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NONCONTROLLING INTERESTS | 12 Months Ended
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Dec. 31, 2023
NONCONTROLLING INTERESTS |
NONCONTROLLING INTERESTS | ​ ​ 12. NONCONTROLLING INTERESTS ​ Interests in Consolidated Joint Ventures ​ Noncontrolling interests in subsidiaries represent the ownership interests of third parties in the Company’s consolidated joint 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 | ​ | December 31, 2023
​ | ​ | Number | ​ | Ownership | ​ | Total | ​ | Total | ​ | Related Party
Consolidated Joint Ventures |  | of Stores |  | Interest | ​ | Assets | ​ | Liabilities | ​ | Loans (1)
​ | ​ | ​ | ​ | ​ | ​ | (in thousands)
New Rochelle Investors, LLC ("New Rochelle") | ​ | 1 | ​ | 70% | ​ | $ | 23,732 | ​ | $ | 283 | ​ | $ | —
1074 Raritan Road, LLC ("Clark") | ​ | 1 | ​ | 90% | ​ | ​ | 12,556 | ​ | ​ | 6,344 | ​ | ​ | 4,924
350 Main Street, LLC ("Port Chester") | ​ | 1 | ​ | 90% | ​ | ​ | 5,860 | ​ | ​ | 15 | ​ | ​ | —
Astoria Investors, LLC ("Astoria") | ​ | 1 | ​ | 70% | ​ | ​ | 42,168 | ​ | ​ | 27,636 | ​ | ​ | 25,164
CS Lock Up Anoka, LLC ("Anoka") | ​ | 1 | ​ | 50% | ​ | ​ | 10,330 | ​ | ​ | 5,585 | ​ | ​ | 5,540
CS Valley Forge Village Storage, LLC ("VFV") | ​ | 1 | ​ | 70% | ​ | ​ | 20,319 | ​ | ​ | 15,859 | ​ | ​ | 15,771
CS Vienna, LLC ("Vienna") | ​ | 1 | ​ | 80% | ​ | ​ | 30,504 | ​ | ​ | 35,157 | ​ | ​ | 34,875
SH3, LLC ("SH3") | ​ | 1 | ​ | 90% | ​ | ​ | 37,122 | ​ | ​ | 272 | ​ | ​ | —
​ | ​ | 8 | ​ | ​ | ​ | $ | 182,591 | ​ | $ | 91,151 | ​ | $ | 86,274
​
| (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 for consolidation purposes.
​ Operating Partnership Ownership ​ During the years ended December 31, 2023, 2022 and 2021, 126,087, 475,046 and 5,519,233 OP Units, respectively, were redeemed for common shares of the Company. ​ As of December 31, 2023 and 2022, 1,300,462 and 1,426,549 OP Units, respectively, were owned by third parties. The per unit cash redemption amount of the outstanding OP Units owned by third parties 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 year. Based on the Company’s evaluation of the redemption value of the redeemable noncontrolling interests, 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 December 31, 2023 and 2022. The aggregate redemption value of the 1,300,462 OP Units owned by third parties as of December 31, 2023 was $60.3 million.

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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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