CUBE - Earnings call transcript Q1 2019

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Operator

Good morning, and welcome to the CubeSmart First Quarter 2019 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note that this event is being recorded. At this time, I would like to turn the conference over to Josh Schechter [ph] Director of Financial Analysis. Please go ahead, sir.

Unidentified Company Representative

Denise. you, Thank Hello, everyone. Pennsylvania. Malvern, from morning Good to CubeSmart's call. XXXX first quarter earnings Welcome President include Executive Financial Participants call Marr, Officer. and Chief on today's Martin, Chris Chief Tim Officer; and

Our Q&A by prepared be a remarks will session. followed

other may earnings release, actual risks risks, Exchange from factors remarks actual the that in which addition operating those company to financial forward-looking forward-looking will website from section include is data that our documents at our materially uncertainties factors to Relations differ provided regarding furnishes In materially or under Investor the cause results cause was statements differ statements. certain and and the results to and and filed available of yesterday involve Commission. are evening, that Securities issued www.cubesmart.com. and forward-looking with strategy supplemental that The earnings company's to could The statements company's the

morning with risk our of XX-K. the filed with Report on earnings Form the and together X-K Form filed this release factors company's Form Annual we X-K the Specifically, section the

addition, company's will call reference to financial measures. posted GAAP Chris. the reconciliation between first www.cubesmart.com. at can to non-GAAP the in supplement company's include measures In A and quarter be on non-GAAP now found remarks turn I website the the over

Christopher Marr

growth stores portfolio. in call, revenue our good outperforming consumer of factoring trends solidly demand we Tim on occupancy All of the In interest non-same-store revenue right. with year-end in and across into first expectations, XXXX and included entering expectations. our encouraging the new and experienced Thank impact with our were modestly you, for morning. same-store your everybody our XX% the Thanks properties year supply we and Josh that same-store in in occupancy the CubeSmart. approximately expectations venture quarter, our portfolio joint line our XXXX In our articulated our

be in markets, do greater continues in In supply supply we what our in thesis will experienced of to our some that cycle of XXXX saw XXXX impact markets previous the on those support that on appear Austin supply in we in rolling sharpest the current to significant top see supply life in three updated as cycle. drop signs have deliveries. year earliest markets markets Based data, than our earlier data those also years. Our that this such saw new the reviewing anticipated

York in the New face new consistent Our remain performers supply. of properties

While new we midst rolling challenged and operationally impact into XXXX of XXXX. with to next difficult year while our year. current deliveries comp to the data solid of supply new we early factor commentary Bronx, experienced occupancy on Denver, quarter-over-quarter experienced through that markets those and to that supply, to three the in similar dealing Brooklyn in markets do the the decline in expect XXXX. cycle our are quarter in a would gradually my in had hurricane Charlotte continue growth increasing impact rents. the in The impact supply the in first elevated remain will previous portfolio markets suggests significant regarding Miami, asking both Houston be

over of do we course to the So growth expect improve the rates the year.

continue However will supply weigh operating heavily on to fundamentals.

speak the X well survey PM industry clients growing XXX our as and we our landscape to the contacts, As themes plus and as emerge. following

more hurdle in development markets. adding market shifting those lower in that or the efforts and thesis capita current the the low to healthy markets. top bounce universal square developers self-storage are feet wages, And continues strong the opportunities. low levels strong an the financial back benefit of a face scalable interest the enormous markets it expected projects of Banks finally, The and just new with to and per scaling from to borrowers beginning remains Financial seasoned either has our flow brand XXXX to fairly will more view Our the markets additional primary being cash will demographics With decline back MSAs are and rates and than validated over Tim of late A the of quickly will markets experience further and from Martin, rates supply employment, U.S. the healthy importance self-storage from high operating secondary consumer I their impact from cycle that, impact customer to rental supply overall supply. Officer. as our growth Chief and overdeveloped and business growing in turn platform.

