Financial Data and Key Metrics Changes - The company reported a same-store revenue growth of 6.7% for Q1 2021, with a 2% increase in expenses, resulting in an NOI growth of 8.9% [11][12] - Average occupancy for Q1 was 93.8%, up 280 basis points year-over-year, with quarter-ending occupancy at 94.4% [11][12] - FFO per share as adjusted was $0.47, representing a 14.6% growth compared to the previous year [12] Business Line Data and Key Metrics Changes - The average offered net effective rates for new customers in the same-store pool increased by over 20% year-over-year, ending the quarter up over 40% compared to the end of Q1 2020 [8][11] - The company added 31 new stores to its third-party management platform during the quarter, with a focus on both newly-developed and existing stores [9][14] Market Data and Key Metrics Changes - The company noted a shift in third-party management opportunities from the top 25 MSAs to MSAs ranked 26 through 100 [10][58] - Supply deliveries in core markets are expected to continue declining from their 2019 peak [10][59] Company Strategy and Development Direction - The company is pursuing a disciplined growth strategy focused on high-quality assets and has increased its full-year FFO per share guidance by nearly 2% based on strong operating fundamentals [15][16] - The management team remains active in acquisitions, with a robust pipeline of opportunities, while maintaining a disciplined underwriting approach [10][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand and net rental trends continuing through the busy spring and early summer season [7][17] - The company is well-positioned heading into the busy rental season, with strong performance in April trends [10][17] Other Important Information - The company raised net proceeds of $99.7 million through its at-the-market equity program during the quarter [15] - The management team highlighted the importance of maintaining conservative leverage levels to pursue external growth opportunities [15] Q&A Session Summary Question: Impact of movement back to New York on assets - Management indicated no significant volatility in urban markets as activity resumes, with similar patterns observed in urban and suburban markets [19] Question: Advertising expense trends - Management expects marketing advertising expenses to be higher than inflationary levels throughout 2021, with efficiencies gained in Q1 [20] Question: Revised guidance and occupancy rate growth - Management noted improved outlook based on strong Q1 performance and high occupancy levels, with expectations for continued gains during the rental season [22][24] Question: Third-party management store losses - Management explained that the majority of lost stores were acquired by other entities, but they remain confident in their ability to replace these stores [30][31] Question: Rate increases for existing customers - Management reported that receptivity to rate increases has remained consistent, with efforts to balance profitability without significantly impacting vacate rates [66][67] Question: Acquisition competition - Management noted competition from a range of entities, including REITs and private operators, with varying underwriting assumptions impacting bidding outcomes [61][62] Question: Supply and demand outlook - Management discussed the balance between strong operational fundamentals and rising development costs, indicating that while supply may increase, it will be offset by challenges in labor and materials [73][74]

[Introduction and Explanatory Note](index=1&type=section&id=Introduction%20and%20Explanatory%20Note) [Company Structure and Reporting](index=1&type=section&id=1.1.%20Company%20Structure%20and%20Reporting) This report consolidates the quarterly filings of CubeSmart (Parent Company) and CubeSmart, L.P. (Operating Partnership) to provide a comprehensive business overview and enhance reporting efficiency - The report combines filings for CubeSmart (Parent Company, REIT) and CubeSmart, L.P. (Operating Partnership)[4](index=4&type=chunk) - As of March 31, 2021, the Parent Company owned a **96.5% interest** in the Operating Partnership and acts as its sole general partner[5](index=5&type=chunk) - The combined report facilitates investor understanding, removes duplicative disclosures, and creates time and cost efficiencies[9](index=9&type=chunk) [Forward-Looking Statements](index=6&type=section&id=Forward-Looking%20Statements) [Disclaimer and Risk Factors](index=6&type=section&id=2.1.%20Disclaimer%20and%20Risk%20Factors) This section disclaims forward-looking statements, noting that actual results may materially differ due to economic, competitive, financing, interest rate, and pandemic-related risks - Forward-looking statements are subject to risks, uncertainties, and other factors that may cause actual results to differ materially[18](index=18&type=chunk) - Key risks include adverse changes in economic, business, and real estate market conditions, competition, failure to execute business plans, and adverse impacts from the COVID-19 pandemic[18](index=18&type=chunk) - Other risks include reduced capital availability, financing risks (over-leverage, default), increases in interest rates and operating costs, and cyber security breaches[18](index=18&type=chunk) [ITEM 1. FINANCIAL STATEMENTS](index=9&type=section&id=Item%201.%20Financial%20Statements) [Consolidated Balance Sheets (CubeSmart and Subsidiaries)](index=9&type=section&id=3.1.%20Consolidated%20Balance%20Sheets%20(CubeSmart%20and%20Subsidiaries)) CubeSmart's consolidated balance sheets show a slight decrease in total assets and liabilities, resulting in an increase in total shareholders' equity from December 2020 to March 2021 Consolidated Balance Sheet Highlights (CubeSmart) | Metric (in thousands) | March 31, 2021 | December 31, 2020 | | :-------------------- | :------------- | :---------------- | | Storage properties, net | $4,494,471 | $4,505,814 | | Cash and cash equivalents | $3,650 | $3,592 | | Total assets | $4,754,478 | $4,778,142 | | Total liabilities | $2,589,630 | $2,687,880 | | Total CubeSmart shareholders' equity | $1,877,602 | $1,832,216 | [Consolidated Statements of Operations (CubeSmart and Subsidiaries)](index=10&type=section&id=3.2.