Cubesmart (CUBE)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09
Operating Activities
Net income

170,771

165,488

135,611

88,376

78,756

26,702

41,994

3,628

2,447

-6,019

-332

Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization

166,366

145,663

148,319

164,442

154,113

129,003

117,074

118,573

73,702

70,850

75,908

Equity in losses (earnings) of real estate ventures

11,122

-865

-1,386

-2,662

-411

-6,255

-1,151

-745

-281

-

-

Gains from sale of real estate, net

1,508

10,576

-

-

17,567

475

27,440

9,811

3,903

1,826

14,139

Equity compensation expense

6,694

5,572

5,586

4,850

3,722

1,735

5,617

4,550

3,204

3,641

3,396

Accretion of fair market value adjustment of debt

718

735

559

1,138

1,429

1,685

1,018

-707

-89

-255

-463

Loan procurement amortization expense - early repayment of debt

-

-

-

-

-

-

414

-

8,167

-

-

Gain from remeasurement of investment in real estate venture

-

-

-

-

-

-

-

7,023

-

-

-

Restricted cash

-

-

-

-

-743

-411

-567

-3,545

853

-3,889

-

Changes in other operating accounts:
Other assets

6,578

4,937

10,429

5,229

2,519

-808

1,156

2,125

585

427

-388

Accounts payable and accrued expenses

6,042

2,653

10,846

7,862

-438

2,699

4,564

6,899

2,634

1,437

-1,797

Other liabilities

1,821

342

1,154

1,449

1,480

579

1,095

154

-678

227

-747

Net cash provided by operating activities

331,768

304,335

291,914

263,274

217,272

166,032

142,862

118,428

84,327

71,517

62,214

Investing Activities
Acquisitions of storage properties

117,998

214,510

69,629

388,641

275,726

547,515

181,612

220,791

445,320

-

-

Additions and improvements to storage properties

37,569

27,626

27,378

29,672

24,695

19,967

20,320

22,395

25,868

-

-

Development costs

102,826

86,002

68,778

136,912

81,315

23,566

53,979

4,227

-

-

-

Cash paid for partner's interest in real estate venture, net of cash, cash equivalents and restricted cash acquired

