CUBE - Earnings call transcript Q3 2019

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Operator

Good morning, everyone, and welcome to the CubeSmart Third Quarter 2019 Earnings Conference Call. [Operator Instructions]. Please note, this event is being recorded. I would now like to turn the conference over to Charlie Place, Director of Investor Relations. Please go ahead, sir.

Charles Place

Chad. you, Thank Hello, everyone. Pennsylvania. Malvern, sunny from morning Good Welcome to Call. XXXX Third Quarter Earnings CubeSmart's 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 Securities earnings release, risks those risks, from remarks Exchange Form which the addition we could operating that forward-looking and cause financial the with to Commission, forward-looking that will factors filed website section and provided include X-K together is Factors data with at X-K our annual Form uncertainties Relations this are regarding filed In actual XX-K. the under the report in of Investor the materially release was certain documents and differ the the factors Risk to or forward-looking results and available of our section cause yesterday and involve materially The actual on evening, issued www.cubesmart.com. and statements statements. company's Form the strategy to, supplemental that earnings company specifically earnings to differ company's may The furnishes morning statements our with, company's results the from files

include GAAP non-GAAP financial be reference company's A reconciliation on measures. the between posted supplement the addition, in the In www.cubesmart.com. at and remarks can measures quarter non-GAAP to found third company's website

Chris. to I over turn will call the now

Christopher Marr

in the supply difficult line Charlie. given new knew top from quarter, the were solid quarter Thank growth. facing A comps we impact our you, and challenges expense on of the we

on supply thesis unchanged. Our remains

and markets openings decline top XXXX to in expect to We new XX store our continue in XXXX. peak in

the significant slowdown the of analysis, in new early we deliveries top of this in that and Miami, in supply Based on Dallas most Chicago, XX experienced each markets in Houston, markets, internal cycle. see impact our currently a with declines our

we in customer's XXXX of at reduced into expect albeit the is weigh about a expect fact related and growth months, rate on a top its pressure of deliveries, to XX stay deceleration. the line the pricing average supply continue gradually of So length while given the a we reduction will that XXXX, impact

We our focused same-store in face and are improvements growth team. of Dallas, Sequential resilience the when Miami, performance a by remain estate portfolio supply. indicative new the revenue we of of Houston in the encouraged operated of high-quality real the by believe, in

the leasing points year-over-year we opened higher our expect competitive therefore, to nicely. the After and driving the news The its the quarters feeling quarter. operators, impending supply The new of touring earlier we to real our Brooklyn, is, the overall effect after appear basis estate up outstanding XXX solid, about of relative cautioning experience newly and the competitor the and, impact is market, new with speaking stores having is comps good new portfolio set in to construction in finally Bronx. Brooklyn occupancy, we evidenced during day a like absorb to the that several much be spending by wave of have began as reality supply demand the

share. conservative very have have our balance growing transactions weighted to We per while disciplined reduced continue to from well a third-party strengthen sheet. acquisition. for revenue utilize success of operations cost of remained in to our deploying We funds joint to our as average our and continuing an capital, continues growth, services in as platform source capital, continuing platform of a as additional both means external ventures be Recent

believe confined various and high-quality long-term that markets, produce. stores pressure We we are lease will to platform our price Our and on remains in consumer XXX currently impacted remains and in operate demand up, near-term of largely very value solid. portfolio stages healthy. a Significant supply creation, is

over call and comments, my turn quarter. will the Financial Officer, our expand to on Thank you to the successes Martin, listening Tim? various for now of Chief I'm who Tim to pleased

