CubeSmart (NYSE:CUBE) Q2 2022 Earnings Conference Call August 5, 2022 11:00 AM ET

Company Participants

Josh Schutzer - Vice President-Finance

Chris Marr - President & Chief Executive Officer

Tim Martin - Chief Financial Officer

Conference Call Participants

Keegan Carl - Berenberg Capital Markets

Juan Sanabria - BMO Capital Markets

Samir Khanal - Evercore ISI

Ki Bin Kim - Truist

Michael Mueller - JPMorgan

Operator

Hello everyone, and welcome to the CubeSmart Second Quarter 2020 Earnings Call. My name is Victoria, and I will be coordinating the call today. [Operator Instructions]

I'll now pass over to Josh Schutzer, Vice President of Finance to begin. Please go ahead.

Josh Schutzer

Thank you, Victoria. Good morning, everyone. Welcome to CubeSmart’s second 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 second quarter financial supplement posted on the company’s website at www.cubesmart.com.

I will now turn the call over to Chris.

Chris Marr

All right. Thank you, Josh and good morning to everybody. Another strong quarter for CubeSmart. Our results were very solid across all of our key performance metrics, reflecting our high-quality portfolio systems and teammates. Highlights for the second quarter include 19% same-store NOI growth and 24% funds from operations per share growth. Tim will share more details and color on our financial results for the quarter, our significantly improved outlook and the strength of our balance sheet during his prepared remarks.

Looking across all of our markets, we saw consistent performance, up and down the coast and throughout the central part of the United States. So, self-storage continues to be performing quite well. Our consumer continues to be pretty healthy and we're very encouraged by the first half of 2022 and look forward to a very successful second half as well.