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SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION

12 Months Ended

Dec. 31, 2023

SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION

SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION

CUBESMART

SCHEDULE III

REAL ESTATE AND RELATED DEPRECIATION

December 31, 2023

(dollars in thousands)


																		Gross Carrying Amount at
				Total						Initial Cost					Costs			December 31,2023
				Rentable								Buildings			Subsequent						Buildings						Accumulated
		Number of		Square Feet								&			to						&						Depreciation
State		Stores		(unaudited)		Encumbrances			Land			Improvements			Acquisition			Land			Improvements			Total			(A)
Arizona		48		3,092,942		$	—		$	98,442		$	389,514		$	27,444		$	99,493		$	400,450		$	499,943		$	60,754
California		63		4,786,036			—			371,460			683,683			38,549			373,301			664,396			1,037,697			116,504
Colorado		10		654,202			—			11,812			46,755			4,694			11,786			45,062			56,848			14,871
Connecticut		22		1,200,207			—			22,023			82,375			21,345			23,570			87,502			111,072			37,274
Florida		90		6,787,173			—			104,987			531,360			96,582			112,652			551,408			664,060			190,501
Georgia		22		1,657,228			—			20,015			117,825			11,719			19,826			117,027			136,853			34,046
Illinois		42		2,710,345			—			52,723			219,307			31,381			52,619			225,813			278,432			77,211
Indiana		1		70,386			—			1,134			5,589			255			1,134			5,838			6,972			1,759
Maryland		20		1,684,502			4,703			40,467			214,985			15,001			41,323			217,309			258,632			56,982
Massachusetts		20		1,253,278			—			31,948			159,000			12,636			32,200			165,719			197,919			37,799
Minnesota		2		175,916			—			2,621			21,655			434			2,621			22,050			24,671			3,359
Nevada		22		1,706,489			—			69,956			394,023			6,933			71,704			398,853			470,557			33,057
New Jersey		29		2,058,007			—			50,194			203,710			38,759			53,706			222,218			275,924			71,436
New Mexico		3		182,261			—			2,866			9,367			2,008			2,867			8,110			10,977			3,656
New York		59		4,722,118			116,665			427,921			1,331,857			59,471			444,147			1,358,515			1,802,662			334,413
North Carolina		9		611,773			—			10,349			44,680			6,716			10,787			47,568			58,355			14,783
Ohio		20		1,294,303			—			13,529			51,265			18,472			14,937			54,757			69,694			23,175
Pennsylvania		12		890,698			—			18,177			95,559			11,070			18,131			101,174			119,305			24,254
Rhode Island		4		247,305			—			3,480			17,156			1,704			3,481			18,801			22,282			5,493
South Carolina		8		432,324			—			6,117			31,039			1,502			6,117			32,541			38,658			4,349
Tennessee		9		756,020			—			9,117			54,403			6,343			8,991			53,032			62,023			15,759
Texas		76		5,447,787			—			110,252			476,749			37,262			110,569			487,356			597,925			118,240
Utah		4		239,388			—			10,763			2,844			2,885			10,623			4,187			14,810			2,068
Virginia		11		1,060,440			—			37,282			138,668			4,992			37,283			136,406			173,689			37,307
Washington D.C.		5		410,676			—			28,759			80,996			2,564			28,802			77,512			106,314			18,842
Other Corporate Assets		—		—			—			2,071			13,294			1,692			2,072			13,940			16,012			3,721
		611		44,131,804		$	121,368		$	1,558,465		$	5,417,658		$	462,413		$	1,594,742		$	5,517,544		$	7,112,286		$	1,341,613

(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, 2021 through December 31, 2023 was as follows (in thousands):


		2023			2022			2021
Storage properties*
Balance at beginning of year		$	7,295,778		$	7,183,494		$	5,489,754
Acquisitions & improvements			74,259			191,495			1,795,965
Fully depreciated assets			(29,133)			(32,344)			(52,722)
Dispositions and other			(4,717)			(6,230)			(19,408)
Construction in progress, net			31,426			(40,637)			(30,095)
Balance at end of year		$	7,367,613		$	7,295,778		$	7,183,494

Accumulated depreciation*
Balance at beginning of year		$	1,247,775		$	1,085,824		$	983,940
Depreciation expense			199,065			195,522			160,933
Fully depreciated assets			(29,133)			(32,344)			(52,722)
Dispositions and other			(1,330)			(1,227)			(6,327)
Balance at end of year		$	1,416,377		$	1,247,775		$	1,085,824
Storage properties, net		$	5,951,236		$	6,048,003		$	6,097,670

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

As of December 31, 2023, the aggregate cost of Storage properties for federal income tax purposes was approximately $7,719.6 million.