CubeSmart (CUBE) 2024 Q3 法說會逐字稿

Thank you for standing by. My name is John, and I'll be your conference operator today. At this time, I would like to welcome everyone to the CubeSmart third quarter 2024 earnings call. (Operator Instructions)

謝謝你的支持。我叫約翰，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加 CubeSmart 2024 年第三季財報電話會議。（操作員說明）

I would now like to turn the call over to Josh Schutzer, Vice President of Finance. Please go ahead.

我現在想將電話轉給財務副總裁 Josh Schutzer。請繼續。

Thank you, John. Good morning, everyone. Welcome to CubeSmart's third quarter 2024 earnings call. Participants on today's call include Chris Marr, President and Chief Executive Officer; and Tim Martin, Chief Financial Officer. Our prepared remarks will be followed by a Q&A session.

謝謝你，約翰。大家早安。歡迎參加 CubeSmart 2024 年第三季財報電話會議。今天電話會議的參與者包括總裁兼執行長 Chris Marr；和首席財務官蒂姆·馬丁。我們準備好的發言之後將進行問答環節。

In addition to our earnings release, which was issued yesterday evening, supplemental operating and financial data is available under the Investor Relations section of the company's website at www.cubesmart.com.

除了昨天晚上發布的收益報告外，還可以在公司網站 www.cubesmart.com 的投資者關係部分獲取補充營運和財務數據。

The company's remarks will include certain forward-looking statements regarding earnings and strategy that involve risks, uncertainties and other factors that may cause the actual results to differ materially from these forward-looking statements.

該公司的言論將包括某些有關收益和策略的前瞻性陳述，這些陳述涉及風險、不確定性和其他可能導致實際結果與這些前瞻性陳述有重大差異的因素。

The risks and factors that could cause our actual results to differ materially from forward-looking statements are provided in documents the company furnishes to, or files with, the Securities and Exchange Commission specifically the Form 8-K we filed this morning, together with our earnings release filed on the Form 8-K and the Risk Factors section of the company's annual report on Form 10-K.

本公司向美國證券交易委員會提供或提交的文件中提供了可能導致我們的實際結果與前瞻性陳述存在重大差異的風險和因素，特別是我們今天早上提交的 8-K 表格，以及我們的8-K表格中提交的收益發布以及10-K 表格中公司年度報告的風險因素部分。

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

此外，該公司的言論也提到了非公認會計原則措施。GAAP 和非 GAAP 衡量標準之間的調整可以在公司網站 www.cubesmart.com 上發布的第三季財務補充中找到。

I will now turn the call over to Chris.

我現在將把電話轉給克里斯。

Thank you, Josh. Good morning. It was a solid third quarter as we continue to focus on maximizing the opportunities in a competitive market environment.

謝謝你，喬許。早安.這是一個穩健的第三季度，因為我們繼續專注於在競爭激烈的市場環境中最大化機會。

Overall, store performance was in line with our range of expectations entering the quarter. Once customers enter our portfolio, they continue to have elevated lengths of stay and credit metrics in line with historical norms. Our lower beta urban markets continue to outperform the Sunbelt. We are very grateful and thankful to have been extraordinarily lucky with both hurricanes. Our teammates are safe, and our stores avoided any major damage.

整體而言，商店業績符合我們進入本季的預期範圍。一旦客戶進入我們的投資組合，他們的停留時間和信用指標就會持續延長，符合歷史標準。我們的貝塔係數較低的城市市場繼續跑贏陽光地帶。我們非常感激並慶幸自己在這兩場颶風中都異常幸運。我們的隊友很安全，我們的商店也避免了任何重大損失。

Our New York MSA significantly outperformed the balance of our portfolio, despite facing tougher comps, and being weighed down by the supply impact in the North Jersey segment of the overall MSA. In the overall New York MSA, rentals were up year over year demonstrating the continued solid demand profile in this key urban market. This year-over-year increase in rentals was led by our portfolio in the New York City boroughs, up 7.4%, offset by rentals being down 11.6% in our Northern New Jersey portfolio.

儘管面臨更嚴峻的競爭，並且受到整個 MSA 北澤西地區供應影響的拖累，我們的紐約 MSA 的表現仍顯著優於我們的投資組合的平衡。在整個紐約大都市地區，租金逐年上漲，顯示這個主要城市市場的需求狀況持續強勁。紐約市各行政區的租金年增 7.4%，但被新澤西北部投資組合的租金下降 11.6% 所抵銷。

A similar story in same-store revenue growth. With the New York MSA generating our second highest growth within our major markets, led by the Bronx at 6.6%, followed by Brooklyn at 5.8%, and again, weighed down a bit by our Northern New Jersey lagging at negative 1.1%. Our top-performing major market was the DMV, District of Columbia, Maryland, Northern Virginia, as it rebounds from the headwinds of new supply. The MSA had both a solid 3.2% year-over-year same-store revenue growth as well as 110 basis point sequential improvement and revenue growth from the second quarter.

同店營收成長也有類似的情況。紐約 MSA 在我們的主要市場中實現了第二高的成長，其中布朗克斯區領先，成長 6.6%，其次是布魯克林，成長 5.8%，再次受到新澤西州北部負成長 1.1% 的拖累。我們表現最好的主要市場是DMV、哥倫比亞特區、馬裡蘭州、北維吉尼亞州，因為它從新供應的逆風中反彈。MSA 的同店營收年增 3.2%，較第二季較上季改善及營收成長 110 個基點。

Weaker performing markets are in Florida and Arizona, markets that experienced significant gains there in the pandemic, while also experiencing and continuing to experience the impact of new supply. As Tim will discuss and provide more color in his remarks, we remain a third-party manager of choice. 2024 will be our eighth straight year of adding 130 or more stores annually to our portfolio. We will remain disciplined in our capital allocation decisions and are prepared to move decisively and with conviction for opportunities that fit our investment thesis.

佛羅裡達州和亞利桑那州的市場表現較弱，這兩個市場在疫情中經歷了顯著的成長，同時也經歷並繼續經歷新供應的影響。由於蒂姆將在他的言論中進行討論並提供更多色彩，因此我們仍然是首選的第三方管理器。 2024 年將是我們連續第八年每年在我們的投資組合中增加 130 家或更多商店。我們將在資本配置決策中保持紀律，並準備果斷採取行動，並堅信符合我們投資理念的機會。

Thank you, and I'll now turn it over to Tim Martin for his comments.

謝謝，我現在將其轉交給蒂姆·馬丁徵求他的意見。

Thanks, Chris. Good morning, everyone. Thanks as always for taking time to join us on today's call.

謝謝，克里斯。大家早安。一如既往地感謝您抽出時間參加我們今天的電話會議。

The third quarter, as Chris mentioned, was very solid for CubeSmart. As we hit the midpoint of our guidance range, business remains challenging as we continue to face a competitive pricing environment for new customers with slower rental volumes, but overall store performance was in line with our range of expectations.

正如克里斯所提到的，第三季對於 CubeSmart 來說非常穩定。當我們達到指導範圍的中點時，業務仍然充滿挑戰，因為我們繼續面臨租金量放緩的新客戶競爭性定價環境，但整體商店業績符合我們的預期範圍。

Same-store revenues declined 0.8% compared to last year, with average occupancy for our same-store portfolio, down about 120 basis points to 90.8%. Same-store operating expenses grew 5.3% over last year, driven by continued pressure on property insurance, but the biggest driver of expense growth during the quarter was on the marketing line item.