%20Consolidated%20Statements%20of%20Operations%20(CubeSmart%20and%20Subsidiaries)) CubeSmart reported increased total revenues and net income for Q1 2021, driven by higher rental income despite increased operating expenses, particularly depreciation and amortization Consolidated Statements of Operations Highlights (CubeSmart) | Metric (in thousands, except per share) | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :------------------------------------ | :-------------------------------- | :-------------------------------- | | Total revenues | $188,841 | $164,081 | | Total operating expenses | $125,954 | $106,943 | | Net income | $43,315 | $38,317 | | Net income attributable to the Company's common shareholders | $41,732 | $37,896 | | Basic earnings per share | $0.21 | $0.20 | - Total revenues increased by **$24.76 million (15.1%)** year-over-year[27](index=27&type=chunk) - Net income attributable to common shareholders increased by **$3.836 million (10.1%)** year-over-year[27](index=27&type=chunk) [Consolidated Statements of Comprehensive Income (Loss) (CubeSmart and Subsidiaries)](index=11&type=section&id=3.3.%20Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)%20(CubeSmart%20and%20Subsidiaries)) CubeSmart's consolidated comprehensive income increased, primarily due to higher net income and a minor reclassification of realized losses on interest rate swaps Consolidated Statements of Comprehensive Income (CubeSmart) | Metric (in thousands) | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :-------------------- | :-------------------------------- | :-------------------------------- | | Net income | $43,315 | $38,317 | | Other comprehensive income | $20 | $20 |\n| Comprehensive income attributable to the Company | $41,751 | $37,916 | [Consolidated Statement of Equity (CubeSmart and Subsidiaries)](index=12&type=section&id=3.4.%20Consolidated%20Statement%20of%20Equity%20(CubeSmart%20and%20Subsidiaries)) CubeSmart's total shareholders' equity increased from December 2020 to March 2021, driven by common share issuance and net income, partially offset by distributions - Total CubeSmart shareholders' equity increased from **$1,832,216 thousand** at December 31, 2020, to **$1,877,602 thousand** at March 31, 2021[32](index=32&type=chunk) - Issuance of common shares, net, contributed **$99,688 thousand** to equity[32](index=32&type=chunk) - Common share distributions totaled **$(68,350) thousand** for the three months ended March 31, 2021[32](index=32&type=chunk) [Consolidated Statements of Cash Flows (CubeSmart and Subsidiaries)](index=13&type=section&id=3.5.%20Consolidated%20Statements%20of%20Cash%20Flows%20(CubeSmart%20and%20Subsidiaries)) CubeSmart experienced increased operating cash flow and decreased investing cash outflow, while financing cash outflow rose due to higher debt payments partially offset by equity issuance Consolidated Statements of Cash Flows Highlights (CubeSmart) | Activity (in thousands) | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :---------------------- | :-------------------------------- | :-------------------------------- | | Net cash provided by operating activities | $98,182 | $80,949 | | Net cash used in investing activities | $(20,532) | $(34,784) | | Net cash used in financing activities | $(77,887) | $(66,127) | | Change in cash, cash equivalents and restricted cash | $(237) | $(19,962) | - Net cash provided by operating activities increased by **$17,233 thousand (21.3%)** YoY[35](index=35&type=chunk) - Net cash used in investing activities decreased by **$14,252 thousand (41.0%)** YoY[35](index=35&type=chunk) [Consolidated Balance Sheets (CubeSmart, L.P. and Subsidiaries)](index=14&type=section&id=3.6.%20Consolidated%20Balance%20Sheets%20(CubeSmart,%20L.P.%20and%20Subsidiaries)) CubeSmart, L.P.'s consolidated balance sheets mirror the Parent Company's, reflecting the UPREIT structure where the Operating Partnership holds most assets and conducts operations Consolidated Balance Sheet Highlights (CubeSmart, L.P.) | Metric (in thousands) | March 31, 2021 | December 31, 2020 | | :-------------------- | :------------- | :---------------- | | Storage properties, net | $4,494,471 | $4,505,814 | | Cash and cash equivalents | $3,650 | $3,592 | | Total assets | $4,754,478 | $4,778,142 | | Total liabilities | $2,589,630 | $2,687,880 | | Total capital | $1,886,199 | $1,840,848 | [Consolidated Statements of Operations (CubeSmart, L.P. and Subsidiaries)](index=15&type=section&id=3.7.%20Consolidated%20Statements%20of%20Operations%20(CubeSmart,%20L.P.%20and%20Subsidiaries)) CubeSmart, L.P.'s consolidated statements of operations align with the Parent Company's, showing increased total revenues and net income for Q1 2021, driven by rental income growth Consolidated Statements of Operations Highlights (CubeSmart, L.P.) | Metric (in thousands, except per unit) | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :------------------------------------- | :-------------------------------- | :-------------------------------- | | Total revenues | $188,841 | $164,081 | | Total operating expenses | $125,954 | $106,943 | | Net income | $43,315 | $38,317 | | Net income attributable to common unitholders | $41,732 | $37,896 | | Basic earnings per unit | $0.21 | $0.20 | [Consolidated Statements of Comprehensive Income (Loss) (CubeSmart, L.P. and Subsidiaries)](index=16&type=section&id=3.8.%20Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)%20(CubeSmart,%20L.P.%20and%20Subsidiaries)) CubeSmart, L.P.'s consolidated comprehensive income statements are consistent with the Parent Company's, showing increased comprehensive income attributable to the Operating Partner Consolidated Statements of Comprehensive Income (CubeSmart, L.P.) | Metric (in thousands) | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :-------------------- | :-------------------------------- | :-------------------------------- | | Net income | $43,315 | $38,317 | | Other comprehensive income | $20 | $20 |\n| Comprehensive income attributable to Operating Partner | $41,751 | $37,916 | [Consolidated Statement of Capital (CubeSmart, L.P. and Subsidiaries)](index=17&type=section&id=3.9.%20Consolidated%20Statement%20of%20Capital%20(CubeSmart,%20L.P.%20and%20Subsidiaries)) CubeSmart, L.P.'s total capital increased, driven by net income and common OP unit issuance, partially offset by distributions and limited partnership interest adjustments - Total CubeSmart, L.P. Capital increased from **$1,832,216 thousand** at December 31, 2020, to **$1,877,602 thousand** at March 31, 2021[48](index=48&type=chunk) - Issuance of common OP units, net, contributed **$99,688 thousand** to capital[48](index=48&type=chunk) - Common OP unit distributions totaled **$(68,350) thousand** for the three months ended March 31, 2021[48](index=48&type=chunk) [Consolidated Statements of Cash Flows (CubeSmart, L.P. and Subsidiaries)](index=18&type=section&id=3.10.