EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL (Tables)

3 Months Ended

Mar. 31, 2024

EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL

Summary of the elements used in calculating basic and diluted earnings per common share

Earnings per share and shareholders’ equity

The following is a summary of the elements used in calculating basic and diluted earnings per share:

	Three Months Ended March 31,
	2024		2023
	(dollars and units in thousands, except per share amounts)
Net income	$	94,858	$	97,942
Net income attributable to noncontrolling interests in the Operating Partnership		(541)		(614)
Net loss attributable to noncontrolling interests in subsidiaries		210		238
Net income attributable to the Company's common shareholders	$	94,527	$	97,566
Weighted average basic shares outstanding		225,767		225,294
Share options and restricted share units		808		889
Weighted average diluted shares outstanding (1)		226,575		226,183
Basic earnings per share attributable to common shareholders	$	0.42	$	0.43
Diluted earnings per share attributable to common shareholders (2)	$	0.42	$	0.43

Income allocated to noncontrolling interests of the Operating Partnership has been excluded from the numerator and OP units owned by third parties have been omitted from the denominator for the purpose of computing diluted earnings per share since the effect of including these amounts in the numerator and denominator would be anti-dilutive. Weighted average outstanding OP units owned by third parties for the three months ended March 31, 2024 and 2023 were 1.3 million and 1.4 million, respectively.

Earnings per unit and capital

The following is a summary of the elements used in calculating basic and diluted earnings per unit:

	Three Months Ended March 31,
	2024		2023
	(dollars and units in thousands, except per unit amounts)
Net income	$	94,858	$	97,942
Net loss attributable to noncontrolling interests in subsidiaries		210		238
Net income attributable to CubeSmart, L.P.	$	95,068	$	98,180
Weighted average basic units outstanding (3)		227,057		226,717
Unit options and restricted share units		808		889
Weighted average diluted units outstanding (1) (3)		227,865		227,606
Basic earnings per unit attributable to CubeSmart, L.P.	$	0.42	$	0.43
Diluted earnings per unit attributable to CubeSmart, L.P. (2)	$	0.42	$	0.43

(1) For the three months ended March 31, 2024 and 2023, the Company declared cash dividends per common share/unit of $0.51 and $0.49, respectively.

(2) The amounts of anti-dilutive options that were excluded from the computation of diluted earnings per share/unit for the three months ended March 31, 2024 and 2023 were 1.1 million and 0.7 million, respectively.

(3) Prior period amounts have been updated to conform to current year presentation.

Summary of OP units outstanding

	As of March 31,
	2024	2023
Outstanding OP Units owned by third parties	1,288,205	1,418,549
Outstanding OP Units owned by the General Partner	224,965,172	224,671,525