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CONSOLIDATED BALANCE SHEETS (LP cube) - USD ($) $ in Thousands | Dec. 31, 2025 | Dec. 31, 2024
--- | --- | ---
ASSETS |  |
Storage properties | $ 8,134,189 | $ 7,628,774
Less: Accumulated depreciation | (1,758,340) | (1,590,588)
Storage properties, net | 6,375,849 | 6,038,186
Cash and cash equivalents | 5,782 | 71,560
Restricted cash | 4,451 | 6,103
Loan procurement costs, net of amortization | 1,803 | 2,731
Investment in real estate ventures, at equity | 74,034 | 91,973
Other assets, net | 181,274 | 183,628
Total assets | 6,643,193 | 6,394,181
LIABILITIES AND CAPITAL |  |
Unsecured senior notes, net | 2,925,103 | 2,780,631
Revolving credit facility | 378,800 |
Mortgage loans and notes payable, net | 98,859 | 205,915
Lease liabilities - finance leases | 65,579 | 65,668
Accounts payable, accrued expenses and other liabilities | 229,666 | 229,581
Distributions payable | 121,519 | 119,600
Deferred revenue | 41,591 | 38,918
Total liabilities | 3,861,117 | 3,440,313
Limited Partnership interests of third parties | 36,167 | 51,193
Commitments and contingencies |  |
Capital |  |
Accumulated other comprehensive loss | (249) | (330)
Total liabilities and equity | 6,643,193 | 6,394,181
CubeSmart, L.P. and Subsidiaries |  |
ASSETS |  |
Storage properties | 8,134,189 | 7,628,774
Less: Accumulated depreciation | (1,758,340) | (1,590,588)
Storage properties, net | 6,375,849 | 6,038,186
Cash and cash equivalents | 5,782 | 71,560
Restricted cash | 4,451 | 6,103
Loan procurement costs, net of amortization | 1,803 | 2,731
Investment in real estate ventures, at equity | 74,034 | 91,973
Other assets, net | 181,274 | 183,628
Total assets | 6,643,193 | 6,394,181
LIABILITIES AND CAPITAL |  |
Unsecured senior notes, net | 2,925,103 | 2,780,631
Revolving credit facility | 378,800 |
Mortgage loans and notes payable, net | 98,859 | 205,915
Lease liabilities - finance leases | 65,579 | 65,668
Accounts payable, accrued expenses and other liabilities | 229,666 | 229,581
Distributions payable | 121,519 | 119,600
Deferred revenue | 41,591 | 38,918
Total liabilities | 3,861,117 | 3,440,313
Limited Partnership interests of third parties | 36,167 | 51,193
Commitments and contingencies |  |
Capital |  |
General Partner | 2,719,692 | 2,872,186
Accumulated other comprehensive loss | (249) | (330)
Total CubeSmart, L.P. capital | 2,719,443 | 2,871,856
Noncontrolling interests in subsidiaries | 26,466 | 30,819
Total capital | 2,745,909 | 2,902,675
Total liabilities and equity | $ 6,643,193 | $ 6,394,181

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