v3.25.2
NONCONTROLLING INTERESTS
6 Months Ended
Jun. 30, 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

June 30, 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%

$

178,906

$

117,260

$

New Rochelle Investors, LLC ("New Rochelle")

1

70%

38,191

15,322

13,096

1074 Raritan Road, LLC ("Clark")

1

90%

15,526

10,832

10,601

350 Main Street, LLC ("Port Chester")

1

90%

15,748

9,278

7,882

Astoria Investors, LLC ("Astoria")

1

70%

44,832

30,740

29,955

CS Lock Up Anoka, LLC ("Anoka")

1

50%

9,461

5,575

5,535

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

1

70%

18,175

14,882

14,792

CS Vienna, LLC ("Vienna")

1

80%

28,899

34,873

34,193

SH3, LLC ("SH3")

1

90%

35,889

326

22

$

385,627

$

239,088

$

116,054

(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 June 30, 2025 and December 31, 2024, 1,103,240 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 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 June 30, 2025 and December 31, 2024. The aggregate redemption value of the 1,103,240 OP Units owned by third parties as of June 30, 2025 was $46.9 million.