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sts

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark one)

Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2021.

or

Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from                                       to                                       .

Commission file number:
001-32324 (CubeSmart)
000-54462 (CubeSmart, L.P.)

CUBESMART

CUBESMART, L.P.

(Exact Name of Registrant as Specified in its Charter)

Maryland (CubeSmart)
Delaware (CubeSmart, L.P.)

20-1024732
34-1837021

(State or Other Jurisdiction of Incorporation or Organization)

(I.R.S. Employer Identification No.)

5 Old Lancaster Rd. Malvern, Pennsylvania

19355

(Address of Principal Executive Offices)

(Zip Code)

(610) 535-5000

(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Common Shares, $0.01 par value per share, of CubeSmart

CUBE

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

CubeSmart

Yes No

CubeSmart, L.P.

Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

CubeSmart

Yes No

CubeSmart, L.P.

Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

CubeSmart:

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

CubeSmart, L.P.:

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

CubeSmart

CubeSmart, L.P.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

CubeSmart

Yes No

CubeSmart, L.P.

Yes No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

Class

Outstanding at April 28, 2021

Common shares, $0.01 par value per share, of CubeSmart

201,516,797

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EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the period ended March 31, 2021 of CubeSmart (the “Parent Company” or “CubeSmart”) and CubeSmart, L.P. (the “Operating Partnership”). The Parent Company is a Maryland real estate investment trust, or REIT, that owns its assets and conducts its operations through the Operating Partnership, a Delaware limited partnership, and subsidiaries of the Operating Partnership. The Parent Company, the Operating Partnership and their consolidated subsidiaries are collectively referred to in this report as the “Company”. In addition, terms such as “we”, “us” or “our” used in this report may refer to the Company, the Parent Company or the Operating Partnership.

The Parent Company is the sole general partner of the Operating Partnership and, as of March 31, 2021, owned a 96.5% interest in the Operating Partnership. The remaining 3.5% interest consists of common units of limited partnership interest issued by the Operating Partnership to third parties in exchange for contributions of properties to the Operating Partnership. As the sole general partner of the Operating Partnership, the Parent Company has full and complete authority over the Operating Partnership’s day-to-day operations and management.

Management operates the Parent Company and the Operating Partnership as one enterprise. The management teams of the Parent Company and the Operating Partnership are identical, and their constituents are officers of both the Parent Company and of the Operating Partnership.

There are a few differences between the Parent Company and the Operating Partnership, which are reflected in the note disclosures in this report. The Company believes it is important to understand the differences between the Parent Company and the Operating Partnership in the context of how these entities operate as a consolidated enterprise. The Parent Company is a REIT, whose only material asset is its ownership of the partnership interests of the Operating Partnership. As a result, the Parent Company does not conduct business itself, other than acting as the sole general partner of the Operating Partnership, issuing public equity from time to time and guaranteeing the debt obligations of the Operating Partnership. The Operating Partnership holds substantially all of the assets of the Company and, directly or indirectly, holds the ownership interests in the Company’s real estate ventures. The Operating Partnership conducts the operations of the Company’s business and is structured as a partnership with no publicly traded equity. Except for net proceeds from equity issuances by the Parent Company, which are contributed to the Operating Partnership in exchange for partnership units, the Operating Partnership generates the capital required by the Company’s business through the Operating Partnership’s operations, by the Operating Partnership’s direct or indirect incurrence of indebtedness or through the issuance of partnership units of the Operating Partnership or equity interests in subsidiaries of the Operating Partnership.

The substantive difference between the Parent Company’s and the Operating Partnership’s filings is the fact that the Parent Company is a REIT with public equity, while the Operating Partnership is a partnership with no publicly traded equity. In the financial statements, this difference is primarily reflected in the equity (or capital for the Operating Partnership) section of the consolidated balance sheets and in the consolidated statements of equity (or capital). Apart from the different equity treatment, the consolidated financial statements of the Parent Company and the Operating Partnership are nearly identical.

The Company believes that combining the quarterly reports on Form 10-Q of the Parent Company and the Operating Partnership into a single report will:

facilitate a better understanding by the investors of the Parent Company and the Operating Partnership by enabling them to view the business as a whole in the same manner as management views and operates the business;
remove duplicative disclosures and provide a more straightforward presentation in light of the fact that a substantial portion of the disclosure applies to both the Parent Company and the Operating Partnership; and
create time and cost efficiencies through the preparation of one combined report instead of two separate reports.

