National Storage Affiliates Trust (NSA) 2023 Q1 法說會逐字稿

Greetings, and welcome to the National Storage Affiliates First Quarter 2023 Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, George Hoglund, Vice President of Investor Relations for National Storage Affiliates. Thank you, Mr. Hoglund. You may begin.

您好，歡迎來到 National Storage Affiliates 2023 年第一季度電話會議。 （操作員說明）提醒一下，正在錄製此會議。現在我很高興向您介紹主持人 George Hoglund，他是 National Storage Affiliates 投資者關係副總裁。謝謝你，霍格倫德先生。你可以開始了。

We'd like to thank you for joining us today for the first quarter 2023 Earnings Conference Call of National Storage Affiliates Trust.

感謝您今天加入我們，參加 National Storage Affiliates Trust 2023 年第一季度收益電話會議。

On the line with me here today are NSA's Executive Chair, Tamara Fischer; President and CEO, Dave Cramer; and CFO, Brandon Togashi. Following prepared remarks, management will accept questions from registered financial analysts. Please limit your questions to one question and one follow-up and then return to the queue if you have more questions.

今天和我一起在線的是 NSA 的執行主席 Tamara Fischer；總裁兼首席執行官 Dave Cramer；首席財務官 Brandon Togashi。在準備好的評論之後，管理層將接受註冊金融分析師的提問。請將您的問題限制為一個問題和一個跟進，如果您有更多問題，請返回隊列。

In addition to the press release distributed yesterday afternoon, we furnished our supplemental package with additional details on our results which may be found in the Investor Relations section on our website at nationalstorageaffiliates.com.

除了昨天下午分發的新聞稿外，我們還提供了補充包，其中包含有關我們結果的更多詳細信息，您可以在我們網站 nationalstorageaffiliates.com 的投資者關係部分找到這些信息。

On today's call, management's prepared remarks and answers to your questions may contain forward-looking statements that are subject to risks and uncertainties and represent management's estimates as of today, May 2, 2023.

在今天的電話會議上，管理層準備好的評論和對您問題的回答可能包含前瞻性陳述，這些陳述受風險和不確定性的影響，代表管理層截至今天（2023 年 5 月 2 日）的估計。

The company assumes no obligation to revise or update any forward-looking statements because of changing market conditions or other circumstances after the date of this conference call. The company cautions that actual results may differ materially from those projected in any forward-looking statements.

公司不承擔因本次電話會議日期後市場狀況變化或其他情況而修改或更新任何前瞻性陳述的義務。該公司警告說，實際結果可能與任何前瞻性陳述中預測的結果存在重大差異。

For additional detail concerning our forward-looking statements, please refer to our public filings with the SEC. We also encourage listeners to review the definitions and reconciliations of non-GAAP financial measures, such as FFO, core FFO and net operating income contained in the supplemental information package available in the Investor Relations section on our website and in our SEC filings.

有關我們前瞻性陳述的更多詳細信息，請參閱我們向美國證券交易委員會提交的公開文件。我們還鼓勵聽眾審查非 GAAP 財務指標的定義和對賬，例如 FFO、核心 FFO 和淨營業收入，這些指標包含在我們網站投資者關係部分和美國證券交易委員會備案文件中提供的補充信息包中。

I will now turn the call over to Dave.

我現在將把電話轉給戴夫。

Thanks, George, and thanks, everyone, for joining our call today. Before we get started, I'd like to acknowledge the recent passing of a valued member of our Board of Trustees, George Chapman. George joined our Board on our -- at our IPO in April of 2015, and has contributions are too many to name.

謝謝喬治，也謝謝大家今天加入我們的電話會議。在我們開始之前，我想感謝我們董事會的一位重要成員喬治·查普曼 (George Chapman) 最近去世。 George 於 2015 年 4 月在我們的首次公開募股中加入了我們的董事會，他的貢獻不勝枚舉。

We greatly appreciate his wisdom, guidance and sense of humor, and we will miss him greatly. Many of you know, today is my first earnings call as CEO, Amy is in the room with us today. So I'd like to say thank you for all you've done for the NSA over the years, and congratulations on your move to the Executive Chair role. But I'd also like to acknowledge and thank all of our team members here at NSA and our PROs for their continued dedication and hard work as a significant contributions from our team members that drive our continued growth, and we appreciate everyone's efforts.

我們非常感謝他的智慧、指導和幽默感，我們會非常想念他。你們很多人都知道，今天是我作為首席執行官的第一次財報電話會議，艾米今天和我們一起在房間裡。因此，我想對您多年來為 NSA 所做的一切表示感謝，並祝賀您擔任執行主席一職。但我還要感謝 NSA 的所有團隊成員和我們的 PRO，感謝他們持續的奉獻和辛勤工作，這是我們團隊成員的重大貢獻，推動了我們的持續發展，我們感謝每個人的努力。

Overall, looking at how the year started, there are positive signs that fundamentals are moving in the right direction. (inaudible) rates have increased 4% from the beginning of the year through the end of April. Contract rates are also up slightly over that same time frame.

總的來說，從今年的開局來看，有積極的跡象表明基本面正在朝著正確的方向發展。從年初到 4 月底，（聽不清）利率增加了 4%。在同一時間段內，合同費率也略有上升。

Length of stay continues to increase, with the average length of stay on move-outs now up to 17 months, the highest ever been for our portfolio. Also, our rent roll down has moderated every month this year, starting at 19% in January and is now 13% in April.

入住時間繼續增加，搬遷的平均入住時間現在長達 17 個月，是我們投資組合有史以來最長的。此外，今年我們的租金降幅每個月都在放緩，從 1 月份的 19% 開始，現在 4 月份為 13%。

The things moving in the right direction, I'll remind you that we're coming off the best 2 years of rate and occupancy growth in the self-storage sector has ever seen. The comps are challenging as we moderate back to normal levels.

事情朝著正確的方向發展，我會提醒你，我們正在經歷自助倉儲行業有史以來最好的 2 年增長率和入住率增長。當我們緩和到正常水平時，補償具有挑戰性。

Now turning to results for the quarter. We began the year with solid operating performance, delivering same-store revenue growth of 5.7%, which is still above the long-term historical average for the sector.

現在轉向本季度的結果。年初，我們的經營業績穩健，同店收入增長 5.7%，仍高於該行業的長期歷史平均水平。

Occupancy ended the quarter at 89.8% and April finished at 90%. With the headwinds of a slowing economy and muted housing market, demand levels will continue to feel pressure. As an example, in March, home sales were down 29% year-over-year in both Phoenix and Las Vegas, while occupancy in those markets was down 570 basis points and 790 basis points, respectively.

本季度末的入住率為 89.8%，4 月份的入住率為 90%。在經濟放緩和房地產市場低迷的不利因素下，需求水平將繼續承受壓力。例如，3 月份，鳳凰城和拉斯維加斯的房屋銷售量同比下降 29%，而這些市場的入住率分別下降了 570 個基點和 790 個基點。

Our teams have done a good job navigating the changing economic environment and remain focused on executing strategies to capture new customers as we progress through the spring leasing season.

我們的團隊在應對不斷變化的經濟環境方面做得很好，並繼續專注於執行戰略以在我們度過春季租賃季節的過程中吸引新客戶。

Keep in mind, it's still very early. The next couple of months will be key to our full year growth. Geographically, our Sunbelt and secondary markets continue to outperform with MSAs such as McAllen, Oklahoma City, Brownsville and Wilmington all generating revenue growth north of 10%. This reinforces our strategic market focus and continued emphasis on geographic diversity.

請記住，現在還很早。接下來的幾個月將是我們全年增長的關鍵。從地域上看，我們的陽光地帶和二級市場繼續表現出色，麥卡倫、俄克拉荷馬城、布朗斯維爾和威爾明頓等 MSA 的收入增長均超過 10%。這加強了我們的戰略市場重點和對地域多樣性的持續重視。

Turning to the supply environment. We believe that our -- on a portfolio-wide level, supply will remain relatively muted near to midterm, given the many headwinds that developers are facing today. That said, there are a handful of markets where we're feeling pressure from new supply, resulting in below average growth, including Portland, Phoenix and Las Vegas.

轉向供應環境。我們認為，在整個投資組合的層面上，考慮到開發商今天面臨的許多不利因素，我們的供應將在接近中期時保持相對平靜。也就是說，有幾個市場我們感受到來自新供應的壓力，導致低於平均水平的增長，包括波特蘭、鳳凰城和拉斯維加斯。

On the acquisitions front, we had a productive quarter, acquiring 16 properties totaling $160 million. 15 of these properties were previously discussed and were part of our portfolio purchased out of the captive pipeline for approximately $145 million. We funded these transactions with $150 million of equity, which Brandon will discuss further in his remarks. These transactions demonstrate one of the benefits of our Pro structure, which is the captive pipeline, which now stands at approximately 100 properties, totaling $1.4 billion.

