$CUBE

CubeSmart

CIK:0001298675|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
REVENUES
Rental income	$ 242,217	$ 239,557	$ 482,142	$ 472,322
Total revenues	286,486	282,303	568,415	555,339
OPERATING EXPENSES
Property operating expenses	96,018	89,028	186,086	171,962
Depreciation and amortization	55,839	66,488	117,277	125,644
General and administrative	17,246	14,897	34,435	30,965
Total operating expenses	169,103	170,413	337,798	328,571
Interest:
Interest expense on loans	(30,341)	(29,090)	(60,172)	(55,190)
Loan procurement amortization expense	(1,099)	(1,221)	(2,164)	(2,442)
Equity in earnings of real estate ventures	556	547	1,163	926
Gain from sale of real estate, net	2,503		2,503
Other	458	306	263	1,115
Total other expense	(27,923)	(29,458)	(58,407)	(55,591)
NET INCOME	89,460	82,432	172,210	171,177
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
Net income attributable to noncontrolling interests in the Operating Partnership	(395)	(401)	(752)	(854)
Net loss attributable to noncontrolling interests in subsidiaries	520	929	1,014	1,834
NET INCOME ATTRIBUTABLE TO THE COMPANY	$ 89,585	$ 82,960	$ 172,472	$ 172,157
Basic earnings per share attributable to common shareholders (in dollars per share)	$ 0.4	$ 0.36	$ 0.76	$ 0.75
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.39	$ 0.36	$ 0.76	$ 0.75
Weighted average basic units outstanding (in shares)	226,774	228,737	227,289	228,700
Weighted average diluted shares outstanding (in shares)	227,189	229,303	227,676	229,273
Other Property Related Income
REVENUES
Property related income	$ 34,240	$ 32,596	$ 66,312	$ 62,362
Property Management Fee Income
REVENUES
Property related income	$ 10,029	$ 10,150	$ 19,961	$ 20,655

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Activities
Net income	$ 172,210	$ 171,177
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization, including amortization of loan procurement costs	119,441	128,086
Non-cash portion of interest expense related to finance leases	(92)	(32)
Equity in earnings of real estate ventures	(1,163)	(926)
Cash distributed from real estate ventures	2,007	2,010
Gains from sales of real estate, net	(2,503)
Equity compensation expense	6,604	5,712
Accretion of fair market value adjustment of debt	415	22
Changes in other operating accounts:
Other assets	(14,041)	(11,658)
Accounts payable and accrued expenses	8,002	6,839
Other liabilities	2,292	2,570
Net cash provided by operating activities	293,172	303,800
Investing Activities
Additions and improvements to storage properties	(22,506)	(24,146)
Development costs	(13,044)	(18,264)
Cash paid for partner's interest in real estate venture, net of cash acquired		(451,141)
Investments in real estate ventures	(2,057)
Cash distributed from real estate ventures	1,791	2,156
Proceeds from notes receivable	5,000
Proceeds from sales of real estate, net	2,982
Net cash used in investing activities	(27,834)	(491,395)
Proceeds from:
Revolving credit facility	583,808	745,041
Principal payments on:
Revolving credit facility	(511,765)	(378,741)
Mortgage loans and notes payable	(611)	(590)
Loan procurement costs	(5,587)
Issuance of common shares, net	(126)	(289)
Repurchase of common shares	(75,887)
Payments upon net settlement of equity compensation	(2,329)	(3,230)
Exercise of stock options	3,689	1,669
Redemption of units for cash	(681)
Contributions from noncontrolling interests in subsidiaries	11
Distributions paid to noncontrolling interests in subsidiaries	(6,837)	(277)
Distributions paid to common shareholders	(241,620)	(238,104)
Distributions paid to noncontrolling interests in Operating Partnership	(1,053)	(1,215)
Net cash used in financing activities	(258,988)	124,264
Change in cash, cash equivalents and restricted cash	6,350	(63,331)
Cash, cash equivalents and restricted cash at beginning of period	10,233	77,663
Cash, cash equivalents and restricted cash at end of period	16,583	14,332
Supplemental Cash Flow and Noncash Information
Cash paid for interest, net of interest capitalized	64,163	53,713
Supplemental disclosure of noncash activities:
Accretion of put liability	2,444
Derivative valuation adjustment	$ 40	$ 40

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Storage properties	$ 8,148,814	$ 8,134,189
Less: Accumulated depreciation	(1,842,330)	(1,758,340)
Storage properties, net	6,306,484	6,375,849
Cash and cash equivalents	14,310	5,782
Restricted cash	2,273	4,451
Loan procurement costs, net of amortization	6,628	1,803
Investment in real estate ventures, at equity	73,456	74,034
Other assets, net	181,664	181,274
Total assets	6,584,815	6,643,193
LIABILITIES AND EQUITY
Unsecured senior notes, net	2,927,533	2,925,103
Revolving credit facility	450,843	378,800
Mortgage loans and notes payable, net	97,637	98,859
Lease liabilities - finance leases	65,487	65,579
Accounts payable, accrued expenses and other liabilities	241,816	229,666
Distributions payable	120,604	121,519
Deferred revenue	43,883	41,591
Total liabilities	3,947,803	3,861,117
Noncontrolling interests in the Operating Partnership	39,143	36,167
Commitments and contingencies
Equity
Common shares $.01 par value, 400,000,000 shares authorized, 225,521,694 and 227,269,217 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	2,255	2,273
Additional paid-in capital	4,310,390	4,302,554
Accumulated other comprehensive loss	(209)	(249)
Accumulated deficit	(1,733,193)	(1,585,135)
Total CubeSmart shareholders' equity	2,579,243	2,719,443
Noncontrolling interests in subsidiaries	18,626	26,466
Total equity	2,597,869	2,745,909
Total liabilities and equity	$ 6,584,815	$ 6,643,193