X0306 4 2017-05-31 0001298675 CubeSmart CUBE 0001086476 DIEFENDERFER WILLIAM M III 5 OLD LANCASTER ROAD MALVERN PA 19355 1 Common 2017-05-31 4 A 0 3132.0000 0.0000 A 131784.0000 D Common 25039.0000 I By 401(k) Plan Phantom Shares 2017-05-31 4 A 0 4007.0000 24.9600 A Common 4007.0000 17048.0000 D The common units issued under the Company's 2007 Equity Incentive Plan and are subject to forfeiture. The common units vest on May 31, 2018. These phantom shares were acquired under the CubeSmart Trustees Deferred Compensation Plan, and are payable in cash on a one-for-one basis after the reporting person ceases service with the Company. The reporting person may elect to transfer these phantom shares at any time by reallocating the deemed phantom share investment option to another investment alternative, and such transfer will be effective on the first business day of the calendar quarter following the election. Douglas J. Tyrell, Attorney-in-Fact 2017-06-02