2

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In order to highlight the differences between the Parent Company and the Operating Partnership, the separate sections in this report for the Parent Company and the Operating Partnership specifically refer to the Parent Company and the Operating Partnership. In the sections that combine disclosures of the Parent Company and the Operating Partnership, this report refers to such disclosures as those of the Company. Although the Operating Partnership is generally the entity that directly or indirectly enters into contracts and real estate ventures and holds assets and debt, reference to the Company is appropriate because the business is one enterprise and the Parent Company operates the business through the Operating Partnership.

As general partner with control of the Operating Partnership, the Parent Company consolidates the Operating Partnership for financial reporting purposes, and the Parent Company does not have significant assets other than its investment in the Operating Partnership. Therefore, the assets and liabilities of the Parent Company and the Operating Partnership are the same on their respective financial statements. The separate discussions of the Parent Company and the Operating Partnership in this report should be read in conjunction with each other to understand the results of the Company’s operations on a consolidated basis and how management operates the Company.

This report also includes separate Item 4 - Controls and Procedures sections, signature pages and Exhibits 31 and 32, certifications for each of the Parent Company and the Operating Partnership, in order to establish that the Chief Executive Officer and the Chief Financial Officer of the Parent Company and the Chief Executive Officer and the Chief Financial Officer of the Operating Partnership have made the requisite certifications and that the Parent Company and the Operating Partnership are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934, as amended, and 18 U.S.C. §1350.

3

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TABLE OF CONTENTS

Part I. FINANCIAL INFORMATION

Item 1. Financial Statements

7

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

32

Item 3. Quantitative and Qualitative Disclosures About Market Risk

42

Item 4. Controls and Procedures

43

Part II. OTHER INFORMATION

Item 1. Legal Proceedings

44

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

44

Item 6. Exhibits

45

Filing Format

This combined Form 10-Q is being filed separately by CubeSmart and CubeSmart, L.P.

4

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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 otherwise indicated in such forward-looking statements.  All of our forward-looking statements, including those in this Report, are qualified in their entirety by this statement.

There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained in or contemplated by this Report.  Any forward-looking statements should be considered in light of the risks and uncertainties referred to in Item 1A. “Risk Factors” in the Parent Company’s and the Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, 2020 and in our other filings with the Securities and Exchange Commission (“SEC”). These risks include, but are not limited to, the following:

adverse changes in the national and local economic, business, real estate and other market conditions;

the effect of competition from existing and new self-storage properties and operators on our ability to maintain or raise occupancy and rental rates;

the failure to execute our business plan;

adverse impacts from the COVID-19 pandemic, other pandemics, quarantines and stay at home orders, including the impact on our ability to operate our self-storage properties, the demand for self-storage, rental rates and fees and rent collection levels;

reduced availability and increased costs of external sources of capital;

financing risks, including the risk of over-leverage and the corresponding risk of default on our mortgage and other debt and potential inability to refinance existing or future indebtedness;

increases in interest rates and operating costs;

counterparty non-performance related to the use of derivative financial instruments;

risks related to our ability to maintain our Parent Company’s qualification as a REIT for federal income tax purposes;

the failure of acquisitions and developments to close on expected terms, or at all, or to perform as expected;

increases in taxes, fees and assessments from state and local jurisdictions;

the failure of our joint venture partners to fulfill their obligations to us or their pursuit of actions that are inconsistent with our objectives;

reductions in asset valuations and related impairment charges;

cyber security breaches, cyber attacks or a failure of our networks, systems or technology, which could adversely impact our business, customer and employee relationships;

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changes in real estate, zoning, use and occupancy laws or regulations;

risks related to or a consequence of natural disasters or acts of violence, pandemics, active shooters, terrorism, insurrection or war that affect the markets in which we operate;

potential environmental and other liabilities;

governmental, administrative and executive orders and laws, which could adversely impact our business operations and customer and employee relationships;

uninsured or uninsurable losses and the ability to obtain insurance coverage against risks and losses;

the ability to attract and retain talent in the current labor market;

other factors affecting the real estate industry generally or the self-storage industry in particular; and

other risks identified in the Parent Company’s and the Operating Partnership’s Annual Report on Form 10-K for the year ended December 31, 2020 and, from time to time, in other reports that we file with the SEC or in other documents that we publicly disseminate.

