National Storage Affiliates Trust (NSA) 2024 Q4 法說會逐字稿

Greetings and welcome to the National Storage Affiliates Trust fourth-quarter 2024 conference call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加國家儲存聯盟信託 2024 年第四季電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce you to your host, George Hoglund, Investor Relations. Thank you, George. You may begin.

現在我很高興向您介紹主持人、投資者關係部喬治·霍格倫 (George Hoglund)。謝謝你，喬治。你可以開始了。

We'd like to thank you for joining us today for the fourth quarter of 2024 earnings conference call of National Storage Affiliates Trust. On the line with me here today are NSA's President and CEO, Dave Cramer; and CFO, Brandon Togashi.

感謝您今天參加 National Storage Affiliates Trust 2024 年第四季財報電話會議。今天與我一起在線的是美國國家安全局總裁兼首席執行官戴夫·克萊默 (Dave Cramer)；和首席財務官 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.

在準備好的發言之後，管理階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後續問題，然後如果您有更多問題，請返回隊列。

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

除了昨天下午發布的新聞稿之外，我們還提供了補充資料，其中包含有關我們業績的更多詳細信息，您可以在我們網站 nsastorage.com 的投資者關係部分找到。

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, February 27, 2025.

在今天的電話會議上，管理層準備的評論和對您的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（2025 年 2 月 27 日）的估計。

The company assumes no obligation to revise or update any forward-looking statement because of the 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 statement. For additional details concerning our forward-looking statements, please refer to our public filings with the SEC.

本公司不承擔因本次電話會議召開日後市場條件變化或其他情況而修改或更新任何前瞻性聲明的義務。該公司警告稱，實際結果可能與任何前瞻性聲明中的預測有重大差異。有關我們前瞻性聲明的更多詳細信息，請參閱我們向美國證券交易委員會提交的公開文件。

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.

我們也鼓勵聽眾查看我們網站投資者關係部分和美國證券交易委員會 (SEC) 文件中提供的補充資訊包中包含的非 GAAP 財務指標（如 FFO、核心 FFO 和淨營業收入）的定義和對帳。

I'll now turn the call over to Dave.

我現在將電話轉給戴夫。

Thanks, George, and thanks, everyone, for joining our call today.

謝謝喬治，也謝謝大家今天參加我們的電話會議。

My thoughts and prayers go out to all those affected by the California wildfires. Although our portfolio is not materially impacted, we serve customers and have employees in these areas, and we will (inaudible) all those affected by these tragic events, and as they go through the recovery period.

我向所有受到加州野火影響的人們致以慰問和祈禱。雖然我們的投資組合沒有受到實質影響，但我們在這些地區為客戶提供服務並擁有員工，我們將（聽不清楚）幫助所有受到這些悲劇事件影響的人，並幫助他們度過恢復期。

The fourth quarter capped off what was a very productive year of strategically positioning in the NSA for our next phase of growth. We realized several significant accomplishments in 2024, including Internalization of the PRO structure which included consolidating our brands from 12 to 7, the onboarding of approximately 250 properties and over 380 employees to our corporate platform.

第四季是我們國家安全局為下一階段的成長進行戰略定位的非常有成效的一年。我們在 2024 年取得了多項重大成就，包括 PRO 結構的內部化，其中包括將我們的品牌從 12 個整合到 7 個，將大約 250 處房產和超過 380 名員工納入我們的企業平台。

We consolidated our web domains, putting all of our stories on the nsastorage.com. We finished the conversions of all of our stores to a single new property management system. We deployed $150 million of growth capital in our newly formed joint venture. We sold 49 core facilities to third parties for over $270 million and used proceeds to pay down debt and purchased $65 million of properties, and we repurchased $275 million of common shares. It was a very busy year for everyone at NSA, and I would like to thank all of our team members for their hard work and dedication.

我們整合了我們的網站域名，將所有的故事都放在了 nsastorage.com 上。我們已將所有商店轉換為單一的新物業管理系統。我們向新成立的合資企業投入了 1.5 億美元的成長資本。我們以超過 2.7 億美元的價格向第三方出售了 49 個核心設施，並用所得款項償還債務併購買了價值 6500 萬美元的房產，同時我們回購了價值 2.75 億美元的普通股。對於 NSA 的每個人來說，這是非常忙碌的一年，我要感謝我們所有團隊成員的辛勤工作和奉獻精神。

Now that the heavy lifting is behind us, we can fully concentrate our efforts on maximizing the performance of our existing portfolio using our consolidated operating platforms and upgraded marketing tools, all of which benefit from increased scale and efficiency. This will directly impact our shareholders' returns as we no longer share the upside with our PROs.

現在，我們已經完成了繁重的工作，可以集中精力，利用整合的營運平台和升級的行銷工具最大限度地提高現有產品組合的業績，所有這些都將受益於規模和效率的提高。這將直接影響我們股東的回報，因為我們不再與我們的 PRO 分享收益。

Although the current operating conditions remain challenging due to elevated supply and muted transitory demand from historically low home sales, the medium-term outlook for the self-storage sector and NSA in particular is at the best it's been in the past few years for the following reasons.