Timothy Martin

for and the thanks joining on us continued your everyone interest Chris, support. to Thanks, and call

result Another per $X.XX range. expenses of of X.X% report. evening, solid which share at growth growth as growth FFO X.X% in NOI and quarter We quarter. adjusted, end was reported same-store headline including XXXX high results the quarter same-store of X.X% revenue our during third last guidance yielded in same-store a of

the consistent continues fundamentals mentioned, half with on XXXX, As our operating Chris supply expectations. of the impact back of into new

continuing year by while Same-store driven and We continue XX.X%, ended to of occupancy levels. quarter X.X% taxes, Expense averaged run pressure cost costs significant growth the of to and occupancy we timing real impact our on XX.X% at compared the as continued estate insurance see of as maintenance of repair the to casualty year. the and increase pressure solid quarter. property in last on was well rates, maintain fairly compared during to last a

last acquired $XXX X transaction quarter, wholly under into quarter. for South invested just owned store the big growth contract. Charleston, in million basis, one we've million Year-to-date, Atlanta external owned we under in our and $XX during stores acquisitions $XX and Following modest in another On wholly a million, the Carolina. was one quarter more third have

to markets. So we our to in good find grow continue target expand opportunities and

we more and to during fourth $XX stores two Our for venture to is HVP around lease-up million, quarter $XX another that two for the acquisitions focused on venture IV expect add million. the stores that during added quarter

the projects During one we quarter, MSA. in of the opened development Boston our

deliveries our as our on in We package. XXXX. of We our detailed X Prussia, a in into projects have through pipeline development currently queue, also XX King new of Page added supplemental information Pennsylvania with expected development

continued Our likely in bringing adding to stores future. will growth us quarter, platform CubeSmart third-party third-party under opportunities management. This added our third leverage brand the platform, platform attractive allows our the we operating in to provide and stores XX as stores the XXX way acquisition further expand meaningful in some a management

balance the both in raising we've front, On sheet capital. equity and active been debt

aftermarket share. $XX.XX program, our shares X.X the raising under $XX.X average of an million at equity During quarter, per million issued price we

accessed notes at from interest time bond the issued second revolving development X% public in repay fund acquisition our In the we and for offerings market mature and we year. bear subsequent on the quarter-end, to used as XXXX. were activity. early facility credit that Proceeds in In this drawn senior as to amounts October, $XXX well million to unsecured

Combining ratings. and all consistent last growth execute have this growth of to a activity, along discussed in call, and positioned well on new quarter's a fund from perspective our with manner million external capacity investment-grade credit with that we our strategy to revolver our we're that's balance sheet $XXX

assumptions expenses at and We narrowed well per FFO midpoint, the raise introduced same-store adjusted as per for as X.Xp our range include to of share $X.XX, outlook full of quarter share year adjusted and our FFO in which of narrowed Our underlying release for NOI. $X.XX as guidance evening. Highlights $X.XX guidance $X.XX. as revised are detailed ranges earnings from fourth to a is last revenue,

us don't thanks, for up we the again, questions? some morning. floor open So this call point, the joining Chad, for on why At this

Operator

Instructions]. question comes Smedes Rose Citi. And the [Operator from with first

Smedes Rose

a forecast, some I your seems of wanted half top-end. and about bit the I back to guidance, at had just ask it guidance the a know what in it of year, think, outlook? that to there through going lot indicated the deceleration particularly the like, I kind in would from relative out, of prior due little the expected changed, quarter. you else little Brooklyn? that saw -- steeper on something called than your a in third or is the or I Was was prior You to guess, that that mostly change

Christopher Marr

that XXXX in we're the I Chris. is top-end end year challenging of that last the No, the This we a are that results we're and adjusted outlook. expected of on be based saw the in than better of been It the -- going Again, anticipated we way and range. on just that our mean range operating mathematically high providing -- Smedes. throughout at New the the year everything X have we We based Brooklyn our and deliveries. the within where fall so all across just range the created still and breaking months, to what of accordingly. in country to have through actually Yes, end was obvious that before, York hit timing the markets we would became

Timothy Martin

our Yes. given have end, anticipate, fourth print, end which why is reacceleration the took -- in mathematically high mathematically of do previous I would suggested the our high we third the quarter a speaking, away quarter, not mean which range. that we

