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INVESTMENT ACTIVITY (Tables) | 12 Months Ended
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Dec. 31, 2017
INVESTMENT ACTIVITY |
Schedule of revenue and earnings from acquisitions since the acquisition dates included in consolidated statement of operations |
|  |  | Year Ended December 31, 2017 |
|  |  | (in thousands) |
Total revenue |  |  | $ | 1,572 |
Net loss |  |  |  | (1,330) |
Schedule of capitalized costs for investments in storage properties |
|  |  |  |  |  | CubeSmart |  |  |
|  | Number of |  |  |  | Ownership |  | Total
Store Location |  | Stores |  | Date Opened |  | Interest |  | Construction Costs
|  |  |  |  |  |  |  | (in thousands)
Brooklyn, NY |  | 1 |  | Q4 2017 |  | 51% |  | $ | 49,300
Washington, D.C. |  | 1 |  | Q3 2017 |  | 100% |  |  | 27,800
New York, NY |  | 1 |  | Q3 2017 |  | 90% |  |  | 81,200
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
Brooklyn, NY (3) |  | 1 |  | Q4 2015 |  | 100% |  |  | 14,800
Queens, NY |  | 1 |  | Q4 2015 |  | 90% |  |  | 17,400
Arlington, VA |  | 1 |  | Q2 2015 |  | 90% |  |  | 17,100
|  | 9 |  |  |  |  |  | $ | 281,300
| (1) |  | These stores 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.
| (3) |  | During the fourth quarter of 2015, the Company, through a joint venture in which the Company owned a 90% interest and that it previously consolidated, completed the construction and opened for operation a store located in Brooklyn, NY. On June 2, 2017, the Company acquired the noncontrolling member’s 10% interest in the venture for $9.0 million. Prior to this transaction, the noncontrolling member’s interest was reported in Noncontrolling interests in subsidiaries on the consolidated balance sheets. Since the Company retained its controlling interest in the joint venture and the store is now wholly owned, this transaction was accounted for as an equity transaction. The carrying amount of the noncontrolling interest was reduced to zero to reflect the purchase, and the $8.6 million difference between the purchase price paid by the Company and the carrying amount of the noncontrolling interest was recorded as an adjustment to equity attributable to the Company. In conjunction with the Company’s acquisition of the noncontrolling interest, the $9.8 million related party loan extended by the Company to the venture during the construction period was repaid in full.

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- Definition Schedule of the revenue and results of operations included in the consolidated statement of operations since the acquisition date. + References No definition available. + Details
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