%20Consolidated%20Statements%20of%20Cash%20Flows%20(CubeSmart,%20L.P.%20and%20Subsidiaries)) CubeSmart, L.P.'s cash flow statements align with the Parent Company's, showing increased operating cash, decreased investing cash outflow, and increased financing cash outflow Consolidated Statements of Cash Flows Highlights (CubeSmart, L.P.) | Activity (in thousands) | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :---------------------- | :-------------------------------- | :-------------------------------- | | Net cash provided by operating activities | $98,182 | $80,949 | | Net cash used in investing activities | $(20,532) | $(34,784) | | Net cash used in financing activities | $(77,887) | $(66,127) | | Change in cash, cash equivalents and restricted cash | $(237) | $(19,962) | [Notes to Unaudited Consolidated Financial Statements](index=19&type=section&id=3.11.%20Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) [1. Organization and Nature of Operations](index=19&type=section&id=3.11.1.%20Organization%20and%20Nature%20of%20Operations) CubeSmart operates as a self-managed REIT through its UPREIT structure, owning self-storage properties in 24 states and D.C., with operations subject to seasonal occupancy - CubeSmart operates as a REIT through an UPREIT structure, with the Parent Company as the sole general partner of the Operating Partnership[53](index=53&type=chunk)[54](index=54&type=chunk) - As of March 31, 2021, the Company owned self-storage properties in **24 states** and the District of Columbia[53](index=53&type=chunk) - The Company typically experiences seasonal fluctuations in occupancy, with slightly higher levels during summer months[55](index=55&type=chunk) [2. Summary of Significant Accounting Policies](index=19&type=section&id=3.11.2.%20Summary%20of%20Significant%20Accounting%20Policies) This section details the basis of presentation for unaudited consolidated financial statements, including GAAP and SEC rules, Operating Partnership consolidation as a VIE, and the immaterial impact of ASU 2020-06 - Financial statements are prepared under GAAP and SEC rules for interim reporting, including normal recurring adjustments[56](index=56&type=chunk) - The Operating Partnership is a Variable Interest Entity (VIE) consolidated by the Parent Company[57](index=57&type=chunk) - ASU 2020-06, effective January 1, 2022, is not expected to have a material impact on the Company's consolidated financial statements[59](index=59&type=chunk) [3. Storage Properties](index=21&type=section&id=3.11.3.%20Storage%20Properties) The Company's net storage properties were valued at $4,494,471 thousand as of March 31, 2021, following 21 acquisitions and 1 disposition since January 2020 Book Value of Real Estate Assets (in thousands) | Asset Category | March 31, 2021 | December 31, 2020 | | :------------- | :------------- | :---------------- | | Land | $1,100,598 | $1,093,503 | | Buildings and improvements | $4,130,146 | $4,122,995 | | Equipment | $120,871 | $123,044 | | Construction in progress | $98,913 | $108,316 | | Right-of-use assets - finance leases | $41,655 | $41,896 | | Storage properties | $5,492,183 | $5,489,754 | | Less: Accumulated depreciation | $(997,712) | $(983,940) | | Storage properties, net | $4,494,471 | $4,505,814 | Acquisition and Disposition Activity (Jan 1, 2020 - Mar 31, 2021) | Activity | Number of Stores | Purchase / Sale Price (in thousands) | | :------- | :--------------- | :----------------------------------- | | 2020 Acquisitions | 21 | $735,875 | | 2020 Disposition | 1 | $12,750 | [4. Investment Activity](index=22&type=section&id=3.11.4.%20Investment%20Activity) No wholly-owned store acquisitions or dispositions occurred in Q1 2021, while 2020 saw significant acquisitions and ongoing joint venture development projects totaling $124.3 million in expected construction costs - No wholly-owned store acquisitions or dispositions occurred during the three months ended March 31, 2021[63](index=63&type=chunk) - In December 2020, the Company acquired **8 Storage Deluxe Assets** for **$540.0 million**, funded by assumed mortgage loans, cash, and OP Units[64](index=64&type=chunk) - As of March 31, 2021, the Company had invested in joint ventures to develop five self-storage properties with expected total construction costs of **$124.3 million**[68](index=68&type=chunk) [5. Investment in Unconsolidated Real Estate Ventures](index=24&type=section&id=3.11.5.%20Investment%20in%20Unconsolidated%20Real%20Estate%20Ventures) The Company holds equity method investments in five unconsolidated real estate ventures, owning 85 stores with a carrying value of $93,797 thousand and reporting a net loss for Q1 2021 Unconsolidated Real Estate Ventures Summary | Venture | CubeSmart Ownership Interest | Number of Stores (Mar 31, 2021) | Carrying Value of Investment (Mar 31, 2021, in thousands) | | :------ | :--------------------------- | :------------------------------ | :-------------------------------------------------------- | | HVP V | 20% | 1 | $2,819 | | HVPSE | 10% | 14 | $4,829 | | HVP IV | 20% | 22 | $25,348 | | HHFNE | 10% | 13 | $1,524 | | HHF | 50% | 35 | $59,277 | | Total | | 85 | $93,797 | Results of Operations of Ventures (in thousands) | Metric | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :----- | :-------------------------------- | :-------------------------------- | | Total revenues | $18,823 | $14,605 | | Net loss | $(2,027) | $(1,593) | | Company's share of net income (loss) | $20 | $(5) | - The Ventures are not consolidated by the Company and are accounted for under the equity method[80](index=80&type=chunk) [6. Other Assets](index=28&type=section&id=3.11.6.%20Other%20Assets) Other assets, net, decreased to $157,189 thousand by March 31, 2021, primarily due to reductions in intangible assets and prepaid property taxes Components of Other Assets, Net (in thousands) | Asset Category | March 31, 2021 | December 31, 2020 | | :------------- | :------------- | :---------------- | | Intangible assets, net | $42,867 | $57,820 | | Accounts receivable, net | $5,313 | $5,829 | | Prepaid property taxes | $5,403 | $6,334 | | Amounts due from affiliates | $15,048 | $13,130 | | Assets held in trust related to deferred compensation arrangements | $19,345 | $17,207 | | Right-of-use assets - operating leases | $54,989 | $55,302 | | Total other assets, net | $157,189 | $170,753 | [7. Unsecured Senior Notes](index=29&type=section&id=3.11.7.