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CubeSmart Reports Second Quarter 2021 Results

MALVERN, Pa., July 29, 2021 (GLOBE NEWSWIRE) -- CubeSmart (NYSE: CUBE) today announced its operating results for the three and six months ended June 30, 2021.

“Operating fundamentals continued to strengthen throughout the rental season resulting in an exceptional quarter,” commented President and Chief Executive Officer Christopher P. Marr. “We believe the foundational elements of consumer demand will continue to have positive implications for growth throughout the balance of this year and into 2022.”

Key Highlights for the Second Quarter

  • Reported earnings per share (“EPS”) attributable to the Company’s common shareholders of $0.24.
  • Reported funds from operations (“FFO”) per share, as adjusted, of $0.50.
  • Increased same-store (511 stores) net operating income (“NOI”) 17.6% year over year, driven by 14.0% revenue growth and a 6.6% increase in property operating expenses.
  • Same-store occupancy during the quarter averaged 95.6% and ended the quarter at 96.1%.
  • Closed on two property acquisitions for $34.1 million.
  • Opened for operation two development properties for a total cost of $48.7 million.
  • Added 45 stores to our third-party management platform during the quarter, bringing our total third-party managed store count to 718.

Financial Results

Net income attributable to the Company’s common shareholders was $48.8 million for the second quarter of 2021, compared with $38.5 million for the second quarter of 2020. EPS attributable to the Company’s common shareholders was $0.24 for the second quarter of 2021, compared with $0.20 for the same period last year.

FFO, as adjusted, was $105.4 million for the second quarter of 2021, compared with $79.9 million for the second quarter of 2020. FFO per share, as adjusted, increased 22.0% to $0.50 for the second quarter of 2021, compared with $0.41 for the same period last year.  

Investment Activity

Acquisition Activity

During the quarter ended June 30, 2021, the Company acquired one wholly-owned store in Maryland for $22.1 million. In addition, the Company contributed $3.4 million to acquire a 50% ownership interest in a consolidated joint venture that acquired a store located in Minnesota for $12.0 million. Subsequent to June 30, 2021, the Company acquired two wholly-owned stores in New Jersey (1) and Pennsylvania (1) for $33.0 million. In total for the year through the date of this press release, the Company has acquired four stores, including the store in Minnesota, for $67.1 million.

Development Activity

The Company has agreements with developers for the construction of Class A self-storage properties in high-barrier-to-entry locations. During the three months ended June 30, 2021, the Company opened for operation two development properties, one located in New York and one located in Pennsylvania, for a total cost of $48.7 million. In total for the year through the date of this press release, the Company has opened for operation three development properties for a total cost of $75.1 million.

As of June 30, 2021, the Company had three joint venture development properties under construction. The Company anticipates investing a total of $73.7 million related to these projects and had invested $34.1 million of that total as of June 30, 2021. These stores are located in Massachusetts, New York and Virginia. These properties are expected to open at various times between the third quarter of 2021 and the second quarter of 2022.

Unconsolidated Real Estate Venture Activity

During the second quarter of 2021, the Company’s joint venture, HVP IV, acquired five properties located in Connecticut (1) and Illinois (4) for $74.2 million. In total for the year through the date of this press release, HVP IV has acquired six properties for $92.7 million. Additionally, HVP IV has one property located in Illinois under contract for $15.9 million that is expected to close during the third quarter of 2021.

During the second quarter of 2021, the Company’s joint venture, HVP V, acquired a property located in Florida for $23.0 million. In total for the year through the date of this press release, HVP V has acquired two properties for $37.0 million. Additionally, HVP V has four properties located in New Jersey (3) and New York (1) under contract for $140.0 million. These acquisitions are expected to close in multiple tranches during the third and fourth quarters of 2021.

Third-Party Management

As of June 30, 2021, the Company’s third-party management program included 718 stores totaling 48.2 million square feet. During the three and six months ended June 30, 2021, the Company added 45 stores and 74 stores, respectively, to its third-party management platform.

Same-Store Results

The Company’s same-store portfolio at June 30, 2021 included 511 stores containing approximately 35.7 million rentable square feet, or approximately 91.5% of the aggregate rentable square feet of the Company’s 547 consolidated stores. These same-store properties represented approximately 90.6% of property NOI for the three months ended June 30, 2021.

Same-store physical occupancy as of June 30, 2021 and 2020 was 96.1% and 93.7%, respectively. Same-store revenues for the second quarter of 2021 increased 14.0% and same-store operating expenses increased 6.6% from the same quarter in 2020. Same-store NOI increased 17.6% from the second quarter of 2020 to the second quarter of 2021.

