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NONCONTROLLING INTERESTS (Tables) | 3 Months Ended
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Mar. 31, 2017
NONCONTROLLING INTERESTS |
Schedule of noncontrolling interests in subsidiaries |
|  |  |  |  |  | Date Opened / |  | CubeSmart |  |  |  |  |  |  |
|  | Number of |  |  |  | Estimated |  | Ownership |  | March 31, 2017 |
Development Ventures |  | Stores |  | Location |  | Opening |  | Interest |  | Total Assets |  | Total Liabilities |
2225 46th St, LLC ("46th St") (1) |  | 1 |  | Queens, NY |  | Q4 2018 (est.) |  | 51% |  | $ | 18,128 |  | $ | 3,425 |
CS SDP Waltham, LLC ("Waltham") (3) |  | 1 |  | Waltham, MA |  | Q3 2018 (est.) |  | 90% |  |  | 3,575 |  |  | 1 |
CS SJM E 92nd Street, LLC ("92nd St") |  | 1 |  | New York, NY |  | Q2 2018 (est.) |  | 90% |  |  | 587 |  |  | 568 |
2880 Exterior St, LLC ("Exterior St") (1) |  | 1 |  | Bronx, NY |  | Q2 2018 (est.) |  | 51% |  |  | 40,906 |  |  | 19,572 |
3068 Cropsey Avenue, LLC ("Cropsey Ave") (1) |  | 1 |  | Brooklyn, NY |  | Q4 2017 (est.) |  | 51% |  |  | 29,703 |  |  | 14,994 |
444 55 th Street Holdings, LLC ("55th St") (2) |  | 1 |  | New York, NY |  | Q3 2017 (est.) |  | 90% |  |  | 82,414 |  |  | 37,077 |
CS SNL New York Ave, LLC ("SNL I") (3) |  | 1 |  | Brooklyn, NY |  | Q4 2015 |  | 90% |  |  | 14,076 |  |  | 9,960 |
186 Jamaica Avenue, LLC ("SNL II") (3) |  | 1 |  | Brooklyn, NY |  | Q4 2015 |  | 90% |  |  | 18,017 |  |  | 12,535 |
Shirlington Rd, LLC ("SRLLC") (3) |  | 1 |  | Arlington, VA |  | Q2 2015 |  | 90% |  |  | 16,293 |  |  | 12,891 |
|  | 9 |  |  |  |  |  |  |  | $ | 223,699 |  | $ | 111,023 |
| (1) |  | The noncontrolling members of 46th St, Cropsey Ave, and Exterior St have the option to put their ownership interest in the ventures to the Company for $14.2 million, $20.4 million and $37.8 million, respectively, within the one-year period after construction of each store is substantially complete. Additionally, the Company has a one-year option to call the ownership interest of the noncontrolling members of 46th St, Cropsey Ave, and Exterior St for $14.2 million, $20.4 million and $37.8 million, respectively, beginning on the second anniversary of the respective store’s construction being substantially complete. The Company is accreting the respective liabilities during the development periods and, as of March 31, 2017, has accrued $3.4 million, $13.6 million and $18.9 million related to 46th St, Cropsey Ave, and Exterior St, respectively.
| (2) |  | In connection with the acquired property, 55th St assumed mortgage debt that was recorded at a fair value of $35.0 million, which fair value includes an outstanding principal balance totaling $32.5 million and a net premium of $2.5 million to reflect the estimated fair value of the debt at the time of assumption. The loan accrues interest at a fixed rate of 4.68%, matures on June 7, 2023, and is fully guaranteed by the Company.
| (3) |  | The Company has a related party loan commitment to these ventures to fund all or a portion of the construction costs. As of March 31, 2017, the Company has funded its total $9.8 million loan commitment to SNL I, $12.5 million of a total $12.8 million loan commitment to SNL II, and $12.7 million of a total $14.6 million loan commitment to SRLLC, which are included in the total liability amounts within the table above. These loans and related interest were eliminated during consolidation. As of March 31, 2017, the Company has not funded any of its $10.8 million loan commitment to Waltham.

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