Timothy Martin

continued including joining a your share year. X.X% interest us of call and end of headline on guidance Chris high the XXXX growth the reported thanks provided represents results adjusted everyone which of in We expenses. our operating line quarter as $X.XX revenue both range increase very flat was Overall with result X.X% last a basis. FFO and Thanks average in and a support. and was for first much at to and ending evening last over quarter were NOI much for X.X% in the our expectations. metrics All very results in with line on driven by year-over-year our were an our expectations. increase levels of X.X% three Occupancy Same-store per

X.X% year. related Our same-store offset last by and compared growth costs costs and advertising impacted growth weather was as increase lower to X.X% real in in personnel estate a tax flat expense by a expense costs

in York, the Queens, April, two first the to stores XXX stores opened other In quarter-end. property the in from we count one program one store wholly Jersey. During management bringing our Maryland program, third-party week added our to acquisition New development closed stores in million. at we our owned the up quarter, Bayonne, on of managed New for We first XX of Annapolis, $XX

their the East in and will to pipeline be Virginia. is XXXX Arlington We in for back quarter of our development a new announcement the is headquarters months open XXXX adjacent new exciting also and location opportunity back location. Amazon's us in expected of few an we to first Coast the given Arlington, development a added about store in This new our to store existing developed project that

price million were of offering share. sheet, X.XXX%. On with an at completed XXXX was a balance January, of first coupon notes program, the And in XX proceeds quarter that unsecured to the senior the we in of on as the net use using in average $XXX at call borrowings the our our discussed the repay we balance under the million $XXX $XX.XX we of per year of revolver. expire to a $XX.X the We term earnings proceeds and last market million yield loan sales from set reduce equity raising to active bond dollar

reduced exposure to just rate next average our we've manageable debt We've XX% our floating three very and years have X.X to We debt to over maturities the years. years. elongated maturity

months Our hasn't ago. provided landscape since initial guidance our we XXXX for two changed much

flat seeing discounts new a very experiencing and and much demand again surprise. quarter guidance from a in quarter per our and Pressure year. occupancies modestly up give Not what bottom surprise, keep expected. for we’re we share not results Our the slightly adjusted annual us with we April what of rate the a comfort we've using confidence additional as last us by are We're not and expected. increase perspective and guidance ranges year line year-over-year Overall FFO first sufficient by performance We did was provided. to right supply end that bringing first over our this more markets heightened news penny. new that levels a

summer from busy the new head no us an we overall, increased to confidence out which rental as in fundamental good gives So year meeting that our we into operating news perspective the laid news us is expectations for season.

let's open thanks So for some this joining again this questions. the point, up call for on the call us morning. Denise At

Operator

Thank you sir.

We the Please of this ahead. America question-and-answer from Merrill Lynch. morning Instructions] go session. will Wu come of Shirley question now [Operator And first begin your Bank will

Shirley Wu

the morning Good taking question. guys. for Thanks

So my on is first guidance. question

growth cadence So given at revenue core maintained of for X.X%. same-store year? the this What's X%, at the and remainder expenses of you've expense revenue

Timothy Martin

same-store was expense your that question? growth sorry I'm

Shirley Wu

So given revenue you expense and growth. maintain

play So being how growth X.X% compared you in revenue guidance versus at this your year to at coming rest X.X% out? to at growth the guidance and X% expect X.X%, of do at expense

Timothy Martin

you. Got

side X.X% revenue just the on midpoint do X.X% as we high range, deceleration deceleration on to So your of end a mean as X%, at I continue, of we is the X.X% everyone to like our not XXXX. but it's above a it's at quarter as a range the focus into to expect expect smooth it always range. gradual be do continue would We do that expect, we first

for of to us On items an the annual easy there predict are that expense are a on basis. front, relatively expenses and lot line

expectations but little related news Sometimes Marketing more some like on repair some news areas challenging expense a the expense, news on had, expenses comps. is be bit in in good a a seasonal particular based we bit weather first our quarter the can versus maintenance Not necessarily in good sometimes lumpy. year-over-year. timing good little

standpoint from quarter an range, we range it the looks that So with remain year. we despite the comfortable expense relative is first fact for our provided the attractive entire to that very our

Shirley Wu

bump That's fair. end side? the the speak little FFO what on Then to drove you lower could a

Timothy Martin

of first quarter number. Really just coming our the at in high end

Shirley Wu

Okay, you April maybe trends even in far? and to so Could so into XQ net speak one last question. your rate effective

Timothy Martin

Sure.

from as discounts and percentage if range. mentioned course, my that components, asking talking but remarks a for different revenues in X% have and seen several they're I lows a in historical we're X% was the asking rates were that year-over-year. of of up of been nowhere up time increased we've levels discounts down in the an where there So going several not as perspective, rate prepared of slightly. really at discounts to seen We've go quarters bit We've years period to

quarter last a X.X% points So were is or year. the basis XX X.X% up of revenues percentage which discounts about as over for

the of drivers. So those are of some some the components,

Shirley Wu

Have you seen in April? that changed

Timothy Martin

performance to saw quarter. No, very first April has those consistent of very from in all what consistent. metrics the been we

Shirley Wu

for Thanks the it. color. Got

Timothy Martin

Thanks.

