<SEC-DOCUMENT>0001104659-21-142631.txt : 20211122
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<ACCEPTANCE-DATETIME>20211122172152
ACCESSION NUMBER:		0001104659-21-142631
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		15
CONFORMED PERIOD OF REPORT:	20211118
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20211122
DATE AS OF CHANGE:		20211122

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:		211433669

	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:		211433670

	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_906_edei--DocumentType_c20211118__20211118_zeXcBYLlEReb"><ix:nonNumeric contextRef="From2021-11-18to2021-11-18" 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">&#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
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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">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>

<table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Wingdings"><span id="xdx_903_edei--PreCommencementIssuerTenderOffer_c20211118__20211118_z2RsTzfsw0rb"><ix:nonNumeric contextRef="From2021-11-18to2021-11-18" format="ixt:booleanfalse" name="dei:PreCommencementIssuerTenderOffer">&#168;</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Pre-commencement
                                         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
the Act:</b></p>

<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">
    <td style="border-bottom-width: 1pt; border-bottom-style: solid; border-image: none; width: 38%; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Title&#160;of&#160;Each&#160;Class</b></span></td>
    <td style="width: 2%; text-align: center">&#160;</td>
    <td style="border-bottom-width: 1pt; border-bottom-style: solid; border-image: none; width: 20%; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Trading Symbol(s)</b></span></td>
    <td style="width: 2%; text-align: center">&#160;</td>
    <td style="border-bottom-width: 1pt; border-bottom-style: solid; border-image: none; width: 38%; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Name&#160;of&#160;Each&#160;Exchange&#160;on&#160;Which <br />
Registered</b></span></td></tr>
<tr>
    <td style="vertical-align: top; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_908_edei--Security12bTitle_c20211118__20211118_zBlnbyRLqDEi"><ix:nonNumeric contextRef="From2021-11-18to2021-11-18" name="dei:Security12bTitle">Common Shares, $0.01 par value per share, of CubeSmart</ix:nonNumeric></span></span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_909_edei--TradingSymbol_c20211118__20211118_znvAvyxJ6wmb"><ix:nonNumeric contextRef="From2021-11-18to2021-11-18" name="dei:TradingSymbol">CUBE</ix:nonNumeric></span></span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_907_edei--SecurityExchangeName_c20211118__20211118_z93drcVhHIAh"><ix:nonNumeric contextRef="From2021-11-18to2021-11-18" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">New York Stock Exchange</ix:nonNumeric></span></span></td></tr>
</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_904_edei--EntityEmergingGrowthCompany_c20211118__20211118_z7Xx5HvfP8n"><ix:nonNumeric contextRef="From2021-11-18to2021-11-18" 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
company (CubeSmart, L.P.) </span><span id="xdx_90A_edei--EntityEmergingGrowthCompany_c20211118__20211118__dei--LegalEntityAxis__custom--CubeSmartLPMember_ztJR7dnapfg3" style="font: 10pt Wingdings"><ix:nonNumeric contextRef="From2021-11-182021-11-18_custom_CubeSmartLPMember" format="ixt:booleanfalse" name="dei:EntityEmergingGrowthCompany">&#168;</ix:nonNumeric></span></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">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>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 50%"><tr style="vertical-align: top; text-align: left; display: none; visibility: hidden"><td style="width: 46%; display: none; visibility: hidden">Co-Registrant CIK</td>
    <td style="width: 54%; display: none; visibility: hidden"><span id="xdx_906_edei--EntityCentralIndexKey_dxL_c20211118__20211118__dei--LegalEntityAxis__custom--CubeSmartLPMember_zE9bhPVm41Ui"><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_905_edei--AmendmentFlag_dxL_c20211118__20211118__dei--LegalEntityAxis__custom--CubeSmartLPMember_zIREEnqZh6f1"><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_90E_edei--DocumentType_dxL_c20211118__20211118__dei--LegalEntityAxis__custom--CubeSmartLPMember_zb3a6OmCs1si"><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_90D_edei--DocumentPeriodEndDate_dxL_c20211118__20211118__dei--LegalEntityAxis__custom--CubeSmartLPMember_z0oitXvS5URj"><span style="-sec-ix-hidden: xdx2ixbrl0038">2021-11-18</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_902_edei--EntityAddressAddressLine1_dxL_c20211118__20211118__dei--LegalEntityAxis__custom--CubeSmartLPMember_zwxqaizzdpV3"><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_906_edei--EntityAddressCityOrTown_dxL_c20211118__20211118__dei--LegalEntityAxis__custom--CubeSmartLPMember_zUAxp7tYLuM"><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_909_edei--EntityAddressStateOrProvince_dxL_c20211118__20211118__dei--LegalEntityAxis__custom--CubeSmartLPMember_zGS0KPQtIeL1"><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_90E_edei--EntityAddressPostalZipCode_dxL_c20211118__20211118__dei--LegalEntityAxis__custom--CubeSmartLPMember_zBlYdCuhchzb"><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_c20211118__20211118__dei--LegalEntityAxis__custom--CubeSmartLPMember_zNkTpuOwk61e"><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_905_edei--LocalPhoneNumber_dxL_c20211118__20211118__dei--LegalEntityAxis__custom--CubeSmartLPMember_zIfmOjnQtUlc"><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_903_edei--WrittenCommunications_dxL_c20211118__20211118__dei--LegalEntityAxis__custom--CubeSmartLPMember_zNEICvm0Rtv"><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_906_edei--SolicitingMaterial_dxL_c20211118__20211118__dei--LegalEntityAxis__custom--CubeSmartLPMember_zDQ1XBVejmxe"><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_90C_edei--PreCommencementTenderOffer_dxL_c20211118__20211118__dei--LegalEntityAxis__custom--CubeSmartLPMember_z7LP5nRkd4e5"><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_905_edei--PreCommencementIssuerTenderOffer_dxL_c20211118__20211118__dei--LegalEntityAxis__custom--CubeSmartLPMember_z1NICbUEpz22"><span style="-sec-ix-hidden: xdx2ixbrl0048">false</span></span></td></tr>
</table>





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

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    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<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&#160;18, 2021, CubeSmart, L.P. (the
&#8220;<b><i>Operating Partnership</i></b>&#8221;) and CubeSmart (the &#8220;<b><i>Company</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, PNC Capital Markets LLC, and U.S. Bancorp Investments,&#160;Inc., as representatives of the several underwriters named
in Exhibit&#160;A thereto (collectively, the &#8220;<b><i>Underwriters</i></b>&#8221;), relating to the public offering of $550 million
in aggregate principal amount of the Operating Partnership&#8217;s 2.25% senior notes due December&#160;15, 2028 (the &#8220;<b><i>2028
Notes</i></b>&#8221;) and $500 million in aggregate principal amount of the Operating Partnership&#8217;s 2.50% senior notes due February&#160;15,
2032 (the &#8220;<b><i>2032 Notes</i></b>&#8221; and together with the 2028 Notes, the &#8220;<b><i>Notes</i></b>&#8221;). The Company
will fully and unconditionally guarantee payment of principal, the make-whole premium, if any, and interest on the Notes (collectively,
the &#8220;<b><i>Guarantees</i></b>&#8221;). The offer and sale of the Notes and related Guarantees are expected to be completed on November&#160;30,
2021, subject to customary closing conditions. Under the terms of 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>Securities 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, warranties and covenants. The offer and sale of the
Notes and related Guarantees were registered with the Securities and Exchange Commission (the &#8220;<b><i>Commission</i></b>&#8221;)
pursuant to a registration statement on Form&#160;S-3ASR (File No.&#160;333-236886) (the &#8220;<b><i>Registration Statement</i></b>&#8221;),
under the Securities Act. A prospectus supplement relating to the offering and sale of the Notes was filed with the Commission on November&#160;22,
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">The foregoing is not a complete description of
the Underwriting Agreement and is qualified in its entirety by reference to the full text of the Underwriting Agreement attached to this
Current Report on Form&#160;8-K as Exhibit&#160;1.1 and 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 Operating Partnership intends to use the net
proceeds from this offering to pay the purchase price and transaction-related expenses in connection with the acquisition of Storage West
(the &#8220;<b><i>Storage West Portfolio Acquisition</i></b>&#8221;). The Operating Partnership may also invest the net proceeds from
this offering in short-term marketable securities. If the Storage West Portfolio Acquisition is not consummated for any reason, or if
and to the extent the net proceeds from the offering exceed the amount necessary to fund a portion of the purchase price for the Storage
West Portfolio Acquisition, the Operating Partnership intends to use the net proceeds from this offering for general business 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 Notes and the Guarantees will be issued pursuant
to a base indenture, dated as of September&#160;16, 2011 (the &#8220;<b><i>Indenture</i></b>&#8221;), among the Company, the Operating
Partnership and U.S. Bank National Association, as trustee, as supplemented by a ninth supplemental indenture expected to be dated as
of November&#160;30, 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Indenture previously was filed with the Commission on September&#160;16, 2011 as </span><a href="https://www.sec.gov/Archives/edgar/data/1298675/000110465911052129/a11-26430_1ex4d5.htm" style="-sec-extract: exhibit">Exhibit&#160;4.5</a> to the Company&#8217;s and the
Operating Partnership&#8217;s registration statement on <a href="https://www.sec.gov/Archives/edgar/data/1298675/000110465911052129/a11-26430_1s3asr.htm" style="-sec-extract: exhibit">Form&#160;S-3 (File No.&#160;333-176885)</a> under the Securities Act, and is incorporated
into this Item 1.01 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"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November&#160;18, 2021, the Company issued
a press release announcing the pricing of the Notes. A copy of the press release is furnished herewith as Exhibit&#160;99.1. <span style="background-color: white">The
information in this Item 7.01, including Exhibit&#160;99.1, is being furnished and shall not be deemed &#8220;filed&#8221; for purposes
of Section&#160;18 of the Securities Act, or otherwise subject to the liabilities of that Section. The information in this Item 7.01,
including Exhibit&#160;99.1, shall not be incorporated by reference into any registration statement or other document pursuant to the
Securities Act.</span></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"></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; padding: 0.5pt 0.5pt 1pt; width: 10%; font-size: 10pt"><span style="font: 10pt Times New Roman, Times, Serif"><b>Exhibit<br />
Number</b></span></td>
    <td style="padding: 0.5pt; width: 1%">&#160;</td>
    <td style="border-bottom: black 1pt solid; padding: 0.5pt 0.5pt 1pt; width: 89%; font-size: 10pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Description</b></span></td></tr>
  <tr>
    <td style="padding: 0.5pt; vertical-align: top; font-size: 10pt"><a href="tm2132894d7_ex1-1.htm"><span style="font: 10pt Times New Roman, Times, Serif">1.1</span></a></td>
    <td style="padding: 0.5pt; vertical-align: bottom">&#160;</td>
    <td style="padding: 0.5pt; vertical-align: top; font-size: 10pt; text-align: justify"><a href="tm2132894d7_ex1-1.htm"><span style="font: 10pt Times New Roman, Times, Serif">Underwriting Agreement, dated as of November&#160;18, 2021, among CubeSmart, CubeSmart, L.P. and Wells Fargo Securities, LLC, PNC Capital Markets LLC, and U.S. Bancorp Investments,&#160;Inc., as representatives of each of the other underwriters named in Exhibit&#160;A thereto. </span></a></td></tr>
  <tr>
    <td style="padding: 0.5pt; vertical-align: top; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1298675/000110465911052129/a11-26430_1ex4d5.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1*</span></a></td>
    <td style="padding: 0.5pt; vertical-align: bottom">&#160;</td>
    <td style="padding: 0.5pt; vertical-align: top; font-size: 10pt; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1298675/000110465911052129/a11-26430_1ex4d5.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indenture,
    dated as of September&#160;16, 2011, among CubeSmart, CubeSmart, L.P. and U.S. Bank National Association, incorporated by reference
    to Exhibit&#160;4.5 to the Company&#8217;s Registration Statement on Form&#160;S-3, filed with the Commission on September&#160;16,
    2011.</span></a></td></tr>
  <tr>
    <td style="padding: 0.5pt; vertical-align: top; font-size: 10pt"><a href="tm2132894d7_ex99-1.htm"><span style="font: 10pt Times New Roman, Times, Serif">99.1</span></a></td>
    <td style="padding: 0.5pt; vertical-align: bottom">&#160;</td>
    <td style="padding: 0.5pt; vertical-align: top; font-size: 10pt"><a href="tm2132894d7_ex99-1.htm"><span style="font: 10pt Times New Roman, Times, Serif">Press Release, dated November&#160;18, 2021.</span></a></td></tr>
  <tr>
    <td style="padding: 0.5pt; vertical-align: top; font-size: 10pt"><span style="font: 10pt Times New Roman, Times, Serif">104</span></td>
    <td style="padding: 0.5pt; vertical-align: bottom">&#160;</td>
    <td style="padding: 0.5pt; vertical-align: top; font-size: 10pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Cover Page&#160;Interactive Data File - the cover page&#160;interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.</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">* Incorporated herein by reference as above indicated.</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"></p>