儘管由於供應增加和房屋銷售處於歷史低點導致的暫時性需求低迷，當前的經營狀況仍然充滿挑戰，但由於以下原因，自助倉儲行業（尤其是 NSA）的中期前景處於過去幾年的最佳水平。

We are near a bottom in the housing market, and when the recovery comes, NSA should realize an outside benefit in that recovery. Housing turnover in the US has fallen below GFC levels and severing around the lowest levels in the past 40 years, creating pent-up demand that should contribute to an eventual recovery.

我們的房地產市場已接近底部，當市場復甦來臨時，NSA 應該會從中獲益。美國住房成交量已跌破全球金融危機時期的水平，並處於過去 40 年來的最低水平，這產生了被壓抑的需求，這將有助於最終的復甦。

Further, our markets have a higher average percentage of homeowners versus renters, which means that our portfolio is more sensitive to changes in the overall level of housing turnover. And supply is coming down. New deliveries across our markets are expected to decline substantially over the next few years with the rentable square feet as a percentage of stock going down from 3.5% in 2024 to 2% by 2027, which is well below the long-term national average according to Yardi.

此外，我們市場上的房主與租屋者的平均比例更高，這意味著我們的投資組合對整體住房週轉水準的變化更為敏感。供應量正在下降。根據 Yardi 的數據，我們市場的新交付量預計在未來幾年將大幅下降，可出租面積佔庫存的百分比將從 2024 年的 3.5% 下降到 2027 年的 2%，遠低於長期全國平均水平。

Lastly, NSA's year-over-year comparisons become noticeably easier in the back half of the year, which combined with these anticipated improvements in supply demand variables will likely drive healthy momentum into 2026 and beyond.

最後，NSA 的同比比較在下半年變得明顯更容易，再加上預期的供需變數改善，可能會推動 2026 年及以後的健康動能。

Now turning to operating trends, it does feel like fundamentals are reaching an inflection point. First, our street rates dropped in October, down about 24% year-over-year basis and improved through December to finished down 13%.

現在轉向營運趨勢，確實感覺基本面正在達到一個轉折點。首先，我們的街道費率在 10 月下降，年減約 24%，而 12 月有所改善，最終下降了 13%。

Second, our rent roll down peaked at 38% in October and narrowed to 27% in December.

其次，我們的租金下降幅度在 10 月達到高峰 38%，並在 12 月收窄至 27%。

Third, our year-over-year occupancy delta also continued to narrow from down 270 basis points at the end of the third quarter to down 140 basis points at the end of the fourth quarter.

第三，我們的年比入住率差異也持續縮小，從第三季末的下降 270 個基點，到第四季末的下降 140 個基點。

As a result, in December, we experienced a sequential increase in contract rates by 30 basis points. We're encouraged by January's trends, which were largely consistent with December.

結果，12月份，我們的合約利率連續上漲了30個基點。我們對一月份的趨勢感到鼓舞，因為它與十二月的趨勢基本一致。

Our existing customer base remains healthy. We continue to be pleased with the success of our ECRI program. The length of stays remain above historical averages and bad debt expense remains with the expected raises.

我們現有的客戶群依然健康。我們繼續為 ECRI 計劃的成功感到高興。停留時間仍高於歷史平均水平，壞帳費用仍如預期增加。

Moving to the acquisition environment, there remains a healthy volume of opportunities that come across our desk. We successfully closed four assets totaling approximately $40 million during the quarter and have over $35 million of properties closed or under contract year to date.

轉向收購環境，我們仍然面臨大量的機會。我們在本季度成功完成了四項資產的交易，總額約為 4,000 萬美元，今年迄今為止，我們已完成或正在簽訂合約的資產總額超過 3,500 萬美元。

In summary, we are finding a trough in fundamentals. Supply backdrop is improving, and the housing market is poised for a recovery. While the pace of that recovery is hard to predict, we are well positioned to take advantage of the improving fundamental backdrop.

總而言之，我們發現基本面出現了低谷。供應背景正在改善，房地產市場預計將復甦。儘管復甦的速度難以預測，但我們已做好準備，利用不斷改善的基本面背景。

I'm now going to call over to Brandon to discuss our financial results.

我現在要打電話給布蘭登討論我們的財務結果。

Thank you, Dave.

謝謝你，戴夫。

Yesterday afternoon we were reported core FFO per share of $0.60 for the fourth quarter of 2024 and $2.44 for the full year at the high end of our guidance range driven primarily by G&A and management fees and other revenue coming in better than our guided ranges.

昨天下午，我們報告稱，2024 年第四季度每股核心 FFO 為 0.60 美元，全年每股核心 FFO 為 2.44 美元，處於我們指導範圍的高端，這主要得益於 G&A 費、管理費和其他收入好於我們的指導範圍。

Same-store revenue and NOI growth came in at our guidance midpoint. We're down 3% and 5.5% respectively over the prior year. For the quarter, same store revenues declined 4.3%, driven by a decline in rent revenue per square foot of 2.5%. And a 180 basis points year-over-year decline in average occupancy. Expense growth was 4.7% in the fourth quarter and 3.7% for the full year.

