CubeSmart (NYSE:CUBE) Q4 2022 Earnings Conference Call February 24, 2023 11:00 AM ET

Company Participants

Josh Schutzer - Vice President, Finance

Chris Marr - President and CEO

Tim Martin - Chief Financial Officer

Conference Call Participants

Jeff Spector - Bank of America

Michael Goldsmith - UBS

Spenser Allaway - Green Street Advisors

Juan Sanabria - BMO Capital Markets

Todd Thomas - KeyBanc Capital Markets

Keegan Carl - Wolfe Research

Steve Sakwa - Evercore

Ki Bin Kim - Truist

Mike Mueller - JPMorgan

Operator

Good morning. Thank you for attending today's CubeSmart Fourth Quarter 2022 Earnings Call. My name is Alicia, and I'll be your moderator for today's call. [Operator Instructions]

I would now like to pass the conference over to your host, Josh Schutzer, Vice President of Finance with CubeSmart. You may now proceed.

Josh Schutzer

Thank you, Alicia. Good morning, everyone. Welcome to CubeSmart's Fourth Quarter 2022 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 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 fourth quarter financial supplement posted on the company's website at www.cubesmart.com.

I will now turn the call over to Chris.

Chris Marr

Thanks, Josh. Good morning, everyone. Thanks for joining. Our fourth quarter results capped off another excellent year of performance by our CubeSmart platform, and I thank all of our teammates for their dedication and outstanding customer service. Same-store revenue growth for the year came in at the high end of our guidance. Our focus on operational excellence contained expense growth to an annual rate of 3%, resulting in same-store NOI growth at 16.7% for the year coming in above our guidance.