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EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL (Tables)

12 Months Ended

Dec. 31, 2023

EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL

Summary of the elements used in calculating basic and diluted earnings per common share

​

The following is a summary of the elements used in calculating basic and diluted earnings per share:

​

​	​	​	​	​	​	​	​	​	​	​	​
​	​	For the year ended December 31,
​	​	2023			​	2022			​	2021
​	​	(dollars and shares in thousands, except per share amounts)
Net income	​	$	412,435	​	​	$	292,472	​	​	$	230,813
Noncontrolling interests in the Operating Partnership	​		(2,535)	​	​		(1,931)	​	​		(7,873)
Noncontrolling interests in subsidiaries	​		857	​	​		722	​	​		542
Net income attributable to the Company’s common shareholders	​	$	410,757	​	​	$	291,263	​	​	$	223,482
​	​	​	​	​	​	​	​	​	​	​	​
Weighted average basic shares outstanding	​		225,424	​	​		224,928	​	​		203,832
Share options and restricted share units	​		817	​	​		953	​	​		1,177
Weighted average diluted shares outstanding (1)	​		226,241	​	​		225,881	​	​		205,009
​	​	​	​	​	​	​	​	​	​	​	​
Basic earnings per share attributable to common shareholders	​	$	1.82	​	​	$	1.29	​	​	$	1.10
Diluted earnings per share attributable to common shareholders (2)	​	$	1.82	​	​	$	1.29	​	​	$	1.09

​

​

The following is a summary of the elements used in calculating basic and diluted earnings per unit:

​

​	​	​	​	​	​	​	​	​	​	​	​
​	​	For the year ended December 31,
​	​	2023			​	2022			​	2021
​	​	(dollars and units in thousands, except per unit amounts)
Net income		$	412,435	​	​	$	292,472	​	​	$	230,813
Noncontrolling interests in subsidiaries	​		857	​	​		722	​	​		542
Net income attributable to CubeSmart, L.P.	​	$	413,292	​	​	$	293,194	​	​	$	231,355
​	​	​	​	​	​	​	​	​	​	​	​
Weighted average basic units outstanding (3)	​		226,817	​	​		226,449	​	​		210,949
Unit options and restricted share units	​		817	​	​		953	​	​		1,177
Weighted average diluted units outstanding (1) (3)	​		227,634	​	​		227,402	​	​		212,126
​	​	​	​	​	​	​	​	​	​	​	​
Basic earnings per unit attributable to CubeSmart, L.P.	​	$	1.82	​	​	$	1.29	​	​	$	1.10
Diluted earnings per unit attributable to CubeSmart, L.P. (2)	​	$	1.82	​	​	$	1.29	​	​	$	1.09

​

(1) For the years ended December 31, 2023, 2022 and 2021, the Company declared cash dividends per common share/unit of $1.98, $1.78 and $1.45, respectively.

​

(2) The amounts of anti-dilutive options that were excluded from the computation of diluted earnings per share/unit for the years ended December 31, 2023 and 2022 were 0.7 million and 0.3 million, respectively. There were no anti-dilutive options for the year ended December 31, 2021.

​

(3) Prior period amounts have been updated to conform to current year presentation.

Summary of OP units outstanding

​

​	​	​	​	​	​	​
​	​	As of December 31,
​	​	2023	​	2022	​	2021
Outstanding OP Units owned by third parties		1,300,462	​	1,426,549	​	1,901,595
Outstanding OP Units owned by the General Partner	​	224,921,053	​	224,603,462	​	223,917,993
​	​	​	​	​	​	​

Schedule of common shares sold pursuant to equity distribution agreements

​

​	​	​	​	​	​	​	​	​	​
​	​	For the year ended December 31,
​	​	2023		​	2022		​	2021
​	​	(dollars and shares in thousands, except per share amounts)
Number of shares sold	​	​	—	​	​	102	​	​	4,982
Average sales price per share	​	$	—	​	$	50.64	​	$	40.57
Net proceeds after deducting offering costs	​	$	—	​	$	4,936	​	$	199,977

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