同店收入和淨利潤成長達到了我們的預期中位數。與前一年相比，分別下降了 3% 和 5.5%。本季度，同店收入下降 4.3%，原因是每平方英尺租金收入下降 2.5%。平均入住率較去年同期下降 180 個基點。第四季支出成長率為4.7%，全年支出成長率為3.7%。

The main drivers of growth in the fourth quarter were property tax, marketing, and utilities. Property tax in particular was elevated during the fourth quarter due to expense re-ups based on final known bills. For the full year, property taxes, marketing, and insurance were the main drivers, partially offset by a year-over-year decline in payroll expenses.

第四季成長的主要驅動力是財產稅、行銷和公用事業。由於根據最終已知帳單重新增加費用，第四季度的房產稅尤其高。就全年而言，財產稅、行銷和保險是主要驅動力，但薪資支出的年減部分抵消了這一影響。

Now, speaking to the balance sheet, we have no maturities in 2025 and our current revolver balance is roughly $430 million giving us over $500 million of availability. During the quarter, we put in place a new $400 million ATM program and a $350 million share repurchase program to provide flexibility with our balance sheet. It had no activity in either program to date. Our leverage was 6.5 times net debt EBITDA at quarter end.

現在，就資產負債表而言，我們在 2025 年沒有到期債務，我們目前的循環信貸餘額約為 4.3 億美元，可供我們使用的資金超過 5 億美元。在本季度，我們實施了一項新的 4 億美元 ATM 計劃和一項 3.5 億美元的股票回購計劃，以增強我們的資產負債表的靈活性。迄今為止，該公司在這兩個項目中均未開展任何活動。季度末我們的槓桿率為淨負債 EBITDA 的 6.5 倍。

While we believe our year-over-year same store performance has bottomed, the near-term negative NOI growth, along with the first quarter being seasonally the weakest, will put additional pressure on leverage for the next couple of quarters. We expect this temporary pressure to ease as our organic growth inflects to positive in the back half of the year, and we anticipate that potential near-term asset sales could aid as a partial offset.

雖然我們認為我們的同比同店業績已觸底，但近期的淨營業利潤負增長，加上第一季是季節性最弱的季度，將對未來幾季的槓桿率造成額外壓力。我們預計，隨著下半年有機成長轉為正值，這種暫時的壓力將會緩解，而且我們預計潛在的近期資產出售可能會在一定程度上抵消這種壓力。

Now moving on to 2025 guidance, which we introduced yesterday. The operating environment remains competitive to start the year, which continues to weigh on rental rates and occupancy. And uncertainty remains regarding interest rates, their impact on the housing market, and in turn the spring leasing season. We've thus factored a wide range of scenarios into our full year guidance assumptions which are detailed in the earnings release.

現在我們來談談昨天推出的 2025 年指引。今年年初的經營環境依然競爭激烈，這持續對租金和入住率造成壓力。利率、其對房地產市場的影響以及春季租賃季節的影響仍然存在不確定性。因此，我們在全年指導假設中考慮了多種情景，這些假設在收益報告中有詳細說明。

The midpoints of key items of our guidance are as follows: same-store revenue growth is flat, same-store operating expense growth of 3.5%, same-store NOI growth of negative 1.4%, and core FFO per share of $2.34. We have also guided the acquisition and disposition ranges of $100 million to $300 million. In both cases, these dollar amounts represent NSA's share of any JV activity.

我們指引的關鍵項目的中點如下：同店營收成長持平，同店營運費用成長 3.5%，同店 NOI 成長負 1.4%，每股核心 FFO 為 2.34 美元。我們也指導了 1 億美元至 3 億美元的收購和處置範圍。在這兩種情況下，這些金額都代表了美國國家安全局在任何合資活動中的份額。

Now, let me give some color on the larger drivers of our core FFO per share at the midpoint of $2.34 compared to our full year 2024 results of $2.44. Roughly half of the 10-penny decline can be attributed to interest expense, and the other half can be attributed to negative organic growth, partially offset by accretion from the internalization of the PRO structure.

現在，讓我來詳細說明我們每股核心 FFO 中位數為 2.34 美元（與 2024 年全年業績 2.44 美元相比）的較大驅動因素。大約有一半的 10 美分的下降可以歸因於利息支出，另一半可以歸因於負有機成長，部分被 PRO 結構內部化帶來的增值所抵消。

Regarding interest expense, although we addressed all of our 2025 maturities last year, at the beginning of this month, we had interest rate swaps mature that had fixed $225 million of our revolver balance at a rate just under 3%. With those swaps no longer in place, that $225 million is subject to the effective rate on our revolver, which is about 275 basis points higher.

至於利息支出，儘管我們去年解決了所有 2025 年到期債務，但在本月初，我們的利率掉期到期，將 2.25 億美元的循環信貸餘額固定在略低於 3% 的利率上。由於這些掉期交易不再有效，這 2.25 億美元將受到我們循環信貸額度的實際利率影響，該利率大約高出 275 個基點。

We also have the expiration of swaps on $250 million of notional in August 2024. The effect of these rate resets, partially offset by our variable rate debt benefiting from lower short-term rates in 2025 versus prior year, is approximately 5 pennies of FFO.

