The following is a summary of the CubeSmart (CUBE) Q1 2024 Earnings Call Transcript:

Financial Performance:

• CubeSmart reported flat year-on-year same-store revenues for Q1 2024.

• Average occupancy dropped by 130 basis points to 90.4%.

• Same-store operating expenses grew 5% resulting in a negative 1.9% same-store NOI growth for the quarter.

• CubeSmart completed an acquisition of two stores in Connecticut for $20.2 million.

• The company reported an FFO per share of $0.64 for Q1.

• Quarterly Core FFO was $0.64 for H1 2024 with expectations of increasing to $0.68 in H2 reflecting a usual revenue increase in the summer rental season.

Business Progress:

• CubeSmart added a record 68 third-party stores to its platform in Q1, totaling 860 stores under management.

• Despite market uncertainties, occupancy levels and rates are expected to improve with the onset of summer.

• The forward guidance for 2024 remains consistent with the expectations set in February.

• Plans are underway to add a minimum of 130 new stores to the platform within the year.

• The company saw web visits up by 6% and an improvement of 530 basis points in the conversion rate due to efficient marketing expenditure.

• The company plans to reduce cost per click by around 9%, thereby curbing costs.

• The company displays confidence in the long-term growth of the industry and continues to focus on providing the perfect rental for their customer base.

More details: CubeSmart IR

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