Operator

Metz will Capital Markets. be go question next The Please from ahead. of Jeremy BMO

Jeremy Metz

morning. good guys, Hey

Timothy Martin

morning. Good

Jeremy Metz

operating your demand in expectations line call you the morning, mentioned no to the mentioning in Good new in remarks you right being encouraging news front. also revenue on you Chris started front. seeing you're occupancy started with by but saying and Tim signs

but you that looking you're a one just maybe feeling together. and in better like here? On those sounds sounds today line can it little help hand, on also it from bit everything expand sort So out like of was tie

Christopher Marr

is question point groups the of thanks just the connection assets. Jeremy looking that think I for two Yes, the at there of

So even you non venture include that stores when plus entire look good our XXX very sub seeing we're demand manage, portfolio, the third-party same-store overall our we the and joint marketplace. we at the if then in

into the same-store demand stores. to Now newly is relative that how opened flows the

at up to then And newly we're which encouraging. nice I with seeing what we what stores the is continue physical to opened think caused lease expected on very be consistent metrics the is a the has it's same-store what occupancies pace. had

demand in comforting supply way overall markets. remains think that and So submarkets the is I a more think better in in healthy than to markets to and we fill demographic adequate especially those quite new these markets environment self-storage the overall the up in

Jeremy Metz

And of just know in canvas differently here. sort sticking operate peers out your market also but there, of strategies seeing the you you all what I you're with and terms revenue

So or are as public not bigger look being owners, of metros discounting you with rents seeing folks of the whatnot? you where bigger or your or you or terms some behavioral aggressive the market are into even changes compete in in private any on some how of

Christopher Marr

strategies it's I time to say book stores this infinite maximize return tried the for and nothing openings over if store in methodical that and new of is, that an in my rents. revenue still have folks more hold would holder want lease-up very two you amount I Therefore at that that open, on to a up I'm my a expectation. long-term the of higher asset it you new effective net there will lease therefore that way No,

timeframe those the may their gain have shorter in therefore terms current that. anything, Nobody focusing of physical You have expectations occupancy and seeing how can new, the them long seeing and not we're continues that folks like moving to for who beyond bookends, rapidly cost be that not effective That's you odd. we're those much not two see more is of I on that's getting. like it a at rent anything a I'm been time

Jeremy Metz

deals out. or and Appreciate at hitting about remarks, revenues the you just last looking and at that's all? that or expectation expectations from this isn't development seeing broken therefore increased or any developer just then an deals impact And your is rents, looking banks lower me. the as and out are this opportunity feeling and you they're playing in to something one the non-stabilized is that color set owner get Chris, of mentioned borrowers Also

Christopher Marr

to incredibly how I remain seen. think property it will is be an This will type. resilient an be opportunity robust

that. bust, for disappointment some rarely one as an or up you're I the the XX oftentimes, we're exchange discounting years and of think pro for new I've heavy it's outright was you said lease So projects physical expectation see my lower in in occupancy And in forma. early just rents a

one, in fact have seeing rates in often you're the be it's forma a So get year two of expected you would somewhat may not at can the all you you that rents and form some than rental effective your have really when you not would that. disguise of growth pro lower into year until sudden

become NOI the so And start to little more pressured. a

in it'll rental that, in would to feel that to opened opened the early we're I the those late in I XXXX So that the guess starting that XXXX think impact some degree, be we'll season, this this we the be not deals in after XXXXs. through get be and still

it's So opportunity I do an present early how that to but is. historically robust think going

I on think or that fuel the other will that. have bags something see we're pressure as rising environment going add macro rate else a events to such to to

Jeremy Metz

the for Thanks time.

Christopher Marr

Thanks.

