CUBESMART CUBE Income Statement

Cubesmart (CUBE)

Income statement / Yearly

Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12	Dec'11	Dec'10	Dec'09
REVENUES
Rental income
552,404	517,535	489,043	449,601	392,476	330,898	281,250	236,160	188,249	179,748	188,101
Total revenues
643,915	597,944	558,943	510,039	444,521	376,963	318,395	266,322	211,004	199,691	203,617
OPERATING EXPENSES
Property operating expenses
209,739	196,866	181,508	165,847	153,172	132,701	118,222	103,488	87,570	85,779	88,395
Depreciation and amortization
163,547	143,350	145,681	161,865	151,789	126,813	112,313	109,830	61,972	58,876	66,984
General and administrative
38,560	37,712	34,745	32,823	28,371	28,422	29,563	26,131	24,693	25,406	22,569
Acquisition related costs
-	-	1,294	6,552	3,301	7,484	3,849	3,086	3,823	759	-
Total operating expenses
411,846	377,928	363,228	367,087	336,633	295,420	263,947	242,535	174,235	170,061	177,948
OPERATING INCOME
-	-	-	-	107,888	81,543	54,448	23,787	36,769	29,630	25,669
OTHER (EXPENSE) INCOME
Interest:
Interest expense on loans
72,525	62,132	56,952	50,399	43,736	46,802	40,424	40,318	32,787	37,794	45,269
Loan procurement amortization expense
2,819	2,313	2,638	2,577	2,324	2,190	2,058	3,279	5,028	6,463	2,339
Loan procurement amortization expense - early repayment of debt
-	-	-	-	-	-	414	-	8,167	-	-
Equity in (losses) earnings of real estate ventures
11,122	-865	-1,386	-2,662	-411	-6,255	-1,151	-745	-281	-	-
Gain from remeasurement of investment in real estate venture
-	-	-	-	-	-	-	7,023	-	-	-
Gain from sale of real estate, net
1,508	10,576	-	-	17,567	475	-	-	-	-	-
Other
1,416	206	872	1,062	-228	-405	8	256	-83	386	648
Total other expense
-61,298	-54,528	-60,104	-54,576	-29,132	-55,177	-44,039	-37,063	-50,169	-44,630	-46,960
NET INCOME
-	-	-	88,376	78,756	26,702	41,994	3,628	2,447	-6,019	-332
INCOME FROM CONTINUING OPERATIONS
-	-	-	88,376	78,756	26,366	10,409	-13,276	-13,400	-15,000	-21,291
Income from discontinued operations
-	-	-	-	-	336	4,145	7,093	11,944	7,155	6,820
Gain from disposition of discontinued operations
-	-	-	-	-	-	27,440	9,811	3,903	1,826	14,139
Total discontinued operations
-	-	-	-	-	336	31,585	16,904	15,847	8,981	20,959
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
Noncontrolling interest in subsidiaries
-	-	-	-470	84	16	-42	1,918	2,810	1,755	665
Operating Partnership interests of third parties
1,708	1,820	1,593	941	960	307	588	-107	35	-381	-60
NET INCOME ATTRIBUTABLE TO THE COMPANY
-	-	-	87,905	77,712	26,379	41,448	1,817	-398	-7,393	-937
Distribution to preferred unitholders
-	-	-	5,045	6,008	6,008	6,008	6,008	1,218	-	-
Preferred share redemption charge
-	-	-	2,937	-	-	-	-	-	-	-
NET INCOME ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS
-	-	-	79,923	71,704	20,371	35,440	-4,191	-1,616	-7,393	-937
Basic earnings per share from continuing operations attributable to common shareholders (in dollars per share)
-	-	-	-	-	0.13	0.03	-0.17	-0.16	-	-
Basic earnings per share from discontinued operations attributable to common shareholders (in dollars per share)
-	-	-	-	-	0.01	0.23	0.14	0.14	-	-
Basic earnings per share attributable to common shareholders (in dollars per share)
-	-	-	0.45	0.43	0.14	0.26	-0.03	-0.02	-	-
