CubeSmart Files Q2 2024 10-Q Report

TL;DR

CubeSmart's Q2 2024 10-Q is in. Check financials.

AI Summary

CubeSmart, a real estate investment trust, filed its 10-Q for the period ending June 30, 2024. The filing details its financial performance and operational status. Key financial figures and strategic information are presented within this report.

Why It Matters

This filing provides investors and analysts with the latest financial data for CubeSmart, crucial for understanding the company's performance in the self-storage real estate sector.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags.

Key Numbers

• 225,196,862 — Total Assets (As of June 30, 2024)
• 224,921,053 — Total Liabilities (As of June 30, 2024)

Key Players & Entities

• CubeSmart (company) — Filer
• CubeSmart, L.P. (company) — Filer
• 5 Old Lancaster Road, Malvern, PA 19355 (location) — Business and Mail Address
• 20240630 (date) — Period of Report

FAQ

Key Financial Figures

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

Filing Documents

• cube-20240630x10q.htm (10-Q) — 3568KB
• cube-20240630xex31d1.htm (EX-31.1) — 12KB
• cube-20240630xex31d2.htm (EX-31.2) — 12KB
• cube-20240630xex31d3.htm (EX-31.3) — 12KB
• cube-20240630xex31d4.htm (EX-31.4) — 12KB
• cube-20240630xex32d1.htm (EX-32.1) — 10KB
• cube-20240630xex32d2.htm (EX-32.2) — 10KB
• 0001298675-24-000037.txt ( ) — 11188KB
• cube-20240630.xsd (EX-101.SCH) — 64KB
• cube-20240630_cal.xml (EX-101.CAL) — 64KB
• cube-20240630_def.xml (EX-101.DEF) — 356KB
• cube-20240630_lab.xml (EX-101.LAB) — 480KB
• cube-20240630_pre.xml (EX-101.PRE) — 458KB
• cube-20240630x10q_htm.xml (XML) — 1855KB

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 40

Controls and Procedures

Item 4. Controls and Procedures 40

OTHER INFORMATION

Part II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 41

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 42

Other Information

Item 5. Other Information 42

Exhibits

Item 6. Exhibits 43 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) June 30, December 31, 2024 2023 (unaudited) ASSETS Storage properties $ 7,415,426 $ 7,367,613 Less: Accumulated depreciation ( 1,503,487 ) ( 1,416,377 ) Storage properties, net (includes VIE amounts of $ 189,262 and $ 180,615 , respectively) 5,911,939 5,951,236 Cash and cash equivalents (includes VIE amounts of $ 2,355 and $ 3,002 , respectively) 5,656 6,526 Restricted cash 1,614 1,691 Loan procurement costs, net of amortization 3,364 3,995 Investment in real estate ventures, at equity 94,053 98,288 Other assets, net 167,830 163,284 Total assets $ 6,184,456 $ 6,225,020 LIABILITIES AND EQUITY Unsecured senior notes, net $ 2,778,560 $ 2,776,490 Revolving credit facility 10,600 18,100 Mortgage loans and notes payable, net 95,388 128,186 Lease liabilities - finance leases 65,685 65,714 Accounts payable, accrued expenses and other liabilities 230,287 201,419 Distributions payable 116,014 115,820 Deferred revenue 40,576 38,483 Total liabilities 3,337,110 3,344,212 Noncontrolling interests in the Operating Partnership 55,930 60,276 Commitments and contingencies Equity Common shares $ .01 par value, 400,000,000 shares authorized, 225,196,862 and 224,921,053 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 2,252 2,249 Additional paid-in capital 4,154,269 4,142,229 Accumulated other comprehensive loss ( 371 ) ( 411 ) Accumulated deficit ( 1,386,056 ) ( 1,345,239 ) Total CubeSmart shareholders' equity 2,770,094 2,798,828 Noncontrolling interests in subsidiaries 21,322 21,704 Total equity 2,791,416 2,820,532 Total liabilities and equity $ 6,184,456 $ 6,225,020 See accompanying notes to the unaudited consolidated financial statements. 7 Table of Contents CUBESMART AND SU

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