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

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

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

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    <td style="padding: 0.5pt">&#160;</td>
    <td colspan="2" style="padding: 0.5pt">&#160;</td></tr>
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    <td style="padding: 0.5pt; font-size: 10pt"><span style="font-size: 10pt">Date: November 22, 2021</span></td>
    <td style="padding: 0.5pt; font-size: 10pt"><span style="font-size: 10pt">By: </span></td>
    <td colspan="2" style="border-bottom: black 1pt solid; padding: 0.5pt 0.5pt 1pt; font-size: 10pt"><span style="font-size: 10pt">/s/ Jeffrey P. Foster</span></td></tr>
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    <td style="padding: 0.5pt">&#160;</td>
    <td style="padding: 0.5pt">&#160;</td>
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    <td style="padding: 0.5pt">&#160;</td>
    <td style="padding: 0.5pt">&#160;</td>
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  <tr style="vertical-align: top">
    <td style="padding: 0.5pt">&#160;</td>
    <td style="padding: 0.5pt; font-size: 10pt"><span style="font-size: 10pt">By: </span></td>
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    <td style="padding: 0.5pt">&#160;</td>
    <td style="padding: 0.5pt">&#160;</td>
    <td style="padding: 0.5pt">&#160;</td>
    <td style="padding: 0.5pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="padding: 0.5pt; font-size: 10pt"><span style="font-size: 10pt">Date: November 22, 2021</span></td>
    <td style="padding: 0.5pt; font-size: 10pt"><span style="font-size: 10pt">By: </span></td>
    <td colspan="2" style="border-bottom: black 1pt solid; padding: 0.5pt 0.5pt 1pt; font-size: 10pt"><span style="font-size: 10pt">/s/ Jeffrey P. Foster </span></td></tr>
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    <td style="padding: 0.5pt">&#160;</td>
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    <td style="padding: 0.5pt; font-size: 10pt"><span style="font-size: 10pt">Jeffrey P. Foster </span></td></tr>
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    <td style="padding: 0.5pt">&#160;</td>
    <td style="padding: 0.5pt">&#160;</td>
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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">&#160;</p>

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<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>tm2132894d7_ex1-1.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
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<P STYLE="margin: 0"></P>

<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 1.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><I>Execution Version</I></B></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 STYLE="border-top: Black medium double; width: 100%; border-bottom: Black medium double; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CUBESMART, L.P.</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">2.25% Senior Notes Due 2028</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">2.50% Senior Notes Due 2032<BR>
 &nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Guaranteed by CUBESMART</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&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; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Dated: November 18, 2021</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></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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    <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">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Table of Contents</P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&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 STYLE="width: 90%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 10%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 1. <U>Representations and Warranties</U></FONT></TD>
    <TD STYLE="text-align: right">3</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 2. <U>Sale and Delivery to Underwriters; Closing</U></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 3. <U>Covenants of the Transaction Entities</U></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 4. <U>Payment of Expenses</U></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 5. <U>Conditions of Underwriters&rsquo; Obligations</U></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 6. <U>Indemnification</U>.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 7. <U>Contribution</U></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 8. <U>Representations, Warranties and Agreements to Survive Delivery</U></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 9. <U>Termination of Agreement</U></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 10. <U>Default by One or More of the Underwriters</U></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 11. <U>Notices</U></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 12. <U>Parties</U></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 13. <U>Recognition of the U.S. Special Resolution Regimes</U></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 14. <U>GOVERNING LAW AND TIME</U></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 15. <U>Effect of Headings</U></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 16. <U>Definitions</U></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 17. <U>Permitted Free Writing Prospectuses</U></FONT></TD>
    <TD STYLE="text-align: right">3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right"></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 18. <U>Absence of Fiduciary Relationship</U></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 19. <U>Research Analyst Independence</U></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 20. <U>Consent to Jurisdiction</U></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 21. <U>Waiver of Immunity</U></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
  </TABLE>

