XML 79 R56.htm IDEA: XBRL DOCUMENT v3.23.2
CONSOLIDATED STATEMENTS OF OPERATIONS (LP cube) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
REVENUES        
Rental income $ 225,910 $ 216,133 $ 449,494 $ 424,504
Total revenues 260,805 248,664 517,333 487,229
OPERATING EXPENSES        
Property operating expenses 74,821 73,472 145,948 144,039
Depreciation and amortization 50,358 79,046 100,687 161,603
General and administrative 14,325 13,725 28,999 28,250
Total operating expenses 139,504 166,243 275,634 333,892
Interest:        
Interest expense on loans (23,544) (23,055) (47,235) (45,879)
Loan procurement amortization expense (1,041) (959) (2,081) (1,916)
Equity in earnings of real estate ventures 790 680 3,341 974
Other 777 (493) 501 (9,656)
Total other expense (23,018) (23,827) (45,474) (56,477)
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS        
Operating Partnership interests of third parties $ (616) $ (379) $ (1,230) $ (671)
Diluted earnings per share attributable to common shareholders (in dollars per share) $ 0.43 $ 0.26 $ 0.86 $ 0.43
Weighted-average basic units outstanding (in units) 225,388 224,960 225,342 224,812
Weighted-average diluted units outstanding (in units) 226,275 225,895 226,238 225,820
Other Property Related Income        
REVENUES        
Property related income $ 25,760 $ 23,861 $ 50,144 $ 46,141
Property Management Fee Income        
REVENUES        
Property related income 9,135 8,670 17,695 16,584
CubeSmart, L.P. and Subsidiaries        
REVENUES        
Rental income 225,910 216,133 449,494 424,504
Total revenues 260,805 248,664 517,333 487,229
OPERATING EXPENSES        
Property operating expenses 74,821 73,472 145,948 144,039
Depreciation and amortization 50,358 79,046 100,687 161,603
General and administrative 14,325 13,725 28,999 28,250
Total operating expenses 139,504 166,243 275,634 333,892
Interest:        
Interest expense on loans (23,544) (23,055) (47,235) (45,879)
Loan procurement amortization expense (1,041) (959) (2,081) (1,916)
Equity in earnings of real estate ventures 790 680 3,341 974
Other 777 (493) 501 (9,656)
Total other expense (23,018) (23,827) (45,474) (56,477)
NET INCOME 98,283 58,594 196,225 96,860
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS        
Noncontrolling interest in subsidiaries 212 143 450 324
NET INCOME ATTRIBUTABLE TO CUBESMART L.P. 98,495 58,737 196,675 97,184
Operating Partnership interests of third parties (616) (379) (1,230) (671)
NET INCOME ATTRIBUTABLE TO COMMON UNITHOLDERS $ 97,879 $ 58,358 $ 195,445 $ 96,513
Basic earnings per unit attributable to common unitholders (in dollars per share) $ 0.43 $ 0.26 $ 0.87 $ 0.43
Diluted earnings per share attributable to common shareholders (in dollars per share) $ 0.43 $ 0.26 $ 0.86 $ 0.43
Weighted-average basic units outstanding (in units) 225,388 224,960 225,342 224,812
Weighted-average diluted units outstanding (in units) 226,275 225,895 226,238 225,820
CubeSmart, L.P. and Subsidiaries | Other Property Related Income        
REVENUES        
Property related income $ 25,760 $ 23,861 $ 50,144 $ 46,141
CubeSmart, L.P. and Subsidiaries | Property Management Fee Income        
REVENUES        
Property related income $ 9,135 $ 8,670 $ 17,695 $ 16,584