在收購方面，我們有一個富有成效的季度，收購了 16 處房產，總計 1.6 億美元。其中 15 處房產之前已經討論過，並且是我們以大約 1.45 億美元的價格從專屬管道中購買的投資組合的一部分。我們用 1.5 億美元的股權為這些交易提供資金，布蘭登將在他的發言中進一步討論。這些交易展示了我們 Pro 結構的優勢之一，即專屬管道，目前約有 100 處房產，總計 14 億美元。

The acquisition environment remains competitive with a wide gap between buyer and seller expectations. While we remain patient and disciplined, focusing on the captive pipeline and off-market transactions. I'll now turn the call over to Brandon to provide more detail on our financial results and balance sheet activity.

收購環境仍然充滿競爭，買賣雙方的期望之間存在巨大差距。在我們保持耐心和紀律的同時，專注於專屬管道和場外交易。我現在將電話轉給布蘭登，以提供有關我們財務業績和資產負債表活動的更多詳細信息。

Thank you, Dave. Yesterday afternoon, we reported core FFO per share of $0.66 for the first quarter of 2023, which represents a decrease of 2.9% over the prior year period. The sequential and year-over-year decline in core FFO per share, despite 4.8% growth in same-store NOI was due primarily to elevated interest expense given the rising rate environment, minimal acquisition volume in the fourth quarter of 2022 versus the $1.1 million of acquisitions in the fourth quarter of 2021 and an overall deceleration in operating fundamentals as we come off historic highs.

謝謝你，戴夫。昨天下午，我們報告了 2023 年第一季度的每股核心 FFO 為 0.66 美元，比去年同期下降了 2.9%。儘管同店 NOI 增長 4.8%，但每股核心 FFO 環比和同比下降主要是由於利率上升環境下利息支出增加，2022 年第四季度收購量最小，而 110 萬美元2021 年第四季度的收購數量，以及隨著我們脫離歷史高位，運營基本面整體減速。

Operating expense growth in the first quarter was 8.3%, in line with the high single-digit growth we previewed on our last call, as we had a tough comp in property taxes with favorable adjustments in the prior year period. Property taxes grew 11% year-over-year, but excluding the prior year adjustments, the growth was closer to 7%.

第一季度的營業費用增長 8.3%，與我們在上次電話會議上預測的高個位數增長一致，因為我們在去年同期進行了有利調整的財產稅方面表現不佳。財產稅同比增長 11%，但剔除上一年的調整後，增幅接近 7%。

We also saw an 11% increase in utilities and a 29% increase in marketing expense. Both of these line items had elevated spend beginning in the second quarter of last year, so we will start to lap the tough comps by midyear. These items were partially balanced by lower growth in other line items, a 1% increase in payroll and a 4% increase in repairs and maintenance.

我們還看到公用事業增加了 11%，營銷費用增加了 29%。從去年第二季度開始，這兩個項目的支出都有所增加，因此我們將在年中開始完成艱難的競爭。這些項目部分被其他項目的較低增長、工資增長 1% 以及維修和保養增長 4% 所抵消。

Turning to the balance sheet. Apart from the January recast of our credit facility, we previously announced we issued $113 million of a new series of preferred stock during the quarter in conjunction with an Orlando portfolio acquisition. The Series B preferred stock has a 6% coupon and was issued at an effective yield of approximately 6.1%.

轉向資產負債表。除了 1 月份重新調整我們的信貸額度外，我們之前還宣布，我們在本季度發行了 1.13 億美元的一系列新優先股，同時收購了奧蘭多投資組合。 B 系列優先股的息票率為 6%，發行時的有效收益率約為 6.1%。

Separately, we also repurchased 1.6 million common shares for $69 million. Subsequent to quarter end, we issued $120 million of 5-year unsecured notes in a private placement with a face coupon of 5.61% and an effective rate to us of 5.75%, inclusive of the impact of pre-issue hedges.

另外，我們還以 6900 萬美元的價格回購了 160 萬股普通股。季度末後，我們通過私募發行了 1.2 億美元的 5 年期無抵押票據，面息率為 5.61%，實際利率為 5.75%，包括發行前對沖的影響。

Additionally, Kroll Bond Rating Agency affirmed NSA's BBB+ credit rating and maintain the outlook at stable. At quarter end, our leverage was 6.3x net debt to EBITDA, up sequentially from year-end primarily due to typical first quarter seasonality.

此外，Kroll Bond Rating Agency 確認 NSA 的 BBB+ 信用評級並將展望維持在穩定。季度末，我們的槓桿率是淨債務與 EBITDA 的 6.3 倍，環比年末有所上升，這主要是由於典型的第一季度季節性因素。

We project leverage will decline slightly in the next couple of quarters as EBITDA increases from organic growth and the acquisitions we completed in mid-March. Giving effect for our $120 million debt raise, approximately 16% of our debt is subject to variable rate exposure, mostly from the outstanding balance on the revolver. We're committed to maintaining a conservative leverage profile and healthy access to multiple sources of capital.

我們預計未來幾個季度的槓桿率將略有下降，因為 EBITDA 因有機增長和我們在 3 月中旬完成的收購而增加。考慮到我們 1.2 億美元的債務籌集，我們大約 16% 的債務面臨可變利率風險，主要來自循環貸款的未償餘額。我們致力於保持保守的槓桿率和健康的多種資本來源。

Now moving on to 2023 guidance. As Dave mentioned, it's still early, so we will wait until we get further into the peak leasing season before revisiting the outlook for same-store revenue growth.

現在轉向 2023 年指南。正如 Dave 所提到的，現在還早，所以我們將等到我們進一步進入租賃旺季後再重新審視同店收入增長的前景。

On the OpEx front, we completed our annual property insurance renewal effective April 1 and experienced the same as other property owners, a very challenging renewal market with cost increases that were roughly double what we had in the budget. While insurance expense is a relatively small component of our property OpEx.

在運營支出方面，我們完成了自 4 月 1 日起生效的年度財產保險續保，並與其他業主一樣經歷了一個非常具有挑戰性的續保市場，成本增加大約是我們預算的兩倍。雖然保險費用在我們的財產運營支出中所佔比例相對較小。

This will still put some pressure on growth, which will come back where we can with controllable items. We thus maintained the guidance ranges that we introduced in February which can be found in the earnings release. Thanks again for joining our call today. Let's now turn it back to the operator to take your questions. Operator?

這仍然會給增長帶來一些壓力，增長會回到我們可以控制的地方。因此，我們維持了我們在 2 月份推出的指導範圍，可以在收益發布中找到。再次感謝您今天加入我們的電話會議。現在讓我們把它轉回接線員來回答您的問題。操作員？

(Operator Instructions) Our first question comes from Michael Goldsmith with UBS.

（操作員說明）我們的第一個問題來自瑞銀的邁克爾戈德史密斯。

Your comments on the earnings release and the call today, imply some caution. So can you maybe elaborate a little bit on how you view the quarter and then trends in April?

您對今天的收益發布和電話會議的評論暗示了一些謹慎。那麼，您能否詳細說明一下您如何看待該季度以及 4 月份的趨勢？

Michael, this is Dave. Thanks for joining our call today, and I appreciate you being on and thanks for the question. Yes. I think as you listen to what we talked about in our prepared remarks and as we look at the quarter, we certainly have a challenging comp to last year's occupancy. And we've been facing that comp now for 2 quarters coming off unprecedented times of just great times for the self-storage sector.

邁克爾，這是戴夫。感謝您今天加入我們的電話會議，感謝您的參與並感謝您提出這個問題。是的。我想當你聽我們在準備好的評論中談論的內容時，當我們看這個季度時，我們肯定會比去年的入住率更具挑戰性。在自助存儲行業前所未有的美好時光之後，我們現在已經面臨了兩個季度的挑戰。

And so we really spent a lot of time looking on what is it we wanted to accomplish in the first quarter and what were the business trends we were trying to achieve in the first quarter. And so -- the first quarter, in our opinion, really reacted pretty much as we expected. We saw seasonal changes where you saw the trough in occupancy and you saw the trough in the [street] rates really coming about mid-quarter in February, which would be expected in a normal seasonal trend.

因此，我們真的花了很多時間研究我們想要在第一季度完成什麼以及我們在第一季度試圖實現的業務趨勢是什麼。因此——在我們看來，第一季度的反應確實與我們預期的差不多。我們看到了季節性變化，您看到了入住率的低谷，並且您看到 [街道] 率的低谷真正出現在 2 月的季度中期，這在正常的季節性趨勢中是可以預期的。

And then we saw improvement in March, and we saw improvement again in April in occupancy and street rate and contract rate. And so from that (inaudible) that was a positive reaction in the quarter, a positive trend within the quarter that we're hoping to see.

然後我們在 3 月份看到了改善，我們在 4 月份再次看到入住率、街道率和合同率的改善。因此，從那個（聽不清）來看，這是本季度的積極反應，我們希望看到本季度的積極趨勢。

Our Sunbelt states continue to perform well throughout the quarter, really outperforming the portfolio in general. And really, our MSA is above 25%, also outperformed our portfolio in general as we think about how they performed against the total portfolio.

