Extra Space Storage Inc (EXR) 2024 Q2 法說會逐字稿

Good day, everyone, and thank you for standing by. Welcome to the second quarter 2024 Extra Space Storage Inc.'s earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，感謝你們的支持。歡迎參加 Extra Space Storage Inc. 2024 年第二季財報電話會議。（操作員指示）請注意，今天的會議正在錄製中。

I will hand the call over to the Vice President of Investor Relations, Jared Conley. Please go ahead.

我會將電話轉交給投資者關係副總裁賈里德‧康利 (Jared Conley)。請繼續。

Thank you, Carmen. Welcome to Extra Space Storage's second quarter 2024 earnings call. In addition to our press release, we've furnished unaudited supplemental financial information on our website. Please remember that management's prepared remarks and answers to your questions may contain forward-looking statements as defined in the Private Securities Litigation Reform Act.

謝謝你，卡門。歡迎參加 Extra Space Storage 的 2024 年第二季財報電話會議。除了我們的新聞稿之外，我們還在我們的網站上提供了未經審計的補充財務資訊。請記住，管理層準備好的評論和對您問題的回答可能包含《私人證券訴訟改革法案》中定義的前瞻性陳述。

Actual results could differ materially from those stated or implied by forward-looking statements due to risks and uncertainties associated with the company's business. These forward-looking statements are qualified by the cautionary statements contained in the company's latest filings with the SEC, which we encourage our listeners to review. Forward-looking statements management's estimates as of today, July 31, 2024. The company assumes no obligation to revise or update any forward-looking statements because of changing market conditions or other circumstances after the date of this conference call.

由於與公司業務相關的風險和不確定性，實際結果可能與前瞻性陳述中明示或暗示的結果有重大差異。這些前瞻性陳述受到該公司向美國證券交易委員會提交的最新文件中所包含的警示性陳述的限制，我們鼓勵我們的聽眾仔細閱讀這些陳述。前瞻性陳述管理階層截至今天（2024 年 7 月 31 日）的估計。本公司不承擔因本次電話會議日期後市場狀況或其他情況變化而修改或更新任何前瞻性陳述的義務。

I would now like to turn the time over to Joe Margolis, Chief Executive Officer.

現在我想將時間交給執行長喬·馬戈利斯 (Joe Margolis)。

Thanks, Jared, and thank you, everyone, for joining today's call.

謝謝賈里德，也謝謝大家參加今天的電話會議。

We had a great quarter exceeding our internal FFO per share projection due to outperformance in multiple areas of our business, allowing us to increase our 2024 FFO outlook. We experienced steady improvement in Extra Space same-store occupancy for the second quarter ending at 94.3% and continue to see occupancy gains in July.

由於我們業務的多個領域表現出色，我們的季度業績超出了內部 FFO 每股預測，這使我們能夠提高 2024 年 FFO 的前景。第二季 Extra Space 同店入住率穩定提高，達到 94.3%，且 7 月的入住率持續成長。

Our second quarter occupancy represents a 110-basis point sequential gain over our first quarter occupancy and a 30-basis point improvement year over year. In the same period, the average move-in rate improved by approximately 12%. However, it is still about 8% below last year's average move-in rate. The combination of increased move-in rate and occupancy gain contributed to a 0.6% increase in Extra Space same-store revenue year over year.

我們第二季的入住率比第一季的入住率連續成長 110 個基點，年增 30 個基點。同期，平均入住率提高了約12%。然而，仍比去年的平均入住率低約8%。入住率上升和入住率上升共同推動 Extra Space 同店營收年增 0.6%。

Same-store expenses increased by 6% for the quarter compared to the same period last year, marginally better than internal projections. As expected, we saw significant gains in occupancy for the Life Storage same-store pool, finishing the quarter at 93.8%. This represents an increase of 400 basis points year over year and a 200-basis point improvement over first quarter level.

本季同店支出較去年同期成長 6%，略優於內部預測。正如預期的那樣，我們看到 Life Storage 同店池的入住率大幅成長，本季達到 93.8%。這意味著年增 400 個基點，比第一季水準提高 200 個基點。

The occupancy gains drove revenue growth for the Life Storage same-store pool of 1.8% year over year. Given the occupancy gains, we expected to generate significant pricing power at the Life Storage properties. Midway through the quarter, we eliminated the move-in rate discounts and placed new customer pricing for the Life Storage properties on par with comparable Extra Space stores.

入住率成長推動 Life Storage 同店池營收年增 1.8%。鑑於入住率的成長，我們預計 Life Storage 物業將產生巨大的定價能力。在本季中期，我們取消了入住費率折扣，並將 Life Storage 物業的新客戶定價與同類 Extra Space 商店持平。

However, the pricing improvement at the Life Storage stores has been below our internal projections. We are confident our approach is maximizing revenue at the stores. However, progress has been slower than anticipated. We remain convinced that we will continue to post the rate gap between Life Storage and Extra Space stores over time.

然而，Life Storage 商店的定價改善低於我們的內部預測。我們相信我們的方法能夠最大限度地提高商店的收入。然而，進展比預期慢。我們仍然堅信，隨著時間的推移，我們將繼續公佈 Life Storage 和 Extra Space 商店之間的費率差距。

Life Storage same-store property expenses increased by 0.8% year over year, significantly better than our internal projections. The team has done a great job finding additional expense efficiencies, and we can now project lower expenses, particularly with respect to property taxes and in the controllable areas of R&M, utilities, and payroll for the second half of the year.

Life Storage 同店物業費用年增 0.8%，明顯優於我們的內部預測。團隊在尋找額外的費用效率方面做得非常出色，我們現在可以預期下半年的費用會降低，特別是在財產稅以及 R&M、公用事業和工資等可控領域。

Turning to growth for the transaction environment remains muted, our capital light external growth programs continue to make gains. In the quarter, we added 77 third-party managed stores, netting 14 stores after factoring in the expected departure of a large portfolio that internalized management.

轉向成長，因為交易環境仍然低迷，我們的資本輕外部成長計畫繼續取得收益。本季度，我們增加了 77 家第三方管理商店，考慮到內部化管理的大型投資組合的預期退出，淨增 14 家商店。

Year to date, we have added 86 net stores to the platform, one of the strongest first halves of the year ever. Additionally, our bridge loan program expanded with $433 million in new loans originated in this quarter. Our greater scale and sophisticated operating platform have led to meaningful wins in other areas of the business, including G&A and tenant insurance. We are working hard to continue to find efficiencies in all areas of the business to drive FFO growth despite the difficult operating environment at the stores.

今年迄今為止，我們已在該平台上新增了 86 家網店，這是今年上半年最強勁的業績之一。此外，我們的過渡貸款計畫擴大了，本季發放的新貸款達 4.33 億美元。我們更大的規模和複雜的營運平台在其他業務領域取得了有意義的勝利，包括一般管理費用和租戶保險。儘管門市營運環境困難，但我們仍在努力持續提高業務各領域的效率，以推動 FFO 的成長。

I will now turn the time over to Scott.

現在我將把時間交給史考特。

Thanks, Joe. And hello, everyone.

