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INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Tables) | 12 Months Ended
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Dec. 31, 2023
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES |
Schedule of investments in real estate ventures | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | CubeSmart | ​ | Number of Stores as of | ​ | Carrying Value of Investment as of
​ | ​ | Ownership | ​ | December 31, | ​ | December 31,
Unconsolidated Real Estate Ventures |  | Interest | ​ | 2023 | ​ | 2022 |  | 2023 | ​ | 2022
Fontana Self Storage, LLC ("Fontana") (1) | ​ | 50% | ​ | 1 | ​ | 1 | ​ | $ | 13,575 | ​ | $ | 13,789
Rancho Cucamonga Self Storage, LLC ("RCSS") (1) | ​ | 50% | ​ | 1 | ​ | 1 | ​ | ​ | 20,679 | ​ | ​ | 20,994
191 V CUBE LLC ("HVP V") | ​ | 20% | ​ | 6 | ​ | 6 | ​ | ​ | 12,759 | ​ | ​ | 14,318
191 IV CUBE LLC ("HVP IV") | ​ | 20% | ​ | 28 | ​ | 28 | ​ | ​ | 17,085 | ​ | ​ | 19,853
CUBE HHF Northeast Venture LLC ("HHFNE") | ​ | 10% | ​ | 13 | ​ | 13 | ​ | ​ | 951 | ​ | ​ | 1,101
CUBE HHF Limited Partnership ("HHF") | ​ | 50% | ​ | 28 | ​ | 28 | ​ | ​ | 33,239 | ​ | ​ | 35,938
​ | ​ | ​ | ​ | 77 | ​ | 77 | ​ | $ | 98,288 | ​ | $ | 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 December 31, 2023, this difference was $12.8 million for Fontana and $19.0 million for RCSS. 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 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31,
​ | ​ | 2023 |  | 2022
Assets | ​ | (in thousands)
Storage properties, net | ​ | $ | 715,142 | ​ | $ | 741,563
Other assets | ​ |  | 10,382 | ​ |  | 11,708
Total assets | ​ | $ | 725,524 | ​ | $ | 753,271
​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities and equity | ​ | ​ | ​ | ​ | ​ | ​
Debt | ​ | $ | 470,573 | ​ | $ | 468,783
Other liabilities | ​ | ​ | 18,557 | ​ | ​ | 16,626
Equity | ​ | ​ | ​ | ​ | ​ | ​
CubeSmart | ​ |  | 66,446 | ​ | ​ | 73,289
Joint venture partners | ​ |  | 169,948 | ​ | ​ | 194,573
Total liabilities and equity | ​ | $ | 725,524 | ​ | $ | 753,271
Summary of results of operations of the ventures | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31, |
​ |  | 2023 |  | 2022 |  | 2021 |
​ | ​ | (in thousands) | ​
Total revenues | ​ | $ | 99,442 | ​ | $ | 102,910 | ​ | $ | 88,449 | ​
Operating expenses | ​ |  | (40,677) | ​ |  | (42,408) | ​ |  | (37,967) | ​
Other expenses | ​ | ​ | (347) | ​ | ​ | (484) | ​ | ​ | (1,138) | ​
Interest expense, net | ​ |  | (17,189) | ​ |  | (15,568) | ​ |  | (12,031) | ​
Depreciation and amortization | ​ |  | (30,607) | ​ |  | (36,866) | ​ |  | (37,805) | ​
Gains from sale of real estate, net | ​ | ​ | — | ​ | ​ | 114,107 | ​ | ​ | 46,966 | ​
Net income | ​ | $ | 10,622 | ​ | $ | 121,691 | ​ | $ | 46,474 | ​
Company’s share of net income | ​ | $ | 6,085 | ​ | $ | 48,877 | ​ | $ | 25,275 | ​

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