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INVESTMENT ACTIVITY (Tables)

6 Months Ended

Jun. 30, 2021

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. The 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).