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SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION

12 Months Ended

Dec. 31, 2021

SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION

SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION

CUBESMART

SCHEDULE III

REAL ESTATE AND RELATED DEPRECIATION

December 31, 2021

(dollars in thousands)


																		Gross Carrying Amount at
				Total						Initial Cost					Costs			December 31, 2021
				Rentable								Buildings			Subsequent						Buildings						Accumulated
		Number of		Square Feet								&			to						&						Depreciation
State		Stores		(unaudited)		Encumbrances			Land			Improvements			Acquisition			Land			Improvements			Total			(A)
Arizona		48		3,070,755		$	—		$	98,442		$	389,514		$	23,213		$	99,495		$	397,612		$	497,107		$	38,951
California		63		4,741,051			—			371,460			683,683			33,337			373,302			663,731			1,037,033			83,657
Colorado		10		654,265			—			11,812			46,755			4,131			11,787			44,903			56,690			12,426
Connecticut		22		1,197,402			—			22,023			82,375			19,620			23,568			86,979			110,547			32,682
Florida		90		6,801,203			—			104,987			531,360			88,420			112,652			553,950			666,602			167,579
Georgia		21		1,562,380			—			18,394			100,856			9,933			18,518			99,513			118,031			28,392
Illinois		43		2,761,024			—			54,493			221,022			27,543			54,358			224,665			279,023			64,522
Indiana		1		70,380			—			1,134			5,589			199			1,134			5,783			6,917			1,374
Maryland		19		1,585,705			5,099			37,055			188,989			13,098			37,912			189,926			227,838			44,095
Massachusetts		20		1,256,014			—			31,948			159,000			9,476			32,197			163,387			195,584			27,862
Minnesota		2		176,296			—			2,621			21,655			379			2,621			22,034			24,655			2,084
Nevada		22		1,700,457			—			71,702			394,023			4,536			71,703			396,643			468,346			11,695
New Jersey		28		1,983,294			—			45,864			188,139			36,373			49,372			205,843			255,215			59,133
New Mexico		3		182,261			—			2,866			9,367			1,615			2,867			7,804			10,671			3,212
New York		58		4,593,319			149,080			416,337			1,300,288			45,488			428,549			1,317,425			1,745,974			247,167
North Carolina		9		611,298			—			10,349			44,680			6,242			10,788			47,409			58,197			12,034
Ohio		20		1,294,303			—			13,529			51,265			17,460			14,938			54,746			69,684			20,461
Pennsylvania		12		890,594			—			18,769			99,196			10,424			18,723			104,434			123,157			18,784
Rhode Island		4		247,305			—			3,480			17,156			1,574			3,480			18,729			22,209			4,241
South Carolina		8		432,389			—			6,117			31,039			1,159			6,117			32,199			38,316			2,387
Tennessee		9		755,595			2,206			9,117			54,403			4,897			9,117			52,047			61,164			12,905
Texas		75		5,358,803			—			108,310			458,473			31,746			108,628			465,154			573,782			89,494
Utah		4		293,988			—			10,763			2,844			2,676			10,622			4,102			14,724			1,800
Virginia		11		965,100			—			32,731			122,391			4,498			32,732			119,686			152,418			28,717
Washington D.C.		5		409,484			—			28,759			80,996			2,232			28,803			78,709			107,512			15,704
Other Corporate Assets		—		—			—			—			—			12,450			1,480			10,970			12,450			2,511
		607		43,594,665		$	156,385		$	1,533,062		$	5,285,058		$	412,719		$	1,565,463		$	5,368,383		$	6,933,846		$	1,033,869

(A)	Depreciation on the buildings and improvements is recorded on a straight-line basis over their estimated useful lives, which range from five to 39 years.

Activity in storage properties during the period from January 1, 2019 through December 31, 2021 was as follows (in thousands):


		2021			2020			2019
Storage properties*
Balance at beginning of year		$	5,489,754		$	4,699,844		$	4,463,455
Acquisitions & improvements			1,795,965			825,247			364,324
Fully depreciated assets			(52,722)			(83,418)			(81,717)
Dispositions and other			(19,408)			(8,533)			(3,033)
Construction in progress, net			(30,095)			14,718			(43,185)
Right-of-use assets - finance leases			—			41,896			—
Balance at end of year		$	7,183,494		$	5,489,754		$	4,699,844

Accumulated depreciation*
Balance at beginning of year		$	983,940		$	925,359		$	862,487
Depreciation expense			160,933			143,952			145,233
Fully depreciated assets			(52,722)			(83,418)			(81,717)
Dispositions and other			(6,327)			(1,953)			(644)
Balance at end of year		$	1,085,824		$	983,940		$	925,359
Storage properties, net		$	6,097,670		$	4,505,814		$	3,774,485

*These amounts include equipment that is housed at the Company’s stores which is excluded from Schedule III above.

As of December 31, 2021, the aggregate cost of Storage properties for federal income tax purposes was approximately $7,452.8 million.