INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| INVESTMENTS IN UNCONSOLIDATED REAL ESTATE VENTURES |
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| Schedule of investments in real estate ventures |
The Company’s investments in unconsolidated real estate ventures are summarized as follows (dollars in thousands): | | | | | | | | | | | | | | | CubeSmart | | Number of Stores as of | | Carrying Value of Investment as of | | | Ownership | | June 30, | | December 31, | | June 30, | | December 31, | Unconsolidated Real Estate Ventures | | Interest | | 2026 | | 2025 | | 2026 | | 2025 | CBPR Storage Venture, LLC ("CBPR") | | 15% | | 1 | | - | | $ | 2,016 | | $ | - | Fontana Self Storage, LLC ("Fontana") (1) | | 50% | | 1 | | 1 | | | 12,637 | | | 12,837 | Rancho Cucamonga Self Storage, LLC ("RCSS") (1) | | 50% | | 1 | | 1 | | | 19,289 | | | 19,568 | 191 V CUBE LLC ("HVP V") | | 20% | | 6 | | 6 | | | 9,704 | | | 10,505 | CUBE HHF Northeast Venture LLC ("HHFNE") | | 10% | | 13 | | 13 | | | 1,171 | | | 1,230 | CUBE HHF Limited Partnership ("HHF") | | 50% | | 28 | | 28 | | | 28,639 | | | 29,894 | | | | | 50 | | 49 | | $ | 73,456 | | $ | 74,034 |
| (1) | On December 9, 2021, the Company completed the acquisition of LAACO, 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. These differences are being amortized over the expected useful life of the self-storage properties owned by the ventures. As of June 30, 2026, the remaining unamortized difference was $11.9 million for Fontana and $17.8 million for RCSS. |
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| Summary of the financial position of the ventures |
| | | | | | | | | June 30, | | December 31, | | | 2026 | | 2025 | | Assets | | (in thousands) | Storage properties, net | | $ | 378,532 | | $ | 367,994 | Other assets | | | 15,026 | | | 15,283 | Total assets | | $ | 393,558 | | $ | 383,277 | | | | | | | | Liabilities and equity | | | | | | | Debt | | $ | 250,391 | | $ | 249,449 | Other liabilities | | | 8,365 | | | 5,224 | Equity | | | | | | | CubeSmart | | | 43,770 | | | 43,917 | Joint venture partners | | | 91,032 | | | 84,687 | Total liabilities and equity | | $ | 393,558 | | $ | 383,277 |
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| Summary of results of operations of the ventures |
| | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | | 2026 | | 2025 | | 2026 | | 2025 (1) | | | | | (in thousands) | | Total revenues | | $ | 15,017 | | $ | 14,296 | | $ | 29,753 | | $ | 34,418 | | Operating expenses | | | (6,543) | | | (6,256) | | | (13,074) | | | (15,173) | | Other expenses | | | (240) | | | (128) | | | (252) | | | (238) | | Interest expense, net | | | (2,923) | | | (3,013) | | | (5,826) | | | (7,941) | | Depreciation and amortization | | | (4,450) | | | (4,056) | | | (8,801) | | | (10,352) | | Net income | | $ | 861 | | $ | 843 | | $ | 1,800 | | $ | 714 | | Company’s share of net income | | $ | 556 | | $ | 547 | | $ | 1,163 | | $ | 926 | |
| (1) | HVP IV’s results of operations are included through February 20, 2025 (date of consolidation). |
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