Extra Space Storage Inc (EXR) 2025 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Extra Space Storage Inc. Q3 2025 earnings conference call. (Operator Instructions) This call is being recorded on October 30, 2025.

女士們、先生們，下午好，歡迎參加 Extra Space Storage Inc. 2025 年第三季財報電話會議。（操作員指示）本次通話於 2025 年 10 月 30 日錄音。

And I would now like to turn the conference over to Mr. Jared Conley. Thank you. Please go ahead.

現在我謹將會議交給賈里德·康利先生。謝謝。請繼續。

Thank you, and welcome to Extra Space Storage's third 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 the Private Securities Litigation Reform Act.

謝謝，歡迎參加 Extra Space Storage 2025 年第三季財報電話會議。除了新聞稿之外，我們還在網站上提供了未經審計的補充財務資訊。請注意，管理層準備的發言稿和對您問題的回答可能包含《私人證券訴訟改革法案》中定義的前瞻性陳述。

Actual results could differ materially from those stated or implied by 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.

由於公司業務存在風險和不確定性，實際結果可能與我們前瞻性聲明中所述或暗示的結果有重大差異。這些前瞻性陳述受到本公司最新向美國證券交易委員會提交的文件中所包含的警示性聲明的限制，我們鼓勵聽眾查閱這些文件。

Forward-looking statements represent management's estimates as of today, October 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.

前瞻性陳述代表管理階層截至 2025 年 10 月 30 日的估計。本公司不承擔因市場狀況變化或其他情況而在本次電話會議日期之後修改或更新任何前瞻性聲明的義務。

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

現在我將把電話交給執行長喬·馬戈利斯。

Thank you, Jared. Good morning, everyone, and thank you for joining us today. Extra Space delivered solid results in the third quarter with Core FFO of $2.08 per share, meeting our internal expectations and demonstrating our ability to generate consistent earnings through our diversified platform. Same-store occupancy at quarter end was 93.7% and averaged 94.1% during the quarter, a 30 basis point improvement year-over-year.

謝謝你，賈里德。各位早安，感謝大家今天收看我們的節目。Extra Space 第三季業績穩健，核心 FFO 為每股 2.08 美元，符合我們的內部預期，並證明了我們透過多元化平台持續創造收益的能力。季末同店入住率為 93.7%，季均入住率為 94.1%，比上年同期提高了 30 個基點。

Last quarter, we reported that our high occupancy allowed us to begin pushing new customer rates, which inflected positive for the first time in three years. This trend continued and accelerated in the third quarter as we achieved new customer rate growth of over 3% year-over-year net of discounts.

上個季度，我們報告稱，由於入住率高，我們得以開始推行新客戶價格，這是三年來首次出現正成長。這一趨勢在第三季得以延續並加速，我們實現了新客戶成長率年增超過 3%（扣除折扣後）。

While new customer rates continue to improve, same-store revenue prior to other income was flat and slightly below our internal projections. This was partially due to strategic discounts, which were offered in the quarter focused on long-term revenue optimization.

雖然新客戶轉換率持續提高，但扣除其他收入前的同店收入持平，略低於我們的內部預期。這部分是由於本季提供的策略折扣，該季度重點關注長期收入優化。

Excluding the impact of discounts, same-store new customer rate growth was approximately 6%. While these initiatives created a short-term headwind in the quarter and for the year, we view them as an investment for future revenue growth and still believe we are well positioned for accelerating revenue going forward.

不考慮折扣的影響，同店新客戶成長率約 6%。雖然這些舉措在本季度和本年度造成了短期不利影響，但我們認為這是對未來收入成長的投資，並且仍然相信我們已經做好充分準備，在未來加速收入成長。

We have also been active in our diversified external growth channels. We have been able to complete and secure strategic off-market transactions through deep industry relationships at attractive going-in and long-term yields.

我們也積極拓展多元化的外部成長管道。我們憑藉著深厚的產業關係，以極具吸引力的初始收益和長期收益，完成了策略性的場外交易並確保了這些交易。

I am particularly excited about the $244 million purchase of a 24-property portfolio in Utah, Arizona and Nevada, which is the primary driver of our increased acquisition guidance to $900 million. A portion of this acquisition closed earlier this week, with the rest to close shortly when we complete the assumption of the seller's below-market secured loans.

我特別感到興奮的是，我們斥資 2.44 億美元收購了位於猶他州、亞利桑那州和內華達州的 24 處房產，這是我們將收購目標提高到 9 億美元的主要驅動因素。本週早些時候，部分收購款項已完成交割，其餘部分將在我們完成賣方低於市價的擔保貸款的承接後不久交割。

The acquisition will be primarily capitalized by the disposition of 25 assets, 22 of which are former Life Storage properties and which should close late this year or early in 2026. The stabilized yields of the newly acquired stores will be greater than those of the disposed assets, and those assets are of higher quality and in markets which provide better diversification and future opportunities for growth.

此次收購將主要透過處置 25 項資產來籌集資金，其中 22 項是以前 Life Storage 的物業，預計將於今年年底或 2026 年初完成。新收購門市的穩定收益率將高於處置資產的收益率，而且這些資產品質更高，位於能夠提供更好多元化和未來成長機會的市場。

Additionally, our Bridge Loan Program delivered strong performance with $123 million in originations during the quarter, and we strategically sold $71 million in mortgage loans. This program continues to provide interest income, attract customers to our management platform and serves as an acquisition pipeline as we deepen our relationships with key industry partners.

此外，我們的過渡貸款計畫在本季表現強勁，發放貸款額達 1.23 億美元，我們也策略性地售出了 7,100 萬美元的抵押貸款。該計劃持續提供利息收入，吸引客戶使用我們的管理平台，並作為我們深化與主要產業合作夥伴關係的收購管道。

Finally, our third-party management platform expanded by an additional 95 stores during the quarter with net growth of 62 stores. Year-to-date, we have added over 300 stores, which brings our total managed portfolio to 1,811 stores.

最後，本季我們的第三方管理平台新增了 95 家門市，淨成長 62 家。今年迄今為止，我們新增了 300 多家門市，使我們管理的門市總數達到 1811 家。

This multichannel approach to prudent growth allows us to create value across market cycles, whether through direct ownership, joint venture partnerships, lending activities, management services or other creative structures.

這種多通路的審慎成長方式使我們能夠在市場週期中創造價值，無論是透過直接所有權、合資夥伴關係、貸款活動、管理服務或其他創新結構。

Our ability to deploy capital efficiently across these complementary strategies positions us to capitalize on market conditions regardless of the external environment. As a result, we are raising our full year Core FFO guidance per share at the midpoint, reflecting our confidence in our operational execution and gradually improving storage fundamentals.

我們能夠有效地運用資本實施這些互補策略，這使我們能夠無論外部環境如何，都能從市場狀況中獲利。因此，我們將全年核心FFO每股預期中位數上調，這反映了我們對營運執行的信心以及儲存基本面的逐步改善。

While we expect same-store revenue to remain relatively flat for 2025, we have driven outsized growth in our other revenue streams, which are bridging the gap until the positive trend in new customer rates translates into revenue acceleration.

雖然我們預計 2025 年同店收入將保持相對平穩，但我們在其他收入來源方面實現了超額增長，這些增長正在彌補新客戶增長率的積極趨勢轉化為收入加速增長之前的差距。

I will now like to turn the time over to Jeff Norman.

現在我將時間交給傑夫諾曼。

Thank you, Joe, and hello, everybody. As Joe mentioned, our third quarter Core FFO was in line with our internal expectations at $2.08 per share. Same-store revenue declined 0.2% year-over-year, which was slightly below our internal forecast. While the improvement in new customer rates is taking time to translate into revenue growth, we are encouraged by the sustained positive rate trend we achieved during the third quarter.

謝謝你，喬，大家好。正如喬所提到的，我們第三季的核心FFO（營運資金）符合我們的內部預期，每股2.08美元。同店營收年減 0.2%，略低於我們的內部預測。雖然新客戶費率的改善需要時間才能轉化為收入成長，但我們對第三季取得的持續正向費率趨勢感到鼓舞。

While many operators continue to see year-over-year rate and occupancy declines, we have been able to increase rate growth sequentially every month since May due to our strong acquisition -- customer acquisition platform and proprietary pricing systems. We are also encouraged that our other income streams outperformed expectations and helped offset the same-store NOI headwinds.