我們還有 2.5 億美元名目金額的掉期合約將於 2024 年 8 月到期。這些利率重置的影響約為 FFO 的 5 美分，但部分被我們受益於 2025 年較上一年較低的短期利率的浮動利率債務所抵消。

Regarding organic growth, as I mentioned earlier, we believe we have troughed on our year-over-year performance and expect to see sequential improvement going forward. Our base case assumes that we begin the year with same store NOI growth in the negative mid-single digits, and that we exit the year with positive same store NOI growth in the low to mid-single digits.

關於有機成長，正如我之前提到的，我們認為我們的同比業績已經觸底，預計未來將持續改善。我們的基本狀況是假設，年初同店 NOI 成長率為負中個位數，年底同店 NOI 成長率為正中低個位數。

High end of our guidance range assumes a better-than-average spring leasing season fueled by a recovery in the housing market. A low end incorporates no material improvement in the housing market with muted seasonality and pricing power. The midpoint assumes a moderately better spring leasing season than last year, characterized by improving pricing power and occupancy through the summer months.

我們的指導範圍的高端假設受房地產市場復甦的推動，春季租賃季節將優於平均水平。低端市場沒有實質改善，季節性和定價能力較弱。中點假設春季租賃季節比去年略好，特點是夏季定價能力和入住率提高。

While our guidance reflects a wide range of outcomes, at some point, the pent-up demand associated with housing and job-related mobility will be unlocked, which combined with an improving supply outlook, creates a healthy backdrop for self-storage fundamentals.

雖然我們的指導反映了各種各樣的結果，但在某種程度上，與住房和工作相關的流動性相關的被壓抑的需求將被釋放，再加上供應前景的改善，為自助存儲基本面創造了健康的背景。

Thanks again for joining our call today. Let's now turn it back to the operator to take your questions. Operator?

再次感謝您今天參加我們的電話會議。現在讓我們把時間交還給接線員來回答您的問題。操作員？

(Operator Instructions) Samir Khanal, Evercore ISI.

（操作員指示）Samir Khanal，Evercore ISI。

Yes, good afternoon, everyone. Hey, Brandon, when I look at your guidance, you guys are guiding to pretty healthy improvement in revenue growth here. I mean, you're basically going from 300 basis points last year, even exiting about 400 basis points down to flat in '25 when looking at the midpoint. So help us kind of -- walk us through how you get here, talk about occupancy rate growth. Just want to kind of get a better idea on that. Thanks.

是的，大家下午好。嘿，布蘭登，當我看到你的指導時，我發現你們正在指導這裡的收入增長取得相當健康的改善。我的意思是，從中間點來看，你基本上從去年的 300 個基點，甚至下降了 400 個基點，到 25 年持平。所以請幫助我們——向我們介紹一下您是如何到達這裡的，談談入住率的增長情況。只是想對此有更好的了解。謝謝。

Yeah, Samir, thanks. It's Brandon. I think I'll let Dave hit maybe some broader themes, and then I'll jump in and try to be a little more quantitative in response to your question.

是的，薩米爾，謝謝。我是布蘭登。我想我會讓戴夫談一些更廣泛的主題，然後我會介入並嘗試更量化地回答你的問題。

Yeah, thanks, Samir, and good question. I think as we look at 2025 and where we came out of 2024, 2024 for us is a big transition year. We internalized all the PROs. We brought all our platforms to one specific platform. We centralized all those platforms. And so it gives us some efficiencies and some strengths and really no transition and no disruption if you think about what was going on in 2024.

是的，謝謝，薩米爾，這個問題問得好。我認為，當我們展望 2025 年以及回顧 2024 年所取得的成績時，2024 年對我們來說是一個重要的過渡年。我們將所有 PRO 都內化了。我們將所有平台集中到一個特定的平台上。我們將所有這些平台集中起來。因此，如果你想想 2024 年發生的事情，它給我們帶來了一些效率和優勢，而且實際上沒有過渡，也沒有中斷。

So as we thought about 2025 in the starting point, we start at the beginning of the year, we think 2025 will look like a normal seasonal pattern for the self-storage sector. It will peak in the summer months, we're looking at it thinking to ourselves that the seasonal trends will probably have about a 250 basis points improvement at the peak in the summer months versus where we start the year and then level off as you go through the back half of the year.

因此，當我們從起點考慮 2025 年時，從年初開始，我們認為 2025 年對於自助倉儲業來說將是一個正常的季節性模式。它將在夏季達到頂峰，我們預計季節性趨勢在夏季高峰時可能比年初時有大約 250 個基點的改善，然後在下半年趨於平穩。

Last year that was only 140 basis points. In a normal year that's typically 300 basis points. We just think we're in a little better position where we're starting point in 2025 with the strength of the platforms and what we've internalized. Some growth in the PRO portfolio and the ability to grow some democracy in that portfolio. We thought we'd have a better year than we had last year as far as occupancy growth through the seasonal period.

去年這數字僅為 140 個基點。在正常年份，這個數字通常為 300 個基點。我們只是認為，憑藉平台的優勢和我們內部化的東西，我們在 2025 年的起點上處於一個更好的位置。PRO 投資組合有所成長，並且有能力在該投資組合中發展一些民主。我們認為，就季節性入住率成長而言，今年的業績將比去年更好。

I think we look at it -- we're starting the year about -- the first couple of months, probably 150 basis points on a year over year, less than what it was a year ago on the new same store pool as we're modeling it today, we think that gap narrows through the course of the year from that 150 basis points towards the end of the year. And we also assume some average contract rate growth sequentially in the low-single digits throughout the year.

