XML 55 R40.htm IDEA: XBRL DOCUMENT v3.7.0.1
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Details)
$ in Thousands
3 Months Ended 9 Months Ended
Dec. 15, 2016
USD ($)
facility
Jun. 15, 2016
USD ($)
facility
Apr. 21, 2016
USD ($)
facility
Mar. 30, 2016
USD ($)
facility
Jan. 26, 2016
USD ($)
facility
Dec. 08, 2015
USD ($)
facility
May 01, 2014
USD ($)
property
Dec. 10, 2013
USD ($)
property
Mar. 31, 2017
USD ($)
Mar. 31, 2016
USD ($)
facility
Dec. 31, 2015
USD ($)
facility
Sep. 30, 2016
USD ($)
facility
Dec. 31, 2016
USD ($)
Investment in Unconsolidated Real Estate Venture                          
Investment in real estate entities                 $ 95,936       $ 98,682
Acquisitions of storage facilities                 600 $ 158,457      
Summary of results of operations of the real estate venture                          
Company’s share of net income (loss)                 (772) (512)      
HVP and HHF                          
Summary of results of operations of the real estate venture                          
Total revenues                 19,423 12,324      
Operating expenses                 9,083 6,441      
Interest expense, net                 2,900 1,856      
Depreciation and amortization                 13,719 9,750      
Net income (loss)                 (6,279) (5,723)      
Company’s share of net income (loss)                 (772) $ (512)      
HHFNE | LIBOR                          
Investment in Unconsolidated Real Estate Venture                          
Interest rate (as percentage) 1.90%                        
HVP                          
Investment in Unconsolidated Real Estate Venture                          
Ownership interest in partnership (as a percent)                     10.00%    
Number of self-storage facilities acquired | facility   1 5 30 1 30              
Number of self-storage facilities acquired, assumed mortgage debt | facility                       6  
Acquisitions of storage facilities   $ 7,000 $ 36,100 $ 112,800 $ 5,700 $ 193,700              
Number of properties to be acquired under the contract | facility                   31 37    
Contract amount to purchase real estate                   $ 115,500 $ 242,500    
Intangible value of the in-place leases                     $ 18,900    
Assumed mortgage debt, at fair value                       $ 25,300  
Outstanding principal balance of mortgage debt assumed on acquisitions                       23,700  
Premium on debt assumed on acquisitions                       $ 1,600  
HVP | Affiliated Real Estate Investment Transactions                          
Investment in Unconsolidated Real Estate Venture                          
Number of properties to be acquired under the contract | facility                   4      
Michigan | HVP                          
Investment in Unconsolidated Real Estate Venture                          
Number of properties to be acquired under the contract | facility                     17    
Connecticut | HHFNE                          
Investment in Unconsolidated Real Estate Venture                          
Number of self-storage facilities acquired | facility 3                        
Massachusetts | HHFNE                          
Investment in Unconsolidated Real Estate Venture                          
Number of self-storage facilities acquired | facility 6                        
Massachusetts | HVP                          
Investment in Unconsolidated Real Estate Venture                          
Number of properties to be acquired under the contract | facility                     7    
Rhode Island | HHFNE                          
Investment in Unconsolidated Real Estate Venture                          
Number of self-storage facilities acquired | facility 2                        
Vermont | HHFNE                          
Investment in Unconsolidated Real Estate Venture                          
Number of self-storage facilities acquired | facility 2                        
Florida | HVP                          
Investment in Unconsolidated Real Estate Venture                          
Number of properties to be acquired under the contract | facility                     3    
South Carolina | HVP                          
Investment in Unconsolidated Real Estate Venture                          
Number of properties to be acquired under the contract | facility                   22      
Georgia | HVP                          
Investment in Unconsolidated Real Estate Venture                          
Number of properties to be acquired under the contract | facility                   5      
HVP and HHF                          
Assets                          
Storage facilities, net                 660,680       667,975
Other assets                 12,459       17,003
Total Assets                 673,139       684,978
Liabilities and equity                          
Other liabilities                 7,169       6,516
Debt                 345,852       345,631
Equity                          
CubeSmart                 95,936       98,682
Joint venture partner                 224,182       234,149
Total liabilities and equity                 673,139       $ 684,978
HHFNE                          
Investment in Unconsolidated Real Estate Venture                          
Ownership interest in partnership (as a percent) 10.00%                        
Number of self-storage facilities acquired | facility 13                        
Acquisitions of storage facilities $ 87,500                        
Intangible value of the in-place leases 6,000                        
Investment in joint venture 3,800                        
Initial advance $ 44,500                        
HVP                          
Investment in Unconsolidated Real Estate Venture                          
Investment in real estate entities                 $ 16,100        
Investment in joint venture       5,400             $ 10,700    
Initial advance       63,500             116,000    
Venture's loan                     $ 122,000    
HVP | Maximum                          
Investment in Unconsolidated Real Estate Venture                          
Venture's loan       $ 185,500                  
HVP | LIBOR                          
Investment in Unconsolidated Real Estate Venture                          
Interest rate (as percentage)       2.00%             2.00%    
HVP | Tennessee                          
Investment in Unconsolidated Real Estate Venture                          
Number of properties to be acquired under the contract | facility                     10    
HHF                          
Investment in Unconsolidated Real Estate Venture                          
Ownership interest in partnership (as a percent)               50.00%          
Number of storage facilities owned by investee | property               35          
Payment made for acquisition of interest in real estate ventures               $ 315,700          
Intangible value of the in-place leases               $ 12,100          
Proceeds after closing costs distributed proportionately to partners             $ 99,200            
HHF | Secured loan 3.59% due April 30, 2021                          
Investment in Unconsolidated Real Estate Venture                          
Amount of loan obtained             $ 100,000            
Interest on real estate venture debt             3.59%            
HHF | Texas                          
Investment in Unconsolidated Real Estate Venture                          
Number of storage facilities owned by investee | property             34 34          
HHF | North Carolina                          
Investment in Unconsolidated Real Estate Venture                          
Number of storage facilities owned by investee | property               1