謝謝，喬。大家好。

As Joe mentioned, we had a good quarter driven by occupancy and steady revenue growth. In addition to G&A savings, we have experienced better-than-expected property operating expenses, specifically property taxes, utilities, and repairs and maintenance. The G&A and property level savings have come from a broad range of categories as we continue to find efficiencies and capitalize on our greater scale.

正如喬所提到的，在入住率和穩定的收入成長的推動下，我們度過了一個不錯的季度。除了管理費用節省之外，我們的物業營運支出也比預期，特別是物業稅、水電費以及維修和保養費用。隨著我們不斷提高效率並利用更大的規模，一般管理費用和財產層面的節省來自廣泛的類別。

Due to the steady Extra Space same-store performance through the leasing season, we are raising the bottom end of our revenue guidance by 100 basis points, bringing the midpoint to negative 0.25%. We have also reduced our expense guidance dropping the midpoint by 25 basis points to 4.5%. Accordingly, the bottom end of our net operating income guidance is being raised by 125 basis points to a negative 1.75% at the midpoint.

由於 Extra Space 同店業績在整個租賃季保持穩定，我們將營收指引下限上調 100 個基點，使中點達到負 0.25%。我們也降低了費用指導，將中點下調 25 個基點至 4.5%。因此，我們將淨營業收入指引的下限提高了 125 個基點，至中間值負 1.75%。

Regarding the Life Storage same-store pool, the lower-than-expected pricing power has led to a reduction in our revenue expectations for the year. We have reduced our annual same-store revenue guidance by 200 basis points at the midpoint.

對於Life Storage同店池，低於預期的定價能力導致我們下調了今年的營收預期。我們已將年度同店收入指引中位數下調了 200 個基點。

Fortunately, this is partially offset by lower-than-expected expenses for these properties. As a result, we are also revising our expense guidance downward by 200 basis points at the midpoint and consequently, we have adjusted Life Storage same-store NOI guidance to a range of negative 1.5% to positive 1% for the year.

幸運的是，這部分被這些房產低於預期的支出所抵消。因此，我們也將費用指引中點下調了 200 個基點，因此，我們將今年 Life Storage 同店 NOI 指引調整至負 1.5% 至正 1% 的範圍。

Given the recent demand and volume of bridge loans, we have raised the 2024 average outstanding loan guidance and increased our expected interest income. We've also lowered our estimates for G&A and increased our management fees and tenant reinsurance income.

鑑於近期過橋貸款的需求和數量，我們上調了2024年平均未償貸款指引，並提高了預期利息收入。我們也降低了一般行政費用的預估，並增加了管理費和租戶再保險收入。

Additionally, we have adjusted interest expense and income tax expense guidance to reflect the current business environment. These revisions have contributed to a raise of the lower end of our FFO guidance from $7.85 per share to $7.95 per share, a $0.05 increase at the midpoint.

此外，我們還調整了利息支出和所得稅支出指導，以反映當前的商業環境。這些修訂導致我們的 FFO 指導下限從每股 7.85 美元提高到每股 7.95 美元，中點增加了 0.05 美元。

And with that, let's open it up for questions.

接下來，讓我們開始提問。

(Operator Instructions)

（操作員說明）

Michael Goldsmith, UBS.

麥可‧戈德史密斯，瑞銀集團。

My first question is on the adjustment of the Life Storage guidance and touch a little bit about the lack of pricing power in order to push rates is what are you seeing there? What is weighing there? And then also is the -- can you talk a little bit about the geographical footprint of that portfolio and how that may be also influencing the results from that segment?

我的第一個問題是關於 Life Storage 指導的調整，並稍微談一下缺乏定價能力以推動利率，您在那裡看到了什麼？那裡有什麼重量？然後，您能否談談該投資組合的地理足跡以及這可能如何影響該細分市場的結果？

Thanks.

謝謝。

Sure, Michael. So when we took the portfolio over, we had a significant 420-basis point occupancy gap. And that was the first thing we worked out and the main tool we used over the last year was discounting the new customer rate at the Life Storage stores below the Extra Space stores and we made good progress.

當然，邁克爾。因此，當我們接管該投資組合時，我們的佔用率差距高達 420 個基點。這是我們解決的第一件事，我們去年使用的主要工具是在 Extra Space 商店下方的 Life Storage 商店對新客戶進行折扣，我們取得了良好的進展。

And by mid quarter, we were close enough to occupancy parity that we removed that extra discount at Life Storage stores. We then thought we would gain pricing power and we just didn't gain as much as we did. Customers -- new customers remained price sensitive and we haven't been able to move new customer rates at the Life Storage stores or the Extra Space stores as much as we would have hoped.

到季度中期，我們已經足夠接近入住率，因此我們取消了 Life Storage 商店的額外折扣。然後我們認為我們將獲得定價權，但我們並沒有獲得那麼多。客戶－新客戶仍然對價格敏感，我們未能像我們希望的那樣提高 Life Storage 商店或 Extra Space 商店的新客戶價格。

So that is certainly a factor in our projected revenue for the Life Storage stores for the rest of the year. Another factor is geography as you pointed out. When we closed this merger, one thing we were excited about was the effect on our portfolio of footprint. By merging with Life Storage, we reduced our proportional exposure to California and increased our proportions closer to Sun Belt markets including Florida, for example, and we still are happy about that.

因此，這肯定是我們預計 Life Storage 商店今年剩餘時間收入的因素。正如您所指出的，另一個因素是地理位置。當我們完成這次合併時，我們感到興奮的一件事是它對我們的足跡組合的影響。透過與 Life Storage 合併，我們減少了對加州的投資比例，並增加了靠近包括佛羅裡達州在內的陽光地帶市場的比例，我們仍然對此感到高興。

We think, long term, we believe in the Sunbelt, we believe in Florida, and we're happy to have greater exposure in those growth markets, but it worked against us this year. Extra Space has 23% of its same-store revenue coming from California, Life Storage has 7%, and California is in the outperforming market this year. And conversely, Extra Space has 10% of our same-store revenue coming from Florida, Life Storage has 16%, and Florida is an underperforming market this year. So I think it's timing. Long term, we like where we are. We think we'll close the rate gap and we like our geographical footprint.

我們認為，從長遠來看，我們相信陽光地帶，我們相信佛羅裡達州，我們很高興在這些成長市場中擁有更大的曝光度，但今年這對我們不利。Extra Space 23% 的同店營收來自加州，Life Storage 佔 7%，而加州今年的表現優於其他市場。相反，Extra Space 有 10% 的同店收入來自佛羅裡達州，Life Storage 有 16%，而佛羅裡達州今年是一個表現不佳的市場。所以我認為現在正是時候。從長遠來看，我們喜歡我們現在的處境。我們認為我們將縮小費率差距，並且我們喜歡我們的地理足跡。

Joe, thanks for that.

喬，謝謝你。

And my follow-up. I think the natural follow-up question is, what has to change in the environment in order for things to get better? Is it demand needs to pick up from the housing market? Is it competition needs to moderate from here? Like what are the catalysts that you're looking for that would be an indicator that you can do return of the pricing power and closing the gap on street rates?

還有我的後續行動。我認為自然的後續問題是，為了讓事情變得更好，環境必須改變什麼？房地產市場的需求是否需要回升？競爭是否需要從這裡開始緩和？就像您正在尋找的催化劑是什麼，可以作為您可以恢復定價能力並縮小街頭價格差距的指標？

Thanks.

