Extra Space Storage Inc (EXR) 2025 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Extra Space Storage Inc Q1 2025 earnings conference call. (Operator Instructions). This calls being recorded on Wednesday, April 30, 2025.

女士們、先生們，下午好，歡迎參加 Extra Space Storage Inc 2025 年第一季財報電話會議。（操作員指令）。此通話於 2025 年 4 月 30 日星期三錄製。

I would now like to turn the conference over to Jared Conley. Please go ahead.

現在我想將會議交給賈里德·康利。請繼續。

Thank you, John, and welcome to Extra Space Storage's first quarter 2025 earnings call. In addition to our press release, we have 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 in the Private Securities Litigation Reform Act.

謝謝你，約翰，歡迎參加 Extra Space Storage 2025 年第一季財報電話會議。除了新聞稿之外，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，管理層準備的評論和對您的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 our 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.

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所明示或暗示的結果有重大差異。這些前瞻性陳述受到公司向美國證券交易委員會提交的最新文件中的警示性聲明的限制，我們鼓勵聽眾閱讀這些聲明。

Forward-looking statements represent management estimates as of today, April 30, 2025. The company assumes no obligation to revise or update any forward-looking statements because of the changing market conditions or other circumstances after the date of this conference call.

前瞻性陳述代表截至 2025 年 4 月 30 日的管理階層估計。本公司不承擔因本次電話會議召開日後市場條件變化或其他情況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 Joseph Margolis, Chief Executive Officer.

現在我想將電話轉給執行長約瑟夫·馬戈利斯 (Joseph Margolis)。

Thank you for joining us today. I am pleased to report a solid first quarter with performance exceeding our internal projections across several key metrics. Our core FFO of $2 per share represents a 2% increase year-over-year. Same store occupancy remained at historically high levels, ending the quarter at 93.4%.

感謝您今天加入我們。我很高興地報告第一季業績穩健，多項關鍵指標的業績都超出了我們的內部預測。我們的核心 FFO 為每股 2 美元，年增 2%。同店入住率仍維持在歷史高位，本季末達到 93.4%。

This represents an improvement of 100 basis points from the first quarter, 2024 and 10 basis points from the previous quarter and drove positive same store revenue growth of 0.3%. Our positive revenue growth demonstrates the continued resilience of our portfolio and effective revenue management, customer acquisition, and operational strategies.

這比 2024 年第一季提高了 100 個基點，比上一季提高了 10 個基點，推動同店營收成長 0.3%。我們的正收入成長證明了我們的產品組合的持續彈性以及有效的收入管理、客戶獲取和營運策略。

We also expect to see additional benefit from the performance of the former Life Storage assets, which continue to see leasing and pricing improvements since being unified under the extra space storage brand. Our external growth initiatives demonstrated strong momentum in the first quarter. We completed $153.8 million in wholly owned acquisitions, adding 12 high-quality stores to our portfolio.

我們也期望從前 Life Storage 資產的表現中看到額外的好處，自從統一到 Extra Space Storage 品牌下以來，這些資產的租賃和定價持續改善。我們的外部成長舉措在第一季表現出強勁勢頭。我們完成了價值 1.538 億美元的全資收購，為我們的投資組合增加了 12 家優質商店。

We also dissolved a 23-property joint venture and realized an embedded promote of $1.7 million. In this transaction, we exchanged our 25% ownership interest in 17 properties for a 100% ownership interest in six properties. Our bridge loan program remained active, with the team closing $53.2 million in loans during the quarter.

我們也解散了一家擁有 23 處房產的合資企業，並實現了 170 萬美元的嵌入式促銷。在這筆交易中，我們將 17 處房產的 25% 所有權換成了 6 處房產的 100% 所有權。我們的過橋貸款計劃仍然活躍，團隊在本季完成了 5,320 萬美元的貸款。

We sold $27.7 million in bridge loans as part of our capital allocation strategy and ended the quarter with approximately $1.4 billion in loans on our balance sheet. This program continues to provide attractive risk-adjusted returns while building and enhancing valuable relationships with owners across the storage sector. Our management plus platform showed remarkable growth, adding 113 stores gross and achieving a net addition of 100 properties.

作為資本配置策略的一部分，我們出售了 2,770 萬美元的過橋貸款，本季末我們的資產負債表上的貸款約為 14 億美元。該計劃繼續提供有吸引力的風險調整回報，同時建立和加強與整個儲存行業所有者的寶貴關係。我們的管理+平台實現了顯著成長，共新增門市113家，淨增物業100家。

This brings our third-party managed portfolio to 1,675 stores, reinforcing our position as the leading third-party management provider in the industry. Our multichannel approach to external growth, combining wholly owned acquisitions, joint ventures, bridge lending and third-party management continues to provide us with numerous opportunities to expand our footprint and enhance shareholder value.

這使得我們的第三方管理門市組合達到 1,675 家，鞏固了我們作為業內領先的第三方管理提供者的地位。我們採用多通路方式實現外部成長，結合全資收購、合資企業、過橋貸款和第三方管理，持續為我們提供擴大業務範圍和提升股東價值的眾多機會。

As we evaluate the current macro environment, we understand why investors across asset classes are concerned. We share the concerns about interest rates volatility and economic uncertainty. However, we are also encouraged by many attributes of our sector, portfolio and platform, which have led us to maintain our 2025 guidance.

當我們評估當前的宏觀環境時，我們理解為什麼各種資產類別的投資者都會感到擔憂。我們對利率波動和經濟不確定性感到擔憂。然而，我們的產業、投資組合和平台的許多特性也令我們感到鼓舞，這使得我們能夠維持 2025 年的指導方針。

First, the self-storage sector has historically demonstrated resilience during economic downturns due to its need-based demand drivers and broad customer base. Second, we have a highly diversified portfolio with exposure to markets in all stages of development and economic cycles, removing much of the market volatility experienced in smaller and more concentrated portfolios.

首先，自助倉儲產業由於其基於需求的需求驅動因素和廣泛的客戶群，在經濟低迷時期表現出了韌性。其次，我們的投資組合高度多元化，涵蓋處於各個發展階段和經濟週期的市場，從而消除了規模較小、較為集中的投資組合所經歷的大部分市場波動。

And finally, our sophisticated systems, experienced team, economies of scale and strong balance sheet position us well to optimize performance and to outperform the storage sector as a whole in the long run regardless of market conditions. We are encouraged by the strength of many key current operational metrics and have not seen any change in customer health or behavior to date.

最後，我們先進的系統、經驗豐富的團隊、規模經濟和強大的資產負債表使我們能夠優化效能，無論市場狀況如何，都能在長期內超越整個儲存產業。許多關鍵的當前營運指標的強勁表現令我們感到鼓舞，迄今為止我們尚未看到客戶健康狀況或行為發生任何變化。

We have high same-store occupancy, improvement in new customer rates, low move-out activity and stable delinquency, which all position us well for future growth. We remain confident in our ability to execute our diversified investment strategy as opportunities arise across our multiple growth channels. We remain focused on maximizing FFO by executing our proven operational strategies and maintaining our industry-leading platform.

我們的同店入住率很高，新客戶率不斷提高，搬出活動較少，拖欠率穩定，這些都為我們未來的成長奠定了良好的基礎。隨著多種成長管道中出現機遇，我們仍對執行多元化投資策略的能力充滿信心。我們將繼續致力於透過執行經過驗證的營運策略和維護業界領先的平台來最大化 FFO。

I will now turn the time over to Scott.

現在我將時間交給史考特。

As Joe mentioned, our first quarter financial results were ahead of our internal expectations. Our core FFO of $2 per share represents a 2% increase from the prior year. This outperformance was driven by better-than expected same store revenue, higher tenant insurance and greater interest income. On the expense front, we saw a notable divergence between controllable and uncontrollable costs.

正如喬所提到的，我們的第一季財務表現超出了我們的內部預期。我們的核心 FFO 為每股 2 美元，比前一年增長 2%。這一優異表現得益於好於預期的同店收入、更高的租戶保險和更高的利息收入。在費用方面，我們發現可控成本和不可控成本之間有明顯差異。

Our operations team successfully reduced controllable expenses by 1.9% year-over-year through operational efficiencies and strategic cost management. However, uncontrollable expenses increased by 8% primarily due to continued property tax pressure and weather-related expenses. This dynamic of controllable versus uncontrollable expenses resulted in a same store NOI decrease of 1.2% compared to the first quarter of 2024.