我認為我們看一下——我們從今年開始——頭幾個月，可能與去年同期相比下降了 150 個基點，比一年前我們今天建模的新同店池的水平要低，我們認為這一差距會在一年的時間裡從 150 個基點縮小到年底。我們也假設全年平均合約率將以低個位數連續成長。

We think the strength of our platform, particularly the success around our ECRIs and our ability to drive ECRIs, and where we're positioned today than where we were a year ago, we'll see low-single-digit growth throughout the course of the year. So kind of in my opinion kind of recap and we have some easier comps at the back half of the year based upon where we were last year. We have improved tools, we have improved position, and I think this year we think shapes up to be a little stronger than what we had last year.

我們認為，憑藉我們平台的優勢，特別是我們在 ECRI 方面的成功以及我們推動 ECRI 的能力，以及我們今天與一年前相比所處的位置，我們將在全年看到低個位數的增長。所以在我看來，這是一種回顧，根據我們去年的情況，我們在下半年會有一些更容易的比較。我們改進了工具，提高了地位，我認為今年我們的狀態會比去年更強。

And so, Samir, the only thing I would add is just to pick apart the numbers. So the 4.3% negative revenue growth we had in the fourth quarter, as you saw, that was made up of 180 basis points average occupancy decline year over year, as well as being negative on the rent per square foot, 2.5%. Both of those metrics we think will tighten a little bit here in Q1 and Dave's earlier remarks at the open kind of hit on that, right? The sequential improvement in contract rate.

因此，薩米爾，我唯一要補充的就是分析一下這些數字。因此，如您所見，我們第四季的營收成長為負 4.3%，這是由於平均入住率年減 180 個基點，以及每平方英尺租金為負 2.5%。我們認為這兩個指標在第一季都會稍微收緊，而戴夫早些時候在公開場合發表的言論也對此有所提及，對嗎？簽約率連續提升。

He just mentioned it from the new pool, on average, these first couple of months, we're about 150 basis points negative year over year, so that's tightened a little bit. Hence my comments earlier about, we feel like we have bottomed or we're bottoming now, and we like the trajectory as we go throughout 2025.

他剛才提到，從新的資金池來看，平均而言，這前幾個月，我們的資金比去年同期下降了約 150 個基點，所以情況有所收緊。因此，我之前曾評論說，我們感覺我們已經觸底或正在觸底，我們喜歡 2025 年的發展軌跡。

Thank you for that. That's very helpful. And just on your growth, is it being impacted at all by some of the state restrictions we're seeing due to the fires in LA at this point?

謝謝你。這非常有幫助。就你們的成長而言，它是否受到了目前由於洛杉磯火災而採取的一些州限制措施的影響？

Yeah, good question. We have very minimal impact. We only have eight stores in our portfolio, so very small percentage of our stores that are actually in where there are pricing restrictions and so we just don't have a material impact there.

是的，好問題。我們的影響非常小。我們的投資組合中只有八家商店，因此只有很小一部分商店實際上處於有定價限制的地區，因此我們對這些地區沒有實質的影響。

Got it. And I guess my second question is on capital recycling. You guys were certainly very active on that front last year. I guess when I look at the portfolio today, how much more is left to do? And maybe talk about kind of what you're seeing in the market on transactions, your pipeline, and pricing. Thanks so much.

知道了。我想我的第二個問題是關於資本循環。去年你們在這方面確實非常活躍。我想，當我今天查看投資組合時，還剩下多少事情要做？也許可以談談您在市場交易、通路和定價方面看到的情況。非常感謝。

Yeah, absolutely. We certainly have, as you saw us forecast, we forecasted more dispositions this year, and it's really on par at the midpoint with our acquisitions activity. And that leads to recycling of that capital. As we did last year, now that the PROs are internalized, we're going back through that portfolio and we identified last fall some areas we thought were markets and single assets and markets and markets where we want to be more operationally efficient or we didn't think there was the right growth trajectories.

是的，絕對是如此。正如您所看到的，我們確實預測今年將會有更多的資產處置，這與我們的收購活動處於同一水平。這導致了資本的循環利用。正如我們去年所做的那樣，現在 PRO 已經內部化，我們正在回顧該投資組合，去年秋天我們確定了一些我們認為是市場和單一資產的領域以及我們希望提高營運效率的市場，或者我們認為沒有正確的成長軌蹟的市場。

Just evaluated that portfolio top to bottom, and we have identified another group of assets that we will look to be when the opportunity is right. Look to sell this year and we'll be selective about that. But again with the mission of trying to improve our portfolio overall and improve our overall operational proficiencies around our portfolio, currently we do have some about $10 million worth of properties under contract to be sold already. And we've identified the rest of that stores and we'll be either working with off-market sellers or working through brokers to work some of these assets throughout the first half of the year on a disposition piece.

