Extra Space Storage Inc (EXR) 2024 Q3 法說會逐字稿

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

女士們先生們，謝謝你們的支持。歡迎參加 2024 年第三季 Extra Space Storage 收益電話會議。（操作員指示）請注意，今天的會議正在錄製中。

I would like now to turn the conference over to Jared Conley, Vice President of Investor Relations. Sir, please go ahead.

我現在將會議交給投資者關係副總裁賈里德‧康利 (Jared Conley)。先生，請繼續。

Thank you, Michelle. Welcome to Extra Space Storage's third quarter 2024 earnings call. In addition to our press release, we have furnished unaudited supplemental financial information on our website.

謝謝你，米歇爾。歡迎參加 Extra Space Storage 的 2024 年第三季財報電話會議。除了我們的新聞稿外，我們還在我們的網站上提供了未經審計的補充財務資訊。

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. Actual results could differ materially from those stated or implied by our forward-looking statements due to risks and uncertainties associated with the company's business.

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。由於與公司業務相關的風險和不確定性，實際結果可能與我們的前瞻性陳述中明示或暗示的結果有重大差異。

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 represent management's estimates as of today, October 30, 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.

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。前瞻性陳述代表管理階層截至今天（2024 年 10 月 30 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 call over to Joe Margolis, Chief Executive Officer.

我現在想將電話轉給執行長喬·馬戈利斯 (Joe Margolis)。

Thanks, Jared, and thank you, everyone, for joining today's call. To begin the call today, I would first like to address the impact of Hurricane Milton on our people.

謝謝賈里德，也謝謝大家參加今天的電話會議。在今天的電話會議開始之前，我首先想談談颶風米爾頓對我們人民的影響。

I am happy to report that all our teammates are safe, although a small number of individuals and their families were displaced and we have provided shelter assistance for them. Scott will address the financial impacts of the hurricane in his comments.

我很高興地向大家報告，儘管有少數人及其家人流離失所，但我們所有的隊友都很安全，我們已經為他們提供了住所援助。斯科特將在評論中討論颶風的財務影響。

Before we address the myriad of data points and moving pieces from the quarter, I want to make some overall big picture comments on our performance. We had a good quarter. optimizing performance in the current market environment and our efforts allow us to increase the midpoint of our full year FFO guidance.

在我們討論本季度的大量數據點和動態之前，我想對我們的業績進行一些總體的總體評論。我們度過了一個美好的季度。在當前市場環境下優化業績，我們的努力使我們能夠提高全年 FFO 指導的中點。

Let me start with the biggest contributor to FFO growth, which is store performance. The Extra Space same-store pool performed consistently with our expectations with quarter ending and October occupancy of 94.3%.

讓我從 FFO 成長的最大貢獻者開始，即商店績效。Extra Space 同店池的表現與我們的預期一致，截至季末和 10 月的入住率為 94.3%。

This solid performance allows us to increase the bottom end of 2024 same-store guidance. Revenue for the Life Storage same-store pool came in slightly below our expectations, but this was generally offset by meaningful outperformance with respect to expenses.

這種穩健的表現使我們能夠提高 2024 年同店指導的下限。Life Storage 同店池的收入略低於我們的預期，但這通常被費用方面的顯著優異表現所抵消。

Having completed the move to a single brand in the latter part of the quarter, we are just starting to see the benefits of a single brand. We fully expect this group of stores to follow the same pattern of improvement into and during 2025 as the 143 Life Storage stores that we converted to the Extra Space brand at closing in 2023.

在本季後半段完成了向單一品牌的轉變後，我們才剛開始看到單一品牌的好處。我們完全預期這組商店將在 2025 年及期間遵循與我們於 2023 年關閉時轉換為 Extra Space 品牌的 143 家 Life Storage 商店相同的改進模式。

Our non-same-store properties are also outperforming our expectations and contributed to our FFO B. Outside of store performance, our external growth initiatives are exceeding projections. In the third quarter, we added 63 third-party managed stores gross, netting 38 stores.

我們的非同店物業的表現也超出了我們的預期，並為我們的 FFO B 做出了貢獻。第三季度，我們新增了 63 家第三方管理商店，淨增加 38 家商店。

Year to date, we have added 124 net stores to the platform, and we anticipate adding approximately 100 additional properties by year end. This would make 2024 our best year for net additions to our management program outside of the Life Storage merger.

今年迄今為止，我們已在該平台上新增了 124 家網店，預計到年底將新增約 100 家門市。這將使 2024 年成為 Life Storage 合併之外管理計劃淨增加的最佳一年。

Our bridge loan program expanded with $158 million in new loans originated in this quarter, and we have increased our expected average hold of such loans to $925 million for the year.

我們的過橋貸款計畫擴大了，本季發放了 1.58 億美元的新貸款，我們將今年此類貸款的預期平均持有量提高到 9.25 億美元。

On the acquisition front, we have deployed $334 million in wholly owned and joint venture acquisitions year to date and are seeing an encouraging increase in accretive opportunities. Lastly, we continue to find efficiencies in the business and have again lowered our G&A guidance for the year.

在收購方面，我們今年迄今已投入 3.34 億美元進行全資和合資收購，並且看到增值機會的令人鼓舞的增長。最後，我們繼續尋找業務效率，並再次降低了今年的一般管理費用指引。

Overall, I am very pleased with our performance and trajectory this year. We continue to leverage our scale to find efficiencies in all areas of the business, optimize store performance and grow our ancillary businesses to drive FFO growth. Our higher portfolio occupancy positions us well to capitalize on an improving new customer rate environment when fundamentals recover.

總的來說，我對我們今年的表現和軌跡非常滿意。我們繼續利用我們的規模來提高所有業務領域的效率，優化商店績效並發展我們的輔助業務，以推動 FFO 的成長。我們較高的投資組合入住率使我們能夠在基本面復甦時充分利用不斷改善的新客戶利率環境。

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. As Joe mentioned, we had a good quarter, driven by occupancy gains, G&A savings and external growth. October to date same-store occupancy is 94.3%, an 80 basis point improvement over last year. In the third quarter, the average new customer move-in rate was negative 9% year over year.

謝謝喬，大家好。正如喬所提到的，在入住率成長、一般行政費用節省和外部成長的推動下，我們度過了一個不錯的季度。10 月至今同店入住率為 94.3%，比去年提高 80 個基點。第三季度，平均新客戶入住率較去年同期負9%。

Due to strong occupancy and performance to date, we are raising the bottom end of the Extra Space same-store revenue guidance by 75 basis points, bringing the midpoint to a positive 0.125%. Despite meaningful savings in controllable expense categories, increases in property taxes have made it necessary for us to raise our expense guidance by 25 basis points.

由於迄今為止強勁的入住率和業績，我們將 Extra Space 同店收入指導的下限提高了 75 個基點，使中點達到正值 0.125%。儘管在可控費用類別上節省了大量資金，但財產稅的增加使我們有必要將費用指導提高 25 個基點。

We have also raised the bottom end of our NOI guidance by 75 basis points, bringing the midpoint to negative 1.375%. The Life Storage same-store revenue improved by 0.4% year over year and we saw seasonal declines in occupancy for the Life Storage same-store pool finishing the quarter at 92.9%. This represents an increase of 200 basis points year over year.

我們也將 NOI 指引的下限上調了 75 個基點，使中點達到負值 1.375%。Life Storage 同店營收年增 0.4%，我們看到 Life Storage 同店池的入住率出現季節性下降，本季結束時為 92.9%。這意味著同比增長 200 個基點。

October occupancy has increased to 93.2%, 210 basis points over last year. For the Life Storage same-store pool, the sequential change in average move-in rate from the second quarter to the third quarter was negative 1%, much better than normal seasonal declines.