Operating Results

As of June 30, 2021, the Company’s total consolidated portfolio included 547 stores containing 39.0 million rentable square feet and had physical occupancy of 94.5%.

Revenues increased $35.4 million and property operating expenses increased $8.4 million in the second quarter of 2021, as compared to the same period in 2020. Increases in revenues were primarily attributable to increased occupancy and rental rates on our same-store portfolio as well as revenues generated from property acquisitions and recently opened development properties. Increases in property operating expenses were primarily attributable to a $3.2 million increase from the stores acquired or opened in 2020 and 2021 included in our non-same store portfolio as well as increased expenses from same-store properties, primarily related to property taxes and advertising.

Interest expense on loans increased from $18.7 million during the three months ended June 30, 2020 to $19.1 million during the three months ended June 30, 2021, an increase of $0.4 million. The increase was attributable to a higher amount of outstanding debt during the 2021 period partially offset by lower interest rates. To fund a portion of the Company’s growth, the average outstanding debt balance increased $265.8 million to $2,246.5 million during the three months ended June 30, 2021 as compared to $1,980.7 million during the three months ended June 30, 2020. The weighted average effective interest rate on our outstanding debt for the three months ended June 30, 2021 and 2020 was 3.41% and 3.92%, respectively.   

Financing Activity

During the three months ended June 30, 2021, the Company sold 1.0 million common shares of beneficial interest through its at-the-market (“ATM”) equity program at an average sales price of $41.02 per share, resulting in net proceeds of $42.4 million, after deducting offering costs. As of June 30, 2021, the Company had 7.0 million shares available for issuance under the existing equity distribution agreements.

Quarterly Dividend

On May 12, 2021, the Company declared a dividend of $0.34 per common share. The dividend was paid on July 15, 2021 to common shareholders of record on July 1, 2021.

2021 Financial Outlook

“Strong demand trends through the spring and summer months have improved our outlook for the year, reflected in increased guidance ranges for both same-store and FFO per share metrics,” commented Chief Financial Officer Tim Martin. “We continue to find attractive ways to grow the portfolio, investing in high quality stores both on balance sheet and with joint venture partners.”

The Company estimates that its fully diluted earnings per share for the year will be between $0.93 and $0.97 (previously $0.75 to $0.81), and that its fully diluted FFO per share, as adjusted, for 2021 will be between $1.99 and $2.03 (previously $1.80 to $1.86). Changes to the underlying assumptions for 2021 guidance are detailed in the table below. Due to uncertainty related to the timing and terms of transactions, the impact of any potential future speculative investment activity is excluded from guidance. For 2021, the same-store pool consists of 511 properties totaling 35.7 million square feet.

  Current Ranges for  
2021 Full Year Guidance Range Summary    Annual Assumptions Prior Guidance(1)
Same-store revenue growth  10.25% to  11.25%  4.75% to  5.75%
Same-store expense growth  4.00% to  5.00%  4.00% to  5.00%
Same-store NOI growth  13.00% to  14.00%  5.25% to  6.25%
Acquisition of consolidated operating properties $150.0M  to $250.0M  $100.0M  to $200.0M 
Acquisition of properties at C/O $0.0M     $0.0M  $0.0M     $0.0M 
New development openings $96.1M  to $96.1M  $88.9M  to $88.9M 
Dispositions $0.0M  to $50.0M  $0.0M  to $50.0M 
Dilution from properties in lease-up $(0.05) to $(0.06) $(0.05) to $(0.06)
Property management fee income $29.5M  to $31.5M  $27.5M  to $29.5M 
General and administrative expenses $45.0M  to $46.0M  $45.0M  to $46.0M 
Interest and loan amortization expense $80.0M  to $82.0M  $80.0M  to $82.0M 
Full year weighted average shares and units  209.9M     209.9M   208.7M     208.7M 
Earnings per diluted share allocated to common
 $0.93  to $0.97  $0.75  to $0.81 
Plus: real estate depreciation and amortization $1.06     $1.06  $1.05     $1.05 
FFO per diluted share, as adjusted $1.99  to $2.03  $1.80  to $1.86 

      (1)   Prior guidance as included in our first quarter earnings release dated April 29, 2021.

