XML 54 R42.htm IDEA: XBRL DOCUMENT v3.22.1
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Details)
$ in Thousands
3 Months Ended 12 Months Ended
Oct. 05, 2021
USD ($)
facility
Mar. 19, 2020
USD ($)
facility
Mar. 31, 2022
USD ($)
property
facility
Mar. 31, 2021
USD ($)
Dec. 31, 2021
USD ($)
property
Dec. 09, 2021
facility
Investment in Unconsolidated Real Estate Venture            
Investment in real estate entities     $ 117,025   $ 119,751  
Acquisitions of storage facilities     39,761      
Credit facility, outstanding     185,400   209,900  
Principal amount of debt     2,800,000   2,800,000  
ASSETS            
Storage facilities, net     6,102,102   6,097,670  
Total assets     6,461,541   6,548,079  
Equity            
CubeSmart     2,847,072   2,871,563  
Joint venture partners     16,383   18,597  
Total liabilities and equity     6,461,541   6,548,079  
Total revenues     238,565 $ 188,841    
Net loss     38,266 43,315    
Company's share of net income (loss)     294 20    
HVP V            
Investment in Unconsolidated Real Estate Venture            
Amount of loan obtained     $ 80,600      
HVP V | SOFR            
Investment in Unconsolidated Real Estate Venture            
Interest rate (as percentage)     2.05%      
HVPSE            
Investment in Unconsolidated Real Estate Venture            
Acquisitions of storage facilities   $ 135,300        
Intangible value of the in-place leases   7,700        
Contribution To Real Estate Venture   $ 5,600        
Interest rate (as percentage)   1.60%        
HVPSE | Term Loan Facility            
Investment in Unconsolidated Real Estate Venture            
Proceeds from debt   $ 81,600        
HVP IV | Secured Debt Due April 2025            
Investment in Unconsolidated Real Estate Venture            
Outstanding debt     $ 221,600      
HVP IV | LIBOR | Secured Debt Due April 2025            
Investment in Unconsolidated Real Estate Venture            
Interest rate (as percentage)     1.95%      
HHFNE            
Investment in Unconsolidated Real Estate Venture            
Outstanding debt     $ 45,000      
HHFNE | LIBOR            
Investment in Unconsolidated Real Estate Venture            
Interest rate (as percentage)     1.20%      
HHF            
Investment in Unconsolidated Real Estate Venture            
Net proceeds from sale of assets $ 85,000          
Equity            
Gains from sales of real estate, net $ 46,900          
HHF | Secured loan 2.58% due on February 05, 2028            
Investment in Unconsolidated Real Estate Venture            
Amount of loan obtained     $ 105,000      
Arizona | HVP IV            
Investment in Unconsolidated Real Estate Venture            
Number of storage facilities owned by investee | property     2      
New York | HVP V            
Investment in Unconsolidated Real Estate Venture            
Number of storage facilities owned by investee | facility     1      
Maryland | HVP IV            
Investment in Unconsolidated Real Estate Venture            
Number of storage facilities owned by investee | property     2      
Connecticut | HVP IV            
Investment in Unconsolidated Real Estate Venture            
Number of storage facilities owned by investee | property     3      
Connecticut | HHFNE            
Investment in Unconsolidated Real Estate Venture            
Number of storage facilities owned by investee | property     3      
Massachusetts | HHFNE            
Investment in Unconsolidated Real Estate Venture            
Number of storage facilities owned by investee | property     6      
Minnesota | HVP IV            
Investment in Unconsolidated Real Estate Venture            
Number of storage facilities owned by investee | property     1      
Rhode Island | HHFNE            
Investment in Unconsolidated Real Estate Venture            
Number of storage facilities owned by investee | property     2      
Vermont | HHFNE            
Investment in Unconsolidated Real Estate Venture            
Number of storage facilities owned by investee | property     2      
New Jersey | HVP V            
Investment in Unconsolidated Real Estate Venture            
Number of storage facilities owned by investee | facility     2      
Illinois | HVP IV            
Investment in Unconsolidated Real Estate Venture            
Number of storage facilities owned by investee | property     5      
Florida | HVP V            
Investment in Unconsolidated Real Estate Venture            
Number of storage facilities owned by investee | facility     2      
Florida | HVPSE            
Investment in Unconsolidated Real Estate Venture            
Number of storage facilities owned by investee | facility   2        