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

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

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 90%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&nbsp;A</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ndash;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriters</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&nbsp;B</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ndash;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsidiaries of the Company</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&nbsp;C</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ndash;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Opinion of Transaction Entities&rsquo; Counsel</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&nbsp;D</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ndash;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Transaction Entities&rsquo; Tax Counsel Opinion</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&nbsp;E</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ndash;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuer General Use Free Writing Prospectuses</FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 66pt; text-indent: -66pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 66pt; text-indent: -66pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 66pt; text-indent: -66pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">2.25% Senior Notes Due 2028</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">2.50% Senior Notes Due 2032</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">November 18, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&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">PNC Capital Markets LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Bancorp Investments, 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 PNC Capital Markets LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">300 Fifth Ave, 10<SUP>th</SUP> Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pittsburgh, PA 15222</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 U.S. Bancorp Investments, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">214 North Tryon Street, 26<SUP>th</SUP> Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Charlotte, NC 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; text-align: justify">Ladies and Gentlemen:</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; text-indent: 0.5in">CubeSmart, L.P., a
Delaware limited partnership (the &#8220;<U>Operating Partnership</U>&#8221;), proposes to issue and sell to the several
Underwriters on <U>Exhibit A</U> hereto, (the &#8220;<U>Underwriters</U>&#8221;), for whom Wells Fargo Securities, LLC, PNC Capital
Markets LLC and U.S. Bancorp Investments, Inc. are acting as representatives (the &#8220;<U>Representatives</U>&#8221;), (i)
$550,000,000 aggregate principal amount of the Operating Partnership&#8217;s 2.25% Senior Notes Due 2028 (the &#8220;<U>2028
Notes</U>&#8221;) and (ii) $500,000,000 aggregate principal amount of the Operating Partnership&#8217;s 2.50% Senior Notes Due 2032
(the &#8220;<U>2032 Notes</U>&#8221; and, together with the 2028 Notes, the &#8220;<U>Notes</U>&#8221;) pursuant to the terms of
this Underwriting Agreement (this &#8220;<U>Agreement</U>&#8221;). The respective principal amounts of the Notes to be so purchased,
severally and not jointly, by the several Underwriters are set forth opposite their names in <U>Exhibit A</U> hereto. The Notes will
be unconditionally guaranteed (the &#8220;<U>Guarantees</U>&#8221; and, together with the Notes, the
 &#8220;<U>Securities</U>&#8221;) by CubeSmart, a Maryland real estate investment trust (the &#8220;<U>Company</U>&#8221; and
together with the Operating Partnership, the &#8220;<U>Transaction Entities</U>&#8221;), and the sole general partner and a limited
partner of the Operating Partnership. The Securities are to be issued pursuant to an indenture, dated as of September 16, 2011 (the
 &#8220;<U>Base Indenture</U>&#8221;), as amended and supplemented by the Ninth Supplemental Indenture to be entered into as of the
Closing Date (as defined below) (the &#8220;<U>Ninth Supplemental Indenture</U>&#8221; and, together with the Base Indenture, the
 &#8220;<U>Indenture</U>&#8221;), among the Operating Partnership, the Company and U.S. Bank National Association, as trustee (the
 &#8220;<U>Trustee</U>&#8221;). 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; text-align: justify">&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;&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; text-align: justify; text-indent: 0.5in">&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 18, 2021, relating to the Securities and
a related base prospectus dated March 4, 2020 (the &#8220;<U>Base Prospectus</U>&#8221;). 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 &#8220;<U>Pre-Pricing Prospectus</U>.&#8221; Promptly after the execution
and delivery of this Agreement, the Company will prepare and file with the Commission a prospectus supplement, dated November 18, 2021
(the &#8220;<U>Prospectus Supplement</U>&#8221;), 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) or otherwise), including
the documents incorporated or deemed to be incorporated by reference therein pursuant to Item&nbsp;12 of Form&nbsp;S&#45;3 under the 1933&nbsp;Act,
are herein called, collectively, the &#8220;<U>Prospectus</U>.&#8221;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On November 15, 2021, the
Operating Partnership and CS West Merger Sub, L.P., a California limited partnership (&#8220;<U>Merger Sub</U>&#8221;), entered into an
Agreement and Plan of Merger (the &#8220;<U>Acquisition Agreement</U>&#8221;) to acquire LAACO, Ltd., a California limited partnership
(&#8220;<U>LAACO</U>&#8221;), as described in the Prospectus (the &#8220;<U>Proposed Acquisition</U>&#8221;). Through the Proposed Acquisition,
the Operating Partnership will acquire (i) 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 &#8220;<U>Self-Storage Properties</U>&#8221;), (ii) one four-acre parcel of land, which the
Company expects to be sold prior to closing of the Proposed Acquisition (the &#8220;<U>Land Parcel</U>&#8221;), and (iii) 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 &#8220;<U>Club Properties</U>&#8221; and,
together with the Self-Storage Properties and the Land Parcel, the &#8220;<U>Acquisition Properties</U>&#8221;). To the extent the Club
Properties are not disposed of prior to closing of the Proposed Acquisition, the Company&#8217;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 &#8220;<U>Bridge Loan Commitment</U>&#8221; and, together with the Acquisition Agreement, the &#8220;<U>Transaction Agreements</U>&#8221;)
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; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 1. <U>Representations
and Warranties</U>.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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) of the 1933 Act (whether such amendment was by post-effective amendment, incorporated report filed pursuant
to Section&nbsp;13 or 15(d) 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 &#8220;well-known seasoned issuer&#8221;
as defined in Rule&nbsp;405, including not having been and not being an &#8220;ineligible issuer&#8221; as defined in Rule&nbsp;405 (without
taking into account any determination made by the Commission pursuant to paragraph&nbsp;(2) of the definition of such term in Rule&nbsp;405).
The Registration Statement is an &#8220;automatic shelf registration statement,&#8221; 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 &#8220;automatic shelf registration statement.&#8221; The Transaction Entities have not received from the Commission any notice
pursuant to Rule&nbsp;401(g)(2) 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 Section&nbsp;5(c) of the 1933 Act provided by Rule&nbsp;163.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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 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 4, 2020.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><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, 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&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 and regulations of the
Commission), at the 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 0pt 0.5in; text-align: justify; text-indent: 0.5in">&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) the Pricing Term Sheet (as defined in Section 3(r) below), any other&nbsp;Issuer General Use Free Writing Prospectuses,
if any, issued at or prior to the Applicable Time, and the Pre&#45;Pricing Prospectus as of the Applicable Time, all considered together
(collectively, the &#8220;<U>General Disclosure Package</U>&#8221;), 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 0pt 0.5in; text-align: justify; text-indent: 0.5in">&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) 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 0pt 0.5in; text-align: justify; text-indent: 0.5in">&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 0pt 0.5in; text-align: justify; text-indent: 0.5in">&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 &#8220;ineligible issuer&#8221; as defined in Rule&nbsp;405, in each case without taking into account any
determination made by the Commission pursuant to paragraph&nbsp;(2) 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 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&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) 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 &#8220;delivery&#8221; or &#8220;furnishing&#8221; 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 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(4)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(5)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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 (&#8220;<U>REIT</U>&#8221;) under the Internal Revenue Code of 1986, as amended (the &#8220;<U>Code</U>&#8221;),
for each taxable year commencing with its taxable year ended December 31, 2004 and through its taxable year ended December 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 31, 2021 and thereafter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(6)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Distribution of Offering Material By the Company</U>. The Company has not distributed and will not distribute, prior to the
completion of the Underwriters&#8217; 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 E</U> hereto or the Registration Statement.</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">(7)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>The Underwriting Agreement</U>. This Agreement has been duly authorized, executed and delivered by each of the Transaction Entities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></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">(8)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>The
Indenture</U>. The Indenture has been duly authorized by each of the Transaction Entities and, when duly executed and delivered by
each of the Transaction Entities and the Trustee, will constitute a valid and binding agreement of each of the Transaction Entities,
enforceable against the Transaction Entities in accordance with its terms, subject to the applicable bankruptcy, insolvency,
reorganization, moratorium and similar laws affecting creditors&#8217; rights generally and general principles of equity. The
Indenture when filed complied in all material respects with the Trust Indenture Act and was duly qualified as an indenture under the
Trust Indenture Act. The Indenture conforms in all material respects to the description thereof contained in the General Disclosure
Package and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(9)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Authorization of the Notes</U><I>.</I> The Notes have been duly authorized by the Operating Partnership and, when executed and
authenticated by the Trustee in accordance with the provisions of the Indenture and delivered to and paid for by the Underwriters in accordance
with the terms of this Agreement, will constitute valid and legally binding obligations of the Operating Partnership enforceable in accordance
with their terms and entitled to the benefits of the Indenture, subject to the applicable bankruptcy, insolvency, reorganization, moratorium
and similar laws affecting creditors&#8217; rights generally and general principles of equity. The form of note representing the Notes
complies with all applicable legal requirements and the requirements of the Operating Partnership&#8217;s certificate of limited partnership
and its limited partnership agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(10)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Authorization of the Guarantees</U>. The Guarantees have been duly authorized by the Company and, when executed and authenticated
by the Trustee in accordance with the provisions of the Indenture and delivered to and paid for by the Underwriters in accordance with
the terms of this Agreement, will constitute valid and legally binding obligations of the Company enforceable in accordance with their
terms, subject to the applicable bankruptcy, insolvency, reorganization, moratorium and similar laws affecting creditors&#8217; rights
generally and general principles of equity.</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">(11)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Sales</U>. The Transaction Entities have not sold or issued any securities of the same class as the Notes during the&nbsp;six-month&nbsp;period
preceding the date of the Prospectus, including any sales pursuant to Rule 144A under, or Regulations D or S of, the 1933 Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(12)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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.</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">(13)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><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) 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 &#8220;<U>Material Adverse Change</U>&#8221;);
(ii) 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) 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.</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">(14)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(15)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><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 (&#8220;<U>GAAP</U>&#8221;) 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 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&#8217;s rules 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&#8217;s rules
and guidelines applicable thereto.</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">(16)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Incorporation and Good Standing of the Company and its Subsidiaries</U><I>. </I> (i) 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) 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
 &#8220;<U>Material Adverse Effect</U>&#8221;). 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, the Guarantees
and the Indenture to which it is a party and to consummate the transactions contemplated thereby 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 B</U> attached hereto.</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">(17)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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, the Notes and the Indenture to which it is a party 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.</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">(18)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><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 &#8220;Capitalization&#8221; (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
 &#8220;<U>Units</U>&#8221;) described in the General Disclosure Package and the Prospectus, as the case may be). 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&#8217;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 or regulations, including without limitation, the rules 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) no Units
are reserved for any purpose, (ii) there are no outstanding securities convertible into or exchangeable for any Units, and (iii)
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(19)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Non-Contravention of Existing Instruments</U><I>. </I> Neither of the Transaction Entities nor any of their subsidiaries is
(i) in violation or in default (or, with the giving of notice or lapse of time, would be in default) (&#8220;<U>Default</U>&#8221;) 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) 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 &#8220;<U>Existing Instrument</U>&#8221;) or (iii) 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 (ii) and (iii), for such Defaults or violations
as would not, individually or in the aggregate, have a Material Adverse Effect.</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">(20)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(21)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>No
Further Authorizations or Approvals Required</U>. The execution, delivery and performance of this Agreement, the Securities, the
Indenture 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) 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) 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) 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
Indenture, the Securities, the Transaction Agreements, as applicable, and the consummation of the transactions contemplated hereby
and thereby, except for (x) 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, (y) the qualification of the Indenture under the Trust Indenture Act, or the rules and
regulations thereunder, and such consents, approvals, authorizations, registrations or qualifications as may be required under the
Trust Indenture Act, or the rules and regulations thereunder, or (z) or as may be obtained under the 1933 Act, applicable state
securities or blue sky laws and from the Financial Industry Regulatory Authority, Inc. (&#8220;<U>FINRA</U>&#8221;), and, in the
case of the Indenture and the Securities, such approvals, consents, authorizations, orders, registrations and filings as have been
or will be obtained prior to the Closing Date, 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 &#8220;<U>Debt Repayment Triggering Event</U>&#8221; 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&#8217;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.</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">(22)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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&#8217;
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&#8217;
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&#8217; 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
 &#8220;Summary&#8212;Overview&#8212;The Storage West Portfolio Acquisition&#8221; and &#8220;The Storage West Portfolio Acquisition&#8221;
in the General Disclosure Package and the Prospectus constitutes a complete and accurate summary of the material terms thereof.</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">(23)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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&#8217;s knowledge, threatened against or affecting
the Transaction Entities or any of their subsidiaries, (i) 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) relating to environmental or discrimination matters,
where in either such case, (A) 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) 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, the Securities
or the Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(24)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><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) there is a reasonable possibility that such action, suit or proceeding might be determined adversely to LAACO, any of its
subsidiaries or any of the Acquisition Properties and (B) 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.</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">(25)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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&#8217; principal suppliers, contractors or
customers, that could reasonably be expected to have a Material Adverse Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(26)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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 &#8220;<U>Intellectual Property</U>&#8221;) necessary for the
conduct of the Transaction Entities&#8217; and, to the knowledge of the Transaction Entities, LAACO&#8217;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) 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) pending or, to the knowledge of the Transaction
Entities, threatened action, suit, proceeding or claim by others challenging the Transaction Entities&#8217; or their subsidiaries&#8217;
or, to the knowledge of the Transaction Entities, LAACO&#8217;s or its subsidiaries&#8217; 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) 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) pending or, to the knowledge of the Transaction Entities, threatened action, suit, proceeding or claim by others that either of
the Transaction Entities&#8217; or LAACO&#8217;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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(27)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>All
Necessary Permits, 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.</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">(28)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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 &#8220;<U>Existing Properties</U>&#8221; and,
together with the Acquisition Properties, the &#8220;<U>Properties</U>&#8221;), in each case free and clear of any security interests,
mortgages, liens, encumbrances, equities, claims and other defects, except (i) as otherwise disclosed in the Registration Statement, the
General Disclosure Package and the Prospectus or the Transaction Agreements or (ii) 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.</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">(29)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><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) any taxes, assessments, fines or penalties as may be being
contested in good faith and by appropriate proceedings and (ii) 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.</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">(30)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(31)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(32)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Company Not an &#8220;Investment Company</U><I>.</I>&#8221; 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 &#8220;Use of Proceeds&#8221; 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 &#8220;investment company&#8221; within the meaning of the 1940 Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(33)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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 Section 13 or Section 15(d) of the 1934 Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(34)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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) to renew its existing insurance coverage as
and when such policies expire or (ii) 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&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">(35)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><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&#8217;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&#8217;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(36)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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 Securities
to facilitate the sale or resale of the Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(37)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(38)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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&#8217; most recent audited fiscal year
for the Transaction Entities, there has been (i) no material weakness in the Transaction Entities&#8217; internal control over financial
reporting (whether or not remediated) and (ii) no change in the Transaction Entities&#8217; internal control over financial reporting
that has materially affected, or is reasonably likely to materially affect, the Transaction Entities&#8217; internal control over financial
reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&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="text-underline-style: double">(39)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Disclosure Controls</U><FONT STYLE="text-underline-style: double">. Each of the Transaction Entities maintains
an effective system of &#8220;disclosure controls and procedures&#8221; (as defined in Rule 13a-15(e) 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&#8217;s rules and forms, including controls and procedures designed to ensure that such information
is accumulated and communicated to such Transaction Entity&#8217;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 13a-15(b) under the 1934 Act.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(40)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Internal
Controls and Procedures</U><I>.</I> Each Transaction Entity maintains (i) effective internal control over financial reporting as
defined in Rule 13a-15(f) under the 1934 Act, and (ii) a system of internal accounting controls sufficient to provide reasonable
assurance that (A)&nbsp;transactions are executed in accordance with management&#8217;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&#8217;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) 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&#8217;s rules and guidelines
applicable thereto.</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="text-underline-style: double">(41)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Stock Options</U><FONT STYLE="text-underline-style: double">. With respect to the stock options (the &#8220;<U>Stock
Options</U>&#8221;) granted pursuant to the stock-based compensation plans of the Company (the &#8220;<U>Company Stock Plans</U>&#8221;),
(i) each Stock Option designated by the Company at the time of grant as an &#8220;incentive stock option&#8221; under Section 422 of the
Code, so qualifies, (ii) 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 &#8220;<U>Grant Date</U>&#8221;) 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) 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 or requirements, including the rules of the NYSE, (iv) 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 </FONT>and no action has been
taken by the Company that would be considered a &#8220;repricing&#8221; of such an award under the applicable listing standards of the
national securities exchange on which the Company&#8217;s common stock is listed (if any) <FONT STYLE="text-underline-style: double">and
(v) 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&#8217;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>