我們的 Sunbelt 州在整個季度繼續表現良好，總體上確實優於投資組合。實際上，我們的 MSA 高於 25%，在我們考慮它們相對於整個投資組合的表現時，總體上也優於我們的投資組合。

Top of the funnel were made it active. We had to spend more marketing dollars to keep customers coming in that top of the funnel. As we looked at the quarter though, we thought the rental activity was a little bit less than we wanted. And so top of the funnel was active enough, conversion rates were not as strong as we wanted to be within that funnel, and so we thought rental activity was a little bit on the light side. Again, overall, the quarter very much played out like we thought and we were pretty happy with where we ended particularly coming out of April.

漏斗頂部已激活。我們不得不花費更多的營銷資金來讓客戶進入漏斗的頂端。不過，當我們查看本季度時，我們認為租賃活動比我們想要的要少一些。因此漏斗頂部足夠活躍，轉化率不如我們希望在該漏斗中的那樣高，因此我們認為租賃活動有點偏淡。同樣，總體而言，本季度的表現非常像我們想像的那樣，我們對我們結束的地方非常滿意，特別是在 4 月份。

That's helpful, Dave. And as my follow-up, I'm just trying to put the start of this year into context. So maybe if we compare other years where rental activities maybe a little bit late. In the beginning of the year, has there been times when it picks up in May and June, and you're able to meet your expectations or meet the guidance through the year because things pick up? Or is it kind of like when you face pressure earlier in the year, it's just harder to catch up based on maybe a little softness earlier in the year.

這很有幫助，戴夫。作為我的後續行動，我只是想把今年的開始放在背景中。所以也許如果我們比較其他年份的租賃活動可能有點晚。今年年初，是否有過 5 月和 6 月回升的情況，並且您能夠達到您的預期或達到全年的指導，因為情況好轉？或者它有點像當你在今年早些時候面臨壓力時，基於今年早些時候可能有點疲軟就更難趕上了。

Yes. Good question. We do think it's early yet. We're just now entering the spring leasing season. We still have May and June which are very, very active months and sometimes July, part of July are as well.

是的。好問題。我們確實認為現在還為時過早。我們剛剛進入春季租賃季節。我們仍然有 5 月和 6 月，這是非常非常活躍的月份，有時 7 月，7 月的部分時間也是如此。

We think it's real -- it's too early to tell, and that's why we haven't really looked anymore about our guidance. We think there's plenty of opportunity in the next couple of months to drive performance, and we're watching it very closely.

我們認為這是真實的——現在下結論還為時過早，這就是為什麼我們不再真正關注我們的指南。我們認為在接下來的幾個月裡有很多機會來推動業績，我們正在密切關注它。

Like I said, we did see an improvement in April over March as far as that moves. We were pleased with that. April from a -- just a pure rental activity and an occupancy gain March to April, April was just a little lighter than we thought it might be based on maybe '18 or '19 trends, 2018 or 2019 trends.

就像我說的那樣，我們確實看到 4 月份的情況比 3 月份有所改善。我們對此很滿意。 4 月 - 只是純粹的租賃活動和 3 月到 4 月的入住率增長，4 月比我們認為可能基於 18 年或 19 年趨勢、2018 年或 2019 年趨勢的情況要輕一些。

Our next question is from Juan Sanabria with BMO Capital Markets.

我們的下一個問題來自 BMO Capital Markets 的 Juan Sanabria。

Just wanted to follow up on that last commentary. One of your peers talked about March was softer, but April rebounded and is kind of back to normal.

只是想跟進最後的評論。您的一位同行談到 3 月份比較疲軟，但 4 月份有所反彈，有點恢復正常。

So just curious, I guess, what you saw month-to-month in March and April and maybe May. I guess you can't talk to May, it's the 2nd of May. But just curious on the slope of what you're seeing and if that is not as steep on the upward trajectory as you normally would expect in? And more importantly, I think from an investor perspective, what's assumed in guidance? If you could just comment on that, that would be great.

所以我想，只是好奇你在 3 月、4 月甚至 5 月每個月看到了什麼。我猜你不能和 May 談談，今天是 5 月 2 日。但只是好奇您所看到的斜率，以及它是否不像您通常預期的那樣陡峭？更重要的是，我認為從投資者的角度來看，指南中假設了什麼？如果你能對此發表評論，那就太好了。

Yes, I'll touch on the slope of the activity around the [OP] and then Brandon can jump in on the other backside of that question.

是的，我將觸及圍繞 [OP] 的活動斜率，然後 Brandon 可以跳入該問題的另一面。

Certainly, again, we were happy with the improvement. We saw street rate improvement. We saw contract rate improvement through the first quarter and it also improved in April. We're happy with that.

當然，我們再次對改進感到滿意。我們看到街道利率有所提高。我們看到第一季度的合同率有所改善，4 月份也有所改善。我們對此很滿意。

The top of the funnel, the marketing spend and the dollars we deploy generated opportunities. I think April -- March to April, maybe we would expect maybe a 60 basis point improvement in occupancy, and we didn't get to 60. And that's where we're looking at the rental activity being a little softer than that. It doesn't mean it's not going to come either. There are days of the week involved at the end of April where maybe a Saturday last year was the 30th and the 30th this year was on a Sunday. There's some movement around [days]. We're way early in May. I can't really comment on May. But I do think there's an opportunity from a rental aspect to make some of this up in the month of May. Brandon, if you want to jump in on...

漏斗的頂部、營銷支出和我們部署的美元產生了機會。我認為 4 月 - 3 月到 4 月，也許我們預計入住率可能會提高 60 個基點，但我們沒有達到 60 個基點。這就是我們看到的租賃活動比這稍微疲軟的地方。這並不意味著它也不會來。 4 月底涉及一周中的幾天，去年的星期六可能是 30 日，而今年的 30 日是星期日。 [天] 左右有一些變動。我們在五月初。我真的不能對梅發表評論。但我確實認為，從租賃方面來看，有機會在 5 月份彌補其中的一部分。布蘭登，如果你想加入...

No, Juan, the only thing I would say kind of in response to what you asked as well as what Michael asked is, we're doing a lot of sanity checks as it relates to what we saw pre pandemic years.

不，胡安，我唯一要說的是回應你的問題以及邁克爾的問題，我們正在做很多健全性檢查，因為它與我們在大流行前幾年所看到的有關。

But there's other things in play as well, we're coming off the historic high occupancies that Dave spoke to. Our in-place rate strategies, though, are a lot stronger than they were back in '18 and '19. So you have that dynamic as well. So we have to we can use 2018, 2019 as reference points, but there's also an element of the new normal that we're frankly still finding.

但還有其他因素在起作用，我們正在擺脫戴夫所說的歷史性高入住率。不過，我們的就地利率策略比 18 年和 19 年要強大得多。所以你也有這種動力。所以我們必須使用 2018 年、2019 年作為參考點，但坦率地說，我們仍在尋找新常態的一個要素。

And then on the -- just on the existing customer rate increases, how have you been able to push those? What's been the receptivity of the customers? Has there been any increased price sensitivity to where maybe you step back on the pace of the increases you'd expected to push through? Any commentary would be helpful.

然後 - 就現有客戶率的增長而言，你是如何推動這些增長的？客戶的接受度如何？是否有任何增加的價格敏感性，你可能會在你預期推動的增長步伐上退後一步？任何評論都會有所幫助。

Yes, good question. Honestly, no. That's been very solid for us, very -- it's been a good strength for us. Our cadence remains as active as it has been -- really through the pandemic and the amount of customers and the amount of rate increase they're getting remains very constant and very right where we want it to be. There's been no change. There's been no commentary back from our consumer.

是的，好問題。老實說，不。這對我們來說非常穩固，非常 - 這對我們來說是一個很好的力量。我們的節奏仍然一如既往地活躍——實際上通過大流行和客戶數量以及他們獲得的利率增長量保持非常穩定，並且非常正確地達到我們想要的水平。沒有任何變化。我們的消費者沒有回復任何評論。

Our length of stay hit 17 months, which is the longest length of stay on move-outs that we've seen in our history. So I think there's a lot of strength around that. And so right now, we're really confident where we're at with our in-place rent changes.

我們的停留時間達到 17 個月，這是我們歷史上最長的搬遷停留時間。所以我認為這方面有很多優勢。所以現在，我們真的很有信心我們的租金變化。

Our next question is from Jeff Spector with Bank of America.

我們的下一個問題來自美國銀行的 Jeff Spector。

Just stepping back, I'd say the comments on the call today are more positive than the quotes I read in the press release. So just trying to figure out again maybe the weakness or where it was lighter in April. Are you -- because I think based on the press release and the quotes, there was some concern maybe it was more national.