我們的營運團隊透過提高營運效率和策略成本管理，成功地將可控費用年減了 1.9%。然而，不可控費用增加了 8%，主要原因是持續的財產稅壓力和天氣相關費用。這種可控費用與不可控費用的動態導致同店淨營業利潤與 2024 年第一季相比下降了 1.2%。

We continue to strengthen our balance sheet as we executed two bond offerings in the quarter, one five-year issuance of $350 million at an effective rate of 5.17%, And a second 10-year issuance of $500 million at 5.4%. These offerings demonstrate our continued access to public debt markets and our ability to secure favorable terms despite the volatile interest rate environment.

我們繼續加強資產負債表，因為我們在本季度進行了兩次債券發行，一次是發行 3.5 億美元的五年期債券，有效利率為 5.17%，另一次是發行 5 億美元的十年期債券，有效利率為 5.4%。這些產品顯示我們能夠繼續進入公共債務市場，儘管利率環境動盪，我們仍有能力獲得優惠條款。

We continue to maintain a conservative leverage profile with almost 90% of our debt at fixed rates net of our bridge loans receivable. This helps insulate us from near-term interest rate fluctuations. Our weighted average interest rate stands at 4.4%, reflecting our ability to secure competitive financing across market cycles. Based on our first quarter performance and current market conditions, we are maintaining our full year 2025 FFO guidance.

我們繼續保持保守的槓桿率，扣除應收過橋貸款後，近 90% 的債務為固定利率。這有助於我們免受短期利率波動的影響。我們的加權平均利率為 4.4%，反映了我們在整個市場週期中獲得競爭性融資的能力。根據我們第一季的業績和目前的市場狀況，我們維持 2025 年全年 FFO 指引。

Same-store revenue, expense and NOI guidance also remains unchanged. This guidance assumes no significant recovery of the housing market and reflects our strong occupancy levels and stable new customer rates balanced against broader economic uncertainties. On the expense front, we anticipate continued pressure from property taxes and other uncontrollable costs.

同店收入、支出和淨利指引也維持不變。該指引假設房地產市場不會出現顯著復甦，並反映了我們強勁的入住率和穩定的新客戶率與更廣泛的經濟不確定性之間的平衡。在費用方面，我們預期房地產稅和其他不可控成本將繼續帶來壓力。

We have updated a few items in our guidance, including a $17 million reduction at the midpoint in equity and earnings. This reduction reflects the repayment of the SmartStop $200 million preferred investment and the expected buyout of certain JV partners. The income from the properties we have and will purchase from our JV partners is now reflected in non-same-store NOI.

我們更新了指南中的幾項內容，包括在權益和收益中點減少 1700 萬美元。此次減幅反映了 SmartStop 2 億美元優先投資的償還以及某些合資夥伴的預期收購。我們擁有的以及將從合資夥伴處購買的物業的收入現在反映在非同店淨營業收入中。

We've also increased interest expense to account for these partners buyouts and to reflect the change in the forward interest curve. Our annual acquisition guidance has also been increased to account for the JV buyouts that are currently under agreement. We are encouraged by our core business fundamentals and are confident that our diversified portfolio and systems will maximize performance in all economic scenarios.

我們還增加了利息支出，以考慮這些合作夥伴的收購並反映遠期利率曲線的變化。我們的年度收購指導也已上調，以考慮到目前正在達成協議的合資企業收購。我們的核心業務基本面讓我們感到鼓舞，並相信我們多元化的投資組合和系統將在所有經濟情境下最大化業績。

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

好了，約翰，讓我們開始提問吧

(Operator Instructions) Michael Goldsmith, UBS.

（操作員指示）瑞銀集團 (UBS) 的 Michael Goldsmith。

Good afternoon. Thanks a lot for taking my question. Looks like street rates close the gap pretty materially in the first quarter. I was wondering what's driving that? It doesn't feel like demand is incrementally picking up, but I'd love to hear your comments there. And then also if you can provide an update on just how the conditions played out so far in April?

午安.非常感謝您回答我的問題。看起來，第一季街頭利率差距已經大幅縮小。我想知道是什麼原因導致的？感覺需求並沒有逐漸回升，但我很想聽聽您的評論。另外，您能否介紹一下四月迄今的情況？

Yes, Michael. So far, quarter-to-date, things have played out very similar to what we were expecting. So no major surprises, maybe slightly ahead of what we originally expected. In terms of street rates, our street rates have gone from negative 9% in Q3 last year to year-end street rates of negative 6%. In the first quarter, we averaged, -- our average was slightly negative.

是的，邁克爾。到目前為止，本季的情況與我們的預期非常相似。因此沒有什麼大的意外，可能略微超出了我們最初的預期。就街頭利率而言，我們的街頭利率已從去年第三季的負9%上升至年底的負6%。在第一季度，我們的平均值略微為負。

And then by the end of the quarter and into April, we were flat. So street rates have improved. We're encouraged by that improvement. A 6% movement in the quarter is encouraging, but it's still pretty early to say where those are going to go into our rental season.

到本季末和四月份，我們的業績持平。因此街道費率已經提高。這項進步令我們感到鼓舞。本季 6% 的增幅令人鼓舞，但現在判斷租賃季節的增幅還為時過早。

Got it. And as a follow-up, during the first quarter, you had same-store revenue growth of 30 basis points. The midpoint of the guidance range implies that that same-store revenue remains in that range through the year. I guess like is that a reasonable outcome for same-store revenue just to kind of remain where it is through the year? Or are you just trying to maintain some flexibility given some of the uncertainty out there?

知道了。另外，第一季度，您的同店營收成長了 30 個基點。指導範圍的中點意味著同店收入將全年保持在該範圍內。我想，對於同店收入來說，全年維持現狀是否合理？或者您只是想在存在一些不確定性的情況下保持一定的靈活性？

Yes. So I think it depends on where you are in the range. I mean you're assuming the mi-point in your comments here, we gave a fairly wide range for the year, and that had to do with not really knowing some of the economic conditions that we were going to see. So I think we're now moving into the leasing season. If we do see that rate power, I think that you'll see us above the midpoint of the range.

是的。所以我認為這取決於你處於哪個範圍。我的意思是，你在這裡的評論中假設了中間點，我們給出了今年的相當廣泛的範圍，這與我們並不真正了解我們將要看到的一些經濟狀況有關。所以我認為我們現在正進入租賃季節。如果我們確實看到了這種利率能力，我認為你會看到我們處於該範圍的中點之上。

And if we don't see much rate power, I think you could see it play out midpoint to below.

如果我們看不到太多的利率動力，我認為你可能會看到它在中點至下方發揮作用。

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

非常感謝。祝第二季好運。

Thanks, Michael.

謝謝，麥可。

Samir Khanal, BofA Securities.

薩米爾·卡納爾（Samir Khanal），美國銀行證券公司。

Actually, it's Samir Khanal. Sorry about that. So, Joe, it looks like you had the ability to raise guidance, but you didn't. And it doesn't look like you've seen any changes in customer behavior. But I guess what instructions are you giving your troops on the ground as it relates to leasing, right? The spring leasing season? Has there been a shift in strategy at all given the uncertainty you kind of mentioned in your opening remarks?

事實上，他是薩米爾·卡納爾 (Samir Khanal)。很抱歉。所以，喬，看起來你有能力提升指導，但你沒有。而且看起來你並沒有看到客戶行為有任何改變。但我想，在租賃方面，您會給地面部隊什麼指示，對嗎？春季租賃旺季？鑑於您在開場白中提到的不確定性，策略是否有所轉變？

No. There's been no change of instruction or strategy. Our goal is to maximize revenue. We have systems and processes in place to do that. I don't need to give instructions on a day-to-day basis. The algorithms are pricing every unit in every building on a nightly basis, taking into account both our massive data set that we have and what's going on the ground today.

不。指令或策略沒有發生任何改變。我們的目標是最大化收入。我們已建立系統和流程來實現這一點。我不需要每天給予指示。這些演算法會根據我們擁有的海量資料集和目前實際發生的情況，每晚對每棟建築物中的每個單位進行定價。

And I'm very, very confident that our -- both our systems and our people are set up to take advantage of whatever opportunities present themselves and react to the environment as it unfolds.

我非常非常有信心，我們的系統和人員都已做好準備，利用出現的任何機會並對不斷變化的環境做出反應。

And then I guess my second question is, I mean, in your opening remarks, you talked about the sort of the positive impact from LSI that you're seeing. Maybe expand on that. And you talked about improved leasing in that portfolio. Maybe just give a little bit more color.

然後我想我的第二個問題是，我的意思是，在您的開場白中，您談到了您所看到的 LSI 帶來的積極影響。也許可以進一步擴展這一點。您談到了該投資組合中租賃業務的改善。也許只是增加一點顏色。

Sure. Absolutely. Good question. So overall, the former LSI stores rebranded as Extra Space are progressing as expected. We're seeing improvement in both organic and local search results, although there's still further room to improve there. The occupancy gap between the former Life Storage same-store pool and the former Extra Space same-store pool is close to 30 basis points, which is as tight as it's ever been.

