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12.  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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Operating Partnership Ownership

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During the years ended December 31, 2023, 2022 and 2021, 126,087, 475,046 and 5,519,233 OP Units, respectively, were redeemed for common shares of the Company.

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As of December 31, 2023 and 2022, 1,300,462 and 1,426,549 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 year. 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 December 31, 2023 and 2022. The aggregate redemption value of the 1,300,462 OP Units owned by third parties as of December 31, 2023 was $60.3 million.