10月份入住率增至93.2%，較去年同期增加210個基點。對於Life Storage同店池來說，第二季到第三季的平均入庫率季比變動為負1%，遠勝於正常的季節性下降。

Lower-than-expected pricing power to new customers in the Life Storage same-store pool has led to the reduction in our revenue expectations for the year. We have reduced our annual same-store revenue guidance by 50 basis points at the midpoint. This is partially offset by lower controllable expenses for these properties.

Life Storage 同店池中新客戶的定價能力低於預期，導致我們今年的營收預期下降。我們已將年度同店收入指引中位數下調了 50 個基點。這部分被這些財產的可控費用降低所抵銷。

As a result, we are revising our expense guidance downward by 100 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 0.5% for the year.

因此，我們將費用指引中位數下調 100 個基點。因此，我們將今年生活倉儲同店 NOI 指引調整至負 1.5% 至正 0.5% 的範圍。

Given the steady 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 tenant reinsurance guidance.

鑑於過橋貸款數量穩定，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。我們也降低了對一般管理費用的預估，並增加了租戶再保險指引。

Interest expense has been updated to account for higher bridge loan volume and an increase in our acquisition guidance. As a result of these revisions, we've raised the lower end of our FFO guidance by $0.05 per share from $7.95 per share to $8 per share, a modest increase at the midpoint.

利息支出已更新，以適應更高的過橋貸款量和我們收購指導的增加。由於這些修訂，我們將 FFO 指引的下限提高了 0.05 美元，從每股 7.95 美元上調至每股 8 美元，中點略有增加。

Our revisions to guidance exclude the impact of Hurricane Milton as we are still assessing the full extent of property damage and tenant insurance claims. We've sustained damage at several REITs and managed properties and three REIT stores remain closed.

我們對指南的修訂排除了颶風米爾頓的影響，因為我們仍在評估財產損失和租戶保險索賠的全部範圍。我們的幾家房地產投資信託基金和管理的物業遭受了損害，三家房地產投資信託基金商店仍然關閉。

As of today, we are currently estimating total property damage and tenant insurance claims to be $10 million or more. Major hurricane costs have historically been added back to our core FFO. Therefore, these amounts have not been contemplated in our guidance.

截至今天，我們目前估計財產損失和租戶保險索賠總額為 1000 萬美元或更多。從歷史上看，主要的颶風成本已加回到我們的核心 FFO 中。因此，我們的指導中並未考慮這些金額。

We've also seen an increase in rental activity and a pause existing customer rate increases in certain markets. We will report full details related to Hurricane Milton with our fourth quarter earnings.

我們也發現某些市場的租賃活動增加，並且現有客戶價格的成長暫停。我們將在第四季度收益中報告與颶風米爾頓相關的完整詳細資訊。

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

米歇爾，接下來讓我們開始提問吧。

(Operator Instructions) Michael Goldsmith, UBS.

（操作員說明）Michael Goldsmith，UBS。

I think in the opening remarks, you said that you're just starting to see the evidence of the benefit of being of a single brand. Can you provide a little bit more detail in terms of what you're seeing -- what have you accomplished so far, what you're seeing? And what gives you confidence that you'll be able to continue to drive the benefit from this brand consolidation?

我想您在開場白中說過，您剛開始看到單一品牌優勢的證據。您能否提供一些關於您所看到的內容的更多細節——到目前為止您已經完成了什麼，您所看到的是什麼？是什麼讓您有信心能夠持續從品牌整合中獲益？

Sure. Happy to, Michael. Thank you for the question. So just to be clear, we're in very early stages here, right? We did change to the extra-base brand late in the third quarter. So we're several weeks in.

當然。很高興，麥可。謝謝你的提問。需要明確的是，我們還處於非常早期的階段，對吧？我們確實在第三季末更換為額外基地品牌。所以我們已經幾週了。

But that being said, we see a slightly better SEO performance from the what was once the Life Storage stores. Some improvement in the low color map section, but lesser than the SEO. The former LSI store conversion rate is better on the Extra Space website than it was on the LSI website.

但話雖這麼說，我們看到曾經的 Life Storage 商店的 SEO 表現稍好一些。低色圖部分有一些改進，但小於 SEO。原LSI商店在Extra Space網站上的轉換率比在LSI網站上的好。

And we're starting to see some modest savings in paid marketing spend. Now what gives us confidence is when we closed the merger in 2023 and decided to test two brands, we took a pool of 143 Life stores and converted them to Extra Space, and we watch the pattern of improvement of those stores over time.

我們開始看到付費行銷支出有所節省。現在讓我們充滿信心的是，當我們在 2023 年完成合併並決定測試兩個品牌時，我們將 143 家 Life 商店合併為 Extra Space，並觀察這些商店隨著時間的推移的改進模式。

And we know that it doesn't happen immediately, but over a period of a number of months, up to six months, we will see those converted stores perform as well as stores that have always been branded Extra Space. So we see no reason why the stores we just converted won't act just like those stores and follow the same pattern of improvement, and we're encouraged that we're starting to see the green shoots.

我們知道這不會立即發生，但在幾個月（最多六個月）的時間內，我們將看到這些改建的商店的表現與一直貼有 Extra Space 品牌的商店一樣好。因此，我們認為我們剛剛改造的商店沒有理由不像那些商店一樣運作，並遵循相同的改進模式，我們開始看到復甦的苗頭，這讓我們感到鼓舞。

And my follow-up question is, there's still a pretty wide range for the core FFO guidance and what's implied for the fourth quarter, but can -- what is implied at the midpoint does suggest a material deceleration from the third to the fourth quarter.

我的後續問題是，核心 FFO 指引和第四季度的暗示仍然存在相當大的範圍，但是中點暗示的確實表明第三季度到第四季度出現實質減速。

Now some of that, I assume, is related to seasonality, but is there any other factors or dynamics at play, which would weigh on the results in the fourth quarter relative to the third quarter?

現在，我認為其中一些與季節性有關，但是否還有其他因素或動態在起作用，這些因素或動態會影響第四季度相對於第三季度的業績？

No, Michael, the biggest difference is just property performance in the fourth quarter, and then it will obviously depend on where you are in that range.

不，邁克爾，最大的區別只是第四季度的房地產表現，然後這顯然取決於你在這個範圍內的位置。

Todd Thomas, KeyBanc Capital Markets.

托馬斯 (Todd Thomas)，KeyBanc 資本市場。

I just wanted to stick with that line of questioning a little bit, but move to the same-store pool -- just curious there, the guidance implies continued deceleration in the fourth quarter for both the EXR and LSI portfolios. Can you just talk a little bit about whether you have line of sight toward stabilization, just given the ability to drive customer traffic to the portfolio and the higher occupancy rates that you've been able to maintain across both portfolios.

我只是想稍微堅持一下這個問題，但轉向同店池——只是好奇，該指導意味著 EXR 和 LSI 投資組合在第四季度繼續減速。您能否簡單談談您是否有穩定的視線，只要有能力為投資組合帶來客戶流量，並且您能夠在兩個投資組合中維持較高的入住率。

Yes, Todd, it's Scott. So it depends a bit on where you are in that range of guidance. I'll start with the Extra Space pool. It does imply that it is slightly negative at the midpoint. If you're at the high end, it's obviously slightly positive at the low end, it's slightly negative, but there is some stabilization in there. It's fairly flat in the fourth quarter.