3rd Quarter 2021 Guidance    Range or Value
Earnings per diluted share allocated to common shareholders $0.24 to $0.26
Plus: real estate depreciation and amortization  0.27    0.27
FFO per diluted share, as adjusted $0.51 to $0.53

Conference Call

Management will host a conference call at 11:00 a.m. ET on Friday, July 30, 2021 to discuss financial results for the three and six months ended June 30, 2021.

A live webcast of the conference call will be available online from the investor relations page of the Company's corporate website at Telephone participants may avoid any delays in joining the conference call by pre-registering for the call using the following link to receive a special dial-in number and PIN:

Telephone participants who are unable to pre-register for the conference call may join on the day of the call using 1-877-506-3281 for domestic callers, +1-412-902-6677 for international callers, and 1-855-669-9657 for callers in Canada. After the live webcast, the call will remain available on CubeSmart's website for 15 days. In addition, a telephonic replay of the call will be available through August 13, 2021. The replay numbers are 1-877-344-7529 for domestic callers, +1-412-317-0088 for international callers and 1-855-669-9658 for callers in Canada. For callers accessing a telephonic replay, the conference number is 10158154.

Supplemental operating and financial data as of June 30, 2021 is available on the Company’s corporate website under Investor Relations - Financial Information - Financial Reports.

About CubeSmart

CubeSmart is a self-administered and self-managed real estate investment trust. The Company's self-storage properties are designed to offer affordable, easily accessible and secure storage space for residential and commercial customers. According to the 2021 Self-Storage Almanac, CubeSmart is one of the top three owners and operators of self-storage properties in the United States.

Non-GAAP Financial Measures

Funds from operations (“FFO”) is a widely used performance measure for real estate companies and is provided here as a supplemental measure of operating performance. The April 2002 National Policy Bulletin of the National Association of Real Estate Investment Trusts (the “White Paper”), as amended, defines FFO as net income (computed in accordance with GAAP), excluding gains (or losses) from sales of real estate and related impairment charges, plus real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures.

Management uses FFO as a key performance indicator in evaluating the operations of the Company's stores. Given the nature of its business as a real estate owner and operator, the Company considers FFO a key measure of its operating performance that is not specifically defined by accounting principles generally accepted in the United States. The Company believes that FFO is useful to management and investors as a starting point in measuring its operational performance because FFO excludes various items included in net income that do not relate to or are not indicative of its operating performance such as gains (or losses) from sales of real estate, gains from remeasurement of investments in real estate ventures, impairments of depreciable assets, and depreciation, which can make periodic and peer analyses of operating performance more difficult. The Company’s computation of FFO may not be comparable to FFO reported by other REITs or real estate companies. 

FFO should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of the Company’s performance. FFO does not represent cash generated from operating activities determined in accordance with GAAP and is not a measure of liquidity or an indicator of the Company’s ability to make cash distributions. The Company believes that to further understand its performance, FFO should be compared with its reported net income and considered in addition to cash flows computed in accordance with GAAP, as presented in its Consolidated Financial Statements.

FFO, as adjusted represents FFO as defined above, excluding the effects of acquisition related costs, gains or losses from early extinguishment of debt, and other non-recurring items, which the Company believes are not indicative of the Company’s operating results.

The Company defines net operating income, which it refers to as “NOI,” as total continuing revenues less continuing property operating expenses. NOI also can be calculated by adding back to net income (loss): interest expense on loans, loan procurement amortization expense, loss on early extinguishment of debt, acquisition related costs, equity in losses of real estate ventures, other expense, depreciation and amortization expense, general and administrative expense, and deducting from net income (loss): equity in earnings of real estate ventures, gains from sale of real estate, net, other income, gains from remeasurement of investments in real estate ventures and interest income. NOI is not a measure of performance calculated in accordance with GAAP.

Management uses NOI as a measure of operating performance at each of its stores, and for all of its stores in the aggregate. NOI should not be considered as a substitute for net income, cash flows provided by operating, investing and financing activities, or other income statement or cash flow statement data prepared in accordance with GAAP. The Company believes NOI is useful to investors in evaluating operating performance because it is one of the primary measures used by management and store managers to evaluate the economic productivity of the Company’s stores, including the ability to lease stores, increase pricing and occupancy, and control property operating expenses. Additionally, NOI helps the Company’s investors meaningfully compare the results of its operating performance from period to period by removing the impact of its capital structure (primarily interest expense on outstanding indebtedness) and depreciation of the basis in its assets from operating results.