剛剛對該投資組合進行了徹底的評估，我們確定了另一組資產，我們將在合適的機會時考慮這些資產。今年我們打算出售，我們會有所選擇。但是，為了再次努力改善我們的整體投資組合併提高我們投資組合的整體營運能力，目前我們確實已經簽訂了價值約 1000 萬美元的待售房產合約。我們已經確定了其餘的商店，我們將在今年上半年與場外賣家合作或透過經紀人處理這些資產中的部分資產。

From the acquisitions activity, as I mentioned in my opening remarks, there's still a significant amount of deal flow coming across our desk. I think we're matching our cost of capital with our acquisition targets and we're using the JV and we're using the balance sheet appropriately on where we think we want to pick and look to purchase in the market.

從收購活動來看，正如我在開場白中提到的那樣，我們仍然有大量的交易流。我認為我們正在將資本成本與收購目標相匹配，我們正在使用合資企業，我們正在適當地使用資產負債表來選擇和尋求在市場上購買的地方。

But thus far, deal flow and cap rates and all those things just haven't moved around a lot from what we've been reporting the past couple of quarters. I know there's been some interest rate volatility in some of those pieces of it, but at this point in time, no real material change around markets and asset prices of assets and markets and so forth.

但到目前為止，交易流量、資本化率以及所有這些因素與我們過去幾季報告的情況相比並沒有太大變化。我知道其中一些領域的利率出現了波動，但目前，市場、資產價格、市場等並沒有真正的實質變化。

Thank you.

謝謝。

Eric Wolfe, Citibank.

花旗銀行的埃里克·沃爾夫。

Hey, thanks. You mentioned that your markets are a bit more sensitive to the housing market, and you also said that November and December improved quite a bit from the October bottom. So I was just curious if you thought that sort of improvement was due to increased housing market activity, if you sort of saw that in your leads and your numbers for November and December or if it was really more just like easier comps and just the year-over-year comparison that drove that?

嘿，謝謝。您提到，您們的市場對房地產市場更為敏感，您還表示，11 月和 12 月的情況較 10 月的谷底有大幅改善。所以我只是好奇，您是否認為這種改善是由於房地產市場活動的增加，您是否在 11 月和 12 月的銷售線索和數據中看到了這一點，或者這是否真的更像是更容易的比較和推動這一趨勢的同比比較？

Yeah, good question. Thanks for joining today. I would tell you we felt very -- we had good conviction around raising our street rates in a lot of our markets. Really, the November, December piece, we came out of the PRO transition, we were trying to be smart around that PRO transition so we're being very careful with our asking rate or our street rate. And in November to December, we saw some confidence in markets, thinking that we bottomed in occupancy and how the markets are responding to the occupancy levels that was appropriate for those markets, and we brought our rates up.

是的，好問題。感謝您今天的加入。我想告訴你，我們感覺非常——我們堅信會提高許多市場的零售價格。實際上，在十一月和十二月那段時間，我們已經走出了 PRO 過渡期，我們試圖在 PRO 過渡期採取明智的做法，因此，我們對要價或街頭價格非常謹慎。11 月至 12 月期間，我們看到市場信心有所增強，認為入住率已觸底，市場對適合入住率水準的反應也較為適當，因此我們提高了房價。

That obviously helps on the grant roll down. It certainly helped us push on contract rate. The seasonality, the occupancy felt comfortable to us, and we just think today we're in a little more stable footing around competitiveness in these markets around the amount of new supply that's been introduced around the absorption of that new supply, around what our competitive environment's doing as far as asking rents.

這顯然有助於減少補助。這確實幫助我們提高了合約費率。季節性、入住率讓我們感覺很舒服，我們認為今天我們在這些市場的競爭力方面處於更加穩定的地位，包括引入的新供應量、新供應的吸收量，以及我們的競爭環境在租金方面的表現。

And then I think you would sprinkle in November, December housing was a little more active in some of our markets and we felt a little more transition job housing. And obviously, that's a very quickly moving target, I mean, broadly we felt more comfortable just bringing our rates up, and we thought we found an occupancy footing we were comfortable with to start building off of.

然後我認為你會在 11 月、12 月看到一些市場住房變得更加活躍，我們感覺到過渡性工作住房增加。顯然，這是一個快速變化的目標，我的意思是，總的來說，我們覺得只要提高價格就更舒服，而且我們認為我們找到了一個讓我們感到舒適的入住率基礎，可以在此基礎上開始建設。

Got it. That's helpful. And then you partly address this in your answer to this question, but I think you said that so far this year, the trends that you saw in December down about 13% had continued thus far. Just curious sort of like by the end of the year, sort of how you see that trending? I mean, will we get into sort of positive (inaudible) by the time you get into the fourth quarter and that's what's driving the ramp and same-store revenue guidance?

知道了。這很有幫助。然後您在回答這個問題時部分解決了這個問題，但我認為您說的是，今年到目前為止，12 月看到的下降約 13% 的趨勢一直持續到現在。只是有點好奇，到今年年底，您如何看待這種趨勢？我的意思是，當進入第四季時，我們是否會進入正面的（聽不清楚）狀態，而這正是推動同店營收成長和指引的因素？

Just trying to understand sort of the slope, if you will, of where we're starting today, and call it February and sort of where we're ending up by the end of the year in terms of movement rates.