是的，托德，是斯科特。因此，這在一定程度上取決於您在該指導範圍內的位置。我將從額外空間池開始。它確實意味著它在中點略微為負。如果你處於高端，那麼在低端它顯然會稍微積極，它會稍微消極，但那裡有一些穩定。第四季的情況相當平穩。

The Life Storage pool, again, depending on where you are in the range, at the midpoint, slightly negative to slightly positive at the high end and more negative at the low end, but it does not show significant deceleration either. It's not dropping way down.

生命儲存池，同樣，取決於你在範圍內的位置，在中點，在高端稍微負到稍微正，在低端更負，但它也沒有顯示出明顯的減速。它並沒有下降很多。

It's also not a NIKE solution on its way. Some of the Life Storage has a little noise in it month by month because it's a difficult comp with October being our strongest month as that's when many of the ECRIs hit last year.

這也不是耐吉即將推出的解決方案。一些 Life Storage 每月都有一點噪音，因為這是一個困難的比較，十月是我們最強的月份，因為去年許多 ECRI 都是在那個時候出現的。

Okay. That's helpful. And then I just wanted to ask about the hurricanes, just given the comments that you made, I realize it's early and you're still sorting through what's happened in the aftermath a little bit.

好的。這很有幫助。然後我只是想問一下颶風的情況，鑑於您發表的評論，我意識到現在還為時過早，您仍在對颶風過後發生的事情進行整理。

Can you just talk about the uptick in rental activity that you mentioned that you're seeing in some of the impacted areas and how that plays out with the pause in ECRIs in some of these markets or states given the state of emergencies and perhaps you can share some occupancy statistics to help provide some color around some of the changes in rental activity that you're seeing in some of those impacted MSAs.

您能否談談您提到的在一些受影響地區看到的租賃活動的增加，以及考慮到緊急狀態，這些市場或州的 ECRI 暫停的情況如何，也許您可以分享一些入住統計數據，以幫助您了解在一些受影響的MSA 中看到的租賃活動的一些變化。

Yes. So we have seen an uptick in rentals, particularly in the Life Storage pool. The occupancies, for instance, have jumped from 92%, 93% to 96% at some of those stores. It's store by store. It's obviously going to be better on the West Coast. You see more of a benefit there than in Miami. Typical hurricane customer is going to stay on average, I think, about 10 months.

是的。因此，我們看到租金上升，尤其是生命儲存池的租金。例如，其中一些商店的入住率從 92%、93% 躍升至 96%。是一家一家的。西海岸的情況顯然會更好。你在那裡看到的好處比在邁阿密更多。我認為典型的颶風客戶平均會停留 10 個月左右。

So we would expect to benefit from that. State of emergencies, obviously, we're following them. We are implementing those on a store-by-store level, so it's not on a market level. So we would expect to see some benefit from hurricane occupancy, but that typically offsets the damage or partially offset what we spend in the hurricane damage.

所以我們希望能從中受益。顯然，緊急狀態，我們正在追蹤他們。我們正在逐家商店層級實施這些措施，因此不是市場層面的。因此，我們預計颶風入住會帶來一些好處，但這通常會抵消損害或部分抵消我們在颶風損害上花費的費用。

Caitlin Burrows, Goldman Sachs.

凱特琳·布羅斯，高盛。

Maybe on the acquisition side, it sounds like you're active and expecting to stay active. I was wondering if you could give some more color on who's selling. And I know in the past, a hurdle had been on the pricing expectations. So just the volume that you're seeing and to the extent that the pricing is now being better agreed upon on the buyer and seller side?

也許在收購方面，聽起來你很活躍並且期望保持活躍。我想知道您是否可以對誰在銷售提供更多資訊。我知道過去的一個障礙是定價預期。那麼，您所看到的數量以及買方和賣方現在更好地就定價達成協議的程度是多少？

Sure. It's a good question, but I'm not sure I have a market-wide answer, right? We see a lot more activity. But until transactions get actually closed and reported. It's hard to tell what's true and what's actually activity.

當然。這是一個很好的問題，但我不確定我有一個適用於整個市場的答案，對吧？我們看到更多的活動。但直到交易真正結束並報告。很難區分什麼是真實的，什麼是實際活動。

I know from Extra Space side, we have a number of discussions underway. Some on-market, some off-market, that we're very confident we'll end up as accretive transactions.

我從 Extra Space 方面了解到，我們正在進行一些討論。有些是場內交易，有些是場外交易，我們非常有信心最終會實現增值交易。

Okay. And then maybe as we think about move-in rents, we know about the headwinds that the sector has been facing, but I guess if you consider properties where the move-in rate trends have been relatively stronger. Is there anything that you could point out that's different there?

好的。然後，也許當我們考慮遷入租金時，我們知道該行業一直面臨的阻力，但我想如果你考慮遷入率趨勢相對較強的房產。您可以指出那裡有什麼不同嗎？

Is it less supply, easier comps? I know you've talked about that in the past, like in urban versus not urban indication of like housing impacts or regional, but anything else you can mention on the stronger move in properties versus not as strong.

供應量是否減少，比較容易？我知道您過去曾談到這一點，例如城市與非城市的住房影響或地區影響，但您可以提及有關房地產強勁走勢與不那麼強勁走勢的其他內容。

I think the two factors you mentioned are the most important factors. One is new supply in markets where there's been heavy supply deliveries. It's just harder. And then secondly is the comps. If a market like Atlanta or Phoenix has had several years of very, very strong revenue growth, it's hard to have additional years of very strong revenue growth.

我認為你提到的兩個因素是最重要的因素。一是供應量大的市場中的新供應。只是更難了。其次是比較。如果像亞特蘭大或鳳凰城這樣的市場已經有幾年非常非常強勁的營收成長，那麼就很難再有幾年非常強勁的營收成長。

And particularly, the markets that have both of those factors are probably the toughest markets. But it's cyclical, right? Real estate, cyclical. Markets are cyclical, and that's why we believe in a highly diversified portfolio. So we have exposure to some markets that are on different ends of the cycle.

尤其是，同時具備這兩個因素的市場可能是最艱難的市場。但它是周期性的，對嗎？房地產，週期性。市場是週期性的，這就是我們相信高度多元化投資組合的原因。因此，我們接觸到了一些處於週期不同末端的市場。

Joshua Dennerlein, Bank of America Securities. Okay. Spenser Allaway, Green Street.

Joshua Dennerlein，美國銀行證券公司。好的。史賓塞·阿拉維，格林街。

Maybe just piggybacking off (inaudible) question. Did you guys happen to provide the cap rates on the transactions you guys closed in the quarter? And sorry if you did.

也許只是附帶（聽不清楚）問題。你們是否碰巧提供了本季完成的交易的上限利率？如果你這樣做了，我很抱歉。

I don't think we did provide cap rates on the transactions we closed. I could tell you for all of the deals that we've approved this year, the up -- we've had 10 wholly owned operating deals with first year yield in the low fives, about 13 months to stabilization and a 6.5 average stabilized yield. The same thing with remote stores. We've done nine wholly owned remote stores, very similar returns.

我認為我們沒有為我們完成的交易提供上限利率。我可以告訴你，對於我們今年批准的所有交易，我們有 10 筆全資營運交易，第一年收益率處於較低水平，大約需要 13 個月才能穩定，平均穩定收益率為 6.5 。遠端商店也是如此。我們已經開設了九家全資遠距商店，回報非常相似。

And then our JV deals, we have had eight JV deals, five operating stores. First year yields at 10, stabilized yields at 12%, and that's because of the economic benefit of the joint venture. And then we approved three developments at 8.6 development yield.

然後是我們的合資交易，我們有八個合資交易，五個經營商店。第一年收益率為10%，穩定收益率為12%，這是因為合資企業的經濟效益。然後我們以 8.6 的開發收益率批准了三個開發項目。

Great. And then as it relates to the rebranding of the legacy LSI assets, can you just remind us what the costs have been to date for that endeavor?

