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CONSOLIDATED STATEMENTS OF CASH FLOWS (LP cube) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended
--- | --- | --- | ---
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023
Operating Activities |  |  |  |  |
Net income | $ 94,186 | $ 98,283 | $ 189,044 | $ 196,225 |
Adjustments to reconcile net income to cash provided by operating activities: |  |  |  |  |
Depreciation and amortization, including amortization of loan procurement costs |  |  | 103,797 | 102,768 |
Non-cash portion of interest expense related to finance leases |  |  | (29) | (31) |
Equity in earnings of real estate ventures | (425) | (790) | (1,270) | (3,341) |
Cash distributed from real estate ventures |  |  | 2,325 | 2,311 |
Equity compensation expense |  |  | 5,687 | 4,985 |
Accretion of fair market value adjustment of debt |  |  | (289) | (531) |
Changes in other operating accounts: |  |  |  |  |
Other assets |  |  | (6,070) | (18,888) |
Accounts payable and accrued expenses |  |  | 25,804 | 14,097 |
Other liabilities |  |  | 2,013 | 1,487 |
Net cash provided by operating activities |  |  | 321,012 | 299,082 |
Investing Activities |  |  |  |  |
Acquisitions of storage properties |  |  | (20,147) |  |
Additions and improvements to storage properties |  |  | (21,068) | (25,274) |
Development costs |  |  | (16,528) | (27,718) |
Investments in real estate ventures |  |  | (310) | (10) |
Cash distributed from real estate ventures |  |  | 3,490 | 5,551 |
Net cash used in investing activities |  |  | (54,563) | (47,451) |
Proceeds from: |  |  |  |  |
Revolving credit facility |  |  | 410,587 | 454,934 |
Principal payments on: |  |  |  |  |
Revolving credit facility |  |  | (418,087) | (452,634) |
Mortgage loans and notes payable |  |  | (31,857) | (31,698) |
Loan procurement costs |  |  |  | (39) |
Cash paid upon vesting of restricted OP units |  |  | (999) | (771) |
Contributions from noncontrolling interests in subsidiaries |  |  | 309 | 797 |
Distributions paid to noncontrolling interests in subsidiaries |  |  | (179) | (161) |
Distributions paid to common OP unitholders |  |  | (230,521) | (221,015) |
Net cash used in financing activities |  |  | (267,396) | (249,411) |
Change in cash, cash equivalents and restricted cash |  |  | (947) | 2,220 |
Cash, cash equivalents and restricted cash at beginning of period |  |  | 8,217 | 8,925 | $ 8,925
Cash, cash equivalents and restricted cash at end of period | 7,270 | 11,145 | 7,270 | 11,145 | 8,217
Supplemental Cash Flow and Noncash Information |  |  |  |  |
Cash paid for interest, net of interest capitalized |  |  | 46,904 | 48,357 |
Supplemental disclosure of noncash activities: |  |  |  |  |
Derivative valuation adjustment |  |  | 40 | 40 |
CubeSmart, L.P. and Subsidiaries |  |  |  |  |
Operating Activities |  |  |  |  |
Net income |  |  | 189,044 | 196,225 |
Adjustments to reconcile net income to cash provided by operating activities: |  |  |  |  |
Depreciation and amortization, including amortization of loan procurement costs |  |  | 103,797 | 102,768 |
Non-cash portion of interest expense related to finance leases |  |  | (29) | (31) |
Equity in earnings of real estate ventures | (425) | (790) | (1,270) | (3,341) |
Cash distributed from real estate ventures |  |  | 2,325 | 2,311 |
Equity compensation expense |  |  | 5,687 | 4,985 |
Accretion of fair market value adjustment of debt |  |  | (289) | (531) |
Changes in other operating accounts: |  |  |  |  |
Other assets |  |  | (6,070) | (18,888) |
Accounts payable and accrued expenses |  |  | 25,804 | 14,097 |
Other liabilities |  |  | 2,013 | 1,487 |
Net cash provided by operating activities |  |  | 321,012 | 299,082 |
Investing Activities |  |  |  |  |
Acquisitions of storage properties |  |  | (20,147) |  |
Additions and improvements to storage properties |  |  | (21,068) | (25,274) |
Development costs |  |  | (16,528) | (27,718) |
Investments in real estate ventures |  |  | (310) | (10) |
Cash distributed from real estate ventures |  |  | 3,490 | 5,551 |
Net cash used in investing activities |  |  | (54,563) | (47,451) |
Proceeds from: |  |  |  |  |
Revolving credit facility |  |  | 410,587 | 454,934 |
Principal payments on: |  |  |  |  |
Revolving credit facility |  |  | (418,087) | (452,634) |
Mortgage loans and notes payable |  |  | (31,857) | (31,698) |
Loan procurement costs |  |  |  | (39) |
Issuance of common OP units, net |  |  | (48) | (146) |
Cash paid upon vesting of restricted OP units |  |  | (999) | (771) |
Exercise of OP unit options |  |  | 4,719 | 2,716 |
Contributions from noncontrolling interests in subsidiaries |  |  | 309 | 797 |
Distributions paid to noncontrolling interests in subsidiaries |  |  | (179) | (161) |
Distributions paid to common OP unitholders |  |  | (231,841) | (222,409) |
Net cash used in financing activities |  |  | (267,396) | (249,411) |
Change in cash, cash equivalents and restricted cash |  |  | (947) | 2,220 |
Cash, cash equivalents and restricted cash at beginning of period |  |  | 8,217 | 8,925 | 8,925
Cash, cash equivalents and restricted cash at end of period | $ 7,270 | $ 11,145 | 7,270 | 11,145 | $ 8,217
Supplemental Cash Flow and Noncash Information |  |  |  |  |
Cash paid for interest, net of interest capitalized |  |  | 46,904 | 48,357 |
Supplemental disclosure of noncash activities: |  |  |  |  |
Derivative valuation adjustment |  |  | $ 40 | $ 40 |

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