CubeSmart (NYSE:CUBE) Q4 2023 Earnings Conference Call March 1, 2024 11:00 AM ET

Corporate Participants

Josh Schutzer - Vice President-Finance

Chris Marr - President & Chief Executive Officer

Tim Martin - Chief Financial Officer

Conference Call Participants

Kassandra Fieber - Truist securities

Eric Wolfe - Citi

Elizabeth Doykan - Bank of America

Juan Sanabria - BMO Capital Markets

Michael Goldsmith - UBS

Keegan Carl - Wolfe Research

Spenser Allaway - Green Street

Samir Khanal - Evercore ISI

Eric Luebchow - Wells Fargo

Mike Mueller - JPMorgan

Todd Thomas - KeyBanc

Operator

Good morning, ladies and gentlemen, and welcome to the CubeSmart Fourth Quarter 2023 Earnings Conference Call. [Operator Instructions] This call is being recorded on Friday, March 1, 2024. I would now like to turn the conference over to Josh Schutzer, Vice President of Finance. Please go ahead.

Josh Schutzer

Thank you, Joanna. Good morning, everyone. Welcome to CubeSmart's fourth quarter 2023 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, everybody.

Last evening, we provided our solid operating results for the fourth quarter of 2023 and introduced our expectations and guidance on our key metrics for 2024. Tim Martin will provide more color and insight on both of those in his prepared remarks. At a very high level, operating trends have stabilized when comparing to the volatility that we experienced in the first 3 quarters of 2023, but price sensitivity for new customers remains elevated given the tight housing market and a particularly challenging competitive environment.