謝謝。

Yes. I mean, clearly a pickup in demand would be positive whether that's going to come from the housing market or otherwise, I think it's probably a little of both, right. We'll probably have a slow-and-steady improvement in the housing market, not a hockey stick. I think continued moderation of new development is a positive that will help us as well.

是的。我的意思是，顯然，無論是來自房地產市場還是其他方面，需求的回升都是正面的，我認為這可能是兩者兼而有之，對吧。我們的房地產市場可能會緩慢而穩定地改善，而不是曲棍球棒。我認為新發展的持續放緩是一個正面的因素，對我們也有幫助。

So we can't control market conditions; we can control how we react to them. And I'm highly confident that our systems will optimize performance given whatever market conditions we're presented with. And when I look at our now occupancy, which is 94% -- Extra Space same-store pool 94.5% in July and 93.9% for the Life Storage in July, I'm very confident our systems are capturing the demand that's out there and maximizing revenue.

所以我們無法控制市場狀況；我們可以控制對它們的反應。我非常有信心，無論我們面臨什麼市場條件，我們的系統都會優化效能。當我看到我們目前的入住率為94%（7 月份Extra Space 同店池入住率為94.5%，7 月份Life Storage 入住率為93.9%）時，我非常有信心我們的系統正在捕捉那裡的需求，並且收入最大化。

Steve Sakwa, Evercore ISI.

Steve Sakwa，Evercore ISI。

Maybe Joe or Scott, can you maybe -- maybe I missed it. Did you touch on the July trends at all? And if you haven't, could you just provide where July trends are on some of the key metrics like occupancy and other revenue growth or move-in [rents]?

也許喬或斯科特，你可以嗎——也許我錯過了。您是否曾觸及七月流行趨勢？如果還沒有，您能否提供一些關鍵指標（例如入住率和其他收入成長或入住[租金]）的 7 月份趨勢？

Thanks.

謝謝。

So starting with the Extra Space pool, occupancy at the end of July or as of yesterday is 94.5%. So sequentially, we increased by 20 basis points. The Life Storage pool is now 93.9% sequentially, up 10 basis points. That came a bit at the expense of rate. So during the second quarter, our achieved rate to new customers were down 8%, and during the month of July, they were down 12%, pretty similar for the Life Storage pool also.

因此，從 Extra Space 泳池開始，截至 7 月底或截至昨天的入住率為 94.5%。因此，我們連續增加了 20 個基點。Life Storage 池目前為 93.9%，比上一季成長 10 個基點。這有點以犧牲利率為代價。因此，在第二季度，我們的新客戶實現率下降了 8%，7 月下降了 12%，生命儲存池也非常相似。

Okay, great. Thanks.

好的，太好了。謝謝。

And then, Joe, maybe just going back to this EXR, LSI, and the pricing and a little disappointing that you didn't get the rate. I'm just wondering, is it possible that the customer mix was different and before the merger, if LSI had lower street rates and charge last that attracted one type of customer and the fact that you're trying to bring them to parity with the EXR just either push out of the system? Or I guess I'm just trying to think is everybody at the same pricing level? Or do you have to fully turn that customer mix to get them back up to parity on the EXR rent site?

然後，喬，也許只是回到這個 EXR、LSI 和定價，但對您沒有得到價格感到有點失望。我只是想知道，合併之前的客戶組合是否可能有所不同，如果 LSI 的街道費率較低且最後收費吸引了一種類型的客戶，並且您正試圖使它們與其他類型的客戶持平EXR只是要么推出系統？或者我想我只是想思考每個人的定價水平是否相同？或者您必須徹底改變客戶組合才能使他們恢復到 EXR 租賃網站上的同等級？

Yeah, it's a good question, Steve. But I don't think so. And the reason I don't think so is when we track move-outs as a result of ECRI, the Life Storage customers are actually moving out at a slightly lower level than Extra Space customers, and it's very, very slightly, so they are basically behaving the same. So I think a storage customer is a storage customer and they act the same whether they're behind yellow doors or green doors.

是的，這是一個很好的問題，史蒂夫。但我不這麼認為。我不這麼認為的原因是，當我們追蹤 ECRI 的遷出情況時，Life Storage 客戶的遷出水準實際上略低於 Extra Space 客戶，而且幅度非常非常小，所以他們行為基本上相同。所以我認為儲存客戶就是儲存客戶，無論是在黃門還是綠門後面，他們的行為都是一樣的。

Steve, we would point a little bit more to this being a new customer issue, meaning the existing customers are still behaving quite well. We're seeing strength with those customers. But the new customer has been price sensitive and this came at a time when we are trying to increase occupancy.

史蒂夫，我們想進一步指出這是一個新客戶問題，這意味著現有客戶仍然表現得很好。我們看到了這些客戶的實力。但新客戶對價格很敏感，而這是在我們試圖增加入住率的時候出現的。

Nick Joseph, Citi.

尼克約瑟夫，花旗銀行。

Hey, it's Eric Wolfe for Nick.

嘿，這是尼克的埃里克沃爾夫。

Sorry if I missed this in the last question, but did you say where LSI rates are compared to EXR, just curious whether you took it back down to that 10% gap that was in place before.

抱歉，如果我在上一個問題中錯過了這一點，但是您是否說過 LSI 費率與 EXR 相比如何，只是好奇您是否將其拉回到之前的 10% 差距。

So we have put them on parity with Extra Space where they compete with Extra Space Storage so we have not dropped them back then.

因此，我們將它們與 Extra Space 同等對待，它們與 Extra Space Storage 競爭，所以我們當時沒有放棄它們。

Okay, so you haven't dropped them back down.

好吧，所以你還沒有把它們放下來。

And so the guidance reduction of 200 basis points due to pricing, it's due to less moving customers, less occupancy, like I'm sure I understand what specifically drove that the 200-basis point reduction?

因此，由於定價而導致指導值降低 200 個基點，這是由於行動客戶減少，入住率減少，就像我確信我了解具體是什麼推動了 200 個基點降低？

So there's -- each unit is priced, but then is adjusted every night, every unit type in every store is adjusted based on the models, historic data, vacates, and rentals and then projected data of vacates and rentals. So what we set a price, it's not a fixed price for any period of time that's charged. That's the base price, if you will. And then the model will adjust that price going forward. And we produce projections based on how we think that's going to work out and result in what type of revenue gain.

因此，每個單位都有定價，但每天晚上都會進行調整，每個商店的每個單位類型都會根據型號、歷史數據、空出和租金以及空出和租金的預測數據進行調整。因此，我們設定的價格並不是針對任何收費時段的固定價格。如果你願意的話，這是基本價格。然後模型將調整該價格。我們根據我們認為的結果以及帶來的收入收益類型來進行預測。

Eric, you've effectively brought more customers in at lower prices, so you're starting off a lower base and that takes some time to work through. We expect those customers to accept at rate increases similar to other customers, but it does take time to work through if they came in at lower rates.

艾瑞克，你有效地以更低的價格吸引了更多的客戶，因此你的基礎較低，這需要一些時間來解決。我們希望這些客戶能夠接受與其他客戶類似的費率上漲，但如果他們以較低的費率進入，則確實需要時間來解決。

Got it. Okay.

