NONCONTROLLING INTERESTS

6 Months Ended

Jun. 30, 2026

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, 2026
		Number		Ownership		Total			Total			Related Party
Consolidated Joint Ventures		of Stores		Interest		Assets			Liabilities			Loans ⁽¹⁾

						(in thousands)
CS 114 S Kensico Ave, LLC ("White Plains")		1		51%		$	11,494		$	2,841		$	—
Hines Capital ("Hines") ⁽²⁾		14		85%			168,009			118,945			109,614
New Rochelle Investors, LLC ("New Rochelle")		1		70%			44,385			44,223			43,493
1074 Raritan Road, LLC ("Clark")		1		90%			14,696			10,946			10,657
350 Main Street, LLC ("Port Chester")		1		90%			16,973			11,789			11,483
Astoria Investors, LLC ("Astoria")		1		70%			43,884			30,803			29,991
CS Lock Up Anoka, LLC ("Anoka")		1		50%			8,961			5,588			5,544
CS Valley Forge Village Storage, LLC ("VFV")		1		70%			17,387			14,775			14,617
CS Vienna, LLC ("Vienna")		1		80%			27,985			34,047			33,586
SH3, LLC ("SH3")		1		90%			34,868			361			—
		23				$	388,642		$	274,318		$	258,985

(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 six months ended June 30, 2026, 19,011 OP Units were redeemed for cash. No OP Units were redeemed during the three months ended June 30, 2026. During the three and six months ended June 30, 2025, 38,965 and 91,465 OP units were redeemed for common shares of the Company, respectively.

As of June 30, 2026 and December 31, 2025, 984,229 and 1,003,240 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, 2026 and December 31, 2025. The aggregate redemption value of the 984,229 OP Units owned by third parties as of June 30, 2026 was $39.1 million.