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NONCONTROLLING INTERESTS (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of noncontrolling interests in subsidiaries


				CubeSmart
	Number		Date Opened /	Ownership	September 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%	$	22,595	$	7,991
CS 750 W Merrick Rd, LLC ("Merrick") ⁽³⁾	1	Valley Stream, NY	Q3 2022	51%		37,625		17,255
CS Vienna, LLC ("Vienna") ⁽⁴⁾	1	Vienna, VA	Q2 2022	80%		32,944		35,160
CS Valley Forge Village Storage, LLC ("VFV") ⁽⁵⁾	1	King of Prussia, PA	Q2 2021	70%		20,667		14,633
CS Lock Up Anoka, LLC ("Anoka") ⁽⁶⁾	1	Anoka, MN	Q2 2021	50%		11,141		5,615
SH3, LLC ("SH3") ⁽⁷⁾	1	Arlington, VA	Q2 2015/Q1 2021	90%		38,141		262
	6				$	163,113	$	80,916

(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.

(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 September 30, 2022, the Company has funded $7.7 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.

(3)

During the three months ended September 30, 2022, the noncontrolling member of Merrick notified the Company that it intends to exercise its option to put its ownership interest in the venture to the Company for $17.1 million (the “Put Option”). The Company, at its sole discretion, may pay cash and/or issue OP Units in exchange for the noncontrolling member’s interest. This transaction is expected to be completed subsequent to September 30, 2022. The Company accreted the liability related to the Put Option during the development period and, as of September 30, 2022, has accrued the full $17.1 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.

(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 September 30, 2022, the Company has an outstanding loan of $34.9 million to Vienna. The loan is included in total liabilities within the table above. This loan and the related interest were eliminated for consolidation purposes.

(5)

The Company has a related party loan commitment to VFV that was used to fund a portion of the construction costs. As of September 30, 2022, the Company has an outstanding loan of $14.6 million to VFV, which is included in total liabilities within the table above. This loan and the related interest were eliminated for consolidation purposes.

(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 September 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.

(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.