知道了。好的。

And then just second question, if I look at your same-store net rental income was up 70 bps, occupancy was up 40 bps, and your net rents are down 10. So looks like there's a bit of a gap there like 40 or 50 basis points. Is that extra gap just expansion or renovation activity? And would you say that's sustainable that benefit would be sustainable through the rest of the year?

然後是第二個問題，如果我看看你的同店淨租金收入上升了 70 個基點，入住率上升了 40 個基點，而你的淨租金下降了 10 個基點。所以看起來有一點差距，像是 40 或 50 個基點。這個額外的差距只是擴建或翻新活動嗎？您認為這種效益在今年剩餘時間可持續嗎？

So some of that can be timing on the numbers you just gave and exactly where they are. And then some of that is expansion or a change in units. We are constantly modifying our units in terms of converting them large to small or small to large, but there is some degree of expansion in our portfolio.

因此，其中一些可能是根據您剛剛給出的數字進行計時以及它們的確切位置。其中一些是擴展或單位變化。我們不斷地修改​​我們的單位，將它們從大變小或從小變大，但我們的產品組合有一定程度的擴展。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

I just wanted to follow up on that prior question, but from the perspective of a new customer rates. So how much or how have the new customer rates changed as a result of, I guess, still having a price-sensitive customer? I get it that it takes a while to move in-place so have you changed your thought process after reaching occupancy parity for that new customer? And how does that compare to extra, I guess, relative to prior guidance? So a little bit unclear to--

我只是想從新客戶費率的角度來跟進之前的問題。那麼，我猜，由於仍然擁有對價格敏感的客戶，新客戶的價格發生了多少或如何變化？我知道搬遷到位需要一段時間，所以在達到新客戶的入住率後，您是否改變了您的思考過程？我想，相對於之前的指導，這與額外的相比如何？所以有點不清楚——

So we had projected that once we achieved in the Life Storage pool this level of occupancy., we would be able to have higher new customer rates. And the behavior of the tenants is not allowing us to do that. We still need to be aggressive with rates to capture those tenants, particularly the web tenants.

因此，我們預計，一旦 Life Storage 池達到這一水平的佔用率，我們將能夠獲得更高的新客戶率。而租戶的行為不允許我們這樣做。我們仍然需要積極提高費率來吸引這些租戶，特別是網路租戶。

And you haven't -- just to compare versus the extra experience. You haven't necessarily had to have stayed as aggressive for new customers on extra versus LSI (multiple speakers) due to geography?

而你還沒有——只是為了與額外的體驗進行比較。與 LSI（多個揚聲器）相比，由於地理位置的原因，您不一定必須對新客戶保持積極的態度？

No, I'm sorry if I gave that impression.

不，如果我給人留下這樣的印象，我很抱歉。

The Extra Space customers are the same customers, right? The self-storage customer is sensitive is -- new self-storage customer is price-sensitive whether they end up on the LSI website or on the Extra Space website. So we also have been -- had to be aggressive with the Extra Space customer. And frankly, that's why we have 0.6% revenue growth. We're still significantly outperforming Extra Space at the Life Storage pool, it's just not to the extent we expected.

Extra Space 的客戶是同一個客戶，對吧？自助倉儲客戶很敏感——新的自助倉儲客戶對價格很敏感，無論他們最終造訪的是 LSI 網站還是 Extra Space 網站。因此，我們也必須積極對待 Extra Space 客戶。坦白說，這就是我們收入成長 0.6% 的原因。我們在生命儲存池的表現仍然明顯優於額外空間，只是沒有達到我們預期的程度。

Got you. Okay.

明白你了。好的。

And then just to -- what should we think as of the exit run rate for both pools for same-store revenue just in general and then we can do the math on what's implied for the second half. Should we think of the growth rate for same-store revenue improving, albeit fairly steady between the third and fourth quarter for each of the two pools.

然後我們應該考慮兩個池的同店收入的退出運行率，然後我們可以計算下半年的含義。我們是否應該認為同店收入的成長率有所改善，儘管這兩個池在第三季和第四季之間相當穩定。

So I'll talk about the two pools. So the Extra Space pool is going to be fairly steady. I mean, it's not a big swoosh. You're not seeing it drop drastically and then coming back really strong at the end of the year, it's pretty steady.

那我就談談這兩個池子。所以額外空間池將會相當穩定。我的意思是，這不是一個大的旋風。你不會看到它急劇下降，然後在年底又恢復強勁，它相當穩定。

Life Storage on a year-over-year basis, there obviously is more of a deceleration in the back half in terms of a year over year as we're coming up against much more difficult comps as we did a large volume of rate increases as we took over that portfolio last August.

與去年同期相比，下半年的生命存儲顯然有更多的減速，因為我們面臨著更加困難的競爭，因為我們進行了大量的費率上漲我們去年八月接管了該投資組合。

Keegan Carl, Wolfe Research.

基岡卡爾，沃爾夫研究中心。

Maybe first just two-parter. I guess, how are you thinking about your marketing spend trending during the year? And ultimately, what's that translating to your top of funnel demand?

也許一開始只是兩方。我想，您如何看待這一年的行銷支出趨勢？最終，這對您的漏斗頂部需求有何影響？

So our marketing spend has been up on a year-over-year basis. If you just take the Extra Space portfolio, it is about 2% of revenues, but it is a 20%-increase year over year. So we had very, very low marketing spend during COVID in the periods following that.

因此，我們的行銷支出逐年增加。如果只考慮 Extra Space 產品組合，它大約佔收入的 2%，但比去年同期成長了 20%。因此，在新冠疫情期間，我們的行銷支出非常非常低。

We would expect it to be pretty consistent through this year. The Life Storage spend has been slightly more elevated than that as a percentage of revenue. It's about 3% of revenue and we would expect it to continue through the year.

我們預計今年的情況將非常穩定。Life Storage 支出佔收入的百分比略高於此。這約佔收入的 3%，我們預計這一比例將持續全年。

And then just on top of funnel demand, I guess just more broadly, where do you guys seeing. And maybe how does that compare to your comment?

然後，除了漏斗需求之外，我想更廣泛地說，你們在哪裡看到的。也許這與您的評論相比如何？

Very similar. I think demand is measured by generic Google search term, storage near me, things like that is very similar to 2019. So historical levels, but it is down from last year and the year before when we had elevated demand. No real change in that area.

非常相似。我認為需求是透過通用的谷歌搜尋字詞、我附近的儲存來衡量的，諸如此類的事情與 2019 年非常相似。這是歷史水平，但與去年和前年需求上升時相比有所下降。該領域沒有真正的變化。

Got it.

知道了。

And then just maybe more broadly within your embedded guide. I guess I'm just curious on a year-over-year occupancy delta versus last year. Just anymore color on how you expect to trend through the back half. And if you've changed any of those assumptions than your guidance range?

然後可能會在您的嵌入式指南中更廣泛地進行介紹。我想我只是對與去年相比的同比入住率增量感到好奇。只是再用顏色來表達你對後半段趨勢的期望。如果您改變了這些假設，超出了您的指導範圍？

So on the Extra Space pool, we did not change. And again, we're guiding more of the revenues than occupancy because revenue is going to be an output of rate, occupancy, all of those things. And so no significant changes in our assumptions on the Extra Space pool. On the Life Storage pool, obviously, occupancy continues to be at the higher levels, more similar to Extra Space. But again, not big changes in the back half in terms of an occupancy guide, just more of a revenue guide there.