儘管許多業者的房價和入住率比去年同期持續下降，但由於我們強大的客戶獲取平台和專有的定價系統，自 5 月以來，我們每個月都能實現房價的逐月增長。我們也感到鼓舞的是，我們的其他收入來源表現超出預期，並有助於抵消同店淨營業收入的不利影響。

Tenant insurance and management fee income were both stronger than anticipated, demonstrating the value of our diversified revenue model. As expected, property taxes normalized in the quarter, returning to a growth rate of 1.6%, and we expect taxes to be low again in the fourth quarter.

租戶保險和管理費收入均超出預期，證明了我們多元化收入模式的價值。正如預期的那樣，本季房產稅恢復正常水平，成長率回升至 1.6%，我們預計第四季稅收將再次保持低位。

That said, same-store expenses were still above our internal estimates driven by repairs and maintenance and marketing expense. We view marketing expense as a revenue driver and continue to see strong returns from our marketing dollars. Like discounts, marketing spend causes a short-term drag from an expense standpoint. However, we made this strategic decision to increase marketing spend to enhance long-term revenue growth.

儘管如此，受維修保養和行銷費用的影響，同店支出仍高於我們的內部預期。我們將行銷支出視為收入驅動因素，並持續看到行銷投入帶來強勁的回報。與折扣一樣，行銷支出也會從短期內對成本造成拖累。然而，我們做出這項策略決策是為了增加行銷支出，以促進長期收入成長。

Our balance sheet remains exceptionally strong, providing significant financial flexibility to execute on strategic opportunities. We maintain a conservative capital structure with 95% of our interest rates being fixed, net of our bridge loan receivables.

我們的資產負債表依然非常穩健，為掌握策略機會提供了極大的財務彈性。我們維持保守的資本結構，扣除過橋貸款應收款後，95%的利率為固定利率。

During the quarter, we recast our credit facility and added $1 billion in capacity to our revolving line of credit. Through the recast, we also reduced our revolving and term interest rate spreads by 10 basis points. We also executed an $800 million bond offering at a rate of less than 5% which completed our 10-year debt maturity ladder.

本季度，我們調整了信貸安排，並增加了 10 億美元的循環信貸額度。透過此次調整，我們也將循環利率和定期利率的利差降低了 10 個基點。我們也發行了 8 億美元的債券，利率低於 5%，從而完成了我們 10 年期債務到期階梯的建構。

We are raising our full year Core FFO guidance to a range of $8.12, $8.20 per share based on our year-to-date performance and updated fourth quarter outlook. For same-store revenue, we are adjusting our forecast to a range of negative 25 basis points to positive 25 basis points growth for the full year, acknowledging that the positive impact from improving customer rates has not driven acceleration early enough in the year to reach the high end of our previous range.

根據我們年初至今的業績和更新後的第四季度展望，我們將全年核心FFO預期上調至每股8.12美元至8.20美元。對於同店收入，我們將全年預測調整為負 25 個基點至正 25 個基點的增長範圍，因為我們意識到，客戶滿意度提高帶來的積極影響尚未在年初就推動增長加速，以達到我們之前預測範圍的高端。

We are raising our same-store expense growth guidance to 4.5% to 5% due to our decision to invest in marketing to drive long-term revenue growth, while other expense categories will continue to normalize moving forward.

由於我們決定投資行銷以推動長期收入成長，我們將同店支出成長預期上調至 4.5% 至 5%，而其他支出類別將繼續逐步恢復正常。

Our updated guidance also incorporates higher interest income projections based on the strong performance of our Bridge Loan Program, higher tenant insurance and management fees and lower G&A as we continue optimizing operational efficiency across the platform.

我們更新後的指導意見還納入了更高的利息收入預測，這得益於我們的過渡貸款計劃的強勁表現、更高的租戶保險和管理費以及更低的行政管理費用，因為我們將繼續優化整個平台的營運效率。

The self-storage sector continues to demonstrate its resilience with our business model proving its strength as market fundamentals gradually improve. Our geographically diversified portfolio of over 4,200 stores across 43 states provides significant protection against localized economic fluctuations.

隨著市場基本面逐步改善，自助倉儲產業持續展現出其韌性，我們的商業模式也證明了其優勢。我們在 43 個州擁有超過 4200 家門市，地理分佈廣泛，能夠有效抵禦局部經濟波動的影響。

Our scale and data give us a significant operational advantage over other industry participants and our high occupancy and positive rate momentum all position us well as we close out the year and head into 2026.

我們的規模和數據使我們在營運上比其他行業參與者擁有顯著優勢，而我們的高入住率和積極的成長勢頭都使我們在年底和邁向 2026 年之際處於有利地位。

With that, operator, let's open it up for questions.

操作員，那麼，我們開始接受提問吧。

(Operator Instructions)

（操作說明）

Michael Goldsmith, UBS.

瑞銀集團的麥可‧戈德史密斯。

Good afternoon. Thanks a lot for taking my question first question, you're starting to see new customer rate growth, and it's well up above over last year. But I guess, like how long does that take to flow through the whole algorithm to start to benefit same-store revenue growth? Trying to understand kind of when we should start to see this drive that improved second derivative of same-store revenue growth? Thanks

午安.非常感謝您回答我的第一個問題，您已經開始看到新客戶成長率，而且比去年同期成長了很多。但我想問的是，這個過程需要多長時間才能通過整個演算法，開始對同店收入成長產生正面影響？我們想了解一下，大概什麼時候才能看到這種推動同店營收成長二階導數改善的因素出現？謝謝

Thanks for the question, Michael. In terms of specific timing, it depends, as you can imagine, on churn and other factors. So I'm not able to pinpoint a time when you see that inflect specifically into revenue growth. But what we can tell you is we're encouraged to see that go from slightly positive rates in May to then over 1% in June, over 2% in July, 3% to 4% in August.

謝謝你的提問，麥可。至於具體時間，正如你所想，這取決於客戶流失率和其他因素。因此，我無法準確指出何時才能看到這種轉變真正轉化為收入成長。但我們可以告訴大家的是，我們欣喜地看到，這一數字從 5 月份的略微正增長，到 6 月份超過 1%，7 月份超過 2%，8 月份達到 3% 至 4%。

So 3% for the quarter net of discounts is an encouraging trend for us. As we extend that into October, it's over 5% net of promotions. So we continue to see that accelerating trend. As we get into '26, we'll guide and give a little more detail about how that translates into revenue, but the trend is encouraging.

因此，扣除折扣後，本季淨成長率為 3%，這對我們來說是一個令人鼓舞的趨勢。如果將此趨勢延續到十月份，扣除促銷活動後，淨降幅將超過 5%。因此，我們持續看到這種加速成長的趨勢。進入 2026 年，我們將提供指導並詳細說明這如何轉化為收入，但目前的趨勢令人鼓舞。

Got it. And my follow-up question. It sounds like you've been using discounts and promotions to drive customers to the channel. Has that continued into October? And is the plan to continue to lean on that in the fourth quarter?

知道了。我的後續問題。聽起來你一直在使用折扣和促銷活動來吸引顧客到這個管道。這種情況一直持續到十月了嗎？第四季是否計劃繼續依賴這種策略？

So we in the past several years have not used discounts as a tool very much. And that's why historically, we've given one number for new customer rate growth because there really was almost no difference between the new customer rate growth before and after discounts. In the quarter, we've tried an effort -- continual effort that we always do to optimize long-term revenue.

因此，過去幾年我們並沒有過度使用折扣這種手段。因此，從歷史上看，我們一直用一個數字來表示新客戶的費率成長，因為折扣前後新客戶的費率成長實際上幾乎沒有區別。本季度，我們嘗試了一種持續不斷的努力——我們一直以來都在努力優化長期收入。

We tried some different discounting strategies, particularly in states with states of emergency to try to maximize performance in those states. And it's proven to be a short-term headwind, although we believe long-term value creation.

我們嘗試了一些不同的折扣策略，尤其是在緊急狀態的州，以期最大限度地提高這些州的表現。事實證明，這會帶來短期不利影響，但我們相信它能創造長期價值。

So that's why we're now kind of giving two new customer rate numbers, gross and net of discounts, because there is a more meaningful difference between there, and we want to be fully transparent. And how long and in what fashion we continue will depend on the results of the testing.