%20Unsecured%20Senior%20Notes) The Company's unsecured senior notes totaled $2,030,999 thousand, net, as of March 31, 2021, with varying maturities and interest rates, and the Operating Partnership remained compliant with all covenants Unsecured Senior Notes Summary (in thousands) | Note Series | Principal Balance Outstanding | Effective Interest Rate | Maturity Date | | :---------- | :---------------------------- | :---------------------- | :------------ | | $300M 4.375% due 2023 | $300,000 | 4.33% | Dec-23 | | $300M 4.000% due 2025 | $300,000 | 3.99% | Nov-25 | | $300M 3.125% due 2026 | $300,000 | 3.18% | Sep-26 | | $350M 4.375% due 2029 | $350,000 | 4.46% | Feb-29 | | $350M 3.000% due 2030 | $350,000 | 3.04% | Feb-30 | | $450M 2.000% due 2031 | $450,000 | 2.10% | Feb-31 | | Total Principal Balance | $2,050,000 | | | | Total unsecured senior notes, net (Mar 31, 2021) | $2,030,999 | | | - The Operating Partnership was in compliance with all financial covenants, including leverage and interest coverage ratios, as of March 31, 2021[91](index=91&type=chunk) [8. Revolving Credit Facility](index=29&type=section&id=3.11.8.%20Revolving%20Credit%20Facility) The Company maintains a $750.0 million unsecured revolving credit facility maturing in June 2024, with $696.6 million available and compliance with all financial covenants as of March 31, 2021 - The Company's Revolving Credit Facility is a **$750.0 million** unsecured revolving facility maturing on June 19, 2024[92](index=92&type=chunk) - As of March 31, 2021, the effective interest rate on borrowings was **1.21%**, and **$696.6 million** was available for borrowing[93](index=93&type=chunk) - The Company was in compliance with all financial covenants, including maximum total indebtedness to total asset value (**60.0%**) and minimum fixed charge coverage ratio (**1.5:1.0**)[95](index=95&type=chunk) [9. Mortgage Loans and Notes Payable](index=31&type=section&id=3.11.9.%20Mortgage%20Loans%20and%20Notes%20Payable) Mortgage loans and notes payable, net, decreased to $171,189 thousand by March 31, 2021, primarily due to loan repayments, with future principal payments totaling $158,119 thousand Mortgage Loans and Notes Payable Summary (in thousands) | Metric | March 31, 2021 | December 31, 2020 | | :----- | :------------- | :---------------- | | Principal balance outstanding | $158,119 | $202,768 | | Plus: Unamortized fair value adjustment | $15,080 | $15,879 | | Less: Loan procurement costs, net | $(2,010) | $(2,143) | | Total mortgage loans and notes payable, net | $171,189 | $216,504 | - Two mortgage loans (Bronx IX, NY and Bronx X, NY) totaling **$44,178 thousand** were repaid in full on March 1, 2021[96](index=96&type=chunk) Future Principal Payment Requirements on Mortgage Loans (in thousands) | Year | Amount | | :--- | :----- | | 2021 | $1,733 | | 2022 | $2,426 | | 2023 | $32,591 | | 2024 | $32,329 | | 2025 | $979 | | 2026 and thereafter | $88,061 | | Total mortgage payments | $158,119 | [10. Accumulated Other Comprehensive Loss](index=32&type=section&id=3.11.10.%20Accumulated%20Other%20Comprehensive%20Loss) Accumulated other comprehensive loss decreased to $(636) thousand by March 31, 2021, mainly due to a reclassification of realized losses on interest rate swaps Changes in Accumulated Other Comprehensive Loss (in thousands) | Metric | March 31, 2021 | | :----- | :------------- | | Beginning balance | $(656) | | Reclassification of realized losses on interest rate swaps | $20 | | Ending balance | $(636) | | Less: portion included in noncontrolling interests in the Operating Partnership | $23 | | Total accumulated other comprehensive loss included in equity | $(613) | [11. Risk Management and Use of Financial Instruments](index=32&type=section&id=3.11.11.%20Risk%20Management%20and%20Use%20of%20Financial%20Instruments) The Company uses interest rate swap agreements for risk management, not speculation, applying hedge accounting for effective derivatives, with all instruments settled and reclassified losses amortized - The Company uses interest rate swap agreements to manage interest rate risk, not for speculative purposes[100](index=100&type=chunk) - Hedge accounting is applied for highly-effective derivatives, deferring gains or losses in shareholders' equity[101](index=101&type=chunk) - All derivative instruments were settled as of March 31, 2021, with **$0.8 million** termination premium from 2019 swaps being amortized into interest expense over the life of the 2029 Notes[101](index=101&type=chunk)[102](index=102&type=chunk) [12. Fair Value Measurements](index=32&type=section&id=3.11.12.%20Fair%20Value%20Measurements) The Company uses a fair value hierarchy for financial instruments, with no assets or liabilities carried at fair value, and estimated debt fair value at $2,348,913 thousand as of March 31, 2021 - Fair value measurements are based on a three-level hierarchy: Level 1 (quoted prices in active markets), Level 2 (observable prices corroborated by market data), and Level 3 (unobservable inputs)[105](index=105&type=chunk)[106](index=106&type=chunk) - No financial assets or liabilities were carried at fair value as of March 31, 2021, or December 31, 2020[107](index=107&type=chunk) Carrying Value and Estimated Fair Value of Debt (in thousands) | Metric | March 31, 2021 | December 31, 2020 | | :----- | :------------- | :---------------- | | Carrying value | $2,254,988 | $2,364,676 | | Fair value | $2,348,913 | $2,571,300 | [13. Noncontrolling Interests](index=35&type=section&id=3.11.13.%20Noncontrolling%20Interests) Noncontrolling interests represent third-party ownership in six consolidated joint ventures and the Operating Partnership, with limited partners holding 3.5% of OP Units with redemption rights Consolidated Joint Ventures Summary (March 31, 2021, in thousands) | Joint Venture | Number of Stores | CubeSmart Ownership Interest | Total Assets | Total Liabilities | | :------------ | :--------------- | :--------------------------- | :----------- | :---------------- | | Vienna | 1 | 72% | $17,865 | $6,553 | | Merrick | 1 | 51% | $15,626 | $8,181 | | VFV | 1 | 70% | $20,654 | $12,333 | | Hempstead | 1 | 51% | $24,336 | $7,104 | | Newton | 1 | 90% | $18,345 | $11,828 | | SH3 | 1 | 90% | $39,659 | $6,667 | | Total | 6 | | $136,485 | $52,666 | - Approximately **3.5%** of outstanding OP Units were held by third parties as of March 31, 2021, with redemption rights for cash or common shares[117](index=117&type=chunk) - The Operating Partnership recorded an increase of **$32.1 million** in the value of OP Units owned by third parties at March 31, 2021[120](index=120&type=chunk) [14. Leases](index=37&type=section&id=3.11.14.