CubeSmart

Good morning. Thank you for attending today's CubeSmart third quarter 2022 earnings call. My name is Forum and I will be your moderator for today's call. All lines will remain muted during the presentation portion of the call with an opportunity for questions and answers at the end. If you would like to ask a question, please press star one on your telephone keypad. It is now my pleasure to pass the conference over to our host, Josh Schutzer, Vice President of Finance. Mr. Schutzer, please proceed.

Thank you, Forum. Good morning, everyone. Welcome to CubeSmart's third quarter 2022 earnings call. Participants on today's call include Chris Marr, President and Chief Executive Officer, and Tim Martin, Chief Financial Officer. Our prepared remarks will be followed by a Q&A session. In addition to our earnings release, which was issued yesterday evening, Supplemental operating and financial data is available under the investor relations section of the company's website at www.cubesmart.com. The company's remarks will include certain forward-looking statements regarding earnings and strategy that involve risks, uncertainties, and other factors that may cause the actual results to differ materially from these forward-looking statements. The risks and factors that could cause our actual results to differ materially from forward-looking statements are provided in documents the company furnishes to or files with the Securities and Exchange Commission, specifically the Form 8K we filed this morning, together with our earnings release filed with the Form 8K, and the risk factors section of the company's annual report on Form 10K. In addition, the company's remarks include reference to non-GAAP measures. A reconciliation between GAAP and non-GAAP measures can be found in the third quarter financial supplement posted on the company's website at www.cubesmart.com. I will now turn the call over to Chris.

Thanks, Josh. Welcome, everyone. Thanks for participating in our third quarter call. I'd like to start off by thanking and recognizing all of our CubeSmart teammates who led by example and demonstrated genuine care in serving our customers during the hurricane. Thankfully, all of our teammates are safe and we are working diligently to repair the physical damage that we experienced. I know all stakeholders of CubeSmart are CubeSmart proud of our truly world-class customer service teams, and we're deeply appreciative of all their hard work. Turning to the quarter and business, I would say it was a very positive quarter across all segments of our company. Our markets are experiencing the expected gradual return to more normal seasonality. I will say albeit at a slower pace than we would have expected as we entered the year. So that's a positive. While conditions have normalized, the baseline is so much higher and operating metrics and cash flows are a substantial leg up over pre-pandemic levels. If you look at a few facts comparing same store in the third quarter of 22 to the pre-pandemic third quarter of 2019, our occupancy is up 130 basis points. Our asking rates are up 36%. The percentage of our customers who have been with us for more than two years is up about 640 basis points. And the percentage of our stores impacted by new supply has declined by about 15%. Our customer behavior continues to be quite positive. Our receivables and write-offs in the third quarter have continued to normalize, but still remain at or below our Q3 2019 levels. Turning to look at specific major markets, the MSAs in Florida continue to be very strong. Given the timing, the third quarter results did not see any impact from customers as a result of the hurricane, However, overall demand trends during the quarter were very solid. The New York MSA benefited from a relatively easier comp comparing to the third quarter of 21, and consumer demand trends remain very solid. The Washington, D.C. MSA continues the battle with new supply, and it is certainly weighing on results. Overall, as embedded in our guidance for the balance of the year, As we continue to normalize and the quarter-over-quarter comps become more challenging, we expect same-store revenues to decelerate across all of our markets in Q4 and throughout 2023. The highlight of our investment activity during the quarter was the significant shareholder value that we delivered through the sale of the assets in one of our joint ventures. Acquisition activity was muted during the quarter and we expect it to remain so for the balance of the year as buyers and sellers are in a period of price discovery. Our balance sheet is in excellent shape, plenty of capacity and low leverage, and we believe this sets the table nicely for us to take advantage if and when opportunities are presented to create accretive external growth. Certainly economic conditions are unsettled. CubeSmart is lean and agile with a great balance sheet and an experienced management team who has been cycle tested. Historically, self-storage has been a relative outperformer during a weak economy, and we are confident we are well-positioned entering 2023. With that, I'll turn the call over to our Chief Financial Officer, Tim Martin, to go into some more detail about the quarter.