退一步說，今天電話會議上的評論比我在新聞稿中讀到的引述更為積極。因此，只是想再次弄清楚 4 月份的弱點或較輕的地方。你是——因為我認為根據新聞稿和引述，有人擔心它可能更全國性。

When you say lighter in April, are you specifically talking about the weaker markets you highlighted in the press release and on today's call like Phoenix and Vegas, where there's more supply. I guess can you maybe dive into that a little bit.

當你說 4 月份更輕時，你是在專門談論你在新聞稿和今天的電話會議上強調的疲軟市場，如鳳凰城和維加斯，那裡有更多的供應。我想你能不能稍微深入一下。

Yes, great question. Thanks for being on the call. Those markets certainly put pressure on that activity, absolutely. You certainly have seen changes around some of these markets because of the -- they are coming off from some really hot housing market, but also they have new supply coming. Phoenix had supply coming, Vegas had supply coming. We're still feeling pressure in Portland, which was one of our largest MSAs.

是的，很好的問題。感謝您的來電。這些市場肯定會給這項活動帶來壓力，絕對是。你肯定已經看到了其中一些市場的變化，因為它們正在從一些非常火爆的房地產市場中脫穎而出，但它們也有新的供應。鳳凰城有供應，維加斯有供應。我們仍然感受到波特蘭的壓力，這是我們最大的 MSA 之一。

So some of that move volume is clearly around those markets. And so we also have our other markets, some in the Sunbelt, Oklahoma City and another one we called out where we had very good activity. So I would not say it's a national situation. It's just we do have some markets that are more adversely affected due to changing economic conditions.

因此，其中一些交易量顯然圍繞這些市場。因此，我們也有其他市場，一些在俄克拉荷馬城的陽光地帶，另一個我們在活動非常活躍的地方召集。所以我不會說這是全國性的情況。只是我們確實有一些市場由於經濟狀況的變化而受到更大的不利影響。

Okay. And then my follow-up would be on, I guess, the marketing strategy. As we're heading into May here into some of the busy months, like what is the marketing strategy at this point for '23 peak leasing?

好的。然後我的後續行動將是營銷策略。隨著我們進入 5 月份，進入一些繁忙的月份，比如 '23 高峰期租賃此時的營銷策略是什麼？

Certainly, we want to make sure that we keep the activity at the top of the funnel. And so we have certainly increased our marketing spend pretty substantially to make sure that we're keeping that activity.

當然，我們要確保將活動保持在漏斗的頂部。因此，我們當然大幅增加了營銷支出，以確保我們繼續開展這項活動。

I think the tricky part, as the team is experiencing and it's -- we have a lot of markets and all markets are not reacting the same is really pricing and discounting and really getting that customer to convert as you get them into the funnel.

我認為棘手的部分，正如團隊正在經歷的那樣——我們有很多市場，所有市場的反應都不一樣，真正的定價和折扣是真正讓客戶在你把他們帶入漏斗時轉化。

We would like a little stronger conversion rate into rental from those opportunities. And so we're generating enough opportunities. We're happy with the opportunities we're generating. We're just -- we're trying to find the right formula to get a better conversion rate. We think customers are shopping more. They're certainly taking more touch points to rent. It's filling back like it did in '17 and '18 and '19.

我們希望從這些機會中獲得更高的租金轉化率。所以我們正在創造足夠的機會。我們對我們創造的機會感到滿意。我們只是 - 我們正試圖找到正確的公式來獲得更好的轉化率。我們認為顧客購物更多。他們肯定會租用更多接觸點。它正在像 17 年、18 年和 19 年那樣回填。

And so we're really trying to figure out what's the best formula in all of our markets, and it varies by market to get the conversion rates we want on rentals.

因此，我們真的在努力找出我們所有市場中最好的公式是什麼，並且它因市場而異，以獲得我們想要的租金轉化率。

Our next question is from Samir Khanal with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Samir Khanal。

(inaudible) the various components there? I mean how are they tracking versus your expectations? Any areas where you're seeing more pressure than others?

（聽不清）那裡的各種組件？我的意思是他們如何跟踪您的期望？您在哪些領域看到的壓力比其他領域更大？

I missed the first part of that, Samir, can you ask the first part of that question.

我錯過了第一部分，薩米爾，你能問這個問題的第一部分嗎？

Yes. No, I was asking about just an update on expenses, the various line items, the components, how are they tracking versus your expectations? Any areas where you're seeing more pressure than others?

是的。不，我只是問關於費用的最新情況，各種項目，組件，它們如何跟踪您的期望？您在哪些領域看到的壓力比其他領域更大？

Yes, Samir, this is Brandon. So the first quarter, as I mentioned in the open, is very much in line with our expectations. So we knew property tax is going to be a tough comp, a high single-digit growth number over prior year was no surprise to us. We were essentially on our budget.

是的，薩米爾，這是布蘭登。所以第一季度，正如我在公開場合提到的，非常符合我們的預期。因此，我們知道財產稅將是一項艱鉅的任務，比上一年高個位數的增長對我們來說並不奇怪。我們基本上在我們的預算範圍內。

As a reminder, the first quarter growth for same-store last year and OpEx was 3%, even though for the full year, it was closer to 5%. So it's just a tough comp there. Everything -- the biggest surprise is the insurance that I mentioned at the open. We have a renewal that starts April 1, so we feel 3/4 of the impact of that 12-month renewal in 2023 and we had budgeted something closer to 25% year-over-year increase.

提醒一下，去年第一季度同店和運營支出的增長率為 3%，儘管全年的增長率接近 5%。所以這只是一個艱難的比賽。一切——最大的驚喜是我在公開場合提到的保險。我們的續約從 4 月 1 日開始，因此我們感受到 2023 年 12 個月續約影響的 3/4，我們的預算同比增長接近 25%。

And like I said in the earlier remarks, it's going to be closer to a 50% year-over-year increase, April through December that you see in this year's numbers. And so that's the biggest downside that's come through since our last call.

就像我在之前的評論中所說的那樣，你在今年的數字中看到的 4 月至 12 月的同比增長將接近 50%。所以這是自我們上次通話以來最大的缺點。

Property taxes for the full year, even inclusive of the tough Q1 comp, we still expect to be toward the high end of the total OpEx range that we gave, so call it, 5.5% to 7%. Personnel, R&M, we expect to be within the total OpEx range, maybe even a touch below in the case of R&M. And then marketing will be double digit year-over-year, but the worst of that, I think, is Q1 and Q2 because of the comps.

全年的財產稅，即使包括艱難的第一季度補償，我們仍然預計將接近我們給出的總運營支出範圍的高端，也就是 5.5% 到 7%。人員、R&M，我們預計在總運營支出範圍內，甚至可能在 R&M 的情況下略低。然後營銷將同比兩位數增長，但我認為最糟糕的是第一季度和第二季度，因為補償。

Got it. Okay. And then for my next question, just switching subjects a little bit here. We've seen the LSI deal get announced, and we've been getting a lot of questions about your portfolio and just how difficult does the (technical difficulty) building approved the there was an interest pool. Maybe help us set process here.

知道了。好的。然後對於我的下一個問題，在這裡稍微切換一下主題。我們已經看到了 LSI 交易的宣布，我們收到了很多關於您的投資組合的問題，以及（技術難度）建築在有興趣池的情況下獲得批准的難度有多大。也許可以幫助我們在這裡設置流程。

Yes, Samir, I'm sorry, it's really choppy. Can you say it one more time, please?

是的，薩米爾，對不起，這真的很不穩定。請你再說一遍好嗎？

Yes. So look, we've seen the LSI deal get announced, and we've been getting a lot of questions about your portfolio. So maybe just remind us how difficult does the pro structure make it for a potential to be able to get approved in the event that there was an interest for your portfolio? Help us think through the process.

是的。所以看，我們已經看到宣布了 LSI 交易，並且我們收到了很多關於您的投資組合的問題。因此，也許只是提醒我們，如果您對您的投資組合感興趣，那麼 pro 結構使潛在的獲得批准的難度有多大？幫助我們思考整個過程。

Samir, our Board is very focused on strategies that will create superior long-term value for our shareholders. That's top priority, and they certainly are very focused on it.

薩米爾，我們的董事會非常專注於為我們的股東創造卓越長期價值的戰略。這是重中之重，他們當然非常關注它。

The PRO structure itself, it's a PRO structure to remain intact. It doesn't really put a lot of obstacles in it at all. I mean if there's changes to the current structure and there might be modifications in the current structure, then the PROs would certainly have invoice in the transaction. But if all things will remain the same and the PRO structure remains intact. There's a very clear path to it.

PRO 結構本身，它是一個保持完整的 PRO 結構。它根本沒有真正設置很多障礙。我的意思是，如果當前結構發生變化並且當前結構可能發生修改，那麼 PROs 肯定會在交易中開具發票。但是，如果一切都保持不變並且 PRO 結構保持不變。有一條非常清晰的路徑。

Our next question is from Keegan Carl with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Keegan Carl。

Dave, I know you mentioned in your opening remarks that street rates are up kind of similar in the 4% range since the start of the year. But I'm just kind of curious a few questions on that. So first, how does that compare to March? And then also to this time last year and then throughout Q1, if you could just help us kind of understand how street rates flowed just given the softness that everyone experienced in March.