%20Leases) The Company acts as both lessor and lessee, recognizing self-storage rental income on a straight-line basis and reporting total lease costs of $1,895 thousand for Q1 2021 - As a lessor, the Company derives rental income from month-to-month self-storage operating leases, recognizing income on a straight-line basis[121](index=121&type=chunk)[123](index=123&type=chunk) - As a lessee, the Company has finance and operating leases for land, office space, and equipment, with lease terms up to **44 years**[124](index=124&type=chunk) Lease Cost Components (in thousands) | Lease Cost Component | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :------------------- | :-------------------------------- | :-------------------------------- | | Amortization of finance lease right-of-use assets | $241 | $— | | Interest expense related to finance lease liabilities | $526 | $— | | Operating lease cost | $822 | $746 | | Short-term lease cost | $306 | $308 | | Total lease cost | $1,895 | $1,054 | [15. Commitments and Contingencies](index=41&type=section&id=3.11.15.%20Commitments%20and%20Contingencies) The Company is involved in routine legal proceedings, establishing accrued liabilities for probable and estimable loss contingencies, with management believing adequate provisions are in place - The Company is involved in routine claims and administrative proceedings in the ordinary course of business[132](index=132&type=chunk) - Accrued liabilities are established for loss contingencies that are both probable and reasonably estimable[132](index=132&type=chunk) - Management believes adequate provisions have been made for potential liabilities[133](index=133&type=chunk) [16. Related Party Transactions](index=43&type=section&id=3.11.16.%20Related%20Party%20Transactions) The Company provides management services to related parties, generating $1.0 million in management fees from unconsolidated ventures and reporting $15.0 million due from affiliates for Q1 2021 - Management fees from unconsolidated real estate ventures and other entities totaled **$1.0 million** for the three months ended March 31, 2021, up from **$0.9 million** in 2020[135](index=135&type=chunk) - Amounts due from affiliates for management fees, payroll, and other store expenses were **$15.0 million** as of March 31, 2021[136](index=136&type=chunk) - Property transaction fees recognized from HVP V, HVPSE, HVP IV, and HHFNE totaled **$0.2 million** for Q1 2021[137](index=137&type=chunk) [17. Subsequent Events](index=43&type=section&id=3.11.17.%20Subsequent%20Events) On April 16, 2021, the Company invested $3.4 million for a 50% interest in a new Minnesota self-storage joint venture and funded $5.5 million of a related loan commitment - On April 16, 2021, the Company acquired a **50% interest** in a joint venture in Minnesota for **$3.4 million**[138](index=138&type=chunk) - The Company funded **$5.5 million** of a **$6.1 million** related party loan commitment to this new joint venture[138](index=138&type=chunk) [ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](index=44&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) [Overview](index=44&type=section&id=4.1.%20Overview) CubeSmart is an integrated self-storage REIT, owning 543 properties and managing 701 for third parties, with revenues primarily from month-to-month rentals sensitive to economic and seasonal factors - CubeSmart is an integrated self-storage real estate company with in-house capabilities in operation, design, development, leasing, management, and acquisition[141](index=141&type=chunk) - As of March 31, 2021, the Company owned **543 self-storage properties (38.7 million rentable square feet)** and managed **701 stores** for third parties, totaling **1,244 stores**[141](index=141&type=chunk) - Revenues are principally derived from month-to-month rental income, with operating results dependent on customer retention, new leases, pricing, and rent collection[142](index=142&type=chunk) [Summary of Critical Accounting Policies and Estimates](index=46&type=section&id=4.2.%20Summary%20of%20Critical%20Accounting%20Policies%20and%20Estimates) This section details critical accounting policies and estimates, including financial statement consolidation, property valuation and depreciation, and equity method accounting for unconsolidated ventures, emphasizing management judgment - Consolidated financial statements include all accounts of the Company and its majority-owned/controlled subsidiaries, with noncontrolling interests presented separately[149](index=149&type=chunk) - Self-storage properties are recorded at cost less accumulated depreciation, with purchase prices allocated to tangible and intangible assets based on fair values[151](index=151&type=chunk)[152](index=152&type=chunk) - Investments in unconsolidated real estate ventures are accounted for under the equity method, with periodic assessments for impairment[157](index=157&type=chunk) [Results of Operations](index=48&type=section&id=4.3.%20Results%20of%20Operations) [Acquisition and Development Activities](index=50&type=section&id=4.3.1.%20Acquisition%20and%20Development%20Activities) The Company's owned store count increased to 543 by December 31, 2020, primarily through acquisitions, with further store combinations occurring in Q1 2021 and Q4 2020 Change in Number of Owned Stores (Jan 1, 2020 - Mar 31, 2021) | Period | Stores Acquired | Stores Developed | Stores Combined | Stores Sold | Balance | | :----- | :-------------- | :--------------- | :-------------- | :---------- | :------ | | Jan 1, 2020 | | | | | 523 | | Q1 2020 | 1 | — | — | — | 524 | | Q2 2020 | 2 | 1 | — | — | 527 | | Q3 2020 | — | — | — | — | 527 | | Q4 2020 | 18 | — | (1) | (1) | 543 | - A developed store in Arlington, VA, was combined with an existing consolidated joint venture store in Q1 2021[162](index=162&type=chunk) - An acquired store in Merritt Island, FL, was combined with an existing wholly-owned store in Q4 2020[163](index=163&type=chunk) [Impact of COVID-19](index=50&type=section&id=4.3.2.