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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">(42)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><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 &#8220;foreign official&#8221; (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.</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">(43)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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 and regulations thereunder and any related or similar rules, regulations or guidelines
issued, administered or enforced by any governmental agency (collectively, the &#8220;<U>Money Laundering Laws</U>&#8221;) 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.</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">(44)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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 (&#8220;<U>Person</U>&#8221;) 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 (&#8220;<U>OFAC</U>&#8221;),
the United Nations Security Council, the European Union, Her Majesty&#8217;s Treasury, or other relevant sanctions authority (collectively,
 &#8220;<U>Sanctions</U>&#8221;); 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></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">(45)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Compliance
with Laws</U>. (i) Neither of the Transaction Entities nor any of their subsidiaries knows of any violation of any municipal, state
or federal law, rule or regulation (including those pertaining to environmental matters) concerning any Properties or any part
thereof which could have a Combined Material Adverse Effect; (ii) 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) 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) 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) 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) 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) 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.</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">(46)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Compliance
with Environmental Laws</U><I>.</I> Except as otherwise disclosed in the Registration Statement, the General Disclosure Package and
the Prospectus, (i) 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, &#8220;<U>Materials of Environmental Concern</U>&#8221;), or otherwise relating to
the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Materials of Environmental
Concern (collectively, &#8220;<U>Environmental Laws</U>&#8221;), 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) 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&#8217; 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, &#8220;<U>Environmental
Claims</U>&#8221;), 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) 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) 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.</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">(47)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(48)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><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
(&#8220;<U>ERISA</U>&#8221;); no &#8220;reportable event&#8221; (as defined in ERISA) has occurred with respect to any
 &#8220;pension plan&#8221; (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 414 of the Code, has incurred or reasonably expects to incur liability under (i) Title IV of ERISA,
including with respect to termination of, or withdrawal from, any &#8220;pension plan&#8221; or (ii) Section 412 or 4971 of the
Code, including the regulations and published interpretations thereunder; and each &#8220;pension plan&#8221; for which either of
the Transaction Entities or their subsidiaries would have any liability that is intended to be qualified under Section 401(a) 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.</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">(49)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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&#8217;s fee or other fee or
commission as a result of any transactions contemplated by this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(50)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(51)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Sarbanes-Oxley Compliance</U>. There is and has been no failure on the part of the Transaction Entities and any of the Company&#8217;s
trustees or the Transaction Entities&#8217; 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 and regulations promulgated in connection therewith (the &#8220;<U>Sarbanes-Oxley Act</U>&#8221;),
including Section 402 related to loans and Sections 302 and 906 related to certifications.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(52)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Subsidiaries</U><I>.
</I>The Operating Partnership, CubeSmart Management, LLC and CubeSmart TRS, Inc. are the only &#8220;significant subsidiaries&#8221;
of the Company (as such term is defined in Rule 1-02(w) of Regulation S-X under the 1933 Act).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(53)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(54)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(55)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>NYSE
Compliance</U>. The Company is in compliance with the rules 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&#8217;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.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(56)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(57)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Cyber Security</U>. Except as disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, (x)(i)
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&#8217; or any of their subsidiaries&#8217; or LAACO&#8217;s
or and of its subsidiaries&#8217; respective customers, employees, suppliers, vendors that they maintain or that, to their knowledge,
any third party maintains on their behalf (collectively, &#8220;<U>IT Systems and Data</U>&#8221;) that had, or would reasonably be expected
to have had, individually or in the aggregate, a Combined Material Adverse Effect, and (ii) 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) 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 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) 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(58)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Forward-Looking Statements</U>. Each financial or operational projection or other &#8220;forward-looking statement&#8221; (as
defined by Section 27A of the 1933 Act or Section 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 2. <U>Sale and Delivery
to Underwriters; Closing</U>.</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; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>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 Operating Partnership agrees to issue and sell to the Underwriters and each Underwriter agrees, severally
and not jointly, to purchase, (i) at a price of 98.89% of the principal amount, plus accrued interest, if any, from the Closing Date,
the principal amount of 2028 Notes set forth opposite the name of such Underwriter in <U>Exhibit A</U> hereto and (ii) at a price of 98.569%
of the principal amount, plus accrued interest, if any, from the Closing Date, the principal amount of 2032 Notes set forth opposite the
name of such Underwriter in <U>Exhibit A</U> hereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Payment and Delivery</U>. Payment for the Notes to be sold hereunder is to be made in Federal (same day) funds against delivery
to the Underwriters of the Notes for their accounts. Such payment and delivery are to be made through the facilities of DTC, New York,
New York at 10:00 a.m., New York time, on the seventh business day after the date of this Agreement or at such other time and date not
later than nine business days thereafter as the Representatives and the Operating Partnership shall agree upon, such time and date being
herein referred to as the &#8220;<U>Closing Date</U>.&#8221; Delivery of certificates for the Notes in global form to be purchased by
the Underwriters and payment therefor shall be made at the offices of Vinson &amp; Elkins L.L.P., 2200 Pennsylvania Avenue NW, Suite 500
West, Washington, DC 20037 (or such other place as may be agreed to by the Operating Partnership and the Representatives).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Public Offering</U>. The Representatives hereby advise the Operating Partnership that the Underwriters intend to offer for sale
to the public, as described in the General Disclosure Package and the Prospectus, their respective portions of the Notes as soon as the
Representatives, in their sole judgment, have determined is advisable and practicable. The Operating Partnership is further advised by
the Representatives that (i) the 2028 Notes are to be offered to the public initially at a purchase price of 99.515% of the principal
amount thereof plus accrued interest, if any, from the Closing Date and to certain dealers selected by the Representatives at a price
that represents a concession not in excess of 0.375% of the principal amount thereof and (ii) the 2032 Notes are to be offered to the
public initially at a purchase price of 99.219 % of the principal amount thereof plus accrued interest, if any, from the Closing Date
and to certain dealers selected by the Representatives at a price that represents a concession not in excess of 0.40% of the principal
amount thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Certificates</U>. Global certificates for the Notes shall be in such denominations (minimum denominations of $2,000 and integral
multiples of $1,000 thereafter) and registered in such names as the Representatives may request in writing at least one full business
day before the Closing Date. The Notes will be made available for examination and packaging by the Representatives in The City of New
York not later than 10:00 a.m. New York time, on the business day prior to the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Representatives&#8217;
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 172 (the &#8220;<U>Prospectus Delivery Period</U>&#8221;), 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>1933 Act Compliance</U>. After the date of this Agreement, the Transaction Entities shall promptly advise the Representatives
in writing (i) when the Registration Statement, if not effective at the time of execution of this Agreement, shall have become effective,
(ii) of the receipt of any comments of, or requests for additional or supplemental information from, the Commission, (iii) 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) of the time and date that any post-effective amendment to the Registration Statement becomes effective
and (v) 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. 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 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 424(b) 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 424(b) were received
in a timely manner by the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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 Section 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in"></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: 0.75in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><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) notify the Representatives of any such event or condition
and (ii) promptly prepare (subject to Sections 3(a) and 3(q) 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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) to the Transaction Entities in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></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: 0.75in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Use of Proceeds</U>. The Operating Partnership shall apply the net proceeds from the sale of the Securities sold by it in the
manner described under the caption &#8220;Use of Proceeds&#8221; in the General Disclosure Package and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Transfer Agent</U>. The Trustee shall serve as transfer agent and registrar for the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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&nbsp;months after the date hereof, an earnings statement covering a period
of at least 12&nbsp;months beginning after the date hereof and otherwise satisfying Section&nbsp;11(a) of the 1933 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Restriction on Sale of Securities</U>. During the period commencing on the date hereof and ending on the Closing Date, 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, sell, offer, contract or grant any option to sell, pledge, transfer or establish an open &#8220;put
equivalent position&#8221; within the meaning of Rule 16a-1(h) under the 1934 Act, or otherwise dispose of or transfer, or announce the
offering of, or file any registration statement under the 1933 Act in respect of, any debt securities of the Operating Partnership similar
to any of the Securities or securities exchangeable for or convertible into debt securities similar to any of the Securities (other than
as contemplated by this Agreement with respect to the Securities).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compliance with Sarbanes-Oxley Act</U>. The Transaction Entities will comply in all material respects with all applicable securities
and other laws, rules and regulations, including, without limitation, the Sarbanes-Oxley Act, and use their best efforts to cause the
Company&#8217;s trustees and Transaction Entities&#8217; officers, in their capacities as such, to comply with such laws, rules and regulations,
including, without limitation, the provisions of the Sarbanes-Oxley Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><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&#8217; 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&#8217; securityholders in satisfaction of their
obligations under this paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">(n)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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 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&#8217;
obligations under this paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">(o)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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&#8217;s board of trustees that it is no longer in the Company&#8217;s
best interests to qualify as a REIT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">(p)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">(q)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">(r)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Pricing Term Sheet</U>. The Transaction Entities will prepare a pricing term sheet (the &#8220;<U>Pricing Term Sheet</U>&#8221;)
reflecting the final terms of the Securities and in form and substance satisfactory to the Representatives, and shall file such Pricing
Term Sheet as an &#8220;issuer free writing prospectus&#8221; pursuant to Rule 433 prior to the close of business on the business day
following the date hereof, provided that the Transaction Entities shall furnish the Representatives with copies of any such Pricing Term
Sheet a reasonable amount of time prior to such proposed filing and will not use or file any such document to which the Representatives
or counsel to the Underwriters shall object.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 4. <U>Payment of Expenses</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Expenses</U><I>. </I>
The Company will pay all expenses incident to the performance of the Transaction Entities&#8217; 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, the Securities, the Indenture 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) 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) the qualification of the Indenture under
the Trust Indenture Act or the rules and regulations promulgated thereunder, (vii)&nbsp;the preparation, printing and delivery to
the Underwriters of copies of each preliminary prospectus, any Permitted Free Writing Prospectus (as defined in Section 17 below)
and the Prospectus and any amendments or supplements thereto and any costs associated with electronic delivery of any of the
foregoing, (viii)&nbsp;the preparation, printing and delivery to the Underwriters of copies of any blue sky surveys and any Canadian
 &#8220;wrapper&#8221; and any supplements thereto and any costs associated with electronic delivery of any of the foregoing,
(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 clearance, settlement and book-entry transfer through DTC, (xi) any fees charged by securities rating agencies
for rating the Securities, (xii) the fees and expenses of the Trustee and any agent of the Trustee and any transfer or paying agent
of the Operating Partnership and the Company and the fees and disbursements of counsel to the Trustee or such agent in connection
with any Indenture and the Securities and (xiii)&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&#8217; counsel.</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; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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) or Section&nbsp;9(a)(v)&nbsp;hereof, the Company shall reimburse the Underwriters for all of their
reasonable out&#45;of&#45;pocket expenses, including the reasonable fees and disbursements of one firm or counsel for the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 5. <U>Conditions
of Underwriters&#8217; 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:</P>