Smedes Rose

-- you sounded maybe sort And in? you that in just of mentioned maybe some into Okay. the you But on then you're looking more a saw one reacceleration specifically, cycle, this. of the some perhaps sort maybe optimistic early see little in as XXXX, development would markets which like of had on that

Christopher Marr

Yes.

the saw think, prepared I rattled I earlier it's impact the supply my that ones process. in off remarks of in those again,

our would right category. XXXX, in 'XX in see I radar Dallas although now And when or deliveries Chicago that be for again, Dallas, some at in in look in you on to also Houston. anticipated Chicago So sharpest still Houston, than what in Miami Miami, degree, and or in you in more declines is and the in think, Austin

from some So shoots. outcome QX to We that in starting perspective. those are green saw the markets good see you're some where

to rate go will Our those gives to and there. from into some we We're that occupancies climb are XXXX optimism continue see back rental as just lows improvement. starting us its markets show

Operator

with Metz Markets. be will question next BMO The Jeremy Capital from

Robert Metz

your XXXX. think continued more peak XXXX about broadly lingering peak your back with I supply -- as as just mentioned lag and sticking you during Chris, is peaks it step starts weighing what here, we Just impact think about mentioned expectation impacts? typical guess, or in a on decline between you and you had it supply the supply to in XXXX. supply, that and But

Christopher Marr

Yes.

that And in of, relates based XX-month churn on of to you're a again, in academically, price customer in think that's, range decline that sort I the the supply. base. that to that's kind as X- as it

slows. the which that at rate think impacts you I

of So sort helpful we impact through it answer that to it impact, get here year impact less as I later ways its the we of rate in If in the earlier X pronounced this cycle, there. supply will of quarter. third the -- this X as be experienced the in than think that's

Robert Metz

least from Are advertising that's up. mean, look at demand clearly to seeing was if but seeing at some with as to peers. of Yes. fair. not nothing crazy, what gears No, And I we're just you incremental spend, additional the the switching ramping much your that you're the increased in just it's ad it just expenses, X% relative returns spend on it not no need spend that to up additional the costs? selective that or better trying think just about crank diminishing even how spend from harder is from the faith here. systems Just to on to really be valuing such and you're bidding I

Christopher Marr

Yes.

very paying lifetime customer. of attention while spend, to So customer We're to objectives but with on continuing customer able in spend. value spend. relative that actively to that objectives value their of the incremental close we to to relative cost the certainly on QX, the quarter in achieve our the the focus at is achieving that our that to are looked willing incremental incremental eye be, we again, and And

forward, only hasn't As from the but regional competitors the is larger storage we nontraditional also not landscape competitive, It incredibly who ramping spend, up and look are changed. also pay. from their folks the and

to for of itself so produces least one the in of only that's in paid of component that overall. focus You on fact customers amount and have the and search us, the

into look a be that that our generate we at that incremental ways inflation. will inflation. to grow to be I a of How and for would next other in go? rate fair, to spend us continue as rate reasonable out find the continue will and year. that high the the for of articulate tuned, to than rapidly think, it and But that operating cause spend we we'll to will excess than to what certainly, look rate provide at into our that guidance more in customer be at does QX and a I channels and, we Stay expenses has when to rapidly at more anticipate past landscape continue cost to use XXXX, we able expectation

Operator

question Thomas with be The will next from KeyBanc Capital Todd Markets.

Todd Thomas

Is sticking was time comment expected elevated you quarter Just going growth on quarter. in a property property or level more taxes taxes? than period that the with expect persist of can for increase forward? the to in this a would Almost expenses, of bit you in X%