%20Impact%20of%20COVID-19) The Company's assessment of the COVID-19 pandemic's impact remains consistent with its 2020 Annual Report, though future effects depend on the pandemic's evolving duration and scope - The assessment of COVID-19 impact has not materially changed from the 2020 Annual Report[164](index=164&type=chunk) - Future business, financial condition, results of operations, access to capital, and share price may still be impacted by the pandemic's duration and governmental/business responses[164](index=164&type=chunk) [Revenues](index=51&type=section&id=4.3.3.%20Revenues) Total revenues increased by **15.1%** to **$188.8 million** in Q1 2021, primarily driven by a **15.2%** rise in rental income from increased same-store occupancy and new acquisitions Revenue Comparison (in thousands) | Revenue Category | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | Change ($) | Change (%) | | :--------------- | :-------------------------------- | :-------------------------------- | :--------- | :--------- | | Rental income | $162,476 | $140,985 | $21,491 | 15.2% | | Other property related income | $19,304 | $16,902 | $2,402 | 14.2% | | Property management fee income | $7,061 | $6,194 | $867 | 14.0% | | Total revenues | $188,841 | $164,081 | $24,760 | 15.1% | - Same-store rental income increased by **$9.9 million**, primarily due to a **3.1%** increase in average occupancy[167](index=167&type=chunk) - Customer storage protection plan participation increased by **$1.8 million**, contributing to other property related income[168](index=168&type=chunk) [Operating Expenses](index=52&type=section&id=4.3.4.%20Operating%20Expenses) Total operating expenses increased by **17.8%** to **$125.9 million** in Q1 2021, mainly due to a **31.8%** rise in depreciation and amortization from new stores and increased property operating and general and administrative expenses Operating Expense Comparison (in thousands) | Expense Category | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | Change ($) | Change (%) | | :--------------- | :-------------------------------- | :-------------------------------- | :--------- | :--------- | | Property operating expenses | $61,228 | $55,740 | $5,488 | 9.8% | | Depreciation and amortization | $53,810 | $40,838 | $12,972 | 31.8% | | General and administrative | $10,916 | $10,365 | $551 | 5.3% | | Total operating expenses | $125,954 | $106,943 | $19,011 | 17.8% | - The **$13.0 million** increase in depreciation and amortization is primarily attributable to newly acquired or developed stores[171](index=171&type=chunk) - Increased personnel expenses to support growth contributed to the rise in general and administrative costs[172](index=172&type=chunk) [Other (Expense) Income](index=53&type=section&id=4.3.5.%20Other%20(Expense)%20Income) Total other expense increased by **4.0%** to **$19.6 million** in Q1 2021, driven by higher interest expense on loans despite lower rates, while equity in real estate ventures improved to a gain Other (Expense) Income Comparison (in thousands) | Category | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | Change ($) | Change (%) | | :------- | :-------------------------------- | :-------------------------------- | :--------- | :--------- | | Interest expense on loans | $(19,234) | $(18,681) | $(553) | (3.0)% | | Loan procurement amortization expense | $(1,035) | $(754) | $(281) | (37.3)% | | Equity in earnings (losses) of real estate ventures | $20 | $(5) | $25 | 500.0% | | Other | $677 | $619 | $58 | 9.4% | | Total other expense | $(19,572) | $(18,821) | $(751) | (4.0)% | - Interest expense increased due to a **$382.2 million** increase in average outstanding debt balance, despite a lower weighted average effective interest rate (**3.39% vs. 3.96%**)[173](index=173&type=chunk) [Cash Flows](index=53&type=section&id=4.4.%20Cash%20Flows) Operating cash flow increased by **$17.2 million** to **$98.2 million** in Q1 2021, investing cash outflow decreased by **$14.3 million**, and financing cash outflow increased by **$11.8 million** Cash Flow Comparison (in thousands) | Activity | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | Change ($) | | :------- | :-------------------------------- | :-------------------------------- | :--------- | | Operating activities | $98,182 | $80,949 | $17,233 | | Investing activities | $(20,532) | $(34,784) | $14,252 | | Financing activities | $(77,887) | $(66,127) | $(11,760) | - Increased cash flow from operating activities was primarily due to newly acquired/developed stores and increased net operating income in the same-store portfolio[174](index=174&type=chunk) - Financing activities saw a **$65.0 million** increase in net revolving credit facility payments and **$44.0 million** increase in mortgage loan principal payments, offset by **$99.7 million** from common share issuance[176](index=176&type=chunk)[178](index=178&type=chunk) [Liquidity and Capital Resources](index=55&type=section&id=4.5.%20Liquidity%20and%20Capital%20Resources) [Liquidity Overview](index=55&type=section&id=4.5.1.%20Liquidity%20Overview) Cash flow from operations is the primary liquidity source, funding debt service, distributions, and capital expenditures, with **$3.7 million** cash and **$696.6 million** credit facility availability as of March 31, 2021 - Cash flow from operations is the primary source of liquidity, used to fund debt service, distributions, and capital expenditures[180](index=180&type=chunk) - As a REIT, the Parent Company must distribute at least **90%** of REIT taxable income annually[181](index=181&type=chunk) - For the remainder of 2021, expected capital expenditures range from **$8.0-$13.0 million** (recurring), **$7.0-$12.0 million** (improvements), and **$20.0-$30.0 million** (new store development)[182](index=182&type=chunk) - As of March 31, 2021, the Company had **$3.7 million** in cash and **$696.6 million** available under its Amended and Restated Credit Facility[186](index=186&type=chunk) [Unsecured Senior Notes](index=57&type=section&id=4.5.2.%20Unsecured%20Senior%20Notes) The Company's unsecured senior notes totaled **$2,030,999 thousand**, net, as of March 31, 2021, with the Operating Partnership maintaining compliance with all financial covenants Unsecured Senior Notes Summary (in thousands) | Note Series | Principal Balance Outstanding | Effective Interest Rate | Maturity Date | | :---------- | :---------------------------- | :---------------------- | :------------ | | $300M 4.375% due 2023 | $300,000 | 4.33% | Dec-23 | | $300M 4.000% due 2025 | $300,000 | 3.99% | Nov-25 | | $300M 3.125% due 2026 | $300,000 | 3.18% | Sep-26 | | $350M 4.375% due 2029 | $350,000 | 4.46% | Feb-29 | | $350M 3.000% due 2030 | $350,000 | 3.04% | Feb-30 | | $450M 2.000% due 2031 | $450,000 | 2.10% | Feb-31 | | Total Principal Balance | $2,050,000 | | | | Total unsecured senior notes, net (Mar 31, 2021) | $2,030,999 | | | - The Operating Partnership was in compliance with all financial covenants under the Senior Notes as of March 31, 2021[190](index=190&type=chunk) [Revolving Credit Facility](index=57&type=section&id=4.5.3.