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NONCONTROLLING INTERESTS (Tables) | 6 Months Ended
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Jun. 30, 2022
NONCONTROLLING INTERESTS |
Schedule of noncontrolling interests in subsidiaries | ​
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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | CubeSmart | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Number | ​ | ​ | ​ | Date Opened / | ​ | Ownership | ​ | June 30, 2022 | ​
Consolidated Joint Ventures |  | of Stores |  | Location |  | Acquired (1) | ​ | Interest | ​ | Total Assets | ​ | Total Liabilities |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (in thousands) | ​
Astoria Investors, LLC ("Astoria") (2) | ​ | 1 | ​ | Queens, NY |  | Q4 2023 (est.) | ​ | 70% | ​ | $ | 22,126 | ​ | $ | 7,521 | ​
CS 750 W Merrick Rd, LLC ("Merrick") (3) | ​ | 1 | ​ | Valley Stream, NY | ​ | Q3 2022 (est.) | ​ | 51% | ​ | ​ | 37,328 | ​ | ​ | 17,174 | ​
CS Vienna, LLC ("Vienna") (4) | ​ | 1 | ​ | Vienna, VA | ​ | Q2 2022 | ​ | 72% | ​ | ​ | 32,712 | ​ | ​ | 21,308 | ​
CS Valley Forge Village Storage, LLC ("VFV") (5) | ​ | 1 | ​ | King of Prussia, PA | ​ | Q2 2021 | ​ | 70% | ​ | ​ | 20,773 | ​ | ​ | 14,429 | ​
CS Lock Up Anoka, LLC ("Anoka") (6) | ​ | 1 | ​ | Anoka, MN | ​ | Q2 2021 | ​ | 50% | ​ | ​ | 11,296 | ​ | ​ | 5,568 | ​
SH3, LLC ("SH3") (7) | ​ | 1 | ​ | Arlington, VA |  | Q2 2015/Q1 2021 | ​ | 90% | ​ | ​ | 38,385 | ​ | ​ | 236 | ​
​ | ​ | 6 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 162,620 | ​ | $ | 66,236 | ​
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| (1) | All consolidated joint ventures were formed to develop, own and operate new stores with the exception of Anoka, which was formed to acquire an existing store that had commenced operations.
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| (2) | On August 17, 2021, the Company contributed $14.7 million in exchange for a 70% ownership interest in Astoria, which acquired land for future development of a self-storage property in Queens, NY for $20.0 million. As of June 30, 2022, the Company has funded $7.3 million of a $27.1 million related party loan commitment to Astoria, which is included in total liabilities within the table above. This loan and the related interest were eliminated for consolidation purposes.
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| (3) | The noncontrolling member of Merrick has the option to put its 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, 2022, has accrued $16.5 million. This amount is included in Accounts payable, accrued expenses and other liabilities on the Company’s consolidated balance sheets and in total liabilities within the table above.
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| (4) | 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. In June 2022, the members completed construction of a new store on the Vienna Land. Upon completion, the new store was combined with the Vienna Operating Property and is now operated by the venture as a single store. As of June 30, 2022, the Company has an outstanding loan of $17.0 million to Vienna, which was used to fund a portion of the construction costs for the new store. The loan is included in total liabilities within the table above. This loan and the related interest were eliminated for consolidation purposes.
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| (5) | The Company has a related party loan commitment to VFV that was used to fund a portion of the construction costs. As of June 30, 2022, the Company has an outstanding loan of $14.4 million to VFV, which is included in total liabilities within the table above. This loan and the related interest were eliminated for consolidation purposes.
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| (6) | 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, as of June 30, 2022, the Company has funded $5.5 million of a $6.1 million related party loan commitment to Anoka, which is
|  | included in total liabilities within the table above. This loan and the related interest were eliminated for consolidation purposes.
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| (7) | 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.

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