Timothy Martin

create -- It year's because there. couple from Tim. comp our of and it's boy, call, couple as range. real seeing like over the mentioned, pressure that Chris going what, But little this on XXXX, it's we pressure excited of few, in expect taxes. a a Todd, property for, you in meaningful to the decreases Cleveland, for of We've challenges Houston, San about outlook MSAs. years in in in had but some get obviously, bit impact benefit anywhere the There's were that year know, a Chicago, to last in of name of growth on assessments us, level the things sharing this We're It midst back a little to is bigger X the came said to X% numbers. Texas, though, news favor a quarter, all bit record. our a or preparing saw That good now. of significant We X estate that growth in not to comp. years, we been about more we as too for continue difficult had We've of in broken difficult handful hard in Nashville, talking a last we're X%. the tax on of Antonio, experienced, that past feels

a can beyond course, up is estate Of pressure soon. that, that not continued quarters that away and and into on possibly would year anytime taxes certainly going but at real anticipate I down, least XXXX the go

Todd Thomas

was Antonio, you and property that? big increase Okay. mentioned expect it's markets stores, realize just other sort in any X in And expenses San that to I taxes? operating like of saw but pops you do we to And for due other see predominantly XXX% there.

Timothy Martin

year. by Yes. refund a last market successful was significantly That impacted particular

increase an estate the Antonio XXXX real a the by period in period. was tax bill general in helped was tax But the San there in meaningfully So XXXX refund.

a it's wouldn't comp, one. difficult read into really So I so too much that

Todd Thomas

just then shifting over. Okay. And

this And years? that on operators Labor was an did during August portfolio? or and many or expected that impact was prior across September, your at activity traffic that the impactful sales least year new So that than held Day into more have in

Christopher Marr

Certainly was of recurring for a new not competitors, theme. year. our this It Chris. it's It's a larger few

I duration. think what new year is this was

of You significantly competitors, it regardless September. one what September. that from was saw Certainly some it variation our of branded lasted sale longer longer into a in of lasted

that's new. So

some works concession that, because an puts pressure additional you certainly there. think something I have It the like occupancy an on anytime you're price puts pressure it additional on from rentals. perspective. away It giving

I advance -- you than into by face say read the changes I anything it of rate would some that of offset Now is that, in that not that the make was in But sale. would different norm.

say bit of As is little I said, the the a only would last thing I years. spend was in terms the different in of seen employee keeping couple is we have longer would that duration what

Operator

Raymond question Jonathan The with Hughes next be from James. will

Jonathan Hughes

potential of but made a and quarter? any a it sense been Kind you discounting running guys of not change? a so, rates growth be what revenue related revenue-management experiments Were had the during question. with have or And if I you realize would you tough, have might do

Christopher Marr

Yes.

So great question.

We are running experiments and tests constantly.

a quarter-to-quarter, of impact. have year, can again, swing, ways. can different things with around playing obviously, an some of are all which, both We It bunch

were some growth, not rate the third I All advantage. of the discounting we was say to obviously those overly various but But on be little yes, on, of but to doing or quarter a pressure quarterly think the yes. growth that put belief pressure from for long-term tools. right? customers meaningful, our -- leading would things going is better trading maybe with directionally, certainly I some and revenue bit a put the other revenue So higher not into it

Jonathan Hughes

then mentioned wanted I confirm. you think just but to And Okay. earlier

behavior, in choppiness? macroeconomic You're not seeing the tenant of despite any broader change existing any

Christopher Marr

to the I as my mean, is of the The with of the the nicely. month. to I It's X% is I mean you're every that our stores stores pressure again, awful some backfill Demand price. seeing the and continues said, an quite need are customers And healthy. and X% markets to over healthy. very fine, record, leasing remain or are in or vacate and of customer, new, are again, own the broken lease up. most to of manage heavy on that degree we go point, physical not stores in stores to again, of No. only up be stable -- XXX those -- lot self-storage it's just back supply, occupancy who impact

it, are to to So effective last last down relative competitors X.X% rents. where have you're say not XX% I chasing year and chase the would were where to year customer that bottom, down year, relative we to before. continually X.X% in to rate face don't but them in what market XX% have to the got between stores are but We that we was we market that you've down call see, rents point, and somewhere below

too supply. So with markets I'm it's confident in shall that the pressure this pass.

