CubeSmart Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>CubeSmart filed its Q1 2024 10-Q, detailing financial positions and equity components.</b>

AI Summary

CubeSmart (CUBE) filed a Quarterly Report (10-Q) with the SEC on April 26, 2024. CubeSmart filed its 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. CubeSmart, L.P. is also listed as a filer with a Central Index Key of 0001300485. The company's principal business address is 5 Old Lancaster Road, Malvern, PA 19355. The filing includes data related to common stock, retained earnings, and additional paid-in capital as of various dates in 2022, 2023, and 2024.

Why It Matters

For investors and stakeholders tracking CubeSmart, this filing contains several important signals. This 10-Q provides an update on CubeSmart's financial health and equity structure for the first quarter of 2024, crucial for investors assessing performance and stability. The detailed breakdown of equity accounts and debt instruments offers insights into the company's capital management and leverage.

Risk Assessment

Risk Level: low — CubeSmart shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial disclosures without immediate red flags, indicating a low level of immediate risk from this specific document.

Analyst Insight

Review the detailed balance sheet and equity sections to understand changes in CubeSmart's financial structure and capital allocation.

Key Numbers

• 2024-03-31 — Report Date (Conformed period of report for the 10-Q filing.)
• 2024-04-26 — Filing Date (Date the 10-Q was filed with the SEC.)
• 2024-01-01 — Quarter Start Date (Beginning of the reporting period for the 10-Q.)
• 2023-03-31 — Prior Period Date (Comparative balance sheet date.)

Key Players & Entities

• CubeSmart (company) — Filer of the 10-Q report.
• CubeSmart, L.P. (company) — Co-filer of the 10-Q report.
• 5 Old Lancaster Road, Malvern, PA 19355 (location) — Business and mailing address for CubeSmart.

FAQ

Industry Context

CubeSmart operates within the Real Estate Investment Trusts (REITs) sector, specifically focusing on self-storage facilities.

Regulatory Implications

As a publicly traded company, CubeSmart is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly 10-Q reports.

What Investors Should Do

1. Analyze the balance sheet for changes in assets, liabilities, and equity compared to prior periods.
2. Review disclosures related to debt instruments, such as senior notes and mortgages, to understand leverage.
3. Examine the components of equity, including common stock and retained earnings, for insights into capital structure.

Key Dates

• 2024-03-31: Quarter End Date — Marks the end of the reporting period for the 10-Q.
• 2024-04-26: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the quarterly update for Q1 2024, providing the latest financial data compared to previous periods.

Key Financial Figures

• $0.01 — ge on Which Registered Common Shares, $0.01 par value per share, of CubeSmart CUB

Filing Documents

• cube-20240331x10q.htm (10-Q) — 2553KB
• cube-20240331xex31d1.htm (EX-31.1) — 12KB
• cube-20240331xex31d2.htm (EX-31.2) — 12KB
• cube-20240331xex31d3.htm (EX-31.3) — 12KB
• cube-20240331xex31d4.htm (EX-31.4) — 12KB
• cube-20240331xex32d1.htm (EX-32.1) — 10KB
• cube-20240331xex32d2.htm (EX-32.2) — 10KB
• 0001298675-24-000021.txt (&nbsp;) — 9362KB
• cube-20240331.xsd (EX-101.SCH) — 61KB
• cube-20240331_cal.xml (EX-101.CAL) — 64KB
• cube-20240331_def.xml (EX-101.DEF) — 330KB
• cube-20240331_lab.xml (EX-101.LAB) — 472KB
• cube-20240331_pre.xml (EX-101.PRE) — 454KB
• cube-20240331x10q_htm.xml (XML) — 1486KB

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 29

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 39

Controls and Procedures

Item 4. Controls and Procedures 39

OTHER INFORMATION

Part II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 40

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 41

Other Information

Item 5. Other Information 41

Exhibits

Item 6. Exhibits 42 Filing Format This combined Form 10-Q is being filed separately by CubeSmart and CubeSmart, L.P. 4 Table of Contents

Forward-Looking Statements

Forward-Looking Statements This Quarterly Report on Form 10-Q, or "this Report", together with other statements and information publicly disseminated by the Parent Company and the Operating Partnership, contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, or the "Exchange Act." Forward-looking statements include statements concerning the Company's plans, objectives, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions and other information that is not historical information. In some cases, forward-looking statements can be identified by terminology such as "believes", "expects", "estimates", "may", "will", "should", "anticipates", or "intends" or the negative of such terms or other comparable terminology, or by discussions of strategy. Such statements are based on assumptions and expectations that may not be realized and are inherently subject to risks, uncertainties and other factors, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Although we believe the expectations reflected in these forward-looking statements are based on reasonable assumptions, future events and actual results, performance, transactions or achievements, financial and otherwise, may differ materially from the results, performance, transactions or achievements expressed or implied by the forward-looking statements. As a result, you should not rely on or construe any forward-looking statements in this Report, or which management or persons acting on their behalf may make orally or in writing from time to time, as predictions of future events or as guarantees of future performance. We caution you not to place undue reliance on forward-looking statements, which speak only as of the date of this Report or as of the dates

FINANCIAL INFORMATIO N

PART I. FINANCIAL INFORMATIO N

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS CUBESMART AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except share data) March 31, December 31, 2024 2023 (unaudited) ASSETS Storage properties $ 7,397,588 $ 7,367,613 Less: Accumulated depreciation ( 1,458,854 ) ( 1,416,377 ) Storage properties, net (includes VIE amounts of $ 183,703 and $ 180,615 , respectively) 5,938,734 5,951,236 Cash and cash equivalents (includes VIE amounts of $ 1,995 and $ 3,002 , respectively) 5,587 6,526 Restricted cash 2,026 1,691 Loan procurement costs, net of amortization 3,681 3,995 Investment in real estate ventures, at equity 96,227 98,288 Other assets, net 162,633 163,284 Total assets $ 6,208,888 $ 6,225,020 LIABILITIES AND EQUITY Unsecured senior notes, net $ 2,777,525 $ 2,776,490 Revolving credit facility 18,400 18,100 Mortgage loans and notes payable, net 127,239 128,186 Lease liabilities - finance leases 65,699 65,714 Accounts payable, accrued expenses and other liabilities 202,800 201,419 Distributions payable 115,918 115,820 Deferred revenue 39,268 38,483 Total liabilities 3,346,849 3,344,212 Noncontrolling interests in the Operating Partnership 58,253 60,276 Commitments and contingencies Equity Common shares $ .01 par value, 400,000,000 shares authorized, 224,965,172 and 224,921,053 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 2,250 2,249 Additional paid-in capital 4,144,972 4,142,229 Accumulated other comprehensive loss ( 391 ) ( 411 ) Accumulated deficit ( 1,364,723 ) ( 1,345,239 ) Total CubeSmart shareholders' equity 2,782,108 2,798,828 Noncontrolling interests in subsidiaries 21,678 21,704 Total equity 2,803,786 2,820,532 Total liabilities and equity $ 6,208,888 $ 6,225,020 See accompanying notes to the unaudited consolidated financial statements. 7 Table of Contents CUBESMART A

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