同店營收較去年下降 0.8%，同店組合的平均入住率下降約 120 個基點至 90.8%。在財產保險持續承壓的推動下，同店營業費用較去年增長 5.3%，但本季費用增長的最大推動力來自於行銷項目。

We continually evaluate our overall strategy in the interplay between rate, promotions, and marketing spend. And in the third quarter, we pushed on the marketing lever as we attempted to drive top of funnel demand in this current competitive environment, so negative 0.8% revenue growth combined with 5.3% expense growth yields negative 3.1% same-store NOI growth, and we reported FFO per share as adjusted of $0.67 for the quarter which was at the midpoint of our guidance range.

我們不斷評估我們在費率、促銷和行銷支出之間相互作用的整體策略。在第三季度，我們加大了行銷力度，試圖在當前的競爭環境下推動漏斗頂部的需求，因此 0.8% 的收入負增長加上 5.3% 的費用增長導致同店 NOI 負 3.1% 的增長，我們報告本季度調整後的每股FFO 為0.67 美元，處於我們指引範圍的中點。

From an external growth perspective, we have started to see a little momentum here late in the year as we're under contract to acquire two stores in the fourth quarter and we have a number of other transactions that we are actively pursuing. The certainty and timing of closing those other transactions is still up in the air. But as we've been discussing for the last quarter or so, acquisition activity is beginning to become much more constructive from our perspective.

從外部成長的角度來看，我們在今年年底開始看到了一些勢頭，因為我們簽訂了在第四季度收購兩家商店的合同，並且我們正在積極進行許多其他交易。完成其他交易的確定性和時間仍然懸而未決。但正如我們在上個季度左右討論的那樣，從我們的角度來看，收購活動開始變得更具建設性。

On the third-party management front, as Chris touched on, we had another productive quarter. We added 24 stores to the platform, bringing us to 893 stores under management at quarter end. No notable changes during the quarter to our strong balance sheet position, low leverage, no floating rate exposure, and the full capacity of our line of credit has us in a great position to pursue external growth opportunities. We raised $32.8 million of proceeds under our at-the-market equity program during the quarter for an average sales price of $54.20 per share.

在第三方管理方面，正如克里斯談到的那樣，我們又度過了一個富有成效的季度。我們在該平台上新增了 24 家門市，截至季度末，我們管理的門市數量達到 893 家。本季我們強勁的資產負債表狀況、低槓桿率、無浮動利率風險以及我們的信貸額度的全部能力沒有顯著變化，這使我們處於尋求外部成長機會的有利位置。本季度，我們透過市場股權計畫籌集了 3,280 萬美元的收益，平均售價為每股 54.20 美元。

From a full-year guidance perspective, not really any changes as the third quarter was in line with our expectations, and the remainder of the year continues to track within the ranges we provided last quarter. Given third-quarter results, we narrowed our full-year FFO per share range while maintaining the midpoint of our expectations.

從全年指導的角度來看，實際上並沒有任何變化，因為第三季符合我們的預期，今年剩餘時間繼續在我們上季度提供的範圍內追蹤。鑑於第三季業績，我們縮小了全年 FFO 每股區間，同時維持我們預期的中點。

Thanks again for joining us on the call this morning. At this time, John, why don't we open up the call for some questions?

再次感謝您今天早上參加我們的電話會議。約翰，現在我們為什麼不打開電話問一些問題呢？

(Operator Instructions) Jeffrey Spector, Bank of America.

（操作員指示）Jeffrey Spector，美國銀行。

Great, thank you. First question for Chris. Chris, there's a nice healthy debate on the very, I guess, exact conditions today and forward thoughts on finishing out the year into '25, into '25 peak leasing season. We've heard on other calls, stabilization, some saying maybe even expecting some improvement. I feel like you always called as it is. I mean what do you think the state of the state is as we finish '24 and head into '25?

太好了，謝謝。第一個問題是問克里斯。克里斯，我想，今天的具體情況以及對今年進入 25 年、進入 25 年租賃高峰季的前瞻性想法進行了一場很好的健康辯論。我們在其他電話中聽到了穩定的聲音，有些人甚至說可能會有所改善。我感覺你總是這樣打電話。我的意思是，你認為我們 24 世紀結束並進入 25 世紀時該州的狀況如何？

Yeah. I think we're in a relatively high beta environment at the moment. We have some weeks during the quarter where you see some green shoots and feel like we are starting to see some positive signs. And then honestly, you have some weeks that you scratch your head and wonder a little bit where all the demand went.

是的。我認為我們目前處於一個相對較高的測試環境。在本季度的幾周里，您會看到一些萌芽，感覺我們開始看到一些積極的跡象。老實說，有幾週的時間你會摸不著頭腦，想知道所有的需求都跑到哪裡去了。

So I think we've got a big event next Tuesday. We've got a lot going on in terms of interest rates and the Federal Reserve. We've had, obviously, an incredibly volatile tenure if you just think about it from that perspective. And I think that makes it just a very difficult question to answer with conviction one way or the other. So I will say I'm continuing to sort of operate in an environment where we're taking it week by week.

所以我想我們下週二有一場大活動。我們在利率和聯準會方面發生了很多事情。顯然，如果你從這個角度考慮的話，我們的任期顯然非常不穩定。我認為這使得這個問題很難以某種方式堅定地回答。所以我想說，我將繼續在我們每週正在進行的環境中運作。

Okay. Thank you. That's fair. And then can you discuss move-in, move-out rate spread in the quarter?

好的。謝謝。這很公平。然後您能討論一下本季的遷入、遷出費率差異嗎？

Yeah. In the quarter, that churn gap was negative 27.4%.

是的。本季度，流失率差距為負 27.4%。

Michael Goldsmith, UBS.

麥可‧戈德史密斯，瑞銀集團。

Good morning. Thanks a lot for taking my question. Chris, I'd like to dissect kind of your opening remarks about maximizing opportunities in a competitive environment. So starting about maximizing opportunities, it looks like you stepped on the advertising lever -- advertising marketing lever a little bit. But can you just talk about how you think about investing in price and marketing versus rate in this environment? And how that -- how you're looking to be positioned kind of heading into kind of the slower season?

早安.非常感謝您提出我的問題。克里斯，我想剖析一下您關於在競爭環境中最大化機會的開場白。因此，從最大化機會開始，看起來你有點踩到了廣告槓桿——廣告行銷槓桿。但您能否談談在這種環境下您如何看待價格和行銷與費率的投資？那麼，在進入淡季的過程中，你希望如何定位？

Thank you. So I think against a backdrop, just to put things in perspective, if you look at our investment, our spend in marketing on a nine-month basis, last year for the first nine months of the year, that grew about 10%. And this year, for the first nine months of the year, it's grown about 10%.

謝謝。因此，我認為在一個背景下，如果你看看我們的投資，我們在過去九個月的行銷支出，去年今年前九個月的支出成長了約 10%。今年前 9 個月，成長了約 10%。

So the investment there kind of on a growth rate basis year-to-year has been a little bit different in terms of the quarters in which we have chosen to push a little bit harder or take our foot off the gas, but the overall trend has been about the same for the first nine months.

因此，就我們選擇加大力度或放慢腳步的季度而言，按年增長率計算的投資略有不同，但總體趨勢前九個月的情況大致相同。

But to your more of a high-level question, that is, again, back to my week to week. We are looking at where are the opportunities, given the fact that I think everybody accepts we have the highest quality portfolio in the industry, where do we look to also get the highest quality customers that we can get. Those customers who are willing to pay our premium rates, who then in our data, stay longer, are less sensitive to rate increases over a long period of time, and that is a test lather, rinse, repeat week-to-week.