Jonathan Hughes

And That's for then helpful. me. Okay. one just last one

see You balance starting operators ended finally before debt to the raises of look at is to you priming they're equity could period the more and sector, with since come as expectations maybe on get out the other time the to this some interesting things business even last market and may owners then. tougher? call by find that tough, you monetize performing properties and sheet hinting below and executed ahead and for an Are

Timothy Martin

market for characterize go holdings. will it that shift a it self-storage call in It's always Tim. that folks laid I looking to to the opportunities. to way that you of always see the I far trying I out mean, folks know we don't that There's market. so a dispose their as are are

to hard that to deals come focus to continue on work We market.

management finding third-party But expectations. between a many amount -- buyer which activity our platform, relationships, We of on opportunity tremendous on of And largely underwritten we're is seller and external we not much we've our continue obviously, but growth disconnect as year, there a have increased just our guidance and focus opportunities. exclusively. this through to existing modestly,

be in more and in not who've We or the a several optimistic call somebody's of I established there pro to and was ago, a sell come. of advance some built a of that calls, years type trying talked were market of -- top, I on underwritten as And investors will builders opportunities being That about stores don't anticipate that continue we've lot Many that. to performing to built being that lot market. stores them built folks for their many trying shift that they of they're characterize folks, based store of wouldn't those two are stores to pro that or formas. didn't their another forma those short-term-focused built that anyway. said, many

certainly result comments see type in don't activity distress. the But of a we again, of activity. that to to for going are there's So that be of that's to some going back quarters, past are our we couple folks think that

modestly they I XX coming think good to months. thought us going provides are or the XX for make be, to to here that some probably someone investment were folks and disappointed for to or opportunity they a going in think be where compared I

Operator

next will of question of The be from America. Shirley Wu Bank

Shirley Wu

a in XQ. boroughs the also that in some Street back on anticipate the over talk getting seeing impact of of you could in that, this feedback to an supply next more you're of follow-up you what the seeing delivered? And top supply So of half as is the and are cadence 'XX, And York. quarters the New few of on of you

Christopher Marr

Sure.

think looking as on then the for dock X to X, new in you open now, and look for Bronx, there I X store think left the that's at Bronx, 'XX. deliveries is the is with we're 'XX X, the out about 'XX, and what start of we as I'll right development impacting So each years boroughs,

deliveries opportunities supply again, already think you've either So pretty you're there significantly. construct. I see starting are of think have the Brooklyn, the to a dropping similar happened. off scheduled In for got I again, Most

the in where the zoning So you New stores can York, build every borough is. Brooklyn, just like other

Brooklyn So in we out X experiencing are same-store impacting stores pool our have comps X them. brand-new of who currently

Brooklyn our overall healthy. same-store that's are four If have out other pool, actually pretty you quite Brooklyn those and take the stores, performing nicely of same-store stores growth revenue away in

So it's the is just reality boroughs. a which life impact, in concentrated the of

just significant Brooklyn much in happening. tend them the coming different of third it's the Brooklyn in quarter in there. a And I largely them deliveries much Bronx. so We in terms the in or not I a not now. an have to or saw see -- it's deliveries cat. fourth. think here of either as we'll delivery in impact impact mean there's are as do Again, and Queens, Those they

the Manhattan, quickly, in Bronx supply Again, I property it's unaffected. MSA Jersey, New want is continues York We starting moving very, spectacular to Westchester. Island, just nicely. suburbs continue very have just the to one to so Long a Island the We're find set in folks Does dissipating think Shirley? the Staten in in opportunity which North or chug are see out in who opportunities site, is to help, store, into and along that

Shirley Wu

what you XQ what can from, well? rate end trends That's Yes. helpful. effective the October say, talk starting And seeing half? of as also to seeing then back XQ, you in into into in the of going terms and you're net are moving let's And