Operator

question KeyBanc of from next Markets. Please Capital Thomas will Todd the go ahead. then And be

Todd Thomas

Hi, thanks. Good morning.

to or they clarification X% X%? your First quick still rates. down asking Are to X% response down rates Tim, Shirley's follow-up X% positive on to to to guess X% a or I negative X% asking in but is to question

Timothy Martin

the and there rates to I'm markets asking challenged portfolio, tail are all are X%. but down course there They’re to X% very sorry, X% are portfolio that together very the wasn't positive of add markets are guess. across that's clear positive and of you between I that I and across negative are the X% it when

Todd Thomas

was rents so And the little can and that realized foot, talk between the everything rate might how just you quarter. occupied There the maybe square and and the just from talk Okay. net rent metric existing growth driven occupancy about bit about help of then that can no increases sort entirely in more rents, understand and in change a you customer the per trend revenue mix else here? was us

Timothy Martin

blend you amount to to out a of it dig again to that customers. of it, it so of the it’s Yes, – We of increases going That of aware you're that rate rate, it’s discounts, of portion is is try number don't the into be course the all that of the of. portion asking longer parse ingredients growth the by of represented the is portion is that existing a length portion of it’s stay. to

all are get to parse how trying not those. ingredients those each attributable in one So was by much out and we’re of the going to

Christopher Marr

the we're very think to customer to Todd, stay urban maturation does trends if continue think portfolio, the is that longer. is about length think though I going you of to tends macro of finding of stay elongate it elongate, to be part if continue about, does of but be part to modestly that going you just

opportunity then at us pass a day is along like to you the increases think that hasn't changed them, giving of this look rate which combine those that to to you down. folks meaningfully rental an few then gone increases but more hasn't the it elongating is extent and magnitude I

individual and think you rental saying. that So sort together property Tim the mushes the all rate a an are churn sizes combined think you're folks at as that with to said, that's I that driver just get take then I of growth the and to renting and of

Todd Thomas

in -- rents that in-place the that see lastly here the supplement. just we And you Okay.

about gross rents, they rents So were that's were up X.X%. net X%, up

view? of rate the good of basis for comps the conditions year-over-year run assume discounting. from balance or do year XX throughout Is or sort that all point the a headwind about your to to that talked you at operating change year XX So that in

Christopher Marr

Yes, it’s to try components. to predict individual a difficult to one the again

guess but are and at continue here if promotional think I to more I for I that's the going most the second is trend sit pricing year-over-year going an be a in the to said, trend the given would think promotions discussed. recommendations is rate was on think from or likely discount are a bit likely today the both the of there asking what generate you is into as least most on to headwinds systems based the that maximize being quarter now revenues. discounting to of we basis best we've the that thing promotional first still into quarter that some probably pressure a on That basis as perspective.

Todd Thomas

you. thank Okay,

Operator

Please Ki question SunTrust. And of from Kim the next be ahead. will go Bin

Ki Bin Kim

you're about bit seeing you York in more trends City. Thanks. Can a the rent little talk New

I you positive to improving was it think said in territory? the opening remarks

Christopher Marr

Hey it's for Chris. question. Yes. Thanks the Ki Bin,

New we occupancy rental is the seeing be had have continues I basis face our for little in And revenue show little when we asking up York nicely in supply pretty, rental growth there sequentially decline actually as the rates consistent physical in XXXX, And the supply both framing of piece of sort in rates. good especially into in absolutely the we're supplement a encouraged -- perhaps City nicely QX. bit the really have that of we and then delivery we remain from been point maybe when renting pretty in fact many that We the new The also Bronx Brooklyn, again the from than and of on some bit from the there. to at rents encouraging Staten our All occupancy seen not the in we nicely our of But impact have expected have an comments to pretty lower we MSA. a that but City have went we of much in with in in the as up think remain what Good albeit modest said, where of Island we're being QX bit always pressure that market. seeing a cautious of coming XX A my on pretty hung the of the as encouraging. QX, one growth rental store performance of has expected metrics same-store on occupancy Queens spite actually in in there that well. occupancies there would those New Brooklyn a again that in that was a thoughts York we're there which metrics time saw our at acceleration out and little in rates years consistent stores new so. year seeing the and ago. it. gem market would are in supply level physical expectations prior a this are will begin by perspective solid to demand are we've

stores, I the done stores think there, in the the great of mitigating that. our location the job of team has quality a

the I on Queens that. year. would expect Brooklyn, remain the of the think level in of Right done of course to the We brand of has we market optimistic will rest the in power how cautiously now, of deceleration mitigating metrics out throughout a play in great this XXXX. that job those see some over

Ki Bin Kim

in up all or? a of like rates the you look if magnitude was But markets you're any terms the couple talking at percent those So improvement are like about? sense of in that totality,

Christopher Marr

Occupancy XXX basis asking look this totality, you is points last than in and they X% almost year. those Yes, higher at if were X% up at are positive. rents time markets between