%20Revolving%20Credit%20Facility) The Company's **$750.0 million** unsecured revolving credit facility matures in June 2024, with **$696.6 million** available and compliance with all financial covenants as of March 31, 2021 - The Revolving Credit Facility is a **$750.0 million** unsecured facility maturing on June 19, 2024[191](index=191&type=chunk) - As of March 31, 2021, **$696.6 million** was available for borrowing under the Revolver, with an effective interest rate of **1.21%**[192](index=192&type=chunk) - The Company was in compliance with all financial covenants, including maximum total indebtedness to total asset value (**60.0%**) and minimum fixed charge coverage ratio (**1.5:1.0**)[194](index=194&type=chunk) [At-the-Market Equity Program](index=59&type=section&id=4.5.4.%20At-the-Market%20Equity%20Program) The Company sold **2.8 million** common shares for **$99.7 million** net proceeds in Q1 2021 through its at-the-market equity program, with **8.1 million** shares remaining available - The Company sold **2.8 million** common shares through its 'at-the-market' equity program during Q1 2021[196](index=196&type=chunk) - Net proceeds from these sales totaled **$99.7 million**, used for self-storage property development and general corporate purposes[196](index=196&type=chunk) - As of March 31, 2021, **8.1 million** common shares remained available for issuance under the program[196](index=196&type=chunk) [Recent Developments](index=59&type=section&id=4.5.5.%20Recent%20Developments) On April 16, 2021, the Company invested **$3.4 million** for a **50%** joint venture interest in a Minnesota self-storage property and funded **$5.5 million** of a related loan commitment - On April 16, 2021, the Company acquired a **50% interest** in a Minnesota self-storage joint venture for **$3.4 million**[197](index=197&type=chunk) - The Company also funded **$5.5 million** of a **$6.1 million** related party loan commitment to this joint venture[197](index=197&type=chunk) [Non-GAAP Financial Measures](index=59&type=section&id=4.6.%20Non-GAAP%20Financial%20Measures) This section defines and reconciles Non-GAAP financial measures like NOI, FFO, and FFO, as adjusted, used by management and investors to evaluate operating performance and store-level productivity - NOI is defined as total continuing revenues less continuing property operating expenses, used to evaluate store-level operating performance[198](index=198&type=chunk)[200](index=200&type=chunk) - FFO is defined as net income (GAAP) excluding gains/losses from real estate sales and related impairment charges, plus real estate depreciation and amortization, and adjustments for unconsolidated partnerships[203](index=203&type=chunk) - FFO, as adjusted, further excludes acquisition-related costs, gains/losses from early extinguishment of debt, and non-recurring items to reflect ongoing operating results[206](index=206&type=chunk) Reconciliation of Net Income to FFO and FFO, as adjusted (in thousands) | Metric | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :----- | :-------------------------------- | :-------------------------------- | | Net income attributable to the Company's common shareholders | $41,732 | $37,896 | | Add: Real estate depreciation and amortization | $52,852 | $40,008 | | Add: Company's share of unconsolidated real estate ventures | $1,873 | $1,709 | | Add: Noncontrolling interests in the Operating Partnership | $1,549 | $383 | | FFO attributable to common shareholders and OP unitholders | $98,006 | $79,996 | | Add: Loss on early repayment of debt | $423 | $— | | FFO, as adjusted, attributable to common shareholders and OP unitholders | $98,429 | $79,996 | [Off-Balance Sheet Arrangements](index=62&type=section&id=4.7.%20Off-Balance%20Sheet%20Arrangements) The Company reports no significant off-balance sheet arrangements, financings, or relationships with unconsolidated entities, except for co-investment partnerships - The Company does not have off-balance sheet arrangements, financings, or other relationships with unconsolidated entities (other than co-investment partnerships)[210](index=210&type=chunk) [ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](index=62&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) [Market Risk](index=62&type=section&id=5.1.%20Market%20Risk) The Company's investment policy for cash and cash equivalents prioritizes principal preservation and liquidity while maximizing returns - The Company's investment policy for cash and cash equivalents is to preserve principal and liquidity while maximizing return[212](index=212&type=chunk) [Effect of Changes in Interest Rates on our Outstanding Debt](index=62&type=section&id=5.2.%20Effect%20of%20Changes%20in%20Interest%20Rates%20on%20our%20Outstanding%20Debt) As of March 31, 2021, consolidated debt included **$2,208.1 million** fixed-rate and **$52.8 million** floating-rate debt, with a 100 basis point rate increase impacting earnings by **$0.5 million** and fixed-rate debt fair value by **$131.1 million** - As of March 31, 2021, consolidated debt included **$2,208.1 million** of fixed-rate debt and **$52.8 million** of floating-rate debt[215](index=215&type=chunk) - A **100 basis point** increase in market interest rates would decrease annual earnings and cash flows by approximately **$0.5 million** for variable-rate debt[216](index=216&type=chunk) - A **100 basis point** increase in market interest rates would decrease the fair value of outstanding fixed-rate debt by approximately **$131.1 million**[217](index=217&type=chunk) [ITEM 4. CONTROLS AND PROCEDURES](index=64&type=section&id=Item%204.%20Controls%20and%20Procedures) [Controls and Procedures (Parent Company)](index=64&type=section&id=6.1.%20Controls%20and%20Procedures%20(Parent%20Company)) The Parent Company's disclosure controls and procedures were effective as of March 31, 2021, with no material changes in internal control over financial reporting during the quarter - The Parent Company's disclosure controls and procedures were effective at a reasonable assurance level as of March 31, 2021[219](index=219&type=chunk) - No material change in the Parent Company's internal control over financial reporting occurred during the most recent fiscal quarter[220](index=220&type=chunk) [Controls and Procedures (Operating Partnership)](index=64&type=section&id=6.2.