INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Tables)

6 Months Ended

Jun. 30, 2015

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE

Summary of the financial position of the HHF venture

The following is a summary of the financial position of the HHF venture as of June 30, 2015 and December 31, 2014 (in thousands):


	June 30,		December 31,
	2015		2014
Assets
Storage facilities, net	$	284,665	$	291,357
Other assets		4,447		5,786
Total assets	$	289,112	$	297,143

Liabilities and equity
Other liabilities	$	4,370	$	5,725
Debt		100,000		100,000
Equity
CubeSmart		92,371		95,709
Joint venture partner		92,371		95,709
Total liabilities and equity	$	289,112	$	297,143

Summary of results of operations of the Real Estate Venture

The following is a summary of results of operations of the real estate venture for the three and six months ended June 30, 2015 and 2014 (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014

Total revenues	$	7,465	$	6,500	$	14,525	$	13,020
Operating expenses		3,174		2,842		6,227		5,621
Interest expense, net		931		610		1,862		610
Depreciation and amortization		3,560		6,506		7,112		12,985
Net loss		(200)		(3,458)		(676)		(6,196)
Company’s share of net loss		(100)		(1,729)		(338)		(3,098)