v3.25.2
CONSOLIDATED STATEMENTS OF OPERATIONS (LP cube) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
REVENUES        
Rental income $ 239,557 $ 226,791 $ 472,322 $ 451,981
Total revenues 282,303 266,209 555,339 527,615
OPERATING EXPENSES        
Property operating expenses 89,028 83,097 171,962 160,134
Depreciation and amortization 66,488 51,035 125,644 101,752
General and administrative 14,897 14,622 30,965 30,247
Total operating expenses 170,413 148,754 328,571 292,133
Interest:        
Interest expense on loans (29,090) (22,767) (55,190) (45,686)
Loan procurement amortization expense (1,221) (1,015) (2,442) (2,045)
Equity in earnings of real estate ventures 547 425 926 1,270
Other 306 88 1,115 23
Total other expense $ (29,458) $ (23,269) $ (55,591) $ (46,438)
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS        
Diluted earnings per share attributable to common shareholders (in dollars per share) $ 0.36 $ 0.41 $ 0.75 $ 0.83
Weighted-average basic units outstanding (in units) 228,737 225,886 228,700 225,827
Weighted-average diluted units outstanding (in units) 229,303 226,618 229,273 226,593
Other Property Related Income        
REVENUES        
Property related income $ 32,596 $ 28,958 $ 62,362 $ 55,274
Property Management Fee Income        
REVENUES        
Property related income 10,150 10,460 20,655 20,360
CubeSmart, L.P. and Subsidiaries        
REVENUES        
Rental income 239,557 226,791 472,322 451,981
Total revenues 282,303 266,209 555,339 527,615
OPERATING EXPENSES        
Property operating expenses 89,028 83,097 171,962 160,134
Depreciation and amortization 66,488 51,035 125,644 101,752
General and administrative 14,897 14,622 30,965 30,247
Total operating expenses 170,413 148,754 328,571 292,133
Interest:        
Interest expense on loans (29,090) (22,767) (55,190) (45,686)
Loan procurement amortization expense (1,221) (1,015) (2,442) (2,045)
Equity in earnings of real estate ventures 547 425 926 1,270
Other 306 88 1,115 23
Total other expense (29,458) (23,269) (55,591) (46,438)
NET INCOME 82,432 94,186 171,177 189,044
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS        
Net loss attributable to noncontrolling interests in subsidiaries 929 302 1,834 512
NET INCOME ATTRIBUTABLE TO CUBESMART L.P. $ 83,361 $ 94,488 $ 173,011 $ 189,556
Basic earnings per unit attributable to common unitholders (in dollars per share) $ 0.36 $ 0.42 $ 0.75 $ 0.83
Diluted earnings per share attributable to common shareholders (in dollars per share) $ 0.36 $ 0.41 $ 0.75 $ 0.83
Weighted-average basic units outstanding (in units) 229,852 227,145 229,842 227,101
Weighted-average diluted units outstanding (in units) 230,418 227,877 230,415 227,867
CubeSmart, L.P. and Subsidiaries | Other Property Related Income        
REVENUES        
Property related income $ 32,596 $ 28,958 $ 62,362 $ 55,274
CubeSmart, L.P. and Subsidiaries | Property Management Fee Income        
REVENUES        
Property related income $ 10,150 $ 10,460 $ 20,655 $ 20,360