CubeSmart

to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. Thank you. I would now like to turn the call over to Josh Schutzer, Vice President of Finance. Please go ahead.

Thank you, John. Good morning, everyone. Welcome to Key with Smart's third quarter 2024 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 on 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.

Thank you, Josh. Good morning. It was a solid third quarter as we continue to focus on maximizing the opportunities in a competitive market environment. Overall store performance was in line with our range of expectations entering the quarter. Once customers enter our portfolio, they continue to have elevated lengths of stay and credit metrics in line with historical norms. Our lower beta urban markets continue to outperform the Sun Belt. We are very grateful and thankful to have been extraordinarily lucky with both hurricanes. Our teammates are safe and our stores avoided any major damage. Our New York MSA significantly outperformed the balance of our portfolio, despite facing tougher comps and being weighed down by the supply impact in the North Jersey segment of the overall MSA. In the overall New York MSA, rentals were up year over year, demonstrating the continued solid demand profile in this key urban market. This year over year increase in rentals was led by our portfolio in the New York City boroughs, up 7.4%, offset by rentals being down 11.6% in our Northern New Jersey portfolio. A similar story in same store revenue growth, with the New York MSA generating our second highest growth within our major markets, led by the Bronx at 6.6%, followed by Brooklyn at 5.8%, and again, weighed down a bit by our northern New Jersey lagging at negative 1.1%. Our top performing major market was the DMV, District of Columbia, Maryland, Northern Virginia, as it rebounds from the headwinds of new supply. The MSA had both a solid 3.2% year-over-year same-store revenue growth as well as 110 basis points sequential improvement in revenue growth from the second quarter. Weaker performing markets are in Florida and Arizona, markets that experienced significant gains during the pandemic while also experiencing and continuing to experience the impact of new supply. As Tim will discuss and provide more color in his remarks, we remain a third party manager of choice. 2024 will be our eighth straight year of adding 130 or more stores annually to our portfolio we will remain disciplined in our capital allocation decisions and are prepared to move decisively and with conviction for opportunities that fit our investment thesis thank you and i'll now turn it over to tim martin for his comment thanks chris good morning everyone thanks as always for taking time to join us on today's call