CubeSmart

Hello everyone, thank you for joining us and welcome to the CubeSmart second 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 1 on your telephone keypad. To withdraw your question, press star 1 again. I will now hand the call over to Josh Schutzer, Senior Vice President of Finance. Josh, please go ahead.

Thank you, Sarah. Good morning, everyone. Welcome to Cubismart's second 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.keepsmart.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 Security 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 GAAP and non-GAAP measures can be found in the second quarter financial supplement posted on the company's website at www.keepsmart.com. I will now turn the call over to Chris.

Thank you, Josh, and thank you everyone for joining us this morning. 2026 marks a year of inflection as we return to positive growth throughout the year. Following a stabilization in operating fundamentals in 2025, we saw same store revenues inflect positively in early 2026. Our base case expectation is for continued acceleration in revenues that will lead to a return to positive earnings growth in the second half of 2026, providing a strong setup entering 2027. Our key performance indicators are flashing green, showcasing the resilience of the self storage business and the value of having such a wide range of need based demand for our product, benefiting us from not being overly reliant on any one source. Same store revenues continue their positive momentum, reflecting the strength of our customer base, the declining impact of new supply in many of our core markets, and the quality of our portfolio and operating platform. Macro volatility is impacting the U.S. consumer. However, our customer's health remains strong with lower vacate activity, elongating lengths of stay and continued solid credit metrics. This environment continues to showcase the strength of our quality-focused strategy with primary markets outperforming and showcasing their lower beta characteristics. We had a positive and productive spring and summer busy rental season, closing the occupancy gap to 2025 by the end of June and that momentum has continued into July. Second quarter move-in rates for new customers at a year over year positive 1.7%, improved sequentially by 80 basis points and all other factors held constant provides an attractive setup for the back half of the year and heading into 2027. There continues to be a wide dispersion and move in rates for new customers across our major markets. Strength continues in the Acela Corridor, Boston, Stanford, New York, and Philadelphia, in the Midwest, Chicago, Columbus, and Cleveland, and very positive improving trends in our West Coast markets with our Inland Empire and Los Angeles properties exhibiting very strong sequential improvement and swinging second quarter same store revenue growth on a year over year basis back into positive territory. With another solid quarter of sequentially improving trends, we are optimistic for continued gradual recovery in our major Sunbelt markets. These markets are experiencing the most pressure from supply as well as macroeconomic factors impacting the consumer. resulting in a challenging new customer pricing environment. We have maintained our disciplined capital allocation strategy. During the quarter, we executed against several objectives we articulated earlier in the year, including a new joint venture, the continued execution of our share repurchase program, and the recast and increased capacity in our credit facility. And I know Tim is very excited to share the details with you during his prepared remarks. As we come to the end of July, our rental volumes are elevated over last year. As of July 30, our same store physical occupancy is 91.1%, a 30 basis point increase over July 30, 2025. Our pricing algorithms have informed us that it is optimal to maintain seasonal pricing trends and build physical occupancy as we move into the fall. Self-storage remains a tremendously resilient business as we continue to benefit from the diverse set of needs-based use cases for the product, even against the backdrop of volatile consumer confidence. We are optimistic about the outlook for our business as we continue to see steady acceleration and fundamentals. Our high quality portfolio, our sophisticated operating systems, and our customer service focused team are well positioned to continue to drive us forward as we inflect back to positive earnings growth in the second half of 2026. I'll now turn it over to Tim for more details on the quarter and our positively updated guidance ranges. Tim.