Given these uncertainties and the other risks identified elsewhere in this Report, we caution readers not to place undue reliance on forward-looking statements. We undertake no obligation to publicly update or revise these forward-looking statements, whether as a result of new information, future events or otherwise except as may be required by securities laws. Because of the factors referred to above, the future events discussed in or incorporated by reference in this Report may not occur and actual results, performance or achievement could differ materially from that anticipated or implied in the forward-looking statements.

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PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

CUBESMART AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

March 31, 

December 31,

 

    

2021

    

2020

 

(unaudited)

ASSETS

Storage properties

$

5,492,183

$

5,489,754

Less: Accumulated depreciation

 

(997,712)

 

(983,940)

Storage properties, net (including VIE assets of $136,141 and $119,345, respectively)

 

4,494,471

 

4,505,814

Cash and cash equivalents

 

3,650

 

3,592

Restricted cash

 

2,342

 

2,637

Loan procurement costs, net of amortization

 

3,029

 

3,275

Investment in real estate ventures, at equity

 

93,797

 

92,071

Other assets, net

 

157,189

 

170,753

Total assets

$

4,754,478

$

4,778,142

LIABILITIES AND EQUITY

Unsecured senior notes, net

$

2,030,999

$

2,030,372

Revolving credit facility

 

52,800

 

117,800

Mortgage loans and notes payable, net

 

171,189

 

216,504

Lease liabilities - finance leases

65,710

65,599

Accounts payable, accrued expenses and other liabilities

 

166,025

 

159,140

Distributions payable

 

70,854

 

68,301

Deferred revenue

 

30,974

 

29,087

Security deposits

 

1,079

 

1,077

Total liabilities

 

2,589,630

 

2,687,880

Noncontrolling interests in the Operating Partnership

 

278,649

 

249,414

Commitments and contingencies

Equity

Common shares $.01 par value, 400,000,000 shares authorized, 200,421,556 and 197,405,989 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively

 

2,004

 

1,974

Additional paid-in capital

 

2,909,730

 

2,805,673

Accumulated other comprehensive loss

 

(613)

 

(632)

Accumulated deficit

 

(1,033,519)

 

(974,799)

Total CubeSmart shareholders’ equity

 

1,877,602

 

1,832,216

Noncontrolling interests in subsidiaries

 

8,597

 

8,632

Total equity

 

1,886,199

 

1,840,848

Total liabilities and equity

$

4,754,478

$

4,778,142

See accompanying notes to the unaudited consolidated financial statements.

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CUBESMART AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)

Three Months Ended March 31, 

    

2021

    

2020

    

REVENUES

Rental income

$

162,476

$

140,985

Other property related income

 

19,304

 

16,902

Property management fee income

 

7,061

 

6,194

Total revenues

 

188,841

 

164,081

OPERATING EXPENSES

Property operating expenses

 

61,228

55,740

Depreciation and amortization

 

53,810

40,838

General and administrative

 

10,916

10,365

Total operating expenses

 

125,954

 

106,943

OTHER (EXPENSE) INCOME

Interest:

Interest expense on loans

 

(19,234)

 

(18,681)

Loan procurement amortization expense

 

(1,035)

 

(754)

Equity in earnings (losses) of real estate ventures

 

20

 

(5)

Other

 

677

 

619

Total other expense

 

(19,572)

 

(18,821)

NET INCOME

 

43,315

 

38,317

NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS

Noncontrolling interests in the Operating Partnership

 

(1,549)

(383)

Noncontrolling interest in subsidiaries

 

(34)

(38)

NET INCOME ATTRIBUTABLE TO THE COMPANY’S COMMON SHAREHOLDERS

$

41,732

$

37,896

Basic earnings per share attributable to common shareholders

$

0.21

$

0.20

Diluted earnings per share attributable to common shareholders

$

0.21

$

0.20

Weighted average basic shares outstanding

199,160

193,582

Weighted average diluted shares outstanding

200,233

194,264

See accompanying notes to the unaudited consolidated financial statements.