所以，我們現在提供兩個新的客戶價格數字，一個是含折扣價格，另一個是不含折扣價格，因為兩者之間有更有意義的差異，我們希望做到完全透明。至於我們將以何種方式持續多久，將取決於測試結果。

Thank you, very much good luck, in the fourth quarter.

非常感謝，祝您在第四季好運。

Thanks, Michael.

謝謝你，麥可。

Jeff Spector from BofA.

來自美國銀行的傑夫·斯佩克特。

Great. I appreciate the details so far. Joe, maybe can you discuss a little bit more on your comment regarding the short-term headwind. Just to confirm, was there anything specific you can cite, whether it was a particular region, EXR legacy versus LSI.

偉大的。我很感謝目前為止提供的詳細資訊。喬，你能否再詳細談談你之前關於短期不利因素的評論？為了確認一下，您能否具體指出一些情況，例如某個特定地區、EXR 傳統晶片與 LSI 晶片的差異？

Is there anything that helps you or investors understand like what exactly happened, maybe that was a bit worse than expected? And so we know it's -- you'll consider, I guess, next year in the guidance thanks.

有沒有什麼資訊能幫助您或投資者了解究竟發生了什麼，也許情況比預期的要糟糕一些？所以我們知道——我想，明年你會考慮在指導中感謝這一點。

Yeah, so I would say our efforts -- our new efforts with discounting were focused first on states with states of emergency, so I think Los Angeles and some other states and then also some randomized stores to produce a good data set, if that's helpful.

是的，所以我想說，我們新的折扣策略首先集中在處於緊急狀態的州，例如洛杉磯和其他一些州，然後隨機選擇一些商店，以產生一個好的資料集，希望這能有所幫助。

And Jeff, if I understood the spirit of your question, I think you're wondering is this sort of a permanent change versus something temporary? I'd view it as more temporary. We leaned into it in this quarter and the headwind is felt primarily in the quarter.

傑夫，如果我理解你的問題的意思沒錯，我想你是想知道這是一種永久性的變化，還是暫時的改變？我認為這只是暫時的。本季我們加大了投入，但不利因素主要在本季顯現出來。

Okay. And just to confirm, you're seeing normal seasonal patterns. This has nothing to do with seasonality.

好的。再次確認一下，你看到的是正常的季節性變化。這與季節性無關。

Correct. October has continued to play out pretty similar to September. As we mentioned, we've actually accelerated rates further, still have healthy occupancy. It's 93.4% today. So continues to be a positive trend into October.

正確的。十月份的情況與九月非常相似。正如我們之前提到的，我們實際上進一步提高了房價，但入住率仍然保持良好水平。今天是93.4%。因此，這一正面趨勢延續到了十月。

Great thank you.

非常感謝。

Caitlin Burrows, Goldman Sachs.

Caitlin Burrows，高盛集團。

Hi, good morning the prepared remarks talked about the $244 million portfolio acquisition. Wondering if you could give any detail on the initial and stabilized yields and how long you expect it will take to reach the stabilized yield and kind of what that upside is driven by?

大家好，早安。準備好的演講稿談到了價值 2.44 億美元的投資組合收購。想請您詳細說明初始收益率和穩定收益率，以及預計需要多長時間才能達到穩定收益率，還有，這種成長潛力是由什麼因素驅動的？

Sure. Happy to, Caitlin. So the portfolio is a mix of stabilized assets and their stabilized assets are 78% occupied. So we're happy to get our hands on them and prove the performance to our standards. But there's stabilized stores and then the balance of the stores are in different stages of lease-up, kind of from very beginning to close to completion of lease-up.

當然。樂意效勞，凱特琳。因此，該投資組合由穩定資產和穩定資產組成，其中穩定資產的利用率為 78%。所以我們很高興能拿到這些產品，並驗證它們的性能是否符合我們的標準。但有些店鋪已經穩定經營，而其餘店鋪則處於不同的租賃階段，從剛開始到接近租賃完成都有。

So the yield is a blend of different types of stores. That being said, the leverage deal, we're assuming $50 million of debt at 3.4%. The leverage yield is about 4.5% in year one and gets to the mid-7s by the end of or into year three.

所以，收益率是不同類型商店的混合收益率。也就是說，對於槓桿交易，我們假設債務為 5,000 萬美元，利率為 3.4%。第一年的槓桿收益率約為 4.5%，到第三年末或第三年初將達到 7% 左右。

Got it. Okay. And then wondering if you guys could talk about what you've seen recently on the reasons for storage use and if there's been any changes?

知道了。好的。然後，我想問各位，最近你們觀察到的儲存使用原因方面有哪些變化？

No real changes than we've talked about for the last several quarters. When we look at moving customers, in the third quarter we were at about 58%. That's up from mid-50s in the first and second quarter, but that's a seasonal increase. More people move in the third quarter than early in the year. So I don't think it's an indication of any significant improvement in the housing market.

與過去幾季我們討論的內容相比，並沒有什麼實質的變化。從客戶遷移情況來看，第三季我們的遷移率約為 58%。這比第一季和第二季的 50 多例有所上升，但這只是季節性成長。第三季搬家的人數比年初多。所以我認為這並不表示房地產市場出現了任何顯著改善。

Just as a data point, the peak was the third quarter of '21 at 63%. So third quarter of '25, we're at 58%. So you see the decline in the for-sale housing market there. That's been partially picking up, that lack of demand has been partially taken up by customers who cite lack of space as a reason they're storing, and they stay about twice as long. Their average stay is about 15 months versus 7.5 months for the moving customers. So no real change in that dynamic.

僅作為數據點，高峰出現在 2021 年第三季度，為 63%。所以，2025 年第三季度，我們達到了 58%。所以你可以看到那裡的待售房屋市場出現了下滑。這種情況有所好轉，部分需求不足的情況被那些以空間不足為由進行存儲的顧客所彌補，他們的存儲時間大約是原來的兩倍。他們的平均停留時間約為 15 個月，而搬家客戶的平均停留時間約為 7.5 個月。所以這種動態並沒有發生實質變化。

Got it thanks.

明白了，謝謝。

Ronald Kamdem, Morgan Stanley.

羅納德‧卡姆登，摩根士丹利。

Hey, just two quick ones just the corollary to sort of the discount conversation being increased, should we take that as also sort of implying that maybe the marketing spend on sort of the web and all that is maybe incrementally less efficient as it was in the past. I guess the question is, has anything sort of changed in terms of those dollars online being spent and the return you're getting on those?

嘿，就問兩個小問題，作為折扣增加的推論，我們是否也應該認為，在網路等方面的行銷支出可能不如過去那麼有效了？我想問的是，網路上消費的金額以及由此獲得的收益是否發生了一些變化？

That's a really good question. So we view marketing spend as an investment, and we test every dollar we spend has to have a certain ROI or we're not going to spend it. And we haven't seen any decline in that ROI. So we don't -- we wouldn't tell you that our marketing spend is any less efficient.

這真是個好問題。因此，我們將行銷支出視為一種投資，我們測試每一美元的支出都必須有一定的投資報酬率，否則我們就不會花這筆錢。而且我們還沒有看到投資報酬率有任何下降。所以，我們不會——我們不會告訴你我們的行銷支出效率更低。

And I think you can see the benefit of that spend in the rate growth that we experienced. So I mean, to answer your question without all the excess words is, no, there's not been any diminution in the effectiveness of marketing spend.

我認為從我們所經歷的利率成長中，可以看出這筆支出帶來的好處。所以，簡單回答你的問題，不多說，行銷支出的成效並沒有降低。

Helpful. And then my follow-up is just on the expense side. Obviously, property taxes, it is what it is, but this year seemed to be a little bit sort of outsized, right? You guys are running over 6% year-to-date on all expenses here. Just any sort of comments as you're sort of flipping over the next couple of years. Is there an opportunity for even more expense savings outside of property tax essentially?

很有幫助。接下來，我的後續問題就只涉及費用方面了。很顯然，房產稅就是這樣，但今年的房產稅似乎有點過高，對吧？你們今年迄今為止的所有支出都超過了 6%。在接下來的幾年裡，你可能會經歷一些轉變，所以歡迎大家發表任何意見。除了房產稅之外，是否還有其他節省開支的機會？

Sure. Let me just give some high-level comments on that, and then we can get into specific line items. We're in a very high-margin business. And we want to make sure that we invest in the properties in a way that maximizes long-term revenue.

