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INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Tables) | 12 Months Ended
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Dec. 31, 2025
INVESTMENTS IN UNCONSOLIDATED REAL ESTATE VENTURES |
Schedule of investments in real estate ventures | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | CubeSmart | ​ | Number of Stores as of | ​ | Carrying Value of Investment as of
​ | ​ | Ownership | ​ | December 31, | ​ | December 31,
Unconsolidated Real Estate Ventures | ​ ​ ​ | Interest | ​ | 2025 | ​ | 2024 | ​ ​ ​ | 2025 | ​ | 2024
Fontana Self Storage, LLC ("Fontana") (1) | ​ | 50% | ​ | 1 | ​ | 1 | ​ | $ | 12,837 | ​ | $ | 13,200
Rancho Cucamonga Self Storage, LLC ("RCSS") (1) | ​ | 50% | ​ | 1 | ​ | 1 | ​ | ​ | 19,568 | ​ | ​ | 20,107
191 V CUBE LLC ("HVP V") | ​ | 20% | ​ | 6 | ​ | 6 | ​ | ​ | 10,505 | ​ | ​ | 11,353
191 IV CUBE LLC ("HVP IV") (2) | ​ | 20% | ​ | - | ​ | 28 | ​ | ​ | — | ​ | ​ | 14,591
CUBE HHF Northeast Venture LLC ("HHFNE") | ​ | 10% | ​ | 13 | ​ | 13 | ​ | ​ | 1,230 | ​ | ​ | 1,469
CUBE HHF Limited Partnership ("HHF") | ​ | 50% | ​ | 28 | ​ | 28 | ​ | ​ | 29,894 | ​ | ​ | 31,253
​ | ​ | ​ | ​ | 49 | ​ | 77 | ​ | $ | 74,034 | ​ | $ | 91,973
​
| (1) | On December 9, 2021, the Company completed the acquisition of LAACO, Ltd. 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. As of December 31, 2025, this difference was $12.1 million for Fontana and $18.0 million for RCSS. These differences are being amortized over the estimated useful life of the self-storage properties owned by the ventures.
​
| (2) | On February 20, 2025, the Company purchased the remaining 80% interest in HVP IV for $452.8 million and consolidated the venture’s assets and liabilities. The $452.8 million purchase price included $44.4 million to repay the Company’s portion of the venture’s existing indebtedness, which was repaid in full at the time of the transaction (see note 4).
Summary of the financial position of the ventures | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | December 31,
​ | ​ | 2025 |  | 2024
Assets | ​ | (in thousands)
Storage properties, net | ​ | $ | 367,994 | ​ | $ | 684,067
Other assets | ​ |  | 15,283 | ​ |  | 17,126
Total assets | ​ | $ | 383,277 | ​ | $ | 701,193
​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities and equity | ​ | ​ | ​ | ​ | ​ | ​
Debt | ​ | $ | 249,449 | ​ | $ | 472,633
Other liabilities | ​ | ​ | 5,224 | ​ | ​ | 17,462
Equity | ​ | ​ | ​ | ​ | ​ | ​
CubeSmart | ​ |  | 43,917 | ​ | ​ | 60,993
Joint venture partners | ​ |  | 84,687 | ​ | ​ | 150,105
Total liabilities and equity | ​ | $ | 383,277 | ​ | $ | 701,193
Summary of results of operations of the ventures | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31, |
​ | ​ ​ ​ | 2025 | ​ ​ ​ | 2024 | ​ ​ ​ | 2023 |
​ | ​ | (in thousands) | ​
Total revenues | ​ | $ | 63,613 | ​ | $ | 100,049 | ​ | $ | 99,442 | ​
Operating expenses | ​ |  | (27,183) | ​ |  | (41,096) | ​ |  | (40,677) | ​
Other expenses | ​ | ​ | (67) | ​ | ​ | (422) | ​ | ​ | (347) | ​
Interest expense, net | ​ |  | (14,074) | ​ |  | (25,570) | ​ |  | (17,189) | ​
Depreciation and amortization | ​ |  | (18,564) | ​ |  | (29,404) | ​ |  | (30,607) | ​
Net income | ​ | $ | 3,725 | ​ | $ | 3,557 | ​ | $ | 10,622 | ​
Company’s share of net income | ​ | $ | 2,460 | ​ | $ | 2,499 | ​ | $ | 6,085 | ​

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