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SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION

12 Months Ended

Dec. 31, 2024

SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION

SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION

CUBESMART

SCHEDULE III

REAL ESTATE AND RELATED DEPRECIATION

December 31, 2024

(dollars in thousands)


																		Gross Carrying Amount at
				Total						Initial Cost					Costs			December 31, 2024
				Rentable								Buildings			Subsequent						Buildings						Accumulated
		Number of		Square Feet								&			to						&						Depreciation
State		Stores		(unaudited)		Encumbrances			Land			Improvements			Acquisition			Land			Improvements			Total			(A)
Arizona		48		3,096,841		$	—		$	98,442		$	389,514		$	30,053		$	99,493		$	402,748		$	502,241		$	72,165
California		63		4,785,454			—			371,460			683,683			42,066			373,301			666,971			1,040,272			134,777
Colorado		10		654,192			—			11,812			46,755			5,107			11,786			45,405			57,191			16,226
Connecticut		24		1,341,702			—			23,842			99,319			22,654			25,388			105,112			130,500			40,110
Florida		90		6,792,732			—			104,987			531,360			100,720			112,652			553,858			666,510			206,213
Georgia		22		1,662,605			—			20,015			117,825			12,211			19,826			117,323			137,149			37,606
Illinois		42		2,710,231			—			52,723			219,307			32,557			52,619			226,398			279,017			84,142
Indiana		1		70,386			—			1,134			5,589			263			1,134			5,846			6,980			1,953
Maryland		20		1,686,207			—			40,467			214,985			16,452			41,323			218,596			259,919			63,653
Massachusetts		20		1,256,140			—			31,948			159,000			15,626			32,200			168,628			200,828			43,260
Minnesota		2		175,816			—			2,621			21,655			439			2,621			22,051			24,672			4,009
Nevada		22		1,706,904			—			69,956			394,023			7,222			71,704			399,040			470,744			43,772
New Jersey		30		2,160,765			—			53,445			215,305			46,574			56,956			241,056			298,012			78,607
New Mexico		3		182,261			—			2,866			9,367			2,030			2,867			8,081			10,948			3,880
New York		60		4,813,803			89,039			444,340			1,351,443			64,073			460,567			1,382,189			1,842,756			378,947
North Carolina		9		611,773			—			10,349			44,680			7,190			10,787			47,925			58,712			16,209
Ohio		20		1,294,528			—			13,529			51,265			19,547			14,937			55,517			70,454			24,749
Oregon		1		59,863			—			2,069			7,620			—			2,069			7,620			9,689			38
Pennsylvania		13		950,718			—			18,999			105,338			11,281			18,924			111,143			130,067			27,558
Rhode Island		4		247,305			—			3,480			17,156			1,792			3,481			18,880			22,361			6,144
South Carolina		8		432,324			—			6,117			31,039			2,119			6,117			33,158			39,275			5,368
Tennessee		9		756,220			—			9,117			54,403			7,271			8,991			53,203			62,194			16,740
Texas		90		6,684,450			115,432			136,683			617,741			40,018			136,937			630,730			767,667			133,656
Utah		4		235,763			—			10,763			2,844			5,902			10,623			7,031			17,654			2,215
Virginia		11		1,060,160			—			37,282			138,668			6,264			37,283			137,657			174,940			41,886
Washington D.C.		5		410,676			—			28,759			80,996			2,729			28,802			77,581			106,383			21,038
Other Corporate Assets		—		—			—			2,131			15,447			1,761			2,161			16,101			18,262			4,141
		631		45,839,819		$	204,471		$	1,609,336		$	5,626,327		$	503,921		$	1,645,549		$	5,759,848		$	7,405,397		$	1,509,062

(A)

Depreciation on 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, 2022 through December 31, 2024 was as follows (in thousands):


		2024			2023			2022
Storage properties*
Balance at beginning of year		$	7,367,613		$	7,295,778		$	7,183,494
Acquisitions & improvements			324,653			74,259			191,495
Fully depreciated assets			(27,573)			(29,133)			(32,344)
Dispositions and other			(632)			(4,717)			(6,230)
Construction in progress, net			(35,287)			31,426			(40,637)
Balance at end of year		$	7,628,774		$	7,367,613		$	7,295,778

Accumulated depreciation*
Balance at beginning of year		$	1,416,377		$	1,247,775		$	1,085,824
Depreciation expense			201,942			199,065			195,522
Fully depreciated assets			(27,573)			(29,133)			(32,344)
Dispositions and other			(158)			(1,330)			(1,227)
Balance at end of year		$	1,590,588		$	1,416,377		$	1,247,775
Storage properties, net		$	6,038,186		$	5,951,236		$	6,048,003

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

As of December 31, 2024, the aggregate cost of Storage properties for federal income tax purposes was approximately $8,047.8 million.