當然。我先就此做一些概括性的評論，然後再深入探討具體細節。我們從事的是高利潤行業。我們希望確保以能夠最大限度提高長期收益的方式投資這些房產。

So that means we want to invest in R&M to keep the properties up and of the condition that we want them to be because we know in the long term that chicken comes home to roost.

所以這意味著我們要投資維修和維護，以保持物業的良好狀態，達到我們想要的狀態，因為我們知道從長遠來看，惡有惡報。

And similarly, we want to invest in our people because we know that through testing and data, when you take customer -- take store managers out of stores, it hurts you on the revenue side, it hurts you on the safety side, it hurts you on the catastrophic events side and it hurts you on the cleanliness side. So we're going to try to be as efficient as we can without impacting the long-term value of our stores.

同樣，我們也想投資於我們的員工，因為我們透過測試和數據得知，當你把顧客——把門市經理從門市中移除時，你會在收入方面受到損害，在安全方面受到損害，在災難性事件方面受到損害，在清潔方面受到損害。因此，我們將努力提高效率，同時又不影響我們門市的長期價值。

And we just talked about marketing. It's the same way. We look at it as an investment that has a return. And frankly, when we've had over 300 people choose us to manage their properties even though we're more expensive, we know that our view of how to take care of scores and people is agreed to by most of the marketplace.

我們剛才聊的是行銷。情況是一樣的。我們將其視為一項有回報的投資。坦白說，儘管我們的收費更高，但仍有 300 多人選擇我們來管理他們的房產，這說明我們對待房產和客戶的方式得到了市場上大多數人的認同。

So that's our general philosophy. We want to be as efficient as we can. We want -- we don't want to spend money we don't have to. But we're going to take the long-term view and make sure we protect our revenue stream.

這就是我們的整體理念。我們希望盡可能提高效率。我們不想花不必要的錢。但我們將著眼長遠，確保我們的收入來源得到保障。

And Ron, maybe to hit a couple of the specifics around some of the expense line items. You mentioned property taxes. Last call, we talked about how it was a bit of the tale of two halves with -- or excuse me, with property tax expense. We have lapped that comp.

羅恩，或許可以具體說明一下某些費用項目的狀況。您提到了房產稅。在最後一次通話中，我們談到了房產稅支出如何呈現出兩面性——或者更準確地說，是房產稅支出。我們已經遙遙領先那場比賽。

So you saw that drop significantly in the third quarter. As a reminder, a lot of that first half was driven by outsized increases at the legacy Life Storage stores and that mark-to-market has taken place. So it was at 1.6% in the quarter. We expect it to be low again in the fourth quarter.

所以你可以看到第三季這個數字大幅下降。需要提醒的是，上半年的成長很大程度上是由原始 Life Storage 門市的大幅成長所推動的，而且已經進行了市值調整。所以該季佔比為1.6%。我們預計第四季度該指標將再次走低。

And then as we look at a few of the other line items, we know payroll and benefits stands out as being outsized relative to our norms. A lot of that's a comp from last year. If you look at the nine month number, it's sub-3% and that's more in line where we'd expect it to be in the full year, closer to that 3% inflationary level.

然後，當我們查看其他一些項目時，就會發現工資和福利支出相對於我們的正常水平過高。很多數據都是去年的比較數據。如果看一下前九個月的數據，它低於 3%，這更符合我們對全年通膨水準的預期，更接近 3% 的通膨水準。

And then Joe touched on our approach to marketing and R&M, we view those more as investments, and we'll make those investments as needed knowing that there's a long-term return.

然後喬談到了我們對行銷和研發的態度，我們更多地將這些視為投資，我們會根據需要進行這些投資，因為我們知道會有長期的回報。

Helpful, thank you so much.

很有幫助，非常感謝。

Thanks, Ron.

謝謝你，羅恩。

Todd Thomas, KeyBanc Capital Markets.

Todd Thomas，KeyBanc Capital Markets。

Hi, thanks. I wanted to go back to the discounting strategy. Two questions. First, what exactly was the catalyst for offering these strategic discounts? And then second, you mentioned that this was tested or rolled out in some markets like LA where there are some state of emergencies, but it was -- it seems like it was a drag on customer rate growth to the tune of about 300 basis points or half of the gross increase that you achieved. You talked about October, but are you expecting both net and gross customer rate growth to continue increasing moving forward?

您好，謝謝。我想恢復使用折扣策略。兩個問題。首先，提供這些策略性折扣的真正催化劑是什麼？其次，您提到這項措施在一些市場（例如洛杉磯）進行了測試或推廣，這些市場目前處於緊急狀態，但似乎對客戶費率增長造成了約 300 個基點的拖累，相當於您實現的總增長的一半。您提到了十月份的情況，但您是否預期未來淨客戶費率和總客戶費率的成長都會繼續增加？

So I'll start by saying we are always trying new pricing offerings and strategies based on the amount of data we have, the amount of stores we have, the amount of testing we can do. So this isn't out of line with what other things we've done in the past to try to improve long-term performance, right? We're not running this company for the third quarter of 2025. We're trying to maximize long-term revenue.

首先我想說的是，我們一直在根據我們擁有的數據量、我們擁有的門市數量以及我們可以進行的測試量，嘗試新的定價方案和策略。所以這與我們過去為改善長期業績所做的其他事情並沒有錯，對吧？我們經營這家公司的目標並非持續到 2025 年第三季。我們力求長期收益最大化。

Todd, maybe to hit the second half of your question, we won't get ahead of ourselves in terms of forecasting rate growth because we're more focused just on revenue growth overall, and we're open to using any of the levers as needed. That said, based on what we've seen sequentially since May and into October, that the increase in pricing power has been a trend.

Todd，或許可以回答你問題的後半部分，我們不會過早預測利率增長，因為我們更關注的是整體收入增長，而且我們願意根據需要使用任何手段。也就是說，根據我們從 5 月到 10 月的連續觀察，定價能力的提升已成為一種趨勢。

Okay. But in terms of the impact that the discounts had on overall portfolio rate growth in the quarter or move-in rent growth in the quarter, what percent of the portfolio had you rolled out or were you testing this discounting strategy on?

好的。但就折扣對本季整體投資組合利率成長或本季入住租金成長的影響而言，你們在投資組合中推出了或測試了多少百分比的折扣策略？

Just trying to get a sense of what the magnitude of these discounts were like and potentially, assuming you're pleased with the results and you roll this out more broadly across the portfolio, just trying to get a sense for the magnitude of these discounts.

我只是想了解這些折扣的幅度有多大，並且，假設您對結果滿意，並且您在整個產品組合中更廣泛地推廣這種做法，我只是想了解一下這些折扣的幅度有多大。

Yeah, good question, Todd. I think we're electing to share a lot of detail about the specifics of the test because, frankly, we view this as a competitive advantage. But in terms of trying to help quantify the magnitude maybe another way, you talked about gross rent growth to new customers of about 6% in the quarter and the net number being closer to 3%. For October, that has tightened significantly.

嗯，問得好，托德。我認為我們選擇分享測驗的具體細節，是因為坦白說，我們認為這是一個競爭優勢。但就量化規模而言，或許還有另一種方法，您提到本季新客戶的毛租金成長約為 6%，而淨成長接近 3%。10月份的情況已經明顯收緊。

So it's gross improvement of a little over 6%, net improvement of a little over 5%. So I guess, it gives you a feel of sort of the more temporary nature of some of the testing and it being less of a drag thus far into the fourth quarter.

所以總改善幅度略高於 6%，淨改善幅度略高於 5%。所以我覺得，這讓你感受到某些測試的暫時性，而且到目前為止，第四季受到的拖累也較小。

Todd, I also want to be clear. We're not saying that the sole reason we made a change to our revenue guidance was this discounting strategy. It's certainly a factor. But I'll also say that it has been a little slower than we expected for the new rates to roll into the rental, right? That's nothing -- that's not something we can predict perfectly. We do know it will happen over time, but it's hard to predict exactly when and how quickly that happens. So I just want to be clear on that.