<!-- Field: Split-Segment; Name: 003 -->
<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 0pt 0.5in; text-align: justify; text-indent: 0.75in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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) (without reliance on Rule 424(b)(8)).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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 &#8220;nationally recognized statistical rating organization&#8221; (as defined by the Commission for purposes of Section
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 &#8220;watch list&#8221;
(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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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 (&#8220;<U>Transaction Entities&#8217;
Counsel</U>&#8221;), 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;C</U> and <U>Exhibit D</U> hereto and to such
further effect as the Representatives or counsel to the Underwriters may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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 &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 &amp; Elkins
L.L.P. may rely as to all matters of Maryland law on the opinion of Transaction Entities&#8217; Counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in"></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: 0.75in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <U>Officers&#8217; 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Accountant&#8217;s Comfort Letter</U><I>. </I>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&#8217; &#8220;comfort letters&#8221; 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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) of this Section 5, except that the specified date referred to shall be a
date not more than three business days prior to the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Chief Financial Officer&#8217;s Certificate</U><I>. </I> 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Bring-down
Chief Financial Officer&#8217;s Certificate</U><I>. </I> 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></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: 0.75in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Indenture and Securities</U>. On the Closing Date, the Transaction Entities and the Trustee shall have executed and delivered
the Ninth Supplemental Indenture (in the form and substance satisfactory to the Representatives), the Indenture shall be in full force
and effect and the Notes shall have been duly executed and delivered by the Operating Partnership and shall have been duly authenticated
by the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Guarantees</U>. On the Closing Date, the Company shall have executed and delivered the Guarantees (in the form and substance
satisfactory to the Representatives), and the Guarantees shall be in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Additional Documents</U><I>. </I> At the 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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 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 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 6. <U>Indemnification</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Indemnification by the Transaction Entities</U><I>. </I> 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 Section&nbsp;15 of the 1933 Act or Section&nbsp;20 of the 1934 Act as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.75in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>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 &#8220;issuer
information&#8221; (as defined in Rule&nbsp;433) filed or required to be filed pursuant to Rule&nbsp;433(d), or any &#8220;road
show&#8221; (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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.75in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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) below) any such settlement is effected with the written consent of the Transaction Entities; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.75in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.75in">&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
6(b)).</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 0pt 0.5in; text-align: justify; text-indent: 0.75in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Indemnification
by the Underwriters</U>. Each Underwriter agrees, severally and not jointly, to indemnify and hold harmless the Transaction
Entities, the Company&#8217;s directors and/or trustees, each of the Transaction Entities&#8217; officers who signed the
Registration Statement and each person, if any, who controls either of the Transaction Entities within the meaning of
Section&nbsp;15 of the 1933 Act or 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) 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 &#8220;issuer information&#8221; (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 &#8220;issuer information&#8221; (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 &#8220;Underwriting&#8221; in the Pre&#45;Pricing Prospectus and the Prospectus: (i) the information in
the charts in the first paragraph, (ii) the first paragraph under the subcaption &#8220;Discounts&#8221; and (iii) the first and
second paragraphs under the subcaption &#8220;Price Stabilization and Short Positions&#8221; (the &#8220;<U>Underwriter
Content</U>&#8221;).</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>

