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EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL (Tables) | 3 Months Ended
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Mar. 31, 2024
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL |
Summary of the elements used in calculating basic and diluted earnings per common share | Earnings per share and shareholders’ equity ​ The following is a summary of the elements used in calculating basic and diluted earnings per share: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31,
​ | ​ | 2024 | ​ | 2023
​ | ​ | (dollars and units in thousands, except per share amounts)
Net income |  | $ | 94,858 |  | $ | 97,942 | ​
Net income attributable to noncontrolling interests in the Operating Partnership | ​ |  | (541) | ​ |  | (614) | ​
Net loss attributable to noncontrolling interests in subsidiaries | ​ |  | 210 | ​ |  | 238 | ​
Net income attributable to the Company's common shareholders | ​ | $ | 94,527 | ​ | $ | 97,566 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average basic shares outstanding | ​ |  | 225,767 | ​ |  | 225,294 | ​
Share options and restricted share units | ​ |  | 808 | ​ |  | 889 | ​
Weighted average diluted shares outstanding (1) | ​ |  | 226,575 | ​ |  | 226,183 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic earnings per share attributable to common shareholders | ​ | $ | 0.42 | ​ | $ | 0.43 | ​
Diluted earnings per share attributable to common shareholders (2) | ​ | $ | 0.42 | ​ | $ | 0.43 | ​
​ Income allocated to noncontrolling interests of the Operating Partnership has been excluded from the numerator and OP units owned by third parties have been omitted from the denominator for the purpose of computing diluted earnings per share since the effect of including these amounts in the numerator and denominator would be anti-dilutive. Weighted average outstanding OP units owned by third parties for the three months ended March 31, 2024 and 2023 were 1.3 million and 1.4 million, respectively. ​ Earnings per unit and capital ​ The following is a summary of the elements used in calculating basic and diluted earnings per unit: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31,
​ | ​ | 2024 | ​ | 2023
​ | ​ | (dollars and units in thousands, except per unit amounts)
Net income |  | $ | 94,858 |  | $ | 97,942
Net loss attributable to noncontrolling interests in subsidiaries | ​ |  | 210 | ​ |  | 238
Net income attributable to CubeSmart, L.P. | ​ | $ | 95,068 | ​ | $ | 98,180
​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average basic units outstanding (3) | ​ |  | 227,057 | ​ |  | 226,717
Unit options and restricted share units | ​ |  | 808 | ​ |  | 889
Weighted average diluted units outstanding (1) (3) | ​ |  | 227,865 | ​ |  | 227,606
​ | ​ | ​ | ​ | ​ | ​ | ​
Basic earnings per unit attributable to CubeSmart, L.P. | ​ | $ | 0.42 | ​ | $ | 0.43
Diluted earnings per unit attributable to CubeSmart, L.P. (2) | ​ | $ | 0.42 | ​ | $ | 0.43
​
| (1) | For the three months ended March 31, 2024 and 2023, the Company declared cash dividends per common share/unit of $0.51 and $0.49, respectively.
​
| (2) | The amounts of anti-dilutive options that were excluded from the computation of diluted earnings per share/unit for the three months ended March 31, 2024 and 2023 were 1.1 million and 0.7 million, respectively.
​
| (3) | Prior period amounts have been updated to conform to current year presentation.
Summary of OP units outstanding | ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | As of March 31,
​ | ​ | ​ | 2024 | ​ | 2023
Outstanding OP Units owned by third parties |  | ​ | 1,288,205 | ​ | 1,418,549
Outstanding OP Units owned by the General Partner | ​ | ​ | 224,965,172 | ​ | 224,671,525
​ | ​ | ​ | ​ | ​ | ​
​

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- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1 + Details
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- Definition Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(27)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(28)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-3 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-4 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-5 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481142/505-10-45-2 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-10 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-8 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 480 -SubTopic 10 -Section S99 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480244/480-10-S99-1 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-6 Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-7 + Details
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