當然。絕對地。好問題。因此總體而言，更名為 Extra Space 的前 LSI 商店正在按預期進展。我們看到自然搜尋結果和本地搜尋結果都有所改善，儘管仍有進一步改進的空間。原 Life Storage 同店池與原 Extra Space 同店池之間的入住率差距接近 30 個基點，與以往一樣小。

If you look at the three-month period prior to the conversion to a single brand and compare it to the three-month first quarter 2025 period, rentals at the former Life Storage stores were up 10.4%. Rate growth at the Life Storage stores is faster than the rate growth at the Extra Space stores. And on the expense side, -- in the first quarter, we saved $1.3 million in paid search at the Life Storage stores.

如果將轉換為單一品牌之前的三個月與 2025 年第一季的三個月進行比較，就會發現前 Life Storage 商店的租金上漲了 10.4%。Life Storage 商店的費率成長比 Extra Space 商店的費率成長更快。在費用方面，第一季度，我們在 Life Storage 商店的付費搜尋上節省了 130 萬美元。

Physically, we've had 500 stores that have their signage replaced, 350 offices complete. We'll have the painting done by year end. So while we're well on our way there, we're not done, and we hope to get further improvement as the physical part of the rebranding is completed as well. So overall, happy where we are, happy with the pace of progress and looking forward to it continuing.

實際上，我們已經有 500 家商店更換了標牌，350 家辦公室也已完工。我們將在年底前完成這幅畫。因此，儘管我們已經在前進的道路上取得了進展，但我們還沒有完成，我們希望在品牌重塑的實體部分完成之後能夠取得進一步的進步。總的來說，我們對目前的狀況感到滿意，對進展的速度感到滿意，並期待它繼續下去。

Thank you for that. And finally, Scott, just one last one on the exchange of the 25% ownership interest for the properties to the existing joint venture. Was there an impact in 1Q from that at all?

謝謝你。最後，史考特，我只想問最後一個問題，關於將 25% 的房產所有權權益交換給現有的合資企業。這對第一季有影響嗎？

There actually is no impact. It basically has moved from equity, -- an equity pickup to it will be wholly owned. And that transaction actually happened on March 31. So going forward, it's reflected in non-same-store NOI.

實際上沒有影響。它基本上已經從股權轉變為全資擁有。而該交易實際上發生在3月31日。因此，展望未來，它將反映在非同店淨銷售額中。

Perfect. Thank you.

完美的。謝謝。

Thanks Samir.

謝謝薩米爾。

Nicolas Yulico, Scotiabank.

加拿大豐業銀行的 Nicolas Yulico。

Thanks. I was hoping to just get a feel for the acquisition yields for what was done in the quarter and what's under contract right now?

謝謝。我希望了解本季完成的收購收益以及目前合約中的收購收益？

Sure. So we bought a wide variety of types of assets in the first quarter. The underwritten months to stabilization range from one month to 19 months. So that tells you they're at different stage of lease-up. Initial yields range from 2.3% to 6.5%, and they stabilized in the upper 6% to 7%.So obviously, higher stabilized yields if you're further out on the stabilization projection.

當然。因此，我們在第一季購買了多種類型的資產。承保穩定期從一個月到19個月不等。這說明他們處於不同的租賃階段。初始收益率範圍為 2.3% 至 6.5%，並穩定在 6% 至 7% 的區間內。顯然，如果進一步進行穩定預測，那麼穩定的收益率就會更高。

Okay. Great. And then just second question is, and I know Scott kind of framed out some of the change in move-in rate growth in the fall versus the fourth quarter. And even if we looked at it like sequentially in terms of what the move-in rents were in the first quarter versus the fourth quarter, there was a higher sequential jump in that movement rate than there was a year ago during those similar periods.

好的。偉大的。然後第二個問題是，我知道史考特已經概括出秋季與第四季相比入住率成長的一些變化。即使我們按順序比較第一季和第四季的入住租金，也會發現流動率的連續漲幅比去年同期更高。

And at the same time, you had occupancy up. So I guess, is the message here that you guys are feeling a little bit better about pushing rate and removing some of the discounting on the front end? How should we think about that?

同時，入住率也上升了。所以我想，這裡的資訊是否表明，你們對於提高利率和取消前端的一些折扣感覺好一點了？我們該如何看待這個問題？

I think we're feeling good about things. I think it's still too early to say moving into the leasing season. We have, -- rates have moved up sequentially month-over-month, which is good. But on a year-over-year basis, they've -- and from the previous quarter, they moved up 6% and they continue to move. But we'll see how those move as we move into the leasing season. So we would almost tell you it's really too early to tell.

我認為我們對現狀感覺良好。我認為現在說進入租賃季節還為時過早。我們已經——利率逐月連續上升，這是好事。但與去年同期相比，與上一季相比，他們已經上漲了 6%，並且還在繼續上漲。但隨著租賃季節的到來，我們將看到這些情況如何變化。所以我們幾乎可以告訴你，現在下結論還太早。

Okay. Thank you.

好的。謝謝。

Anthony Peak, Key Banc.

安東尼峰，Key Banc。

This is A.J. on for Todd. Quick question, just real quick around the April data. Could you quantify the occupancy for April thus far and what that looks like year-over-year?

我是 A.J.，代表 Todd 發言。快速提問，只是關於四月份的數據。您能否量化四月迄今的入住率以及與去年同期相比的情況？

Yes. Occupancy at the end of April is 93.7%. So it's a slight increase from where we were at the end of Q1. So good movement in April.

是的。四月底入住率為93.7%。因此，與第一季末相比，略有成長。四月的動向非常好。

Okay. And then real quick around kind of the 3PM growth kind of throughout the balance of the year. And I guess just broadly in this environment, how have the discussions changed around either the 3PM, structured financing or even acquisitions with sellers?

好的。然後，下午 3 點左右的成長速度在全年中很快實現。我想，在這種環境下，圍繞 3PM、結構化融資甚至與賣方的收購的討論發生了怎樣的變化？

So 3PM growth was really strong, 100 net. That includes the assets in the partnership that were moved from managed to wholly owned, sorry. So very strong quarter. 100 net is phenomenal growth. We continue to see strong demand from operators who are having trouble in the environment. We're seeing an increase in that demand and a significant decrease in demand from new developments as the development pipeline continues to slow down.

因此下午 3 點的成長確實強勁，淨增 100 人。抱歉，這包括合夥企業中從管理轉為全資擁有的資產。本季表現非常強勁。 100 淨值實現了驚人的成長。我們繼續看到在環境中遇到困難的營運商的強勁需求。隨著開發流程持續放緩，我們看到這種需求增加，而新開發專案的需求則大幅減少。

Similarly, on the bridge loan program, we see demand kind of converse to the acquisition market. So as the acquisition market continues to be muted, continued bid-ask spread, we see a number of borrowers seeking to kind of get a bridge solution instead of selling and they'll try again in three years. So very good activity on both of those fronts.

同樣，在過橋貸款計劃中，我們看到需求與收購市場相反。因此，隨著收購市場持續低迷，買賣價差持續擴大，我們看到許多藉款人尋求過渡解決方案而不是出售，他們將在三年後再次嘗試。因此，這兩方面的活動都非常好。

Ronald Kamden, Morgan Stanley.

摩根士丹利的羅納德·卡姆登。

Great. Just two quick ones from my end. Just love some comments on the expense side, how you're sort of thinking about it? Obviously, taxes were higher as you expected, but just any relief as you go through the year?

偉大的。我只想簡單說兩句話。只是想聽聽關於費用方面的一些評論，您對此有何看法？顯然，稅收如您所料會更高，但是這一年中您會得到任何減免嗎？

Yes. So property taxes and property and casualty insurance are the 2 areas that we kind of see pressure this year. So property taxes in the first quarter were higher. Some of that is a function of the bills that we received in the fourth quarter, and we were effectively, -- we had to catch up that accrual in the fourth quarter. So you had a harder comp from the first quarter of last year.

是的。因此，財產稅和財產及意外傷害保險是我們今年看到壓力的兩個領域。因此第一季的房產稅較高。其中一些是我們在第四季度收到的帳單的結果，而且我們必須在第四季度彌補這些應計費用。因此，從去年第一季開始，你們面臨的競爭就更加激烈了。

So on an annual basis, we wouldn't expect them to increase at this rate. But on a quarterly basis, it was a tougher comp. So the expense pressure is coming more from what we, -- we're doing what we can to control these expenses, whether it's appealing things on the property and casualty side, we've been very active in meeting with a lot of carriers, trying to make sure that we have as many people in the bid process as possible.

