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CONSOLIDATED STATEMENTS OF CAPITAL (LP cube) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended
--- | ---
Jun. 30, 2025 | Mar. 31, 2025 | Jun. 30, 2024 | Mar. 31, 2024
Increase (Decrease) in Partners' Capital |  |  |  |
Balance of Noncontrolling Interests in the Operating Partnership |  | $ 51,193 |  |
Contributions from noncontrolling interests in subsidiaries |  |  |  | $ 309
Distributions paid to noncontrolling interest in subsidiaries | $ (165) | (112) | $ (54) | (125)
Adjustment for Operating Partnership interests of third parties | 180 | 59 | 93 | 1,346
Net income (loss) | 82,031 | 88,292 | 93,662 | 94,317
Other comprehensive income, net | 20 | 20 | 20 | 20
Balance of Noncontrolling Interests in the Operating Partnership | 46,888 |  |  |
Noncontrolling Interests in the Operating Partnership |  |  |  |
Increase (Decrease) in Partners' Capital |  |  |  |
Balance of Noncontrolling Interests in the Operating Partnership | 48,784 | 51,193 | 58,253 | 60,276
Adjustment for Operating Partnership interests of third parties | (180) | (59) | (93) | (1,346)
Net income (loss) | 401 | 453 | 524 | 541
Balance of Noncontrolling Interests in the Operating Partnership | 46,888 | 48,784 | 55,930 | 58,253
CubeSmart, L.P. and Subsidiaries |  |  |  |
Increase (Decrease) in Partners' Capital |  |  |  |
Balance | 2,874,023 | 2,902,675 | 2,803,786 | 2,820,532
Balance of Noncontrolling Interests in the Operating Partnership |  | 51,193 |  |
Contributions from noncontrolling interests in subsidiaries |  |  |  | 309
Distributions paid to noncontrolling interest in subsidiaries | (165) | (112) | (54) | (125)
Issuance of restricted OP units |  | 1 |  | 1
Issuance of common OP units | (122) | (168) | (39) | (10)
Conversion from OP units to shares | 1,543 | 2,209 | 2,123 | 561
Exercise of OP unit options | 1,669 |  | 4,518 | 201
Equity compensation expense | 2,504 | 3,208 | 2,858 | 2,829
Taxes withheld upon net settlement of equity compensation | (183) | (3,047) | (161) | (838)
Adjustment for Operating Partnership interests of third parties | 180 | 59 | 93 | 1,346
Net income (loss) | 82,031 | 88,292 | 93,662 | 94,317
Other comprehensive income, net | 20 | 20 | 20 | 20
OP unit distributions | (119,114) | (119,114) | (115,390) | (115,357)
Balance | 2,842,386 | 2,874,023 | 2,791,416 | 2,803,786
Balance of Noncontrolling Interests in the Operating Partnership | 46,888 |  |  |
CubeSmart, L.P. and Subsidiaries | Noncontrolling Interests in the Operating Partnership |  |  |  |
Increase (Decrease) in Partners' Capital |  |  |  |
Balance of Noncontrolling Interests in the Operating Partnership | 48,784 | 51,193 | 58,253 | 60,276
Conversion from OP units to shares | (1,543) | (2,209) | (2,123) | (561)
Adjustment for Operating Partnership interests of third parties | (180) | (59) | (93) | (1,346)
Net income (loss) | 401 | 453 | 524 | 541
OP unit distributions | (574) | (594) | (631) | (657)
Balance of Noncontrolling Interests in the Operating Partnership | 46,888 | 48,784 | 55,930 | 58,253
CubeSmart, L.P. and Subsidiaries | Total Shareholders' Equity |  |  |  |
Increase (Decrease) in Partners' Capital |  |  |  |
Balance | 2,844,221 | 2,871,856 | 2,782,108 | 2,798,828
Issuance of restricted OP units |  | 1 |  | 1
Issuance of common OP units | (122) | (168) | (39) | (10)
Conversion from OP units to shares | 1,543 | 2,209 | 2,123 | 561
Exercise of OP unit options | 1,669 |  | 4,518 | 201
Equity compensation expense | 2,504 | 3,208 | 2,858 | 2,829
Taxes withheld upon net settlement of equity compensation | (183) | (3,047) | (161) | (838)
Adjustment for Operating Partnership interests of third parties | 180 | 59 | 93 | 1,346
Net income (loss) | 82,960 | 89,197 | 93,964 | 94,527
Other comprehensive income, net | 20 | 20 | 20 | 20
OP unit distributions | (119,114) | (119,114) | (115,390) | (115,357)
Balance | 2,813,678 | 2,844,221 | 2,770,094 | 2,782,108
CubeSmart, L.P. and Subsidiaries | Operating Partner |  |  |  |
Increase (Decrease) in Partners' Capital |  |  |  |
Balance | $ 2,844,531 | $ 2,872,186 | $ 2,782,499 | $ 2,799,239
Balance (in units) | 227,920 | 227,765 | 224,965 | 224,921
Issuance of restricted OP units |  | $ 1 |  | $ 1
Issuance of restricted OP units (in units) | 29 | 103 | 28 | 24
Issuance of common OP units | $ (122) | $ (168) | $ (39) | $ (10)
Conversion from OP units to shares | $ 1,543 | $ 2,209 | $ 2,123 | $ 561
Conversion from OP units to shares (in units) | 39 | 52 | 50 | 12
Exercise of OP unit options | $ 1,669 |  | $ 4,518 | $ 201
Exercise of OP unit options (in units) | 46 |  | 154 | 8
Equity compensation expense | $ 2,504 | $ 3,208 | $ 2,858 | $ 2,829
Taxes withheld upon net settlement of equity compensation | (183) | (3,047) | (161) | (838)
Adjustment for Operating Partnership interests of third parties | 180 | 59 | 93 | 1,346
Net income (loss) | 82,960 | 89,197 | 93,964 | 94,527
OP unit distributions | (119,114) | (119,114) | (115,390) | (115,357)
Balance | $ 2,813,968 | $ 2,844,531 | $ 2,770,465 | $ 2,782,499
Balance (in units) | 228,034 | 227,920 | 225,197 | 224,965
CubeSmart, L.P. and Subsidiaries | Accumulated Other Comprehensive Income (Loss) |  |  |  |
Increase (Decrease) in Partners' Capital |  |  |  |
Balance | $ (310) | $ (330) | $ (391) | $ (411)
Other comprehensive income, net | 20 | 20 | 20 | 20
Balance | (290) | (310) | (371) | (391)
CubeSmart, L.P. and Subsidiaries | Noncontrolling Interest in Subsidiaries |  |  |  |
Increase (Decrease) in Partners' Capital |  |  |  |
Balance | 29,802 | 30,819 | 21,678 | 21,704
Contributions from noncontrolling interests in subsidiaries |  |  |  | 309
Distributions paid to noncontrolling interest in subsidiaries | (165) | (112) | (54) | (125)
Net income (loss) | (929) | (905) | (302) | (210)
Balance | $ 28,708 | $ 29,802 | $ 21,322 | $ 21,678

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