偉大的。然後，由於它涉及舊 LSI 資產的品牌重塑，您能否提醒我們迄今為止，這項工作的成本是多少？

Gosh, I don't have cost to date numbers. It's probably pretty modest because what we've done (inaudible) is put banners up at the stores and then the rest has been digital. We expect total cost of about $117 million, but that includes $20 million of nonbranding capital costs that were delayed pending the test and the decision which store to go. So the store needed to be repainted and we decided not to be painted until we knew which color to be painted.

天哪，我沒有成本去約會數字。這可能相當溫和，因為我們所做的（聽不清楚）是在商店裡張貼橫幅，然後其餘的都是數位化的。我們預計總成本約為 1.17 億美元，但這包括 2000 萬美元的非品牌資本成本，這些成本在測試和決定去哪家商店之前被推遲。因此商店需要重新粉刷，我們決定在知道要粉刷哪種顏色之前不粉刷。

Our underwriting for the deal, we assumed $75,000 of property or $90 million. So it was obviously in our returns when we announced the deal.

我們為這筆交易承保，我們假設財產價值為 75,000 美元，即 9,000 萬美元。因此，當我們宣布這筆交易時，這顯然已包含在我們的回報中。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

Just a quick one to start. I know you gave the October occupancies. But can you give us a sense of where the new customers came in the door at relative to last year?

只需快速開始即可。我知道你提供了十月份的入住率。但您能否讓我們了解一下與去年相比新客戶的情況？

So our average rate to new customers for the quarter was negative 9% year over year, and our average new customer rate in October was negative 8%. So I think some people have wondered or rates getting stronger. Are they significantly better?

因此，我們本季的平均新客戶比率年比為負 9%，10 月的平均新客戶比率為負 8%。所以我認為有些人想知道利率是否會變得更強。他們明顯更好嗎？

We would tell you that October feels a lot like September and August and any difference on a month-by-month basis is caused more by a comp than seeing significant changes so far. And that's on the EXR pool.

我們可以告訴您，十月感覺很像九月和八月，每月的任何差異更多是由比較造成的，而不是迄今為止看到的重大變化。那是在 EXR 池上。

Okay. And then just on the guidance for LSI. I was a little bit confused about the commentary in the prepared remarks, you said that seasonality. Correct me if I'm wrong, I thought it was better than expected, but yet guidance is cut with lower pricing power. So just hoping you could help square those two different comments that you've made previously?

好的。然後是 LSI 的指導。我對準備好的評論中的評論有點困惑，你說季節性。如果我錯了，請糾正我，我認為這比預期要好，但指導因定價能力較低而被削減。那麼只是希望您能幫助解決您之前發表的這兩個不同的評論嗎？

Yes. So LSI, I mean, has not performed as expected this year, right? We've cut revenue guidance now twice for those stores. And really, three things have contributed to that. One is that the markets in 2024 is weaker than we projected in the beginning of the year. That just is.

是的。所以我的意思是，LSI 今年的表現沒有達到預期，對嗎？我們現在已經兩次下調了這些商店的收入指導。事實上，三件事促成了這一點。一是 2024 年的市場弱於我們年初的預測。就是這樣。

And then secondly, the markets that LSI has disproportionate concentration have performed disproportionately weaker. So think of Florida, where LSI has a larger concentration than Extra Space proportionately. And then the third thing is we didn't get the benefit of the dual brand that we expected.

其次，LSI 過度集中的市場表現異常疲軟。想想佛羅裡達州，那裡 LSI 的濃度比 Extra Space 的濃度高。第三件事是我們沒有得到我們預期的雙品牌的好處。

And that's why we made the decision this summer to move to the single brand and hope to get the expected benefit from that. So those are the three largest factors that led to us having to reduce revenue guidance for LSI.

這就是為什麼我們今年夏天決定轉向單一品牌，並希望從中獲得預期的收益。因此，這些是導致我們不得不降低 LSI 收入指引的三個最大因素。

Okay. So it sounds like maybe some of the overweight (inaudible) Florida markets deteriorated a bit more than you expected in the back half of the summer, early fall? Would that be fair to say?

好的。那麼聽起來，佛羅裡達州一些超重（聽不清楚）市場的惡化程度可能比您在夏末秋初的預期要嚴重一些？這樣說公平嗎？

That's very fair to say, yes. (technical difficulty)

可以很公平地說，是的。（技術難度）

I guess first question is going back to the fourth quarter and what's assumed in guidance. Can you just give us a feel for occupancy, how to think about that in the fourth quarter?

我想第一個問題可以追溯到第四季以及指導中的假設。您能否為我們介紹一下入住率，以及如何看待第四季的情況？

Sorry, who is this?

抱歉，這是誰？

This is Nick Yulico, Scotiabank.

我是豐業銀行的尼克‧尤利科。

So Nick, we had technical difficulties, and we couldn't hear anything. So -- but we're back now. And if you wouldn't mind repeating the question, we can jump right back into it. Sorry about that.

尼克，我們遇到了技術困難，我們聽不到任何聲音。所以——但我們現在回來了。如果您不介意重複這個問題，我們可以直接回到正題。對此感到抱歉。

Yes, sure. Sure. So just the question is going back to the fourth quarter and what's assumed in guidance. Can you give us a feel for how occupancy is expected to trend?

是的，當然。當然。所以問題是回到第四季以及指導中的假設。能為我們介紹一下入住率的預期趨勢嗎？

Yes. Nick, so it's Scott. We typically don't model occupancy and rate. It's more modeling revenue -- and so we would tell you that there's not extreme revenue drop off and not extreme revenue growth is all that we can really say there.

是的。尼克，所以是史考特。我們通常不會對入住率和費率進行建模。這更多的是對收入進行建模——所以我們可以告訴你，我們真正能說的是，收入並沒有極端下降，也沒有極端收入成長。

I would expect we're going to continue to operate at higher than historical occupancy levels.

我預計我們將繼續以高於歷史入住率的水平運營。

Okay. All right. And then the other question is just going back to LSI and the synergies. I know you've changed the revenue outlook. But I guess going back to those -- the June nonrevenue pieces on the synergies, can you just give us a feel for latest thoughts on how you're trending versus those expectations?

好的。好的。然後另一個問題就是回到 LSI 和協同效應。我知道您已經改變了收入前景。但我想回到那些關於協同效應的六月非收入文章，您能否讓我們了解一下您的趨勢與這些預期的最新想法？

Sure. Happy to. So we were targeting $100 million in synergies in three categories: G&A, tenant insurance and properties. And we're doing very, very well in the ones that we control. So G&A, we're now looking at about $53 million worth of synergies, well, well in excess of our initial estimate.

當然。很高興。因此，我們的目標是在三個類別中實現 1 億美元的協同效應：一般管理費用、租戶保險和財產。我們在我們控制的領域做得非常非常好。因此，G&A，我們現在正在考慮價值約 5300 萬美元的協同效應，遠遠超出了我們最初的估計。

Pet insurance, we're looking at about $27 million of synergies. And then from the properties, it depends on where you are in the range of guidance anywhere from 0 to 10. So overall, about $80 million to $90 million of the $100 million. And we believe we originally targeted $65 million in the property synergies.

寵物保險方面，我們正在尋求約 2700 萬美元的協同效應。然後從屬性來看，這取決於您在 0 到 10 的指導範圍內的位置。總的來說，這 1 億美元中大約有 8,000 萬至 9,000 萬美元。我們相信，我們最初的目標是實現 6,500 萬美元的房地產協同效應。

We do believe we can eventually get there -- we just need some market improvement, move to the single brand and some time and we'll get there. And of course, these $100 million of synergies doesn't include all the other benefits of the merger.