但對於你的更高層次的問題，那就是，再次回到我的一周又一周。我們正在尋找機會在哪裡，因為我認為每個人都接受我們擁有業內最高品質的產品組合，我們希望從哪裡獲得我們可以獲得的最高品質的客戶。那些願意支付我們的高費率的客戶，在我們的數據中，他們停留的時間更長，對長期費率上漲不太敏感，這是一個測試泡沫，沖洗，每週重複。

It is certainly challenging in this very competitive market to figure out exactly where we have that best mix. And that's something that, obviously, the team and the folks on the data science team are looking at every day as we're adjusting prices and making some decisions on the marketing side.

在這個競爭非常激烈的市場中，要準確地找出我們在哪裡擁有最佳組合無疑是一項挑戰。顯然，當我們調整價格並在行銷方面做出一些決策時，團隊和數據科學團隊的人員每天都會關注這一點。

Felt good about the marketing investment in the quarter. We saw web sales traffic up about 26% on all stores during the quarter. So satisfied with the return, again, it's just trying to balance out, as you said, that marketing investment relative to price relative to ECRIs to get what we think is going to be the best result, both near term and long term.

對本季的行銷投資感覺良好。我們發現本季所有商店的網路銷售流量成長了約 26%。對回報非常滿意，正如您所說，它只是試圖平衡相對於 ECRI 的價格的營銷投資，以獲得我們認為近期和長期的最佳結果。

I appreciate the color, Chris. And then as my follow-up, the second half of your opening statement was on the competitive environment. Are you seeing any of the competition start to fade a little bit? Has it stepped up? I'm just trying to get a sense of what you're trying to manage through. Thanks.

我很欣賞這個顏色，克里斯。作為我的後續行動，您開場白的後半部是關於競爭環境的。您是否看到任何競爭開始減弱？已經上進了嗎？我只是想了解您正在努力解決的問題。謝謝。

Yeah. Again, I think it's really market by market. We're obviously a local market business. But it is -- I think it is fair to say that you feel like there is a bit of stabilization in some markets around competitive pricing and how folks are thinking about attracting that new customer.

是的。再說一次，我認為這確實是一個市場一個市場的問題。我們顯然是一家本地市場企業。但事實是——我認為可以公平地說，你覺得一些市場在競爭性定價以及人們如何考慮吸引新客戶方面存在一定程度的穩定。

Then the flip side is we have markets, certainly the West Coast of Florida is easy to pick on where you just have that significant impact of new supply, and that's creating a little bit of an overhang as it relates to pricing to new customers.

另一方面是我們有市場，當然佛羅裡達州西海岸很容易受到新供應的重大影響，這會造成一點懸而未決，因為它與新客戶的定價有關。

Thank you very much. Good luck in the fourth quarter.

非常感謝。祝第四季好運。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

Hi. Just piggybacking on the comments on a prior question. Where -- have you seen any deterioration in customer behavior or changes in the quality of the customer, if you discount versus not? Or if there's differences within the kind of discounting, whether it's one month free or kind of well below street rate? Just curious on what you're seeing in terms of who you're getting and how long they stay depending on what you offer them upfront.

你好。只是藉用先前問題的評論。如果您打折與不打折，您是否發現客戶行為有任何惡化或客戶品質變化？或者，折扣類型是否有差異，是免費一個月還是遠低於街頭價格？只是好奇你會看到什麼，你會得到誰，他們會停留多久，這取決於你預先提供給他們的東西。

Yeah. Our data would tell us that a customer who, for example, to take it to one end of the extreme moves in for free or moves in for $1 is just your lowest quality customer from a probability perspective. That customer is attracted to that offer for a variety of reasons that tends to lead to lower lengths of stay and higher credit issues over time.

是的。我們的數據會告訴我們，從機率的角度來看，免費或以 1 美元的價格進入極端的客戶只是最低品質的客戶。該客戶出於多種原因被該優惠所吸引，隨著時間的推移，這些原因往往會導致停留時間縮短和信用問題增加。

Vice versa, sort of common sense, your customer who is not sensitive to price on the front end, also tends to be one who ends up statistically staying longer and being much less sensitive to future rate increases. So it is a balance between how do you think about that discount or offer to attract and you're really trying to do that on a local store level relative to the inventory that you have at that store.

反之亦然，根據常識，對前端價格不敏感的客戶也往往會在統計上停留更長時間，並且對未來利率上漲的敏感度要低得多。因此，這是一個平衡點，你如何看待折扣或優惠吸引，以及你真正嘗試在本地商店層面上相對於該商店的庫存做到這一點。

So to the extent that you have a significant vacancy perhaps in a specific unit type there, you may be open to offering some sort of a discount, or teaser, or whatever you want to call it, to try and get that customer in and just recognize that statistically the odds of that customer being a long-term stay in high quality or low, but you're willing to accept that churn.

因此，如果您在那裡的特定單元類型中可能有大量空缺，您可能會願意提供某種折扣，或預告片，或任何您想稱之為的東西，以嘗試吸引該客戶並只是從統計上認識到該客戶長期保持高品質或低品質的可能性，但您願意接受這種流失。

So I think that's the way our data will tell us it plays out, and those are the kind of decisions you're making at a local market level every day.

所以我認為這就是我們的數據告訴我們結果的方式，而這些就是你每天在當地市場層面所做的決定。

Great. And then just a comment or a question on guidance, you tightened FFO a little bit but left the same-store unchanged. Is there any comfort level within the ranges with 10 months out of the year done on same-store revenue or NOI specifically at this point?

偉大的。然後只是對指導意見或問題，你稍微收緊了 FFO，但保持同店不變。一年中 10 個月的同店收入或 NOI 在這一點上是否有任何舒適度？

Well, I think by default -- good morning by the way -- I think by default when you have 10, 12th of the answer, you have a little bit more comfort than you did at the beginning of the year. I mean, overall, our guidance ranges interestingly haven't really changed all that much from the beginning of the year until now.

好吧，我認為默認情況下——順便說一句，早上好——我認為默認情況下，當你得到第 10 個、第 12 個答案時，你會比年初更舒服一些。我的意思是，總的來說，有趣的是，從今年年初到現在，我們的指導範圍並沒有真正改變太多。

We started the year with a pretty wide array of potential outcomes and as the year plays on, that you tend to narrow those and no adjust other than tightening the FFO per share range as you noted, the balance of the guidance ranges, we left unchanged from a quarter ago. We feel like across the board, we're still tracking to fall within all of those respected ranges.

今年伊始，我們提出了一系列相當廣泛的潛在結果，隨著時間的推移，您傾向於縮小這些結果，除了收緊每股FFO 範圍（正如您所指出的）之外，沒有其他調整，指導範圍的平衡，我們保持不變從一個季度前開始。我們感覺，從整體上看，我們仍在追蹤所有這些受人尊敬的範圍內。

So really not much commentary because nothing much has changed. The quarter was very much in line with our expectations. And we have wo months left in the year. And on Chris' point, it is some weeks we get more optimistic, in some weeks it feels like you're giving a little bit of it back, but we think the ranges that we have out there right now are appropriate.

