INVESTMENT ACTIVITY (Tables)
 9 Months Ended
Sep. 30, 2017
INVESTMENT ACTIVITY  
Schedule of capitalized costs for investments in storage properties

The Company has completed the construction and opened for operation the following stores during the period beginning on January 1, 2016 through September 30, 2017. The costs associated with the construction of these stores are capitalized to land, building, and improvements as well as equipment and are reflected in Storage properties on the Company’s consolidated balance sheets.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CubeSmart

 

 

 

 

 

Number of

 

 

 

Ownership

 

Total

Store Location

    

Stores

    

Date Opened

 

Interest

 

Construction Costs

 

 

 

 

 

 

 

 

(in thousands)

Washington, D.C.

 

1

 

Q3 2017

 

100%

 

$

27,800

New York, NY

 

1

 

Q3 2017

 

90%

 

 

81,200

North Palm Beach, FL

 

1

 

Q1 2017

 

100%

 

 

9,700

Bronx, NY (1) (2)

 

1

 

Q2 2016

 

100%

 

 

32,200

Queens, NY (1)

 

1

 

Q1 2016

 

100%

 

 

31,800

 

 

5

 

 

 

 

 

$

182,700

 

(1)

These properties were previously owned through two separate consolidated joint ventures, of which the Company owned a 51% interest in each. On April 5, 2016, the noncontrolling member in the venture that owned the Queens, NY store put its 49% interest in the venture to the Company for $12.5 million. On August 12, 2016, the noncontrolling member in the venture that owned the Bronx, NY store put its 49% interest in the venture to the Company for $17.0 million.

 

(2)

This store is subject to a ground lease.

 

Schedule of revenue and earnings from acquisitions since the acquisition dates included in consolidated statement of operations

 

 

 

 

 

 

 

 

 

    

Three Months Ended September 30, 2017

 

Nine Months Ended September 30, 2017

 

 

 

(in thousands)

 

Total revenue

 

$

510

 

$

785

 

Net loss

 

 

(362)

 

 

(701)