所以在Extra Space池上，我們沒有改變。再說一次，我們引導的收入多於入住率，因為收入將是費率、入住率等所有因素的輸出。因此，我們對額外空間池的假設沒有重大變化。顯然，生命儲存池的佔用率仍處於較高水平，更類似於額外空間。但同樣，後半部的入住指南沒有太大變化，更多的是收入指南。

Joshua Dennerlein, Bank of America.

約書亞·登納林，美國銀行。

Joe, just wanted to follow up on one of your opening remarks. It sounded like the LSI property is just underperforming your internal projections. Is there anything in particular that you think is driving that underperformance?

喬，只是想跟進您的開場白之一。聽起來 LSI 屬性的表現只是低於您的內部預測。您認為有什麼特別的因素導致了業績不佳嗎？

Well I mentioned geographical differentiation between the pools, certainly, that's one thing. I would also say that we have not gotten the improvement in the Life Storage organic strength, SEO strength that we expected and we've made up for some of that to increased marketing spend, increased paid search. Scott just mentioned that. But our thought was a year or nine months really into running this second brand, second website, the Life Storage SEO would be closer to the Extra Space strength than it actually is.

嗯，我提到了池之間的地理差異，當然，這是一回事。我還要說的是，我們在 Life Storage 有機實力、SEO 實力方面還沒有得到我們預期的改善，我們已經透過增加行銷支出、增加付費搜尋來彌補其中的一些改善。斯科特剛剛提到過這一點。但我們的想法是，在經營第二個品牌、第二個網站一年或九個月後，Life Storage SEO 會比實際情況更接近 Extra Space 的實力。

Okay.

好的。

Does that maybe change how you're thinking about the SEO on a go-forward basis? Like would you want to put the -- make the brands one or still keep them separate?

這是否會改變您對 SEO 未來發展的看法？就像您想要將這些品牌合而為一還是仍然將它們分開？

So the decision to test the dual brand was based on the theory that if we have twice the digital real estate in the paid section, in the local section, and in the organic section; we would have more clicks and more rentals and that benefit would outweigh the cost of running two brands.

因此，測試雙品牌的決定是基於這樣的理論：如果我們在付費部分、本地部分和有機部分擁有兩倍的數位資產；我們將獲得更多的點擊量和更多的租金，這種好處將超過經營兩個品牌的成本。

And we certainly see that in the paid, that's easy to buy it. We've had progress and are seeing movement in the local section where we have -- we've been most disappointed is in the organic section and it's something we're looking at. We're looking at the data, we'll let the test run its course, and then we'll make the decision.

我們當然看到，在付費中，購買它很容易。我們已經取得了進展，並且看到了當地部門的進展——我們最失望的是有機部門，這是我們正在關注的事情。我們會查看數據，讓測試自然進行，然後做出決定。

Ronald Kamdem with Morgan Stanley. Please proceed.

摩根士丹利的羅納德‧卡姆德姆 (Ronald Kamdem)。請繼續。

Just two quick ones.

就兩個快的。

Staying on the different pools between Life Storage and EXR, I guess if we think about three to five years out, when should we expect both pools to behave similarly? I mean, it sounds like pricing has the same or the average prices are the same. Maybe one has higher occupancy. But at what point does this converge. Or will it always be two separate pools three, four, five years down the road?

繼續留在 Life Storage 和 EXR 之間的不同池上，我想如果我們考慮三到五年後，我們什麼時候應該期望兩個池表現相似？我的意思是，聽起來定價相同或平均價格相同。也許一個人的入住率更高。但這收斂到什麼時候呢？或是三年、四年、五年後它永遠是兩個獨立的泳池？

I would expect it to converge at some point. The stores -- the pools are slightly different in terms of makeup, in terms of demographics, things like that, but overall, they should behave the same. But I would expect Life Storage to outperform in terms of the year-over-year revenue growth in 2025.

我預計它會在某個時刻收斂。商店、泳池在組成、人口統計等方面略有不同，但總體而言，它們的行為應該是相同的。但我預計 Life Storage 到 2025 年的營收年增將跑贏大盤。

Got it. Okay. That's helpful.

知道了。好的。這很有幫助。

And then my second commentary question that I should say is just maybe can you talk about -- that you talked about there's a lot more competition or pricing in the market. Maybe can you just contextualize that? What do you think specifically is driving that? Is that less activity in the housing market? Is that the consumers more price sensitive? Like what do you think is maybe leading to a little bit more competition that you would have anticipated on the pricing?

然後我應該說的第二個評論問題是，也許你可以談談——你談到市場上有更多的競爭或定價。也許你可以結合上下文來理解這一點嗎？您認為具體是什麼推動了這個趨勢？房地產市場的活動是否減少了？是不是消費者對價格更敏感？就像您認為什麼可能會導致比您預期的定價競爭更多？

So I think it's several factors. I think the housing market is a factor. I think sometimes it can be overblown, right? Our peak percentage of customers who tell us they were in the moving process was in 2021 with 61% of our customers. Now it's about 51% of our customers. So clearly, that's a decline in an effect, but it doesn't explain everything.

所以我認為這有幾個因素。我認為房地產市場是一個因素。我覺得有時候可能會被誇大，對吧？2021 年，告訴我們他們正在搬家的客戶比例達到峰值，佔 61%。現在我們的客戶大約有 51% 是這樣的。很明顯，這是效果下降，但並不能解釋一切。

I think we need to remember that in 2020, we were in the peak of a three-year development cycle, three-year deliveries of development, almost 80% of our same-store pool had new supply delivered in the three years '18, '19 and '20. And that got masked by COVID. The excess COVID demand masked that new developments supply and now that excess demand is gone and in markets that have those -- that new supply, we feel impact.

我認為我們需要記住，2020年，我們正處於三年開發週期、三年交付開發的高峰期，我們同店池中幾乎80%的產品在這三年裡交付了新供應'18， '19 和'20。而這一點被新冠病毒掩蓋了。過剩的新冠需求掩蓋了新開發項目的供應，現在過剩的需求已經消失，在擁有新供應的市場中，我們感受到了影響。

I also think the consumer is weak, right? We've had several years of inflation, outpacing wage growth. Inflation has slowed down, but we have disinflation right. Prices are still high. The extra money the government threw into the economy is largely gone, right? Saving rates are down from their historic highs. Credit card, debt defaults, auto loan defaults are increasing. We have a weaker consumer and we see that in their shopping behavior.

我也覺得消費者很弱，對嗎？我們已經經歷了好幾年的通貨膨脹，速度超過了薪資成長。通貨膨脹已經放緩，但我們有權抑制通貨膨脹。價格仍然很高。政府投入經濟的額外資金大部分都消失了，對嗎？儲蓄率已從歷史高點下降。信用卡、債務違約、汽車貸款違約正在增加。我們的消費者較弱，我們從他們的購物行為中看到了這一點。

Ki Bin Kim with Truist.

Ki Bin Kim 與 Truist。

Just a couple of quick ones here.

