CUBESMART CUBE Income Statement

Cubesmart (CUBE)

Income statement / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Sep'10	Jun'10
REVENUES
Rental income
140,985	142,578	142,207	136,027	131,592	133,055	132,476	127,843	124,161	125,063	125,699	121,224	117,057	116,650	116,416	111,538	104,997	101,732	102,385	96,803	91,556	88,721	85,392	81,071	75,714	73,515	72,744	68,739	66,252	58,215	61,204	59,424	57,317	35,775	51,932	50,299	50,243	48,057	48,156
Total revenues
164,081	165,506	166,547	159,017	152,845	153,882	153,370	147,815	142,877	143,482	143,865	138,559	133,037	132,546	132,096	126,526	118,871	114,992	115,970	109,871	103,688	100,267	97,092	92,337	87,267	82,964	82,487	78,289	74,655	65,579	69,363	67,268	64,112	40,280	58,489	56,483	55,752	53,757	53,163
OPERATING EXPENSES
Property operating expenses
55,740	54,729	53,465	50,120	51,425	49,829	48,755	49,528	48,754	44,661	47,152	44,821	44,874	42,216	41,805	41,607	40,219	38,234	39,297	38,210	37,431	34,709	33,622	32,080	32,290	30,581	30,011	28,469	29,161	23,772	27,066	26,707	25,943	14,886	24,083	23,856	24,745	23,111	23,755
Depreciation and amortization
40,838	41,063	43,379	40,663	38,442	38,099	35,239	35,046	34,966	34,855	35,971	36,736	38,119	39,234	41,827	41,448	39,356	37,064	38,744	38,086	37,895	36,589	31,622	30,487	28,115	26,490	28,448	28,393	28,982	28,936	28,734	27,077	25,083	15,805	15,620	15,336	15,211	14,789	15,930
General and administrative
10,365	9,602	10,011	9,800	9,147	10,847	9,780	8,341	8,744	8,223	8,228	8,800	9,494	8,639	8,065	7,891	8,228	7,082	7,002	7,114	7,173	7,330	7,464	7,059	6,569	7,109	7,326	7,515	7,613	6,549	6,860	6,278	6,444	6,343	5,476	6,841	6,033	6,597	6,844
Acquisition related costs
-	-	-	-	-	-	-	-	-	232	235	668	159	759	888	2,563	2,342	816	1,222	753	510	3,826	1,258	721	1,679	1,616	470	1,648	115	695	1,527	313	551	3,194	374	146	109	165	300
Total operating expenses
106,943	105,394	106,855	100,583	99,014	98,775	93,774	92,915	92,464	87,971	91,586	91,025	92,646	90,848	92,585	93,509	90,145	83,196	86,265	84,163	83,009	82,454	73,966	70,347	68,653	67,559	66,255	64,377	65,756	62,343	62,660	60,062	57,470	37,034	45,179	46,033	45,989	44,497	46,529
OPERATING INCOME
-	-	-	-	-	-	-	-	-	-	52,279	47,534	40,391	-	39,511	33,017	28,726	31,796	29,705	25,708	20,679	17,813	23,126	21,990	18,614	15,405	16,232	13,912	8,899	3,236	6,703	7,206	6,642	3,246	13,310	10,450	9,763	9,260	6,634
OTHER (EXPENSE) INCOME
Interest:
Interest expense on loans
18,681	18,667	18,207	18,134	17,517	16,335	15,191	15,451	15,155	14,924	14,454	13,975	13,599	13,328	12,787	12,200	12,084	11,412	10,399	10,868	11,057	11,132	11,772	12,027	11,871	9,596	9,968	10,588	10,272	10,625	11,092	9,280	9,321	8,190	8,464	8,020	8,113	9,648	9,625
Loan procurement amortization expense
754	737	687	771	624	578	578	578	579	579	577	776	706	706	655	611	605	582	537	659	546	540	566	543	541	549	536	497	476	695	699	1,114	771	903	1,093	1,396	1,636	1,559	1,620
Loan procurement amortization expense - early repayment of debt
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,085	-	-	-
Equity in (losses) earnings of real estate ventures
-5	182	152	10,527	261	-80	-292	-309	-184	-81	-280	-253	-772	-845	-581	-724	-512	-212	139	-100	-238	-1,297	-1,860	-1,729	-1,369	-	-	-	-	0	-284	-210	-251	-	-24	-	-	-	-
Gain from remeasurement of investment in real estate venture
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	7,023	-	-	-	-	-	-	-	-
Gain from sale of real estate, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	475	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other
619	112	1,647	-178	-165	-54	-233	189	304	-69	741	308	-108	228	-397	901	330	584	-288	-208	-316	698	-337	-173	-593	290	-22	-187	-73	268	166	-107	-71	96	8	-193	6	-67	-35
Total other expense
-18,821	-17,602	-17,095	-8,556	-18,045	-6,471	-16,294	-16,149	-15,614	-15,653	-14,570	-14,696	-15,185	-14,651	-14,420	-12,634	-12,871	5,945	-11,085	-11,835	-12,157	-12,271	-14,535	-13,997	-14,374	-9,657	-10,526	-12,920	-10,936	-8,661	-6,413	-11,024	-10,965	-18,530	-9,947	-11,840	-9,852	-11,420	-11,518
NET INCOME
-	-	-	49,878	-	-	-	38,751	34,799	-	37,709	32,838	25,206	27,047	25,091	20,383	15,855	37,741	18,620	13,873	8,522	5,542	8,591	7,993	4,576	23,253	16,601	2,568	-428	1,480	2,051	3,355	-3,258	-7,545	7,928	1,588	476	-1,115	-4,389
Interest income
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	19	62
INCOME FROM CONTINUING OPERATIONS