所以真的沒有太多評論，因為沒有什麼改變。該季度非常符合我們的預期。今年還剩幾個月。就克里斯的觀點而言，幾週後我們會變得更加樂觀，有時感覺好像你正在回饋一點，但我們認為我們現在的範圍是合適的。

And Juan, this is Chris, just to piggyback a little bit on Tim's comments. When you do look back, both for Cube and the industry at expectations being said at the beginning of the year, and if you just focus on the low end, which, off the top of my head, we were negative 1.25, I think everybody else was kind of around there or worse, and we talked about like drivers and how the year would have to play out for that to be the result.

胡安，我是克里斯，只是藉用一下提姆的評論。當你回顧過去時，無論是對 Cube 還是整個行業，都在年初所說的預期，如果你只關注低端，我想每個人的預期都是負值 1.25。 ，我們討論了類似的車手以及這一年必須如何進行才能得到結果。

What's interesting to me is we focused on a housing market that would be no worse than what we saw in 2023 to kind of get to those lower ends. And obviously, there were some other macro factors. And here we sit in November 1, and in fact, the housing market actually is worse this year than it was last year. And yet, for Cube and the industry as a whole, we're not performing at those really low levels or that low end of those original expectations.

對我來說有趣的是，我們關注的房地產市場不會比我們在 2023 年看到的情況更糟糕，以達到那些低端水平。顯然，還有其他一些宏觀因素。現在是 11 月 1 日，事實上，今年的房地產市場實際上比去年更糟。然而，對於 Cube 和整個行業來說，我們的表現並沒有達到那些真正低水平或原始預期的低端。

And I think it just goes to the -- again, the long-term resilience and the -- and just what a great business self-storage is. And in spite of the fact that we didn't get anything from some of those drivers that we thought would be helpful, we were still able to find other ways to kind of take advantage of whatever opportunity is presented to maximize the results.

我認為這取決於——再次強調，長期的彈性和——以及什麼是優秀的商業自助倉儲。儘管我們沒有從其中一些司機那裡得到任何我們認為有幫助的東西，但我們仍然能夠找到其他方法來利用出現的任何機會來最大化結果。

So just a plug for self-storage there, self-serving.

所以只是一個自我儲存的插頭，自助服務。

Okay. Just to recap kind of the ending commentary, the low end seems like it's off the table, it's more the mid and the high end then.

好的。只是回顧一下結尾的評論，低端似乎已經不在討論範圍之內，那麼更多的是中端和高端。

Yeah. Again, we're just providing a range of expected outcomes for the balance of the year that we're comfortable with, that we will at some point in the year and be within those ranges. It's hard to get specific between one or the other.

是的。再說一次，我們只是提供了今年餘下時間的一系列預期結果，我們對此感到滿意，我們將在今年的某個時候達到這些範圍。很難明確兩者之間的具體情況。

Yeah. I think specifically, Chris is referring to the low end of the range that we started the year with, and we contracted that range from a number of perspectives last quarter.

是的。我認為，克里斯具體指的是我們年初的範圍的低端，上個季度我們從多個角度縮小了該範圍。

[Spenser Glimcher, Green Street.]

[史賓塞‧格里姆徹，格林街。

You mentioned in the press release that the transaction markets become more constructive. Can you just provide some additional color here and maybe particularly on the types of opportunities you're seeing?

您在新聞稿中提到交易市場變得更具建設性。您能否在此提供一些額外的信息，尤其是您所看到的機會類型？

Yeah, good morning, Spenser. It's from a couple of different perspectives. We have seen an increasingly attractive opportunity set from a quality of the opportunity, and that's individual quality of assets, but also the quality of the opportunities within markets that are attractive to us and our strategy.

是的，早上好，史賓塞。這是從幾個不同的角度來看的。我們看到，從機會的品質來看，機會越來越有吸引力，這不僅是資產的個人質量，也是對我們和我們的策略有吸引力的市場內機會的品質。

We have seen a continuation of some compression in the bid-ask spread from where it had been two, three, four quarters ago to a much more constructive environment today where there seems to be a reasonable gap, at least when you start a process between where we want to be as a buyer and where a seller is willing to transact.

我們看到買賣價差繼續有所壓縮，從兩個、三個、四個季度前的情況到今天更具建設性的環境，似乎存在合理的差距，至少當你開始一個過程時我們作為買家希望在哪裡，賣家也願意在哪裡進行交易。

And so, as those two things start to get closer and closer together, it certainly feels like a much more constructive environment. That being said, anything could feel more constructive versus nothing for 18 months.

因此，隨著這兩件事開始變得越來越接近，這肯定感覺像是一個更具建設性的環境。話雖如此，在 18 個月內，任何事情都比什麼都沒有更有建設性。

So I guess it's all relative, but we're energized, and you can certainly see that we're moving in a direction here, at least at the moment, into a much more constructive environment for us to put our balance sheet to work and to be able to focus on those external growth opportunities.

所以我想這都是相對的，但我們充滿活力，你當然可以看到我們正在朝著一個方向前進，至少在目前，進入一個更有建設性的環境，讓我們的資產負債表發揮作用，能夠專注於那些外部成長機會。

Okay. That's helpful. And I know I think that industry participants were talking about a bid-ask spread in like the 10% range. I won't speak for you guys. But just curious like if you're saying it's -- there's been a little bit of compression there, can you provide a range or are you able to quantify maybe what you're seeing in today's environment in terms of that bid-ask spread?

好的。這很有幫助。我知道我認為行業參與者正在談論 10% 範圍內的買賣價差。我不會為你們說話。但只是好奇，如果你說的是——那裡有一點壓縮，你能提供一個範圍，或者你是否能夠量化你在今天的環境中所看到的買賣價差？

Such a generalization. Each opportunity is obviously different, we were able to get two stores, as you saw in our release, under contract. I mentioned previously we're actively working on a handful of other opportunities that we have a chance to get across the finish line here, it's hard to say.

這樣的概括。每個機會顯然都是不同的，正如您在我們的發布中看到的那樣，我們能夠根據合約獲得兩家商店。我之前提到過，我們正在積極尋找其他一些機會，我們有機會在這裡衝過終點線，這很難說。

The only ones that matter where you -- where there's zero bid-ask spread and the opportunity set being of higher quality is I think the more compelling component all that for CubeSmart because you do get a lot -- pencils get a lot sharper when something is attractive and fits our investment strategy.

唯一重要的是你所在的地方- 零買賣價差和更高品質的機會集，我認為對於CubeSmart 來說更引人注目的組件，因為你確實得到了很多- 當某件事發生時，鉛筆會變得更鋒利具有吸引力，符合我們的投資策略。

Daniel Tricarico, Scotiabank.

丹尼爾·特里卡里科，豐業銀行。

Chris, your comments a few answers ago, housing market being even worse this year, but guidance unchanged. The resiliency of the business, is that a testament to the ECRI program? And if so, can you just talk to that and how you'd see that evolving in an environment where maybe movement rates start to improve?

克里斯，您在幾個答案前的評論，今年房地產市場更加糟糕，但指導不變。業務的彈性是 ECRI 計畫的證明嗎？如果是這樣，您能否談談這一點，以及您如何看待在流動率可能開始提高的環境中這種情況的演變？

Yeah. Good morning. Thanks for the question. So I think it's a testament to the fact that our customer base is everyone, well, at least everyone that's an adult. And our customer base has such a diverse use case that we can be very resilient regardless of what macro factors are happening in the world at that time. So I think that's the first piece of it.