托德，我還想說清楚一點。我們並不是說我們調整營收預期的唯一原因是這種折扣策略。這當然是一個因素。但我也要說，新租金政策落實到租金市場的速度比我們預期的要慢一些，對吧？那沒什麼——那是我們無法完美預測的事情。我們知道這種情況遲早會發生，但很難準確預測何時發生以及發生的速度。所以我想把這一點說清楚。

Okay, thank you.

好的，謝謝。

Eric Wolfe, Citi.

Eric Wolfe，花旗銀行。

If I look at the last couple of years, you've had move-in rents down double digits at times, obviously improved a lot lately. But if I look at the times when move-in rents were down the most, your revenue per occupied foot wasn't down nearly as much, right? I think it was generally kind of just been flattish, right, over the last couple of years.

回顧過去幾年，入住租金有時下降兩位數，顯然最近情況好轉了很多。但是，如果我查看入住租金下降幅度最大的時期，你的每平方英尺出租面積的收入下降幅度並沒有那麼大，對吧？我覺得過去幾年整體都比較平穩，對吧。

So I guess I'm trying to understand, as move-in rents recover, why wouldn't the contribution from ECRIs come down, right? If the contribution went up over the last couple of years as you discounted more, as you discount less, why wouldn't that contribution from the ECRIs just come down?

所以我想弄清楚的是，隨著入住租金的回升，為什麼 ECRI 的貢獻不會下降，對吧？如果過去幾年隨著折現率的提高，貢獻金額增加，那麼隨著折現率的降低，為什麼 ECRI 的貢獻金額不會下降呢？

Yeah, it's a great question, Eric. If you think through just the way that as we pull these levers and as rates flow into and out of the portfolio, it's a gradual process. So the same way of -- after three years of negative rates, we were still able to maintain relatively flat revenue growth by using all of our levers. It takes some time coming out as well and for that to inflect and reaccelerate on the other end.

是的，埃里克，這是一個很好的問題。如果你仔細想想，當我們撥動這些槓桿，利率流入和流出投資組合時，這是一個漸進的過程。同樣地，在經歷了三年的負利率之後，我們仍然能夠透過運用所有手段來維持相對平穩的收入成長。它也需要一些時間才能顯現出來，並且需要一段時間才能在另一端發生轉變和重新加速。

Specific to ECRI, generally, our approach has been very similar on a year-over-year basis. There's no meaningful difference with perhaps the small exception being that we are following and abiding by state of emergency restrictions in some states that put a little bit of a cap or a little bit of a headwind on a year-over-year basis to ECRI. So maybe modestly less contribution. But outside of that, it's generally similar.

就 ECRI 而言，總體而言，我們每年的做法都非常相似。除了我們正在遵守一些州的緊急狀態限制之外，沒有其他實質的區別，這些限制可能會對 ECRI 的年增長率造成一些限製或阻礙。所以貢獻可能略少一些。但除此之外，其他方面基本上相似。

Yeah, and I would just add, importantly, that customers are accepting ECRI at the same rate as they have in the past. We don't see any greater reaction in terms of move-out from customers.

是的，我還要補充一點，重要的是，客戶接受 ECRI 的比例與過去一樣高。我們沒有看到客戶出現更大的搬離反應。

Got it. so the move-in rents not flowing through as quickly to the rent roll really isn't a function of ECRI specifically, that contribution starting to come down. I guess the question is what is causing that? Like -- and maybe it's just like some math problem like it's tough to solve, but like what would make the contribution from move-in rents be a bit less than expected?

明白了。所以，入住租金未能及時流入租金收入，實際上並不是 ECRI 的具體問題，也不是因為 ECRI 的貢獻開始下降。我想問的是，是什麼原因導致了這種情況？例如——也許這就像一道很難解決的數學題，但是什麼原因導致入住租金的貢獻比預期少一些呢？

Yeah, the primary driver in the third quarter was slower churn. You'll notice that both our rentals and vacates were lower. So it's just a little slower churn than we had modeled.

是的，第三季的主要驅動因素是客戶流失率下降。你會注意到我們的出租率和退房率都下降了。所以客戶流失速度比我們之前預測的要慢一些。

Got it. Okay thank you.

知道了。好的，謝謝。

Thanks, Eric.

謝謝你，埃里克。

Michael Griffin, Evercore ISI.

Michael Griffin，Evercore ISI。

Thanks maybe to follow up on Wolfe's question there. I'm curious, Joe, if you can give us a sense of -- and I realize you're not going to give '26 guidance, but where those move-in rates need to go before you start to adjust your ECRI program, right?

或許可以就沃爾夫提出的問題做個後續討論。喬，我很好奇，你能不能給我們一些建議——我知道你不會給出 2026 年的指導意見，但在你開始調整 ECRI 計劃之前，這些入住率需要達到什麼水平？

I understand that you all solve to maximize revenue, but it seems to me that as these move-in rents remain lower, you're going to have to make up for it on the ECRI upside. So at what point, not to say that we reach an equilibrium, but that this regime of higher ECRIs to solve for revenue comes down somewhat?

我知道你們都是為了最大化收益而解決問題，但在我看來，隨著這些入住租金持續走低，你們必須透過 ECRI 的上漲來彌補損失。那麼，在什麼情況下（不是說我們達到了平衡狀態），這種透過提高ECRI來解決收入問題的製度會有所下降呢？

Yeah, I look at it a little differently, right? Street rates, new customer rates are going up and that gives us more headroom to increase ECRIs to existing customers, right? We don't want to move existing customers up too far over street rate, right? It provides somewhat of a cap, a guide for us.

是的，我的看法可能有點不同，對吧？街頭價格、新客戶價格都在上漲，這給了我們更大的空間來提高現有客戶的ECRI，對嗎？我們不想讓現有客戶的價格比市價高太多，對吧？它為我們提供了一個上限和指導。

And as street rate goes up, that puts more and more of our customers into the eligible pool to receive an ECRI. So one of the challenges over the past several years is as street rates decline, more and more of our customers were in the group that were ineligible for ECRIs. And now as that switches, that pattern should change.

隨著街頭租金上漲，越來越多的客戶將符合條件獲得 ECRI。因此，過去幾年面臨的挑戰之一是，隨著街頭租金下降，越來越多的客戶屬於不符合 ECRI 資格的群體。而現在，隨著這種情況的轉變，這種模式也應該改變。

Thanks, Joe. I appreciate the color there. And then maybe just on the acquisition opportunity set. I mean it seems like there are more transactions coming back into the market. You seem pretty constructive on this deal that the part of it is closed and part you're expecting to close by year-end.

謝謝，喬。我很喜歡那裡的顏色。然後或許就只針對收購機會而言了。我的意思是，似乎市場上又有更多交易活動出現了。你對這筆交易似乎相當有建設性，一部分已經完成，另一部分預計在年底前完成。

But maybe give us a sense of the opportunity set within the transaction market? Are buyers and sellers more willing to come together on price? Is it interest rate stability? Like I guess, what's the catalyst for maybe an incrementally positive outlook as it relates to acquisitions?

但或許可以讓我們了解交易市場中蘊藏的機會？買賣雙方是否更願意在價格上達成協議？是利率穩定嗎？我想，促成收購前景逐步向好轉的催化劑是什麼？

So I'm not overly positive on the open market. I don't see cap rates at a level that given our cost of capital, it's attractive for us to be the high bidder in a competitive bid. And we've seen lots of deals that we've managed, where we had first and sometimes last shot that we let them go because we want to be disciplined and adhere to our cost of capital metrics.

所以我對公開市場並不十分樂觀。我認為目前的資本化率水準不足以讓我們在競爭性競標中成為最高出價者。我們看到，在我們經手的許多交易中，我們擁有第一手甚至最後一手的機會，但我們最終還是放棄了，因為我們想要保持自律，並遵守我們的資本成本指標。

But what I am encouraged and positive about in the future is our continued ability to create accretive deals through our relationships like the one we just discussed through our joint venture partners, which we've done several of which were at very high yields this year.

但令我感到鼓舞和樂觀的是，未來我們將繼續透過我們與合資夥伴的關係創造增值交易，就像我們剛才討論的那樣，我們今年已經完成了好幾筆這樣的交易，收益率非常高。

We have another one of those under discussion and through being creative and the vast industry relationships we have, right? Having over 1,800 properties we manage, gives us an awful lot of relationships that allow us to do transactions others can't.