117,959

-

-

-

-

-

-

81,158

-

-

-

Investment in real estate ventures

-10,264

-19,216

-301

-12,176

-

-

-

-

-

-

-

Proceeds from sales to noncontrolling interests

-

-

-

-

-

-

-

-

-

-

48,641

Acquisitions of storage facilities

-

-

-

-

-

-

-

-

-

104,441

17,882

Investment in real estate venture, at equity

-

-

-

-

8,433

-

157,461

-

15,462

-

-

Proceeds from sale of real estate, net

3,856

16,389

-

-

9,041

-

123,780

52,630

44,460

37,304

68,257

Fundings of notes receivable

-

-

-

-

4,100

-

-

-

-

-

-

Proceeds from notes receivable

-

-

-

-

4,100

-

5,192

-

-

20,112

-

Change in restricted cash

-

-

-

-

-69

-528

-1,476

-3,096

-90

-2,242

164

Cash distributed from real estate ventures

7,096

8,706

15,783

8,113

6,451

56,896

-

909

-

-

-

Net cash used in investing activities

-375,664

-322,259

-150,303

-559,288

-374,608

-522,699

-282,924

-271,936

-442,100

-44,783

98,852

Financing Activities
Proceeds from:
Unsecured senior notes

696,426

-

103,192

298,512

249,338

-

247,488

249,638

-

-

-

Revolving credit facility

859,313

679,535

628,400

958,200

731,320

712,500

636,200

403,000

256,700

95,000

9,500

Unsecured term loans

-

-

-

-

-

-

-

100,000

400,000

-

-

Secured term loans

-

-

-

-

-

-

-

-

-

-

200,000

Mortgage loans and notes payable

-

-

-

-

-

-

-

-

3,537

-

116,615

Principal payments on:
Revolving credit facility

1,158,776

565,710

590,000

914,900

809,320

673,100

642,600

358,000

299,700

52,000

181,500

Unsecured term loans

200,000

-

100,000

-

-

-

100,000

-

200,000

-

200,000

Secured term loans

-

-

-

-

-

-

-

-

-

-

57,419

Mortgage loans and notes payable

11,652

9,816

8,666

37,260

84,905

30,149

36,496

236,340

39,321

196,205

95,211

Loan procurement costs

6,023

-

953

2,467

4,433

274

4,400

2,145

5,484

3,708

16,252

Settlement of hedge transactions

807

-

-

-

-

-

-

195

-

-

-

Acquisition of noncontrolling interest in subsidiary, net

35,777

-

9,033

-

-

-

-

61,113

-

-

-

Proceeds from issuance of common shares, net

-

-

-

136,122

234,062

416,006

100,290

102,079

204,019

47,573

170,852

Cash paid upon vesting of restricted OP units

421

1,461

2,046

1,638

1,567

-

-

-

-

-

-

Redemption of preferred units

-

-

-

77,574

-

-

-

-

-

-

-

Exercise of stock options

-

-

-

13,283

17,489

13,802

3,710

1,629

121

194

-

Contributions from noncontrolling interests in subsidiaries

48

925

1,058

4,799

178

642

831

-

1

15

-

Distributions paid to noncontrolling interests in subsidiaries

188

169

-

-

319

-

-

2,686

4,599

4,591

1,383

Distributions paid to common OP unitholders

243,859

221,328

195,006

149,280

107,093

75,849

59,159

39,755

27,849

9,407

6,736

Distributions paid to preferred OP unitholders

-

-

-

6,545

6,008

6,008

6,008

5,724

-

-

-

Distributions paid to noncontrolling interests in Operating Partnership

-

-

-

1,841

1,438

1,178

1,113

1,454

1,322

482

508

Net cash (used in) provided by financing activities

95,855

15,248

-143,319

219,411

217,304

356,392

138,743

148,934

360,951

-123,611

-62,042

Proceeds from issuance of preferred OP units

-

-

-

-

-

-

-

-

74,848

-

-

Cash paid for acquisition of noncontrolling interest

35,777

-

9,033

-

-

-

-

-

-

-

-

Change in cash, cash equivalents and restricted cash

51,959

-2,676

-1,708

-76,603

59,968

-275

-1,319

-4,574

3,178

-96,877

99,024

Supplemental Cash Flow and Noncash Information
Cash paid for interest, net of interest capitalized

69,283

66,829

63,407

53,085

46,216

50,024

43,130

33,578

33,265

38,346

43,764

Supplemental disclosure of noncash activities:
Proceeds held in escrow from real estate venture's sale of real estate (see note 4)

8,288

-

-

-

-

-

-

-

-

-

-

Noncash consideration for acquisition of partner's interest in real estate venture (see note 4)

8,288

-

-

-

-

-

-

-

-

-

-

Issuance of note receivable (see note 12)

-

-

-

-

-

-

-

-

-

-

17,600

Noncash drawdown on revolving credit facility

-103,938

-

-

-

-

-

-

-

-

-

-

Mortgage loan assumptions

-

7,166

6,201

41,513

2,695

27,467

8,866

107,011

21,827

-

-

Repayment of unsecured term loan through noncash drawdown on revolving credit faciltiy

