The following is a summary of the CubeSmart (CUBE) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Same-store revenue declined by 0.8% compared to last year.

• Same-store operating expenses grew by 5.3%, driven by property insurance and marketing spending.

• Same-store NOI experienced a negative growth of 3.1%.

• Reported FFO per share as adjusted was $0.67, hitting the midpoint of their guidance range.

Business Progress:

• CubeSmart added 24 stores to their third-party management platform, reaching a total of 893 managed stores at quarter's end.

• Announced plans to acquire two storage properties in the fourth quarter, with several other transactions under consideration.

Opportunities:

• CubeSmart is prepared to capitalize on acquisition opportunities with a constructive market environment observed, and momentum building late in the year.

• Positioned well to handle external growth with a strong balance sheet and low leverage.

Risks:

• Lower than expected store performance due to a competitive pricing environment and slower rental volumes.

• Continuing impact of extended periods of high supply in certain markets affecting pricing.

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.