戴夫，我知道你在開場白中提到，自今年年初以來，街頭利率上漲了 4% 左右。但我只是對這方面的幾個問題感到好奇。那麼首先，這與 3 月相比如何？然後到去年的這個時候，然後是整個第一季度，如果你能幫助我們了解街頭利率是如何流動的，只是考慮到每個人在 3 月份都經歷過的疲軟。

Well, I can tell you, street ratewise, we've improved every month since January. So we've seen a continual uptick January to February, February to March, March to April. And so April was the strongest of that increase. That's where you saw the largest percent increase month-over-month as expected.

好吧，我可以告訴你，就街道率而言，自 1 月以來我們每個月都在進步。因此，我們看到 1 月至 2 月、2 月至 3 月、3 月至 4 月持續上升。因此，4 月份是增長最快的。正如預期的那樣，這是您看到月環比增幅最大的地方。

I mean, as you go into the spring leasing season, we're starting to see a little more activity. We're certainly trying to push as hard as we can. It's hard to compare to last year. Last year was such an outsized year. I mean we had the best pricing power that we've had ever since I've been in this industry, and we have obviously the strongest occupancy number. So our street rates are still down about 8% to last year. The pace of growth in April to March last year was better than it was this year, but again, just a really tough comp.

我的意思是，當你進入春季租賃季節時，我們開始看到更多的活動。我們當然會盡我們所能努力推動。很難與去年相比。去年是一個如此巨大的一年。我的意思是，自從我進入這個行業以來，我們擁有最好的定價權，而且我們顯然擁有最強的入住率。因此，我們的街頭利率仍比去年下降了約 8%。去年 4 月至 3 月的增長速度好於今年，但同樣，這只是一個非常艱難的競爭。

I would say, as I look back at maybe in '18 and '19, maybe a core portfolio that April 3, again is similar to what we saw in that -- in '18 or '19 cycle.

我會說，當我回顧可能在 18 年和 19 年時，也許 4 月 3 日的核心投資組合再次與我們在 18 年或 19 年周期中看到的相似。

No. That's helpful. And I guess for a follow-up here, how should we think about your capital allocation going forward? I mean if your multiple stays where it's currently at, is there an expectation we should be looking for more buybacks and less transactions from the acquisition side of things going forward?

不，這很有幫助。我想在這裡跟進，我們應該如何考慮你未來的資本分配？我的意思是，如果您的倍數保持在目前的水平，是否期望我們應該在未來的收購方面尋求更多的回購和更少的交易？

Keegan, this is Brandon. We're going to be like we have been in the past few quarters since interest rates really started to increase and cost of capital became a lot higher we're going to be very patient. We're going to be very judicious about the opportunities in front of us. I think we've been quite balanced these last couple of quarters. We're doing some in the way of acquisitions. It's been -- we talked about it in February, some creative deals in the sense that we've issued OP equity at a premium. We did the new series of preferred stock.

基根，這是布蘭登。我們將像過去幾個季度一樣，因為利率真的開始上升，資本成本變得更高，我們將非常耐心。我們將非常審慎地對待擺在我們面前的機會。我認為過去幾個季度我們一直很平衡。我們正在以收購的方式做一些事情。我們在 2 月份談到了一些創造性的交易，我們以溢價發行了 OP 股權。我們做了新系列的優先股。

Those are ways that we're helping to fund the acquisitions without issuing our common at kind of this discounted value and not bearing too much on high interest rate debt either. And then, yes, we certainly had some appetite for share repurchases. I think it's been in moderation. And so I think going forward, you can expect us to be selective in the same ways that we have been these past couple of quarters.

這些是我們幫助為收購提供資金的方式，而無需以這種折扣價發行我們的普通股，也不會承擔太多高利率債務。然後，是的，我們當然對股票回購有一些興趣。我認為這是適度的。因此，我認為展望未來，您可以期望我們以與過去幾個季度相同的方式進行選擇。

Next question is from Spenser Allaway with Green Street.

下一個問題來自 Green Street 的 Spenser Allaway。

So I know you guys tend to acquire assets via your PRO relationships, and I know you commented on your captive pipeline in your opening remarks. But is there anything you can share just on the broader transaction market in terms of what's come across your screen as it relates to volume of deals being marketed right now, competition for assets and cap rates?

所以我知道你們傾向於通過你們的 PRO 關係獲得資產，我知道你們在開場白中評論了你們的專屬管道。但是，就您屏幕上出現的與當前正在銷售的交易量、資產競爭和資本化率相關的內容而言，您是否可以在更廣泛的交易市場上分享任何內容？

Thanks for the question. Thanks for being on the call today. Certainly, the captive has been a great tool for us in the first half of the year and has been over our years.

謝謝你的問題。感謝您今天的來電。當然，俘虜在今年上半年對我們來說一直是一個很好的工具，並且已經過去了很多年。

From third-party transactions, we're certainly seeing less volume of transactions across our desk. There's still opportunities out there. Those opportunities are probably more single to one asset versus portfolios at this point in time. We're not seeing a lot of portfolio opportunities across our desk.

從第三方交易來看，我們肯定會看到我們辦公桌上的交易量有所減少。那裡仍然有機會。在這個時間點，與投資組合相比，這些機會可能更單一。我們在辦公桌上沒有看到很多投資組合機會。

There's still just a wide gap between seller's and buyer's expectations. Maybe 10% to 15% price wise, if you think about it in those aspects. It varies by market, it varies by asset type, of course. But we've been underwriting, we've been active. We will be very patient in making sure we're buying the right opportunity strategically for ourselves in the future. But I can tell you, it's just been more challenging just because of the seller and buyer's expectations are different at this point in time.

買賣雙方的期望之間仍然存在很大差距。如果你從這些方面考慮的話，價格可能會提高 10% 到 15%。它因市場而異，當然因資產類型而異。但我們一直在承銷，我們一直很活躍。我們將非常耐心地確保我們在未來為自己戰略性地購買合適的機會。但我可以告訴你，只是因為此時買賣雙方的期望不同，所以更具挑戰性。

Okay. That's helpful. And then how some stuff are you guys being on the rate side in markets where you've seen occupancy fall back to pre-COVID levels. Specifically, are you able to comment on how much promotional activities is being given right now relative to, let's say, the pre-COVID era?

好的。這很有幫助。然後，在您看到入住率回落到 COVID 之前水平的市場中，你們是如何站在利率方面的。具體來說，您能否評論一下，相對於 COVID 之前的時代，現在開展了多少促銷活動？

Promotion and discounting still remains at historical lows. I mean it's not back to pre-COVID levels yet. I think what the teams are working on and what we're finding is, thus far, rate has been a little bit better trigger than discounting.

促銷和折扣仍處於歷史低位。我的意思是它還沒有回到 COVID 之前的水平。我認為團隊正在努力和我們發現的是，到目前為止，利率比折扣更好一點。

And so as we watch rates in different markets and watch our reaction to what the markets are doing, that's been our focus. So it's certainly tricky. I think I'd tell you, it's been very dynamic. We've seen a lot of movement around street rates. We've seen operators chasing occupancy and maybe that put a little more pressure on street rate.

因此，當我們觀察不同市場的利率並觀察我們對市場走勢的反應時，這一直是我們關注的焦點。所以這當然很棘手。我想我會告訴你，這是非常有活力的。我們已經看到很多圍繞街頭利率的變動。我們已經看到運營商追逐入住率，這可能會給街道價格帶來更大的壓力。

So our teams are looking at all the levers and asking ourselves, what is the best formula to try to get the revenue and working on street may we work well in one market and this kind of may work well on the other. At this point in time, I would tell you, discounting is just not climbing back to the historical averages yet.

所以我們的團隊正在研究所有的槓桿並問自己，什麼是試圖獲得收入和街頭工作的最佳公式，我們是否可以在一個市場上運作良好，而這種方式在另一個市場上可能運作良好。在這個時候，我會告訴你，折扣還沒有回到歷史平均水平。

Our next question is from Ki Bin Kim with Truist Securities.

我們的下一個問題來自 Truist Securities 的 Ki Bin Kim。

Just a quick one on street rates. You mentioned 8% down year-over-year. Was that for the first quarter or April?

只是快速了解一下街頭價格。你提到同比下降 8%。那是第一季度還是四月？

The first quarter, Ki Bin, was around 7.5% in April was 8%. So the average for the first quarter of 7.5%.

第一季度，Ki Bin 為 7.5% 左右，4 月份為 8%。所以第一季度的平均值為 7.5%。

And how do those rates compare to, let's say, like 2019 levels?

這些比率與 2019 年的水平相比如何？

Still elevated that Brandon on numbers.