如果你願意的話，只是想了解我們今天開始的斜率，並稱之為二月，以及我們在年底的移動率的結束位置。

Yeah, I think as we look at it, we think we will -- occupancy may not be a significant improvement this year. I think we're looking -- we'll have some seasonality and maybe we finish through the 12-year period. Maybe it's not around a tremendous amount of occupancy gain. We think there's just going to be more strength in asking rent compared to what it was a year ago and the volatility it was a year ago and then our strength in our ECRI program and the efficiencies and the and the strides we've made in our modeling and how we're deploying that tool.

是的，我認為從我們的角度來看，我們認為今年的入住率可能不會有顯著的提高。我認為我們正在尋找——我們會有一些季節性，也許我們會在 12 年的時間內完成。或許這並不是關於入住率的大幅成長。我們認為，與一年前相比，租金要價將更有力，波動性也更大，我們的 ECRI 計劃的優勢、效率以及我們在建模和部署該工具方面取得的進步。

Now that we have everything under one roof, we have centralized programs around that piece of it. It's just allowing us to operate a little bit better.

現在，我們已經將所有東西集中在一個屋簷下，並圍繞這一部分制定了集中式計劃。這只是讓我們能夠更好地運作。

Thank you.

謝謝。

Jeff Spector, Bank of America.

美國銀行的傑夫·斯佩克特。

Great, thank you. I just wanted to follow up on the midpoint and your remarks on what that midpoint reflects. Is it improving market conditions or is it more to do with what you've talked about in terms of your company and what you've achieved and what you think you can do in 2025?

太好了，謝謝。我只是想跟進一下中點以及你對中點所反映內容的評論。這是在改善市場狀況嗎？還是更多地與您談論的公司情況、您取得的成就以及您認為 2025 年可以實現的目標有關？

Because I think as we've had a more cautious view, let's say on storage, the recovery and what may play out in '25, so I'm a bit surprised that the midpoint would reflect an improvement this year, true improvement in demand. Thank you.

因為我認為，由於我們對儲存、復甦以及 25 年可能發生的事情持更謹慎的看法，所以我有點驚訝中點會反映出今年的改善，即需求的真正改善。謝謝。

Yeah, thank you, and good question. I would tell you it's probably a mixture of both. I think we have markets that we're seeing some improvement in. We're certainly seeing some stability in less competitive pricing, less supply pressure as you cycle through the supply that's been added and it has been absorbed over time.

是的，謝謝你，這個問題問得好。我想告訴你，這可能是兩者的混合。我認為我們的市場正在出現一些改善。隨著供應量的增加和逐漸被吸收，我們確實看到競爭性較低的定價和供應壓力有所穩定。

I also think operationally and our effectiveness to operate in these markets is better as we can -- on the consolidations and improve our technology and added talent to our bench and really looked at how we're trying to operate in these markets, focusing on the regionalized brands and looking in our digital footprint, where our position is, what our visibility factor is, what can we do to drive better results out of our portfolio.

我還認為，從營運角度來看，我們在這些市場中的營運效率會更好——透過整合和改進我們的技術，為我們的團隊增添人才，並真正研究我們如何在這些市場中運營，專注於區域化品牌，並關注我們的數位足跡，我們的位置在哪裡，我們的知名度因素是什麼，我們可以做些什麼來從我們的投資組合中獲得更好的結果。

So I would probably tell you it's a little bit of both. I just think we're going to operate better and I think we are seeing stability and some improvement in our markets.

所以我可能會告訴你，兩者都有一點。我只是認為我們的營運將會更好，而且我認為我們的市場正在趨於穩定並有所改善。

Okay, thank you. And then my second question, I just want to confirm on internalization onboarding, are you saying that you're fully done? And then which markets have you decided you're going to continue to third party? Thank you.

好的，謝謝。然後我的第二個問題是，我只是想確認一下內部化入職情況，您是說您已經完全完成了嗎？那麼，您決定繼續向第三方市場進軍嗎？謝謝。

Yeah, so the true nuts and bolts of the moving pieces, we are done with all the team member movement, all the platform movement, all of the consolidation of how you think about to the NSA Storage and what we're doing around the initial rebranding of the stores. And so that piece is done, and team did a wonderful job.

是的，所以真正的移動部件的細節，我們已經完成了所有團隊成員的移動，所有平台的移動，所有關於 NSA 存儲的想法的整合，以及我們在商店初步品牌重塑方面所做的工作。這樣，作品就完成了，團隊做得非常好。

PROs are wonderful through this whole transition and we're very happy that that's completed and we can get to focusing on execution. As far as the third, what we left third-party managed, we left two PROs in place. Mid-Atlantic was what I tell you around the Pennsylvania area. It's one of the PROs we left in place, and the other one is the PRO that's managing -- our primary market is Puerto Rico and a little bit of through the southeast of the country.

在整個過渡過程中，PRO 表現非常出色，我們很高興過渡期已經完成，我們可以專注於執行。至於第三部分，我們將其交給第三方管理，並保留了兩個 PRO。我告訴你的是中大西洋地區，也就是賓州附近。這是我們保留的 PRO 之一，另一個是負責管理的 PRO——我們的主要市場是波多黎各以及該國東南部的部分地區。

Thank you.

謝謝。

Salil Mehta, Green Street.

