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INVESTMENT ACTIVITY (Tables)
 3 Months Ended
Mar. 31, 2017
INVESTMENT ACTIVITY  
Schedule of capitalized costs for investments in storage properties

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CubeSmart

 

 

 

 

 

Number of

 

 

 

Ownership

 

Total

Store Location

    

Stores

    

Date Opened

 

Interest

 

Construction Costs

 

 

 

 

 

 

 

 

(in thousands)

North Palm Beach, FL

 

1

 

Q1 2017

 

100%

 

$

9,700

Bronx, NY (1) (2)

 

1

 

Q2 2016

 

100%

 

 

32,200

Queens, NY (1)

 

1

 

Q1 2016

 

100%

 

 

31,800

 

 

3

 

 

 

 

 

$

73,700

 

(1)

These properties were previously owned through two separate consolidated joint ventures, of which the Company owned a 51% interest in each. On April 5, 2016, the noncontrolling member in the venture that owned the Queens, NY store put its 49% interest in the venture to the Company for $12.5 million. On August 12, 2016, the noncontrolling member in the venture that owned the Bronx, NY store put its 49% interest in the venture to the Company for $17.0 million.

 

(2)

This store is subject to a ground lease.