Exhibit 10.1

CUBESMART

CONTROLLED EQUITY OFFERINGSM

AMENDMENT NO. 2 TO 
SALES AGREEMENT

September 16, 2011

CANTOR FITZGERALD & CO.

499 Park Avenue

New York, NY 10022

Ladies and Gentlemen:

Reference is made to the Sales Agreement, dated April 3, 2009, as amended by Amendment No. 1 to the Sales Agreement, dated January 27, 2011 (as so amended, the “Sales Agreement”), among Cantor Fitzgerald & Co. (“CF&Co”), CubeSmart (formerly U-Store-It Trust), a Maryland real estate investment trust (the “Company”), and CubeSmart, L.P. (formerly U-Store-It, L.P.), a Delaware limited partnership (the “Operating Partnership”), pursuant to which the Company agreed to sell through CF&Co, as sales agent, up to 15,000,000 shares of the Company’s common shares of beneficial interest, par value $0.01 per share.  All capitalized terms used in this Amendment No. 2 to the Sales Agreement among CF&Co, the Company and the Operating Partnership (this “Amendment”) and not otherwise defined shall have the respective meanings assigned to them in the Sales Agreement.  CF&Co, the Company and the Operating Partnership agree as follows:

A.            Amendments to Sales Agreement.  The Sales Agreement is amended as follows:

1.              The first sentence of the first paragraph of Section 1 of the Sales Agreement is hereby deleted and replaced with the following:

“The Company agrees that, from time to time during the term of this Agreement, on the terms and subject to the conditions set forth herein, it may issue and sell through CF&Co, acting as agent and/or principal, up to 20,000,000 shares (the “Shares”) of the Company’s common shares of beneficial interest, par value $0.01 per share (the “Common Shares”).”

2.              In the first sentence of the second paragraph of Section 1 of the Sales Agreement, the reference to “File No. 333-156463” shall be replaced with “File No. 333-176885”.

3.              The fourth sentence of the second paragraph of Section 1 of the Sales Agreement is hereby deleted and replaced with the following:

“Except where the context otherwise requires, such registration statement, and any replacement registration statement filed in connection with the termination or expiration of such registration statement, and including (i) all documents filed as part thereof or incorporated by reference therein and (ii) any information contained in a Prospectus (as defined below) subsequently filed with the Commission pursuant to Rule 424(b) under the Securities Act or deemed to be a part of such registration statement pursuant to Rule 430(B) or  462(b) of the Securities Act, is herein called the “Registration Statement.””

1

4.              In Section 12 of the Sales Agreement, the reference to “DLA Piper LLP (US), 1251 Avenue of the Americas, New York, New York 10020, fax no. (212) 884-8466, Attention: Daniel I. Goldberg” shall be replaced with “Reed Smith LLP, 599 Lexington Avenue, New York, NY 10022, fax no. (212) 521-5450, Attention: Daniel I. Goldberg”.

5.              The first sentence of the Placement Notice attached as Schedule 1 to the Sales Agreement shall be amended to add “as amended on January 26, 2011 and September 16, 2011” immediately before “(the “Agreement”)” at the end thereof.

6.              Schedule 4 to the Sales Agreement shall be replaced in its entirety with the schedule set forth as Exhibit A hereto.

7.              The first sentence of the Officer Certificate attached as Exhibit 7(n) to the Sales Agreement is amended to add “as amended on January 26, 2011 and September 16, 2011” immediately before “(the “Sales Agreement”)” at the end thereof.

B.            Prospectus Supplement.  The Company agrees to file a 424(b) Prospectus Supplement reflecting this Amendment within 2 business days of the date hereof.

C.            No Other Amendments.  Except as set forth in Part A above, all the terms and provisions of the Sales Agreement shall continue in full force and effect.

D.            Counterparts.  This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery of an executed Amendment by one party to the other may be made by facsimile or email transmission.

[Remainder of page intentionally left blank.]

2

If the foregoing correctly sets forth the understanding among the Company, the Operating Partnership and CF&Co, please so indicate in the space provided below for that purpose, whereupon this Amendment No. 2 to Sales Agreement shall constitute a binding agreement among the Company, Operating Partnership and CF&Co.

[Signature Page to Amendment No. 2 to Sales Agreement]

EXHIBIT A

SCHEDULE 4

SCHEDULE OF SUBSIDIARIES