Forward-Looking Statements

This presentation, together with other statements and information publicly disseminated by CubeSmart (“we,” “us,” “our” or the “Company”), 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 presentation, 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 presentation or as of the dates otherwise indicated in such forward-looking statements. All of our forward-looking statements, including those in this presentation, 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 presentation. Any forward-looking statements should be considered in light of the risks and uncertainties referred to in Item 1A. “Risk Factors” in our Annual Report on Form 10-K 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 qualification as a real estate investment trust (“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 or ransomware attacks or a failure of our networks, systems or technology, which could adversely impact our business, customer and employee relationships;

  • 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, customer and employee relationships;

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

  • our 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 Item 1A of our Annual Report on Form 10-K 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, 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 in securities laws.


Josh Schutzer
Vice President, Finance
(610) 535-5700

(in thousands, except share data)

  June 30,  December 31, 
     2021     2020  
Storage properties $5,536,376  $5,489,754  
Less: Accumulated depreciation  (1,026,337)  (983,940) 
Storage properties, net (including VIE assets of $132,927 and $119,345, respectively)  4,510,039   4,505,814  
Cash and cash equivalents  3,989   3,592  
Restricted cash  2,238   2,637  
Loan procurement costs, net of amortization  2,836   3,275  
Investment in real estate ventures, at equity  97,301   92,071  
Other assets, net  154,829   170,753  
Total assets $4,771,232  $4,778,142  
Unsecured senior notes, net $2,031,626  $2,030,372  
Revolving credit facility  24,600   117,800  
Mortgage loans and notes payable, net  170,025   216,504  
Lease liabilities - finance leases  65,798   65,599  
Accounts payable, accrued expenses and other liabilities  176,854   159,140  
Distributions payable  71,277   68,301  
Deferred revenue  32,519   29,087  
Security deposits  1,083   1,077  
Total liabilities  2,573,782   2,687,880  
Noncontrolling interests in the Operating Partnership  337,417   249,414  
Commitments and contingencies       
Common shares $.01 par value, 400,000,000 shares authorized, 201,768,903 and 197,405,989
shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively
  2,018   1,974  
Additional paid-in capital  2,961,696   2,805,673  
Accumulated other comprehensive loss  (594)  (632) 
Accumulated deficit  (1,116,596)  (974,799) 
Total CubeSmart shareholders’ equity  1,846,524   1,832,216  
Noncontrolling interests in subsidiaries  13,509   8,632  
Total equity  1,860,033   1,840,848  
Total liabilities and equity $4,771,232  $4,778,142  

(in thousands, except share data)

  Three Months Ended June 30,  Six Months Ended June 30,  
     2021     2020     2021     2020  
Rental income $170,359  $140,484  $332,835  $281,469  
Other property related income  21,218   16,522   40,522   33,424  
Property management fee income  7,670   6,792   14,731   12,986  
Total revenues  199,247   163,798   388,088   327,879  
Property operating expenses  63,751   55,345   124,979   111,085  
Depreciation and amortization  54,139   39,893   107,949   80,731  
General and administrative  11,560   9,543   22,476   19,908  
Total operating expenses  129,450   104,781   255,404   211,724  
Interest expense on loans  (19,112)  (18,702)  (38,346)  (37,383) 
Loan procurement amortization expense  (1,012)  (753)  (2,047)  (1,507) 
Equity in earnings (losses) of real estate ventures  316   (174)  336   (179) 
Other  377   (456)  1,054   163  
Total other expense  (19,431)  (20,085)  (39,003)  (38,906) 
NET INCOME  50,366   38,932   93,681   77,249  
Noncontrolling interests in the Operating Partnership  (1,768)  (389)  (3,317)  (772) 
Noncontrolling interest in subsidiaries  154   (38)  120   (76) 
Basic earnings per share attributable to common shareholders $0.24  $0.20  $0.45  $0.39  
Diluted earnings per share attributable to common shareholders $0.24  $0.20  $0.45  $0.39  
Weighted average basic shares outstanding  201,414   193,629   200,293   193,605  
Weighted average diluted shares outstanding  202,809   194,192   201,527   194,231  

Same-Store Facility Results (511 stores)
(in thousands, except percentage and per square foot data)

