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INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Tables)

3 Months Ended

Mar. 31, 2024

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):

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CubeSmart

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Number of Stores as of

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Carrying Value of Investment as of

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Ownership

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March 31,

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December 31,

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March 31,

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December 31,

Unconsolidated Real Estate Ventures

Interest

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2024

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2023

2024

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2023

Fontana Self Storage, LLC ("Fontana") (1)

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50%

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1

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1

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$

13,461

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$

13,575

Rancho Cucamonga Self Storage, LLC ("RCSS") (1)

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50%

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1

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1

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20,524

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20,679

191 V CUBE LLC ("HVP V")

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20%

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6

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6

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12,628

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12,759

191 IV CUBE LLC ("HVP IV")

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20%

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28

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28

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16,385

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17,085

CUBE HHF Northeast Venture LLC ("HHFNE")

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10%

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13

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13

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909

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951

CUBE HHF Limited Partnership ("HHF")

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50%

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28

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28

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32,320

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33,239

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77

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77

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$

96,227

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$

98,288

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(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. These differences are being amortized over the expected useful life of the self-storage properties owned by the ventures. As of March 31, 2024, the remaining unamortized difference was $12.7 million for Fontana and $18.9 million for RCSS.

Summary of the financial position of the ventures

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​	​	​	​	​	​	​
​		March 31,		​	December 31,
​	​	2024			2023
Assets	​	(in thousands)
Storage properties, net	​	$	702,149	​	$	715,142
Other assets	​		18,224	​		10,382
Total assets	​	$	720,373	​	$	725,524
​	​	​	​	​	​	​
Liabilities and equity	​	​	​	​	​	​
Debt	​	$	471,020	​	$	470,573
Other liabilities	​	​	19,550	​	​	18,557
Equity	​	​	​	​	​	​
CubeSmart	​		64,601	​	​	66,446
Joint venture partners	​		165,202	​	​	169,948
Total liabilities and equity	​	$	720,373	​	$	725,524

Summary of results of operations of the ventures

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​	​	​	​	​	​	​
​	​	Three Months Ended March 31,
​		2024			2023
​	​	(in thousands)
Total revenues	​	$	24,586	​	$	24,064
Operating expenses	​		(10,375)	​	​	(10,519)
Other expenses	​	​	(106)	​	​	(69)
Interest expense, net	​		(4,658)	​	​	(4,084)
Depreciation and amortization	​		(7,532)	​		(7,772)
Net income	​	$	1,915	​	$	1,620
Company’s share of net income	​	$	845	​	$	2,551

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- Definition

Tabular disclosure of the amount of assets, liabilities and equity reported by an equity method investment(s) of the entity.

+ References

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- Definition

Tabular disclosure of the amount of revenues, expenses and net income (loss) reported by an equity method investment(s) of the entity.

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- Definition

Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

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