因此，從年度來看，我們預計它們不會以這種速度成長。但從季度來看，競爭更為激烈。因此，費用壓力更多地來自於我們——我們正在盡我們所能來控制這些費用，無論是財產和意外傷害方面的吸引力，我們都一直積極地與許多承運人會面，試圖確保盡可能多的人參與競標過程。

But those are somewhat -- you're somewhat subject to market conditions on the property and casualty side.

但這些在某種程度上——你在某種程度上受到財產和意外傷害方面的市場條件的影響。

Great. My second question is just obviously the April sounds like it's going well. But just from a macro perspective, after April 2, as you're sort of thinking about your business, your markets, bad debt, kind of feedback, any sort of signs that tariffs are having an impact anywhere on your business, business customer, anything that's coming up that you could share?

偉大的。我的第二個問題是，四月的進展顯然聽起來不錯。但從宏觀角度來看，4 月 2 日之後，當您考慮您的業務、市場、壞帳、回饋、任何跡象表明關稅對您的業務、商業客戶產生影響時，您能分享任何即將發生的事情嗎？

So from a customer standpoint, we're seeing no impact as of today in any metric. So demand, which was mentioned earlier, is measured by Google search -- generic Google search terms is actually better now than it was last year at this time and better than 2019. So there is demand out there. We're not seeing any change in customer behavior in terms of acceptance of ECRI, defaults, bad debt.

因此，從客戶的角度來看，截至今天我們還沒有看到任何影響。因此，前面提到的需求是透過谷歌搜尋來衡量的——通用谷歌搜尋字詞現在實際上比去年同期更好，也比 2019 年更好。因此存在需求。在接受 ECRI、違約和壞帳方面，我們沒有看到客戶行為有任何變化。

The business is still good with no change. Looking forward, we don't know, and we don't know what the effect of tariffs are going to be on customer and customer behavior. I do know that our systems and our ability to collect and react to data will optimize whatever comes to fruition. So I feel good about that. I also think that tariffs -- and we don't even know what tariffs are going to mean in the long run, are going to have an effect on pricing immigration policy may have -- on commodity pricing, steel pricing.

生意還是不錯的，沒有什麼改變。展望未來，我們不知道，也不知道關稅會對客戶和客戶行為產生什麼影響。我確實知道，我們的系統以及我們收集和回應資料的能力將優化一切成果。所以我對此感覺很好。我還認為，關稅——我們甚至不知道關稅從長遠來看意味著什麼——將對移民政策的定價、商品定價、鋼鐵定價產生影響。

Immigration policy is going to have an effect on labor pricing. And I think those things will reduce -- further reduce new development in the future, which is a good thing for our business.

移民政策將對勞動力定價產生影響。我認為這些事情將會減少——進一步減少未來的新發展，這對我們的業務來說是一件好事。

Great. Thanks so much. That's it for me.

偉大的。非常感謝。對我來說就是這樣。

Spenser Glimcher, Green Street

史賓塞‧格里姆徹，《綠街》

Yes, thank you. Joe, you commented on the sector's resiliency during economic downtimes. With that in mind, have you guys started to see more capital looking to get into the space in recent months?

是的，謝謝。喬，你評論了該行業在經濟低迷時期的彈性。考慮到這一點，你們是否看到近幾個月來有更多資本尋求進入該領域？

I don't know if we've seen more capital, Spenser. I think over the long term, there's been an increase in institutional capital looking to get into the space. When withdrawal cues in the open-end fund started and there was other reallocations of capital, it slowed down somewhat. We were certainly more busy with our joint venture partners in 2021 and '22 than we were in 2024 and currently this year. But there still is a lot of capital that is interested in self-storage.

我不知道我們是否看到了更多的資本，斯賓塞。我認為從長遠來看，尋求進入該領域的機構資本會增加。當開放式基金開始出現退出訊號，並進行其他資本重新配置時，速度有所放緩。與 2024 年和今年相比，2021 年和 2022 年我們與合資夥伴的合作肯定更加忙碌。但仍有許多資本對自助倉儲感興趣。

Okay. That's helpful. Thanks so much.

好的。這很有幫助。非常感謝。

Sure.

當然。

Eric Wolfe, Citi.

花旗銀行的埃里克·沃爾夫。

Hey, thanks. You mentioned that demand, as measured by Google search, is stronger than last year, and I think 2019 as well. But if you listen to the homebuilders, it seems like demand is pretty soft right now and affordability concerns. Apartments are seeing record low turnover.

嘿，謝謝。您提到，以穀歌搜尋衡量的需求比去年更強勁，我認為 2019 年也是如此。但如果你聽聽房屋建築商的意見，你會發現目前需求似乎相當疲軟，而且存在負擔能力方面的擔憂。公寓成交量創歷史新低。

So I'm just curious if there are other demand sources besides moving that are becoming a bit more important drivers of demand essentially just wondering why the Google searches look good right now at a time that the sort of moving environment seems to be a bit weaker than normal?

所以我只是好奇，除了搬家之外，是否還有其他需求來源正在成為更重要的需求驅動力，本質上我只是想知道為什麼在搬家環境似乎比正常情況弱一些的時候，谷歌搜索現在看起來很好？

Yes. So moving demand certainly has declined. The peak for us was the third quarter of 2021 when 63% of our customers told us they were in the process of moving. And that's not only moving to a for-sale house. That might be moving apartment to apartment or house to apartment or back home or to a dorm, but the peak was 63% of our customers and now it's about 54% in the first quarter.

是的。因此搬家需求肯定已經下降。我們的高峰期是 2021 年第三季度，當時 63% 的客戶告訴我們他們正在搬家。這不僅僅是搬到待售的房子。這可能是從一間公寓搬到另一間公寓，或是從一棟房子搬到另一間公寓，或搬回家或搬回宿舍，但我們客戶的峰值比例是 63%，而現在第一季這一比例約為 54%。

So there clearly is a decline, but people are still moving. There's still a substantial demand from that. The increase in demand has been in the lack of space customer, and that's about 35% of our customers now are telling us that they are renting because they don't have enough space in their current situation. And the positive there is the length of stay of the lack of space customers twice that of the moving customer.

因此，雖然明顯出現了下降，但人們仍在流動。對此仍有大量需求。需求的增加是由於客戶缺乏空間，現在大約有 35% 的客戶告訴我們，他們正在租用，因為他們目前沒有足夠的空間。正面的一面是，缺乏空間的顧客的停留時間是移動顧客的兩倍。

And one reason we see low vacates, I think, is because of this shift, and it's helped increase our -- both our occupancy and our average length of stay.

我認為，我們看到空置率低的一個原因是由於這種轉變，它有助於提高我們的入住率和平均停留時間。

That's helpful. And that lack of space customers, is that more pronounced in certain markets? Like I guess I would think in New York -- big, major urban markets where people tend to rent more than buy. But just curious if it breaks down by market at all?

這很有幫助。而缺乏空間客戶的情況在某些市場是否更為明顯？就像我猜我會認為在紐約——大型主要城市市場中，人們傾向於租房而不是買房。但只是好奇它是否按市場細分？

Yes. I think your rationale is logical, right? New York has always been a market with less transition and more kind of lack of space, small living space tenants. And you see that in market performance, right? New York -- both New York MSA and the New York boroughs outperformed our portfolio average by a significant amount, but that's a healthy market right now.

是的。我認為你的理由是合乎邏輯的，對嗎？紐約一直是一個過渡較少、更多的是缺乏空間、居住空間較小的租戶的市場。您可以從市場表現中看到這一點，對嗎？紐約——紐約大都會統計區和紐約各行政區的表現都遠遠超過了我們的投資組合平均水平，但目前的市場還是健康的。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

Hi, good morning. A question on the rates as it relates to guidance street rates from your customers, you're flat now, and you said that was kind of one of the main variables whether you're at the high or low end. If rates are flat year-over-year on average for the balance of the year, what would that mean in terms of where you'd be in within the guidance range, all else equal?

嗨，早安。關於利率的問題，因為它與客戶的指導性街頭利率有關，現在利率持平，您說這是主要變數之一，無論您處於高端還是低端。如果今年餘下的利率平均與去年同期持平，那麼在其他條件相同的情況下，這對於您在指導範圍內的位置意味著什麼？

Juan, we actually haven't guided using rates. When we do our modeling, when we do all of that, we are guiding using revenue dollars. And so when I'm speaking to rates and strength of that, it's more in generalities. So I would tell you, obviously, higher rates are going to produce more revenue and lower rates are going to produce less, but we are guiding more on revenue versus rate.

