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INVESTMENT ACTIVITY | 9 Months Ended
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Sep. 30, 2024
INVESTMENT ACTIVITY |
INVESTMENT ACTIVITY | 4. INVESTMENT ACTIVITY ​ 2024 Acquisitions ​ During the nine months ended September 30, 2024, the Company acquired a two-store portfolio located in Connecticut for an aggregate purchase price of $20.2 million. In connection with this transaction, which was accounted for as an asset acquisition, the Company allocated the purchase price and acquisition-related costs to the tangible and intangible assets acquired based on relative fair value. Intangible assets consisted of in-place leases, which aggregated to $0.9 million at the time of the acquisition and prior to amortization of such amounts. The estimated life of these in-place leases is 12 months and the amortization expense that was recognized during the three and nine months ended September 30, 2024 was approximately $0.2 million and $0.6 million, respectively. ​ As of September 30, 2024, the Company had made aggregate deposits of approximately $0.5 million associated with two stores that were under contract to be acquired for an aggregate acquisition price of approximately $22.0 million. The deposits are reflected in Other assets, net on the Company’s consolidated balance sheets. ​ 2023 Acquisition ​ During the year ended December 31, 2023, the Company acquired one store located in New Jersey for a purchase price of $22.0 million. In connection with this transaction, which was accounted for as an asset acquisition, the Company allocated the purchase price and acquisition-related costs to the tangible and intangible assets acquired based on relative fair value. Intangible assets consisted of in-place leases, which aggregated to $2.0 million at the time of the acquisition and prior to amortization of such amounts. The estimated life of these in-place leases is 12 months and the amortization expense that was recognized during the three and nine months ended September 30, 2024 was approximately $0.5 million and $1.5 million, respectively. No amortization expense related to this store was recognized during the three or nine months ended September 30, 2023. ​ 2023 Dispositions ​ In August 2023, the Company sold the California Yacht Club, which it purchased in December 2021 as part of the LAACO acquisition, for $0.8 million. A loss of $0.2 million was recognized in conjunction with the sale, which is included in the component of other (expense) income designated as Other for the three and nine months ended September 30, 2023 within the consolidated statements of operations. ​ Additionally, in December 2023, a store was subject to an involuntary conversion by the Department of Transportation of the State of Illinois. The Company received $8.0 million as consideration and recorded a gain of $4.8 million. ​ Development Activity ​ As of September 30, 2024, the Company had invested in consolidated joint ventures to develop two self-storage properties located in New York. Construction for these projects is expected to be completed during the third quarter of 2025. As of September 30, 2024, development costs incurred to date for these projects totaled $18.6 million. Total construction costs for these projects are expected to be $45.7 million. These costs are capitalized to construction in progress while the project is under development and are reflected in Storage properties on the Company’s consolidated balance sheets. ​ The Company, through two consolidated joint ventures, completed the construction and opened for operation the following stores during the period of January 1, 2023 through September 30, 2024. The costs associated with the construction of these stores are capitalized to land, building and improvements, as well as equipment and are reflected in Storage properties on the Company’s consolidated balance sheets. ​
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​ | ​ | ​ | ​ | ​ | ​ | CubeSmart | ​ | ​ | ​
​ | ​ | Number of | ​ | ​ | ​ | Ownership | ​ | Total
Store Location |  | Stores |  | Date Opened | ​ | Interest | ​ | Construction Costs
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (in thousands)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Astoria, NY | ​ | 1 | ​ | Q2 2024 | ​ | 70% | ​ | $ | 45,900
Clark, NJ | ​ | 1 | ​ | Q2 2024 | ​ | 90% | ​ | ​ | 15,900
​ | ​ | 2 | ​ | ​ | ​ | ​ | ​ | $ | 61,800
​

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