Ki Bin Kim

properties internal your is sense Okay. So actually new metrics? less portfolio? when developments New get those to how trying that benefit there a your And own in markets I’m might how your cannibalization City any your are basically York lease-up, much impacting of sense own much on

Christopher Marr

I that think in or XX% my don't experiencing some is I the of managed stores top of that is in and that is CubeSmart the Bin, the that head, would of that competition. those At know I outer XX%, owned for Ki of our competition XX%, stable say the like is, form whether XX% mix are boroughs of

to in the occupancies. get once So store branded close stabilized that lease-up outer the are XXX% to is boroughs CubeSmart yes, physical start

supply we is again Bronx in expectation this fairly Our good the rate already. positive. closer begin today. net that beginning on I boroughs of will sit And a to in be we we I think, here outer the rental at certainly the experience to some it see And the locations think growth. as are than the our also has will end then been deliveries new

Ki Bin Kim

pretty Okay. encouraging. That's

per Just kind square last question, a what of foot basis? annualized are you guys spending CapEx on on

Timothy Martin

budget foot. I’m sorry, high to make sure didn't typically I I just per we $X.XX the in miss square want speak,

between and and typical over or per four $X.XX foot changed $X.XX So say I much that hasn't somewhere years. five would past, is square the really

Ki Bin Kim

Thank you. Okay.

Timothy Martin

Sure.

Operator

be next from question Please Citi. will of ahead. The Smedes Rose go

Smedes Rose

the you that tax York I quarter wanted I bit. else like you. were a related was it little down that mean, thank expenses in Hi, maybe something driving ask that? just on also the And is to just looked New there results was or

Christopher Marr

mostly Smedes. It's Yes, weather.

bit just and quarter-over-quarter. we on bit a think expenses then other on lower utility a I the little related So had weather little lower the side

Smedes Rose

Okay. high the I has margin of at of or investment mentioned wanted for very results. levels Is back see would in prior other back thing to developers the that sense was peak equity you to banks your now And of the you, line? in that nonrecourse sort loan of where probably those need we that's start to and it kind that financing on it disappointing what sense ask gone storage somewhat that will minimal to to kind then the construction change

Timothy Martin

Smedes, great absolutely On question. anything speculative, not. Yes, thanks,

couple of You of on private continue call I There's healthy been been operators. with have deals it low see would traditionally CMBS that done rates cash anything recourse, sort on to storage normal lending flow. stable a speculative advance

comfort I it's level flows the more the I a years comfort leeway a little the frankly the egregious of of I that more resiliency again. more, given little aggressive think we've sort stable but seeing that have cash think maybe You're gotten on Nothing think on how banks the all a and of a the this more on little through cycle, side has environment given product, over the side. lending them strength there's supply performed the

Smedes Rose

Okay. And the across about just can difference and the between finally, then portfolio? just rates is in-place asking rates you where talk

Christopher Marr

Smedes. Sure, happy to

think that So Again given that rolled down you the couple or first when at fact quarter it's terminology gap in things. about. fourth its to and seasonal think that, very of a the whatever about like quarter folks is widest that combine the

of Our median X.X months. about remains length stay

majority of moving folks So leasing in that out would read be the last the the during summer. first back quarter have peak would season

a a would at they in swing are on moved from have perspective. seasonal our the out moving seasonally basis. the So seasonally point rates highest low do rate And at because

they the is this XX% first And so consistent between and in-place year. that's fact were for year that to compared Street that We typical year year. range much ask down last to a are where is last with versus little and rates to bit XX% which what's than attributable gap wider X% is that the were in very our we aligned to that where and this largely were year last quarter X%

to below. percent So XX% XX%

Smedes Rose

you guess And kind I into seasonally I Okay. stronger compress periods of then should or? as get

Christopher Marr

each way It XX% on when off doubt. of down year down, year season does. and in from perspective, to back leasing approximating seasonal one Yes. back XX% the XX% no XX% a the year, to same you cycles that and be into get year it peak based of peak range the every back the gets can the trends It but time period. even the It another to it then

Smedes Rose

Okay, all you. right. Thank

Christopher Marr

Thanks.

