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v3.22.2

CONSOLIDATED STATEMENTS OF OPERATIONS (LP cube) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021
REVENUES |  |  |  |
Rental income | $ 216,133 | $ 170,359 | $ 424,504 | $ 332,835
Total revenues | 248,664 | 199,247 | 487,229 | 388,088
OPERATING EXPENSES |  |  |  |
Property operating expenses | 73,472 | 63,751 | 144,039 | 124,979
Depreciation and amortization | 79,046 | 54,139 | 161,603 | 107,949
General and administrative | 13,725 | 11,560 | 28,250 | 22,476
Total operating expenses | 166,243 | 129,450 | 333,892 | 255,404
Interest: |  |  |  |
Interest expense on loans | (23,055) | (19,112) | (45,879) | (38,346)
Loan procurement amortization expense | (959) | (1,012) | (1,916) | (2,047)
Equity in earnings of real estate ventures | 680 | 316 | 974 | 336
Other | (493) | 377 | (9,656) | 1,054
Total other expense | (23,827) | (19,431) | (56,477) | (39,003)
NET INCOME |  |  | 96,860 | 93,681
NET LOSS (INCOME) ATTRIBUTABLE TO NONCONTROLLING INTERESTS |  |  |  |
Noncontrolling interest in subsidiaries |  |  | 324 | 120
NET INCOME ATTRIBUTABLE TO CUBESMART L.P. |  |  | 97,184 | 93,801
Operating Partnership interests of third parties | $ (379) | $ (1,768) | (671) | (3,317)
NET INCOME ATTRIBUTABLE TO COMMON UNITHOLDERS |  |  | $ 96,513 | $ 90,484
Basic earnings per unit attributable to common unitholders |  |  | $ 0.43 | $ 0.45
Diluted earnings per share attributable to common shareholders (in dollars per share) | $ 0.26 | $ 0.24 | $ 0.43 | $ 0.45
Weighted-average basic units outstanding (in units) | 224,960 | 201,414 | 224,812 | 200,293
Weighted-average diluted units outstanding (in units) | 225,895 | 202,809 | 225,820 | 201,527
Other Property Related Income |  |  |  |
REVENUES |  |  |  |
Property related income | $ 23,861 | $ 21,218 | $ 46,141 | $ 40,522
Property Management Fee Income |  |  |  |
REVENUES |  |  |  |
Property related income | 8,670 | 7,670 | 16,584 | 14,731
CubeSmart, L.P. and Subsidiaries |  |  |  |
REVENUES |  |  |  |
Rental income | 216,133 | 170,359 |  |
Total revenues | 248,664 | 199,247 |  |
OPERATING EXPENSES |  |  |  |
Property operating expenses | 73,472 | 63,751 |  |
Depreciation and amortization | 79,046 | 54,139 |  |
General and administrative | 13,725 | 11,560 |  |
Total operating expenses | 166,243 | 129,450 |  |
Interest: |  |  |  |
Interest expense on loans | (23,055) | (19,112) |  |
Loan procurement amortization expense | (959) | (1,012) |  |
Equity in earnings of real estate ventures | 680 | 316 | $ 974 | $ 336
Other | (493) | 377 |  |
Total other expense | (23,827) | (19,431) |  |
NET INCOME | 58,594 | 50,366 |  |
NET LOSS (INCOME) ATTRIBUTABLE TO NONCONTROLLING INTERESTS |  |  |  |
Noncontrolling interest in subsidiaries | 143 | 154 |  |
NET INCOME ATTRIBUTABLE TO CUBESMART L.P. | 58,737 | 50,520 |  |
Operating Partnership interests of third parties | (379) | (1,768) |  |
NET INCOME ATTRIBUTABLE TO COMMON UNITHOLDERS | $ 58,358 | $ 48,752 |  |
Basic earnings per unit attributable to common unitholders | $ 0.26 | $ 0.24 |  |
Diluted earnings per share attributable to common shareholders (in dollars per share) | $ 0.26 | $ 0.24 |  |
Weighted-average basic units outstanding (in units) | 224,960 | 201,414 |  |
Weighted-average diluted units outstanding (in units) | 225,895 | 202,809 |  |
CubeSmart, L.P. and Subsidiaries | Other Property Related Income |  |  |  |
REVENUES |  |  |  |
Property related income | $ 23,861 | $ 21,218 |  |
CubeSmart, L.P. and Subsidiaries | Property Management Fee Income |  |  |  |
REVENUES |  |  |  |
Property related income | $ 8,670 | $ 7,670 |  |

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