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CUBESMART AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in thousands)

(unaudited)

Three Months Ended March 31, 

 

    

2021

    

2020

    

 

NET INCOME

$

43,315

$

38,317

Other comprehensive income:

Reclassification of realized losses on interest rate swaps

 

20

 

20

OTHER COMPREHENSIVE INCOME:

 

20

 

20

COMPREHENSIVE INCOME

 

43,335

 

38,337

Comprehensive income attributable to noncontrolling interests in the Operating Partnership

 

(1,550)

 

(383)

Comprehensive income attributable to noncontrolling interest in subsidiaries

 

(34)

 

(38)

COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY

$

41,751

$

37,916

See accompanying notes to the unaudited consolidated financial statements.

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CUBESMART AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF EQUITY

(in thousands)

(unaudited)

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

Noncontrolling

 

Additional

Accumulated Other

Total

Noncontrolling

Interests in the

 

Common Shares

Paid in

Comprehensive

Accumulated

Shareholders’

Interest in

Total

Operating

 

Number

Amount

Capital

(Loss) Income

Deficit

Equity

Subsidiaries

Equity

Partnership

 

Balance at December 31, 2020

 

197,406

$

1,974

$

2,805,673

$

(632)

$

(974,799)

$

1,832,216

$

8,632

$

1,840,848

$

249,414

Distributions paid to noncontrolling interests in subsidiaries

(69)

(69)

Issuance of common shares, net

 

2,837

28

99,660

 

99,688

 

99,688

Issuance of restricted shares

 

32

 

 

Conversion from units to shares

 

55

1

1,912

 

1,913

 

1,913

 

(1,913)

Exercise of stock options

 

92

1

1,171

 

1,172

 

1,172

Amortization of restricted shares

705

 

705

 

705

Share compensation expense

609

 

609

 

609

Adjustment for noncontrolling interests in the Operating Partnership

(32,102)

 

(32,102)

 

(32,102)

 

32,102

Net income

41,732

 

41,732

 

34

 

41,766

 

1,549

Other comprehensive income, net

19

19

19

1

Common share distributions ($0.34 per share)

(68,350)

 

(68,350)

 

(68,350)

 

(2,504)

Balance at March 31, 2021

 

200,422

$

2,004

$

2,909,730

$

(613)

$

(1,033,519)

$

1,877,602

$

8,597

$

1,886,199

$

278,649

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

Noncontrolling

 

Additional

Accumulated Other

Total

Noncontrolling

Interests in the

 

Common Shares

Paid in

Comprehensive

Accumulated

Shareholders’

Interest in

Total

Operating

 

Number

Amount

Capital

(Loss) Income

Deficit

Equity

Subsidiaries

Equity

Partnership

 

Balance at December 31, 2019

    

193,557

$

1,936

$

2,674,745

$

(729)

$

(876,606)

$

1,799,346

$

7,990

$

1,807,336

$

62,088

Distributions paid to noncontrolling interests in subsidiaries

(59)

(59)

Issuance of common shares, net

 

(118)

 

(118)

 

(118)

Issuance of restricted shares

 

30

 

 

Amortization of restricted shares

710

 

710

 

710

Share compensation expense

530

 

530

 

530

Adjustment for noncontrolling interest in the Operating Partnership

7,976

 

7,976

 

7,976

 

(7,976)

Net income

37,896

 

37,896

 

38

 

37,934

 

383

Other comprehensive income, net

20

20

20

Common share distributions ($0.33 per share)

(64,039)

 

(64,039)

 

(64,039)

 

(650)

Balance at March 31, 2020

 

193,587

$

1,936

$

2,675,867

$

(709)

$

(894,773)

$

1,782,321

$

7,969

$

1,790,290

$

53,845

See accompanying notes to the unaudited consolidated financial statements.

