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EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL

6 Months Ended

Jun. 30, 2024

EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL

EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL

16. EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS’ EQUITY AND CAPITAL

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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

	(dollars and units in thousands, except per share amounts)
Net income	$	94,186	$	98,283	$	189,044	$	196,225
Net income attributable to noncontrolling interests in the Operating Partnership		(524)		(616)		(1,065)		(1,230)
Net loss attributable to noncontrolling interests in subsidiaries		302		212		512		450
Net income attributable to the Company's common shareholders	$	93,964	$	97,879	$	188,491	$	195,445

Weighted average basic shares outstanding		225,886		225,388		225,827		225,342
Share options and restricted share units		732		887		766		896
Weighted average diluted shares outstanding ⁽¹⁾		226,618		226,275		226,593		226,238

Basic earnings per share attributable to common shareholders	$	0.42	$	0.43	$	0.83	$	0.87
Diluted earnings per share attributable to common shareholders ⁽²⁾	$	0.41	$	0.43	$	0.83	$	0.86

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 were 1.3 million for both the three and six months ended June 30, 2024 compared to 1.4 million for both the three and six months ended June 30, 2023.

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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

	(dollars and units in thousands, except per unit amounts)
Net income	$	94,186	$	98,283	$	189,044	$	196,225
Net loss attributable to noncontrolling interests in subsidiaries		302		212		512		450
Net income attributable to CubeSmart, L.P.	$	94,488	$	98,495	$	189,556	$	196,675

Weighted average basic units outstanding ⁽³⁾		227,145		226,807		227,101		226,763
Unit options and restricted share units		732		887		766		896
Weighted average diluted units outstanding ⁽¹⁾ ⁽³⁾		227,877		227,694		227,867		227,659

Basic earnings per unit attributable to CubeSmart, L.P.	$	0.42	$	0.43	$	0.83	$	0.87
Diluted earnings per unit attributable to CubeSmart, L.P. ⁽²⁾	$	0.41	$	0.43	$	0.83	$	0.86

(1)

For the three and six months ended June 30, 2024, the Company declared cash dividends per common share/unit of $0.51 and $1.02, respectively. For the three and six months ended June 30, 2023, the Company declared cash dividends per common share/unit of $0.49 and $0.98, respectively.

(2)

The amounts of anti-dilutive options that were excluded from the computation of diluted earnings per share/unit were 1.1 million for both the three and six months ended June 30, 2024 and 0.7 million for both the three and six months ended June 30, 2023.

(3)

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

The OP Units owned by the General Partner and the OP Units owned by third parties have essentially the same economic characteristics as they share equally in the total net income or loss and distributions of the Operating Partnership. OP Units owned by third parties may be redeemed for cash or, at the Company’s option, common shares of CubeSmart on a one-for-one basis. The following is a summary of OP Units outstanding:


	As of June 30,
	2024	2023
Outstanding OP Units owned by third parties	1,238,205	1,418,549
Outstanding OP Units owned by the General Partner	225,196,862	224,797,239