這裡只是一些快速的。

When you talk about some of the additional pricing sensitivity with your customer base, how do you notice that on web traffic whether it be customers jumping around from your page to a competitor page? I'm not sure if that's trackable by any metrics I can share where we are today versus maybe a year ago.

當您與客戶群談論一些額外的定價敏感度時，您如何在網路流量上註意到客戶是否從您的頁面跳到競爭對手的頁面？我不確定這是否可以透過任何指標來追踪，我可以分享我們今天與一年前的情況。

I think there's a number of ways to observe it, but the best way is more pretty continually run a test where we have a series of stores or units at stores that are priced 5% higher or 5% lower than we think they should -- then the model thinks they should be. And we can see the consumer reaction to a 5% increase in prices or 5% decrease in prices. And that really helps us zeroing in on what the right price is and which combination of rate and rental volume and discount and marketing spend maximizes revenue.

我認為有很多方法可以觀察它，但最好的方法是更持續地進行測試，我們有一系列商店或商店中的單位，其價格比我們認為應該高出 5% 或低 5% -那麼模型認為它們應該是。我們可以看到消費者對價格上漲 5% 或價格下降 5% 的反應。這確實有助於我們確定合適的價格，以及費率、租金量、折扣和行銷支出的哪種組合可以最大化收入。

Got it.

知道了。

The second question on your expenses for payroll and utilities, can you just give a broad sense of what we should expect for payroll going forward? Should it be more inflationary or are there other things that you might reduce like FTE at the stores?

關於您的薪資和公用事業費用的第二個問題，您能否大致介紹一下我們對未來薪資的預期？通貨膨脹是否應該更加嚴重，或者是否還有其他可以減少的事情，例如商店的 FTE？

And on the solar side -- I mean, on the utility side, is that decrease being driven mostly by like solar initiatives? And just curious like how much more room you have to add more solar if that was the driver.

在太陽能方面——我的意思是，在公用事業方面，這種下降主要是由類似的太陽能舉措推動的嗎？只是好奇如果那是驅動因素，你還需要多少空間來增加更多的太陽能。

So on the payroll side, first half of this year, it is slightly elevated. Some of that's a comp issue. So last year, we ran fewer hours at the stores as we were basically just -- a little bit understaffed. So this year, not only do you have the wage increase, you also have the increase in hours. We would expect that to be less in the back half of the year to become more inflationary.

因此，在薪資方面，今年上半年略有上升。其中一些是補償問題。所以去年，我們在商店的營業時間減少了，因為我們基本上只是——人手有點不足。所以今年不只薪水漲了，工時也漲了。我們預計今年下半年這一數字將會減少，從而導致通膨加劇。

In terms of utilities, we've actually been quite aggressive on the solar side for a lot of years. Prior to the Life Storage acquisition, we had about 50% of our wholly owned stores that have solar on them. So that is clearly benefiting us. We continue to look for opportunities that have a good yield and we continue to install solar. One of the opportunities with the Life Storage acquisition is more stores to install solar. We've also been focused on our HVAC and getting that to be more efficient. We've also done a lot of LED lighting. So solar is obviously a big component of that and probably the bigger driver, but also some opportunities on HVAC and LED lighting.

在公用事業方面，多年來我們實際上在太陽能方面一直非常積極。在收購 Life Storage 之前，我們大約 50% 的全資商店安裝了太陽能。所以這顯然對我們有利。我們繼續尋找具有良好產量的機會，並繼續安裝太陽能。收購 Life Storage 的機會之一是讓更多商店安裝太陽能。我們也專注於暖通空調並提高其效率。我們還做了很多 LED 照明。因此，太陽能顯然是其中的一個重要組成部分，並且可能是更大的驅動力，但在暖通空調和 LED 照明方面也有一些機會。

Just as a follow-up comment on payroll, I think it could be a mistake to look at payroll expense in a vacuum because we can reduce -- anybody can reduce payroll expense, but it's important to also understand what are the impacts of that. Does it mean if you cut store hours, you have to have more call centers? Because it means that you have to have R&M. We noticed that the fewer number of bodies we have in the store, the more small fires we have. The more mattresses we have left in the hallway.

正如對工資的後續評論一樣，我認為在真空中看待工資支出可能是錯誤的，因為我們可以減少——任何人都可以減少工資支出，但了解其影響也很重要。這是否意味著如果你縮短商店營業時間，就必須設立更多的呼叫中心？因為這意味著你必須進行 R&M。我們注意到，商店裡的屍體越少，小火就越多。我們在走廊上留下的床墊越多。

And then most importantly, what does it do to rentals? If you lose rentals in a high-operating margin business, your efforts to reduce payroll can be counterproductive. So we want to be as careful as we can, and as efficient can with payroll, but we don't want to do it at the expense of hurting the store or hurting revenue.

最重要的是，這對租金有何影響？如果您在高營業利潤率的業務中損失了租金，那麼您減少工資的努力可能會適得其反。因此，我們希望在薪資方面盡可能謹慎、高效，但我們不想以損害商店或收入為代價。

Brendan Lynch, Barclays.

布倫丹·林奇，巴克萊銀行。

There's an uptick in acquisition guidance for the year. Wondered if you could comment on the bid-ask spread that you're seeing in the market and where cap rates are trending?

今年的收購指導上升。想知道您是否可以對您在市場上看到的買賣差價以及資本化率的趨勢發表評論？

Sure.

當然。

So our increase of guidance was really the function of us capturing three deals that we didn't expect to. It's not a reflection that we see the market changing drastically. I think the market is still muted. There's still a bid-ask spread. There will likely be a few more transactions at the second half of the year as there always are in any year. But I don't think there's a material change in market dynamics, right?

因此，我們增加指導實際上是因為我們獲得了三筆我們沒有預料到的交易。這並不是我們看到市場發生巨大變化的反映。我認為市場依然低迷。仍然存在買賣價差。與任何一年一樣，下半年可能會有更多交易。但我認為市場動態沒有重大變化，對吧？

Leveraged buyers are still on the sidelines. Most storage owners aren't in distress. They don't need to sell. And if they can't get their price still just hold or frankly what we're seeing, they'll come to us for a bridge loan. And one of the reasons our bridge loan activity is up is because the acquisition market is quiet and people are looking for other options.

槓桿買家仍處於觀望狀態。大多數存儲所有者並沒有陷入困境。他們不需要出售。如果他們不能讓他們的價格保持不變，或者坦率地說，我們所看到的，他們就會向我們尋求過橋貸款。我們的過橋貸款活動增加的原因之一是收購市場安靜，人們正在尋找其他選擇。

Great. That's helpful.

偉大的。這很有幫助。

And then on the third-party management, you mentioned the internalization of one of your prior customers. Can you just talk about what drove that decision and if you would expect more of that to occur?

然後在第三方管理方面，您提到了您之前的一位客戶的內部化。您能否談談是什麼推動了這一決定以及您是否期望發生更多這樣的事情？

This was a owner that we inherited from Life Storage. They were a capital partner. They purchased a self-storage company, an operating platform, and moved all of their stores to that operating platform. So we lost 63 stores in the quarter, 59 of them were because of this internalization of management. Other than that, we only lost four stores.