Florida | HVP IV            
Investment in Unconsolidated Real Estate Venture            
Number of storage facilities owned by investee | property     4      
Texas | HVP IV            
Investment in Unconsolidated Real Estate Venture            
Number of storage facilities owned by investee | property     8      
Texas | HHF            
Investment in Unconsolidated Real Estate Venture            
Number of storage facilities owned by investee | property     27      
Number of assets sold | facility 7          
North Carolina | HHF            
Investment in Unconsolidated Real Estate Venture            
Number of storage facilities owned by investee | property     1      
South Carolina | HVPSE            
Investment in Unconsolidated Real Estate Venture            
Number of storage facilities owned by investee | facility   4        
Georgia | HVPSE            
Investment in Unconsolidated Real Estate Venture            
Number of storage facilities owned by investee | facility   8        
Georgia | HVP IV            
Investment in Unconsolidated Real Estate Venture            
Number of storage facilities owned by investee | property     2      
Pennsylvania | HVP IV            
Investment in Unconsolidated Real Estate Venture            
Number of storage facilities owned by investee | property     1      
Ventures            
Investment in Unconsolidated Real Estate Venture            
Investment in real estate entities     $ 117,025   $ 119,751  
Number of storage facilities owned by investee | property     90   90  
ASSETS            
Storage facilities, net     $ 843,343   $ 850,250  
Other assets     32,067   34,760  
Total assets     875,410   885,010  
LIABILITIES AND CAPITAL            
Debt     527,490   526,972  
Other liabilities     15,447   14,500  
Equity            
CubeSmart     83,675   86,083  
Joint venture partners     248,798   257,455  
Total liabilities and equity     875,410   885,010  
Total revenues     24,965 18,823    
Operating expenses     (10,743) (8,605)    
Other (expenses) income     (114) 3    
Interest expense, net     (3,852) (3,535)    
Depreciation and amortization     (10,388) (8,713)    
Net loss     (132) (2,027)    
Company's share of net income (loss)     294 $ 20    
Fontana            
Investment in Unconsolidated Real Estate Venture            
Investment in real estate entities     $ 14,240   $ 14,225  
Ownership interest in partnership (as a percent)     50.00%     50.00%
Equity method investment, difference between carrying amount and underlying equity     $ 13,400      
Number of storage facilities owned by investee     1   1 1
RCSS            
Investment in Unconsolidated Real Estate Venture            
Investment in real estate entities     $ 21,549   $ 21,536  
Ownership interest in partnership (as a percent)     50.00%     0.50%
Equity method investment, difference between carrying amount and underlying equity     $ 20,000      
Number of storage facilities owned by investee | property     1   1  
HVP V            
Investment in Unconsolidated Real Estate Venture            
Investment in real estate entities     $ 15,515   $ 16,080  
Ownership interest in partnership (as a percent)     20.00%      
Number of storage facilities owned by investee | property     5   5  
Acquisitions of storage facilities         $ 143,700  
Intangible value of the in-place leases     $ 2,200      
Contribution To Real Estate Venture     22,600      
HVPSE            
Investment in Unconsolidated Real Estate Venture            
Investment in real estate entities     $ 4,436   $ 4,541  
Ownership interest in partnership (as a percent)     10.00%      
Number of storage facilities owned by investee | property     14   14  
HVP IV            
Investment in Unconsolidated Real Estate Venture            
Investment in real estate entities     $ 22,177   $ 23,223  
Ownership interest in partnership (as a percent)     20.00%      
Number of storage facilities owned by investee | property     28   28  
Contribution To Real Estate Venture     $ 32,000      
HHFNE            
Investment in Unconsolidated Real Estate Venture            
Investment in real estate entities     $ 1,244   $ 1,291  
Ownership interest in partnership (as a percent)     10.00%      
Number of storage facilities owned by investee | property     13   13  
Contribution To Real Estate Venture     $ 3,800      
HHF            
Investment in Unconsolidated Real Estate Venture            
Investment in real estate entities     $ 37,864   $ 38,855  
Ownership interest in partnership (as a percent)     50.00%      
Number of storage facilities owned by investee | property     28   28  
Interest on real estate venture debt     2.58%