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EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL

12 Months Ended

Dec. 31, 2024

EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL

EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL

18. 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:



	For the year ended December 31,
	2024		2023		2022

	(dollars and shares in thousands, except per share amounts)
Net income	$	391,885	$	412,435	$	292,472
Net income attributable to noncontrolling interests in the Operating Partnership		(2,159)		(2,535)		(1,931)
Net loss attributable to noncontrolling interests in subsidiaries		1,454		857		722
Net income attributable to the Company's common shareholders	$	391,180	$	410,757	$	291,263

Weighted average basic shares outstanding		226,353		225,424		224,928
Share options and restricted share units		797		817		953
Weighted average diluted shares outstanding		227,150		226,241		225,881

Basic earnings per share attributable to common shareholders	$	1.73	$	1.82	$	1.29
Diluted earnings per share attributable to common shareholders ⁽¹⁾	$	1.72	$	1.82	$	1.29

Dividends declared per common share	$	2.05	$	1.98	$	1.78

(1)

The amounts of anti-dilutive options that were excluded from the computation of diluted earnings per share for the years ended December 31, 2024, 2023 and 2022 were 0.7 million, 0.7 million and 0.3 million, respectively.

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 years ended December 31, 2024, 2023 and 2022 were 1.3 million, 1.4 million and 1.5 million, respectively.

Earnings per unit and capital

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



	For the year ended December 31,
	2024		2023		2022

	(dollars and units in thousands, except per unit amounts)
Net income	$	391,885	$	412,435	$	292,472
Net loss attributable to noncontrolling interests in subsidiaries		1,454		857		722
Net income attributable to CubeSmart, L.P.	$	393,339	$	413,292	$	293,194

Weighted average basic units outstanding		227,603		226,817		226,449
Unit options and restricted share units		797		817		953
Weighted average diluted units outstanding		228,400		227,634		227,402

Basic earnings per unit attributable to CubeSmart, L.P.	$	1.73	$	1.82	$	1.29
Diluted earnings per unit attributable to CubeSmart, L.P. ⁽¹⁾	$	1.72	$	1.82	$	1.29

Dividends declared per common unit	$	2.05	$	1.98	$	1.78

(1)

The amounts of anti-dilutive options that were excluded from the computation of diluted earnings per unit for the years ended December 31, 2024, 2023 and 2022 were 0.7 million, 0.7 million and 0.3 million, respectively.

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 December 31,
	2024	2023	2022
Outstanding OP Units owned by third parties	1,194,705	1,300,462	1,426,549
Outstanding OP Units owned by the General Partner	227,764,975	224,921,053	224,603,462

Common Shares

The Company maintains an at-the-market equity program that enables it to offer and sell up to 60.0 million common shares through sales agents pursuant to equity distribution agreements (the “Equity Distribution Agreements”). The Company’s sales activity under the program for the years ended December 31, 2024, 2023 and 2022 is summarized below:


	For the year ended December 31,
	2024		2023		2022

	(dollars and shares in thousands, except per share amounts)
Number of shares sold		2,336		—		102
Average sales price per share	$	51.25	$	—	$	50.64
Net proceeds after deducting offering costs	$	118,269	$	—	$	4,936

The proceeds from the sales of common shares under the program during the years ended December 31, 2024 and 2022 were used to fund the acquisition and development of self-storage properties and for general corporate purposes. As of December 31, 2024, 2023 and 2022, 3.5 million common shares, 5.8 million common shares and 5.8 million common shares, respectively, remained available for issuance under the Equity Distribution Agreements.