CubeSmart (NYSE:CUBE) Q3 2023 Earnings Call Transcript

Chris Marr: Yes. Thanks for the question. So, the efficiency is there really come to the macro question of how does our customer want to be served. Interestingly, as we do a lot of studies, conjoint surveys, and focus groups having a teammate in the store is a top priority for most of our customers. And so as we think about rising wages and benefit costs, it comes down to how can you be the most efficient in scheduling, staffing, and thinking about providing as close to that experience perhaps as you can in the event that for whatever reason there’s not a teammate can serve the customer as quickly as they would like. So, implementing technology where you can come into the vestibule at the store and access a team mate virtually through a screen and have a FaceTime-like conversation where they can take you not only through your question but if you desire through the entire process of renting a CUBE.

So, I think it’s more on the efficiency side recognizing that we continue to see upward pressure on wage and benefits. I think as Tim likes to say the low-hanging fruit in the tree has been picked. So, it will get more challenging to continue that kind of negative expense growth on that line as we’ve seen over the last several quarters. But we do think between technology and understanding our customer we’ll continue to have a keen focus on making sure we’re delivering the kind of service they expect and the way they expect as efficiently as possible.

Hong Zhang: Got it. Thank you.

Operator: Thank you. Mr. Chris Marr, there are no further questions at this time. Please proceed.

Chris Marr: Thank you everybody for joining us today. I’m sure we will see many of you in a few weeks in Los Angeles and look forward to continuing the dialogue at that time. Stay safe. Have a great weekend.

Operator: Ladies and gentlemen, that does conclude our conference for today. Thank you all for participating. You may all disconnect.