Operator

be from of The Street Frankel Eric next Advisors. question go will Green ahead. Please

Ryan Lumb

Lumb. Ryan is This Thanks.

slightly. your think just occupancy pool of by measured to XXXX down, in just competitive consecutive has if price I intentional that sort more wondering versus balancing door? four more result or quarters an tenants strategy a of just get been I the a challenging environment, think in same-store your as I'm occupancy it's

Christopher Marr

nothing manage Yes, XX, I we physical points XX significant. head, delta that on my basis to occupancy the top don't and has been of number think physically,

trend today, here sit last physical better we through XX is than X, sort to As has that occupancy it points April. year basis of way continue and was

band. to push we're the the it So levers I buttons and revenue tight we managing, the managing again, we're all maximization thing to a of all we'll same but as in hate moves repeating and But keep see pull fit. a

Ryan Lumb

then guess back maybe Ki York. I Bin’s New to And on Understand. question

I so at it us York pretty the up York a but think just you or an to up another stores is reconcile lease-up you do reconcile your in average seems least those expected pool be same-store lease think seems or two? little New of your bit New that stable Can disagree the be pretty maybe well X% it's might behind, I question. like doing range help New you How what that lease pace. is on do of York right in

Christopher Marr

better we leasing. the of large quite are that Yes, are underwritten, in York is those New feet the I stores so than cases equal would square some I of lease-up perspective, we or occupancy some physical to of in would amount disagree. would say from in terms a have

when the have rental the we So rental we first rates pleased with rate the physical occupancy pace, expected deals. on had about are would individual lower thought than side, again absolutely

Ryan Lumb

color, helpful That's thanks.

Operator

question ahead. Your go Todd will Instructions] be next Wells Fargo. from [Operator Please of Stender

Todd Stender

properties And question, thanks. When just back are properties. Hi, that it go I Bayonne to to of they’ve original inputs and you delivered. changed? any if now, they if speak and Can size maybe the to the and your Queens yield at two those to the just had then last you of about look you are that that their for what think the do has changed expectations with sizes

Christopher Marr

markets cap to those markets, stabilized our assets so XXX over yield expectation stabilization. able of rate again Bayonne on our in XXX level expected Queens and is of to first terms Yes, in at relative the in about those

don't size not I those fingertips. my both, In they're it the assets, terms footers. of the two have XXX,XXX square of they're at

in are rentable traditional the them range. square foot more of both kind XX,XXX think of I of sort

Timothy Martin

And they've each been open for about XX days.

so good. far, So

Todd Stender

But the rate unchanged, essentially is cap that market rate around? that benchmark it's just thanks. remains Yes, spread moves over that's maybe cap

Christopher Marr

think XXX now or XXX I we similar would more to deals like Yes, more XXX. years it's I into gotten a have little expecting ago two it's X mean in and tighter. three markets gone to

Todd Stender

in about your guess and the kind Okay cycle and most are project I where expectations and then are that's maybe Arlington period underwritten that? and of growth we lease-up the how yield project. on prolonged What

Christopher Marr

Yes, one our have, XXX close again a that feet be relative adjacent the back, going is years opens think Shirlington new to of cap which store in stores, existing a about on I area the to in to so same we're both project to that sort the an stabilized going to I that think to building the few rate, that market XXX,XXX XXX when again going opened we're to rentable other. adjacent to put, square when over

lot closer So be three. footage think going I lease-up new on our of to that building and expectation so is that to years square probably in it's market a four than

Todd Stender

it. you. Okay, Thank got

Christopher Marr

Thanks Todd.

Operator

the gentlemen, and back conclude ladies session. Marr like conference that will our I over question-and-answer remarks. hand And to his would closing Christopher to for

Christopher Marr

interest. Thanks Thank your everybody you. for

a it's XX store As couple last at occupied. currently X% of rentals and follow-up, a Bayonne have the the bit of in done we days

there North in off So to a Jersey. great start

quarter again, and speaking company listening when look for all on weekend. Have forward we to we second and results. to a our your report great you thank you So focus

Operator

has sir. concluded. you, conference attending for the gentlemen, Ladies presentation. you Thank and Thank today's

disconnect your You now may lines.

Charles Place	Director, IR
Timothy Martin	CFO
Christopher Marr	President & CEO
Shirley Wu	Bank of America Merrill Lynch
Jeremy Metz	BMO Capital Markets
Todd Thomas	KeyBanc Capital Markets Inc.
Ki Bin Kim	SunTrust Robinson Humphrey Inc.
Smedes Rose	Citigroup
Ryan Lumb	Green Street Advisors
Todd Stender	Wells Fargo Securities

CubeSmart (CUBE) 26 Apr 192019 Q1 Earnings call transcript