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INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Tables) | 6 Months Ended
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Jun. 30, 2021
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES |
Schedule of investments in real estate ventures | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | CubeSmart | ​ | Number of Stores as of | ​ | Carrying Value of Investment as of
​ | ​ | Ownership | ​ | June 30, | ​ | December 31, | ​ | June 30, | ​ | December 31,
Unconsolidated Real Estate Ventures |  | Interest | ​ | 2021 | ​ | 2020 |  | 2021 | ​ | 2020
191 V CUBE LLC ("HVP V") (1) | ​ | 20% | ​ | 2 | ​ | - | ​ | $ | 7,364 | ​ | $ | -
191 IV CUBE Southeast LLC ("HVPSE") (2) | ​ | 10% | ​ | 14 | ​ | 14 | ​ | ​ | 4,872 | ​ | ​ | 5,015
191 IV CUBE LLC ("HVP IV") (3) | ​ | 20% | ​ | 27 | ​ | 21 | ​ | ​ | 25,141 | ​ | ​ | 21,760
CUBE HHF Northeast Venture LLC ("HHFNE") (4) | ​ | 10% | ​ | 13 | ​ | 13 | ​ | ​ | 1,448 | ​ | ​ | 1,628
CUBE HHF Limited Partnership ("HHF") (5) | ​ | 50% | ​ | 35 | ​ | 35 | ​ | ​ | 58,476 | ​ | ​ | 63,668
​ | ​ | ​ | ​ | 91 | ​ | 83 | ​ | $ | 97,301 | ​ | $ | 92,071
​
| (1) | On March 17, 2021, the Company invested a 20% ownership interest in a newly-formed real estate venture that acquired its initial self-storage property located in Florida. A second self-storage property in Florida was purchased by HVP V on June 29, 2021. HVP V paid an aggregate of $37.0 million for these stores, of which $1.5 million was allocated to the value of the in-place lease intangible. The purchase price was contributed pro-rata by the Company and its unaffiliated joint venture partner. The Company’s total contribution to HVP V related to these acquisitions was $7.4 million.
​
| (2) | On March 19, 2020, the Company invested a 10% ownership interest in a newly-formed real estate venture that acquired 14 self-storage properties located in Florida (2), Georgia (8) and South Carolina (4). HVPSE paid $135.3 million for these stores, of which $7.7 million was allocated to the value of the in-place lease intangible. The acquisition was funded primarily through the venture’s $81.6 million secured term loan. The remainder of the purchase price was contributed pro-rata by the Company and its unaffiliated joint venture partner. The Company’s total contribution to HVPSE related to this portfolio acquisition was $5.6 million. The secured loan bears interest at LIBOR plus 1.60% and matures on March 19, 2023 with options to extend the maturity date through March 19, 2025, subject to satisfaction of certain conditions and payment of the extension fees as stipulated in the loan agreement.
​
| (3) | The stores owned by HVP IV are located in Arizona (2), Connecticut (3), Florida (4), Georgia (2), Illinois (4), Maryland (2), Minnesota (1), Pennsylvania (1) and Texas (8). The Company’s total contribution to HVP IV in connection with these store acquisitions was $30.6 million. During the three months ended June 30, 2021, HVP IV entered into a new $212.3 million secured loan, which bears interest at LIBOR plus 1.95% per annum, and matures on April 19, 2025. HVP IV used the proceeds from this loan to repay its existing loans (totaling $137.7 million) in full.
​
| (4) | The stores owned by HHFNE are located in Connecticut (3), Massachusetts (6), Rhode Island (2) and Vermont (2). The Company’s total contribution to HHFNE in connection with these store acquisitions was $3.8 million. As of June 30, 2021, HHFNE had an outstanding $45.0 million secured loan facility, which bears interest at LIBOR plus 1.20% per annum and matures on December 16, 2024.
​
| (5) | The stores owned by HHF are located in North Carolina (1) and Texas (34). On January 21, 2021, HHF entered into a new $105.0 million secured loan, which bears interest at 2.58% per annum and matures on February 5, 2028. HHF used the proceeds from this loan to repay its existing outstanding $100.0 million loan in full.
Summary of the financial position of the ventures | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, | ​ | December 31,
​ | ​ | 2021 |  | 2020
Assets | ​ | (in thousands)
Storage properties, net | ​ | $ | 780,772 | ​ | $ | 662,833
Other assets | ​ |  | 30,537 | ​ |  | 18,112
Total assets | ​ | $ | 811,309 | ​ | $ | 680,945
​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities and equity | ​ | ​ | ​ | ​ | ​ | ​
Debt | ​ | $ | 439,155 | ​ | $ | 359,985
Other liabilities | ​ | ​ | 22,650 | ​ | ​ | 11,588
Equity | ​ | ​ | ​ | ​ | ​ | ​
CubeSmart | ​ |  | 97,301 | ​ | ​ | 92,071
Joint venture partners | ​ |  | 252,203 | ​ | ​ | 217,301
Total liabilities and equity | ​ | $ | 811,309 | ​ | $ | 680,945
​ | ​ | ​ | ​ | ​ | ​ | ​
Summary of results of operations of the ventures | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30, | ​ |
​ |  | 2021 |  | 2020 |  | 2021 | ​ | 2020 | ​ |
​ | ​ | (in thousands) | ​ | ​
Total revenues | ​ | $ | 21,240 | ​ | $ | 16,797 | ​ | $ | 40,063 | ​ | $ | 31,402 | ​ | ​
Operating expenses | ​ |  | (9,492) | ​ | ​ | (7,978) | ​ |  | (18,097) | ​ |  | (14,920) | ​ | ​
Other expenses | ​ | ​ | (854) | ​ | ​ | (121) | ​ | ​ | (851) | ​ | ​ | (234) | ​ | ​
Interest expense, net | ​ |  | (2,673) | ​ | ​ | (2,985) | ​ |  | (6,208) | ​ |  | (5,705) | ​ | ​
Depreciation and amortization | ​ |  | (9,008) | ​ |  | (9,100) | ​ |  | (17,720) | ​ |  | (15,523) | ​ | ​
Net loss | ​ | $ | (787) | ​ | $ | (3,387) | ​ | $ | (2,813) | ​ | $ | (4,980) | ​ | ​
Company’s share of net income (loss) | ​ | $ | 316 | ​ | $ | (174) | ​ | $ | 336 | ​ | $ | (179) | ​ | ​

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