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INVESTMENT ACTIVITY (Tables)

9 Months Ended

Sep. 30, 2023

INVESTMENT ACTIVITY

Schedule of capitalized costs for investments in storage properties

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​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	CubeSmart	​	​	​
​	​	Number of	​	​	​	Ownership	​	Total
Store Location		Stores		Date Opened	​	Interest	​	Construction Costs
​	​	​	​	​	​	​	​	(in thousands)
​	​	​	​	​	​	​	​	​	​
Valley Stream, NY (1)	​	1	​	Q3 2022	​	100%	​	$	37,200
Vienna, VA (2)	​	1	​	Q2 2022	​	80%	​	​	21,800
​	​	2	​	​	​	​	​	$	59,000

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(1) This store was previously owned by a consolidated joint venture, in which the Company held a 51% ownership interest. On January 18, 2023, the noncontrolling member put its 49% interest in the venture to the Company for $15.3 million. The cash payment related to this transaction is included in Development costs in the consolidated statements of cash flows.

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(2) This store is located adjacent to an existing store. Given this proximity, this store has been combined with the adjacent existing store in our store count upon opening, as well as for operational and reporting purposes.

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