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EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL (Tables) | 12 Months Ended
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Dec. 31, 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 | The following is a summary of the elements used in calculating basic and diluted earnings per share: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31,
​ | ​ | 2025 | ​ | 2024 | ​ | 2023
​ | ​ | (dollars and shares in thousands, except per share amounts)
Net income | ​ ​ ​ | $ | 331,317 | ​ | ​ | $ | 391,885 | ​ | ​ | $ | 412,435
Net income attributable to noncontrolling interests in the Operating Partnership | ​ |  | (1,625) | ​ | ​ |  | (2,159) | ​ | ​ |  | (2,535)
Net loss attributable to noncontrolling interests in subsidiaries | ​ |  | 4,090 | ​ | ​ |  | 1,454 | ​ | ​ |  | 857
Net income attributable to the Company's common shareholders | ​ | $ | 333,782 | ​ | ​ | $ | 391,180 | ​ | ​ | $ | 410,757
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average basic shares outstanding | ​ |  | 228,727 | ​ | ​ |  | 226,353 | ​ | ​ |  | 225,424
Share options and restricted share units | ​ |  | 433 | ​ | ​ |  | 797 | ​ | ​ |  | 817
Weighted average diluted shares outstanding | ​ |  | 229,160 | ​ | ​ |  | 227,150 | ​ | ​ |  | 226,241
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic earnings per share attributable to common shareholders | ​ | $ | 1.46 | ​ | ​ | $ | 1.73 | ​ | ​ | $ | 1.82
Diluted earnings per share attributable to common shareholders (1) | ​ | $ | 1.46 | ​ | ​ | $ | 1.72 | ​ | ​ | $ | 1.82
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Dividends declared per common share | ​ | $ | 2.09 | ​ | ​ | $ | 2.05 | ​ | ​ | $ | 1.98
​
| (1) | The amounts of anti-dilutive options that were excluded from the computation of diluted earnings per share for the years ended December 31, 2025, 2024 and 2023 were 1.4 million, 0.7 million and 0.7 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,
​ | ​ | 2025 | ​ | 2024 | ​ | 2023
​ | ​ | (dollars and units in thousands, except per unit amounts)
Net income | ​ ​ ​ | $ | 331,317 | ​ | ​ | $ | 391,885 | ​ | ​ | $ | 412,435
Net loss attributable to noncontrolling interests in subsidiaries | ​ |  | 4,090 | ​ | ​ |  | 1,454 | ​ | ​ |  | 857
Net income attributable to CubeSmart, L.P. | ​ | $ | 335,407 | ​ | ​ | $ | 393,339 | ​ | ​ | $ | 413,292
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average basic units outstanding | ​ |  | 229,844 | ​ | ​ |  | 227,603 | ​ | ​ |  | 226,817
Unit options and restricted share units | ​ |  | 433 | ​ | ​ |  | 797 | ​ | ​ |  | 817
Weighted average diluted units outstanding | ​ |  | 230,277 | ​ | ​ |  | 228,400 | ​ | ​ |  | 227,634
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic earnings per unit attributable to CubeSmart, L.P. | ​ | $ | 1.46 | ​ | ​ | $ | 1.73 | ​ | ​ | $ | 1.82
Diluted earnings per unit attributable to CubeSmart, L.P. (1) | ​ | $ | 1.46 | ​ | ​ | $ | 1.72 | ​ | ​ | $ | 1.82
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Dividends declared per common unit | ​ | $ | 2.09 | ​ | ​ | $ | 2.05 | ​ | ​ | $ | 1.98
​
| (1) | The amounts of anti-dilutive options that were excluded from the computation of diluted earnings per unit for the years ended December 31, 2025, 2024 and 2023 were 1.4 million, 0.7 million and 0.7 million, respectively.
Summary of OP units outstanding | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31,
​ | ​ | 2025 | ​ | 2024 | ​ | 2023
Outstanding OP Units owned by third parties | ​ ​ ​ | 1,003,240 | ​ | 1,194,705 | ​ | 1,300,462
Outstanding OP Units owned by the General Partner | ​ | 227,269,217 | ​ | 227,764,975 | ​ | 224,921,053
Summary of common shares sold pursuant to equity distribution agreements | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31,
​ | ​ | 2025 | ​ | 2024 | ​ | 2023
​ | ​ | (dollars and shares in thousands, except per share amounts)
Number of shares sold | ​ | ​ | — | ​ | ​ | 2,336 | ​ | ​ | —
Average sales price per share | ​ | $ | — | ​ | $ | 51.25 | ​ | $ | —
Net proceeds after deducting offering costs | ​ | $ | — | ​ | $ | 118,269 | ​ | $ | —
Summary of share repurchase program | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31,
​ | ​ | 2025 | ​ | 2024 | ​ | 2023
​ | ​ | (dollars and shares in thousands, except per share amounts)
Number of shares repurchased | ​ | ​ | 890 | ​ | ​ | — | ​ | ​ | —
Average repurchase price per share | ​ | $ | 35.84 | ​ | $ | — | ​ | $ | —
Cost of repurchases (including transaction fees) | ​ | $ | 31,916 | ​ | $ | — | ​ | $ | —

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