我們正在討論另一個類似的問題，透過發揮創造力以及我們廣泛的行業關係來實現，對吧？我們管理超過 1800 處房產，這讓我們擁有了非常多的關係，使我們能夠完成其他人無法完成的交易。

Yes. And Grif, I'd just add, being involved in the industry in all these ways, it allows us to hang around the hoop. Oftentimes, these acquisitions really are triggered by a life event for the seller or maybe a debt maturity or something else where it's not really a market function that's pushing them to sell it. It's more of an event, and we want to be close by when those events happen and have first shot.

是的。我還要補充一點，格里夫，以這些方式參與這個行業中，讓我們能夠一直關注著籃球圈。很多時候，這些收購其實是由賣方的人生大事、債務到期或其他原因引發的，而不是市場因素促使他們出售。這更像是一場盛事，我們希望在這些盛事發生時身處附近，搶佔先機。

I mean another example is our Bridge Loan Program where to date, we've bought 22% by dollar volume of the collateral we've lent against. So that provides somewhat of a proprietary acquisition pipeline for us, too.

我的意思是，另一個例子是我們的過橋貸款計劃，到目前為止，我們已經購買了我們所發放貸款的抵押品金額的 22%。所以這也為我們提供了一條專有的收購管道。

Great, that's it for me. Thanks for the time.

太好了，我的情況就是這樣。謝謝你抽出時間。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

Good morning. Jeez, if I'm beating a dead horse here, but on the discounting, I guess a two-part question. What's the strategy behind using it more aggressively in some of the rent restriction areas like L.A.? And then in October, you mentioned the gross versus net delta shrunk. So does that mean you're not discounting as much as you did in the third quarter? Or just why is that discount narrowing in October?

早安.哎呀，如果我在這裡老生常談，那麼關於折扣的問題，我想可以分成兩部分。在洛杉磯等一些租金限制地區更積極地使用這種做法背後的策略是什麼？然後，在 10 月份，您提到毛利潤與淨利潤之間的差額縮小了。那是不是代表你們的折扣力道不如第三季那麼大了？或者說，為什麼10月的折扣力道會收窄？

So we're always looking for ways to maximize long-term revenue while complying with law and substituting discounts for ECRIs is an effort to do that. And our use of the tool and how it evolves as we learn more will change over time. And that's one reason you see a difference in October or will see a difference in October.

因此，我們一直在尋找在遵守法律的前提下最大化長期收入的方法，而用折扣代替 ECRI 就是為了實現這一目標。隨著時間的推移，我們對該工具的使用方式以及隨著我們了解的深入而發生的變化也會隨之改變。這也是為什麼你在十月會看到一些變化，或者說，你將在十月看到一些變化的原因之一。

Sorry. And then just on the dispositions, you noted that there's a big kind of portfolio that you've put out there for market. Just curious if you could share any feedback on pricings in the market for those assets. You mentioned that on the acquisition side, cap rates are necessarily super attractive. So it probably means good demand on those Life assets. Any color would be appreciated there.

對不起。然後，關於資產處置方面，您提到您已經向市場推出了規模很大的投資組合。我只是好奇您能否分享一下關於這些資產市場定價的任何反饋意見。您提到，在收購方面，資本化率必然非常吸引人。所以這可能意味著市場對人壽保險資產的需求旺盛。任何顏色在那裡都會受歡迎。

Yeah, we'll provide more color when they close. But we had bidders. We've selected a buyer. We're going through the process. I mean, I think it's very important for us as a company every year to look at our portfolio and due to market concentrations or individual asset growth or capital requirements, try to consistently improve the portfolio by doing some dispositions.

是的，等他們關門後我們會提供更多細節。但我們確實有競標者。我們已經選定了買家。我們正在按流程進行。我的意思是，我認為對我們公司來說，每年審視我們的投資組合非常重要，並且由於市場集中度、個別資產增長或資本需求，我們應該透過進行一些資產處置來不斷改善投資組合。

And we're a little heavy historically this year because we're two years out from the Life merger, and we want -- we have some Life assets that we want to dispose of. But I think we'll sell assets every year and just try to recycle the money into better long-term assets.

今年我們的財務狀況有點沉重，因為距離 Life 合併還有兩年時間，我們想——我們有一些 Life 資產想要處置。但我認為我們會每年出售資產，並將所得資金重新投資到更好的長期資產中。

Not to be greedy, but one very quick follow-up on the occupancy. I think you said October was 93.4%. Just what's the year-over-year delta on that?

並非貪心，但還是想快速跟進一下入住率狀況。我想你說過十月是 93.4%。具體來說，年比變化是多少？

So the year-over-year delta is about negative 40 basis points, Juan. And I would look at that much more as a result of last year's comp. If you look at our same-store occupancy September to October in 2024, it actually accelerated, part of that was related to the Life Storage assets.

所以年比變化約為負 40 個基點，胡安。鑑於去年的比賽，我會更加關注這一點。如果你看看我們 2024 年 9 月至 10 月的同店入住率，你會發現它實際上加速成長了，其中一部分與 Life Storage 的資產有關。

That's about the time we unified everything under the Extra Space brand. We got aggressive with pricing and took a lot of occupancy at those stores. So if you look at the sequential progress, 93.7% at the end of September, 93.4% in October, pretty similar to what we've experienced historically.

大約就在那時，我們將所有業務統一到 Extra Space 品牌下。我們在定價方面採取了積極的策略，並獲得了這些門市的大量入住率。所以，如果你看一下連續的進展情況，9 月底為 93.7%，10 月為 93.4%，這與我們歷史上經歷的情況非常相似。

Thank you. Sorry about that.

謝謝。抱歉。

No problem thanks Juan.

沒問題，謝謝你，胡安。

Ravi Vaidya, Mizuho.

Ravi Vaidya，瑞穗銀行。

Hi there. Hope you guys are doing well. I wanted to ask about the bridge lending book. How do you expect the lower rate environment to impact the growth of this part of your business? Do you expect maybe that some operators might take more traditional financing options? And would a greater proportion of the mezz lending turn into acquisitions from here on out?

你好呀。希望你們一切都好。我想諮詢一下關於過橋貸款的書籍。您預計低利率環境將如何影響您業務這部分的成長？您是否認為一些業者可能會選擇更傳統的融資方式？今後，夾層貸款中會有更大比例轉化為收購嗎？

So I think a lower rate environment will affect the bridge lending program if it loosens up the acquisition market. Many of our new bridge lending customers, who are folks who if they could get the price they have in their head would sell the asset, but they can't get in the market today. So they're looking for a bridge solution to get them to a future date when they could sell.

所以我認為，如果較低的利率環境能夠放鬆收購市場，那麼它將會影響過渡性貸款計畫。我們許多新的過橋貸款客戶，如果他們能以自己心目中的價格出售資產，他們就會出售，但他們今天無法進入市場。因此，他們正在尋找一種過渡方案，以便能夠撐到將來可以出售的時候。

So I think there's some countercyclicality between the acquisition market and the bridge lending business, and that's fine, right? That's one of the reasons we have all these different growth channels because in any one year, one could grow more than the other, and we just -- we want to be doing what's right, given current -- what's best for our shareholders given current market and economic conditions.

所以我認為收購市場和過橋貸款業務之間存在一定的反週期性，這很好，對吧？這就是我們擁有所有這些不同成長管道的原因之一，因為在任何一年中，一個管道的成長速度都可能超過另一個管道，而我們只是想——在當前市場和經濟條件下，做對股東最有利的事情。

Yes. and one thought, Ravi, that I'd add to that as well, as we've talked about, we originate these loans in a mortgage mezzanine structure. And as interest rate spreads as a whole tighten, the required spread of our A note buyers also tightened.

是的。拉維，我還有一點要補充，正如我們之前討論過的，我們是透過抵押貸款夾層結構發放這些貸款的。隨著整體利率利差收窄，我們A類票據買家所需的利差也隨之收窄。

So in terms of kind of the relative spread that we can bring in, we have some flexibility there, especially to the extent that we're holding mezz notes to optimize those yields.

因此，就我們可以實現的相對利差而言，我們有一定的靈活性，尤其是在我們持有夾層票據以優化收益率的情況下。

Got it thank you.

明白了，謝謝。

Sure, thank you.

當然，謝謝。

Nicholas Yulico, Scotiabank.

