XML 52 R38.htm IDEA: XBRL DOCUMENT v3.20.2
UNSECURED SENIOR NOTES (Details)
$ in Thousands
6 Months Ended
Apr. 04, 2017
USD ($)
Oct. 26, 2015
USD ($)
Dec. 17, 2013
USD ($)
Jun. 30, 2020
USD ($)
Dec. 31, 2019
USD ($)
Jan. 31, 2019
USD ($)
Mortgage loans and Notes payable            
Less: Loan procurement costs, net       $ (3,609) $ (4,059)  
Total unsecured senior notes, net       1,836,721 1,835,725  
Cubesmart, L P and Subsidiaries            
Mortgage loans and Notes payable            
Less: Loan procurement costs, net       (3,609) (4,059)  
Total unsecured senior notes, net       1,836,721 1,835,725  
Senior Notes            
Mortgage loans and Notes payable            
Carrying value       1,850,000 1,850,000  
Less: Discount on issuance of notes, net       (3,659) (3,860)  
Less: Loan procurement costs, net       (9,620) (10,415)  
Total unsecured senior notes, net       $ 1,836,721 1,835,725  
Senior Notes | Maximum            
Mortgage loans and Notes payable            
Consolidated leverage ratio       0.60    
Secured debt leverage ratio       0.40    
Senior Notes | Minimum            
Mortgage loans and Notes payable            
Consolidated interest coverage ratio       1.50    
Financial and customary covenant, minimum unencumbered asset (as a percent)       150.00%    
Senior notes 4.800% due 2022            
Mortgage loans and Notes payable            
Interest rate (as a percent)       4.80%    
Carrying value       $ 250,000 250,000  
Effective interest rate (as a percent)       4.82%    
Senior notes 4.375% due 2023            
Mortgage loans and Notes payable            
Senior notes, principal amount $ 50,000   $ 250,000      
Interest rate (as a percent) 4.375%   4.375% 4.375%    
Carrying value       $ 300,000 300,000  
Effective interest rate (as a percent) 3.495%   4.501% 4.33%    
Effective weighted average interest rate (as a percent)       4.33%    
Proceeds from senior notes $ 50,000   $ 250,000      
Debt instrument, redemption percentage 105.04%   98.995%      
Senior notes 4.000% due 2025            
Mortgage loans and Notes payable            
Senior notes, principal amount $ 50,000 $ 250,000        
Interest rate (as a percent) 4.00% 4.00%   4.00%    
Carrying value       $ 300,000 300,000  
Effective interest rate (as a percent) 3.811% 4.032%   3.99%    
Effective weighted average interest rate (as a percent)       3.994%    
Proceeds from senior notes $ 50,000 $ 250,000        
Debt instrument, redemption percentage 101.343% 99.735%        
Senior Notes 3.125% Due 2026            
Mortgage loans and Notes payable            
Interest rate (as a percent)       3.125%    
Carrying value       $ 300,000 300,000  
Effective interest rate (as a percent)       3.18%    
Senior Notes 4.375 % Due 2029            
Mortgage loans and Notes payable            
Senior notes, principal amount           $ 350,000
Interest rate (as a percent)       4.375%   4.375%
Carrying value       $ 350,000 350,000  
Effective interest rate (as a percent)       4.46%    
Senior Notes 3.000 % Due 2030            
Mortgage loans and Notes payable            
Interest rate (as a percent)       3.00%    
Carrying value       $ 350,000 $ 350,000  
Effective interest rate (as a percent)       3.04%