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NONCONTROLLING INTERESTS
9 Months Ended
Sep. 30, 2024
NONCONTROLLING INTERESTS  
NONCONTROLLING INTERESTS

13. NONCONTROLLING INTERESTS

Interests in Consolidated Joint Ventures

Noncontrolling interests in subsidiaries represent the ownership interests of third parties in the Company’s consolidated joint ventures. All consolidated joint ventures were formed to develop, own and operate new stores with the exception of Anoka (defined below), which was formed to acquire an existing store that had commenced operations. The following table summarizes the Company’s consolidated joint ventures, each of which are accounted for as VIEs:

CubeSmart

September 30, 2024

Number

Ownership

Total

Total

Related Party

Consolidated Joint Ventures

    

of Stores

    

Interest

Assets

Liabilities

Loans (1)

(in thousands)

New Rochelle Investors, LLC ("New Rochelle")

1

70%

$

27,811

$

4,511

$

3,540

1074 Raritan Road, LLC ("Clark")

1

90%

15,357

9,723

9,489

350 Main Street, LLC ("Port Chester")

1

90%

6,616

404

Astoria Investors, LLC ("Astoria")

1

70%

45,499

31,483

29,319

CS Lock Up Anoka, LLC ("Anoka")

1

50%

9,923

5,635

5,540

CS Valley Forge Village Storage, LLC ("VFV")

1

70%

18,728

14,880

14,792

CS Vienna, LLC ("Vienna")

1

80%

30,177

35,337

34,875

SH3, LLC ("SH3")

1

90%

35,911

280

8

$

190,022

$

102,253

$

97,555

(1)Related party loans represent amounts payable from the joint venture to the Company and are included in total liabilities within the table above. The loans and related party interest have been eliminated for consolidation purposes.

Operating Partnership Ownership

As of September 30, 2024 and December 31, 2023, 1,232,205 and 1,300,462 OP units, respectively, were owned by third parties. The per unit cash redemption amount of the outstanding OP units owned by third parties was calculated based upon the closing price of the common shares of CubeSmart on the New York Stock Exchange on the final trading day of the quarter. Based on the Company’s evaluation of the redemption value of the redeemable noncontrolling interests, the Company has reflected these interests at the greater of the carrying value based on the accumulation of historical cost or the redemption value as of September 30, 2024 and December 31, 2023. The aggregate redemption value of the 1,232,205 OP Units owned by third parties as of September 30, 2024 was $66.3 million.