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

9 Months Ended

Sep. 30, 2025

EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL

Summary of the elements used in calculating basic and diluted earnings per common share

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

​

Nine Months Ended

​

​

September 30,

​

September 30,

​

​

2025

​

2024

​

2025

​

2024

​

​

(in thousands, except per share amounts)

Net income

$

82,416

$

100,950

​

​

$

253,593

​

$

289,994

Net income attributable to noncontrolling interests in the Operating Partnership

​

(396)

​

(551)

​

​

(1,250)

​

(1,616)

Net loss attributable to noncontrolling interests in subsidiaries

​

910

​

398

​

​

2,744

​

910

Net income attributable to the Company's common shareholders

​

$

82,930

​

$

100,797

​

​

$

255,087

​

$

289,288

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted average basic shares outstanding

​

228,791

​

226,166

​

​

228,731

​

225,941

Share options and restricted share units

​

504

​

983

​

​

506

​

864

Weighted average diluted shares outstanding

​

229,295

​

227,149

​

​

229,237

​

226,805

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Basic earnings per share attributable to common shareholders

​

$

0.36

​

$

0.45

​

​

$

1.12

​

$

1.28

Diluted earnings per share attributable to common shareholders (1)

​

$

0.36

​

$

0.44

​

​

$

1.11

​

$

1.28

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Dividends declared per common share

​

$

0.52

​

$

0.51

​

​

$

1.56

​

$

1.53

​

(1) The amounts of anti-dilutive options that were excluded from the computation of diluted earnings per share were 1.4 million for both the three and nine months ended September 30, 2025 and 0.7 million for both the three and nine months ended September 30, 2024.

​

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 1.1 million for both the three and nine months ended September 30, 2025 and 1.2 and 1.3 million for the three and nine months ended September 30, 2024, respectively.

​

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

​

Nine Months Ended

​

​

September 30,

​

September 30,

​

​

2025

​

2024

​

2025

​

2024

​

​

(in thousands, except per unit amounts)

Net income

$

82,416

$

100,950

​

$

253,593

​

$

289,994

Net loss attributable to noncontrolling interests in subsidiaries

​

910

​

398

​

2,744

​

910

Net income attributable to CubeSmart, L.P.

​

$

83,326

​

$

101,348

​

$

256,337

​

$

290,904

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted average basic units outstanding

​

229,894

​

227,403

​

229,860

​

227,203

Unit options and restricted share units

​

504

​

983

​

506

​

864

Weighted average diluted units outstanding

​

230,398

​

228,386

​

230,366

​

228,067

​

​

​

​

​

​

​

​

​

​

​

​

​

Basic earnings per unit attributable to CubeSmart, L.P.

​

$

0.36

​

$

0.45

​

$

1.12

​

$

1.28

Diluted earnings per unit attributable to CubeSmart, L.P. (1)

​

$

0.36

​

$

0.44

​

$

1.11

​

$

1.28

​

​

​

​

​

​

​

​

​

​

​

​

​

Dividends declared per common unit

​

$

0.52

​

$

0.51

​

$

1.56

​

$

1.53

​

(1) The amounts of anti-dilutive options that were excluded from the computation of diluted earnings per unit were 1.4 million for the three and nine months ended September 30, 2025 and 0.7 million for both the three and nine months ended September 30, 2024.

Summary of OP units outstanding

​

​	​	​	​	​	​
​	​	​	As of September 30,
​	​	​	2025	​	2024
Outstanding OP Units owned by third parties		​	1,103,240	​	1,232,205
Outstanding OP Units owned by the General Partner	​	​	228,035,275	​	226,002,624
​	​	​	​	​	​

​

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Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.

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Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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