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SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION

12 Months Ended

Dec. 31, 2022

SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION

SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION

CUBESMART

SCHEDULE III

REAL ESTATE AND RELATED DEPRECIATION

December 31, 2022

(dollars in thousands)


																		Gross Carrying Amount at
				Total						Initial Cost					Costs			December 31, 2022
				Rentable								Buildings			Subsequent						Buildings						Accumulated
		Number of		Square Feet								&			to						&						Depreciation
State		Stores		(unaudited)		Encumbrances			Land			Improvements			Acquisition			Land			Improvements			Total			(A)
Arizona		48		3,089,826		$	—		$	98,442		$	389,514		$	26,017		$	99,495		$	399,753		$	499,248		$	49,843
California		63		4,765,486			—			371,460			683,683			33,592			373,301			660,593			1,033,894			98,929
Colorado		10		654,252			—			11,812			46,755			4,386			11,787			45,056			56,843			13,740
Connecticut		22		1,200,002			—			22,023			82,375			20,316			23,568			86,984			110,552			34,873
Florida		90		6,796,098			—			104,987			531,360			91,455			112,652			548,011			660,663			174,952
Georgia		22		1,657,378			—			20,015			117,825			10,212			19,825			115,798			135,623			30,589
Illinois		43		2,760,969			—			54,493			221,022			30,106			54,358			226,591			280,949			71,326
Indiana		1		70,386			—			1,134			5,589			250			1,134			5,833			6,967			1,565
Maryland		20		1,683,821			4,906			40,467			214,985			13,729			41,324			216,272			257,596			50,456
Massachusetts		20		1,252,577			—			31,948			159,000			10,742			32,203			163,982			196,185			32,521
Minnesota		2		176,296			—			2,621			21,655			408			2,621			22,063			24,684			2,740
Nevada		22		1,702,416			—			69,956			394,023			6,198			71,703			398,249			469,952			22,383
New Jersey		28		1,983,356			—			45,864			188,139			37,639			49,372			206,349			255,721			65,269
New Mexico		3		182,261			—			2,866			9,367			1,826			2,867			7,977			10,844			3,433
New York		59		4,742,378			146,905			427,921			1,331,857			50,817			440,133			1,354,122			1,794,255			290,358
North Carolina		9		611,792			—			10,349			44,680			6,534			10,788			47,530			58,318			13,397
Ohio		20		1,294,303			—			13,529			51,265			18,083			14,938			54,639			69,577			21,590
Pennsylvania		12		890,385			—			18,769			99,199			10,731			18,723			104,496			123,219			21,935
Rhode Island		4		247,305			—			3,480			17,156			1,633			3,480			18,732			22,212			4,839
South Carolina		8		432,389			—			6,117			31,039			1,363			6,117			32,402			38,519			3,362
Tennessee		9		755,655			2,148			9,117			54,403			5,781			8,992			52,924			61,916			14,483
Texas		76		5,446,871			—			110,252			476,749			34,511			110,569			485,325			595,894			103,599
Utah		4		239,388			—			10,763			2,844			2,831			10,622			4,208			14,830			1,944
Virginia		11		1,060,480			—			37,282			138,668			4,355			37,283			135,792			173,075			29,041
Washington D.C.		5		410,676			—			28,759			80,996			2,369			28,803			78,847			107,650			18,078
Other Corporate Assets		—		—			—			1,480			9,654			1,367			1,480			10,978			12,458			2,847
		611		44,106,746		$	153,959		$	1,555,906		$	5,403,802		$	427,251		$	1,588,138		$	5,483,506		$	7,071,644		$	1,178,092

(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, 2020 through December 31, 2022 was as follows (in thousands):


		2022			2021			2020
Storage properties*
Balance at beginning of year		$	7,183,494		$	5,489,754		$	4,699,844
Acquisitions & improvements			191,495			1,795,965			825,247
Fully depreciated assets			(32,344)			(52,722)			(83,418)
Dispositions and other			(6,230)			(19,408)			(8,533)
Construction in progress, net			(40,637)			(30,095)			14,718
Right-of-use assets - finance leases			—			—			41,896
Balance at end of year		$	7,295,778		$	7,183,494		$	5,489,754

Accumulated depreciation*
Balance at beginning of year		$	1,085,824		$	983,940		$	925,359
Depreciation expense			195,522			160,933			143,952
Fully depreciated assets			(32,344)			(52,722)			(83,418)
Dispositions and other			(1,227)			(6,327)			(1,953)
Balance at end of year		$	1,247,775		$	1,085,824		$	983,940
Storage properties, net		$	6,048,003		$	6,097,670		$	4,505,814

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

As of December 31, 2022, the aggregate cost of Storage properties for federal income tax purposes was approximately $7,643.8 million.