CubeSmart was formed in July 2004 as a Maryland REIT. The Company is a self-administered and self-managed real estate company engaged in the ownership, operation, acquisition and development of self-storage facilities in the United States. The Company owned 445 self-storage facilities located in 22 states and in the District of Columbia containing an aggregate of approximately 30.4 million rentable square feet. It owned facilities in the District of Columbia and the following 22 states - Arizona, California, Colorado, Connecticut, Florida, Georgia, Illinois, Indiana, Maryland, Massachusetts, Nevada, New Jersey, New Mexico, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, Tennessee, Texas, Utah, and Virginia. In addition it managed 227facilities for third parties including 35 facilities containing an aggregate of approximately 2.4 million rentable square feet as part of an unconsolidated real estate venture in which it owns a 50% interest, and 30 facilities containing an aggregate of approximately 1.8 million rentable square feet as part of a separate unconsolidated real estate venture in which it owns a 10% interest) bringing the total number of facilities it owned and/or managed to 672. The Company managed facilities for third parties in the District of Columbia and the following 23 states - Alabama, Arizona, California, Colorado, Florida, Georgia, Illinois, Louisiana, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Nevada, New Jersey, New York, North Carolina, Ohio, South Carolina, Tennessee, Texas, and Virginia. Its self-storage facilities are designed to offer affordable and easily-accessible storage space for its residential and commercial customers. Its customers rent storage cubes for their exclusive use, typically on a month-to-month basis. Additionally, some of its facilities offer outside storage areas for vehicles and boats. Its facilities are designed to accommodate both residential and commercial customers, with features such as wide aisles and load-bearing capabilities for large truck access. The Company's customers can access their storage cubes during business hours, and some of its facilities provide customers with 24-hour access through computer-controlled access systems. To that end, 372, or approximately 83.6%, of the Company's owned facilities include climate-controlled cubes. The Company's key 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. It is subject to various laws, ordinances and regulations, including regulations relating to lien sale rights and procedures and various federal, state, and local regulations that apply generally to the ownership of real property and the operation of self-storage facilities.