CubeSmart

All lines have been placed on mute to prevent any background noise. And after the speakers remarks, there will be a question and answer session. If you'd like to ask a question at that time, please press star then the number one on your telephone keypad. If you'd like to withdraw your question at any time, please press star one again. I'll now turn the call over to Josh Schitzer, Vice President of Finance.

Thank you, Colby. Good morning, everyone. Welcome to CubeSmart's third quarter 2025 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 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 in the company's annual report on Form 10K. In addition, the company's remarks include reference to non-GAAP measures. 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'll now turn the call over to Chris.

Thank you, Josh. Happy Halloween and welcome everyone to our third quarter call. It was a very solid third quarter for Cube, which resulted in guidance increases across our key same-store and earnings metrics. Across all markets, our existing customer KPIs remain strong, with key credit and attrition metrics remaining consistent within historical normal ranges. We are continuing to field diminishing headwinds from new supply, as the stores placed in service over the last three years lease up and the forward pipeline continues shrinking. As evident by two consecutive quarters of improved guidance expectations, the year has played out a bit better than we expected, which we attribute to the lessening impact of new supply, a more constructive pricing environment during our busy rental season, and the continued health of the consumer. We foresee continued gradual improvement in operational metrics. We are not anticipating a catalyst for a sharp reacceleration. We are prepared and operating under the expectation that the stabilizing trends as well as deliveries of new stores will vary by market. Market level performance was similar to what we have been discussing for the last couple of quarters. Top performers continue to be the more urban, mid-Atlantic, and northeast markets. The east coast of Florida is experiencing stabilizing trends, and some of the Sun Belt markets are still finding their footing. In summary, it's a slow, steady stabilization without a catalyst for rapid acceleration, just like we laid out when we entered the year. We've seen some better pricing power that started earlier in the year. for the reasons I've previously shared. While overall demand levels are mostly stable, but not growing significantly. It takes time for improving fundamentals to flow through to revenue with only four to 5% monthly customer churn. And this was the first quarter since Q1, 2022, where move in rates in the same store portfolio were positive year over year. Assuming these stabilizing trends continue through the end of the year, We should be on improved footing heading into 2026. Now I'd like to turn the call over to our Chief Financial Officer, Tim Martin, for his commentary.