential
                                            environmental and other liabilities;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 12pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">governmental,
                                            administrative and executive orders and laws, which could adversely impact our business operations
                                            and customer and employee relationships;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 12pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">uninsured
                                            or uninsurable losses and the ability to obtain insurance coverage or recovery from insurance
                                            against risks and losses;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 12pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
                                            ability to attract and retain talent in the current labor market;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 12pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">other
                                            factors affecting the real estate industry generally or the self-storage industry in particular;
                                            and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 12pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">other
                                            risks identified in the prospectus supplement relating to this offering and our Annual Report
                                            on Form 10-K for the year ended December 31, 2020 and subsequent filings with the SEC.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">Given
these uncertainties and risks, readers are cautioned not to place undue reliance on forward-looking statements. Except with respect
to such material changes to our risk factors as may be reflected from time to time in our quarterly filings or as otherwise required
by law, we are under no obligation to, and expressly disclaim any obligation to, update or revise any forward-looking statements
included in this press release, whether as a result of new information, future events or otherwise except as may be required by
securities laws. Because of the factors referred to above, the future events discussed in this press release may not occur and
actual results, performance or achievement could differ materially from those anticipated or implied in the forward-looking
statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt"><B>Company
Contact</B>:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">Josh Schutzer<BR>
Vice President, Finance<BR>
(610) 535-5700</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: Doc-Info; Name: Misc; Value: +aA5w7xRiXgen8uLa3ZcWa2MabOdzZR+2YkxtmBwbdkKjy4rZbptvSnPJy22IRcM -->
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.DEF
<SEQUENCE>7
<FILENAME>cube-20211116_def.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION DEFINITION LINKBASE
<TEXT>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>8
<FILENAME>cube-20211116_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
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    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US">Current Fiscal Year End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityFileNumber" xlink:label="dei_EntityFileNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFileNumber_lbl" xml:lang="en-US">Entity File Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityPrimarySicNumber" xlink:label="dei_EntityPrimarySicNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPrimarySicNumber" xlink:to="dei_EntityPrimarySicNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPrimarySicNumber_lbl" xml:lang="en-US">Entity Primary SIC Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityTaxIdentificationNumber" xlink:label="dei_EntityTaxIdentificationNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US">Entity Tax Identification Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US">Entity Address, Address Line One</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressAddressLine2" xlink:label="dei_EntityAddressAddressLine2" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine2_lbl" xml:lang="en-US">Entity Address, Address Line Two</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressAddressLine3" xlink:label="dei_EntityAddressAddressLine3" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine3" xlink:to="dei_EntityAddressAddressLine3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine3_lbl" xml:lang="en-US">Entity Address, Address Line Three</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressCityOrTown" xlink:label="dei_EntityAddressCityOrTown" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US">Entity Address, City or Town</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US">Entity Address, State or Province</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressCountry" xlink:label="dei_EntityAddressCountry" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCountry" xlink:to="dei_EntityAddressCountry_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCountry_lbl" xml:lang="en-US">Entity Address, Country</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_CountryRegion" xlink:label="dei_CountryRegion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CountryRegion" xlink:to="dei_CountryRegion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CountryRegion_lbl" xml:lang="en-US">Country Region</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CityAreaCode_lbl" xml:lang="en-US">City Area Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LocalPhoneNumber_lbl" xml:lang="en-US">Local Phone Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_Extension" xlink:label="dei_Extension" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Extension" xlink:to="dei_Extension_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Extension_lbl" xml:lang="en-US">Extension</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_WrittenCommunications" xlink:label="dei_WrittenCommunications" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US">Written Communications</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_PreCommencementTenderOffer" xlink:label="dei_PreCommencementTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementTenderOffer_lbl" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US">Title of 12(b) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_NoTradingSymbolFlag" xlink:label="dei_NoTradingSymbolFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_NoTradingSymbolFlag" xlink:to="dei_NoTradingSymbolFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_NoTradingSymbolFlag_lbl" xml:lang="en-US">No Trading Symbol Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityExchangeName_lbl" xml:lang="en-US">Security Exchange Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_Security12gTitle" xlink:label="dei_Security12gTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12gTitle" xlink:to="dei_Security12gTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12gTitle_lbl" xml:lang="en-US">Title of 12(g) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_SecurityReportingObligation" xlink:label="dei_SecurityReportingObligation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityReportingObligation" xlink:to="dei_SecurityReportingObligation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityReportingObligation_lbl" xml:lang="en-US">Security Reporting Obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_AnnualInformationForm" xlink:label="dei_AnnualInformationForm" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AnnualInformationForm" xlink:to="dei_AnnualInformationForm_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AnnualInformationForm_lbl" xml:lang="en-US">Annual Information Form</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_AuditedAnnualFinancialStatements" xlink:label="dei_AuditedAnnualFinancialStatements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditedAnnualFinancialStatements" xlink:to="dei_AuditedAnnualFinancialStatements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditedAnnualFinancialStatements_lbl" xml:lang="en-US">Audited Annual Financial Statements</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Entity Well-known Seasoned Issuer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Entity Voluntary Filers</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Entity Current Reporting Status</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityInteractiveDataCurrent" xlink:label="dei_EntityInteractiveDataCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityInteractiveDataCurrent" xlink:to="dei_EntityInteractiveDataCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityInteractiveDataCurrent_lbl" xml:lang="en-US">Entity Interactive Data Current</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntitySmallBusiness" xlink:label="dei_EntitySmallBusiness" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntitySmallBusiness" xlink:to="dei_EntitySmallBusiness_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntitySmallBusiness_lbl" xml:lang="en-US">Entity Small Business</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityEmergingGrowthCompany" xlink:label="dei_EntityEmergingGrowthCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xml:lang="en-US">Entity Emerging Growth Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityExTransitionPeriod" xlink:label="dei_EntityExTransitionPeriod" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityExTransitionPeriod" xlink:to="dei_EntityExTransitionPeriod_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityExTransitionPeriod_lbl" xml:lang="en-US">Elected Not To Use the Extended Transition Period</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_DocumentAccountingStandard" xlink:label="dei_DocumentAccountingStandard" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAccountingStandard" xlink:to="dei_DocumentAccountingStandard_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentAccountingStandard_lbl" xml:lang="en-US">Document Accounting Standard</link:label>
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<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>9
<FILENAME>cube-20211116_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
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<title></title>
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<body>
<span style="display: none;">v3.21.2</span><table class="report" border="0" cellspacing="2" id="idm140038567291768">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Nov. 16, 2021</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Nov. 16,  2021<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-32324<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">CUBESMART<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001298675<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">20-1024732<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">MD<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">5
Old Lancaster Road<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Malvern<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">PA<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">19355<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">610<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">535-5000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common Shares, $0.01 par value per share, of CubeSmart<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">CUBE<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=cube_CubeSmartLPMember', window );">Cube Smart L.P [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Nov. 16,  2021<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">000-54462<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">CUBESMART, L.P.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001300485<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">34-1837021<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">DE<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">5 Old Lancaster Road<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Malvern<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">PA<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">19355<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">610<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">535-5000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentInformationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>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.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentInformationLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
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<tr>
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<td>dei:edgarStateCountryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
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<td>dei_</td>
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<td>xbrli:booleanItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=cube_CubeSmartLPMember</td>
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<td>na</td>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