是的。早安.謝謝你的提問。所以我認為這證明了這樣一個事實：我們的客戶群是每個人，至少是每個成年人。我們的客戶群擁有如此多樣化的用例，無論當時世界上發生什麼宏觀因素，我們都可以非常有彈性。所以我認為這是第一部分。

We're not reliant upon job growth. We're not reliant upon one specific factor to generate a need for our product. It's simply somebody who has discovered that we are an excellent solution to place their treasured possessions for a period of time. I think the reality is that period of time is always, most times, it's longer than our customer thinks about it when they first enter the portfolio.

我們不依賴就業成長。我們不依賴某一特定因素來產生對我們產品的需求。只是有人發現我們是放置他們珍貴財產一段時間的絕佳解決方案。我認為現實情況是，大多數時候，這段時間總是比我們的客戶第一次進入投資組合時想像的要長。

So I think it's a combination of that. And then obviously, in a rate environment for new customers that we've been experiencing here for the last 18 months or so, that existing customer base resilience is also helpful and important.

所以我認為這是兩者的結合。顯然，在我們過去 18 個月左右經歷的新客戶費率環境中，現有客戶群的彈性也很有幫助且重要。

We continue to see a sticky customer base, lengths of stay pretty consistent after having elongated through COVID, and a customer who's accepting those rate increases and continuing to stay in the portfolio thereafter. So I do think macro, it's a combination of those two factors that I think is what makes storage such a special and long-term outperformer.

我們仍然看到一個黏性的客戶群，在經歷了新冠疫情之後，停留時間相當一致，並且客戶接受了這些加息並在此後繼續留在投資組合中。因此，我確實認為，從宏觀角度來看，這兩個因素的結合使儲存成為如此特殊且長期表現出色的因素。

Good. Thank you for that. And just a follow-up, promotional dollars being up a little bit, but just curious -- and I know there's puts and takes there, but where was the Q3 and October move-in rate year-over-year gap? I think it was 11-- down 11 in Q2.

好的。謝謝你。後續行動，促銷費用略有上升，但只是好奇 - 我知道那裡有看跌期權和拿走期權，但第三季度和 10 月份的入住率同比差距在哪裡？我認為第二季是 11——下降了 11。

Yeah. The October -- the Q2 was in that -- more like that 13 kind of percent range. October was 11, but -- I'm sorry, Q3 was 11 on average. The last two weeks of October it's been right around 9.4. So we've seen that contract. Part of that is certain markets seeing a little bit more helpful pricing to new customers.

是的。10 月——第二季就在其中——更像是 13% 的範圍。10 月是 11，但——抱歉，第三季的平均數是 11。10 月的最後兩週一直在 9.4 左右。所以我們已經看到那份合約了。部分原因是某些市場看到對新客戶更有幫助的定價。

The other hand of that is in October -- starting around mid-October of last year, we have had a strategy last year where we were trying to hold on to a rate a little bit longer past the busy season, and we did not bring rates down last year until about mid-October. So part of it is the comp, part of it is some markets a little more constructive pricing.

另一方面是在 10 月——從去年 10 月中旬左右開始，我們去年制定了一項策略，我們試圖在繁忙季節之後再保持一段時間的利率，但我們沒有帶來去年的利率一直下降到十月中旬左右。因此，一部分是比較，一部分是一些市場更具建設性的定價。

Eric Wolfe, Citi.

埃里克·沃爾夫，花旗銀行。

Thanks. It's Nick Joseph here with Eric. I just want to go back to your comments on the New York area. I know it saw a sequential decline and its outperformance shrunk versus the broader portfolio. So curious to get your expectations for that market going forward? And if tougher comps could weigh on it next year?

謝謝。這是尼克約瑟夫和艾瑞克。我只想回到你對紐約地區的評論。我知道它經歷了連續下跌，與更廣泛的投資組合相比，其表現也有所縮水。很想知道您對該市場未來的期望嗎？明年更嚴格的競爭是否會對它造成壓力？

Yeah. When you think about the New York MSA, Q2 of last year, 6% same-store revenue growth, plus or minus couple of basis points. Q3 of last year, 6% same-store revenue growth, plus or minus a couple of basis points. So the MSA as a whole has tough comps. So when you think about it from that perspective, I think our overall same-store portfolio rentals were down about 5% and you contrast that with the New York MSA rentals were up about 5%.

是的。當你想到紐約 MSA 時，去年第二季的同店營收成長了 6%，上下浮動了幾個基點。去年第三季度，同店營收成長 6%，上下浮動幾個基點。因此，MSA 作為一個整體，競爭非常激烈。因此，當你從這個角度考慮時，我認為我們的整體同店投資組合租金下降了約 5%，而紐約 MSA 的租金則上漲了約 5%。

So long-term health, fabulous. Supply in the Bronx and Brooklyn, super helpful going forward. Still dealing with a little bit in Queens. And certainly, North Jersey then from an MSA perspective, is pulling down our results a bit because of the supply impact there.

如此長期健康，太棒了。布朗克斯和布魯克林的供應，對未來非常有幫助。仍在皇后區處理一些事情。當然，從 MSA 的角度來看，北澤西由於供應影響而略微拉低了我們的結果。

I think when you look out into next year, that supply impact in North Jersey will certainly begin to lessen the supply impact in some -- again, some of our properties in Queens, particularly Long Island City, hopefully, will begin to lessen. So I think you have puts and takes there in New York.

我認為，當你展望明年時，北澤西的供應影響肯定會開始減輕一些地區的供應影響——同樣，我們在皇后區的一些房產，特別是長島市，希望將開始減輕。所以我認為在紐約你有看跌期權和賣出期權。

But -- so I can't comment today on where we see acceleration or deceleration, but I can comment that, that is a -- it's just an absolutely fantastic self-storage market through all parts of the cycle. But it's going to low beta. We're going to see that market, unlike a Phoenix or some of the higher beta markets, you're just not going to see the big swings there, up or down as you do in other parts of the portfolio.

但是，所以我今天無法評論我們在哪裡看到加速或減速，但我可以評論說，這在整個週期的各個部分都是一個絕對出色的自助倉儲市場。但它的貝塔值將會很低。我們將看到這個市場，與鳳凰城或一些較高貝塔市場不同，你不會像在投資組合的其他部分那樣看到那裡的大幅波動，無論上漲還是下跌。

Thanks. That's helpful. And then of the $29 million of other property income, how much of that is administrative and late charges versus insurance income and solar credits?

謝謝。這很有幫助。那麼，在 2,900 萬美元的其他財產收入中，與保險收入和太陽能信貸相比，行政費用和滯納金有多少？

Well, there's no insurance in there. So it's predominantly on the fee side.

嗯，裡面沒有保險。所以主要是在費用方面。

Okay. Okay. Are there any -- does solar run through there?

好的。好的。有沒有——太陽能通過那裡？

It runs through there. It's not a big component of it. It does run through that line item. It's not -- the solar credits were more impactful to the year-over-year growth and the second quarter than they were in the third.

它貫穿那裡。它不是它的一個重要組成部分。它確實貫穿該行項目。事實並非如此——太陽能信貸對年成長和第二季的影響比第三季更大。

Todd Thomas, KeyBanc Capital Markets.

托馬斯 (Todd Thomas)，KeyBanc 資本市場。

H, thanks. Good morning. I just wanted to follow up on the questions around the guidance. So you maintained the same-store forecast, you narrowed the FFO range a bit, but the fourth quarter guidance FFO range is a little wider at $0.67 to $0.70. So $0.03 range with just two months left. I think you generally had a $0.02 range.