  Three Months Ended    Six Months Ended   
  June 30,  Percent   June 30,  Percent 
     2021     2020     Change 2021     2020     Change
Rental income $154,254  $135,992  13.4% $301,576  $273,406  10.3%
Other property related income (1)  6,938   5,402  28.4%  12,923   11,688  10.6%
Total revenues  161,192   141,394  14.0%  314,499   285,094  10.3%
OPERATING EXPENSES                  
Property taxes (2)  18,571   17,857  4.0%  37,397   36,016  3.8%
Personnel expense  11,787   11,888  (0.8)%  23,605   24,547  (3.8)%
Advertising  5,440   4,225  28.8%  7,826   6,539  19.7%
Repair and maintenance  1,887   1,500  25.8%  3,497   3,090  13.2%
Utilities  3,829   3,919  (2.3)%  8,523   8,593  (0.8)%
Property insurance  1,571   1,277  23.0%  3,024   2,381  27.0%
Other expenses  6,375   5,750  10.9%  13,367   12,074  10.7%
Total operating expenses  49,460   46,416  6.6%  97,239   93,240  4.3%
Net operating income (3) $111,732  $94,978  17.6% $217,260  $191,854  13.2%
Gross margin  69.3 %   67.2 %      69.1 %   67.3 %    
Period end occupancy  96.1 %   93.7 %      96.1 %   93.7 %    
Period average occupancy  95.6 %   92.6 %      94.7 %   91.8 %    
Total rentable square feet  35,693         35,693       
Realized annual rent per occupied square foot (4) $18.08  $16.46  9.8% $17.84  $16.69  6.9%
Reconciliation of Same-Store Net Operating Income to Operating Income                  
Same-store net operating income (3) $111,732  $94,978     $217,260  $191,854    
Non same-store net operating income (3)  11,609   2,749      22,457   4,776    
Indirect property overhead (1) (5)  12,155   10,726      23,392   20,164    
Depreciation and amortization  (54,139)  (39,893)     (107,949)  (80,731)   
General and administrative expense  (11,560)  (9,543)     (22,476)  (19,908)   
Interest expense on loans  (19,112)  (18,702)     (38,346)  (37,383)   
Loan procurement amortization expense  (1,012)  (753)     (2,047)  (1,507)   
Equity in earnings (losses) of real estate ventures  316   (174)     336   (179)   
Other  377   (456)     1,054   163    
Net income $50,366  $38,932     $93,681  $77,249    

(1) Protection plan revenue, which prior to 2021 had been included in our same-store and non same-store portfolio results, is now recorded in indirect property overhead. Prior periods have been adjusted for comparability.
(2) For comparability purposes, current year amounts related to the expiration of certain real estate tax abatements have been excluded from the same-store portfolio results ($60k and $120k for the three and six months ended June 30, 2021, respectively).
(3) Net operating income (“NOI”) is a non-GAAP (generally accepted accounting principles) financial measure. The above table reconciles same-store NOI to GAAP Net income.
(4) Realized annual rent per occupied square foot is computed by dividing rental income by the weighted average occupied square feet for the period.
(5) Includes property management income earned in conjunction with managed properties.

   Non-GAAP Measure – Computation of Funds From Operations
(in thousands, except percentage and per share data)

  Three Months Ended  Six Months Ended  
  June 30,  June 30,  
  2021  2020 2021 2020 
Net income attributable to the Company's common shareholders $48,752 $38,505 $90,484 $76,401 
Real estate depreciation and amortization:             
Real property  52,747  39,021  105,599  79,029 
Company's share of unconsolidated real estate ventures  2,014  1,953  3,887  3,662 
Noncontrolling interests in the Operating Partnership  1,768  389  3,317  772 
FFO attributable to common shareholders and OP unitholders $105,281 $79,868 $203,287 $159,864 
Loss on early repayment of debt (1)  133    556   
FFO, as adjusted, attributable to common shareholders and OP unitholders $105,414 $79,868 $203,843 $159,864 
Earnings per share attributable to common shareholders - basic $0.24 $0.20 $0.45 $0.39 
Earnings per share attributable to common shareholders - diluted $0.24 $0.20 $0.45 $0.39 
FFO per share and unit - fully diluted $0.50 $0.41 $0.97 $0.81 
FFO, as adjusted per share and unit - fully diluted $0.50 $0.41 $0.98 $0.81 
Weighted average basic shares outstanding  201,414  193,629  200,293  193,605 
Weighted average diluted shares outstanding  202,809  194,192  201,527  194,231 
Weighted average diluted shares and units outstanding  210,137  196,141  208,882  196,192 
Dividend per common share and unit $0.34 $0.33 $0.68 $0.66 
Payout ratio of FFO, as adjusted  68.0% 80.5% 69.4% 81.5%

(1) For the three and six months ended June 30, 2021, loss on early repayment of debt relates to costs that are included in the Company's share of equity in earnings (losses) of real estate ventures.


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