CUBESMART CUBE Income Statement

Cubesmart (CUBE)

Income statement / TTM

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
561,797	552,404	542,881	533,150	524,966	517,535	509,543	502,766	496,147	489,043	480,630	471,347	461,661	449,601	434,683	420,652	405,917	392,476	379,465	362,472	346,740	330,898	315,692	303,044	290,712	281,250	265,950	254,410	245,095	236,160	213,720	204,448	195,323	188,249	200,531	196,755	0	0	0
Total revenues
655,151	643,915	632,291	619,114	607,912	597,944	587,544	578,039	568,783	558,943	548,007	536,238	524,205	510,039	492,485	476,359	459,704	444,521	429,796	410,918	393,384	376,963	359,660	345,055	331,007	318,395	301,010	287,886	276,865	266,322	241,023	230,149	219,364	211,004	224,481	219,155	0	0	0
OPERATING EXPENSES
Property operating expenses
214,054	209,739	204,839	200,129	199,537	196,866	191,698	190,095	185,388	181,508	179,063	173,716	170,502	165,847	161,865	159,357	155,960	153,172	149,647	143,972	137,842	132,701	128,573	124,962	121,351	118,222	111,413	108,468	106,706	103,488	94,602	91,619	88,768	87,570	95,795	95,467	0	0	0
Depreciation and amortization
165,943	163,547	160,583	152,443	146,826	143,350	140,106	140,838	142,528	145,681	150,060	155,916	160,628	161,865	159,695	156,612	153,250	151,789	151,314	144,192	136,593	126,813	116,714	113,540	111,446	112,313	114,759	115,045	113,729	109,830	96,699	83,585	71,844	61,972	60,956	61,266	0	0	0
General and administrative
39,778	38,560	39,805	39,574	38,115	37,712	35,088	33,536	33,995	34,745	35,161	34,998	34,089	32,823	31,266	30,203	29,426	28,371	28,619	29,081	29,026	28,422	28,201	28,063	28,519	29,563	29,003	28,537	27,300	26,131	25,925	24,541	25,104	24,693	24,947	26,315	0	0	0
Acquisition related costs
-	-	-	-	-	-	-	-	-	1,294	1,821	2,474	4,369	6,552	6,609	6,943	5,133	3,301	6,311	6,347	6,315	7,484	5,274	4,486	5,413	3,849	2,928	3,985	2,650	3,086	5,585	4,432	4,265	3,823	794	720	0	0	0
Total operating expenses
419,775	411,846	405,227	392,146	384,478	377,928	367,124	364,936	363,046	363,228	366,105	367,104	369,588	367,087	359,435	353,115	343,769	336,633	335,891	323,592	309,776	295,420	280,525	272,814	266,844	263,947	258,731	255,136	250,821	242,535	217,226	199,745	185,716	174,235	181,698	183,048	0	0	0
OPERATING INCOME
-	-	-	-	-	-	-	-	-	-	181,902	169,134	0	-	133,050	123,244	115,935	107,888	93,905	87,326	83,608	81,543	79,135	72,241	64,163	54,448	42,279	32,750	26,044	23,787	23,797	30,404	33,648	36,769	42,783	36,107	0	0	0
OTHER (EXPENSE) INCOME
Interest:
Interest expense on loans
73,689	72,525	70,193	67,177	64,494	62,132	60,721	59,984	58,508	56,952	55,356	53,689	51,914	50,399	48,483	46,095	44,763	43,736	43,456	44,829	45,988	46,802	45,266	43,462	42,023	40,424	41,453	42,577	41,269	40,318	37,883	35,255	33,995	32,787	34,245	35,406	0	0	0
Loan procurement amortization expense
2,949	2,819	2,660	2,551	2,358	2,313	2,314	2,313	2,511	2,638	2,765	2,843	2,678	2,577	2,453	2,335	2,383	2,324	2,282	2,311	2,195	2,190	2,199	2,169	2,123	2,058	2,204	2,367	2,984	3,279	3,487	3,881	4,163	5,028	5,684	6,211	0	0	0
Loan procurement amortization expense - early repayment of debt
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-
Equity in (losses) earnings of real estate ventures
10,856	11,122	10,860	10,416	-420	-865	-866	-854	-798	-1,386	-2,150	-2,451	-2,922	-2,662	-2,029	-1,309	-685	-411	-1,496	-3,495	-5,124	-6,255	0	0	0	-	-	-	-	-745	-769	0	0	-	0	-	-	-	-
Gain from remeasurement of investment in real estate venture
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-
Gain from sale of real estate, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other
2,200	1,416	1,250	-630	-263	206	191	1,165	1,284	872	1,169	31	624	1,062	1,418	1,527	418	-228	-114	-163	-128	-405	-813	-498	-512	8	-14	174	254	256	84	-74	-160	-83	-246	-289	0	0	0
Total other expense
-62,074	-61,298	-50,167	-49,366	-56,959	-54,528	-63,710	-61,986	-60,533	-60,104	-59,102	-58,952	-56,890	-54,576	-33,980	-30,645	-29,846	-29,132	-47,348	-50,798	-52,960	-55,177	-52,563	-48,554	-47,477	-44,039	-43,043	-38,930	-37,034	-37,063	-46,932	-50,466	-51,282	-50,169	-43,059	-44,630	0	0	0
NET INCOME
-	-	-	177,602	-	-	-	151,117	145,204	-	122,800	110,182	97,727	88,376	99,070	92,599	86,089	78,756	46,557	36,528	30,648	26,702	44,413	52,423	46,998	41,994	20,221	5,671	6,458	3,628	-5,397	480	-1,287	2,447	8,877	-3,440	0	0	0
Interest income
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0
INCOME FROM CONTINUING OPERATIONS
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	26,366	26,572	23,687	16,686	10,409	-764	-6,180	-10,990	-13,276	-23,135	-20,062	-17,634	-13,400	-276	-8,523	0	0	0
Income from discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	336	-61	1,524	3,100	4,145	8,039	8,018	7,409	7,093	10,959	10,433	12,444	11,944	5,626	0	0	0	-
