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INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Tables) | 9 Months Ended
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Sep. 30, 2023
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES |
Schedule of investments in real estate ventures | The Company’s investments in unconsolidated real estate ventures are summarized as follows (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | CubeSmart | ​ | Number of Stores as of | ​ | Carrying Value of Investment as of
​ | ​ | Ownership | ​ | September 30, | ​ | December 31, | ​ | September 30, | ​ | December 31,
Unconsolidated Real Estate Ventures |  | Interest | ​ | 2023 | ​ | 2022 |  | 2023 | ​ | 2022
Fontana Self Storage, LLC ("Fontana") (1) | ​ | 50% | ​ | 1 | ​ | 1 | ​ | $ | 13,628 | ​ | $ | 13,789
Rancho Cucamonga Self Storage, LLC ("RCSS") (1) | ​ | 50% | ​ | 1 | ​ | 1 | ​ | ​ | 20,758 | ​ | ​ | 20,994
191 V CUBE LLC ("HVP V") | ​ | 20% | ​ | 6 | ​ | 6 | ​ | ​ | 13,132 | ​ | ​ | 14,318
191 IV CUBE LLC ("HVP IV") | ​ | 20% | ​ | 28 | ​ | 28 | ​ | ​ | 17,596 | ​ | ​ | 19,853
CUBE HHF Northeast Venture LLC ("HHFNE") | ​ | 10% | ​ | 13 | ​ | 13 | ​ | ​ | 998 | ​ | ​ | 1,101
CUBE HHF Limited Partnership ("HHF") | ​ | 50% | ​ | 28 | ​ | 28 | ​ | ​ | 33,558 | ​ | ​ | 35,938
​ | ​ | ​ | ​ | 77 | ​ | 77 | ​ | $ | 99,670 | ​ | $ | 105,993
​
| (1) | On December 9, 2021, the Company completed the acquisition of LAACO, which included a 50% interest in Fontana and RCSS, each of which owns one self-storage property in California. As of the date of acquisition, the Company recognized differences between the Company’s equity investment in Fontana and RCSS and the underlying equity reflected at the venture level. As of September 30, 2023, this difference was $12.9 million and $19.2 million for Fontana and RCSS, respectively. These differences are being amortized over the expected useful life of the self-storage properties owned by the ventures.
Summary of the financial position of the ventures | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, | ​ | December 31,
​ | ​ | 2023 |  | 2022
Assets | ​ | (in thousands)
Storage properties, net | ​ | $ | 721,616 | ​ | $ | 741,563
Other assets | ​ |  | 14,058 | ​ |  | 11,708
Total assets | ​ | $ | 735,674 | ​ | $ | 753,271
​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities and equity | ​ | ​ | ​ | ​ | ​ | ​
Debt | ​ | $ | 470,126 | ​ | $ | 468,783
Other liabilities | ​ | ​ | 23,794 | ​ | ​ | 16,626
Equity | ​ | ​ | ​ | ​ | ​ | ​
CubeSmart | ​ |  | 67,613 | ​ | ​ | 73,289
Joint venture partners | ​ |  | 174,141 | ​ | ​ | 194,573
Total liabilities and equity | ​ | $ | 735,674 | ​ | $ | 753,271
Summary of results of operations of the ventures | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, | ​ | Nine Months Ended September 30,
​ |  | 2023 |  | 2022 |  | 2023 | ​ | 2022
​ | ​ | (in thousands)
Total revenues | ​ | $ | 25,519 | ​ | $ | 26,915 | ​ | $ | 74,139 | ​ | $ | 78,511
Operating expenses | ​ |  | (10,642) | ​ | ​ | (11,340) | ​ |  | (31,707) | ​ |  | (33,321)
Other income (expenses) | ​ | ​ | 27 | ​ | ​ | (137) | ​ | ​ | (221) | ​ | ​ | (375)
Interest expense, net | ​ |  | (4,276) | ​ | ​ | (4,225) | ​ |  | (12,785) | ​ |  | (11,678)
Depreciation and amortization | ​ |  | (7,611) | ​ |  | (9,124) | ​ |  | (23,058) | ​ |  | (29,052)
Gains from sale of real estate, net | ​ | ​ | — | ​ | ​ | 114,107 | ​ | ​ | — | ​ | ​ | 114,107
Net income | ​ | $ | 3,017 | ​ | $ | 116,196 | ​ | $ | 6,368 | ​ | $ | 118,192
Company’s share of net income | ​ | $ | 1,141 | ​ | $ | 46,558 | ​ | $ | 4,482 | ​ | $ | 47,532
​

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