我們確實相信我們最終能夠實現這一目標——我們只需要一些市場改進，轉向單一品牌，並且需要一些時間，我們就會實現這一目標。當然，這 1 億美元的綜效並不包括合併帶來的所有其他好處。

The increase in our management business, in our bridge loan business, the many procurement and IT contracts we've renegotiated due to our new scale and got savings there value-add projects that we've identified and started to execute at the Life Storage properties. So the $100 million relates to just those three categories, not the total benefit of the merger.

我們的管理業務、過橋貸款業務、由於我們的新規模而重新談判的許多採購和 IT 合約的增加，以及我們已經確定並開始在 Life Storage 物業執行的增值項目節省了開支。因此，這 1 億美元僅涉及這三個類別，而不是合併的總收益。

Eric Wolfe, Citi.

埃里克·沃爾夫，花旗銀行。

Maybe just a follow-up on LSI. I think last quarter you mentioned that you expected your Life Storage portfolio to outperform your legacy EHR portfolio in 2025. I was just curious if that's still the case or if some of the weakness in the Sunbelt markets has changed that view.

也許只是 LSI 的後續產品。我認為上個季度您提到您預計 Life Storage 產品組合將在 2025 年超越您的傳統 EHR 產品組合。我只是好奇情況是否仍然如此，或者陽光地帶市場的一些疲軟是否改變了這種觀點。

No. Life Storage portfolio is outperforming the Extra Space portfolio this year, and I would expect it to do the same next year.

不。Life Storage 產品組合今年的表現優於 Extra Space 產品組合，我預計明年也會如此。

And that's not just across the same markets, right, it's across -- that's comparing one directly versus the other, meaning LSI, like the same-store pool versus the other same-store pool? Am I right about that?

這不僅僅是跨越相同的市場，對吧，它是跨市場——直接比較一個市場與另一個市場，這意味著 LSI，就像同店池與另一個同店池相比？我的說法正確嗎？

Yes. Correct.

是的。正確的。

And then you mentioned in your release and just a moment ago about occupancy being stronger than it normally is through the rest of the year. So I guess, what are you looking for to try to dial up move-in rates? Like what would it take over the next, say, three to six months, you have strong occupancy. So like what else are you looking for to try to get more aggressive on moving rates.

然後您剛才在新聞稿中提到，今年剩餘時間的入住率比平常高。所以我想，您想要什麼來嘗試提高入住率？就像在接下來的三到六個月內，您的入住率很高。因此，就像您還尋求什麼來嘗試更積極地調整利率一樣。

So I'm sorry if I'm going to state the obvious. We talk about aggregate data here. But every night, the algorithms look at every unit type in every building and adjust rates. So as we speak today, there are rates in certain unit sizes in certain buildings in certain markets that are moving up.

所以，如果我要陳述顯而易見的事情，我很抱歉。我們在這裡討論聚合數據。但每天晚上，演算法都會查看每棟建築中的每種單位類型並調整費率。因此，正如我們今天所說，某些市場的某些建築物的某些單位面積的價格正在上漲。

And the algorithm looks at many, many very historical data, number of move in, number of vacates and a bunch of projected performance to make those decisions. And the aggregate of all of those decisions is what we report, but it's not like any group of us sitting here in Salt Lake City and look for a few macro things and decide we're going to increase rates 5% or decrease rates 2%.

演算法會考慮很多很多非常歷史的數據、入住數量、騰出數量以及一系列預期績效來做出這些決定。所有這些決定的總和就是我們報告的內容，但這並不像我們任何一群人坐在鹽湖城尋找一些宏觀事物並決定我們將利率提高 5% 或降低利率 2% 。

Right. Yes, I'm not -- I completely understand that. I guess from our perspective, you're just looking at occupancy and see that it's relatively full and better than it normally is. And so I don't know if there's some demand. I'm just trying to understand the algorithm like what demand indicators.

正確的。是的，我不是——我完全理解這一點。我想從我們的角度來看，您只是查看入住率，發現它相對較滿並且比平時更好。所以我不知道是否有一些需求。我只是想了解需求指標等演算法。

I don't know if you can list a couple that are maybe lower than normal or otherwise suggesting that you need to be cautious on moving rates. And I get that there's many factors you're looking at and your projections in the future? I'm just trying to understand generally what the main ones are.

我不知道您是否可以列出一些可能低於正常水平的價格，或者表明您需要對利率變動保持謹慎。我知道您正在考慮很多因素以及您對未來的預測？我只是想大致了解主要內容是什麼。

Okay. Sure. Let me give you a better answer then. Hopefully, a better answer. So one thing that we're constantly doing is the algorithms will produce a price for a unit type in a building. And we will always have a test running where a certain number of stores will add 5% to that algorithm number and a certain number of stories will subtract 5% from that algorithm number.

好的。當然。那麼讓我給你一個更好的答案。希望有更好的答案。因此，我們經常做的一件事是演算法將為建築物中的單元類型產生價格。我們總是會進行一個測試，其中一定數量的商店將在該演算法數字上添加 5%，而一定數量的故事將從該演算法數字中減去 5%。

So we'll be able to tell at these different price bands, right? The algorithm produced price bands, 5% higher, 5% lower, and you look at number of rentals, rate, cost to acquire that customer, ECRI and length of stay and come up with a customer value.

所以我們能夠區分這些不同的價格範圍，對嗎？此演算法產生價格區間，高 5%，低 5%，然後您查看租賃數量、費率、取得該客戶的成本、ECRI 和停留時間，並得出客戶價值。

And that will tell us that the algorithm produced number, produces the best long-term revenue. Or if we intervened and went 5% lower or 5% higher, where we would do better. And that's an ongoing test we run to help us understand if the algorithm rhythmic produce prices is, in fact, producing the best result for us. Is that helpful?

這將告訴我們，演算法產生的數字，產生最好的長期收入。或者，如果我們幹預，價格下跌 5% 或上漲 5%，我們會做得更好。這是我們正在進行的一項測試，旨在幫助我們了解有節奏的農產品價格演算法實際上是否為我們帶來了最佳結果。有幫助嗎？

Yes. That's helpful.

是的。這很有幫助。

Joshua Dennerlein, Bank of America.

約書亞·登納林，美國銀行。

This is Jeff Spector for Josh. Sorry, we had technical difficulty before. And I apologize if you already discussed this, Joe, you talked about occupancy and the strength in occupancy trajectory. And just given the time of the year, I know we typically like to ask, how are you feeling right now as we're entering November, and how does that -- how do you feel the year will end?

這是喬許的傑夫·斯佩克特。抱歉，我們之前遇到了技術困難。如果你已經討論過這個問題，我很抱歉，喬，你談到了入住率和入住率軌蹟的強度。就一年中的這個時間而言，我知道我們通常喜歡問，在我們進入 11 月之際，您現在感覺如何，以及您覺得這一年結束時感覺如何？

And how does it bode heading into '25 compared to, let's say, prior years. And I know we had a number of years where there wasn't seasonality, but if you go back pre-COVID, right, how does this compare in terms of now this high occupancy level and then thoughts into '25.

與前幾年相比，進入 25 年這意味著什麼？我知道我們有很多年沒有季節性，但如果你回到新冠疫情之前，對吧，現在的高入住率水平和 25 年的想法相比如何。

So I feel good that our people and processes and systems are optimizing performance in a difficult market. I feel better if it wasn't a difficult market, but I can't control that. But I feel really good that everything we're doing, the strategies we're implementing, the tests that we're undertaking is squeezing as much juice out of the fruit as we possibly can. I also feel very good that at a high level of occupancy when the market turns and the market will turn.