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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 0pt 0.5in; text-align: justify; text-indent: 0.75in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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 6, such party or parties (the &#8220;<U>indemnified party</U>&#8221; or the &#8220;<U>indemnified parties</U>&#8221;)
shall give notice as promptly as reasonably practicable to the party or parties against whom such indemnity may be sought (the &#8220;<U>indemnifying
party</U>&#8221; or the &#8220;<U>indemnifying parties</U>&#8221;) 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) above shall be selected by
the Representatives; and counsel to the Transaction Entities, the Company&#8217;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 Section&nbsp;15
of the 1933 Act or 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) 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&#8217;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 Section&nbsp;15 of the 1933 Act
or 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><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) 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.</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>

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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: justify; text-indent: 0.5in">SECTION 7. <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&nbsp;(i)
is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause&nbsp;(i)
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&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; text-align: justify; text-indent: 0.5in">&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&#8217;
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; text-align: justify; text-indent: 0.5in">&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; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<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; text-align: justify; text-indent: 0.5in">&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) 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; text-align: justify; text-indent: 0.5in">&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 Section&nbsp;15 of the 1933 Act or 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 Section&nbsp;15 of the 1933
Act or Section&nbsp;20 of the 1934 Act shall have the same rights to contribution as the Transaction Entities. The Underwriters&#8217;
respective obligations to contribute pursuant to this Section&nbsp;7 are several in proportion to the aggregate principal amount of 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; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 8. <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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 9. <U>Termination
of Agreement</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Termination;
General</U><I>. </I> The Representatives may terminate this Agreement, by notice to the Transaction Entities, at any time on or
prior to the 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 &#8220;nationally recognized statistical rating organization&#8221; (as defined by the Commission for purposes of
Section 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 &#8220;watch list&#8221; (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.</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>

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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 0pt 0.5in; text-align: justify; text-indent: 0.75in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 10. <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 &#8220;<U>Defaulted Securities</U>&#8221;), the Representatives shall have
the right, within 24&nbsp;hours thereafter, to make arrangements for one or more of the non&#45;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&#45;hour period, then:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.75in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if the number of Defaulted Securities does not exceed 10% of the number of Securities to be purchased on such date, each of the
non&#45;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&#45;defaulting
Underwriters; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.75in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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&#45;defaulting Underwriter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.75in">&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; text-align: justify; text-indent: 0.5in">&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 &#8220;Underwriter&#8221; 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; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 11. <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, 5<SUP>th</SUP> Floor, Charlotte, North Carolina, 28202, Attention:
Transaction Management, email: <U>tmgcapitalmarkets@wellsfargo.com</U>; 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).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 12. <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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 13. <U>Recognition
of the U.S. Special Resolution Regimes</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>For
purposes of this Section&nbsp;13, a &#8220;<U>BHC Act Affiliate</U>&#8221; has the meaning assigned to the term
 &#8220;affiliate&#8221; in, and shall be interpreted in accordance with, 12 U.S.C. &sect; 1841(k). &#8220;<U>Covered
Entity</U>&#8221; means any of the following: (i)&nbsp;a &#8220;covered entity&#8221; as that term is defined in, and interpreted in
accordance with, 12 C.F.R. &sect;&nbsp;252.82(b); (ii)&nbsp;a &#8220;covered bank&#8221; as that term is defined in, and interpreted
in accordance with, 12 C.F.R. &sect;&nbsp;47.3(b); or (iii)&nbsp;a &#8220;covered FSI&#8221; as that term is defined in, and
interpreted in accordance with, 12 C.F.R. &sect;&nbsp;382.2(b). &#8220;<U>Default Right</U>&#8221; 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. &#8220;<U>U.S.
Special Resolution Regime</U>&#8221; 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.</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; text-indent: 0.5in">SECTION 14. <U>GOVERNING LAW
AND TIME</U>. 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.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<U>Applicable Time</U>&#8221;
means 3:00 PM (New York City time) on November 18, 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; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<U>capital shares</U>&#8221;
means the capital shares of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<U>Combined Material
Adverse Effect</U>&#8221; 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; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<U>Commission</U>&#8221;
means the Securities and Exchange Commission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<U>Common Shares</U>&#8221;
means the Company&#8217;s common shares of beneficial interest, par value $0.01 per share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<U>DTC</U>&#8221; means
The Depository Trust Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<U>EDGAR</U>&#8221;
means the Commission&#8217;s Electronic Data Gathering, Analysis and Retrieval System.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<U>ERISA</U>&#8221;
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; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<U>FCPA</U>&#8221;
means the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<U>Issuer Free Writing
Prospectus</U>&#8221; means any &#8220;issuer free writing prospectus,&#8221; 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 &#8220;road show for an offering that is a written
communication&#8221; 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) 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&#8217;s records pursuant to Rule&nbsp;433(g).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<U>Issuer General Use
Free Writing Prospectus</U>&#8221; 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;E</U> hereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<U>Issuer Limited Use
Free Writing Prospectus</U>&#8221; 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; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<U>NYSE</U>&#8221;
means the New York Stock Exchange.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<U>Preferred Shares</U>&#8221;
the Company&#8217;s preferred shares of beneficial interest, par value $0.01 per share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<U>preliminary prospectus</U>&#8221;
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 &#8220;Subject to Completion,&#8221; 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 &#8220;preliminary prospectus&#8221; includes, without limitation, the Pre-Pricing Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<U>Registration Statement</U>&#8221;
means the Company&#8217;s registration statement on Form&nbsp;S&#8211;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&#8211;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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<U>Rule&nbsp;163</U>,&#8221;
 &#8220;<U>Rule&nbsp;164</U>,&#8221; &#8220;<U>Rule&nbsp;172</U>,&#8221; &#8220;<U>Rule&nbsp;173</U>,&#8221; &#8220;<U>Rule&nbsp;401</U>,&#8221;
 &#8220;<U>Rule&nbsp;405</U>,&#8221; &#8220;<U>Rule&nbsp;424(b)</U>,&#8221; &#8220;<U>Rule&nbsp;430B</U>&#8221; and &#8220;<U>Rule&nbsp;433</U>&#8221;
refer to such rules under the 1933 Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<U>Rule&nbsp;430B Information</U>&#8221;
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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<U>Sarbanes-Oxley Act</U>&#8221;
means the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated thereunder or implementing the provisions thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<U>Trust Indenture
Act</U>&#8221; means the Trust Indenture Act of 1939, as amended, and the rules and regulations of the Commission promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<U>1933 Act</U>&#8221;
means the Securities Act of 1933, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<U>1933 Act Regulations</U>&#8221;
means the rules and regulations of the Commission under the 1933 Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<U>1934 Act</U>&#8221;
means the Securities Exchange Act of 1934, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<U>1934 Act Regulations</U>&#8221;
means the rules and regulations of the Commission under the 1934 Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<U>1940 Act</U>&#8221;
means the Investment Company Act of 1940, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All references in this Agreement
to financial statements and schedules and other information which is &#8220;contained,&#8221; &#8220;included&#8221; or &#8220;stated&#8221;
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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 17. <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
 &#8220;issuer free writing prospectus&#8221; (as defined in Rule&nbsp;433) or that otherwise constitutes or would constitute a
 &#8220;free writing prospectus&#8221; (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;E</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 &#8220;<U>Permitted Free Writing Prospectus</U>.&#8221; The Transaction Entities jointly and
severally represent, warrant and agree that they have treated and will treat each Permitted Free Writing Prospectus as an
 &#8220;issuer free writing prospectus,&#8221; 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.</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>

