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INVESTMENT ACTIVITY (Tables) | 6 Months Ended
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Jun. 30, 2021
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)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
East Meadow, NY (1) | ​ | 1 | ​ | Q2 2021 | ​ | 100% | ​ | $ | 25,900
King of Prussia, PA | ​ | 1 | ​ | Q2 2021 | ​ | 70% | ​ | ​ | 22,800
Arlington, VA (2) | ​ | 1 | ​ | Q1 2021 | ​ | 90% | ​ | ​ | 26,400
Brooklyn, NY (3) | ​ | 1 | ​ | Q2 2020 | ​ | 100% | ​ | ​ | 45,900
​ | ​ | 4 | ​ | ​ | ​ | ​ | ​ | $ | 121,000
​
| (1) | This store was previously owned by a consolidated joint venture, in which the Company held a 51% ownership interest. On June 29, 2021, the noncontrolling member in the venture that owned the store put its 49% interest in the venture to the Company for $6.6 million in cash consideration.
​
| (2) | This store is located adjacent to an existing consolidated joint venture store. Given their proximity to each other, the stores have been combined in our store count, as well as for operational and reporting purposes (see note 13).
​
| (3) | This store was previously owned by a consolidated joint venture, in which the Company held a 51% ownership interest. On September 29, 2020, the noncontrolling member in the venture that owned the store put its 49% interest in the venture to the Company for $10.0 million, of which $1.0 million was paid in cash. T he Company issued 276,497 OP Units that were valued at approximately $9.0 million as consideration for the remainder of the purchase price (see note 13).

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