仍然在數字上提升了布蘭登。

Yes. Ki Bin, I mean when we look at a subset of stores that we've had for that entire period of time, you strip out some of the noise of new additions, street rates are up right around 20% over that 4-year period. So simple average 5%, a little less when you compound average it.

是的。 Ki Bin，我的意思是，當我們查看我們在整個時間段內擁有的一部分商店時，你會剔除一些新增加的噪音，在這 4 年期間，街頭價格上漲了大約 20% .如此簡單的平均 5%，當你對它進行複合平均時會少一點。

Okay. And I realize your PROs are also kind of geographically divided. So it might be difficult to answer this next question, but under the PRO structure, obviously, the PROs kind of run -- can run their own pricing schemes or marketing platforms.

好的。而且我意識到您的 PRO 在地理上也有所不同。所以下一個問題可能很難回答，但在 PRO 結構下，很明顯，PRO 可以運行他們自己的定價方案或營銷平台。

Are you noticing at all differences between how PROs have performed as we are kind of in a somewhat of a soft patch?

您是否注意到 PRO 的表現與我們處於某種軟補丁中的所有差異？

Good question. I think you touched on it, it's geography. We've had the Southeast and some of those Florida markets just still performing at very, very strong levels. And so the PROs have done a great job as the opportunity has given them and they have strong occupancies. They've been able to have good pricing.

好問題。我想你談到了它，它是地理。東南部和佛羅里達州的一些市場仍然表現非常非常強勁。因此，由於機會給了他們，所以 PRO 做得很好，而且他們的入住率很高。他們已經能夠有很好的定價。

And so they're doing all they can to drive performance out of those markets. We have PROs that are in Las Vegas or Phoenix, for example, which are facing a different challenge. Oversupplied markets, cooling housing market, cooling fundamentals. And so you're seeing pretty significant swings in peak occupancy last year to where they're sitting today and they're having to take a different approach. What I do know is our teams do a great job. We talk weekly about this stuff. The marketing people have rounded up calls weekly. The operations group are constantly talking about it.

因此，他們正在盡其所能推動這些市場的業績。例如，我們在拉斯維加斯或鳳凰城有 PRO，它們面臨著不同的挑戰。市場供過於求，房地產市場降溫，基本面降溫。因此，您會看到去年的入住率峰值與今天的情況相比出現了相當大的波動，他們不得不採取不同的方法。我所知道的是我們的團隊做得很好。我們每週都會談論這些東西。營銷人員每週都會接到電話。運營組一直在談論它。

And we're -- there's a really good tight connection around strategies and our strategy is working or are they not working on what you're seeing on the ground. And so we get lots of good color, we get lots of good flavor. And we have PROs with a lot of history that can really dial in on things they've seen in the past. So I don't think it inhibits anybody from maximizing their business. They're doing a really good job.

而且我們 - 圍繞戰略有一個非常好的緊密聯繫，我們的戰略正在發揮作用，或者他們沒有按照你在實地看到的東西工作。所以我們得到很多好的顏色，我們得到很多好的味道。我們的 PRO 擁有豐富的歷史，可以真正了解他們過去見過的事情。所以我認為這不會阻止任何人最大化他們的業務。他們做得很好。

Are there any mechanisms built into the contracts where I mean I'm going to assume the answer is no, but where if you deem that operators are a little bit weaker than you would have expected, some type of mechanism where you could put in more of the NSA controls in there?

合同中是否內置了任何機制，我的意思是我假設答案是否定的，但是如果您認為運營商比您預期的要弱一些，那麼您可以使用某種機制來投入更多國家安全局的控制在那裡？

There are certainly things in the agreement should something go south with the PRO, and it's something that's not outside of their control. I mean there's -- we're very realistic about the business and what. And so if there's something that they are doing that maybe is getting in the way of their business, we certainly have mechanisms where we can insert and then somebody from the NSA to help guide their business and try to get it back on track.

協議中肯定有一些事情應該與 PRO 一起南下，這是他們無法控制的事情。我的意思是 - 我們對業務和什麼非常現實。因此，如果他們正在做的事情可能妨礙了他們的業務，我們當然有我們可以插入的機制，然後來自 NSA 的人可以幫助指導他們的業務並試圖讓它重回正軌。

And that's -- it's very well defined in the documents. And we've been very, very fortunate years never been close to having to do something like that. But there are mechanisms in our document that would allow us to do that.

那就是——它在文檔中有很好的定義。我們一直非常非常幸運，從來沒有接近必須做那樣的事情。但是我們的文件中有一些機制可以讓我們這樣做。

A more practical thing, Ki Bin, that we do -- that was just on a week-to-week basis. We share information. I mean, the pros have access to the same management reporting tools that we do. And just as an example, we have typically, Tammy, Dave and I have meetings with our PROs post every Monday, every other Monday, Oftentimes, that's the review acquisition deals.

Ki Bin，我們做的更實際的事情是每週一次。我們共享信息。我的意思是，專業人士可以使用與我們相同的管理報告工具。舉個例子，通常情況下，Tammy、Dave 和我每週一、每隔一個週一與我們的 PRO 會面，通常情況下，這就是審查收購交易。

But in an environment like this, where the transaction pace is slower, we use it as an opportunity to talk operations, talk fundamentals show the visual analytics on the screen and discuss and, frankly, the SP distributions that the PROs get is the biggest motivator on performance.

但在這樣的環境中，交易速度較慢，我們以此為契機討論運營，討論基本面，在屏幕上展示可視化分析並進行討論，坦率地說，PROs 獲得的 SP 分佈是最大的動力性能上。

Our next question is from Smedes Rose with Citi.

我們的下一個問題來自花旗的 Smedes Rose。

I was just wondering if you've seen any changes in the amount of late payments or nonpayments year-over-year and maybe how that compares to kind of pre-pandemic levels.

我只是想知道您是否看到逾期付款或未付款金額同比有任何變化，也許這與大流行前的水平相比如何。

Good question. We've actually seen an improvement in bad debt. So as we mentioned, the team getting the portfolio ready for the spring leasing season. We work very hard with delinquencies and working through the delinquency schedule of our tenants. But our bad dread has actually came back and has improved over the last couple of months.

好問題。我們實際上已經看到壞賬有所改善。因此，正如我們提到的，團隊為春季租賃季準備好投資組合。我們非常努力地解決拖欠問題，並製定租戶的拖欠時間表。但我們的恐懼實際上又回來了，並且在過去幾個月裡有所改善。

And so no real change in how many people are delighted or delinquent in any cycle of the delinquency schedule. So from days late and amount of payments made really, really consistent, and we've been very pleased there, which is, again, strength of our consumer right now is still strong.

因此，在拖欠時間表的任何週期中，有多少人感到高興或拖欠都沒有真正的變化。因此，從晚幾天開始，付款金額真的非常一致，我們對此感到非常高興，這再次表明，我們的消費者現在的實力仍然很強。

Okay. And then when you lower initial asking rates and I guess the PROs to a fair amount of autonomy across the owned portfolio. But do you find that a customer that comes in with like a particularly low rate tends to stay longer relative to a customer who didn't? Or is there anything you can speak to there maybe a potential strategies?

好的。然後，當你降低初始要價時，我猜 PROs 在擁有的投資組合中有相當大的自主權。但是您是否發現，相對於沒有這樣的客戶，以特別低的價格進來的客戶往往會停留更長的時間？或者有什麼可以說的可能的策略嗎？

We haven't noticed a real large difference between the rental rate when they moved in. Certainly, we're more assertive. If you're getting a better entry rate, you're probably -- you're getting a much stronger first rate increase on our in-place rent changes right off the bat, but we just haven't seen a real difference. I mean, I look at it if you're running 10 units to 10 different customers, the percentages of the people that are staying through the buckets are pretty similar, whether you have to be at a lower street rate to get because market is driving the street rate, right? We're not -- it's not necessarily us changing the street rate. The market is driving the street rate. We're trying to find a rental foothold and our rental activity, but the customer bases are -- seem to be very similar, no matter where they're asking right is right now.

我們沒有註意到他們搬進來時的租金有很大的差異。當然，我們更自信。如果您獲得更好的入場率，您可能會 - 您會立即獲得我們就地租金變化的更強勁的首次利率增長，但我們只是沒有看到真正的區別。我的意思是，如果你為 10 個不同的客戶運行 10 個單元，我會觀察它，留在桶中的人的百分比非常相似，你是否必須以較低的街頭價格才能獲得，因為市場正在推動街頭匯率，對吧？我們不是——不一定是我們改變街頭利率。市場正在推動街頭匯率。我們正在努力尋找租賃立足點和我們的租賃活動，但客戶群 - 似乎非常相似，無論他們現在在哪裡詢問。

And keep in mind, we're not out there trying to destroy our market either. So we're not slashing street rates 50% to grow occupancy. We're just not doing that.