Nicholas Yulico，加拿大豐業銀行。

Thanks. Yeah, I'm trying to just piece together this quarter versus last quarter, some of the comments on occupancy and pricing. Last quarter, you guys felt good about occupancy, you felt good about pricing. You hit an ending occupancy number, which was the highest you had in several years.

謝謝。是的，我正在嘗試將本季與上季的數據，以及一些關於入住率和定價的評論拼湊起來。上個季度，你們對入住率和定價都感到滿意。你們的入住率達到了近幾年來的最高水準。

And then for whatever reason, then this quarter, I felt like you were pushing pricing and then you didn't get what you wanted. You had some discounts you offered. And so I guess, you did that in relation to -- I don't know, some worries about occupancy or move-in volume coming in through the front door. Is that the right way to look at this?

然後不知何故，這個季度，我覺得你們一直在追求高價，但最終卻沒能如願以償。你提供了一些折扣。所以我想，你這樣做可能與——我不知道，一些關於入住率或通過前門進入的搬家人數的擔憂有關。這種看待這個問題的方式正確嗎？

Yeah, I respectfully think it's not. I think that we don't solve for occupancy. We don't get worked up if occupancy is 20 or 30 basis higher or lower. We don't solve for rate either. We solve for long-term revenue, and in some instances, if that's going to be a little higher rate and lower occupancy or a little lower rate and higher occupancy, we're ambivalent.

是的，恕我直言，我認為並非如此。我認為我們無法解決入住率問題。入住率高低 20 或 30 個基點，我們都不會感到焦慮。我們也不需要求解速率。我們著眼於長期收益，但在某些情況下，如果這意味著稍高的房價和較低的入住率，或者稍低的房價和較高的入住率，我們則持觀望態度。

We just want the highest long-term revenue. And the discounting strategy was not a reaction to any type of occupancy number. It was more thinking about we see more and more of these state of emergencies, how can we change our pricing structure to maximize revenue as these things come up across the country.

我們只想要最高的長期收益。而折扣策略並非針對任何類型的入住率所做出的反應。我們更多是在思考，隨著全國各地出現越來越多的緊急狀態，我們如何改變定價結構以最大限度地提高收入。

Okay. I guess the issue here is that it kind of feels like you guys have higher occupancy than the industry. And you can see that in various ways, but presumably, you guys took some market share over the last couple of years as you went to this discounted pricing on the front-end strategy. And I'm just wondering if the issue here now is that the rest of the industry just doesn't have as high occupancy.

好的。我覺得問題在於，你們的入住率似乎比業界平均還要高。你可以從各種方面看出這一點，但可以肯定的是，在過去幾年裡，你們透過前端折扣定價策略，獲得了一些市場份額。我只是想知道，現在的問題是不是其他行業的入住率不夠高。

So if you guys are trying to push rate, has -- you got to deal with the rest of the industry and what they're going to do. And so I'm just wondering if that is something that played out this quarter, again, where you guys seem like you're in a little bit better position to be pushing rate than the industry and then you hit a wall and problem is that the rest of the industry isn't at the same sort of starting point as you guys right now in occupancy.

所以，如果你們想提高利率，就必須考慮其他行​​業參與者的行動。所以我想知道，這是否是本季再次出現的情況，你們似乎比業內其他公司更有優勢來提高房價，然後你們遇到了瓶頸，問題是目前其他公司的入住率與你們的起點並不相同。

Yeah, it, I appreciate the question, Nick. I would say, I don't think we've hit a wall, right? We continue to see rates accelerate through the quarter and beyond and continue to be pleased with the occupancy level.

是的，感謝你的提問，尼克。我認為，我們還沒有遇到瓶頸，對吧？我們看到房價在本季及以後持續上漲，並且對入住率水準感到滿意。

I think this is a fragmented enough industry that while we kind of think of the industry as maybe being the large public operators, and we're comparing and contrasting 10 basis points here and there. I think holistically, we look at this as we've had negative rates as an industry for a long time.

我認為這是一個足夠分散的行業，雖然我們可能把這個行業看作是大型上市運營商，但我們卻在這裡來回比較 10 個基點。我認為從整體來看，我們整個產業長期以來一直處於負利率狀態。

That -- despite that, we've been able to maintain flattish revenue growth for the last couple of years. And now as new supply moderates and as we maintain those high occupancy levels, we've been able to push rate, and we keep seeing it going.

儘管如此，過去幾年我們還是維持了營收基本持平的成長。現在，隨著新增供應量趨於平穩，並且我們保持了較高的入住率，我們得以提高房價，我們看到房價還在持續上漲。

As Joe mentioned, we're always testing things. And the beauty of it is we have a large enough portfolio, we don't really have to guess. We can run tests and see what the winning strategies are and what is resulting in stronger revenue outcome. So I think we're pretty comfortable that the data is telling us how to maximize revenue.

正如喬所說，我們一直在測試各種東西。妙處在於我們擁有足夠大的投資組合，我們無需猜測。我們可以進行測試，看看哪些策略是致勝之道，哪些策略能帶來更強勁的營收成長。所以我覺得我們相當有信心，數據能夠告訴我們如何最大化收入。

It's easier to push rates when you have higher occupancies. And as long as our customer acquisition platform can fill the funnel, which they can, we'll do much better with rates at higher occupancy than lower occupancy.

入住率高的時候，更容易提高房價。只要我們的客戶獲取平台能夠填滿銷售漏斗（而他們確實可以做到），那麼在高入住率下，我們的收費標準就會比在低入住率下高得多。

All right, thanks guys.

好的，謝謝各位。

Spenser Glimcher, Green Street.

史賓塞‧格林徹，格林街。

Thank you just going back to the dispositions. Is there anything you can share on the 24 assets being sold just in terms of geography or rent levels just relative to the portfolio average? And as you continue to call the portfolio, as you mentioned, are there many more Life assets that you would say fit the disposition criteria, perhaps due to a lack of market concentration, just not being as efficient to operate?

謝謝，我這就回到處置方式上來。關於這 24 項待售資產，您能否分享一些關於其地理位置或租金水平相對於投資組合平均水平的信息？正如您所提到的，當您繼續對投資組合進行評估時，是否還有很多壽險資產符合處置標準，可能是因為市場集中度不足，或者營運效率不高？

So the existing portfolio has a concentration in Florida and the Gulf Coast. And I would say there are -- there certainly are more Life Storage assets, but there's not -- I think this is the big chunk. I don't think we'll do another 22 property portfolio.

因此，現有投資組合主要集中在佛羅裡達州和墨西哥灣沿岸地區。而且我認為——當然還有更多 Life Storage 的資產，但——我認為這是最大的一部分。我不認為我們會再做22個房地產投資組合。

Okay. And anything you can share on how those assets rent levels compare to the portfolio average?

好的。能否分享一下這些資產的租金水準與投資組合平均值相比如何？

They're lower.

它們更低。

Okay. And then just maybe the second question here. Can you just remind us what your on-site personnel looks like today just for your properties and then as well as regional managers, how many assets are these employees overseeing on average? And are you comfortable with this headcount for the near term?

好的。那麼，或許可以回答第二個問題。能否簡單介紹一下您目前各物業的現場工作人員組成，以及區域經理的情況，這些員工平均負責管理多少資產？您對近期的人員配置感到滿意嗎？

So we're at about 1.4 full-time employees per store. It obviously varies, 100,000 square feet in Manhattan is going to be staffed more heavily than 45,000 square feet outside of Lexington, Kentucky. We're continuing to use technology to -- and testing to try to get more efficient, right?

所以，我們平均每家店有大約 1.4 名全職員工。顯然情況各不相同，曼哈頓 10 萬平方英尺的建築所需的員工人數肯定比肯塔基州列剋星敦郊外 4.5 萬平方英尺的建築要多。我們將繼續利用技術——並透過測試來提高效率，對嗎？

And some of it is when you have a cluster of stores, how can you staff efficiently without having every store staffed at a full-time basis and other testing that frankly isn't unique in the industry. I think everyone is doing it.

其中一些問題是，當你擁有多家門市時，如何在不讓每家門市都配備全職員工的情況下高效地安排員工，以及其他一些測試，坦白說，這些測試在業內並不獨特。我覺得大家都在這麼做。

But at the end of the day, we want to meet the customer, how the customer wants to meet us. And 30% -- a little more than 30% of the customers still walk into the store wanting to talk to a store manager. They all have phones. They all have computers.