胡安，我們實際上還沒有使用利率來指導。當我們進行建模時，當我們進行所有這些時，我們都在使用收入美元進行指導。因此，當我談論利率和強度時，更多的是概括性的說法。所以我想告訴你，顯然，更高的利率將產生更多的收入，而更低的利率將產生更少的收入，但我們更多是以收入而不是利率為指導。

Okay.

好的。

Okay. Fair enough. And then just a question on ECRIs. You've heard from some that there's been maybe some moderation in ECRIs, maybe the quantum that's asked for on average. Have you guys done any of that or seen that more broadly in the industry as you've kind of gotten more upfront or less paying upfront and those rates have stabilized year-over-year. But is there any kind of offset in ECRIs as part of that give and take between the two, street rates and ECRIs?

好的。很公平。然後只是一個關於 ECRI 的問題。您已經聽到一些人說，ECRI 可能有所緩和，也許是平均要求的量。你們是否做過這些事情，或者在行業中更廣泛地看到過這種情況，因為你們已經獲得了更多預付款或更少預付款，並且這些費率逐年穩定。但是，在街道費率和 ECRI 之間的這種相互影響中，ECRI 是否存在某種抵銷作用？

Well, I think broadly, no. I think what changes ECRI, for us, I'm not speaking about the industry, is street rate, right? If we bring someone in at a discounted rate, an introductory rate, we'll try to get them through ECRI to street rate to or close to street rate in a reasonable period of time. And if street rate is not growing, that gives us less of an opportunity to do that. And if street rate is growing, then you get a little larger ECRIs. But I would think that's the variable is where street rate is going.

嗯，我認為總體來說不是。我認為，對我們來說，改變 ECRI 的不是產業，而是街頭價格，對嗎？如果我們以折扣價或介紹價引進某人，我們將嘗試讓他們在合理的時間內透過 ECRI 達到或接近街頭價格。如果街頭利率沒有成長，我們就沒有機會做到這一點。如果街道利率不斷上升，那麼 ECRI 就會稍微大一些。但我認為，這就是街道利率走向的變數。

Thank you.

謝謝。

Sure.

當然。

Brad Heffern, RBC.

布拉德·赫弗恩（Brad Heffern），加拿大皇家銀行。

Hey, everyone. You mentioned the Google Search data having gotten a little better and the demand is finally sort of stabilized and also gotten a little better. What do you think is driving that? Have we finally just gotten to low enough pricing that's stabilizing things? Obviously, nothing happened on the housing front. Supply is pretty slow moving. So just wondering what you think is driving it?

嘿，大家好。您提到 Google 搜尋資料已經有所好轉，需求終於趨於穩定，而且有所改善。您認為是什麼原因導致這現象的發生？我們最終是否已經達到了足夠低的定價水平，從而穩定了局勢？顯然，住房方面沒有任何變化。供應相當緩慢。所以我只是想知道您認為是什麼推動了它？

I don't think pricing has anything to do with it, right? People are searching for storage near me before they have any idea what the price is. I think it's life events and just all the typical things in good economies and bad economies and in all economies that happen that drive people to need storage. And it's one of the great, great things about our business is these things happen during all economic periods, right?

我認為定價與此無關，對嗎？人們在還不知道價格的情況下就開始搜尋我附近的儲存空間。我認為是生活中的事件以及在經濟好轉、經濟衰退和所有經濟狀況下發生的所有典型事件促使人們對儲存產生需求。我們業務的一大優點就是這些事情在所有經濟時期都會發生，對吧？

People are going to get divorced regardless of what the economy is going on, et cetera, et cetera. So I think it's just normal demand that is created by life events.

無論經濟狀況如何，人們都會離婚，等等。所以我認為這只是生活事件產生的正常需求。

Okay. Got it. And then on the tariffs, are you expecting any direct impact on tenants like away from losing your job or like the macroeconomic impacts? I know it's hard to quantify, but I'm just wondering if you have small businesses, where there's an Amazon business, and they have a unit full imports from China, where it might be a headwind?

好的。知道了。那麼關於關稅，您是否預計會對租戶產生直接影響，例如失去工作或宏觀經濟影響？我知道這很難量化，但我只是想知道，如果您有小型企業，其中有亞馬遜業務，並且他們有一個完全從中國進口的部門，這可能會帶來阻力嗎？

So if that's true, it's a really small part of our business to start with. And I also think to the extent there are negative impacts, so the tenant that has Amazon imports from China now is out of business, there will be offsetting positive impacts of the business that ran out of a small flex space and their business is hurting and they have to downsize and operate out of a 10 by 20. So overall, I don't think it's going to be a big -- I'm pretty sure it's not going to be a big mover to our business.

如果這是真的，那麼這只是我們業務中很小的一部分。而且我還認為，在一定程度上存在負面影響，所以現在亞馬遜從中國進口的租戶已經停業，這將抵消企業的積極影響，因為這些企業用完了小型靈活空間，他們的業務受到了損害，他們不得不縮小規模，在 10 乘 20 的空間裡運營。所以總的來說，我認為這不會產生很大的影響——我很確定這不會對我們的業務產生很大的影響。

Okay. Thank you.

好的。謝謝。

Sure.

當然。

Eric Luebchow, Wells Fargo.

艾瑞克‧盧布喬（Eric Luebchow），富國銀行。

Alright. Great. Thank you. I know you don't guide to occupancy or move in rates, but I think last call, you had talked about maybe some of your occupancy burning off throughout the course of the year, and that could give you a little bit more leverage in pricing. So just wondering if those dynamics kind of still hold, and what you see in the market and how we should think about the next few quarters?

好吧。偉大的。謝謝。我知道您沒有提供入住率或入住率的指導，但我認為上次您談到也許您的部分入住率會在一年內下降，這可能會給您在定價方面帶來更多優勢。所以我只是想知道這些動態是否仍然存在，以及您對市場有何看法以及我們應該如何看待接下來的幾季？

The -- what we've said in the past about occupancy is we expect less occupancy benefit in the middle and back half of the year than what we saw in the front half, and we still assume that to be true.

我們過去關於入住率的說法是，我們預計今年中半年和下半年的入住率收益將低於上半年，我們仍然認為這是事實。

Okay. I appreciate that. And then on the acquisition guide, the $600 million in your updated guide. I guess, how should we think about the potential mix there between wholly owned acquisitions or JV investments? And I guess have you seen any real change in stabilized cap rates or bid-ask spreads in the market year-to-date versus last year?

好的。我很感激。然後是收購指南，更新後的指南中提到了 6 億美元。我想，我們該如何看待全資收購和合資投資之間的潛在組合？我想您是否看到今年迄今為止市場中穩定的資本化率或買賣價差與去年相比有任何實際變化？

Yes. The best place to see the split is the table in the press release, and you'll see a footnote over the column and the stuff that's to happen going forward. So of those 28 properties, 27 of those are JVs. And then I'll have Joe comment on the market.

是的。查看拆分的最佳位置是新聞稿中的表格，您將看到專欄上方的腳註以及未來將要發生的事情。因此，在這 28 處房產中，有 27 處是合資企業。然後我會讓喬對市場發表評論。

Yes. I don't think I could accurately give you a market cap rate. The transactions that we see close all seem to have some unique story or circumstances of why the asset was sold at the price it was. I'm not sure there's enough volume that I'm comfortable of saying this is the clearing price or the clearing yield for an asset of a particular quality in a particular market. It gets a very quiet and uncertain market right now.

是的。我認為我無法準確地給你一個市場資本化率。我們看到的所有交易似乎都有一些獨特的故事或情況，解釋了為什麼資產以當時的價格出售。我不確定交易量是否足夠大，以至於我可以放心地說這是特定市場中特定品質資產的清算價格或清算收益率。目前市場非常平靜且不確定。

Alright, I appreciate it. Thank you.

好的，我很感激。謝謝。

Sure.

當然。

Caitlin Burrows, Goldman Sachs.

凱特琳·伯羅斯，高盛。

Hi good morning there. I was wondering if you could just comment on your supply outlook for the year?

大家早安。我想知道您是否可以評論一下今年的供應前景？

So in the first quarter, we saw deliveries in our micro markets of our same-store pool was as expected. We expected about 10% kind of on a square foot basis increase in those markets in 2025. And we're -- in the first quarter, we were tracking to that. I would not at all be surprised if the new deliveries goes down further just from what we're seeing in conversations with developers, inquiries in our ManagementPlus platform.

