CubeSmart

Thank you for standing by. My name is Eric and I will be a conference operator today. At this time, I would like to welcome everyone to the CubeSmart first quarter 2025 earnings call. All lines have been placed on mute to prevent any background noise. After the speakers emerge, 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. I would now like to turn the call over to Josh Schutzer, Vice President of Finance. Please go ahead.

Thank you, Eric. Good morning, everyone. Welcome to CubeSmart's first quarter 2025 earnings call. Participants on today's call include Chris Marr, President and Chief Executive Officer, and Jim 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 first quarter financial supplement posted on the company's website at www.cubesmart.com. I'll now turn the call over to Chris. Thank you, Josh.

Thank you, everyone, for joining us this morning. Our performance in the first quarter was strong. Our key performance metrics all trended towards the higher end of our expectations. We experienced solid top-of-funnel demand. Rental rates for new customers continue to improve, narrowing their year-over-year gap, and our existing customer health remains solid. Muted operating expense growth reflects the continued optimization of our platform. while not losing focus on providing our renowned, best-in-class customer service. This positive operational performance resulted in $0.64 of FFO per share, a penny beat to the high end of our guidance. As previously discussed during the quarter, we closed on the acquisition of our joint venture partners' interest in a high-quality portfolio, expanding our presence in several key markets. Our strong markets the New York City boroughs, Chicago, and the Washington, D.C., Maryland, and Virginia suburbs all continue to exhibit their strength, and our supply impacted markets, northern New Jersey, Phoenix, and Atlanta, are exhibiting signs of stabilization or recovery. Through four decades of operating in the self-storage industry, I remain impressed by its resilience. The quality and geographic diversity of our portfolio The economic diversity of our need-based customer and the ever-increasing sophistication of our platform provide great confidence in the long-term health of the industry and in our performance as a leading operator. Now I'd like to turn the call over to Tim Martin, our Chief Financial Officer, for his comments on the quarter.