因此，我對我們的人員、流程和系統在困難的市場中優化效能感到高興。如果市場不是一個困難的市場，我感覺會更好，但我無法控制這一點。但我感覺非常好，我們所做的一切、我們正在實施的策略、我們正在進行的測試都在盡可能地從水果中榨汁。我也感覺非常好，當市場轉向時，入住率很高，市場也會轉向。

We are in a really good position to benefit from that quickly. I feel good that everything we see confirms moderation in new supply. So that makes me feel good as well. So I certainly feel better if we're having 6% revenue growth, but we're not going to have that this year. And all we can do is make the best of it and position ourselves well for the future.

我們處於非常有利的位置，可以迅速從中受益。我感覺很好，我們所看到的一切都證實了新供應的放緩。所以這也讓我感覺很好。因此，如果我們的收入成長 6%，我當然會感覺更好，但今年我們不會這樣做。我們所能做的就是充分利用這一點，為未來做好準備。

Okay. That's fair. And then my second question is again on LSI. You talked about the lack of pricing power there, and I keep thinking about your -- you want to again, use the EXR systems fully into the LSI portfolio. And you're saying it's outperforming. But again, there seems to be some weakness there, right?

好的。這很公平。我的第二個問題又是關於 LSI 的。您談到了那裡缺乏定價能力，我一直在思考您想再次將 EXR 系統完全納入 LSI 產品組合。你說它表現出色。但話又說回來，似乎還是有一些弱點，對吧？

It feels like at least tell me if I'm wrong, between that LSI customer possibly versus the EXR customer. So what gives confidence that you can really push on that LSI customer as we enter '25. So again, I think of those markets as more tertiary, secondary markets, that consumer is more squeezed today than ever.

感覺至少告訴我我是否錯了，在 LSI 客戶可能與 EXR 客戶之間。那麼，當我們進入 25 世紀時，是什麼讓您有信心真正推動 LSI 客戶的發展。因此，我再次認為這些市場更多的是三級、二級市場，消費者今天比以往任何時候都受到更大的擠壓。

So we don't see that difference in consumer. We think the storage consumer is the storage consumer, whether regardless of what product they go to the -- their behavior is very similar. We don't see significant difference in bad debt or reaction to ECRI or other behavior between markets? So I don't -- I'm not sure I agree with the thesis there.

所以我們在消費者中看不到這種差異。我們認為儲存消費者就是儲存消費者，無論他們使用什麼產品，他們的行為都非常相似。我們沒有看到壞帳或對 ECRI 的反應或市場之間的其他行為有顯著差異？所以我不——我不確定我是否同意那裡的論文。

And Jeff, I'd maybe point to a couple of other things. One is we went into this with a 400 basis point delta in occupancy that we had to make up. So we went in with softer rates partly to gain occupancy there. Recently, we switched our algorithm over time, that will even things out.

傑夫，我可能會指出其他一些事情。一是我們進入這個階段時，入住率增加了 400 個基點，我們必須彌補這一點。因此，我們採取了較低的價格，部分原因是為了獲得那裡的入住率。最近，我們隨著時間的推移改變了我們的演算法，這將使事情變得更加平衡。

In addition, you had a brand and a thesis going in where we thought the dual brand was going to compensate, and we would actually have higher growth as a result of the dual brand. We haven't found that and we now believe that it's going to do better on a single brand. That change just happens. So we're still optimistic and feel like it's been tough timing, and we think that there's still a lot of good growth in that portfolio.

此外，你有一個品牌和一篇論文，我們認為雙品牌將會彌補，而且我們實際上會因為雙品牌而獲得更高的成長。我們還沒有發現這一點，但我們現在相信單一品牌會做得更好。這種變化就這樣發生了。因此，我們仍然持樂觀態度，覺得現在的時機很艱難，而且我們認為該投資組合仍然有很多良好的成長。

Eric Luebcow, Wells Fargo.

艾瑞克‧呂布科，富國銀行。

I appreciate you taking the question. Maybe could you comment a little bit on the move in to move-out spread, I think it had been the negative 30% range, maybe a little bit north of that.

我很感謝你提出這個問題。也許你能對遷入和遷出價差發表一點評論，我認為這是負 30% 的範圍，也許比這個範圍高一點點。

And then as you look out over the next one to two years, I mean, where do you think that spread has to go to get back to what would be a more typical same-store growth rate based on your current pacing of ECRIs? Is it negative 20%, negative 15%. Maybe any color there would be helpful.

然後，當您展望未來一到兩年時，我的意思是，根據您當前的 ECRI 節奏，您認為價差必須回到哪裡才能恢復到更典型的同店成長率？是負20%還是負15%。也許任何顏色都會有幫助。

Yes. So for the quarter, we averaged just over 30%. Moving into October, you were mid- to upper 30s, which is the growth from the second to the third quarter is common at this time of the year, you typically -- that spread usually does get larger. I think it will depend a little bit on how strong the market comes back and what we do with pricing strategy.

是的。因此，本季我們的平均成長率略高於 30%。進入 10 月份，你的年齡在 30 多歲左右，這是每年第二季到第三季的成長很常見的情況，通常情況下，這種差距通常會變得更大。我認為這將在一定程度上取決於市場恢復的強度以及我們的定價策略。

Today, we found the most effective way to attract new customers is with the lowest rate. It's possible that changes as the market strengthens. So it's hard to comment on that until we see it and have confidence on which pricing strategy is going to work best.

今天，我們發現吸引新客戶最有效的方法就是以最低的費率。隨著市場走強，情況可能會改變。因此，在我們親眼目睹並確定哪種定價策略最有效之前，很難對此發表評論。

Got you. I appreciate that. And just a follow-up on rate is between the LSI and EXR properties, I guess, more for like-for-like markets, how much of a spread you still have remaining there? And as you work through this new branding strategy, when you think that can continue to close or hit parity?

明白你了。我很欣賞這一點。我想，對於同類市場而言，LSI 和 EXR 屬性之間的利率只是後續，您還剩下多少價差？當您實施這項新的品牌策略時，何時認為您可以繼續接近或達到平價？

So on like-for-like properties, our spread is about 6% today, and it was closer to the 16 at closing. And there's no reason that, that should be zero at one point. when you look at like-for-like markets, we haven't made as much progress.

因此，就同類房產而言，我們今天的價差約為 6%，接近收盤時的 16%。沒有理由認為在某個時刻它應該為零。當你觀察同類市場時，我們並沒有那麼大的進展。

We've only closed about 2% of the rate gap, although we have closed the occupancy gap meaningfully for those stores. And I don't think we'll ever get to parity there, but we will close some more of the rate gap.

儘管我們已經有意義地縮小了這些商店的入住率差距，但我們僅縮小了約 2% 的費率差距。我認為我們永遠不會達到平價，但我們將縮小更多的利率差距。

Hongliang Zhang, JPMorgan.

張宏亮，摩根大通。

I guess, my first question is, as you look towards next year, how do you think your pricing power and top of phone demand would compare to, I guess, this year and pre-COVID levels?

我想，我的第一個問題是，當您展望明年時，您認為與今年和新冠疫情之前的水平相比，您的定價能力和最大的手機需求會如何？

Well, that's the crystal ball question, right? I think we need to understand interest rates. We need to understand the housing market. We need to understand the health of the economy and the consumer. And all of those things will drive into storage demand and our ability to push pricing. So I wish I had a crystal ball, but I don't.

