MALVERN, Pa., May 07, 2020 (GLOBE NEWSWIRE) — CubeSmart (NYSE:CUBE) today appear its operating after-effects for the three months concluded March 31, 2020.
“The aftermost few weeks accept brought about a time of abundant uncertainty… and accept additionally brought out the best in our people. Our abundance teammates abide to serve our barter with 18-carat affliction while implementing adapted amusing break with a focus on assurance and well-being,” commented President and Chief Executive Officer Christopher P. Marr. “In befitting with our acceptability for innovation, I am acutely appreciative of our team’s adeptness to bound acclimate to the alteration landscape. We auspiciously launched SmartRental, our contactless online rental process, and maintained our focus on simplifying the challenges faced by our customers.”
Key Highlights for the Aboriginal Quarter
The advance of COVID-19 and the agnate government regulations accept had an appulse on the Company’s business aback mid-March. Self-storage has been appointed as an basal business and barter are able to admission their accouterments at all CubeSmart locations. The Company launched SmartRental™, its contactless online rental process, eliminating the charge for contiguous alternation while acknowledging efforts to advance assistant and chump safety. Additionally, abundance teammates abide to chase abundant charwoman protocols which accommodate thoroughly wiping bottomward all attainable surfaces. The Company has paused all bulk increases to absolute barter and abeyant its accustomed crime processes temporarily. Both decisions will abide to be evaluated and ceremony will resume aback it is believed to be adapted accustomed bazaar conditions.
Further, government calm orders accept bargain rental accumulated as move-in and move-out action beneath in April compared to aftermost year. At ages end, same-store ascendancy stood at 91.8%, bottomward from 92.3% at the end of April 2019. Hire is due throughout the ages on the ceremony date of a customer’s move-in. To-date, 93% of April rents accept been calm compared to aftermost year, aback about 98% of April hire was ultimately collected.
Due to the ambiguity of the appulse of the COVID-19 pandemic, the Company is abandoning its ahead
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