哈，謝謝。早安.我只是想跟進有關指南的問題。因此，您維持了同店預測，稍微縮小了 FFO 範圍，但第四季度 FFO 指導範圍稍寬一些，為 0.67 美元至 0.70 美元。所以距離 0.03 美元只剩兩個月了。我認為您的範圍通常為 0.02 美元。

Is that just the week-to-week volatility that you're seeing and an indication that uncertainty is at real high levels, higher than it's been? Or is there something else specific that we should be thinking about from an FFO standpoint as we make our way through the end of the year?

這是否只是您所看到的每週波動，表明不確定性處於真正的高水平，比以往任何時候都高？或者，在年底到來之際，我們還應該從 FFO 的角度考慮其他具體的事情嗎？

Yeah. Great question, Todd. Nothing -- it's more of the -- I think, the latter. I was getting mixed up with the former and the latter. More the latter of your two answers to your question. It is -- it's just the range that we feel appropriately captures the potential outcomes. Obviously, you have to set a high end and a low end to get to somewhere in the middle that tends to make sense.

是的。好問題，托德。沒什麼——我想，更多的是後者。我把前者和後者搞混了。更多的是您對問題的兩個答案中的後者。這只是我們認為能夠適當地捕捉潛在結果的範圍。顯然，你必須設置一個高端和一個低端才能到達中間的某個位置，這往往是有意義的。

We also have a little bit of a disconnect between the annual guidance and the quarterly guidance because of the denominator with utilizing the ATM a little bit, but nothing you should read into that range other than us trying to provide a range that captures the volatility and the potential outcomes here as we close out the year.

我們的年度指導和季度指導之間也有一點脫節，因為分母需要稍微使用 ATM，但除了我們試圖提供一個捕捉波動性和當我們結束這一年時，這裡的潛在結果。

Okay. And sorry if I missed it, but can you comment on October occupancy, where that stands and what that looks like on a year-over-year basis?

好的。抱歉，如果我錯過了，您能否評論一下 10 月份的入住率、情況以及同比情況？

Yeah. At the end of October, yesterday, 89.9% in the same-store pool, 130 basis points behind last year.

是的。昨天10月底，同店池比例為89.9%，比去年下降130個基點。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Yes, good morning, everyone. I just was hoping you could talk a little bit about kind of what average ECRI increases were in 3Q as well as the street rates, kind of how much they are down year-over-year on average for the quarter and also as the quarter progressed what was happening with those two metrics?

是的，大家早安。我只是希望您能談談第三季度 ECRI 平均增幅以及街道價格，該季度平均同比下降了多少以及隨著季度的進展這兩個指標發生了什麼？

Yeah. Thank you for the question. I answered the street rate question previously. We had come down into the last couple of weeks of October, down about 9%, 9.4%. That was down from 11 average for the quarter.

是的。謝謝你的提問。我之前回答過街道價格問題。10 月的最後幾週，我們的股價下跌了約 9%、9.4%。這低於該季度 11 的平均水平。

In terms of the ECRIs that really has not changed from the cadence or the percentage increase on average across the portfolio in a bit here. It continues to be kind of that high teens average increase to those customers who are receiving one. But again, that's the average. The range is quite wide.

就 ECRI 而言，整個投資組合的節奏或平均成長百分比確實沒有改變。對於那些收到禮物的顧客來說，青少年的平均成長率仍然很高。但話又說回來，這就是平均值。範圍相當廣。

Ki Bin Kim, Truist.

金基賓，真理主義者。

Thanks. Good morning. Can you just talk about the impact of supply on your portfolio, how that's shaping out in '24? And as we think about next year, how that might look?

謝謝。早安.您能否談談供應對您的投資組合的影響，以及 24 年的情況如何？當我們思考明年時，情況會是什麼樣子？

Yeah. I'll let Tim or Josh give you the percentages of the portfolio that is being impacted by new supply here in '24 and maybe a little help on how that cadence has happened. As we look out to next year, again, we'll update that and provide a new percentage impact as it relates to same-store pool when we provide guidance in February.

是的。我會讓 Tim 或 Josh 告訴你 24 年受新供應影響的投資組合的百分比，也許對這種節奏是如何發生的有一點幫助。當我們展望明年時，我們將再次更新這一點，並在二月份提供指導時提供與同店池相關的新百分比影響。

As I sit here today and you look across the country, I do feel like that percentage is going to come down as it has over the last couple of years. So supply is helpful and constructive, I think, in terms of trying to shape the narrative for 2025.

當我今天坐在這裡，放眼全國時，我確實覺得這一比例將會像過去幾年一樣下降。因此，我認為，就試圖塑造 2025 年的敘事而言，供應是有幫助和建設性的。

On a macro basis, there will continue to be some markets like Washington, D.C., where we've taken the pain, we don't see a significant amount of D.C., Maryland, Virginia. We don't see a significant amount of additional supply coming on, and so you would see a market like that, we would think would benefit more so.

從宏觀角度來看，仍然會有一些市場，例如華盛頓特區，我們已經在那裡承受了痛苦，但我們沒有看到大量的華盛頓特區、馬裡蘭州、維吉尼亞州。我們沒有看到大量的額外供應出現，所以你會看到這樣的市場，我們認為會受益更多。

And then as I mentioned, you have some markets on the West Coast of Florida that are going to see, and have seen, a reasonable amount of deliveries this year which we would expect then will be weighed on as we go through 2025.

正如我所提到的，佛羅裡達州西海岸的一些市場今年將會看到並且已經看到了合理的交付量，我們預計到 2025 年，交付量將受到影響。

But Tim or Josh, I don't know if you know the percentages for it.

但是蒂姆或喬什，我不知道你是否知道它的百分比。

Yeah, happy to. It's -- we peaked out -- the number of our stores that were impacted by new supply was at its peak in 2019 at 50% of our stores. And since that time, it has steadily decreased the percentage of our stores impacted.

是的，很高興。我們的商店數量在 2019 年達到了峰值，達到了 50%。從那時起，我們受影響的商店的比例就穩步下降。

And again, we think about that for stores that opened up in the year that we're focused on and in the prior 2 years. So kind of a 2.5 year, 3-year rolling impact because that's the period of time in which a store that opens up that is competitive with your store, we believe has the biggest impact from a pricing standpoint.

再次，我們會考慮在我們關注的年份和前兩年開設的商店。這是 2.5 年、3 年的滾動影響，因為在這段時間內新開的商店與您的商店具有競爭力，我們認為從定價的角度來看影響最大。

So that 50% in 2019 has steadily come down. In 2024, that number is down to 27%. And as Chris touched on, we'll update that number as we complete our ground-up processes for the 2005 (sic - 2025) number when we provide guidance in February.

這樣2019年的50%就穩定下降了。到 2024 年，這一數字將下降至 27%。正如 Chris 所說，當我們在 2 月提供指導時，我們將在完成 2005 年（原文如此 - 2025）數字的基礎流程後更新該數字。

Okay. And maybe I can ask that in a different way. If you look at the new construction start activity, that might be likely in a kind of similar thinking, what does that look like? So if we have to kind of look out a few years, trying to get a sense of how low that can go?

好的。也許我可以用不同的方式問這個問題。如果你看看新的開工活動，可能會有類似的想法，那是什麼樣子的？因此，如果我們必須觀察幾年，試圖了解這個數字可以下降到多低？

Yeah. I mean I think -- and again, in our core markets, you continue to see the overall level of starts decline. You certainly have folks who have projects they would like to start. But when you look at cost of capital, capital availability on the lending side, the competitive rate environment we're in for new customers, as always, it's a micro market business.

