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

12 Months Ended

Dec. 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

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.

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.

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

Schedule of common shares sold pursuant to equity distribution agreements

​

​	​	​	​	​	​	​	​	​	​
​	​	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

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