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v3.25.2

CONSOLIDATED STATEMENTS OF CASH FLOWS (LP cube) - USD ($) $ in Thousands | 6 Months Ended
--- | ---
Jun. 30, 2025 | Jun. 30, 2024
Operating Activities |  |
Net income | $ 171,177 | $ 189,044
Adjustments to reconcile net income to cash provided by operating activities: |  |
Depreciation and amortization, including amortization of loan procurement costs | 128,086 | 103,797
Non-cash portion of interest expense related to finance leases | (32) | (29)
Equity in earnings of real estate ventures | (926) | (1,270)
Cash distributed from real estate ventures | 2,010 | 2,325
Equity compensation expense | 5,712 | 5,687
Accretion of fair market value adjustment of debt | 22 | (289)
Changes in other operating accounts: |  |
Other assets | (11,658) | (6,070)
Accounts payable and accrued expenses | 6,839 | 25,804
Other liabilities | 2,570 | 2,013
Net cash provided by operating activities | 303,800 | 321,012
Investing Activities |  |
Acquisitions of storage properties |  | (20,147)
Additions and improvements to storage properties | (24,146) | (21,068)
Development costs | (18,264) | (16,528)
Cash paid for partner's interest in real estate venture, net of cash acquired | (451,141) |
Investments in real estate ventures |  | (310)
Cash distributed from real estate ventures | 2,156 | 3,490
Net cash used in investing activities | (491,395) | (54,563)
Proceeds from: |  |
Revolving credit facility | 745,041 | 410,587
Principal payments on: |  |
Revolving credit facility | (378,741) | (418,087)
Mortgage loans and notes payable | (590) | (31,857)
Payments upon net settlement of equity compensation | (3,230) | (999)
Contributions from noncontrolling interests in subsidiaries |  | 309
Distributions paid to noncontrolling interests in subsidiaries | (277) | (179)
Distributions paid to OP unitholders | (238,104) | (230,521)
Net cash provided by (used in) financing activities | 124,264 | (267,396)
Change in cash, cash equivalents and restricted cash | (63,331) | (947)
Cash, cash equivalents and restricted cash at beginning of period | 77,663 | 8,217
Cash, cash equivalents and restricted cash at end of period | 14,332 | 7,270
Supplemental Cash Flow and Noncash Information |  |
Cash paid for interest, net of interest capitalized | 53,713 | 46,904
Supplemental disclosure of noncash activities: |  |
Derivative valuation adjustment | 40 | 40
CubeSmart, L.P. and Subsidiaries |  |
Operating Activities |  |
Net income | 171,177 | 189,044
Adjustments to reconcile net income to cash provided by operating activities: |  |
Depreciation and amortization, including amortization of loan procurement costs | 128,086 | 103,797
Non-cash portion of interest expense related to finance leases | (32) | (29)
Equity in earnings of real estate ventures | (926) | (1,270)
Cash distributed from real estate ventures | 2,010 | 2,325
Equity compensation expense | 5,712 | 5,687
Accretion of fair market value adjustment of debt | 22 | (289)
Changes in other operating accounts: |  |
Other assets | (11,658) | (6,070)
Accounts payable and accrued expenses | 6,839 | 25,804
Other liabilities | 2,570 | 2,013
Net cash provided by operating activities | 303,800 | 321,012
Investing Activities |  |
Acquisitions of storage properties |  | (20,147)
Additions and improvements to storage properties | (24,146) | (21,068)
Development costs | (18,264) | (16,528)
Cash paid for partner's interest in real estate venture, net of cash acquired | (451,141) |
Investments in real estate ventures |  | (310)
Cash distributed from real estate ventures | 2,156 | 3,490
Net cash used in investing activities | (491,395) | (54,563)
Proceeds from: |  |
Revolving credit facility | 745,041 | 410,587
Principal payments on: |  |
Revolving credit facility | (378,741) | (418,087)
Mortgage loans and notes payable | (590) | (31,857)
Issuance of OP units, net | (289) | (48)
Payments upon net settlement of equity compensation | (3,230) | (999)
Exercise of OP unit options | 1,669 | 4,719
Contributions from noncontrolling interests in subsidiaries |  | 309
Distributions paid to noncontrolling interests in subsidiaries | (277) | (179)
Distributions paid to OP unitholders | (239,319) | (231,841)
Net cash provided by (used in) financing activities | 124,264 | (267,396)
Change in cash, cash equivalents and restricted cash | (63,331) | (947)
Cash, cash equivalents and restricted cash at beginning of period | 77,663 | 8,217
Cash, cash equivalents and restricted cash at end of period | 14,332 | 7,270
Supplemental Cash Flow and Noncash Information |  |
Cash paid for interest, net of interest capitalized | 53,713 | 46,904
Supplemental disclosure of noncash activities: |  |
Derivative valuation adjustment | $ 40 | $ 40

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