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NONCONTROLLING INTERESTS
3 Months Ended
Mar. 31, 2024
NONCONTROLLING INTERESTS  
NONCONTROLLING INTERESTS

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13. NONCONTROLLING INTERESTS

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Interests in Consolidated Joint Ventures

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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, which was formed to acquire an existing store that had commenced operations. The following table summarizes the Company’s consolidated joint ventures, each of which are accounted for as VIEs:

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CubeSmart

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March 31, 2024

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Number

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Ownership

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Total

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Total

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Related Party

Consolidated Joint Ventures

    

of Stores

    

Interest

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Assets

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Liabilities

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Loans (1)

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(in thousands)

New Rochelle Investors, LLC ("New Rochelle")

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1

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70%

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$

24,855

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$

1,253

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$

599

1074 Raritan Road, LLC ("Clark")

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1

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90%

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14,141

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7,931

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6,642

350 Main Street, LLC ("Port Chester")

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1

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90%

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5,862

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19

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Astoria Investors, LLC ("Astoria")

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1

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70%

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43,338

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28,937

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27,397

CS Lock Up Anoka, LLC ("Anoka")

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1

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50%

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10,216

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5,625

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5,540

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

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1

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70%

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19,149

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14,873

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14,792

CS Vienna, LLC ("Vienna")

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1

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80%

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30,200

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35,325

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34,875

SH3, LLC ("SH3")

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1

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90%

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36,621

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521

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8

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$

184,382

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$

94,484

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$

89,845

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(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.

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Operating Partnership Ownership

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As of March 31, 2024 and December 31, 2023, 1,288,205 and 1,300,462 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 March 31, 2024 and December 31, 2023. The aggregate redemption value of the 1,288,205 OP Units owned by third parties as of March 31, 2024 was $58.3 million.