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NONCONTROLLING INTERESTS (Tables)

6 Months Ended

Jun. 30, 2021

Schedule of noncontrolling interests in subsidiaries


				CubeSmart
	Number		Date Opened /	Ownership	June 30, 2021
Consolidated Joint Ventures	of Stores	Location	Acquired ⁽¹⁾	Interest	Total Assets		Total Liabilities

					(in thousands)
CS Vienna, LLC ("Vienna") ⁽²⁾	1	Vienna, VA	Q2 2022 (est.)	72%	$	19,802	$	8,615
CS 750 W Merrick Rd, LLC ("Merrick") ⁽³⁾	1	Valley Stream, NY	Q1 2022 (est.)	51%		20,283		10,604
CS SDP Newtonville, LLC ("Newton") ⁽⁴⁾	1	Newton, MA	Q3 2021 (est.)	90%		19,190		12,674
CS Valley Forge Village Storage, LLC ("VFV") ⁽⁴⁾	1	King of Prussia, PA	Q2 2021	70%		21,891		13,866
CS Lock Up Anoka, LLC ("Anoka") ⁽⁵⁾	1	Anoka, MN	Q2 2021	50%		12,214		5,589
SH3, LLC ("SH3") ⁽⁶⁾	1	Arlington, VA	Q2 2015/Q1 2021	90%		39,334		191
	6				$	132,714	$	51,539

(1)

Anoka was formed to acquire an existing store that had commenced operations, while all other consolidated joint ventures were formed to develop, own and operate new stores.

(2)

On December 23, 2020, the Company and the noncontrolling member contributed a previously wholly-owned operating property (the “Vienna Operating Property”) and a parcel of land (the “Vienna Land”), respectively, to Vienna. The Vienna Operating Property and the Vienna Land are located in close proximity to each other in Vienna, VA. The members intend to construct a new store on the Vienna Land, which, upon completion, will be combined with the Vienna Operating Property and operated by the venture as a single store. The Company has a related party commitment to Vienna to fund all or a portion of the construction costs. As of June 30, 2021, the Company has funded $6.7 million of a total $17.0 million loan commitment to Vienna, which is included in the total liabilities amount within the table above. This loan and the related interest were eliminated for consolidation purposes.

(3)

The noncontrolling member of Merrick has the option to put their ownership interest in the venture to the Company for $17.1 million (the “Put Option”) within the two-year period after construction of the store is substantially complete (the “Put Option Period”). In the event the Put Option is not exercised, the Company has a one-year option to call the ownership interest of the noncontrolling member for $17.1 million, beginning twelve months after the end of the Put Option Period. The Company, at its sole discretion, may pay cash and/or issue OP Units in exchange for the noncontrolling member’s interest. The Company is accreting this liability during the development period and, as of June 30, 2021, has accrued $9.8 million. This amount is included in Accounts payable, accrued expenses and other liabilities on the Company’s consolidated balance sheets.

(4)

The Company has related party loan commitments to VFV and Newton to fund a portion of the construction costs. As of June 30, 2021, the Company has funded $11.3 million of the total $12.4 million loan commitment to VFV and $11.8 million of the total $12.1 million loan commitment to Newton, which are included in the total liability amounts within the table above. These loans and the related interest were eliminated for consolidation purposes.

(5)

On April 16, 2021, the Company contributed $3.4 million in exchange for a 50% ownership interest in Anoka, which acquired a self-storage property located in Minnesota for $12.0 million. In addition, the Company has funded $5.6 million of a $6.1 million related party loan commitment to Anoka, which is included in the total liability amount within the table above. This loan and the related interest were eliminated for consolidation purposes.

(6)

SH3 owns two stores located in close proximity to each other in Arlington, VA, the first of which was developed and opened for operation in April 2015 (“Shirlington I”) and the second of which was developed and opened for operation in March 2021 (“Shirlington II”). Given their close proximity to each other, the two stores were combined in our store count, as well as for operational and reporting purposes, upon the opening of Shirlington II in March 2021.