因此，在第一季度，我們看到同店池微型市場的交付量符合預期。我們預計到 2025 年這些市場的平方英尺數量將增加約 10%。而我們 — — 在第一季度，我們就在追蹤這一點。從我們與開發人員的對話以及 ManagementPlus 平台上的詢問來看，如果新交付量進一步下降，我一點也不會感到驚訝。

It is difficult now to understand what your costs are going to be and understand what your returns are going to be and it's significantly slowing down development

現在很難了解你的成本是多少，了解你的回報是多少，這大大減緩了開發速度

Got it. Makes sense. And then it looks like actually, post quarter, you guys did some buybacks. So just wondering how you decided to do that, and how you were thinking about that opportunity versus other uses of capital?

知道了。有道理。然後實際上看起來，在季度結束後，你們進行了一些回購。所以只是想知道您是如何決定這樣做的，以及您是如何考慮這個機會與其他資本用途的？

It's a great way to ask the question because that is the decision. It's a capital allocation decision. And our stock price got to a point where we thought it was a very easy decision to allocate capital to that. We put a program in place. We were hoping to slowly buy a sizable amount of stock without moving the market.

這是一個很好的提問方式，因為這就是決定。這是一個資本配置決策。我們的股價已經達到一個水平，我們認為向其分配資本是一個非常容易的決定。我們制定了一項計劃。我們希望在不影響市場的情況下慢慢購買大量股票。

And two hours later, the president put a pause on tariffs and the stock jumped and our program ended. So we only ended up buying a little bit of stock. I think it was at a favorable price. I wish we had a greater opportunity to buy more, and we'll continue going forward to look at that as one of our many options of how to allocate capital.

兩個小時後，總統暫停徵收關稅，股市上漲，我們的計畫結束。所以我們最後只買了少量股票。我認為價格很優惠。我希望我們有更多機會購買更多產品，並且我們將繼續將其視為如何分配資本的眾多選擇之一。

Thanks.

謝謝。

You're welcome.

不客氣。

Michael Griffin, Evercore ISI.

邁克爾·格里芬（Michael Griffin），Evercore ISI。

Great, thanks. Wondering if you could give a little more context and color on kind of these upcoming JV buyouts or acquisitions you have for the remainder of the year. Can we get a sense, is it you approaching your partner? I imagine you obviously own and probably manage these properties, so you have a good sense for how they're operating on the ground.

太好了，謝謝。我想知道您是否可以提供一些背景資訊和細節，說明今年剩餘時間內即將進行的合資收購或合併。我們能否感覺到，是你正在接近你的伴侶嗎？我想您顯然擁有這些財產並且可能管理這些財產，因此您很清楚它們的實際運作。

I mean are these capital partners more finite life vehicles that need to bring capital back to investors. Like give us a sense of what the kind of property mix is here and how these deals came to be?

我的意思是，這些資本合作夥伴是否是需要將資本回饋給投資者的有限壽命工具。能不能讓我們了解這裡的房地產組合是什麼樣的，以及這些交易是如何達成的？

Sure. So we have two joint venture buyouts that have been agreed to but not closed. Both situations, this is a capital allocation decision for the partner. They'd like to take this capital and put it somewhere else. One is a 2019 venture with 11 stores, one is a 2021 venture with 16 stores. We will realize a $3.1 million promote in one and a $4.2 million promote in the other.

當然。因此，我們有兩筆合資收購已經達成協議但尚未完成。這兩種情況對合夥人來說都是資本配置決策。他們想把這些資本轉移到其他地方。一家是 2019 年成立的，擁有 11 家門市，另一家是 2021 年成立的，擁有 16 家門市。我們將在其中一個項目中實現 310 萬美元的促銷，在另一個項目中實現 420 萬美元的促銷。

The -- in the first one, we'll invest about $100 million at a first-year yield of 7.7%. And the second one, we will have incremental capital of about $55 million at about 7.4%. So both accretive and good uses of capital.

第一個項目，我們將投資約 1 億美元，第一年的收益率為 7.7%。第二，我們將擁有約 5,500 萬美元的增量資本，佔比約為 7.4%。因此，這既可以增值，又可以很好地利用資本。

Yes. And maybe just one clarifying point there. That's the cash invested. We're also assuming debt on both of those JVs to get to the total purchase price that's in the tables in the press release.

是的。也許這只是一個澄清點。這就是投資的現金。我們也承擔了這兩家合資企業的債務，以達到新聞稿表格中列出的總購買價格。

Yes. That's certainly helpful context, Scott. And then, Scott, I know you laid out kind of in your prepared remarks as it relates to guidance, you're not expecting a recovery in the housing market. But I imagine job growth is also relatively correlated with storage demand. We've obviously got this -- the jobs report coming out on Friday.

是的。這確實是一個有幫助的背景，斯科特。然後，斯科特，我知道您在準備好的演講中已經提到了與指導相關的內容，您並不期望房地產市場復甦。但我認為就業成長也與儲存需求相對相關。我們顯然已經知道了這一點——週五將發布的就業報告。

I think if that really starts to fall off a cliff, whether it's bigger declines than people expect or maybe job losses. I mean, have you done any analysis around that and how that could impact your expectations for growth?

我認為，如果這個數字真的開始急劇下降，那麼下降幅度可能會超出人們的預期，甚至可能導致失業。我的意思是，您是否對此做過任何分析以及這將如何影響您對成長的預期？

We have. We've looked for correlated factors over the years and job creation, job growth does impact it. We clearly prefer strong job growth than shrinking jobs. But at the same time, change is what drives self-storage. And good times, bad times, there's going to be change. And so even during the last downturn, 2008, 2009, we saw negative same-store growth of 2.9%. So we feel like self-storage is set up to not be recessionary. Nothing is recession-proof, but it does very well in the downturn also.

我們有。多年來，我們一直在尋找相關因素，而創造就業機會和就業成長確實會對其產生影響。我們顯然更希望看到就業強勁成長，而不是就業機會減少。但同時，改變也推動著自助倉儲的發展。無論是好時光還是壞時光，都會有改變。因此，即使在 2008 年和 2009 年的上一次經濟衰退期間，我們的同店銷售額也出現了 2.9% 的負成長。因此，我們認為自助倉儲的設立不會帶來經濟衰退。沒有什麼可以免受經濟衰退的影響，但它在經濟低迷時期也表現得很好。

Great. That's it for me. Thanks for the time.

偉大的。對我來說就是這樣。謝謝你的時間。

Ravi Vaidya, Mizuho

瑞穗（Mizuho）的拉維·維迪亞（Ravi Vaidya）

As we look ahead to the peak leasing season here, which markets do you expect to see strong and outsized demand from, and which ones maybe a bit more concerning or something to monitor, whether it be a weak pricing, lower demand or higher operating expenses?

展望租賃旺季的到來，您預計哪些市場會出現強勁且超大的需求，哪些市場可能會更加令人擔憂或需要監控，無論是價格疲軟、需求下降還是營運費用上升？

I would think the answer to that question relates to supply, really. So the markets that have -- are still absorbing supply, Atlanta, some of the Florida markets and the Southwest Coast, Phoenix maybe, will have more difficulty than the markets that have already absorbed supply or never really were in that type of supply situation

我認為這個問題的答案實際上與供應有關。因此，那些仍在吸收供應的市場，例如亞特蘭大、佛羅裡達的部分市場和西南海岸，也許還有菲尼克斯，將比那些已經吸收了供應或從未真正處於這種供應狀況的市場面臨更大的困難。

Ki Bin Kim, Truist Securities.

Ki Bin Kim，Truist 證券公司。

Just going back to the bridge loan topic. Can you illustrate for us like how much more demand you might be seeing in that program given the volatility in the cost of capital market?

回到過橋貸款話題。您能否為我們說明一下，考慮到資本市場成本的波動，該計劃的需求可能會增加多少？

I think we're seeing steady demand. I'm not sure we're seeing increasing demand when you say more demand. I think we're seeing steady demand in that business. And it's kind of a wide variety of demand, fewer new development projects, right, at C/O, more borrowers who are buying out an equity partner or tried to sell and couldn't or didn't want to at the price they could sell so they're looking for a temporary solution.

我認為我們看到了穩定的需求。當您說需求增加時，我不確定我們是否看到需求增加。我認為我們看到該業務的需求穩定。而且需求種類繁多，新開發項目越來越少，對吧，在 C/O，更多的借款人正在收購股權合夥人或試圖出售但不能或不想以他們可以出售的價格出售，所以他們正在尋找臨時解決方案。

And other people who want to do additions to their property or other situations like that. But I think demand is more steady than increasing.

還有其他想要增加財產或進行其他類似情況的人。但我認為需求是穩定而非成長。

Okay. And on the LSI assets, you mentioned improving rentals and occupancy. For rate for the comparable properties to EXR, like where is that gap today? And how has it trended?