這是我們從 Life Storage 繼承的主人。他們是資本合夥人。他們收購了一家自助倉儲公司，一個營運平台，把所有的店都搬到了那個營運平台。因此，我們在本季失去了 63 家門市，其中 59 家是因為管理內部化。除此之外，我們只損失了四家門市。

So part of having over 1,400 stores on our third-party management platform is that every now and then you lose a portfolio and we've lost portfolios in the past, but we continue to grow at a very healthy pace. We've added 174 stores gross throughout the year and 86 net, and that's a very, very healthy year for us, and we see the demand continuing.

因此，在我們的第三方管理平台上擁有超過 1,400 家商店的一部分是，你時不時地會失去一個投資組合，我們過去也曾失去過投資組合，但我們繼續以非常健康的速度成長。我們全年總共增加了 174 家商店，淨增加 86 家商店，這對我們來說是非常非常健康的一年，我們看到需求仍在持續。

Hongyan Yang, JPMorgan.

楊紅艷，摩根大通。

I guess you've talked about street rates being down 8% on a year-over-year basis in the second quarter. I was wondering how you expect that gap trend throughout the rest of the year?

我想您已經談到第二季度街道租金年減 8%。我想知道您對今年剩餘時間的差距趨勢有何預期？

So we don't see a catalyst for a big -- for us to be able to have a lot of pricing power. I think that's the reality. I think with housing market down with the consumer where they are, we don't see a strong catalyst. Our guidance doesn't imply that.

因此，我們看不到一個大的催化劑──讓我們能夠擁有很大的定價權。我認為這就是現實。我認為，隨著房地產市場和消費者的下滑，我們看不到強大的催化劑。我們的指導並不意味著這一點。

That being said, we are going to -- street rates are somewhat an outcome of your occupancy, your rentals, the volume what you're giving, and we're going to solve for occupancy. The first thing we look at is occupancy -- I'm sorry, not occupancy, but for revenue. So you can use occupancy, you can use street rate all to solve for occupancy.

話雖如此，我們將—街道價格在某種程度上是您的入住率、您的租金、您提供的數量的結果，我們將解決入住率問題。我們首先考慮的是入住率——抱歉，不是入住率，而是收入。所以你可以使用佔用率，你可以使用街道價格來解決佔用率。

And as we've always you said, we are solving for -- I did it again, we are solving for revenue. We want to make sure that we use these other tools to solve for revenue.

正如您一直所說的那樣，我們正在解決——我又這樣做了，我們正在解決收入問題。我們希望確保使用這些其他工具來解決收入問題。

I'm going to answer that question.

我來回答這個問題。

I know (laughter).

我知道（笑聲）。

Thanks.

謝謝。

And then I guess on just thinking about the magnitude ECRIs. How do those compare and the EXL portfolio versus the LSI portfolio? Are you doing anything different in terms of rent increases for other one?

然後我想只要考慮一下 ECRI 的大小就可以了。EXL 產品組合與 LSI 產品組合相比如何？在提高另一間房的租金方面，你們有什麼不同的做法嗎？

No, now that everything is priced at parity around the same system, they are on the same ECRI system. So it's the same.

不，既然所有東西都在同一個系統上以平價定價，它們就在同一個 ECRI 系統上。所以是一樣的。

Todd Thomas, KeyBanc Capital Markets.

托馬斯 (Todd Thomas)，KeyBanc 資本市場。

First question, I just wanted to follow up -- sorry to harp on the changes here to the EXR and LSI revenue growth guidance. But you commented -- you moved LSI pricing parity with EXR, did not see the improvement in achieved rents that you anticipated, which led to a decrease for LSI but what caused the increase in the EXR revenue growth forecast?

第一個問題，我只是想跟進——很抱歉在這裡喋喋不休地談論 EXR 和 LSI 收入增長指導的變化。但您評論說—您將LSI定價與EXR平價，並沒有看到您預期的租金改善，這導致LSI下降，但什麼導致EXR收入成長預測增加？

So I think it was really more a function of us taking the bottom end of the guidance off the table based on where the stores are halfway through the year, we didn't feel like that was a likely scenario.

因此，我認為這實際上更多是我們根據商店在今年中期的情況將指導的底端從表格中剔除的函數，我們認為這不太可能發生。

Okay.

好的。

And then just going back to I think Ki Bin's question a little bit around web and web traffic. Are there any structural differences at this point in the websites or anything related to running separate banners that you're starting to identify or see? I'm not clear on how the sites and banners have been integrated on the back end. I'm just curious if you're seeing differences there in terms of levels of web demand or customers finding you or the overall execution of leasing on the LSI versus EXR websites?

然後回到我認為 Ki Bin 的問題有點圍繞在網路和網路流量上。此時，網站中是否存在任何結構差異，或者您開始識別或看到的與運行單獨橫幅相關的任何內容？我不清楚網站和橫幅是如何整合到後端的。我只是好奇您是否發現 LSI 與 EXR 網站上的網路需求等級或客戶找到您或租賃的整體執行方面存在差異？

No. So we addressed the differences in website, and I'll give you one example. When we closed the transaction that LSI website was twice as slow or the Extra Space website was twice as fast as the LSI website. And that's an important signal to Google. That's one of the factors Google looks in when they decide who's going to be first in the SEO rankings.

不。所以我們解決了網站上的差異，我給你舉一個例子。當我們關閉交易時，LSI 網站的速度是 LSI 網站的兩倍，或者 Extra Space 網站的速度是 LSI 網站的兩倍。這對谷歌來說是一個重要訊號。這是谷歌在決定誰將成為 SEO 排名第一時考慮的因素之一。

So all of those things that we could address we address. So the website physically, if you will, are now comparable. The challenge we're having is if Life Storage averaged seven or eight -- the seventh or eighth spot on the SEO and we've improved it to five to six. That's not enough to get the results we want. We need to continue to see improvement where we could get that up into the top-three locations to get the benefit we're hoping for.

因此，我們可以解決所有我們可以解決的問題。因此，如果您願意的話，該網站現在具有可比性。我們面臨的挑戰是，Life Storage 的平均排名是否為七或八——SEO 上的第七或第八名，我們已將其提高到五到六。這還不足以得到我們想要的結果。我們需要繼續看到改進，我們可以將其提升到前三名，以獲得我們所希望的好處。

And there are dozens of factors that Google takes into account in determining when someone searches storage near me, who they're going to put first in the organic rankings and who they're going to second and third. And those are the things that we need to work on and continue to see improvement.

谷歌在決定何時有人搜尋我附近的儲存空間、他們將把誰放在有機排名第一以及將誰放在第二和第三位時，會考慮很多因素。這些都是我們需要努力並持續改進的事情。

Okay.

好的。

And just lastly, on the -- normally, I think you've moved LSI portfolio or you've moved acquisitions into the same store next year in 2025 from when you closed LSI. I think there was some uncertainty on what you would do there. Any sense whether you're going to move them into the same store in '25 or continue to break out the two segments?

最後，通常情況下，我認為你已經轉移了 LSI 投資組合，或者你已經將收購轉移到明年 2025 年關閉 LSI 時的同一家商店。我認為你在那裡做什麼存在一些不確定性。您是否打算在 25 年將它們轉移到同一家商店，或者繼續將這兩個部分分開，有什麼意義嗎？

Our plan would be to move them into same store, but we would still provide the previous year, so you should be able to see it before and after.