嗯，這就是水晶球問題，對吧？我認為我們需要了解利率。我們需要了解房地產市場。我們需要了解經濟和消費者的健康狀況。所有這些都將推動儲存需求和我們推動定價的能力。所以我希望我有一個水晶球，但我沒有。

I do know that -- and sorry to repeat myself, whatever environment we're faced with, we will be able to maximize performance and do well. And also that we have all of these other ancillary businesses and tools that can help support company performance in periods when perhaps the stores aren't doing as well.

我確實知道這一點，很抱歉重複一遍，無論我們面臨什麼環境，我們都能夠最大限度地提高效能並做得很好。此外，我們還擁有所有其他輔助業務和工具，可以在商店業績不佳的時期幫助支持公司業績。

Got it. And my second question is with the EXR, LSI -- with LSI working on our same brand as EXR, are there any quantifiable cost savings you'll realize over the near term, say marketing?

知道了。我的第二個問題是關於 EXR、LSI——LSI 與 EXR 合作我們的同一品牌，您在短期內是否會實現任何可量化的成本節約，比如說行銷？

So the easiest cost saving to quantify is we were spending on an annual run rate basis, $10 million more in paid search for the LSI stores to make up for the relative weakness in organic sections of the search.

因此，最容易量化的成本節省是，我們以每年的運行率為基礎，在 LSI 商店的付費搜尋上多花費 1000 萬美元，以彌補搜尋有機部分的相對弱點。

So once we -- not immediately on day one, but once we get the LSI stores the parity with the extra space stores, we shouldn't have to spend that extra $10 million. And then the second savings, which is more difficult to quantify is with more stores on the Extra Space brand, the (inaudible) brand should be stronger, leading to additional marketing savings.

因此，一旦我們——不是在第一天立即開始，而是一旦我們讓 LSI 儲存與額外空間儲存達到同等水平，我們就不必額外花費 1000 萬美元。然後第二個節省，更難量化，是隨著 Extra Space 品牌的商店越來越多，（聽不清楚）品牌應該更強大，從而帶來額外的行銷節省。

Ronald Kamdem, Morgan Stanley.

羅納德‧卡姆德姆，摩根士丹利。

You have Jenny on for Ron. I just have two quick questions. The first is, can you please comment on the magnitude of ECRI for (inaudible)? Like do you put there at a similar like pace for both pools? Or you do like the EXR harder than the other one?

你讓珍妮代替羅恩。我只有兩個簡單的問題。首先，您能否評論一下 ECRI 的規模？（聽不清楚）？就像您對兩個池的速度相似嗎？或者您確實比另一台更喜歡 EXR？

So they're both on the same ECRI program now. So there's no difference in -- by original brand of the store in a pace or amount of ECRI.

所以他們現在都在同一個 ECRI 專案中。因此，根據商店的原始品牌，ECRI 的速度或數量沒有差異。

I think the second one, actually, I'm really curious about your views or commentary on the moving rate because we know like moving rates continue to be weak. And do you think it's actually overcorrected by your model? And going forward, do you -- you give us a feeling that you prioritize occupancy over pricing, but if that's going to be continued your focus going forward in Q4 and '25?

我認為第二個，實際上，我真的很好奇您對行動利率的看法或評論，因為我們知道行動利率仍然疲軟。你認為你的模型實際上校正過度了嗎？展望未來，您是否給我們一種感覺，您優先考慮入住率而不是定價，但如果這種情況繼續下去，那麼您在第四季度和 25 年的重點是什麼？

So we prioritized long-term revenue and whatever mix of occupancy and rate and the other various factors produced the long-term revenue. That's what we'll follow. Right now, the data is showing us to lean a little heavier into occupancy than we did. But if the data ever tells us something differently across the board or for a particular store or market, then we'll follow that.

因此，我們優先考慮長期收入，無論入住率、房價以及其他各種因素的組合如何產生長期收入。這就是我們將遵循的。目前，數據顯示我們比以前更傾向於入住。但如果數據告訴我們全面或針對特定商店或市場的不同訊息，那麼我們就會遵循這一點。

Samir Khanal, Evercore ISI.

薩米爾·卡納爾，Evercore ISI。

Joe, on your comments about ECRI, I know you talked about the magnitude being similar for both LSI and EXR now. But I mean, has there been any pushback at all that you're seeing from the customers at this point?

Joe，關於您對 ECRI 的評論，我知道您談到了 LSI 和 EXR 現在的規模相似。但我的意思是，此時您是否從客戶那裡看到了任何阻力？

So there's always what you would call, pushback from the customers, right? Some customers move out because the space got too expensive for them or some customers move out because when we notify them, their rate went up, they remind them they have storage and they don't need it anymore.

所以總會有你所說的來自客戶的抵制，對吧？有些客戶搬出去是因為空間對他們來說太貴了，或者有些客戶搬出是因為當我們通知他們時，他們的費率上升了，他們提醒他們有存儲空間，但他們不再需要它。

But we track that very carefully what percentage of customers are moving out because they got an ECRI notice, and we do that because every month, we keep a control group and track different behavior. So we know the excess move-outs were causing by our ECRI program, and it's within an acceptable range today and if it ever changes, then we can adjust our program accordingly.

但我們非常仔細地追蹤有多少比例的客戶因為收到 ECRI 通知而搬出，我們這樣做是因為每個月我們都會保留一個對照組並追蹤不同的行為。因此，我們知道過度遷出是由我們的 ECRI 計劃造成的，目前它處於可接受的範圍內，如果情況發生變化，那麼我們可以相應地調整我們的計劃。

Okay. Got it. And I guess my second question is around your bridge loan program. And you've been pretty active on that front this year as well right? It's led to higher interest income in the financials. So help us think through how to think about the volume or the program into next year? And what does that opportunity set look like?

好的。知道了。我想我的第二個問題是關於你們的過橋貸款計劃。今年您在這方面也非常活躍，對吧？這導致財務方面的利息收入更高。那麼請幫我們思考如何考慮明年的數量或計畫？這個機會集是什麼樣的？

So we've had a very strong year in bridge loan originations. I think one of the reasons of that was we had a whole new group of LSI partners that we got to know and made a lot of bridge loans to them. So that was helpful. Another reason was the acquisition market was difficult. There was a bid-ask spread we've talked about.

因此，我們在過橋貸款發放方面度過了非常強勁的一年。我認為原因之一是我們認識了一群全新的 LSI 合作夥伴，並向他們提供了大量過橋貸款。所以這很有幫助。另一個原因是收購市場困難。我們已經討論過買賣價差。

So some owners decided instead of trying to sell in the current market, they'll get a bridge loan and try again in three years. So volumes were good. Next year, we have some meaningful maturities, some of those will extend, some will pay off and some will buy. So that will have some downward pressure on our book of business.

因此，一些業主決定不再嘗試在當前市場上出售，而是獲得過橋貸款，並在三年後再次嘗試。所以銷量很好。明年，我們將有一些有意義的到期日，其中一些將延長，一些將獲得回報，一些將購買。因此，這將對我們的業務造成一定的下行壓力。

But we continue to remain -- I expect we'll continue to remain active and make new loans. It all depends on opportunities. We're not going to make bad loans just to keep our our book of business large, and we're not going to pass by opportunities because we think we've made too many bridge loans because we can always sell A notes which we've done to manage our exposure.

但我們將繼續保持下去——我預計我們將繼續保持活躍並發放新貸款。這一切都取決於機會。我們不會僅僅為了保持我們的業務規模龐大而發放不良貸款，我們也不會因為我們認為我們發放了太多過橋貸款而錯過機會，因為我們總是可以出售我們的 A 票據。我們的風險敞口。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

I just wanted to stay on the credit lending platform and the line of questioning there. Again, the loan that was sold this quarter, could you just talk a little bit about the characteristics of those loans, why you decided it made sense to sell it. And if we just confirm where you're doing this as you're selling eight pieces, but just so holding on to a residual.