%20Controls%20and%20Procedures%20(Operating%20Partnership)) The Operating Partnership's disclosure controls and procedures were effective as of March 31, 2021, with no material changes in internal control over financial reporting during the quarter - The Operating Partnership's disclosure controls and procedures were effective at a reasonable assurance level as of March 31, 2021[224](index=224&type=chunk) - No material change in the Operating Partnership's internal control over financial reporting occurred during the most recent fiscal quarter[225](index=225&type=chunk) [PART II. OTHER INFORMATION](index=66&type=section&id=Part%20II.%20OTHER%20INFORMATION) [ITEM 1. LEGAL PROCEEDINGS](index=66&type=section&id=7.1.%20Legal%20Proceedings) The Company is not aware of any pending legal proceedings, beyond routine actions, that would materially adversely affect its financial condition or operations - No material legal proceedings are pending against the Company[226](index=226&type=chunk) [ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](index=66&type=section&id=7.2.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) [Repurchases of Parent Company Common Shares](index=66&type=section&id=7.2.1.%20Repurchases%20of%20Parent%20Company%20Common%20Shares) The Parent Company has a **3.0 million** common share repurchase program with no repurchases to date, though **21,367** shares were withheld in Q1 2021 for employee tax obligations - The Parent Company has a share repurchase program for up to **3.0 million** common shares, with no repurchases made to date under this program[227](index=227&type=chunk) Repurchases of Parent Company Common Shares (Q1 2021) | Period | Total Number of Shares Purchased (1) | Average Price Paid Per Share | | :----- | :----------------------------------- | :--------------------------- | | January 1 - January 31 | 19,450 | $33.95 | | February 1 - February 28 | 1,832 | $35.84 | | March 1 - March 31 | 85 | $37.29 | | Total | 21,367 | $34.12 | - The purchased shares represent common shares withheld to cover employee tax obligations upon vesting of restricted shares[229](index=229&type=chunk) [ITEM 6. EXHIBITS](index=68&type=section&id=7.3.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO/CFO certifications and Inline XBRL financial information - Exhibits include certifications of Chief Executive Officer and Chief Financial Officer for both CubeSmart and CubeSmart, L.P. (Exhibits 31.1-31.4, 32.1-32.2)[231](index=231&type=chunk) - Inline XBRL financial information for the three months ended March 31, 2021, is also filed (Exhibit 101, 104)[231](index=231&type=chunk) [SIGNATURES OF REGISTRANT](index=69&type=section&id=Signatures%20of%20Registrant) [Signatures](index=69&type=section&id=8.1.%20Signatures) The report was duly signed on April 30, 2021, by Christopher P. Marr (CEO) and Timothy M. Martin (CFO) for both CubeSmart entities - The report was signed on April 30, 2021[234](index=234&type=chunk)[235](index=235&type=chunk) - Signatories include Christopher P. Marr, Chief Executive Officer, and Timothy M. Martin, Chief Financial Officer, for both CubeSmart and CubeSmart, L.P.[234](index=234&type=chunk)[235](index=235&type=chunk)

CubeSmart (NYSE:CUBE) Q4 2020 Earnings Conference Call February 26, 2021 11:00 AM ET Company Participants Josh Schutzer – Senior Director-Finance Chris Marr – President and Chief Executive Officer Tim Martin – Chief Financial Officer Conference Call Participants Alua Askarbek – Bank of America Juan Sanabria – BMO Capital Markets Todd Thomas – KeyBanc Capital Markets Ki Bin Kim – Truist Smedes Rose – Citi Todd Stender – Wells Fargo Michael Lehman – Evercore ISI Mike Miller – JPMorgan Operator Good day, and w ...

Table of Contents (IRS Employer Identification No.) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-32324 (CubeSmart) Commission file number 000-54462 (CubeSmart, L.P.) CUBESMART CUBESMART, L.P. ...

Table of Contents sts UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark one) ☑ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2020. or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to . Commission file number: 001-32324 (CubeSmart) 000-54462 (CubeSmart, L.P.) CUBESMART CUBESMART, L.P. (Exact Name of Registrant ...

CubeSmart (NYSE:CUBE) Q3 2020 Earnings Conference Call November 6, 2020 11:00 AM ET Company Participants Joshua Schutzer - Director, Financial Analysis Christopher Marr - CEO, President & Trustee Timothy Martin - CFO & Treasurer Conference Call Participants Juan Sanabria - BMO Capital Markets Todd Thomas - KeyBanc Capital Markets Smedes Rose - Citigroup Hong Zhang - JPMorgan Chase & Co. Operator Good morning, and welcome to the CubeSmart Third Quarter 2020 Earnings Call. [Operator Instructions]. Please note ...

CUBESMART® September 2020 | --- | --- | |-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Table of Contents sts UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark one) ☑ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2020. or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to . Commission file number: 001-32324 (CubeSmart) 000-54462 (CubeSmart, L.P.) CUBESMART CUBESMART, L.P. (Exact Name of Registrant as Sp ...

CubeSmart (NYSE:CUBE) Q2 2020 Earnings Conference Call August 7, 2020 11:00 AM ET Company Participants Josh Schutzer - Director of Financial Analysis Christopher Marr - President & Chief Executive Officer Timothy Martin - Chief Financial Officer & Treasurer Conference Call Participants Smedes Rose - Citi Todd Thomas - KeyBanc Capital Markets Ryan Lumb - Green Street Advisors Michael Mueller - JP Morgan Samir Khanal - Evercore Ki Bin Kim - SunTrust Operator Good day, and welcome to the CubeSmart Second Quart ...

CubeSmart (NYSE:CUBE) Q1 2020 Earnings Conference Call May 8, 2020 11:00 AM ET Company Participants Josh Schutzer - Director of Financial Analysis Christopher Marr - CEO, President & Trustee Timothy Martin - CFO & Treasurer Conference Call Participants Smedes Rose - Citi Jeremy Metz - BMO Capital Markets Todd Thomas - KeyBanc Capital Markets Ki Bin Kim - SunTrust Han Meng Zhang - JPMorgan Jason Belcher - Wells Fargo Steve Sakwa - Evercore ISI Spenser Allaway - Green Street Advisors Operator Good day. And we ...