Gain from disposition of discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	27,440	9,735	6,631	0	-	0	0	-	-	0	-	-	-	-
Total discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	336	17,841	28,736	30,312	31,585	20,985	11,851	17,448	16,904	17,738	20,542	16,347	15,847	9,153	5,083	0	0	0
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
Noncontrolling interest in subsidiaries
-	-	-	-240	-	-	-	-258	-220	-	-241	-239	-460	-470	-271	-236	20	84	-54	-8	16	16	-29	-32	-44	-42	1	409	1,183	1,918	2,717	3,078	2,946	2,810	2,452	2,046	0	0	0
Operating Partnership interests of third parties
1,733	1,708	1,818	1,868	1,795	1,820	1,684	1,698	1,699	1,593	1,453	1,246	1,046	941	1,167	1,107	1,041	960	532	415	349	307	598	749	672	588	239	-13	7	-107	-439	-115	-109	35	292	-270	0	0	0
NET INCOME ATTRIBUTABLE TO THE COMPANY
-	-	-	-	-	-	-	-	-	-	-	-	-	87,905	98,174	91,728	85,028	77,712	46,079	36,121	30,283	26,379	43,844	51,706	46,370	41,448	19,981	5,275	5,268	1,817	-7,675	-2,483	-4,124	-398	0	0	0	-	0
Distribution to preferred unitholders
-	-	-	-	-	-	-	-	-	-	-	-	-	5,045	6,008	6,008	6,008	6,008	6,008	6,008	6,008	6,008	6,008	6,008	6,008	6,008	6,008	6,008	6,008	6,008	0	0	0	-	-	-	-	-	-
NET INCOME ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS
-	-	-	175,974	-	-	-	149,677	143,725	-	118,112	104,197	90,661	79,923	92,166	85,720	79,020	71,704	40,071	30,113	24,275	20,371	37,836	45,698	40,362	35,440	13,973	-733	-740	-4,191	-13,399	-6,705	-6,844	-1,616	6,133	0	0	0	-
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
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	20,298	17,450	10,565	4,392	-6,607	-12,322	-17,781	-20,689	-30,541	-26,483	-22,462	-16,734	-2,598	-10,063	0	0	0
Total discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	17,538	28,248	29,797	31,048	20,580	11,589	17,041	16,498	17,142	19,778	15,618	15,118	8,731	4,847	0	0	0
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
-	-	-	175,974	-	-	-	149,677	143,725	-	118,123	99,748	0	-	0	0	-	-	-	-	-	-	37,836	45,698	40,362	35,440	13,973	-733	-740	-4,191	-13,399	-6,705	-6,844	-1,616	6,133	0	0	0	-
Net income (loss)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Cubesmart, L P and Subsidiaries
Rental income
561,797	552,404	542,881	533,150	524,966	517,535	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total revenues
655,151	643,915	632,291	619,114	607,912	597,944	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Property operating expenses
214,054	209,739	204,839	200,129	199,537	196,866	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Depreciation and amortization
165,943	163,547	160,583	152,443	146,826	143,350	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
General and administrative
39,778	38,560	39,805	39,574	38,115	37,712	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total operating expenses
419,775	411,846	405,227	392,146	384,478	377,928	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest expense on loans
73,689	72,525	70,193	67,177	64,494	62,132	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Loan procurement amortization expense
2,949	2,819	2,660	2,551	2,358	2,313	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Equity in (losses) earnings of real estate ventures
10,856	11,122	10,860	10,416	-420	-865	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other
2,200	1,416	1,250	-630	-263	206	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total other expense
-62,074	-61,298	-50,167	-49,366	-56,959	-54,528	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
NET INCOME
173,302	170,771	176,897	177,602	166,475	165,488	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Noncontrolling interest in subsidiaries
54	-54	-149	-240	-284	-221	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
NET INCOME ATTRIBUTABLE TO CUBESMART L.P.
173,248	170,825	177,046	177,842	166,759	165,709	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Partnership interests of third parties
1,733	1,708	1,818	1,868	1,795	1,820	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
NET INCOME ATTRIBUTABLE TO COMMON UNITHOLDERS
171,515	169,117	175,228	175,974	164,964	163,889	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
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
68,785	67,558	66,019	63,459	61,584	60,156	58,685	57,432	56,265	55,001	53,946	52,712	51,475	50,255	48,847	47,667	46,409	45,189	43,732	42,047	40,461	40,065	38,304	36,720	35,254	32,365	30,389	28,896	27,304	25,821	22,953	21,567	20,162	18,987	20,267	19,005	0	0	0
Property Management Fee Income
Property related income
24,569	23,953	23,391	22,505	21,362	20,253	19,316	17,841	16,371	14,899	13,431	12,179	11,069	10,183	8,955	8,040	7,378	6,856	6,599	6,399	6,183	6,000	5,664	5,291	5,041	4,780	4,671	4,580	4,466	4,341	4,350	4,134	3,879	3,768	3,683	3,395	0	0	0