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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: justify; text-indent: 0.5in">SECTION 18. <U>Absence of
Fiduciary Relationship</U>. Each of the Transaction Entities, severally and not jointly, acknowledges and agrees that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 19. <U>Research Analyst
Independence</U>. Each of the Transaction Entities acknowledges that the Underwriters&#8217; 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&#8217; 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&#8217; 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 20. <U>Consent to
Jurisdiction</U>. Each party hereto hereby submits to the non-exclusive 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.</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; text-indent: 0.5in">SECTION 21. <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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 22. <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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 23. <U>Trial by Jury</U>.
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.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<FONT STYLE="font-weight: normal"><I>Signature
Page Follows.</I></FONT>]</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Very truly yours,</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">CUBESMART</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 52%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%">/s/ Timothy M. Martin</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name: Timothy M. Martin</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title: Chief Financial Officer and Treasurer</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">CUBESMART, L.P.</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">CUBESMART</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">its sole general partner</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 42%">/s/ Timothy M. Martin</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name: Timothy M. Martin</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title: Chief Financial Officer and Treasurer</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 300pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">[<I>Signature Page to Underwriting
Agreement</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 300pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 300pt"></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 0pt 300pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">CONFIRMED AND ACCEPTED, as of the date first above written:</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">WELLS FARGO SECURITIES, LLC</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%">/s/ Carolyn Hurley</TD>
    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Carolyn Hurley</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> Managing Director</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">PNC CAPITAL MARKETS LLC</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> /s/ Valerie Shadeck</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Valerie Shadeck</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Managing Director</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">U.S. BANCORP INVESTMENTS, INC.</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Vanessa L. Clark</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Vanessa L. Clark</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> Vice President</TD>
    <TD STYLE="font-size: 10pt">&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">For themselves and as Representatives of the Underwriters named in
<U>Exhibit&nbsp;A</U> hereto.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</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="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-size: 10pt; font-weight: bold">Name of Underwriters</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Principal<BR>
 Amount of <BR>
the 2028<BR>
 Notes to be<BR>
 Purchased</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Principal<BR>
 Amount of <BR>
the 2032<BR>
 Notes to be<BR>
 Purchased</TD><TD STYLE="white-space: nowrap; 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: 74%; font-size: 10pt; text-align: left">Wells Fargo Securities, LLC</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">143,000,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">130,000,000</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">PNC Capital Markets LLC</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">137,500,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">125,000,000</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">U.S. Bancorp Investments, Inc.</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">137,500,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">125,000,000</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">Barclays Capital Inc.</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">27,500,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">25,000,000</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">BofA Securities, Inc.</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">27,500,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">25,000,000</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">Regions Securities LLC</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">27,500,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">25,000,000</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">BMO Capital Markets Corp.</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">16,500,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">15,000,000</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">Stifel, Nicolaus &amp; Company, Incorporated</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">16,500,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">15,000,000</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; padding-bottom: 1pt">Truist Securities, Inc.</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">16,500,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">15,000,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">Total</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">550,000,000</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">500,000,000</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&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; background-color: #D9D9D9">
    <TD STYLE="border: Black 1pt solid; white-space: nowrap; width: 100%; text-align: center"><B>Entity Name</B></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">1 Ellis St, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">101 OLD WINDSOR ROAD, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">1038 W 35TH ST., LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">10400 Riverside Drive, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">1053 CROMWELL AVENUE, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">12250 El Dorado Parkway, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">12902 South 301 Highway, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">1518 S Washington Ave, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">1575 NORTH BLAIRS BRIDGE ROAD, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">1830 E ROOSEVELT RD., LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">186 JAMAICA AVE, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">191 CUBE SOUTHEAST FL, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">191 CUBE SOUTHEAST GA, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">191 CUBE SOUTHEAST SC, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">191 III CUBE 2 LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">191 III CUBE BORDEAUX SUB, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">191 III CUBE CHATTANOOGA SUB, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">191 III CUBE GA SUB&nbsp;&nbsp;LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">191 III CUBE GOODLETTSVILLE I SUB, G.P.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">191 III CUBE GOODLETTSVILLE II SUB, G.P.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">191 III CUBE GRANDVILLE SUB, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">191 III CUBE KNOXVILLE I SUB, G.P.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">191 III CUBE KNOXVILLE II SUB, G.P.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">191 III CUBE KNOXVILLE III SUB, G.P.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">191 III Cube LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">191 III CUBE MA SUB LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">191 III CUBE MURFREESBORO SUB, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">191 III CUBE NC SUB LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">191 III CUBE NEW BEDFORD SUB, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">191 III CUBE OLD HICKORY SUB, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">191 III CUBE SC SUB LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">191 III CUBE SUB HOLDINGS 1 LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">191 III CUBE SUB HOLDINGS 2 LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">191 III CUBE SUB HOLDINGS 3 LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">191 III CUBE SUB HOLDINGS 4 LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">191 III CUBE SUB HOLDINGS 5 LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">191 III CUBE SUB HOLDINGS 6 LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">191 III CUBE SUB HOLDINGS 7 LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">191 III CUBE SUB HOLDINGS 8 LLC</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>

<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="padding-left: 5.4pt; border: Black 1pt solid; white-space: nowrap; width: 100%">191 III CUBE TN SUB LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">191 III CUBE TRINITY SUB, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">191 IV 225 LORDSHIP BLVD,&nbsp;&nbsp;LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">191 IV 9199 RED BRANCH ROAD,&nbsp;&nbsp;LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">191 IV CUBE LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">191 IV CUBE SOUTHEAST LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">191 V 1500 NORTHPARK DRIVE, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">191 V CUBE&nbsp;&nbsp;LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">2225 46TH ST, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">2301 TILLOTSON AVE, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">251 JAMAICA AVE, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">2701 S. CONGRESS AVENUE, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">2880 Exterior St, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">2880 EXTERIOR STREET TRS, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">295 E. Ocotillo Road, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">300 E IL ROUTE 22,&nbsp;&nbsp;LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">3068 CROPSEY AVENUE, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">3103 N. Decatur Road, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">33-24 Woodside Avenue, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">3437 Astoria LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">3526 OAKTON ST., LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">38-01 47TH Avenue, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">38300 North Gantzel Road, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">41-06 Delong Street - Retail, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">41-06 Delong Street, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">4211 BELLAIRE BLVD., LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">430 1ST AVENUE SOUTH, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">4370 Fountain Hills Drive NE, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">444 55TH STREET HOLDINGS, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">444 55TH STREET VENTURE, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">444 55TH STREET, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">4441 Alma Road, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">5 Old Lancaster Associates, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">500 MILDRED AVENUE PRIMOS, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">5505 Maple Ave, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">5700 WASHINGTON AVENUE, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">5715 BURNET ROAD, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">610 SAWDUST ROAD, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">619 Somerset St, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">7205 Vanderbilt Way, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">7605-7645 QUINCY AVE, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">8 Breiderhoft Rd, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">8552 BAYMEADOWS ROAD, LLC</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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    <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">&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="padding-left: 5.4pt; border: Black 1pt solid; white-space: nowrap; width: 100%">9641 Annapolis Road, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">Astoria Investors, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">CONSHOHOCKEN GP II, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">CS 1031 Acquisition, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">CS 1158 MCDONALD AVE, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">CS 160 EAST 22ND ST, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">CS 2087 HEMPSTEAD TPK, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">CS 750 W MERRICK RD, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">CS ANNAPOLIS HOLDINGS, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">CS ANNAPOLIS, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">CS CAPITAL INVESTORS, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">CS FLORIDA AVENUE, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">CS LOCK UP ANOKA TRS, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">CS LOCK UP ANOKA, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">CS SDP EVERETT BORROWER, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">CS SDP Everett, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">CS SDP Newtonville, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">CS SDP WALTHAM BORROWER, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">CS SDP WALTHAM, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">CS SHIRLINGTON, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">CS SNL NEW YORK AVE, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">CS SNL OPERATING COMPANY, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">CS VALLEY FORGE VILLAGE STORAGE TRS, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">CS VALLEY FORGE VILLAGE STORAGE,&nbsp;&nbsp;LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">CS VENTURE I, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">CS Vienna, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">CUBE HHF Limited Partnership</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">CUBE HHF NORTHEAST CT, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">CUBE HHF NORTHEAST MA, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">CUBE HHF NORTHEAST RI, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">CUBE HHF NORTHEAST SUB HOLDINGS LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">CUBE HHF NORTHEAST TRS, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">CUBE HHF NORTHEAST VENTURE LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">CUBE HHF NORTHEAST VT, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">CUBE HHF TRS, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">CUBE III TN ASSET MANAGEMENT, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">CUBE III TRS 2 LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">CUBE III TRS LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">CUBE IV SOUTHEAST TRS LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">CUBE IV TRS LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">CUBE V TRS LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">CUBE VENTURE GP, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">CubeSmart</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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    <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">&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="padding-left: 5.4pt; border: Black 1pt solid; white-space: nowrap; width: 100%">CUBESMART 338 3RD AVENUE, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">CUBESMART 39-25 21ST STREET, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">CubeSmart Asset Management, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">CUBESMART BARTOW, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">CUBESMART BOSTON ROAD, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">CUBESMART CLINTON, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">CUBESMART CYPRESS, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">CUBESMART EAST 135TH, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">CubeSmart Management, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">CUBESMART SOUTHERN BLVD, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">CUBESMART SWISS AVE, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">CUBESMART TEMPLE HILLS, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">CUBESMART TIMONIUM BORROWER, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">CubeSmart Timonium, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">CubeSmart TRS, Inc.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">CubeSmart, L.P.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">EAST COAST GP, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">EAST COAST STORAGE PARTNERS, L.P.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">FREEHOLD MT, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">LANGHORNE GP II, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">Lantana Property Owner's Association, Inc.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">MONTGOMERYVILLE GP II, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">Old Lancaster Venture, L.P.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">PSI Atlantic Austin TX, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">PSI Atlantic Brockton MA, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">PSI Atlantic Cornelius NC, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">PSI Atlantic Haverhill MA, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">PSI Atlantic Holbrook NY, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">PSI Atlantic Humble TX, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">PSI Atlantic Lawrence MA, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">PSI Atlantic Lithia Springs GA, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">PSI Atlantic Nashville TN, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">PSI Atlantic NPB FL, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">PSI Atlantic Pineville NC, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">PSI Atlantic Surprise AZ, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">PSI Atlantic Villa Rica GA, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">PSI Atlantic Villa Rica Parcel Owner, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">PSI Atlantic, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">R STREET STORAGE ASSOCIATES, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">SHIRLINGTON RD II, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">SHIRLINGTON RD TRS, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">SHIRLINGTON RD, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">SOMERSET MT, LLC</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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<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="padding-left: 5.4pt; border: Black 1pt solid; white-space: nowrap; width: 100%">STORAGE PARTNERS OF CONSHOHOCKEN, L.P.</TD></TR>
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    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">Storage Partners of Freehold II, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">Storage Partners of Langhorne II, LP</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">STORAGE PARTNERS OF MONTGOMERYVILLE, L.P.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">STORAGE PARTNERS OF SOMERSET, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">UNITED-HSRE I, L.P.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">U-Store-It Development LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">U-Store-It Trust Luxembourg S.ar.l.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">Valley Forge Storage Venture, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">Wider Reach, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">YSI HART TRS, INC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">YSI I LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">YSI II LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">YSI X GP LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">YSI X LP</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">YSI X LP LLC</TD></TR>
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    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">YSI XV LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">YSI XX GP LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">YSI XX LP</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">YSI XX LP LLC</TD></TR>
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    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">YSI XXX LLC</TD></TR>
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    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">YSI XXXI, LLC</TD></TR>
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    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">YSI XXXIII, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">YSI XXXIIIA, LLC</TD></TR>
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    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap">YSI XXXVII, LLC</TD></TR>
  </TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM OF TRANSACTION ENTITIES&#8217; COUNSEL
OPINION</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM OF TRANSACTION ENTITIES&#8217; COUNSEL
TAX OPINION</B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>ISSUER GENERAL USE FREE
WRITING PROSPECTUSES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Issuer Free Writing Prospectus, dated November 18, 2021, filed with
the Commission on November 18, 2021.</P>