我只是想留在信用借貸平台和那裡的提問線上。同樣，對於本季度出售的貸款，您能否簡單談談這些貸款的特點，以及為什麼您認為出售它是有意義的。如果我們只是確認您在哪裡這樣做，因為您正在出售八件，但只是保留剩餘的。

So we make a calculation of loans that are easy to sell. So for example, if we have a $20 million loan and $4 million or $5 million loans, it may make more sense to sell the A on the $20 million because it's one transaction as opposed to 4 separate transactions.

所以我們對容易出售的貸款進行了計算。例如，如果我們有一筆2000 萬美元的貸款和400 萬美元或500 萬美元的貸款，那麼以2000 萬美元的價格出售A 可能更有意義，因為這是一筆交易，而不是4 筆單獨的交易。

Also, our buyers have preferences for certain markets or where they have exposure where they don't. So clearly, the buyers have input into this as well. So there's no formula lookup table. It's more business judgment on which loans to sell. And I'm sorry, what was the second part of the question?

此外，我們的買家對某些市場有偏好，或者他們有機會接觸到他們沒有接觸過的市場。顯然，買家也對此有所投入。所以沒有公式查找表。更多的是關於出售哪些貸款的商業判斷。抱歉，問題的第二部分是什麼？

For the loans (inaudible), do you sell the whole loan? Or are you holding onto a residual?

對於貸款（聽不清楚），您是否出售全部貸款？還是你還保留著剩餘的東西？

Yes. I'm sorry. Yes, we sell the A piece and we keep the mess. So we do keep -- we keep residual. So the whole loan -- the whole capital stack is 100%. We're selling 55 or 60 and keeping the balance up to 75 or 80.

是的。對不起。是的，我們賣掉了 A 件，然後留下了亂七八糟的東西。所以我們確實保留了——我們保留了剩餘的。所以整個貸款——整個資本堆疊是 100%。我們出售 55 或 60 件，並將餘額保持在 75 或 80 件。

Got you. That's helpful. And then just to talk a little bit about one of your other growth drivers, which is the third-party asset management. Again, you continue to grow in that space, and I know that each each management agreement is different and unique to each operator.

明白你了。這很有幫助。然後簡單談談您的其他成長動力之一，即第三方資產管理。同樣，您將在該領域不斷成長，而且我知道每個管理協議對於每個運營商來說都是不同且獨特的。

But just curious, again, if you could just talk thematically about anything that may be happening to improve profitability of that business as you continue to grow it?

但再次好奇的是，您是否可以主題性地談論在您繼續發展該業務的過程中可能會發生的任何事情，以提高該業務的盈利能力？

So we're continuing to grow the business for a couple of reasons. One is there's one less competitor out there, right? LSI was a competitor for this business, and they don't -- they're us now. We have develop relationships with all the owners who LSI used to manage for.

因此，我們繼續發展業務有幾個原因。一是市場上少了一個競爭對手，對嗎？LSI 是這項業務的競爭對手，但他們不是——現在他們是我們。我們與 LSI 曾經管理過的所有業主都建立了關係。

And for many of them, we're growing that relationship. Also, the operating environment is harder and when the operating environment is harder, more noninstitutional owners seek professional management, right? Our -- if you look at our occupancies compared to the occupancies and performance of the small operators. In general, we're significantly outperforming them.

對他們中的許多人來說，我們正在發展這種關係。還有，經營環境比較困難，當經營環境比較困難的時候，就會有更多的非機構業主尋求專業化管理，對吧？我們的－如果你將我們的入住率與小型業者的入住率和績效進行比較。總的來說，我們的表現明顯優於他們。

And I also think we're growing the business because we do an excellent job in running the properties, communicating with our owners and providing great customer service. And because of that, we have a great reputation. So even though we are the most expensive in the business, more expensive and have very healthy margins, we're also growing the business faster than anyone else.

我還認為我們正在發展業務，因為我們在管理物業、與業主溝通以及提供優質客戶服務方面做得非常出色。正因為如此，我們享有很高的聲譽。因此，儘管我們是業內最昂貴的公司，而且利潤率非常可觀，但我們的業務成長速度也比其他任何人都快。

Ki Bin Kim, Truist.

金基賓，真理主義者。

Just a couple of quick follow-ups here. Could you comment on LSI street rate trends in the quarter and into October?

這裡只是一些快速跟進。您能否評論一下 LSI 本季和 10 月份的街頭利率趨勢？

So on a year over year basis, Ki Bin, we have a difficult time partly because on a year over year basis, we didn't manage them for the whole quarter, so we don't have perfect data on that. For the quarter, quarter over quarter, their rates are down 1%, so just on a quarter over quarter basis, you didn't see as much of a seasonal decline as you saw in the Extra Space portfolio.

因此，Ki Bin，從同比來看，我們遇到了困難，部分原因是從同比來看，我們沒有對整個季度進行管理，所以我們沒有這方面的完美數據。就本季而言，它們的利率環比下降了 1%，因此僅按季度環比計算，您沒有看到 Extra Space 投資組合中出現的季節性下降幅度那麼大。

Okay. And you mentioned that there's a 6% spread on a like-for-like basis. In order for that to close, do you ultimately need top of the funnel demand to be better? Or do you think on a single brand strategy and whatever else you guys are working on, do you think you can close that gap holding everything else constant.

好的。您提到，在同類基礎上有 6% 的價差。為了結束這個過程，您最終是否需要漏斗頂部的需求變得更好？或者你認為單一品牌策略以及你們正在做的其他事情，你認為你可以在保持其他一切不變的情況下縮小這一差距嗎？

I think the latter. I think on the stores that are like-for-like, same quality store in the exact stream trade area, same type of store, once we're on a single brand and have some time, we'll close that gap.

我認為是後者。我認為，對於在同一流貿易區域內同類、相同品質的商店、相同類型的商店，一旦我們在單一品牌上並且有時間，我們將縮小這一差距。

Okay. And just last question on the bridge loans. Of the 300 plus or minus maturity for next year, roughly do you know what percent what extent?

好的。最後一個問題是關於過橋貸款的。明年的300加減到期中，你大概知道百分之多少是多少？

So half of those loans aren't maturing until November and December last year. So we have quite some time before we fully understand are they going to satisfy all the tests to extend or not. So it's hard to give an accurate percentage at this time.

因此，其中一半貸款要到去年 11 月和 12 月才會到期。因此，我們還有相當長的時間才能完全了解它們是否會滿足所有擴展測試。所以目前很難給出準確的百分比。

(inaudible) to meet any of those requirements. So they still have a fair amount of time before maturity.

（聽不清楚）以滿足任何這些要求。因此，他們在成熟之前還有相當長的時間。

Now, I'm showing no further questions. So with that, I'll hand the call back over to management for closing remarks.

現在，我不再提出任何問題。因此，我會將電話轉交給管理階層以供結束語。

Great. Thank you, everyone, for your interest in Extra Space and your time. I apologize for the technical difficulties we had today. We look forward to seeing everyone at the upcoming meetings. Have a great day.

偉大的。感謝大家對 Extra Space 的興趣和時間。對於今天遇到的技術困難，我深感抱歉。我們期待在即將舉行的會議上見到大家。祝你有美好的一天。

Ladies and gentlemen, thank you for participating. This does conclude today's program, and you may now disconnect.

女士們、先生們，感謝您的參與。今天的節目到此結束，您現在可以斷開連線了。