好的。關於 LSI 資產，您提到提高租金和入住率。對於與 EXR 可比的房產的利率，今天的差距在哪裡？它的趨勢如何？

Overall, the trend is positive. Where the LSI stores are improving, their rate growth is better than the Extra Space properties. We're not really looking at 2 separate pools anymore and reporting on that. We will just report our same-store pool, and you can look at prior pools where the change is 95% LSI to see the difference in performance.

整體來看，趨勢是正面的。LSI 商店的狀況不斷改善，其利率成長優於 Extra Space 物業。我們實際上不再關注兩個獨立的池並對此進行報告。我們只會報告我們的同店池，您可以查看變化為 95% LSI 的先前池以了解性能差異。

Michael Mueller, JP Morgan.

摩根大通的邁克爾·穆勒。

I guess first question, if a recession actually happens, can you talk about how you think you'd approach operating the portfolio to the playbook from the GFC?

我想第一個問題是，如果真的發生了經濟衰退，您能否談談您將如何按照全球金融危機的策略來操作投資組合？

Yes, really, really good question. I think we're in a much, much better position than we were in 2009 to maximize performance in the downturn. We just didn't have the systems, the data, the experience back then that we have now. And we did a bunch of things back then that in hindsight, we didn't need to do, right? We had a vacate problem in 2009, not a demand problem, which was interesting.

是的，這確實是一個非常好的問題。我認為與 2009 年相比，我們現在處於更有利的位置，能夠在經濟低迷時期最大限度地提高業績。我們當時沒有現在的系統、數據和經驗。我們當時做了很多事，現在回想起來，我們根本不需要做，對吧？2009 年我們遇到的是空置問題，而不是需求問題，這很有趣。

Our problem was really on the vacate side. And we tried unilaterally lowering customers' rates to get them not to vacate. And obviously, that doesn't work. When people don't need storage, they don't need storage. So I'm much more confident that our systems will react real time to what's going on to optimize performance. And all we can do is do the best we can in the situation that's presented to us. But we are set up well to perform as best as we can regardless of the cards we're dealt.

我們的問題確實出在撤離方面。我們也試圖單方面降低顧客的費率，以阻止他們搬走。顯然，這是行不通的。當人們不需要儲存時，他們就不需要儲存。因此，我更加有信心，我們的系統將即時對正在發生的事情做出反應，以優化效能。我們所能做的就是在目前的情況下盡力做到最好。但無論我們拿到什麼牌，我們都已做好準備，盡最大努力發揮出最佳水準。

Got it. Okay. Maybe one other quick one, too. Can you give a sense as to what portion of, I guess, the bridge loans that you extend ultimately translate into some sort of acquisition? Has there been a consistent ratio in the conversion of, say, number of loans to acquisition transactions?

知道了。好的。也許還有另一個快速的。您能否說明一下，您發放的過橋貸款中有多少部分最終會轉化為某種收購？例如，貸款數量與收購交易的轉換率是否一致？

So we've closed about $2.5 billion worth of bridge loans, and we bought about $595 million of collateral. So that's about 24% of all loans by dollars end up being acquisitions. It's lumpy, though, I will tell you that. It's not a consistent quarter after quarter. It's more situational.

因此，我們完成了價值約 25 億美元的過橋貸款，並購買了價值約 5.95 億美元的抵押品。因此，所有貸款中約有 24% 最終用於收購。不過，我得告訴你，它很粗糙。每季的情況並不一致。這更取決於具體情況。

But it's one of the great attributes and in addition to the fees we get the interest, the management economics, the expansion of our relationships, it's one of the other great benefits of this program is it's a somewhat proprietary acquisition pipeline.

但它的一大優點是，除了費用之外，我們還能獲得利息、管理經濟學、關係擴展，這是該計劃的另一個優點，即它是一種專有的收購管道。

Got it. Thank you.

知道了。謝謝。

Sure.

當然。

Brendan Lynch, Barclays Bank.

巴克萊銀行的布倫丹·林奇。

We're a few months on from the fires in Los Angeles. Can you give us an update on how it's impacting operations and customer behavior?

洛杉磯火災已經過去幾個月了。您能否向我們介紹一下它對營運和客戶行為的影響？

So we don't see the increase in demand from fires like we do from hurricanes. So there's not a change in customer behavior that way in terms of demand. Obviously, our pricing has been restricted by the state of emergency that's in place. We think that's going to affect overall portfolio performance by about 20 basis points in revenue this year.

因此，我們不會像颶風一樣看到火災帶來的需求增加。因此，從需求角度來看，客戶行為並沒有改變。顯然，我們的定價受到了現行緊急狀態的限制。我們認為這將影響今年整體投資組合的表現，收入將減少約 20 個基點。

And it kind of is what it is. There's -- we will -- sorry to repeat myself. We will optimize given the situation that we're in.

事實確實如此。有——我們會的——抱歉我重複一遍。我們將根據目前的情況進行最佳化。

That makes sense. Another question on the marketing spend. It was down 12.5% year-over-year at a time when you're increasing occupancy. How should we think about that marketing spend going forward? And what is changing in your approach?

這很有道理。關於行銷支出的另一個問題。在入住率不斷提高的情況下，飯店入住率卻比去年同期下降了 12.5%。我們該如何考慮未來的行銷支出？您的方法有什麼改變嗎？

Yes. So marketing spend we view as a tool to maximize revenue. And so if we have opportunities to spend more, to drive more demand, to increase pricing, we're going to do it. Now that should be offset by some of the savings from the LSIs going to a single brand. We do expect savings there in terms of only bidding on one. But we absolutely view it as an opportunity and also an expense.

是的。因此，我們將行銷支出視為實現收入最大化的工具。因此，如果我們有機會增加支出、推動更多需求、提高價格，我們就會這樣做。現在，這應該可以透過將 LSI 轉向單一品牌而節省的部分成本來抵消。我們確實希望透過只競標一個項目來節省開支。但我們絕對將其視為一個機遇，同時也是一項開支。

Great, thank you.

太好了，謝謝。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

A quick one on guidance. Again, you almost doubled your acquisition outlook, but just to kind of kept guidance the same. Can you just walk us through a little bit of that train of thought?

快速指導。再次，您幾乎將收購前景翻了一番，但只是保持指導不變。您能簡單跟我們講講您的思路嗎？

Yes. So the increase in guidance is offset by a portion of the decrease in equity and earnings. Equity and earnings is going down by about $17 million. That decrease relates to 2 components. The first is the repayment of the SmartStop preferred which is about $10 million of the $17 million and the other $7 million is effectively moving into non-same-store NOI.

是的。因此，指導值的增加被股權和收益的部分減少所抵消。股權和收益下降了約 1700 萬美元。這一減少與兩個因素有關。第一筆是償還 SmartStop 優先股，約佔 1,700 萬美元中的 1,000 萬美元，另外 700 萬美元實際上轉入非同店淨營業收入。

Okay. That's helpful. And then, again, pardon me if I missed this, but ECRI trends in 1Q, could you just talk a little bit about exactly how much you increased ECRIs? And then I think there was a prior question about how that could potentially be impacted by a slowdown in the economy or a recession, and how you're kind of thinking about it for the rest of the year?

好的。這很有幫助。然後，如果我錯過了這一點，請再原諒我，但是對於第一季的 ECRI 趨勢，您能否稍微談談您究竟增加了多少 ECRI？然後我認為之前有一個問題，即經濟放緩或衰退可能會對此產生怎樣的影響，以及您對今年剩餘時間的情況有何看法？

So really no change to our ECRI program in the first quarter other than with respect to Los Angeles and other states of emergencies where we're legally restricted and also no change in customer behavior. As we've discussed previously, we track move-outs in response to ECRI every month, and we see that's -- we've been very steady with no increase in move-outs to the ECRI.

因此，除了洛杉磯和其他緊急狀態（我們受到法律限制）以及客戶行為沒有變化之外，我們的 ECRI 計劃在第一季實際上沒有變化。正如我們之前所討論的，我們每個月都會追蹤響應 ECRI 的遷出情況，我們發現 - 我們一直非常穩定，沒有增加遷出到 ECRI 的情況。

Got you. Last one, if I may ask, any interest at all in doing anything internationally? Again, you have a peer that's doing things all the way in the UK all the way in Australia. I'm just kind of curious how you kind of think about some of those markets where maybe the product itself is not quite as mature, and there might be a little bit more opportunity for growth?

明白了。最後一個問題，請問您對在國際上做點什麼感興趣嗎？再說一次，你的同行在英國和澳洲都做著同樣的事情。我只是有點好奇，您如何看待某些市場，這些市場的產品本身可能還不夠成熟，可能有更多的成長機會？

Yes. We certainly look at international opportunities. We were invested in Mexico for a while. We've looked at lots of other opportunities. And there's really two big hurdles we want to jump over before we go outside the US. One is that we want to make at least and preferably more return on the dollar invested overseas as the dollar invested here net of taxes in currency and setting up systems and all the costs of going international.

