XML 52 R40.htm IDEA: XBRL DOCUMENT v3.23.1
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Details)
$ in Thousands
3 Months Ended
Aug. 30, 2022
USD ($)
facility
Mar. 31, 2023
USD ($)
property
Mar. 31, 2022
USD ($)
Dec. 31, 2022
USD ($)
property
Dec. 09, 2021
facility
Investment in Unconsolidated Real Estate Venture          
Investment in real estate entities   $ 103,687   $ 105,993  
Acquisitions of storage facilities     $ 39,761    
Investment in real estate ventures   (5) (5)    
Credit facility, outstanding   61,400   60,900  
Principal amount of debt   2,800,000   2,800,000  
Total liabilities   3,403,844   3,428,030  
ASSETS          
Storage facilities, net   6,013,813   6,048,003  
Total assets   6,291,005   6,325,830  
Equity          
CubeSmart   2,807,763   2,826,203  
Joint venture partners   13,833   14,178  
Total liabilities and equity   6,291,005   6,325,830  
Total revenues   256,528 238,565    
Net income   97,942 38,266    
Company's share of net income (loss)   $ 2,551 294    
HVPSE          
Investment in Unconsolidated Real Estate Venture          
Ownership interest held by the entity (as a percent)   10.00%      
Number of assets sold | facility 14        
Aggregate amount of sale price of real estate property $ 235,000        
Proceeds from venture related to real estate contribution   $ 1,700      
Total liabilities   0      
ASSETS          
Total assets   0      
Ventures          
ASSETS          
Storage facilities, net   734,604   741,563  
Other assets   10,033   11,708  
Total assets   744,637   753,271  
LIABILITIES AND CAPITAL          
Debt   469,230   468,783  
Other liabilities   19,260   16,626  
Equity          
CubeSmart   71,199   73,289  
Joint venture partners   184,948   194,573  
Total liabilities and equity   744,637   753,271  
Total revenues   24,064 24,965    
Operating expenses   (10,519) (10,743)    
Other (expenses) income   (69) (114)    
Interest expense, net   (4,084) (3,852)    
Depreciation and amortization   (7,772) (10,388)    
Net income   1,620 (132)    
Ventures          
Investment in Unconsolidated Real Estate Venture          
Investment in real estate entities   $ 103,687   $ 105,993  
Number of storage facilities owned by investee | property   77   77  
Equity          
Company's share of net income (loss)   $ 2,551 $ 294    
Fontana          
Investment in Unconsolidated Real Estate Venture          
Investment in real estate entities   $ 13,745   $ 13,789  
Ownership interest in partnership (as a percent)   50.00%     50.00%
Equity method investment, difference between carrying amount and underlying equity   $ 13,000      
Number of storage facilities owned by investee   1   1 1
RCSS          
Investment in Unconsolidated Real Estate Venture          
Investment in real estate entities   $ 20,972   $ 20,994  
Ownership interest in partnership (as a percent)   50.00%     50.00%
Equity method investment, difference between carrying amount and underlying equity   $ 19,500      
Number of storage facilities owned by investee | property   1   1  
HVP V          
Investment in Unconsolidated Real Estate Venture          
Investment in real estate entities   $ 13,916   $ 14,318  
Ownership interest in partnership (as a percent)   20.00%      
Number of storage facilities owned by investee | property   6   6  
HVP IV          
Investment in Unconsolidated Real Estate Venture          
Investment in real estate entities   $ 18,998   $ 19,853  
Ownership interest in partnership (as a percent)   20.00%      
Number of storage facilities owned by investee | property   28   28  
HHFNE          
Investment in Unconsolidated Real Estate Venture          
Investment in real estate entities   $ 1,070   $ 1,101  
Ownership interest in partnership (as a percent)   10.00%      
Number of storage facilities owned by investee | property   13   13  
HHF          
Investment in Unconsolidated Real Estate Venture          
Investment in real estate entities   $ 34,986   $ 35,938  
Ownership interest in partnership (as a percent)   50.00%      
Number of storage facilities owned by investee | property   28   28