CubeSmart (NYSE:CUBE) Q2 2024 Earnings Conference Call August 2, 2024 11:00 AM ET

Company Participants

Josh Schutzer - Vice President of Finance
Christopher Marr - President and Chief Executive Officer
Timothy Martin - Chief Financial Officer

Conference Call Participants

Spenser Allaway - Green Street Advisors
Sanket Agrawal - Evercore ISI
Nick Joseph - Citigroup
Michael Goldsmith - UBS
Eric Luebchow - Wells Fargo
Robin Haneland - BMO Capital Markets
Todd Thomas - KeyBanc Capital Markets
Brendan Lynch - Barclays

Operator

Thank you for standing by. My name is Kristina and I will be your conference operator today. At this time, I would like to welcome everyone to the CubeSmart Second Quarter 2024 Earnings Call. [Operator Instructions] Thank you.

At this time, I would like to turn the call over to Josh Schutzer, VP of Finance.

Josh Schutzer

Thank you, Kristina. Good morning, everyone. Welcome to CubeSmart's second quarter 2024 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 filed 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.

Christopher Marr

Thanks, Josh. Good morning. Thank you all for joining the second quarter earnings call. Overall, operating trends for CubeSmart during the quarter were largely in line with our expectations. Our same-store portfolio experienced a 1.8% increase in rentals compared to the second quarter of 2023. Vacates in the same-store portfolio were flat to the second quarter of last year.