XML 69 R52.htm IDEA: XBRL DOCUMENT v3.24.0.1
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Details)
$ in Thousands
12 Months Ended
Aug. 30, 2022
USD ($)
facility
Dec. 31, 2023
USD ($)
property
Dec. 31, 2022
USD ($)
property
Dec. 31, 2021
USD ($)
Dec. 09, 2021
facility
Investment in Unconsolidated Real Estate Venture          
Investment in real estate entities   $ 98,288 $ 105,993    
Equity method investment, difference between carrying amount and underlying equity   31,800 32,700    
Acquisitions of storage facilities   22,429 89,004 $ 151,547  
Investment in real estate ventures   (21) (21) (28,261)  
Credit facility, outstanding   18,100 60,900    
Principal amount of debt   2,800,000 2,800,000    
Total liabilities   3,344,212 3,428,030    
ASSETS          
Storage facilities, net   5,951,236 6,048,003 6,097,670  
Total assets   6,225,020 6,325,830    
Equity          
CubeSmart   2,798,828 2,826,203    
Joint venture partners   21,704 14,178    
Total liabilities and equity   6,225,020 6,325,830    
Total revenues   1,050,334 1,009,624 822,564  
Gains from sales of real estate, net       32,698  
Net income   412,435 292,472 230,813  
Company's share of net income (loss)   6,085 48,877 25,275  
HVPSE          
Investment in Unconsolidated Real Estate Venture          
Number of assets sold | facility 14        
Aggregate sale price $ 235,000        
ASSETS          
Total assets   0      
Ventures          
ASSETS          
Storage facilities, net   715,142 741,563    
Other assets   10,382 11,708    
Total assets   725,524 753,271    
LIABILITIES AND CAPITAL          
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    
Total revenues   99,442 102,910 88,449  
Operating expenses   (40,677) (42,408) (37,967)  
Other income (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 sales of real estate, net     114,107 46,966  
Net income   10,622 121,691 $ 46,474  
Ventures          
Investment in Unconsolidated Real Estate Venture          
Investment in real estate entities   $ 98,288 $ 105,993    
Number of storage facilities owned by investee | property   77 77    
Fontana          
Investment in Unconsolidated Real Estate Venture          
Investment in real estate entities   $ 13,575 $ 13,789    
Ownership interest in partnership (as a percent)   50.00%     50.00%
Equity method investment, difference between carrying amount and underlying equity   $ 12,800      
Number of storage facilities owned by investee   1 1   1
RCSS          
Investment in Unconsolidated Real Estate Venture          
Investment in real estate entities   $ 20,679 $ 20,994    
Ownership interest in partnership (as a percent)   50.00%     50.00%
Equity method investment, difference between carrying amount and underlying equity   $ 19,000      
Number of storage facilities owned by investee | property   1 1    
HVP V          
Investment in Unconsolidated Real Estate Venture          
Investment in real estate entities   $ 12,759 $ 14,318    
Ownership interest in partnership (as a percent)   20.00%      
Number of storage facilities owned by investee | property   6 6    
HVPSE          
Investment in Unconsolidated Real Estate Venture          
Ownership interest in partnership (as a percent)   10.00%      
Proceeds from venture related to real estate contribution   $ 1,700      
HVP IV          
Investment in Unconsolidated Real Estate Venture          
Investment in real estate entities   $ 17,085 $ 19,853    
Ownership interest in partnership (as a percent)   20.00%      
Number of storage facilities owned by investee | property   28 28    
HHFNE          
Investment in Unconsolidated Real Estate Venture          
Investment in real estate entities   $ 951 $ 1,101    
Ownership interest in partnership (as a percent)   10.00%      
Number of storage facilities owned by investee | property   13 13    
HHF          
Investment in Unconsolidated Real Estate Venture          
Investment in real estate entities   $ 33,239 $ 35,938    
Ownership interest in partnership (as a percent)   50.00%      
Number of storage facilities owned by investee | property   28 28