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	5,542	8,591	7,993	4,240	5,748	5,706	992	-2,037	-5,425	290	-3,818	-4,323	-15,284	3,363	-1,390	-89	-2,160	-4,884
Income from discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	336	-397	1,585	1,576	1,381	3,497	1,564	967	1,065	7,363	1,038	2,978	565	1,045	-
Gain from disposition of discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	17,902	9,310	0	228	-	197	6,206	-	-	3,527	-	-	-	-
Total discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	336	17,505	10,895	1,576	1,609	6,905	1,761	7,173	1,065	7,739	4,565	2,978	565	1,045	495
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
Noncontrolling interest in subsidiaries
-	-	-	-41	-	-	-	-85	-7	-	-78	-47	-57	-59	-76	-268	-67	140	-41	-12	-3	2	5	12	-3	-43	2	0	-1	0	410	774	734	799	771	642	598	441	365
Operating Partnership interests of third parties
383	425	426	499	358	535	476	426	383	399	490	427	277	259	283	227	172	485	223	161	91	57	106	95	49	348	257	18	-35	-1	5	38	-149	-333	329	44	-5	-76	-233
NET INCOME ATTRIBUTABLE TO THE COMPANY
-	-	-	-	-	-	-	-	-	-	-	-	-	26,847	24,884	20,424	15,750	37,116	18,438	13,724	8,434	5,483	8,480	7,886	4,530	22,948	16,342	2,550	-392	1,481	1,636	2,543	-3,843	-8,011	6,828	902	-117	-	-4,521
Distribution to preferred unitholders
-	-	-	-	-	-	-	-	-	-	-	-	-	539	1,502	1,502	1,502	1,502	1,502	1,502	1,502	1,502	1,502	1,502	1,502	1,502	1,502	1,502	1,502	1,502	1,502	1,502	1,502	-	-	-	-	-	-
NET INCOME ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS
-	-	-	49,420	-	-	-	38,410	34,423	-	37,297	32,458	24,986	23,371	23,382	18,922	14,248	35,614	16,936	12,222	6,932	3,981	6,978	6,384	3,028	21,446	14,840	1,048	-1,894	-21	134	1,041	-5,345	-9,229	6,828	902	-117	-1,480	-
Basic earnings per share from continuing operations attributable to common shareholders (in dollars per share)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.02	0.05	0.04	0.02	0.03	0.03	0.00	-0.03	-	-0.01	-0.05	-	-	0.03	-	-	-	-0.05
Basic earnings per share from discontinued operations attributable to common shareholders (in dollars per share)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.00	0.00	0.12	0.08	0.01	0.02	-	0.01	0.06	-	-	0.04	-	-	-	-
Basic earnings per share attributable to common shareholders (in dollars per share)
-	-	-	-	-	-	-	-	-	-	0.21	0.18	0.14	0.13	0.13	0.11	0.08	0.22	0.10	0.07	0.04	0.03	0.05	0.04	0.02	0.15	0.11	0.01	-0.01	-	-	0.01	-	-	0.07	-	-	-	-0.05
Diluted - as reported (in dollars per share)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.02	0.05	0.04	0.02	0.03	0.03	0.00	-0.03	-	-0.01	-0.05	-	-	0.02	-	-	-	-0.05
Diluted earnings per unit from discontinued operations attributable to common unitholders
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-0.04	0.05	0.00	0.00	0.12	0.08	0.01	0.02	-	0.01	0.06	-	-	0.05	-	-	-	-
Diluted earnings per share attributable to common shareholders (in dollars per share)
0.20	0.21	0.22	0.26	0.19	0.25	0.23	0.21	0.19	0.21	0.21	0.18	0.14	0.13	0.13	0.11	0.08	0.21	0.10	0.07	0.04	-	-	0.04	0.02	0.15	0.11	0.01	-0.01	-	-	0.01	-	-	0.07	-	-	-	-0.05
Weighted-average basic units outstanding (in units)
193,582	193,649	192,927	189,667	187,253	186,546	186,074	183,718	182,274	181,448	180,304	180,183	180,165	180,083	179,223	177,880	175,798	173,071	169,304	166,683	165,502	161,772	149,758	144,679	140,219	138,771	135,365	133,677	132,951	-	124,169	122,599	-	115,396	98,895	98,844	98,769	93,724	92,925
Weighted-average diluted units outstanding (in units)
194,264	193,960	193,817	190,543	187,984	187,319	186,916	184,523	183,222	182,052	181,286	181,189	181,265	181,172	180,478	179,221	177,261	174,474	170,901	168,224	167,165	161,673	152,006	146,999	142,774	146,234	138,106	133,677	132,951	-	124,169	122,599	-	114,007	100,284	98,844	98,769	93,724	92,925
AMOUNTS ATTRIBUTABLE TO COMMON UNITHOLDERS:
Income from continuing operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	6,978	6,384	2,697	4,239	4,130	-501	-3,476	-6,760	-1,585	-5,960	-6,384	-16,612	2,473	-1,939	-656	-2,476	-4,992
Total discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	331	17,207	10,710	1,549	1,582	6,739	1,719	7,001	1,039	7,383	4,355	2,841	539	996	471
Basic and diluted loss per share from continuing operations attributable to common shareholders (in dollars per share)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-0.05	-	-	-0.02	-0.01	-0.03	-