我們的計劃是將它們移至同一家商店，但我們仍會提供前一年的內容，因此您應該能夠在之前和之後看到它。

Omotayo Okusanya, Maryland REIT Research.

Omotayo Okusanya，馬裡蘭州房地產投資信託研究公司。

I'm just wondering if you can just keep focusing on LSI. I guess with the big increase in occupancy, it does sound like the lease-up you were trying to get in that portfolio has happened. So I'm just think about going forward with ECRI, I think you can average in-place rents on this portfolio of (inaudible) change reflecting I called the lower move-in rates, but for your EXR portfolio, it's in the low 20s. Is that the pickup we should be looking for over time? And what time period to get that average in-place rent (inaudible) and change to '22, '23 and change?

我只是想知道你是否可以繼續專注於LSI。我想隨著入住率的大幅增加，聽起來你試圖在該投資組合中獲得的租賃確實已經發生了。所以我只是考慮繼續使用ECRI，我認為你可以在這個（聽不清楚）變化的投資組合上平均就地租金，這反映了我所說的較低的入住率，但對於你的EXR 投資組合來說，它在20 多歲左右。隨著時間的推移，這是我們應該尋找的皮卡嗎？什麼時段可以獲得平均就地租金（聽不清楚）並更改為「22」、「23」並更改？

Yeah. So when you look at the average rent per square foot between the two portfolios, they are structurally different somewhat. Some of them are -- they are in different demographics, different markets. And we are in the markets where we compete is the markets we refer to closing the gap. So we would expect them to behave like the Extra Space property in the markets they compete. And we would expect them to continue to perform better on the Extra Space platform, but not necessarily be on the -- at the exact same rent per square foot.

是的。因此，當您查看兩個投資組合之間的每平方英尺平均租金時，您會發現它們在結構上有所不同。其中一些是——他們處於不同的人口統計、不同的市場。我們所處的競爭市場就是我們所說的縮小差距的市場。因此，我們希望他們在競爭的市場中表現得像 Extra Space 財產一樣。我們預計他們將繼續在 Extra Space 平台上表現更好，但不一定在每平方英尺完全相同的租金上。

Okay. That's helpful.

好的。這很有幫助。

And then on the credit lending side, again, nice pickup in activity. Again just curious how much more you can potentially expect that to grow on a going-forward basis? And how does one think about the ideal balance between the credit lending platform versus classic acquisitions?

然後在信貸方面，活動也出現了良好的回升。我再次好奇，您可以期望它在未來的基礎上成長多少？人們如何看待信用平台與傳統收購之間的理想平衡？

So we've grown that pretty significantly this year for a few reasons. One is we had very few maturities this year, and some of those maturities chose to extend. We -- I discussed earlier the effect of a muted acquisition market on greater demand for that product. And then we made a capital allocation decision, right? We had a quiet year on the acquisition front. So we're holding incrementally more of the loans on our balance sheet because that's a good use of capital when we don't have as many acquisition opportunities.

因此，由於一些原因，我們今年的成長相當顯著。一是今年我們的到期日很少，其中一些到期日選擇延長。我們—我之前討論了收購市場低迷對該產品需求增加的影響。然後我們做出了資本配置決定，對嗎？我們在收購方面度過了平靜的一年。因此，我們在資產負債表上持有越來越多的貸款，因為當我們沒有那麼多收購機會時，這是對資本的良好利用。

I would expect over time, things will change and maybe when the acquisition market gets more active, we will sell more loans and hold less on our balance sheet. We certainly have more maturities next year than we do this year, and we'll have to address that.

我預計隨著時間的推移，情況會發生變化，也許當收購市場變得更加活躍時，我們將出售更多貸款並減少資產負債表上的持有量。明年我們的到期日肯定比今年多，我們必須解決這個問題。

But I think this is a viable business that serves a number of benefits to the company and increases our management business. It gives us an acquisition pipeline. It increases the number of relationships we have across the business and provides great economics. So I think it's a business we can continue to grow.

但我認為這是一項可行的業務，可以為公司帶來許多好處並增加我們的管理業務。它為我們提供了一條收購管道。它增加了我們在整個企業中的關係數量，並提供了巨大的經濟效益。所以我認為這是我們可以繼續發展的業務。

Nick Yulico, Scotiabank.

尼克尤利科，豐業銀行。

I know you guys gave some of the move-in rate commentary for July. I just wanted to see if it was possible to get like the dollar rate. You give it in this up for the quarter ended the [133]. Is it possible to get what that number is for July?

我知道你們對七月份的入住率發表了一些評論。我只是想看看是否有可能像美元匯率一樣。您將本季結束的金額歸入此[133]。是否有可能獲得 7 月份的數字？

It's [129] move-in and a move-out of [180].

這是 [129] 的遷入與遷出[180]。

And that's Extra Space.

這就是額外空間。

Yeah, that's the Extra Space.

是的，這就是額外空間。

Okay, perfect. Thank you.

好的，完美。謝謝。

And then I guess the other question is just on the balance sheet. Scott, like what -- the line of credit balance going up, which I assume is related to all the bridge loan activity. What -- how should we think about just some of debt -- how you're thinking about the debt component going forward because the balance has gotten higher?

然後我想另一個問題在資產負債表上。斯科特，就像信用額度餘額上升一樣，我認為這與所有過橋貸款活動有關。我們應該如何考慮部分債務？

Thanks.

謝謝。

So we have a few bridge loan sales lined up here in the next month that I will bring it down some. And then we will look to term that out as that volume gets larger or as we have opportunities. So I think you can see is in the bond market as soon as this quarter or later in the year or early next year.

因此，我們將在下個月進行一些過橋貸款銷售，我將減少一些。然後，當數量變大或我們有機會時，我們將考慮將其解決。因此，我認為您最早可以在本季或今年稍後或明年初在債券市場上看到這種情況。

Thank you. And as I see no further questions in the queue, I will turn the call back to Joe Margolis for his closing remarks.

謝謝。由於我在隊列中沒有看到更多問題，我將把電話轉回給喬·馬戈利斯，讓他發表結束語。

Great. Thank you very and thanks, everyone, for your time and interest in Extra Space Storage. But a lot of questions about Life Storage and how it's not performed as expected. I truly believe that's a timing factor. We will get to those rates and that improvement that we want. And when I look across all other areas of the business, whether it's our expense control; our G&A; our ancillary businesses, like management, bridge lending, the company is really performing at a very high level, and I'm confident we can continue to do so in the future.

偉大的。非常感謝大家，感謝大家的時間和對額外空間儲存的興趣。但有許多關於 Life Storage 的問題以及為何它沒有如預期執行。我確實相信這是一個時間因素。我們將達到我們想要的利率和改善。當我審視業務的所有其他領域時，無論是我們的費用控制；我們的一般及行政費用；我們的輔助業務，如管理、過橋貸款，公司的表現確實處於非常高的水平，我相信我們將來可以繼續這樣做。

Thank you very much.

非常感謝。

Thank you for, all, participating in today's conference. You may now disconnect.

感謝大家參加今天的會議。您現在可以斷開連線。