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INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Tables) | 9 Months Ended
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Sep. 30, 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): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | CubeSmart | ​ | Number of Stores as of | ​ | Carrying Value of Investment as of
​ | ​ | Ownership | ​ | September 30, | ​ | December 31, | ​ | September 30, | ​ | December 31,
Unconsolidated Real Estate Ventures |  | Interest | ​ | 2024 | ​ | 2023 |  | 2024 | ​ | 2023
Fontana Self Storage, LLC ("Fontana") (1) | ​ | 50% | ​ | 1 | ​ | 1 | ​ | $ | 13,305 | ​ | $ | 13,575
Rancho Cucamonga Self Storage, LLC ("RCSS") (1) | ​ | 50% | ​ | 1 | ​ | 1 | ​ | ​ | 20,249 | ​ | ​ | 20,679
191 V CUBE LLC ("HVP V") | ​ | 20% | ​ | 6 | ​ | 6 | ​ | ​ | 11,587 | ​ | ​ | 12,759
191 IV CUBE LLC ("HVP IV") | ​ | 20% | ​ | 28 | ​ | 28 | ​ | ​ | 15,083 | ​ | ​ | 17,085
CUBE HHF Northeast Venture LLC ("HHFNE") | ​ | 10% | ​ | 13 | ​ | 13 | ​ | ​ | 820 | ​ | ​ | 951
CUBE HHF Limited Partnership ("HHF") | ​ | 50% | ​ | 28 | ​ | 28 | ​ | ​ | 31,117 | ​ | ​ | 33,239
​ | ​ | ​ | ​ | 77 | ​ | 77 | ​ | $ | 92,161 | ​ | $ | 98,288
​
| (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 September 30, 2024, the remaining unamortized difference was $12.5 million for Fontana and $18.7 million for RCSS.
Summary of the financial position of the ventures | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, | ​ | December 31,
​ | ​ | 2024 |  | 2023
Assets | ​ | (in thousands)
Storage properties, net | ​ | $ | 689,642 | ​ | $ | 715,142
Other assets | ​ |  | 21,050 | ​ |  | 10,382
Total assets | ​ | $ | 710,692 | ​ | $ | 725,524
​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities and equity | ​ | ​ | ​ | ​ | ​ | ​
Debt | ​ | $ | 471,915 | ​ | $ | 470,573
Other liabilities | ​ | ​ | 23,996 | ​ | ​ | 18,557
Equity | ​ | ​ | ​ | ​ | ​ | ​
CubeSmart | ​ |  | 60,966 | ​ | ​ | 66,446
Joint venture partners | ​ |  | 153,815 | ​ | ​ | 169,948
Total liabilities and equity | ​ | $ | 710,692 | ​ | $ | 725,524
Summary of results of operations of the ventures | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, | ​ | Nine Months Ended September 30,
​ |  | 2024 |  | 2023 |  | 2024 | ​ | 2023
​ | ​ | (in thousands)
Total revenues | ​ | $ | 25,395 | ​ | $ | 25,519 | ​ | $ | 74,821 | ​ | $ | 74,139
Operating expenses | ​ |  | (10,362) | ​ | ​ | (10,642) | ​ |  | (31,277) | ​ |  | (31,707)
Other expenses | ​ | ​ | (99) | ​ | ​ | 27 | ​ | ​ | (316) | ​ | ​ | (221)
Interest expense, net | ​ |  | (7,399) | ​ | ​ | (4,276) | ​ |  | (18,633) | ​ |  | (12,785)
Depreciation and amortization | ​ |  | (7,283) | ​ |  | (7,611) | ​ |  | (22,223) | ​ |  | (23,058)
Net income | ​ | $ | 252 | ​ | $ | 3,017 | ​ | $ | 2,372 | ​ | $ | 6,368
Company’s share of net income | ​ | $ | 418 | ​ | $ | 1,141 | ​ | $ | 1,688 | ​ | $ | 4,482
​

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