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NONCONTROLLING INTERESTS

12 Months Ended

Dec. 31, 2024

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS

12. 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 and Hines (both defined below), which both owned existing stores that had commenced operations prior to the Company’s acquisition of its ownership interest. The following table summarizes the Company’s consolidated joint ventures, each of which are accounted for as VIEs:


				CubeSmart		December 31, 2024
		Number		Ownership		Total			Total			Related Party
Consolidated Joint Ventures		of Stores		Interest		Assets			Liabilities			Loans ⁽¹⁾

						(in thousands)
Hines Capital ("Hines") ⁽²⁾		14		85%		$	186,516		$	116,977		$	—
New Rochelle Investors, LLC ("New Rochelle")		1		70%			29,854			6,680			5,237
1074 Raritan Road, LLC ("Clark")		1		90%			15,632			10,282			10,195
350 Main Street, LLC ("Port Chester")		1		90%			9,040			2,567			1,401
Astoria Investors, LLC ("Astoria")		1		70%			45,308			31,992			29,796
CS Lock Up Anoka, LLC ("Anoka")		1		50%			9,728			5,572			5,526
CS Valley Forge Village Storage, LLC ("VFV")		1		70%			18,507			14,885			14,792
CS Vienna, LLC ("Vienna")		1		80%			29,318			34,802			34,486
SH3, LLC ("SH3")		1		90%			35,571			290			—
		22				$	379,474		$	224,047		$	101,433

(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.

(2)

Consists of seven consolidated joint ventures.

Operating Partnership Ownership

During the years ended December 31, 2024, 2023 and 2022, 105,757, 126,087 and 475,046 OP Units, respectively, were redeemed for common shares of the Company.

As of December 31, 2024 and 2023, 1,194,705 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 year. 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 December 31, 2024 and 2023. The aggregate redemption value of the 1,194,705 OP Units owned by third parties as of December 31, 2024 was $51.2 million.