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v3.22.2.2

CONSOLIDATED STATEMENTS OF OPERATIONS (LP cube) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended
--- | --- | ---
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021
REVENUES |  |  |  |
Rental income | $ 226,837 | $ 182,409 | $ 651,341 | $ 515,244
Total revenues | 261,408 | 212,564 | 748,637 | 600,652
OPERATING EXPENSES |  |  |  |
Property operating expenses | 76,728 | 64,065 | 220,767 | 189,044
Depreciation and amortization | 79,574 | 55,871 | 241,177 | 163,820
General and administrative | 13,390 | 12,095 | 41,640 | 34,571
Total operating expenses | 169,692 | 132,031 | 503,584 | 387,435
Interest: |  |  |  |
Interest expense on loans | (23,850) | (19,122) | (69,729) | (57,468)
Loan procurement amortization expense | (969) | (1,012) | (2,885) | (3,059)
Equity in earnings of real estate ventures | 46,558 | 816 | 47,532 | 1,152
Gains from sales of real estate, net |  | 28,815 |  | 28,815
Other | (15) | 539 | (9,671) | 1,593
Total other income (expense) | 21,724 | 10,036 | (34,753) | (28,967)
NET INCOME |  |  | 210,300 | 184,250
NET LOSS (INCOME) ATTRIBUTABLE TO NONCONTROLLING INTERESTS |  |  |  |
Noncontrolling interest in subsidiaries |  |  | 505 | 350
NET INCOME ATTRIBUTABLE TO CUBESMART L.P. |  |  | 210,805 | 184,600
Operating Partnership interests of third parties | $ (733) | $ (3,149) | (1,404) | (6,466)
NET INCOME ATTRIBUTABLE TO COMMON UNITHOLDERS |  |  | $ 209,401 | $ 178,134
Basic earnings per unit attributable to common unitholders |  |  | $ 0.93 | $ 0.89
Diluted earnings per share attributable to common shareholders (in dollars per share) | $ 0.50 | $ 0.43 | $ 0.93 | $ 0.88
Weighted-average basic units outstanding (in units) | 225,023 | 202,194 | 224,883 | 200,934
Weighted-average diluted units outstanding (in units) | 225,966 | 203,797 | 225,881 | 202,291
Other Property Related Income |  |  |  |
REVENUES |  |  |  |
Property related income | $ 25,619 | $ 21,892 | $ 71,760 | $ 62,414
Property Management Fee Income |  |  |  |
REVENUES |  |  |  |
Property related income | 8,952 | 8,263 | 25,536 | 22,994
CubeSmart, L.P. and Subsidiaries |  |  |  |
REVENUES |  |  |  |
Rental income | 226,837 | 182,409 |  |
Total revenues | 261,408 | 212,564 |  |
OPERATING EXPENSES |  |  |  |
Property operating expenses | 76,728 | 64,065 |  |
Depreciation and amortization | 79,574 | 55,871 |  |
General and administrative | 13,390 | 12,095 |  |
Total operating expenses | 169,692 | 132,031 |  |
Interest: |  |  |  |
Interest expense on loans | (23,850) | (19,122) |  |
Loan procurement amortization expense | (969) | (1,012) |  |
Equity in earnings of real estate ventures | 46,558 | 816 | $ 47,532 | $ 1,152
Gains from sales of real estate, net |  | 28,815 |  |
Other | (15) | 539 |  |
Total other income (expense) | 21,724 | 10,036 |  |
NET INCOME | 113,440 | 90,569 |  |
NET LOSS (INCOME) ATTRIBUTABLE TO NONCONTROLLING INTERESTS |  |  |  |
Noncontrolling interest in subsidiaries | 181 | 230 |  |
NET INCOME ATTRIBUTABLE TO CUBESMART L.P. | 113,621 | 90,799 |  |
Operating Partnership interests of third parties | (733) | (3,149) |  |
NET INCOME ATTRIBUTABLE TO COMMON UNITHOLDERS | $ 112,888 | $ 87,650 |  |
Basic earnings per unit attributable to common unitholders | $ 0.50 | $ 0.43 |  |
Diluted earnings per share attributable to common shareholders (in dollars per share) | $ 0.50 | $ 0.43 |  |
Weighted-average basic units outstanding (in units) | 225,023 | 202,194 |  |
Weighted-average diluted units outstanding (in units) | 225,966 | 203,797 |  |
CubeSmart, L.P. and Subsidiaries | Other Property Related Income |  |  |  |
REVENUES |  |  |  |
Property related income | $ 25,619 | $ 21,892 |  |
CubeSmart, L.P. and Subsidiaries | Property Management Fee Income |  |  |  |
REVENUES |  |  |  |
Property related income | $ 8,952 | $ 8,263 |  |

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