請記住，我們也不是在那裡試圖破壞我們的市場。因此，我們不會為了增加入住率而將街道價格削減 50%。我們只是不這樣做。

Our next question is from Ronald Kamdem with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Ronald Kamdem。

Just a couple of quick ones. I saw the preferred issuance in the quarter. Maybe could you talk about just how you're thinking about funding in this environment, where could you issue debt? And how do you make that call between using debt and the preferred? And can we see more of the preferred -- more preferred issuance?

只是幾個快速的。我看到了本季度的優先發行。也許你能談談你是如何考慮在這種環境下融資的，你可以在哪裡發行債務？你如何在使用債務和首選之間做出決定？我們能否看到更多優先發行——更優先發行？

Yes, Ronald, that was a really good transaction that we are working on for a long time with our PRO in the Orlando area. We talked about a little bit on the last call, but it was a lot of moving parts, a lot of different family dynamics.

是的，羅納德，這是一筆非常好的交易，我們在奧蘭多地區與我們的 PRO 合作了很長時間。我們在上次通話中談了一點，但其中有很多變化的部分，很多不同的家庭動態。

And ownership pieces that the PRO had to work through on their side of the portfolio and then just some complexities generally, including getting that new series of preferred equity stood up. Very pleased with the coupon or the effective yield that I cited of 6.1% in the opening remarks, very pleased with that pricing, given the cost of all alternative sources of capital right now.

以及 PRO 必須在他們的投資組合方面處理的所有權部分，然後通常只是一些複雜的問題，包括讓新系列的優先股站起來。對我在開場白中提到的 6.1% 的優惠券或有效收益率非常滿意，對這個定價非常滿意，考慮到目前所有其他資本來源的成本。

And certainly, we're open to doing more in the way of the preferreds as an alternative to say our common equity. When we first did our inaugural issuance of preferreds back in 2017. That represented roughly 5%, perhaps a little bit more than 5% of our total capital stack. And over time, that's drifted down just because of the way we balanced the sources and uses. So this will put us back up closer to 3.5%, 4% of the capital stack, and I think there's room to add. To the extent that, that suits what a seller is looking for.

當然，我們願意以優先股的方式做更多的事情，而不是說我們的普通股。當我們在 2017 年首次發行優先股時。這大約占我們總資本堆棧的 5%，可能略高於 5%。隨著時間的推移，這只是因為我們平衡來源和使用的方式而下降。所以這將使我們回到接近 3.5%、4% 的資本堆棧，我認為還有增加的空間。在某種程度上，這適合賣家正在尋找的東西。

Great. And then just can you just touch on the top of the funnel demand heading into the peak leasing season? And the question really is, if you think about -- so I see marketing spend is up. And you've talked about sort of street rates down sort of, I think, 8% in April.

偉大的。然後，您能否觸及進入租賃旺季的漏斗需求的頂端？問題真的是，如果你考慮 - 所以我看到營銷支出增加了。你已經談到了 4 月份的街頭利率下降了 8%。

I would have thought that would start to strengthen by now. And question is, is that still to come? Have you seen strengthening? Just what sort of trends are you seeing this year as you're coming into the peak leasing season? And maybe how would that have compared to other years?

我原以為現在會開始加強。問題是，那還會到來嗎？你見過強化嗎？隨著您進入租賃旺季，今年您看到了什麼樣的趨勢？也許與其他年份相比會怎樣？

Good question. So from a top of the funnel perspective, the spend is certainly creating opportunities. And so we're pleased with that. The fact that we can go out and target markets and target specific areas and drive top of the funnel activity has been good.

好問題。因此，從漏斗的頂部來看，支出肯定會創造機會。所以我們對此感到滿意。事實上，我們可以走出去，瞄準市場，瞄準特定領域，並推動漏斗活動的頂部，這很好。

As we talked earlier, as we flow them through the funnel, the conversion rate, we'd like to see a little bit better to rental, and that's what we're focused on. And that's a function of a -- be a function of concession or rate. There are certain things as you work your way through that.

正如我們之前所說，當我們讓它們通過漏斗時，轉化率，我們希望看到租金更好一點，這就是我們關注的重點。這是一個函數 - 是讓步或利率的函數。當你努力通過它時，會有一些事情。

Street rates have improved since the beginning of the year. So street rates are up 4% since January. The 8% down is the last year's comp. And last year's comp was very, very -- it remains very, very challenging for us through the second quarter. In the end of the third quarter as far as occupancy, and we just had tremendous pricing ability last year. And so we're pleased that our street rate this year is up 4%. So we have seen it improve, to answer your question.

自今年年初以來，街頭利率有所提高。因此，自 1 月以來，街頭利率上漲了 4%。 8% 的下降是去年的補償。去年的比賽非常非常 - 在第二季度對我們來說仍然非常非常具有挑戰性。就入住率而言，第三季度末，我們去年剛剛擁有巨大的定價能力。因此，我們很高興今年的街頭利率上漲了 4%。因此，我們已經看到它有所改進，可以回答您的問題。

Great. And then the last one is just you guys obviously saw for revenue and not occupancy, but what is the guidance baking in for the occupancy trends back half of the year? So where are you ending the year?

偉大的。然後最後一個是你們顯然看到的收入而不是入住率，但是今年上半年入住率趨勢的指導是什麼？那麼你在哪裡結束這一年？

It would look very similar to what you may have seen early in '18 and '19 at our trends. So if we're going to come into the season and trough in February, we might see a 300-basis point peak in July and then trail off 250 in the back half of the year towards the end of the year is really how we look at the occupancy slope this year -- curve this year.

它看起來與您在 18 年和 19 年初在我們的趨勢中看到的非常相似。因此，如果我們要進入 2 月份的旺季和低谷，我們可能會在 7 月份看到 300 個基點的峰值，然後在今年下半年下降到 250 個基點，這就是我們看起來的樣子在今年的入住斜率上——今年的曲線。

Our next question is from Todd Thomas with KeyBanc.

我們的下一個問題來自 Todd Thomas 和 KeyBanc。

It's A.J. on for Todd Thomas. Dave, I just wanted to follow up some of your comments around supply in your opening remarks. Are you seeing the deliveries delayed? Or is it more about starts decreasing? And then is the outlook of supply -- does that have more of an impact on 2023, or is that 2024 and on?

是 A.J.托德·托馬斯。戴夫，我只是想在你的開場白中跟進你對供應的一些評論。你看到交貨延遲了嗎？或者更多的是關於開始減少？然後是供應前景——這對 2023 年的影響更大，還是對 2024 年及以後的影響更大？

Really good question. What we're really seeing is if it was in the cycle and being built, it's been completed. So that hasn't -- that piece is continuing. The new starts are really, really slowing. So what you're seeing is some -- using some of the already data that we look at is if it hasn't been started, it's probably not going to be started is kind of the conclusion we're starting to see.

真是個好問題。我們真正看到的是，如果它在周期中並且正在建造中，它就已經完成了。所以那還沒有——那篇文章還在繼續。新的開始真的、真的很慢。所以你看到的是一些——使用我們看到的一些已經存在的數據，如果它還沒有開始，它可能不會開始，這是我們開始看到的結論。

And so that really helps us really 2024 and beyond as you think about it because of the stuff that has been built or being completed, we'll be cycling here through the rest of this year. And so most of our markets are seeing a decline in new supply hitting the market. And so we're happy about that.

因此，由於已經建造或正在完成的東西，這真的有助於我們真正 2024 年及以後的想法，今年餘下的時間我們將在這裡騎行。因此，我們的大多數市場都看到進入市場的新供應量下降。所以我們對此感到高興。

And I think those headwinds are going to remain. It's very expensive to develop. It takes a long time. There's some uncertainty around what kind of rate growth you can drive today versus what they were underwriting when they were trying to get these projects approved 2 years ago. So I can tell you, anecdotally, there's a lot of land crossing our desk right now where they have a CO deal that they're looking to sell. So they're not looking to build it, they're looking to sell it.

而且我認為這些逆風將繼續存在。開發成本非常高。這需要很長時間。與 2 年前他們試圖批准這些項目時他們所承銷的相比，您今天可以推動什麼樣的增長率存在一些不確定性。所以我可以告訴你，有趣的是，現在我們的辦公桌上有很多土地，他們有他們想要出售的 CO 交易。所以他們不是要建造它，而是要出售它。

That's helpful. And then if I could just follow up. So for the nonstabilized stores, so you mentioned in Portland, Phoenix, also Vegas that you were seeing pressure from the new supply. Can you just provide a little context around how the operators of the nonstabilized stores in those markets are being -- are they using promotions? Are they cutting rates? Can you just provide a little more color?

