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NONCONTROLLING INTERESTS | 12 Months Ended
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Dec. 31, 2025
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, 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% | ​ | $ | 171,219 | ​ | $ | 120,147 | ​ | $ | 109,554
New Rochelle Investors, LLC ("New Rochelle") | ​ | 1 | ​ | 70% | ​ | ​ | 41,278 | ​ | ​ | 18,474 | ​ | ​ | 17,206
1074 Raritan Road, LLC ("Clark") | ​ | 1 | ​ | 90% | ​ | ​ | 15,190 | ​ | ​ | 11,030 | ​ | ​ | 10,629
350 Main Street, LLC ("Port Chester") | ​ | 1 | ​ | 90% | ​ | ​ | 17,254 | ​ | ​ | 11,475 | ​ | ​ | 10,937
Astoria Investors, LLC ("Astoria") | ​ | 1 | ​ | 70% | ​ | ​ | 44,562 | ​ | ​ | 30,786 | ​ | ​ | 29,973
CS Lock Up Anoka, LLC ("Anoka") | ​ | 1 | ​ | 50% | ​ | ​ | 9,226 | ​ | ​ | 5,588 | ​ | ​ | 5,540
CS Valley Forge Village Storage, LLC ("VFV") | ​ | 1 | ​ | 70% | ​ | ​ | 17,862 | ​ | ​ | 14,908 | ​ | ​ | 14,792
CS Vienna, LLC ("Vienna") | ​ | 1 | ​ | 80% | ​ | ​ | 28,363 | ​ | ​ | 34,285 | ​ | ​ | 33,897
SH3, LLC ("SH3") | ​ | 1 | ​ | 90% | ​ | ​ | 35,077 | ​ | ​ | 317 | ​ | ​ | —
​ | ​ | 22 | ​ | ​ | ​ | $ | 380,031 | ​ | $ | 247,010 | ​ | $ | 232,528
​
| (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 two consolidated joint ventures.
​ Operating Partnership Ownership ​ During the years ended December 31, 2025, 2024 and 2023, 91,465, 105,757 and 126,087 OP Units, respectively, were redeemed for common shares of the Company. Additionally, during the year ended December 31, 2025, 100,000 OP Units were redeemed for cash. No OP Units were redeemed for cash during the years ended December 31, 2024 or 2023. ​ As of December 31, 2025 and 2024, 1,003,240 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 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, 2025 and 2024. The aggregate redemption value of the 1,003,240 OP Units owned by third parties as of December 31, 2025 was $36.2 million.

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- Definition The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/810/tableOfContent + Details
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