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EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL | 12 Months Ended
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Dec. 31, 2025
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL |
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL | ​ 18. EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS’ EQUITY AND CAPITAL ​ Earnings per share and shareholders’ equity ​ 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.
​ 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 for the years ended December 31, 2025, 2024 and 2023 were 1.1 million, 1.3 million and 1.4 million, respectively. ​ ​ Earnings per unit and capital ​ 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.
​ The OP Units owned by the General Partner and the OP Units owned by third parties have essentially the same economic characteristics as they share equally in the total net income or loss and distributions of the Operating Partnership. OP Units owned by third parties may be redeemed for cash, or at the Company’s option, common shares of CubeSmart on a one-for-one basis. The following is a 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
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Common Shares ​ On March 3, 2025, we replaced our prior at-the-market equity distribution program with a new at-the-market equity distribution program. Under the new program, we may sell, from time to time, up to an aggregate of 13,510,817 common shares of CubeSmart through agents acting as our sales agents or as forward sellers of common shares borrowed from third parties (if acting as forward sellers). Sales of common shares, if any, made through the agents, as our sales agents, or as forward sellers, may be made by any method permitted by law to be an “at the market” offering as defined in Rule 415 under the Securities Act of 1933, as amended, or by any other method permitted by applicable law and agreed to by us in writing. We may also sell common shares to a sales agent, as principal for its own account, at a price to be agreed upon at the time of sale. Actual sales, if any, under the program will depend on a variety of factors to be determined by us from time to time, including, among other things, market conditions, the trading price of our common shares, capital needs and determinations by us of the appropriate sources of our funding. We currently intend to use the net proceeds from the sale of common shares pursuant to the program for working capital and general corporate purposes. As of December 31, 2025, we had not sold any common shares under the new program. ​ Our sales activity under our equity distribution programs for the years ended December 31, 2025, 2024 and 2023 is summarized below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 | ​ | $ | —
​ The proceeds from the sales of common shares under the program during the year ended December 31, 2024 were used to fund the acquisition and development of self-storage properties and for general corporate purposes. As of December 31, 2025, 2024 and 2023, 13.5 million common shares, 3.5 million common shares and 5.8 million common shares, respectively, remained available for issuance under the Equity Distribution Agreements. ​ The Company also maintains a share repurchase program that enables it to repurchase up to an aggregate of 3.0 million common shares. The Company’s activity under the program for the years ended December 31, 2025, 2024 and 2023 is summarized below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 | ​ | $ | — | ​ | $ | —
​ As of December 31, 2025, 2024 and 2023, 2.1 million common shares, 3.0 million common shares and 3.0 million common shares remained available for repurchase under this program.

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