Christopher Marr

seeing to I somewhere X continue big But changes. I pretty a impact effective in supply aren't in, a previous that's said be No in a rents, Yes. markets, it's great The of and that we between is we're new sharp and net no the again, as story X, example. question, down the They of supply. supply. know a to Again, down Vegas gap. Las

in the down have are many supply. some Worse same swelling that those We portfolio rent our net we Similar nice where had in we and solid a know It's Houston, degree. growth. very, rent effective heyday. of still growth than very to while or is to markets, in markets, got the relative They're what are California Florida. seen it's asking they

and Coast into from to degree. Orlando some pressure not of even supply. Miami, it's Florida It's is All then the some of West Florida now Jacksonville seeing up only

and same to, the be song the until next we and start from a see will diminishing the year it's into supply. think, So get impact I remains --

Shirley Wu

Okay.

is wider bit a little range the So than expected.

of you by to closer do an end of exposure and lower high that effective So back were rent if a envelope be markets, net would different end or to to weighted those rates your range? your

Timothy Martin

middle, Yes. Shirley. the Right in

Operator

comes Bin question with next Kim Ki SunTrust. from Our

Ki Bin Kim

topic? back of go year, the to you peaking a means. supply You you're really but supply to said Can seeing next trying what that sense get just

properties So more trying much. if be a and there pie like down mean because were get just hit But delivered X,XXX X,XXX, better doesn't being we'll to next picture. it's they're thousands, meaningful, obviously, to

Christopher Marr

Yes.

going between these so open for XX in deliveries Bin, range again, from top not we order you not get about And is range, expected this XXX, anticipate a in 'XX are that 'XX. XXXX and a coming But again, number XX% of those between XXXX, a and completed of of because, XXXX bit in our will are will deliveries our in magnitude us, numbers and will is somewhere into of somewhere by of of equal until to some going XXX. range a obviously and and markets these XXX in top February Ki January move markets, just revenue, of probability in XXX which XX would little to

Ki Bin Kim

a data, bit that a that's a that is different? maybe tone when is little at similar pretty at permitting Well, or And big look drop-off. you

Christopher Marr

Yes.

think, are the that XX then We out in in you're entities the our got much as activity. all are we think amount experience similar to proprietary having to that makes months, holds We top have second-tier -- own think XX, of development work. certainly, it there, and at, utilize I again, the sense rental you're internally. that I It's do just rental moving just that rates I of mean, sort work are opportunity I And top-tier would open the sense, new we're various together. of are. is the we've excess did mean of in look doing today's and makes of well who and to a the markets in out running I XX this not you need that seeing given markets. a what rates people the last economically.

going there markets So is opportunity. from our to It's away where is still portfolio be I those think heavily largely concentrated.

Ki Bin Kim

earlier are when shopping by about rent And to changes highlighted said they there new a spend on changes prices, like website, increase. maybe average for patterns? any behavior get But you the how of incremental at they changed Or that's no kind time Okay. how of to that? customer all, if things in visitors were customers, sensitive your kind that's

Christopher Marr

-- are So No. again, just I think customer the change. of just amount I more think, are new the more is given options, supply, there right? no finding they finding options.

And we to so need therefore, meet more stores. we those at getting stable need customers to on efficient objectives be our the

Operator

with Green question next from Advisors. Eric The Frankel Street is

Eric Frankel

third-party I to just want touch on management business.

think So additions is new fair obviously, only you the I X. but quarter, about had a amount of stores net this

your comment a off stores that came on us give platform. maybe the So

Timothy Martin

to. happy Sure,

about we So sold acquired XX III you'll quarter, and we our transaction, recall XX that last stores. where talked HVP stores

of a a manage As of stores us operations. intent to time to continue up staffed part is their operator those Ultimately, owner the or stores. new their of those period while self-manage transaction, short they that transition the for new period for looking for was to

the stores quarter, left we more our that the stores during of that so platform of then than the -- And balance off And owner. were the off that majority stores the platform various of to transitioned sold. platform the chunks of were the were new came the little stores that

Christopher Marr

CubeSmart. sale a chunk not to to was another, Yes. biggest The

Timothy Martin

Correct.

