CubeSmart

Hello, everyone. Thank you for joining us and welcome to the CubeSmart third 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, Sarah. Good morning, everyone. Welcome to Keep It Smart's third 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 relief, 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 Securities and Exchange Commission, specifically the Form 8-K we filed this morning, together with our earnings release filed with the Form 8-K, and the risk factors section of the company's annual report on Form 10-K. 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, everyone. A very solid quarter for CubeSmart as we emphatically delivered on our forecasted inflection to positive growth in both net operating income and funds from operations per share. 2026 has demonstrated both the resilience of the self-storage business and the strength of CubeSmart's operating platform and portfolio strategy. The wide range of need-based use cases for our product has supported stable demand despite a sluggish housing market while reduced new supply pressure has created a more constructive operating backdrop across most markets. Throughout the year, our systems have effectively balanced rate and volume at the individual store level, producing higher revenue from move-ins, strengthening occupancy, and driving meaningful acceleration in same-store revenue growth. At the same time, strong customer service and a compelling value proposition have supported lower vacate activity, longer lengths of stay, and stable customer credit metrics. The breadth of the improvement is particularly encouraging. 17 of our top 20 markets generated accelerating revenue growth, led by strong absolute performance across our high quality urban markets in the Northeast and Midwest, while many previously supply impacted Sunbelt and West Coast markets are showing meaningful second derivative improvement. That combination highlights the value of a portfolio designed to provide durability in more stable markets and growth as challenged markets recover. Rental volume was positive in five of the last six months, helping to drive occupancy acceleration from flat year-over-year at the end of June to 90 basis points over last year at the end of September. as we've seen less seasonal occupancy decline from the summer peak this year compared to prior years. As anticipated, move-in rates were down modestly year over year in Q3 as our system saw an opportunity to drive incremental volume by not pushing rates up further in July, ultimately generating higher revenue from move-ins in the quarter. We saw nice momentum through the end of the quarter as move-in rates returned to positive year-over-year growth by the end of September and improved further in October, now up low single digits. The strong results demonstrate the dynamic nature of our systems, responding to market and store-specific signals with the objective of maximizing revenue rather than any individual operational KPI. We are also converting that top line momentum into stronger cash flow growth through disciplined expense management. Our five year record of sector leading expense performance reflects a sustained focus on operating efficiency and expenses again performed better than our forecast without compromising the customer service and property quality that support long term revenue. We view AI as a tailwind for our business. We have deployed generative AI across the company and are in the early stages of agentic AI use cases. We see a significant volume of potential opportunities to enhance revenue maximization, improve efficiency and speed up the deployment of software development. In addition, we believe that our sophisticated digital tactics position us to be a brand of choice as consumers are shopping. The strength of our digital content, brand and customer reviews will remain valuable as generative and agentic AI become a larger part of the shopping process. Finally, our capital allocation activity demonstrates the flexibility and value embedded in the CubeSmart platform. We accelerated share repurchases because of the compelling relative value in our existing high-quality portfolio, while the Heitman recapitalization allows us to monetize non-core assets at attractive private market pricing, retain participation in future upside and establish another avenue for external growth. Our ability to access the term loan market further reinforces the breadth of our capital relationships and provides liquidity and flexibility in a volatile macro environment. Together, the momentum in our operating business, the quality of our portfolio, and the flexibility of our capital allocation platform provide multiple avenues to create shareholder value as we enter 2027. Now I'd like to turn the call over to our Chief Financial Officer, Tim Martin.