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CUBESMART AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

Three Months Ended March 31, 

    

2021

    

2020

Operating Activities

Net income

$

43,315

$

38,317

Adjustments to reconcile net income to cash provided by operating activities:

Depreciation and amortization

 

54,845

 

41,592

Non-cash portion of interest expense related to finance leases

111

Equity in (earnings) losses of real estate ventures

 

(20)

 

5

Equity compensation expense

 

2,042

 

1,871

Accretion of fair market value adjustment of debt

 

(607)

 

(176)

Changes in other operating accounts:

Other assets

 

(1,718)

 

2,743

Accounts payable and accrued expenses

 

(1,675)

 

(3,743)

Other liabilities

 

1,889

 

340

Net cash provided by operating activities

$

98,182

$

80,949

Investing Activities

Acquisitions of storage properties

(9,090)

Additions and improvements to storage properties

 

(7,894)

 

(11,923)

Development costs

 

(10,932)

 

(9,709)

Investment in real estate ventures

 

(6,664)

 

(5,877)

Cash distributed from real estate ventures

 

4,958

 

1,815

Net cash used in investing activities

$

(20,532)

$

(34,784)

Financing Activities

Proceeds from:

Revolving credit facility

268,111

5,127

Principal payments on:

Revolving credit facility

 

(333,111)

 

(5,127)

Mortgage loans and notes payable

 

(44,649)

 

(633)

Proceeds from issuance of common shares, net

 

99,688

 

(118)

Cash paid upon vesting of restricted shares

(728)

(631)

Exercise of stock options

 

1,172

 

Distributions paid to noncontrolling interests in subsidiaries

(69)

(59)

Distributions paid to common shareholders

 

(67,368)

 

(64,036)

Distributions paid to noncontrolling interests in Operating Partnership

 

(933)

 

(650)

Net cash used in financing activities

$

(77,887)

$

(66,127)

Change in cash, cash equivalents and restricted cash

 

(237)

 

(19,962)

Cash, cash equivalents and restricted cash at beginning of period

 

6,229

58,441

Cash, cash equivalents and restricted cash at end of period

$

5,992

$

38,479

Supplemental Cash Flow and Noncash Information

Cash paid for interest, net of interest capitalized

$

23,534

$

23,652

Supplemental disclosure of noncash activities:

Accretion of put liability

$

2,823

$

896

Derivative valuation adjustment

$

20

$

20

See accompanying notes to the unaudited consolidated financial statements.

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CUBESMART, L.P. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands)

March 31, 

December 31,

 

    

2021

    

2020

 

(unaudited)

ASSETS

Storage properties

$

5,492,183

$

5,489,754

Less: Accumulated depreciation

 

(997,712)

 

(983,940)

Storage properties, net (including VIE assets of $136,141 and $119,345, respectively)

 

4,494,471

 

4,505,814

Cash and cash equivalents

 

3,650

 

3,592

Restricted cash

 

2,342

 

2,637

Loan procurement costs, net of amortization

 

3,029

 

3,275

Investment in real estate ventures, at equity

 

93,797

 

92,071

Other assets, net

 

157,189

 

170,753

Total assets

$

4,754,478

$

4,778,142

LIABILITIES AND CAPITAL

Unsecured senior notes, net

$

2,030,999

$

2,030,372

Revolving credit facility

 

52,800

 

117,800

Mortgage loans and notes payable, net

 

171,189

 

216,504

Lease liabilities - finance leases

65,710

65,599

Accounts payable, accrued expenses and other liabilities

 

166,025

 

159,140

Distributions payable

 

70,854

 

68,301

Deferred revenue

 

30,974

 

29,087

Security deposits

 

1,079

 

1,077

Total liabilities

 

2,589,630

 

2,687,880

Limited Partnership interests of third parties

 

278,649

 

249,414

Commitments and contingencies

Capital

Operating Partner

 

1,878,215

 

1,832,848

Accumulated other comprehensive loss

 

(613)

 

(632)

Total CubeSmart, L.P. capital

 

1,877,602

 

1,832,216

Noncontrolling interests in subsidiaries

 

8,597

 

8,632

Total capital

 

1,886,199

 

1,840,848

Total liabilities and capital

$

4,754,478

$

4,778,142

See accompanying notes to the unaudited consolidated financial statements.

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CUBESMART, L.P. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per common unit data)

(unaudited)

Three Months Ended March 31, 

2021

    

2020

    

REVENUES

Rental income

$

162,476

$

140,985

Other property related income

 

19,304

 

16,902

Property management fee income