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NONCONTROLLING INTERESTS | 6 Months Ended
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Jun. 30, 2023
NONCONTROLLING INTERESTS |
NONCONTROLLING INTERESTS | ​ 13. NONCONTROLLING INTERESTS ​ Interests in Consolidated Joint Ventures ​ Noncontrolling interests in subsidiaries represent the ownership interests of third parties in the Company’s consolidated real estate ventures. 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. The following table summarizes the Company’s consolidated joint ventures, each of which are accounted for as VIEs: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | CubeSmart | ​ | June 30, 2023
​ | ​ | Number | ​ | Ownership | ​ | Total | ​ | Total | ​ | Related Party
Consolidated Joint Ventures |  | of Stores |  | Interest | ​ | Assets | ​ | Liabilities | ​ | Loans (1)
​ | ​ | ​ | ​ | ​ | ​ | (in thousands)
1074 Raritan Road, LLC ("Clark") | ​ | 1 | ​ | 90% | ​ | $ | 5,966 | ​ | $ | 1,302 | ​ | $ | —
350 Main Street, LLC ("Port Chester") | ​ | 1 | ​ | 90% | ​ | ​ | 5,352 | ​ | ​ | 104 | ​ | ​ | —
Astoria Investors, LLC ("Astoria") | ​ | 1 | ​ | 70% | ​ | ​ | 32,536 | ​ | ​ | 17,937 | ​ | ​ | 14,375
CS Lock Up Anoka, LLC ("Anoka") | ​ | 1 | ​ | 50% | ​ | ​ | 10,611 | ​ | ​ | 5,576 | ​ | ​ | 5,540
CS Valley Forge Village Storage, LLC ("VFV") | ​ | 1 | ​ | 70% | ​ | ​ | 20,372 | ​ | ​ | 15,336 | ​ | ​ | 15,257
CS Vienna, LLC ("Vienna") | ​ | 1 | ​ | 80% | ​ | ​ | 31,648 | ​ | ​ | 35,288 | ​ | ​ | 34,875
SH3, LLC ("SH3") | ​ | 1 | ​ | 90% | ​ | ​ | 37,481 | ​ | ​ | 307 | ​ | ​ | —
​ | ​ | 7 | ​ | ​ | ​ | $ | 143,966 | ​ | $ | 75,850 | ​ | $ | 70,047
​
| (1) | Related party loans represent amounts payable from the joint venture to the Company and are included in total liabilities within the table above. The loans and related party interest have been eliminated in consolidation.
​ Operating Partnership Ownership ​ The Company follows guidance regarding the classification and measurement of redeemable securities. Under this guidance, securities that are redeemable for cash or other assets, at the option of the holder and not solely within the control of the issuer, must be classified outside of permanent equity/capital. This classification results in certain outside ownership interests being included as redeemable noncontrolling interests outside of permanent equity/capital in the consolidated balance sheets. The Company makes this determination based on terms in applicable agreements, specifically in relation to redemption provisions. ​ Additionally, with respect to redeemable ownership interests in the Operating Partnership held by third parties for which CubeSmart has a choice to settle the redemption by delivery of its own shares, the Operating Partnership considered the guidance regarding accounting for derivative financial instruments indexed to, and potentially settled in, a company’s own shares, to evaluate whether CubeSmart controls the actions or events necessary to presume share settlement. The guidance also requires that noncontrolling interests classified outside of permanent capital be adjusted each period to the greater of the carrying value based on the accumulation of historical cost or the redemption value. ​ Approximately 0.6% of the outstanding OP Units, as of both June 30, 2023 and December 31, 2022, were not owned by CubeSmart, the sole general partner. The interests in the Operating Partnership represented by these OP Units were a component of the consideration that the Operating Partnership paid to acquire certain self-storage properties. The holders of the OP Units are limited partners in the Operating Partnership and have the right to require CubeSmart to redeem all or part of their OP Units for, at the general partner’s option, an equivalent number of common shares of CubeSmart or cash based upon the fair value of an equivalent number of common shares of CubeSmart. However, the partnership agreement contains certain provisions that could result in a settlement outside the control of CubeSmart and the Operating Partnership, as CubeSmart does not have the ability to settle in unregistered shares. Accordingly, consistent with the guidance, the Operating Partnership will record the OP Units owned by third parties outside of permanent capital in the consolidated balance sheets. Net income or loss related to the OP Units owned by third parties is excluded from net income or loss attributable to Operating Partner within the consolidated statements of operations. ​ As of June 30, 2023 and December 31, 2022, 1,418,549 and 1,426,549 OP units, respectively, were held by third parties. The per unit cash redemption amount of the outstanding OP units was calculated based upon the closing price of the common shares of CubeSmart on the New York Stock Exchange on the final trading day of the quarter. Based on the Company’s evaluation of the redemption value of the redeemable noncontrolling interest, the Company has reflected these interests at the greater of the carrying value based on the accumulation of historical cost or the redemption value as of June 30, 2023 and December 31, 2022.

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- Definition The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//810/tableOfContent + Details
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