XML 70 R52.htm IDEA: XBRL DOCUMENT v3.22.4
UNSECURED SENIOR NOTES (Details)
$ in Thousands
12 Months Ended
Apr. 04, 2017
USD ($)
Oct. 26, 2015
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Jan. 24, 2019
USD ($)
Mortgage loans and Notes payable            
Total unsecured senior notes, net     $ 2,772,350 $ 2,768,209    
Loss on early extinguishment of debt       (20,328) $ (18,020)  
CubeSmart, L.P. and Subsidiaries            
Mortgage loans and Notes payable            
Less: Loan procurement costs, net     (5,182) (2,322)    
Total unsecured senior notes, net     2,772,350 2,768,209    
Loss on early extinguishment of debt       (20,328) $ (18,020)  
Senior Notes            
Mortgage loans and Notes payable            
Less: Discount on issuance of notes, net     (11,801) (13,455)    
Less: Loan procurement costs, net     (15,849) (18,336)    
Total unsecured senior notes, net     $ (2,772,350) (2,768,209)    
Senior Notes | Maximum            
Mortgage loans and Notes payable            
Consolidated leverage ratio     0.60      
Secured debt leverage ratio     0.40      
Senior Notes | Minimum            
Mortgage loans and Notes payable            
Consolidated interest coverage ratio     1.50      
Financial and customary covenant, minimum unencumbered asset (as a percent)     150.00%      
Senior notes 4.375% due December 15, 2023            
Mortgage loans and Notes payable            
Senior notes, principal amount     $ 300,000 300,000   $ 300,000
Interest rate (as a percent)     4.00%     4.375%
Effective interest rate (as a percent)     3.99%      
Senior notes 4.000% due 2025            
Mortgage loans and Notes payable            
Senior notes, principal amount     $ 300,000 300,000    
Interest rate (as a percent) 4.00% 4.00% 3.125%      
Effective interest rate (as a percent) 3.811% 4.032% 3.18%      
Effective weighted average interest rate (as a percent)     3.994%      
Proceeds from senior notes $ 50,000 $ 250,000        
Debt instrument, redemption percentage 101.343% 99.735%        
Senior Notes 3.125% Due 2026            
Mortgage loans and Notes payable            
Senior notes, principal amount     $ 550,000 550,000    
Interest rate (as a percent)     2.25%      
Effective interest rate (as a percent)     2.33%      
Senior Notes 2.250 % Due 2028            
Mortgage loans and Notes payable            
Senior notes, principal amount     $ 350,000 350,000    
Interest rate (as a percent)     4.375%      
Effective interest rate (as a percent)     4.46%      
Senior Notes 4.375 % Due 2029            
Mortgage loans and Notes payable            
Senior notes, principal amount     $ 350,000 350,000    
Interest rate (as a percent)     3.00%      
Effective interest rate (as a percent)     3.04%      
Senior Notes 3.000 % Due 2030            
Mortgage loans and Notes payable            
Senior notes, principal amount     $ 450,000 450,000    
Interest rate (as a percent)     2.00%      
Effective interest rate (as a percent)     2.10%      
Senior Notes 2.000 % Due 2031            
Mortgage loans and Notes payable            
Senior notes, principal amount     $ 500,000 500,000    
Interest rate (as a percent)     2.50%      
Effective interest rate (as a percent)     2.59%      
Senior Notes 2.500 % Due 2032            
Mortgage loans and Notes payable            
Senior notes, principal amount     $ 2,800,000 $ 2,800,000