Basic and diluted earnings per share from discontinued operations attributable to common shareholders (in dollars per share)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.01	-	-	0.03	0.01	0.01	-
Basic and diluted loss per share attributable to common shareholders (in dollars per share)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-0.04	-	-	0.01	-	-0.02	-
Weighted-average basic and diluted units outstanding (in units)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	122,266	-	-	-	-	-	-
Net income
-	-	-	49,420	-	-	-	38,410	34,423	-	37,297	32,458	24,986	-	23,382	18,922	-	-	-	-	-	-	6,978	6,384	3,028	21,446	14,840	1,048	-1,894	-21	134	1,041	-5,345	-9,229	6,828	902	-117	-1,480	-
Net income (loss)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	24,884	20,424	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-4,521
Cubesmart, L P and Subsidiaries
Rental income
140,985	142,578	142,207	136,027	131,592	133,055	132,476	127,843	124,161	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total revenues
164,081	165,506	166,547	159,017	152,845	153,882	153,370	147,815	142,877	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Property operating expenses
55,740	54,729	53,465	50,120	51,425	49,829	48,755	49,528	48,754	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Depreciation and amortization
40,838	41,063	43,379	40,663	38,442	38,099	35,239	35,046	34,966	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
General and administrative
10,365	9,602	10,011	9,800	9,147	10,847	9,780	8,341	8,744	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total operating expenses
106,943	105,394	106,855	100,583	99,014	98,775	93,774	92,915	92,464	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest expense on loans
18,681	18,667	18,207	18,134	17,517	16,335	15,191	15,451	15,155	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Loan procurement amortization expense
754	737	687	771	624	578	578	578	579	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Equity in (losses) earnings of real estate ventures
-5	182	152	10,527	261	-80	-292	-309	-184	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other
619	112	1,647	-178	-165	-54	-233	189	304	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total other expense
-18,821	-17,602	-17,095	-8,556	-18,045	-6,471	-16,294	-16,149	-15,614	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
NET INCOME
38,317	42,510	42,597	49,878	35,786	48,636	43,302	38,751	34,799	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Noncontrolling interest in subsidiaries
38	40	17	-41	-70	-55	-74	-85	-7	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
NET INCOME ATTRIBUTABLE TO CUBESMART L.P.
38,279	42,470	42,580	49,919	35,856	48,691	43,376	38,836	34,806	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Partnership interests of third parties
383	425	426	499	358	535	476	426	383	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
NET INCOME ATTRIBUTABLE TO COMMON UNITHOLDERS
37,896	42,045	42,154	49,420	35,498	48,156	42,900	38,410	34,423	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Basic earnings per unit attributable to common unitholders
0.20	0.22	0.22	0.26	0.19	0.26	0.23	0.21	0.19	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Diluted earnings per share attributable to common shareholders (in dollars per share)
0.20	0.21	0.22	0.26	0.19	0.25	0.23	0.21	0.19	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Weighted-average basic units outstanding (in units)
193,582	193,649	192,927	189,667	187,253	186,546	186,074	183,718	182,274	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Weighted-average diluted units outstanding (in units)
194,264	193,960	193,817	190,543	187,984	187,319	186,916	184,523	183,222	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Property Related Income
Property related income
16,902	16,907	18,054	16,922	15,675	15,368	15,494	15,047	14,247	13,897	14,241	13,880	12,983	12,842	13,007	12,643	11,763	11,434	11,827	11,385	10,543	9,977	10,142	9,799	10,147	8,216	8,558	8,333	7,258	6,240	7,065	6,741	5,775	3,372	5,679	5,336	4,600	4,652	4,417
Property Management Fee Income
Property related income
6,194	6,021	6,286	6,068	5,578	5,459	5,400	4,925	4,469	4,522	3,925	3,455	2,997	3,054	2,673	2,345	2,111	1,826	1,758	1,683	1,589	1,569	1,558	1,467	1,406	1,233	1,185	1,217	1,145	1,124	1,094	1,103	1,020	1,133	878	848	909	1,048	590