但歸根結底，我們希望以客戶希望的方式與客戶見面。還有 30%——略多於 30% 的顧客走進商店，想要和店長談談。他們都有手機。他們都有電腦。

They can do a full transaction with us if they choose online. But they choose to go to the store for a reason. They want to see how clean it is. They don't really know what a 10x10 is. They have some questions on the store.

如果他們選擇在線交易，就可以在我們這裡完成所有交易。但他們選擇去商店是有原因的。他們想看看它有多乾淨。他們根本不知道10x10是什麼概念。他們對這家商店有一些疑問。

And if you take the store manager out and force them to choose to scan the QR code or force them to call up someone on the phone, some of them will do that, but some of them will turn around and go across the street to a competitor.

如果你把店長拉出來，強迫他們選擇掃描二維碼還是打電話，有些人會照做，但有些人會轉身去街對面的競爭對手那裡。

So as long as we have customers who are choosing to walk into the store, we will make sure we have a store manager there. Because if we cut expenses by 15% and lose one rental a month at our average rate, that's negative 2.5% NOI experience. So we're going to protect that revenue line item very carefully while still being smart on the expense side.

所以只要有顧客選擇走進我們的商店，我們就會確保有店長在場。因為如果我們削減 15% 的開支，並且以平均租金計算每月損失一套出租房屋，那麼淨營業收入就會下降 2.5%。因此，我們將非常謹慎地保護這項收入，同時在支出方面也要保持謹慎。

Great. That, that's really helpful color thank you.

偉大的。這個顏色真的很有幫助，謝謝。

Sure, thank you.

當然，謝謝。

Michael Mueller, JPMorgan.

邁克爾·穆勒，摩根大通。

Yeah, hi, just a general question here on acquisitions. Just curious, when you buy something that's not stabilized or actually something that has stabilized even, how much can you typically raise the going-in yield just from taking the assets, putting them on the platform and kind of getting the expense efficiencies?

您好，我這裡有一個關於收購的一般性問題。我很好奇，當你購買一些尚未穩定或實際上已經穩定的資產時，僅僅通過將這些資產放到平台上並利用費用效率，通常可以提高多少初始收益率？

And I'm just thinking about that, like what's the low-hanging fruit in terms of going from an initial yield up to a stabilized yield that obviously has some additional revenue impact in it?

我一直在思考這個問題，如何才能最容易地從初始收益率提高到穩定收益率，從而明顯地增加收入？

Yeah, so it's a really good question and it varies widely. So if we're buying a store that's already on our management platform, either because it's -- we have a bridge loan on it or it's our management platform, then we've already optimized NOI.

是的，這確實是個好問題，答案因人而異。所以，如果我們收購的店鋪已經在我們的管理平台上，要嘛是因為我們有過橋貸款，要嘛是因為店家本身就是我們的管理平台，那麼我們已經優化了淨營業收入。

And it's much more of a core purchase, and we'll try to do a lot of those with joint venture partners to enhance the yield. If we're buying something that's managed by a third-party operator, it varies widely because the quality of the third-party operators vary widely. Some are very good and some are not as good. But it's not uncommon for us to see 150 basis points or more increase in NOI once we can get it on our platform.

而且這更像是一項核心採購，我們將嘗試與合資夥伴進行許多此類採購，以提高收益。如果我們購買的是由第三方營運商管理的產品，那麼價格差異很大，因為第三方營運商的品質差異很大。有些非常好，有些則不太好。但一旦產品上線我們的平台，NOI 增加 150 個基點甚至更多，這種情況並不少見。

Got it. Okay, I appreciate it thank you.

知道了。好的，謝謝。

Thanks, mike.

謝謝，麥克。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Good morning out there. The repairs and maintenance during the quarter and the elevation in that number, was that -- is that like a broad-based R&M across the entire portfolio? Was it more concentrated on the LSI portfolio because there was kind of maybe some deferred maintenance still associated with that portfolio? And how do you just kind of think about kind of going forward, the outlook for R&M?

早安.本季維修和維護工作量以及該數字的成長，是否意味著—這是否意味著整個投資組合都進行了廣泛的維修和維護？是否因為 LSI 投資組合還有一些與該投資組合相關的延期維護工作，所以才更專注於該投資組合？那麼，您如何看待R&M的未來發展前景呢？

Yeah, thanks for the question. Yes, some of that outsized growth is driven specifically by the legacy LSI properties. And again, we expect that to normalize. We had some catch up to do on those properties but just started seeing that normalize.

謝謝你的提問。是的，部分超額成長是由傳統的LSI資產所推動的。我們預計這種情況會逐漸正常化。我們之前需要對這些屬性進行一些調整，但現在已經開始看到它們趨於正常化了。

And -- but all in all, as Joe had mentioned, we want to take care of the properties. So in general, we're going to make sure that we're doing whatever we need to do to protect those assets. But yes, a little bit of an outsized contribution from the Life stores.

而且——但總而言之，正如喬所提到的，我們想好好照顧這些房產。所以總的來說，我們會確保採取完全必要措施來保護這些資產。但沒錯，Life 門市的貢獻確實有點過大。

Yeah, that's helpful. And then on the Bridge Loan Program side of things, could you just kind of talk a little bit about kind of what you're still seeing out there, ability to kind of put money to work and kind of at what kind of yields?

是的，這很有幫助。那麼，關於過渡貸款計劃方面，您能否談談您目前看到的現狀，例如資金的運作能力以及收益率如何？

So we had a very active year last year. I think we did $880 million of originations. And a lot of that was new development stores that needed to pay off their construction loan and want to bridge to stabilization. That business has gone fairly quiet as the amount of new stores being delivered is going down, which is overall a good thing.

所以去年我們過得非常充實。我認為我們完成了 8.8 億美元的貸款發放。其中許多是新建的商店，它們需要償還建設貸款，並希望過渡到穩定營運。隨著新店交付數量的減少，該行業的生意也變得相當冷清，這總體來說是一件好事。

That's been replaced somewhat by folks who need to buy out an equity partner because things are going slower than usual or wanted to sell, as I said earlier, and can't.

這種情況在某種程度上被那些需要收購股權合夥人股份的人所取代，因為業務發展速度比平常慢，或者像我之前說的那樣，有些人想出售股份卻無法出售。

So we've done through three quarters, a little over $330 million worth of originations. So we're on a good pace for that. The pricing of loans we have on our books, the A notes average about 7.6%. The mezzanine notes are about 11.3%.

因此，前三個季度我們完成了略高於 3.3 億美元的貸款發放。所以，我們目前進展順利。我們帳面上的貸款定價，A級票據平均約為7.6%。夾層票據約佔 11.3%。

So over time, we would like to keep our on balance sheet balances fairly steady. It will go up and down slightly quarter-to-quarter but change the mix to have more B notes and fewer A notes on balance sheet.

因此，隨著時間的推移，我們希望保持資產負債表上的餘額相對穩定。它會在每個季度略有上下波動，但會改變資產負債表上的資產組合，使 B 類票據更多，A 類票據更少。

Thank you.

謝謝。

There are no further questions at this time. I will now hand the call back to Mr. Joe Margolis for any closing remarks.

目前沒有其他問題了。現在我將把電話轉回給喬·馬戈利斯先生，請他作總結發言。

Great. Thank you very much. Thank you, everyone, for your time and interest in Extra Space. I just want to reiterate that we're positive about the future. Our rent -- rate trends are positive and improving every quarter. Supply continues to go down.

偉大的。非常感謝。感謝大家抽空關注「額外空間」欄位。我只想重申，我們對未來充滿信心。我們的租金走勢積極，每季都在改善。供應量持續下降。

Our ancillary businesses are growing and help bridge the gap while we -- while the time it takes for these new higher rates to flow through the rent roll take time. So we're really encouraged about going into 2026 and are excited for better things tomorrow.

我們的輔助業務正在成長，並有助於彌補我們—儘管這些新的較高利率需要時間來反映租金收入。因此，我們對即將到來的2026年充滿信心，並對更美好的明天充滿期待。

Thank you again for your interest.

再次感謝您的關注。

Thank you. And this concludes today's call. Thank you for participating. You may all disconnect.

謝謝。今天的電話會議到此結束。感謝您的參與。你們可以斷開連結了。