100,000

-

-

-

-

-

-

-

-

-

-

Accretion of put liability

5,895

24,747

35,122

31,426

16,929

8,977

-

-

-

-

-

Derivative valuation adjustment

302

-633

1,875

-3,165

-2,854

-2,464

-8,902

7,271

12,394

-

6,153

Loan procurement costs

3,770

-

-

-

-

-

-

-

-

-

-

Issuance of OP units

3,576

6,242

12,324

-

-

-

-

-

-

-

-

Restricted cash - acquisition of storage facilities

-

-

-

-22,019

-14,353

-

-

-

-

-

-

Restricted cash - disposition of real estate

-

-

-

-

36,372

-

-

-

-

-

-

Foreign currency translation adjustment

-

-

-

-

-249

-175

56

172

151

-268

553

Preferred unit redemption

-

-

-

2,863

-

-

-

-

-

-

-

Liability for acquisition of storage property

-

-

1,470

-

-

-

-

-

-

-

-

Contribution of storage property to real estate venture

-

-

9,400

-

-

-

-

13,527

-

-

-

Acquisition of noncontrolling interest in subsidiary

4,828

-

-

-

-

-

-

-

-

-

-

Contributions from noncontrolling interests in subsidiaries

7,328

-

-

-

-

-

-

-

-

-

-

Acquisition related contingent consideration

-

-

-

-

-

-

-

-

-

1,777

-

Cubesmart, L P and Subsidiaries
Net income

170,771

165,488

135,611

-

-

-

-

-

-

-

-

Depreciation and amortization

166,366

145,663

148,319

-

-

-

-

-

-

-

-

Equity in losses (earnings) of real estate ventures

11,122

-865

-1,386

-

-

-

-

-

-

-

-

Gains from sale of real estate, net

1,508

10,576

-

-

-

-

-

-

-

-

-

Equity compensation expense

6,694

5,572

5,586

-

-

-

-

-

-

-

-

Accretion of fair market value adjustment of debt

718

735

559

-

-

-

-

-

-

-

-

Other assets

6,578

4,937

10,429

-

-

-

-

-

-

-

-

Accounts payable and accrued expenses

6,042

2,653

10,846

-

-

-

-

-

-

-

-

Other liabilities

1,821

342

1,154

-

-

-

-

-

-

-

-

Net cash provided by operating activities

331,768

304,335

291,914

-

-

-

-

-

-

-

-

Acquisitions of storage properties

117,998

214,510

69,629

-

-

-

-

-

-

-

-

Additions and improvements to storage properties

37,569

27,626

27,378

-

-

-

-

-

-

-

-

Development costs

102,826

86,002

68,778

-

-

-

-

-

-

-

-

Cash paid for partner's interest in real estate venture, net of cash, cash equivalents and restricted cash acquired

117,959

-

-

-

-

-

-

-

-

-

-

Investment in real estate ventures

-10,264

-19,216

-301

-

-

-

-

-

-

-

-

Cash distributed from real estate ventures

7,096

8,706

15,783

-

-

-

-

-

-

-

-

Proceeds from sale of real estate, net

3,856

16,389

-

-

-

-

-

-

-

-

-

Net cash used in investing activities

-375,664

-322,259

-150,303

-

-

-

-

-

-

-

-

Unsecured senior notes

696,426

-

103,192

-

-

-

-

-

-

-

-

Revolving credit facility

859,313

679,535

628,400

-

-

-

-

-

-

-

-

Revolving credit facility

1,158,776

565,710

590,000

-

-

-

-

-

-

-

-

Unsecured term loans

200,000

-

100,000

-

-

-

-

-

-

-

-

Mortgage loans and notes payable

11,652

9,816

8,666

-

-

-

-

-

-

-

-

Loan procurement costs

6,023

-

953

-

-

-

-

-

-

-

-

Settlement of hedge transactions

807

-

-

-

-

-

-

-

-

-

-

Acquisition of noncontrolling interest in subsidiary, net

35,777

-

9,033

-

-

-

-

-

-

-

-

Proceeds from issuance of common OP units

196,304

131,830

29,643

-

-

-

-

-

-

-

-

Cash paid upon vesting of restricted OP units

421

1,461

2,046

-

-

-

-

-

-

-

-

Exercise of OP unit options

3,686

3,835

2,364

-

-

-

-

-

-

-

-

Contributions from noncontrolling interests in subsidiaries

48

925

1,058

-

-

-

-

-

-

-

-

Distributions paid to noncontrolling interests in subsidiaries

188

169

-

-

-

-

-

-

-

-

-

Distributions paid to common OP unitholders

246,278

223,721

197,278

-

-

-

-

-

-

-

-

Net cash (used in) provided by financing activities

95,855

15,248

-143,319

-

-

-

-

-

-

-

-

Cash paid for acquisition of noncontrolling interest

35,777

-

9,033

-

-

-

-

-

-

-

-

Change in cash, cash equivalents and restricted cash

51,959

-2,676

-1,708

-

-

-

-

-

-

-

-

Cash paid for interest, net of interest capitalized

69,283

66,829

63,407

-

-

-

-

-

-

-

-

Proceeds held in escrow from real estate venture's sale of real estate (see note 4)

8,288

-

-

-

-

-

-

-

-

-

-

Noncash consideration for acquisition of partner's interest in real estate venture (see note 4)

8,288

-

-

-

-

-

-

-

-

-

-

Noncash drawdown on revolving credit facility

103,938

-

-

-

-

-

-

-

-

-

-

Mortgage loan assumptions

-

7,166

6,201

-

-

-

-

-

-

-

-

Repayment of unsecured term loan through noncash drawdown on revolving credit faciltiy

100,000

-

-

-

-

-

-

-

-

-

-

Accretion of put liability

5,895

24,747

35,122

-

-

-

-

-

-

-

-

Derivative valuation adjustment

-302

633

-1,875

-

-

-

-

-

-

-

-

Loan procurement costs

3,770

-

-

-

-

-

-

-

-

-

-

Issuance of OP units

3,576

6,242

12,324

-

-

-

-

-

-

-

-

Liability for acquisition of storage property

-

-

1,470

-

-

-

-

-

-

-

-

Contribution of storage property to real estate venture

-

-

9,400

-

-

-

-

-

-

-

-

Acquisition of noncontrolling interest in subsidiary

4,828

-

-

-

-

-

-

-

-

-

-

Contributions from noncontrolling interests in subsidiaries

7,328

-

-

-

-

-

-

-

-

-

-