是的。我的意思是，我認為，在我們的核心市場，你會繼續看到開工率的整體水準下降。當然有人有他們想要啟動的專案。但是，當你考慮資本成本、貸款方面的資本可用性以及我們為新客戶提供的有競爭力的利率環境時，一如既往，這是一項微觀市場業務。

So there are sites and locations that still make sense in spite of that. But overall, I would expect that we need to work through both sides of the equation, cost of capital and rental rate, to be able to have a lot of sites pencil out and make sense here over the next -- I'm going to guess, over the next 12 to 18 months.

因此，儘管如此，有些地點和地點仍然有意義。但總的來說，我希望我們需要解決等式的兩邊，即資本成本和租金率，以便能夠在接下來的時間裡列出很多網站並在這裡有意義——我將猜測，在接下來的12 到18 個月內。

And then you think about that trend line. In '25, what we're looking at is new deliveries in '25 would be added to impacting our stores but then in our minds, falling out would be all of those deliveries in '22. So when you're thinking about that incremental impact overall, you're saying our 2025 deliveries in our markets that are competitive with our assets more or less than deliveries that we saw in 2022, sure feels like it's going to be less.

然後你想想趨勢線。在 25 年，我們關注的是 25 年的新交付將會對我們的商店產生影響，但在我們看來，22 年的所有交付都會受到影響。因此，當您考慮整體增量影響時，您會說我們2025 年在市場上的交付量與我們的資產相比或多或少都具有競爭力，而我們在2022 年看到的交付量肯定會減少。

In particular, when you get into some of the assets that Chris touched on a few questions ago, which are when something opened up in one of the -- out of boroughs of New York and Brooklyn Queens, Bronx, it tended to not impact one of our stores, but many of our stores because the assets are so clumped together. So there are a lot of things moving around. But certainly, we feel like supply is becoming less and less of a headwind as we go.

特別是，當你了解克里斯之前提到的一些資產時，即在紐約和布魯克林皇后區、布朗克斯區之一開放某些資產時，它往往不會影響任何一個我們的商店，但是我們的許多商店，因為資產非常集中。所以有很多東西在移動。但可以肯定的是，我們認為隨著我們的發展，供應的阻力變得越來越小。

Your question of what could it eventually be? That's an interesting hypothetical question because we experienced that period of time in 2011 through 2014, where the industry saw almost zero. And that was fabulous from the impact on operating fundamentals, but the reason it was zero was because there were a lot of other things that were going on in the world and in the sector, you kind of never wanted to go to zero because zero implies there's something else that's wrong.

你的問題是最終會是什麼？這是一個有趣的假設問題，因為我們經歷了 2011 年到 2014 年這段時間，產業幾乎是零。從對營運基本面的影響來看，這是令人難以置信的，但它為零的原因是因為世界上和該行業中正在發生很多其他事情，你永遠不想達到零，因為零意味著還有其他問題。

You'd almost rather see supply get down to a level where it approximated growth in demand. And in the places where demand is growing, of course, that's wishful thinking because that's never the way it works in the real world.

你幾乎寧願看到供應下降到接近需求成長的水平。當然，在需求成長的地方，這是一廂情願的想法，因為現實世界從來就不是這樣的。

But ultimately, you would like to see some level of supply that mirrors growth in demand, i.e., population growth and movement around the country, that would be -- I think that would be ideal from a sector perspective.

但最終，你希望看到一定程度的供應反映需求的增長，即人口增長和全國各地的流動，我認為從行業角度來看，這將是理想的。

Okay, thank you.

好的，謝謝。

By the way, before -- I'm sorry, before you prompt for the next question. I wanted to go back to a question that Nick Joseph asked a little while ago about whether tenant insurance was included in other income.

順便說一句，在您提示下一個問題之前，我很抱歉。我想回到尼克約瑟夫不久前問的一個問題，即租戶保險是否包含在其他收入中。

And just for clarification, I took that in the context of in the same-store portfolio. And so for our same-store portfolio, tenant insurance is not included in other income. On a consolidated basis, when you think about total results, not just same-store tenant insurance does show up in the other income line item there. So I want to make sure I wasn't misleading in my answer to that question.

為了澄清起見，我將其放在同店投資組合的背景下。因此，對於我們的同店投資組合，租戶保險不包含在其他收入中。在綜合基礎上，當您考慮整體結果時，不僅同店租戶保險確實出現在其他收入項目中。所以我想確保我對這個問題的回答沒有誤導。

I'm sorry, John, you can prompt for the next question.

對不起，約翰，你可以提示下一個問題。

Mike Mueller, JPMorgan.

麥克·穆勒，摩根大通。

Hi. Just a quick one. On the two acquisitions that you announced, can you talk about how well occupied the properties are and the going in expected yields?

你好。只是快一點。關於您宣布的兩項收購，您能談談這些房產的佔用情況以及預期收益率嗎？

Yeah. Sure. So interestingly, there are two very separate transactions on different sides of the country, but some of the statistics are almost interestingly and coincidentally about the same.

是的。當然。有趣的是，在該國的不同地區有兩筆非常獨立的交易，但一些統計數據幾乎有趣且巧合地相同。

Each of these opportunities were stores that were built 3, 3.5 years ago. So they're not completely stabilized as we bring each of them into the portfolio. Each of them, they range in occupancy coming -- when they come on to our platform, they'll be in the 70%, 75% type occupancy.

這些機會中的每一個都是 3、3.5 年前建成的商店。因此，當我們將它們納入投資組合時，它們並沒有完全穩定。他們每個人的入住率都有所不同——當他們進入我們的平台時，他們的入住率將達到 70%、75% 類型。

So there's one more leg of lease-up in each of those opportunities, combined with us bringing some value into things like tenant insurance and getting them fully economically stabilized.

因此，每個機會都涉及租賃，再加上我們為租戶保險等項目帶來一些價值，並使它們在經濟上完全穩定。

So we're looking at each of those assets in a cap rate at stabilization kind of year two right around a 6% cap for each of those opportunities, plus or minus. But coming on, they're not fully stabilized. So it's a little bit lower than that.

因此，我們正在以穩定的第二年的上限利率來看待每項資產，每個機會的上限約為 6%，無論是正負值。但接下來，他們還沒有完全穩定下來。所以比這個低一點。

Eric Luebchow, Wells Fargo.

艾瑞克‧盧布喬 (Eric Luebchow)，富國銀行。

Hi. Thanks for the question. I know you answered several questions about the acquisition market, but maybe you could talk about what you're kind of seeing in the pipeline? Is it more of the kind of single asset deals that you've executed on over the last year? Or are there some larger portfolio deals that you see in your funnel as well?

你好。謝謝你的提問。我知道您回答了幾個有關收購市場的問題，但也許您可以談談您在管道中看到的情況？這更像是您去年執行的單一資產交易嗎？或者您在通路中也看到了一些較大的投資組合交易？

Yeah. Thanks for the question. It really is all over the place. I think what is consistent today is what we've been talking about here for several quarters is I do think there's an awful lot of inventory that is building up for folks that either want or need liquidity at some point.

是的。謝謝你的提問。確實到處都是。我認為今天一致的是，我們幾個季度以來一直在談論的是，我確實認為，對於在某個時候想要或需要流動性的人來說，正在累積大量庫存。

And so, I think when the floodgates open up to the extent that they open up, I think you're going to see a variety of opportunities ranging from that single asset opportunity to small- to medium-sized portfolios to potentially even something a little bit larger.