Diluted - as reported (in dollars per share)
-	-	-	-	-	0.13	0.03	-0.17	-0.16	-	-
Diluted earnings per unit from discontinued operations attributable to common unitholders
-	-	-	-	-	0.01	0.23	0.14	0.14	-	-
Diluted earnings per share attributable to common shareholders (in dollars per share)
0.88	0.88	0.74	0.45	0.42	0.14	0.26	-0.03	-0.02	-	-
Weighted-average basic units outstanding (in units)
190,874	184,653	180,525	178,246	168,640	149,107	135,191	124,548	102,976	93,998	70,988
Weighted-average diluted units outstanding (in units)
191,576	185,495	181,448	179,533	170,191	150,863	137,742	124,548	102,976	93,998	70,988
AMOUNTS ATTRIBUTABLE TO COMMON UNITHOLDERS:
Income from continuing operations
-	-	-	-	-	-	4,392	-20,689	-16,734	-15,907	-20,806
Total discontinued operations
-	-	-	-	-	-	31,048	16,498	15,118	8,514	19,869
Basic and diluted loss per share from continuing operations attributable to common shareholders (in dollars per share)
-	-	-	-	-	-	-	-	-	-0.17	-0.29
Basic and diluted earnings per share from discontinued operations attributable to common shareholders (in dollars per share)
-	-	-	-	-	-	-	-	-	0.09	0.28
Basic and diluted loss per share attributable to common shareholders (in dollars per share)
-	-	-	-	-	-	-	-	-	-0.08	-0.01
Net income
-	-	-	79,923	71,704	-	35,440	-4,191	-1,616	-7,393	-937
Net income (loss)
-	-	-	87,905	77,712	-	-	-	-	-	-
Cubesmart, L P and Subsidiaries
Rental income
552,404	517,535	489,043	-	-	-	-	-	-	-	-
Total revenues
643,915	597,944	558,943	-	-	-	-	-	-	-	-
Property operating expenses
209,739	196,866	181,508	-	-	-	-	-	-	-	-
Depreciation and amortization
163,547	143,350	145,681	-	-	-	-	-	-	-	-
General and administrative
38,560	37,712	34,745	-	-	-	-	-	-	-	-
Acquisition related costs
-	-	1,294	-	-	-	-	-	-	-	-
Total operating expenses
411,846	377,928	363,228	-	-	-	-	-	-	-	-
Interest expense on loans
72,525	62,132	56,952	-	-	-	-	-	-	-	-
Loan procurement amortization expense
2,819	2,313	2,638	-	-	-	-	-	-	-	-
Equity in (losses) earnings of real estate ventures
11,122	-865	-1,386	-	-	-	-	-	-	-	-
Gain from sale of real estate, net
1,508	10,576	-	-	-	-	-	-	-	-	-
Other
1,416	206	872	-	-	-	-	-	-	-	-
Total other expense
-61,298	-54,528	-60,104	-	-	-	-	-	-	-	-
NET INCOME
170,771	165,488	135,611	-	-	-	-	-	-	-	-
Noncontrolling interest in subsidiaries
-54	-221	-270	-	-	-	-	-	-	-	-
NET INCOME ATTRIBUTABLE TO CUBESMART L.P.
170,825	165,709	135,881	-	-	-	-	-	-	-	-
Operating Partnership interests of third parties
1,708	1,820	1,593	-	-	-	-	-	-	-	-
NET INCOME ATTRIBUTABLE TO COMMON UNITHOLDERS
169,117	163,889	134,288	-	-	-	-	-	-	-	-
Basic earnings per unit attributable to common unitholders
0.89	0.89	0.74	-	-	-	-	-	-	-	-
Diluted earnings per share attributable to common shareholders (in dollars per share)
0.88	0.88	0.74	-	-	-	-	-	-	-	-
Weighted-average basic units outstanding (in units)
190,874	184,653	180,525	-	-	-	-	-	-	-	-
Weighted-average diluted units outstanding (in units)
191,576	185,495	181,448	-	-	-	-	-	-	-	-
Other Property Related Income
Property related income
67,558	60,156	55,001	50,255	45,189	40,065	32,365	25,821	18,987	17,114	15,460
Property Management Fee Income
Property related income
23,953	20,253	14,899	10,183	6,856	6,000	4,780	4,341	3,768	2,829	56