Eric Frankel

you. Got

is the New of to again. questions Okay. York And one really

-- can whether like little a bit? portfolio price. fundamentals valuations there pretty all market in a of can seems New your have in a of guess, one at upon call you touch aggressive at pretty the just one have changed your -- So it pretty well, sizable softened I competitors a York as purchased Maybe maybe it you

Christopher Marr

market I'm I I it bit a mean sure The little for grind tighter. think I think time at be across We're York, continued years attractive clearly when the mean you historically, not proud storage. very, by it's Sure. the and always yes, term I'll there. the ago self-storage competitor, they have -- for California everywhere that just but at a and market tell. very are years, a New country, in looking But start I looked to long will leader XX X be last you're -- identified valuations to else. values you're

shifting perceived to a being on bit of footing. think the I an markets some Coast East that's equal

Operator

Todd from comes Wells question next The with Fargo. Stender

Todd Stender

And with just New to stay York.

development you to there's Looking that to good to have project, Brooklyn project, just still up get because opening get nut to QX, just speak the can the and slipped to lot at size, up you into total your its $XX of a the wonder that final maybe investment million. and that if I date a specific estimate.

Timothy Martin

Yes.

we partner be is difference their is many development structure similar between the where where us deals, in where are right ultimately we that, of put So to our to deal's has that development position the our future. the -- to and will the

investment So including there what we our their total put we number in ultimately expect, put.

will that in one chunk. So come big

Christopher Marr

And New extremely and the day just said, as site. York an in Todd, spent I that I site challenging again, was there, touring, Yes. I is

now, that really inches we've talked or And are leasing from think under it. We basements. actually just are interestingly to a we're enough, store about right they've the finished this up are site, next competitor and line up about XX elevated Two I train leasing nicely. and

a forward We stores our about will should weeks, end a the market, not when it's as before we're predict delays try can best competitor the we underserved the we to and months. open but construction. open, and it. complicated peer. stores here of really to that year, It's a are very days being The excited to look good So super and

Todd Stender

expectation the is like you it's in two? like or three How that, do think about period you leasing like really still And lease-up it seasons and something that?

Christopher Marr

Yes.

size like store I would get more of pretty to For going on But a we're will the that think that like be say store, today, delivered. being underwriting with be pleased more it's to I based yes, the four. market is able where four.

Todd Stender

it. Got

guidance. to switching just then And Okay. disposition

so fact the high think looking of tapped How that you Just group a or any range QX exit don't or you now? you're plenty that bond proceeds way might in down, have been that market market right there and at liquid the the just that? was to here assets about end you already need came the you a of do

Timothy Martin

some range couple we're great million opportunities. the to know We to answer we here today, we exploring And with $X wish the that. were as a there started I $XX sit answer because a of year is. what

So we and Texas the year. that's quarter-end, subsequent to sold in likely disposition activity the the be X store for to here

Todd Stender

Was For $X sounds right. small asset? it tiny very on a All million, that side. the

Timothy Martin

$X.X million asset. worth of was It

Operator

the to Chris conference question-and-answers and concludes like any session. for Ladies gentlemen, closing this Marr I'd back return remarks. to our

Christopher Marr

Trust right. thank for me, fine. you, resilient. Well, everybody, customer remains just through The going we're in. All impact listening to very this supply of navigate

of extremely here quarters few to quarter-to-quarter, with go solid. feel we'll a it. those continues a the wane, business supply and be we a on company, extremely And as come the It's side challenge in other but new longer-term for out good to for for forward, Our confident I impact going think, our I we're begins you a moving of our industry outlook stronger direction. as

sunny Look great Have speaking in on seeing Thanks. for weekend. many forward you California, look year-end and everybody of you forward thank to Angeles, our Los So call. a to we'll all listening. to

Operator

has conference for attending concluded. you The today's presentation. Thank now

disconnect. You may now

CubeSmart (CUBE) 25 Oct 192019 Q3 Earnings call transcript