CubeSmart (NYSE:CUBE) Q1 2022 Earnings Conference Call April 29, 2022 11:00 AM ET

Company Participants

Josh Schutzer - Vice President, Finance

Chris Marr - President and Chief Executive Officer

Tim Martin - Chief Financial Officer

Conference Call Participants

Smedes Rose - Citi

David Balaguer - Green Street

Juan Sanabria - BMO

Jeff Spector - Bank of America

Samir Khanal - Evercore

Ki Bin Kim - Truist

Mike Mueller - JPMorgan

Operator

Good morning. Thank you for attending today’s CubeSmart First Quarter 2022 Earnings Call. My name is Nate and I will be your moderator for today’s call. [Operator Instructions] I would like to now pass the conference over to our host, Josh Schutzer VP of Finance with CubeSmart. Josh, please go ahead.

Josh Schutzer

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

I will now turn the call over to Chris.

Chris Marr

Thank you, Josh. Thank you all for participating as we launch the earnings season for the self-storage sector. We consider the first quarter to have been a very solid one as evidenced by our 23.4% growth in quarterly FFO per share and 21.4% same-store net operating income growth as we continue to execute on our business plan. Our consumer demand trends remained very healthy. We experienced positive rental trends across all of our markets. Those positive demand trends have continued into April and we are optimistic for a successful busy spring and summer rental season. Tim will provide detail and color on our financial results and our improved outlook for the balance of the year.