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

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

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>tm2132894d7_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.1</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">CubeSmart Announces Pricing of $550 Million 2.25% Senior Unsecured
Notes Due 2028 and $500 Million 2.50% Senior Unsecured Notes Due 2032</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">Company Release - 11/18/2021</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">MALVERN, Pa., Nov. 18, 2021 (GLOBE NEWSWIRE) -- CubeSmart (NYSE: CUBE)
(the &#8220;Company&#8221; or &#8220;CubeSmart&#8221;), the third-largest owner and operator of self-storage properties in the United
States, today announced that its operating partnership, CubeSmart, L.P. (the &#8220;Operating Partnership&#8221;), priced an offering
of $550 million aggregate principal amount of 2.25% senior unsecured notes due 2028 (the &#8220;2028 Notes&#8221;) and $500 million aggregate
principal amount of 2.50% senior unsecured notes due 2032 (the &#8220;2032 Notes&#8221; and together with the 2028 Notes, the &#8220;Notes&#8221;)
in an underwritten public offering. The 2028 Notes were priced at 99.515% of the principal amount with a yield to maturity of 2.325%,
and the 2032 Notes were priced at 99.219% of the principal amount with a yield to maturity of 2.587%. The Notes will be fully and unconditionally
guaranteed by CubeSmart. The offering of the Notes is expected to close on November 30, 2021, subject to the satisfaction of customary
closing conditions.</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 Operating Partnership intends to use the net proceeds from the
offering of the Notes to fund a portion of the purchase price of its pending acquisition of LAACO, Ltd. (&#8220;LAACO&#8221;) and transaction-related
expenses. Through the acquisition, the Operating Partnership will acquire 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 joint ventures owned fifty percent by LAACO (the &#8220;Storage West Portfolio Acquisition&#8221;). If the Storage West Portfolio
Acquisition is not consummated for any reason, or if and to the extent the net proceeds from the offering exceed the amount necessary
to fund a portion of the purchase price for the Storage West Portfolio Acquisition, the Operating Partnership intends to use the net proceeds
from the offering of the Notes and any such excess amount of the net proceeds from the offering of Notes, for general business 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">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Wells Fargo Securities, PNC Capital Markets LLC and US Bancorp are
acting as joint book-running managers for the offering. Barclays, BofA Securities and Regions Securities LLC are acting as senior co-managers
for the offering. BMO Capital Markets, Stifel and Truist Securities are acting as co-managers for the offering.</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 offering of the Notes will be made under CubeSmart's existing
automatic shelf registration statement filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;) on March 4, 2020. The
offering of the Notes will be made only by means of a prospectus and a related prospectus supplement, when available. The prospectus supplement
related to this public offering and accompanying prospectus will be filed with the SEC. Copies of the prospectus and related prospectus
supplement for this offering may be obtained by contacting:</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">Wells Fargo Securities, LLC, Attention: WFS Customer Service, 608
2nd Avenue South, Suite 1000, Minneapolis, MN 55402, or by telephone at 1 (800) 645-3751, or by email at <U>wfscustomerservice@wellsfargo.com</U>;
PNC Capital Markets LLC, Attention: Investment Operations, 249 Fifth Avenue, Pittsburgh, Pennsylvania 15222, by or telephone at: 855-881-0697,
or by email at <U>pnccmprospectus@pnc.com</U>; and U.S. Bancorp Investments, Inc., Attention: High Grade Syndicate, 214 North Tryon Street,
26th Floor, Charlotte, NC 28202, or by telephone at: (877) 558-2607.</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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This press release shall not constitute an offer to sell or the 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 offer, solicitation
or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.</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"><B>About CubeSmart</B></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">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. According to the 2021 Self Storage Almanac, CubeSmart
is one of the top three owners and operators of self-storage properties in the United States.</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 Company&#8217;s mission is to simplify the organizational and logistical
challenges created by the many life events and business needs of its customers &#8211; 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.</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"><B>Forward-Looking Statements</B></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 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 &#8220;believes,&#8221;
 &#8220;expects,&#8221; &#8220;estimates,&#8221; &#8220;may,&#8221; &#8220;will,&#8221; &#8220;should,&#8221;
 &#8220;anticipates,&#8221; or &#8220;intends&#8221; 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.
For example, the fact that this offering has priced may imply that this offering will close, but the closing of the offering is
subject to conditions customary in transactions of this type and may be delayed or may not occur at all. No assurance can be given
that the offering discussed above will be consummated, or that the net proceeds of the offering will be used as indicated.
Consummation of the offering and 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.</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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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. 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:</P>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>delay in closing the Storage West Portfolio Acquisition or the possibility of non-consummation of the Storage West Portfolio Acquisition;</TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">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 &#8220;Merger Agreement&#8221;);</TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our inability to effectively integrate LAACO and its underlying assets into our portfolio;</TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the risk that we may not satisfy certain tests to maintain our qualification as a real estate investment trust (&#8220;REIT&#8221;)
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 &#8220;qualifying income&#8221; under
Section 7704 of the Internal Revenue Code of 1986, as amended;</TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the failure of the Storage West Portfolio Acquisition to perform after acquisition as we expect and to realize anticipated cost savings
and other synergies;</TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>adverse changes in the national and local economic, business, real estate and other market conditions;</TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the effect of competition from existing and new self-storage properties and operators on our ability to maintain or raise occupancy
and rental rates;</TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the failure to execute our business plan;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>reduced availability and increased costs of external sources of capital;</TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>increases in interest rates and operating costs;</TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>counterparty non-performance related to the use of derivative financial instruments;</TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>risks related to our ability to maintain our qualification as a REIT for federal income tax purposes;</TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the failure of acquisitions and developments to close on expected terms, or at all, or to perform as expected;</TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>increases in taxes, fees and assessments from state and local jurisdictions;</TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the failure of our joint venture partners to fulfill their obligations to us or their pursuit of actions that are inconsistent with
our objectives;</TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>reductions in asset valuations and related impairment charges;</TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>changes in real estate, zoning use and occupancy laws or regulations;</TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>potential environmental and other liabilities;</TD></TR></TABLE>

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employee relationships;</TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">uninsured or uninsurable losses and the ability to obtain insurance coverage or recovery from insurance against risks and losses;</TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our ability to attract and retain talent in the current labor market;</TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>other factors affecting the real estate industry generally or the self-storage industry in particular; and</TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(610) 535-5700</P>



<P STYLE="margin: 0">&nbsp;</P>

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

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>6
<FILENAME>cube-20211118_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: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>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_OtherReportingStandardItemNumber" xlink:label="dei_OtherReportingStandardItemNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_OtherReportingStandardItemNumber" xlink:to="dei_OtherReportingStandardItemNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_OtherReportingStandardItemNumber_lbl" xml:lang="en-US">Other Reporting Standard Item Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityShellCompany" xlink:label="dei_EntityShellCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityShellCompany" xlink:to="dei_EntityShellCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityShellCompany_lbl" xml:lang="en-US">Entity Shell Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityPublicFloat" xlink:label="dei_EntityPublicFloat" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPublicFloat" xlink:to="dei_EntityPublicFloat_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPublicFloat_lbl" xml:lang="en-US">Entity Public Float</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityBankruptcyProceedingsReportingCurrent" xlink:label="dei_EntityBankruptcyProceedingsReportingCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityBankruptcyProceedingsReportingCurrent" xlink:to="dei_EntityBankruptcyProceedingsReportingCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityBankruptcyProceedingsReportingCurrent_lbl" xml:lang="en-US">Entity Bankruptcy Proceedings, Reporting Current</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="dei_EntityCommonStockSharesOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="dei_EntityCommonStockSharesOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCommonStockSharesOutstanding_lbl" xml:lang="en-US">Entity Common Stock, Shares Outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_DocumentsIncorporatedByReferenceTextBlock" xlink:label="dei_DocumentsIncorporatedByReferenceTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentsIncorporatedByReferenceTextBlock" xlink:to="dei_DocumentsIncorporatedByReferenceTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentsIncorporatedByReferenceTextBlock_lbl" xml:lang="en-US">Documents Incorporated by Reference [Text Block]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cube_CubeSmartLPMember" xlink:to="cube_CubeSmartLPMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cube_CubeSmartLPMember_doc" xml:lang="en-US">Cube Smart L.P [Member]</link:label>
    </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>7
<FILENAME>cube-20211118_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 5.10b -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: https://www.novaworks.com -->
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<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.21.2</span><table class="report" border="0" cellspacing="2" id="idm140120741985400">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Nov. 18, 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. 18,  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. 18,  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>
</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:edgarStateCountryItemType</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_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>
</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_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>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>dei:employerIdItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<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>
<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>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</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_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>
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<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>
</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>
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<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>
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</table></div>
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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>
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<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>
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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>
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<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:booleanItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
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<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>
<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>
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<td><strong> Balance Type:</strong></td>
<td>na</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><strong> Balance Type:</strong></td>
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<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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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
