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NONCONTROLLING INTERESTS
3 Months Ended
Mar. 31, 2025
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 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

March 31, 2025

Number

Ownership

Total

Total

Related Party

Consolidated Joint Ventures

    

of Stores

    

Interest

Assets

Liabilities

Loans (1)

(in thousands)

Hines Capital ("Hines") (2)

14

85%

$

182,602

$

116,516

$

New Rochelle Investors, LLC ("New Rochelle")

1

70%

32,943

9,939

7,634

1074 Raritan Road, LLC ("Clark")

1

90%

15,630

10,616

10,393

350 Main Street, LLC ("Port Chester")

1

90%

13,573

7,102

4,827

Astoria Investors, LLC ("Astoria")

1

70%

44,987

30,738

29,946

CS Lock Up Anoka, LLC ("Anoka")

1

50%

9,639

5,633

5,531

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

1

70%

18,366

14,862

14,792

CS Vienna, LLC ("Vienna")

1

80%

29,166

34,840

34,335

SH3, LLC ("SH3")

1

90%

35,961

500

22

$

382,867

$

230,746

$

107,458

(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

As of March 31, 2025 and December 31, 2024, 1,142,205 and 1,194,705 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 March 31, 2025 and December 31, 2024. The aggregate redemption value of the 1,142,205 OP Units owned by third parties as of March 31, 2025 was $48.8 million.