因此，我認為當閘門打開到一定程度時，我認為你會看到各種各樣的機會，從單一資產機會到中小型投資組合，甚至可能有一些機會大一點。

I think large portfolio transactions are a little bit more difficult. I think the line of potential buyers is shorter certainly than it was in 2021, given the cost of debt and debt availability to many potential buyers of larger portfolios. That positions us and some others like us perhaps to be in a nice spot because we do have access to capital, and it would be great to be on the buying side of the table and have a shorter line of folks on that side of the table.

我認為大型投資組合交易有點困難。考慮到許多較大投資組合的潛在買家的債務成本和債務可用性，我認為潛在買家的團隊肯定比 2021 年更短。這使我們和其他一些像我們一樣的人可能處於一個很好的位置，因為我們確實可以獲得資金，而且如果能站在談判桌的購買方，並且談判桌那一側的人排得更短，那就太好了。

But I don't think you're going to see opportunities that are just small assets or just large portfolios. I think it's across the board as there are just pockets of capital that don't have forever time horizons associated with their self-storage investments and they need to find liquidity at some point.

但我認為你不會看到只是小資產或大型投資組合的機會。我認為這是全面的，因為只有一小部分資本沒有與其自我儲存投資相關的永遠的時間範圍，他們需要在某個時候找到流動性。

Fair enough. And just to piggyback on that, I mean, you did raise a little bit of equity in the quarter. So just thinking as you think about the potential for external growth to pick up, like how are you thinking about funding that from a leverage perspective, maybe tapping the market if you see opportunities to issue equity? Just any comments there would be helpful. Thanks.

很公平。順便說一下，我的意思是，您確實在本季度籌集了一點股本。因此，當您考慮外部成長回升的潛力時，例如您如何考慮從槓桿角度進行融資，如果您看到發行股票的機會，也許可以利用市場？只要有任何評論都會有幫助。謝謝。

Certainly. So we've worked hard for a very long time to create a balance sheet that has -- that is low risk and also has capacity for us to support that external growth part of our strategy. And so, at third quarter with debt-to-EBITDA down at four times, it gives us a tremendous amount of capacity to use debt to the extent that we find opportunities to use that leverage bullet.

當然。因此，我們花了很長時間努力創建一個資產負債表，該資產負債表風險低，並且有能力支持我們策略的外部成長部分。因此，在第三季度，債務與 EBITDA 下降了四倍，這為我們提供了巨大的使用債務的能力，以至於我們找到了使用槓桿子彈的機會。

And we could comfortably be within the credit metrics that we target long term for our credit rating, a full turn higher than where we sit today. So you translate that, that means that we could acquire roughly $1 billion worth of assets fully levered and still have credit metrics that work for us.

我們可以輕鬆地達到我們信用評級長期目標的信用指標，比我們今天的水平高出整整一圈。所以你翻譯一下，這意味著我們可以獲得價值約 10 億美元的完全槓桿資產，並且仍然擁有對我們有用的信用指標。

If we were to do that, hypothetically, we would then work to bring it back down and create the capacity so that we would be in a position to do -- to be in the same position we're in today. You've seen us do that repeatedly here over the past 10 to 15 years.

假設我們要這樣做，那麼我們將努力將其拉低並創造能力，以便我們能夠做到這一點 - 處於我們今天所處的位置。在過去的 10 到 15 年裡，您已經看到我們在這裡反覆這樣做。

So when we see an opportunity like we have in front of us right now and we can match fund an equity component of that, in an equation that makes sense given where our equity cost of capital is, where the opportunity set is, we love to continue to maintain that capacity. At the same time, we're more than happy to use that capacity if the math makes sense from that standpoint.

因此，當我們看到現在擺在我們面前的機會時，我們可以匹配其中的股權部分，考慮到我們的資本股權成本在哪裡，機會集在哪裡，在一個有意義的等式中，我們喜歡繼續保持這種能力。同時，如果從這個角度來看數學是有意義的，我們非常樂意使用這種能力。

So we really feel fortunate to be well positioned to go in a lot of different directions, depending on the environment we find ourselves in at the moment and the opportunity set that's out there.

因此，我們真的很幸運，能夠處於有利的位置，可以朝著許多不同的方向前進，這取決於我們目前所處的環境和現有的機會。

Brendan Lynch, Barclays.

布倫丹·林奇，巴克萊銀行。

Very good morning. Thanks for taking my questions. You mentioned the New York Metro is particularly strong. So I'm curious on the 30% occupancy of the two stores that delivered last quarter, how that compares to your expectations and how it compares to past new development lease-up trends?

早安.感謝您回答我的問題。你提到紐約地鐵特別強大。所以我很好奇上季交付的兩家商店的入住率為 30%，這與您的預期相比如何，以及與過去的新開發租賃趨勢相比如何？

Yeah. Thanks for the question. Both of those stores performing, I would say, in line with our expectations on the occupancy side as they've come into the portfolio. No surprises for us on either of those one way or the other.

是的。謝謝你的提問。我想說，這兩家商店的表現符合我們對入住率的預期，因為它們已納入投資組合。無論以哪種方式，我們都不會感到驚訝。

And maybe a follow-up there. What is your appetite for new development starts versus other potential uses of capital?

也許還有後續行動。與其他潛在的資本用途相比，您對新開發案的興趣是什麼？

Yeah. We obviously are interested in continuing to grow the portfolio where appropriate and where it makes sense. As I shared, on a macro basis, it's challenging today to find attractive sites in the small number of markets where we're interested in development and taking that risk for that reward.

是的。我們顯然有興趣在適當且有意義的情況下繼續擴大投資組合。正如我所分享的，從宏觀角度來看，今天在我們有興趣進行開發並承擔風險以獲得回報的少數市場中找到有吸引力的地點具有挑戰性。

But on a micro basis, yes, there are certainly neighborhoods where storage is low square foot per capita. We believe a project would do well, and we continue to pursue those opportunities. It has just been challenging for us to find that combination of those special sites with a site that makes sense economically.

但從微觀角度來看，是的，確實有些社區的人均儲存面積較低。我們相信一個項目會做得很好，我們將繼續尋求這些機會。對我們來說，找到將這些特殊地點與經濟上有意義的地點結合一直是一項挑戰。

As there are no further questions at the queue at this time. This concludes our Q&A session. I would like to turn the call over back to Chris Marr for closing remarks.

因為此時隊列中沒有其他問題。我們的問答環節到此結束。我想將電話轉回給克里斯·馬爾（Chris Marr），讓其致閉幕詞。

Okay. Thank you. So I think, as I mentioned in the release, we recently recognized our 20th anniversary as a New York Stock Exchange traded company. So I would like to thank everyone who has been involved over that journey from 20 years ago through today with a special thank you to our teammates who are with us today and were with us two decades ago, and deeply appreciate their commitment to our company and their commitment to customer service.

好的。謝謝。因此，我認為，正如我在新聞稿中提到的，我們最近慶祝了我們作為紐約證券交易所上市公司的 20 週年紀念日。因此，我要感謝從 20 年前到今天參與這段旅程的所有人，特別感謝今天和我們在一起的隊友以及 20 年前與我們在一起的人，並深深感謝他們對我們公司的承諾和他們對客戶服務的承諾。

So with that shout out, we'll wrap it up and thank everybody for your participation and have a great and safe weekend.

因此，我們將結束這次活動，感謝大家的參與，並祝您度過一個愉快而安全的周末。

This concludes today's conference call. Thank you for your participation. You may now disconnect. Have a pleasant day, everyone.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。祝大家有個愉快的一天。