CubeSmart, formerly known as U-Store-It Trust was formed in July 2004 as a Maryland REIT. The Company is a self-administered and self-managed real estate company focused on the ownership, operation, acquisition and development of self-storage facilities in the United States. As of December 31, 2013, the Company owned 366 self-storage facilities located in 20 states and in the District of Columbia containing an aggregate of approximately 24.7 million rentable square feet and also owned facilities in the District of Columbia and in following states: Arizona, California, Colorado, Connecticut, Florida, Georgia, Illinois, Maryland, Massachusetts, Nevada, New Jersey, New Mexico, New York, North Carolina, Ohio, Pennsylvania, Tennessee, Texas, Utah and Virginia. During 2013, the Company acquired 20 self-storage facilities located throughout the United States. As of December 31, 2013 the total number of facilities that Company owned and/or managed was 526. The Company's self-storage facilities are designed to offer affordable and easily-accessible storage space for the residential and commercial customers. They are designed to accommodate both residential and commercial customers with features such as wide aisles and load-bearing capabilities for heavy truck access. As of December 31, 2013 the Company owned one unconsolidated real estate venture that owned 35 self-storage facilities located in Texas and North Carolina containing an aggregate of approximately 2.4 million rentable square feet. The Company's self-storage facilities are located in different geographies such as New York, Florida, California and Texas. The criteria of acquisition and development of self-storage facilities of the Company includes the market potential, quality of facility and growth potential. The Company's competitors include local and regional operators as well as the other public self-storage REITs, including Public Storage, Sovran Self Storage, Inc. and Extra Space Storage Inc. The Company is subject to various laws, ordinances and regulations, including regulations and various federal, state and local regulations.