XML 62 R49.htm IDEA: XBRL DOCUMENT v3.24.2.u1
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Details)
$ in Thousands
3 Months Ended 6 Months Ended
Aug. 30, 2022
USD ($)
facility
Jun. 30, 2024
USD ($)
property
Jun. 30, 2023
USD ($)
Jun. 30, 2024
USD ($)
property
Jun. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
property
Dec. 09, 2021
facility
Investment in Unconsolidated Real Estate Venture              
Investment in real estate entities   $ 94,053   $ 94,053   $ 98,288  
Acquisitions of storage facilities       20,147      
Investments in real estate ventures       (310) $ (10)    
Credit facility, outstanding   10,600   10,600   18,100  
Principal amount of debt   2,800,000   2,800,000   2,800,000  
Total liabilities   3,337,110   3,337,110   3,344,212  
ASSETS              
Storage facilities, net   5,911,939   5,911,939   5,951,236  
Total assets   6,184,456   6,184,456   6,225,020  
Equity              
CubeSmart   2,770,094   2,770,094   2,798,828  
Joint venture partners   21,322   21,322   21,704  
Total liabilities and equity   6,184,456   6,184,456   6,225,020  
Total revenues   266,209 $ 260,805 527,615 517,333    
Net income   94,186 98,283 189,044 196,225    
Company's share of net income (loss)   425 790 $ 1,270 3,341    
HVPSE              
Investment in Unconsolidated Real Estate Venture              
Ownership interest held by the entity (as a percent)       10.00%      
Number of assets sold | facility 14            
Aggregate amount of sale price of real estate property $ 235,000            
Proceeds from venture related to real estate contribution         1,700    
ASSETS              
Total assets   0   $ 0      
Ventures              
ASSETS              
Storage facilities, net   695,559   695,559   715,142  
Other assets   19,488   19,488   10,382  
Total assets   715,047   715,047   725,524  
LIABILITIES AND CAPITAL              
Debt   471,468   471,468   470,573  
Other liabilities   21,778   21,778   18,557  
Equity              
CubeSmart   62,642   62,642   66,446  
Joint venture partners   159,159   159,159   169,948  
Total liabilities and equity   715,047   715,047   725,524  
Total revenues   24,840 24,555 49,426 48,619    
Operating expenses   (10,540) (10,545) (20,915) (21,064)    
Other income (expenses)   (111) (180) (217) (248)    
Interest expense, net   (6,576) (4,425) (11,234) (8,508)    
Depreciation and amortization   (7,408) (7,676) (14,940) (15,447)    
Net income   205 1,729 2,120 3,352    
Ventures              
Investment in Unconsolidated Real Estate Venture              
Investment in real estate entities   $ 94,053   $ 94,053   $ 98,288  
Number of storage facilities owned by investee | property   77   77   77  
Equity              
Company's share of net income (loss)   $ 425 $ 790 $ 1,270 $ 3,341    
Fontana              
Investment in Unconsolidated Real Estate Venture              
Investment in real estate entities   $ 13,387   $ 13,387   $ 13,575  
Ownership interest in partnership (as a percent)   50.00%   50.00%     50.00%
Equity method investment, difference between carrying amount and underlying equity   $ 12,600   $ 12,600      
Number of storage facilities owned by investee   1   1   1 1
RCSS              
Investment in Unconsolidated Real Estate Venture              
Investment in real estate entities   $ 20,420   $ 20,420   $ 20,679  
Ownership interest in partnership (as a percent)   50.00%   50.00%     50.00%
Equity method investment, difference between carrying amount and underlying equity   $ 18,800   $ 18,800      
Number of storage facilities owned by investee | property   1   1   1  
HVP V              
Investment in Unconsolidated Real Estate Venture              
Investment in real estate entities   $ 12,099   $ 12,099   $ 12,759  
Ownership interest in partnership (as a percent)   20.00%   20.00%      
Number of storage facilities owned by investee | property   6   6   6  
HVP IV              
Investment in Unconsolidated Real Estate Venture              
Investment in real estate entities   $ 15,672   $ 15,672   $ 17,085  
Ownership interest in partnership (as a percent)   20.00%   20.00%      
Number of storage facilities owned by investee | property   28   28   28  
HHFNE              
Investment in Unconsolidated Real Estate Venture              
Investment in real estate entities   $ 864   $ 864   $ 951  
Ownership interest in partnership (as a percent)   10.00%   10.00%      
Number of storage facilities owned by investee | property   13   13   13  
HHF              
Investment in Unconsolidated Real Estate Venture              
Investment in real estate entities   $ 31,611   $ 31,611   $ 33,239  
Ownership interest in partnership (as a percent)   50.00%   50.00%      
Number of storage facilities owned by investee | property   28   28   28