是的。我們當然會關注國際機會。我們在墨西哥投資了一段時間。我們已經考慮了很多其他機會。在我們走出美國之前，我們確實需要克服兩個大障礙。一是我們希望在海外投資的美元所獲得的回報至少等於、最好等於在國內投資的美元所獲得的回報扣除貨幣稅、建立系統和走向國際的所有成本。

So it's got to be accretive net of all of those things. And then secondly, it's got to be scalable. We're not really interested in buying two assets in Toronto. It's not worth the headache. So if we can find something that's accretive for our shareholders, and we can make it scalable over time, then we'd be very interested in it. And we certainly look at a lot of opportunities, and we'll pull the trigger if we can ever satisfy those conditions.

所以它必須是所有這些事物的增值網絡。其次，它必須具有可擴展性。我們實際上對購買多倫多的兩項資產並不感興趣。這不值得這麼頭痛。因此，如果我們能夠找到一些能為股東帶來增值的東西，並且能夠隨著時間的推移使其具有可擴展性，那麼我們會對此非常感興趣。我們確實會考慮很多機會，如果我們能夠滿足這些條件，我們就會採取行動。

Sounds good.

聽起來不錯。

Anthony Peak, Key Bank Capital Markets.

安東尼·皮克（Anthony Peak），Key Bank Capital Markets。

Just a couple of quick follow-ups here. First, Joe, you noted that there could be some instances of demand from tenants that might need to downsize from a flex space and look to a larger storage unit or multiple units. Are you seeing any use cases like that worth noting? Anything to report along those lines? Or was that just a point that you were making to sort of simply demonstrate the business's various demand drivers?

這裡僅有幾個快速的後續問題。首先，喬，您注意到有些租戶可能需要縮小彈性空間並尋找更大的儲存單元或多個單元。您是否看到任何值得注意的用例？有這方面的事情需要報告嗎？或者這只是您為了簡單展示業務的各種需求驅動因素而提出的觀點？

It's really the latter. It's -- we have seen that. It's anecdotal. We don't have enough volume of that to track over time. It's not a major part of our business. But the point that I was trying to make is that while positive economic growth, job growth creates storage demand and we prefer that, there is also storage demand that's created by negative economic circumstances. And I was just trying to give an example.

確實是後者。我們已經看到了這一點。這是軼事。我們沒有足夠的數量來進行長期追蹤。這不是我們業務的主要部分。但我想表達的觀點是，雖然積極的經濟成長和就業成長創造了儲存需求，而且我們也希望如此，但負面的經濟環境也會產生儲存需求。我只是想舉個例子。

Okay. Got it. And then I understand you're not breaking out the LSI portfolio going forward. But I'm just curious, the contribution to same-store growth this year, that tailwind from the LSI portfolio, do you expect that to increase during the year? Or is the impact sort of greatest early in the year to start the year here in the first quarter, for example?

好的。知道了。然後我了解到您今後不會再拆分 LSI 產品組合。但我只是好奇，今年對同店成長的貢獻，即 LSI 產品組合帶來的順風，您預計它會在今年增加嗎？或者說，影響是否在年初，例如第一季，就最大？

We would expect it to not increase, to be flat to slightly moderating.

我們預計它不會增加，而是持平或略微緩和。

Okay. And then just one more. Going back to the third-party management platform, you've seen pretty sizable growth there over the last couple of years. Are there any constraints at all to growing that platform as you look ahead? Any sort of obstacles that you face or any plans to do anything more strategic with the third-party management business over time?

好的。然後再來一個。回顧第三方管理平台，您會看到過去幾年該平台取得了相當大的成長。展望未來，該平台的發展是否有任何限制？您遇到什麼障礙？或者您計劃在未來對第三方管理業務採取更具策略性的措施嗎？

Well, once we manage every store in the country, we'll be done. That's the constraint. I don't think so. I think we have a scalable platform. The larger we get, the more advantages we have of scale in terms of data and costs and efficiencies. So I think we can continue to grow this platform, maybe not 100 stores a quarter, but certainly, we can continue to grow it.

好吧，一旦我們管理了全國的每一家商店，我們就完成了。這就是限制。我不這麼認為。我認為我們有一個可擴展的平台。我們的規模越大，我們在數據、成本和效率方面的規模優勢就越大。所以我認為我們可以繼續發展這個平台，也許不是每季 100 家商店，但肯定的是，我們可以繼續發展它。

We can -- as we expand into new markets, that gives us more opportunities. And it's an integral part of our business that gives us benefits across lots of verticals. It helps our bridge loan business, helps our acquisition business, helps us with data. So I don't think we'd want to do something strategic, if you mean like carve it off and sell it. I don't think that's in the plans.

我們可以——隨著我們擴展到新市場，這為我們提供了更多機會。它是我們業務不可或缺的一部分，為我們帶來了許多垂直領域的利益。它有助於我們的過橋貸款業務，有助於我們的收購業務，有助於我們的數據業務。所以我不認為我們會想做一些戰略性的事情，如果你的意思是把它分割出來然後賣掉的話。我認為這不在計劃之中。

Okay, all right. Thank you.

好的，好的。謝謝。

Michael Griffin, Evercore ISI.

邁克爾·格里芬（Michael Griffin），Evercore ISI。

Just wanted a little more clarity. I noticed, I think the move-in volume quarter-over-quarter -- or, year-over-year in the same-store pool, looked like it was down about 12%, 165,000 units this quarter versus 188,000 first quarter of last year. Is there anything to read into this? I mean that seems like a pretty notable drop off, but any color you have here would be helpful? Thank you.

只是想要更清楚一點。我注意到，我認為本季的入駐量與上一季相比，或與去年同期相比，下降了約 12%，為 165,000 台，而去年第一季為 188,000 台。這其中有什麼值得解讀的事嗎？我的意思是，這似乎是一個非常明顯的下降，但這裡的任何顏色都會有幫助嗎？謝謝。

Some of that is a function on the comp from last year. We actually had a very good rental volume last year. But overall move-in and move-out volume are down, but probably the more important number here is occupancy. I mean occupancy and revenue growth are doing what we would expect. So I wouldn't tell you there's anything to read into it.

其中一些是去年電腦上的功能。事實上，去年我們的租賃量非常好。但整體入住和退房量都在下降，但這裡更重要的數字可能是入住率。我的意思是入住率和收入成長都符合我們的預期。所以我不會告訴你其中有什麼值得解讀的。

Caitlin Burrows, Goldman Sachs.

凱特琳·伯羅斯，高盛。

A quick follow-up on the business use realizing that it's a small part of your business. I'm just wondering if you have any idea if that's like 2% of your business or 6% or more, or you don't know?

快速跟進業務用途，並意識到這只是業務的一小部分。我只是想知道您是否知道這是否佔您業務的 2% 或 6% 或更多，或者您不知道？

So we don't know exactly because it's easy to track the customer that signs their lease in the corporate name. But we also have lots of businesses that sign their lease in an individual name and they're a landscaper or a local business. So we know about 5% or 6% of our tenants sign in business names. So probably our, -- not probably, our overall business use is somewhere north of that.

所以我們並不確切知道，因為很容易追蹤以公司名義簽署租約的客戶。但我們也有很多企業以個人名義簽署租約，他們是園藝師或當地企業。因此，我們知道大約有 5% 或 6% 的租戶以公司名義簽約。因此，我們的整體業務用途可能（不是可能）處於該水平的某個位置。

And it's gone down over time as a larger portion of our portfolio is multistory buildings where a fewer percentage of our units are the first floor 10/10s, outside access that the businesses prefer, that most businesses prefer. You got it.

隨著時間的推移，這一比例一直在下降，因為我們的投資組合中，多層建築所佔比例越來越小，而位於一樓的單元所佔比例越來越小，這是企業喜歡的外部通道，大多數企業也喜歡。你明白了。

Thanks.

謝謝。

Sure. You're welcome.

當然。不客氣。

There are no further questions at this time. I will now turn the call over to Josesh Margolis, CEO. Please continue.

目前沒有其他問題。現在我將電話轉給執行長 Josesh Margolis。請繼續。

Yes. Thank you, everyone, for your interest in Extra Space and your good questions. We're encouraged by the start of the year, as we tried to say, and we're prepared for whatever the future puts in front of us. I hope everyone has a great day. Thank you.

是的。謝謝大家對 Extra Space 的關注以及提出的好問題。正如我們所說的那樣，我們對新的一年的開始感到鼓舞，並且我們已經做好了迎接未來一切的準備。我希望每個人都度過愉快的一天。謝謝。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。