INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES (Tables)

12 Months Ended

Dec. 31, 2012

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES

Summary of the financial position of the Real Estate Venture

The following is a summary of the financial position of the real estate venture as of December 31, 2011 (in thousands):

	December 31,
	2011
Assets
Net property	$	78,677
Other assets	2,242
Total Assets	$	80,919
Liabilities and equity
Other liabilities	$	867
Debt (a)	60,083
Equity:
CubeSmart (b)	9,984
Joint venture partner	9,985
Total Liabilities and equity	$	80,919

(a) The real estate venture’s debt was due to mature on July 31, 2014, with interest payable at 6%.  HSREV’s creditors had no recourse to the general credit of the Company.

(b) The difference between the Company’s share of the net assets of the unconsolidated real estate ventures and the Company’s investment in real estate ventures per the accompanying consolidated balance sheets relates primarily to purchase price adjustments that are recorded by the Company on its financial statements in accordance with GAAP, but are not reflected in the above summary of the financial position of the real estate venture.

Summary of results of operations of the Real Estate Venture

The following is a summary of results of operations of the real estate venture for the years ended December 31, 2012 and 2011 (in thousands).

	Year ended December 31,
	2012			2011
Revenue	$	7,229		$	9,354
Operating expenses	3,010			3,879
Interest expense, net	2,690			3,969
Depreciation and amortization	2,691			4,115
Net loss	(1,162		)	(2,609		)
Company’s share of loss	(745		)	(281		)