CubeSmart

Hello, everyone. Thank you for joining us and welcome to the CubeSmart first quarter 2026 earnings call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. To withdraw your question, press star one again. I will now hand the call over to Josh Schutzer, Senior Vice President of Finance. Josh, please go ahead.

Thank you, Paige. Good morning, everyone. Welcome to CubeSmart's first quarter 2026 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 strategies that involve risk, 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 factor 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 gap and non-gap measures can be found in the first 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.

The first quarter showed a continuation of trends from late last year with results that were in line with our expectations. We are encouraged to finally see the inflection in the same store revenue growth this quarter. as the stabilization and operating trends we experienced in late 2025 is flowing through the financial metrics. We expect continued gradual improvement throughout 2026, albeit without a projected catalyst coming from the macro environment. Positive move-in rates and same-store revenues were supported by steady demand trends and lessening headwinds from new supply. We are encouraged that the wave of new stores from the last couple of years continues to lease up while the forward pipeline remains lighter. This environment continues to showcase the strength of our quality focus strategy with primary markets outperforming and showcasing their lower beta characteristics. Steady demand when combined with fewer vacates resulted and a 240% increase in net rentals for the quarter, helping to narrow the year-over-year occupancy gap to now 20 basis points by the end of April and putting us in a good position entering the spring-summer busy season. Our more stable urban markets in the Northeast and Midwest continue to outperform, while our more transient supply-impacted markets across the Sun Belt and the West Coast beginning to see green shoots in the form of second derivative improvement we're also encouraged by pricing trends last year we began seasonally pushing rates a little earlier which for us created a tougher march comp but move-in rates have improved throughout the month they ended the quarter of two percent and that plus two percent spread held through the month of april Across all markets, our existing customer metrics remain strong, with no change to attrition rates or credit. Our pricing and operating strategies, when combined with our best-in-class portfolio, are attracting a high-quality customer who is remaining in the portfolio longer. Looking at performance across markets, 21 of our top 25 MSAs saw a sequential improvement in same-store revenue growth during the quarter. The Acela corridor continues its outperformance, led by New York, Austin, and Washington, D.C. MSAs. Midwest markets, led by Chicago, maintain their steady pace of improvement. Major Sunbelt markets showed encouraging signs, with Miami swinging to positive same-store revenue growth, and Phoenix and Atlanta making meaningful progress in their recovery from the influx of new supply. We are proud of the work our operations team has done to have us well positioned to capitalize on the opportunities presented as we transition into our busiest time of the year. We remain committed to our strategy of building the highest quality portfolio in the storage sector. Through cycles, our target markets and their strong demographics produce the best long-term risk-adjusted returns. The strength of our portfolio demographics and density of populations around our stores ensures stability of demand and insulates our portfolio from some of the cyclicality faced by more transient and supply-impacted markets. We are confident that our focus on building the highest quality portfolio in the self-storage sector by acquiring high-quality assets in top markets will create meaningful value for our shareholders over the long term. Thank you, and I'll now turn the call over to our Chief Financial Officer, Tim Martin, for his comments.