這很有幫助。然後，如果我可以跟進。所以對於不穩定的商店，你在波特蘭、鳳凰城和拉斯維加斯提到你看到了來自新供應的壓力。您能否提供一些有關這些市場中不穩定商店的經營者的情況的背景信息——他們是否在使用促銷活動？他們在降息嗎？你能再提供一點顏色嗎？

Really good question. I would say predominantly rate is the driver right now. They're being super assertive on trying to get their fill up. There's certainly -- there's some discounting out there, I'm not saying there aren't, but we've certainly seen -- I think our team would tell us, it's been more about rate and driving that rental growth through rate -- as far as occupancy growth rate, excuse me.

真是個好問題。我會說現在主要是利率是驅動因素。他們在嘗試填飽肚子時非常自信。肯定有——那裡有一些折扣，我並不是說沒有，但我們確實看到了——我想我們的團隊會告訴我們，更多的是關於利率並通過利率推動租金增長——至於入住增長率，不好意思。

Our next question is from Wes Golladay with Baird.

我們的下一個問題來自 Wes Golladay 和 Baird。

I just got a follow-up to that supply question. I guess, are we calling for like peak delivery this year in 2023 or peak supply pressure when you take in the context of the time to lease up?

我剛剛得到了那個供應問題的後續行動。我想，我們是在呼籲今年 2023 年的交付高峰還是在租賃時間背景下出現供應壓力高峰？

I think it would be deliveries. I mean, the deliveries -- we've seen the Pinnacle and the deliveries are on their way down.

我認為這將是交付。我的意思是，交付量——我們已經看到了 Pinnacle，交付量正在下降。

Okay. Okay. So maybe was it like a typical maybe a year to lease up, so maybe a little bit more pressure at least in the front half of next year, would be a good way to look at it?

好的。好的。所以也許這就像典型的一年租賃一樣，所以至少在明年上半年可能會有一點壓力，這是一個很好的看待它的方式嗎？

I think that's probably the appropriate way to look at it. The lease-up curve may be interesting to study on these facilities. Certainly, things have changed versus the old days, I'll use that word. I mean it was -- you're talking about 36 months to fill up a property. And then during COVID, it got down to 18 months. So I think we're heading more back towards the old days and where fill up is going to be a lot longer.

我認為這可能是看待它的合適方式。研究這些設施的租賃曲線可能很有趣。當然，與過去相比，情況發生了變化，我會用這個詞。我的意思是——你說的是 36 個月來填滿一處房產。然後在 COVID 期間，它下降到 18 個月。所以我認為我們正在回到過去，而填充時間將會更長。

Okay. And then my final question would be, how do you balance buying back the shares? It's a pretty steep discount. I understand that part. But then at the same time, you're taking on a little bit more leverage and variable rate debt at the same time when the macro and even the micro at this point is a little bit more uncertain.

好的。然後我的最後一個問題是，你如何平衡回購股票？這是一個相當大的折扣。我理解那部分。但與此同時，當宏觀甚至微觀在這一點上更加不確定時，你同時承擔了更多的槓桿和可變利率債務。

Yes, Wes, it's a good question. It's generated a healthy discussion, I would say, on our side. It's all done with a view of long-term value. And so we look at the growth prospects of our company and the diversified portfolio that we offer, relative to alternative capital deployment options.

是的，韋斯，這是個好問題。它引發了一場健康的討論，我想說，對我們而言。這一切都是從長期價值的角度來看的。因此，我們著眼於我們公司的增長前景和我們提供的多元化投資組合，以及與替代資本配置選項相關的內容。

And most recently, especially in light of what they spoke to earlier about the bid-ask spread between buyers and sellers on individual assets, that's been an easier investment to make that gives what we think is pretty quantifiable, easy to quantify, I should say, real value to shareholders long term. But to your point, we have to keep in balance with leverage concerns or evaluations.

最近，特別是考慮到他們之前談到的關於買賣雙方對單個資產的買賣價差，這是一項更容易進行的投資，我們認為這是非常可量化的，易於量化，我應該說，對股東的長期真正價值。但就你的觀點而言，我們必須與槓桿擔憂或評估保持平衡。

And so the increase in our leverage from Q4 to Q1, I spoke to it on the call, but we were at 6 flat times at 12/31. That went to 6.3. I attribute 1/10 of a churn to the buyback, and we're going to easily grow into that with organic growth. So that's kind of the way we look at that. That's sort itself pretty quickly.

因此，我們的槓桿率從第四季度增加到第一季度，我在電話中談到了這一點，但我們在 12/31 的時候有 6 個持平。那去了6.3。我將 1/10 的客戶流失歸因於回購，我們將通過有機增長輕鬆實現這一目標。所以這就是我們看待它的方式。這很快就會解決。

And then the other 0.2 of a churn increase was really the seasonality and the lack of external growth that we've had in the last couple of quarters. So with seasonality changing, that will come down as well.

然後另外 0.2 的流失率增長實際上是季節性因素和我們在過去幾個季度中缺乏外部增長。因此，隨著季節性變化，這也會下降。

Our next question comes from Spenser Allaway with Green Street.

我們的下一個問題來自 Green Street 的 Spenser Allaway。

Sorry. Just one more, and I apologize if I missed this, but would you guys able to provide just a little bit more color on the 16 assets that you acquired in the quarter?

對不起。還有一個，如果我錯過了這一點，我深表歉意，但是你們能否為你們在本季度收購的 16 項資產提供更多的顏色？

I know, obviously, you gave the state breakout, but any additional color on what was appealing about these assets. Any commentary on age, whether the single story versus multi. Any of the units, climate controls, et cetera, that would be really helpful.

我知道，很明顯，你給了州突破，但對這些資產的吸引力有任何額外的顏色。任何關於年齡的評論，無論是單個故事還是多個故事。任何單位，氣候控制，等等，這將是非常有幫助的。

Really good question. The majority of those -- 15 of those are in the Orlando market. So the feel of that is here's a top 25 market, where we can add a significant amount of assets to an operator out of their [CAFD] pipeline. So we bring -- it was a tough transition for the PRO because there was -- each one of these were owned individually by a lot of people, and so there was a lot of time putting this portfolio together and then getting it over the finish line.

真是個好問題。其中大部分 - 其中 15 個在奧蘭多市場。因此，感覺這是一個排名前 25 位的市場，我們可以從他們的 [CAFD] 管道中向運營商添加大量資產。所以我們帶來了——這對 PRO 來說是一個艱難的過渡，因為——其中的每一個都由很多人單獨擁有，所以我們花了很多時間把這個投資組合放在一起，然後完成它線。

We bought in the top 25 market for around a 6 cap, just write it at a 6 cap, and we think that's a pretty good price for a top 25 market. Strategically, we like Orlando. We like the market. We like everything that's going on there. There's a lot of metrics we like about Orlando. So it made a lot of sense for us. The assets are mostly single story. There is a mixture of climate and nonclimate in there.

我們以大約 6 個上限的價格在前 25 個市場買入，只需以 6 個上限寫入，我們認為這對於前 25 個市場來說是一個相當不錯的價格。從戰略上講，我們喜歡奧蘭多。我們喜歡市場。我們喜歡那裡發生的一切。我們喜歡奧蘭多的很多指標。所以這對我們來說很有意義。資產大多是單層的。那裡混合了氣候和非氣候。

The assets are -- I'd say the average age is probably in the 90s. 85 to 90 probably would be the average age of those assets, well positioned in a part of Orlando, where you wouldn't be building storages, right, today. So I mean there's a lot of good pluses in this portfolio and where they're positioned in the Orlando MSA.

資產是——我想說平均年齡可能在 90 年代。 85 到 90 歲可能是這些資產的平均年齡，位於奧蘭多的一部分，您今天不會在那裡建造存儲，對吧。所以我的意思是這個投資組合中有很多好的優點，它們在奧蘭多 MSA 中的位置。

Okay. Very helpful color. And then was there much deferred CapEx underwritten with those assets?

好的。很有幫助的顏色。然後這些資產是否有很多遞延的資本支出？

The PRO has done a really good job in the previous ownership. So there wasn't a lot. They've done a really good job maintaining them and keeping them up to standard and just well taking care of assets well positioned.

PRO 在以前的所有權方面做得非常好。所以沒有很多。他們在維護它們並使它們達到標準方面做得非常好，並且很好地照顧了資產。

We have reached the end of the question-and-answer session. I'd now like to turn the call back over to David Cramer for closing comments.

我們已經結束了問答環節。我現在想把電話轉回給 David Cramer 以徵求意見。

We are pleased with our operating results for the quarter, with trends moving in the right direction. Having been in the industry for 25 years, I'll once again remind you that the self-storage sector and the NSA in particular, remain well positioned to manage through different economic environments. Thank you all for your continued interest in the NSA.

我們對本季度的經營業績感到滿意，趨勢正朝著正確的方向發展。在該行業工作 25 年之後，我將再次提醒您，自助存儲行業，尤其是 NSA，仍然處於應對不同經濟環境的有利地位。感謝大家對美國國家安全局的持續關注。

This concludes today's conference. You may disconnect your lines at this time. And we thank you for your participation.

今天的會議到此結束。此時您可以斷開線路。我們感謝您的參與。