薩利爾‧梅塔 (Salil Mehta)，綠街。

Thanks for taking my question. Just want to touch base on something you guys mentioned, you guys just mentioned you guys are anticipating a recovery in the housing market. Could you provide a little bit more color if whether a recovery is currently being baked into your guidance? And can you also expand on what's kind of giving you this idea that the housing market is recovering based off reports so far?

感謝您回答我的問題。只是想談談你們提到的一些事情，你們剛才提到你們預計房地產市場將會復甦。您能否提供更多細節，說明復甦是否已納入您的預期？您能否根據目前的報告進一步解釋一下是什麼讓您認為房地產市場正在復甦？

'24 was the lowest existing home sales in the last 30 years. January, pending home sales was at an all-time low. So can you provide more color on what you guys are seeing specifically that it's giving you guys a sort of optimism? And are you guys -- because of that, are you guys expecting some return to normal as well for the peak leasing season?

24 年是過去 30 年裡現房銷售最低的一年。一月份，待售房屋銷售量處於歷史最低水準。那麼，您能否更詳細地說明您所看到的具體情況，以致於讓您感到樂觀？因此，你們是否也預期租賃旺季會恢復正常？

Yeah, this is Brandon. I'll take that and let Dave chime in as needed. So I would say at the midpoint of our revenue guidance, we're assuming no worse than what 2024 saw in terms of the housing market and the related mobility. So if existing home sales was roughly 4 million homes, we're thinking that 2025 has a similar number or perhaps modestly better, and you're right, it is -- depending on your data points, some days it's a little discouraging, and as Dave said in his response to Eric's question about the November and December data, you could be encouraged on other days, right?

是的，這是布蘭登。我會接受這一點，並讓戴夫根據需要加入進來。因此我想說，在我們的收入預期中點，我們假設房地產市場和相關流動性不會比 2024 年更糟。因此，如果現有房屋銷售量約為 400 萬套，我們認為 2025 年的數字會與此類似，或者可能略有改善，您說得對，根據您提供的數據點，有些日子會讓人有點沮喪，正如戴夫在回答埃里克關於 11 月和 12 月數據的問題時所說，其他日子可能會讓您感到鼓舞，對嗎？

And it's going to be a little bit of a volatile year in terms of just reading the month-to-month data. We do think it's not all dependent on housing, so there is just an element of general job-driven mobility, a pent-up mobility demands that should unlock over time because of just a gradual burn off of the lock and effect that's been in place. And so you're just -- you're starting to see some of that transition take place.

從月度數據來看，今年將會是比較動盪的一年。我們確實認為這並不完全取決於住房，所以這只是一個由工作驅動的一般流動性因素，一種被壓抑的流動性需求，隨著時間的推移，這種需求應該會得到釋放，因為先前的鎖定和效應會逐漸消失。所以你只是──你開始看到一些轉變的發生。

And then on top of that you have the -- specific to NSA story about how we can move the needle with our with our PRO stores. And so maybe just to respond to your question and maybe tie it into Jeff's previous question, if we're down on our new same store pool, 150 basis points that Dave mentioned earlier on occupancy. We had talked last year when we announced the pro-internalization about that subset of stores, the previously pro-managed stores, being less occupied by 300 basis points than our corporate managed stores and how we felt like maybe that gap doesn't close entirely.

除此之外，你還會看到有關 NSA 的具體故事，講述我們如何利用我們的 PRO 商店推動改變。因此，也許只是為了回答您的問題，並將其與 Jeff 之前的問題聯繫起來，如果我們在新的同店池中下降，那麼 Dave 之前提到的入住率就會下降 150 個基點。去年，當我們宣布進行內部化時，我們曾討論過這部分商店，即之前由公司管理的商店，其佔用率比我們的公司管理商店低 300 個基點，我們覺得這種差距可能並未完全消失。

But give us a full leasing season, which is the spring summer of 2025, and we believe we can move that needle meaningfully. And so that will also be part of the closing of the gap from an occupancy delta standpoint.

但給我們一個完整的租賃季節，也就是 2025 年春夏，我們相信我們可以取得顯著的進展。因此，從入住率增量的角度來看，這也將是縮小差距的一部分。

That's super helpful. That's it for me. Thank you.

這非常有幫助。對我來說就是這樣。謝謝。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

Hi, just a quick follow on to your most recent comments to Brandon. So does the midpoint assume that the situation improves or that it's steady from a housing perspective? Because I think the [intro] would improve and I just heard maybe flat, so just wanted a clarification there.

你好，我只是想快速跟進一下你最近對 Brandon 的評論。那麼，從住房角度來看，中點是否假設情況有所改善或維持穩定？因為我認為[介紹]會有所改進，但我聽到的可能只是平淡，所以只是想澄清一下。

Yeah, sure. There is modest improvement at the midpoint and so sorry if I confuse that issue. I just meant to emphasize that it's not worse than 2024. But to be clear, at the midpoint, we did assume some modest improvement in demand, which is needed to get to some of those occupancy growth numbers that they've mentioned earlier.

是的，當然。中間點有適度的改善，如果我混淆了這個問題，我很抱歉。我只是想強調，這並不比 2024 年更糟。但需要明確的是，在中間點，我們確實假設需求會有所改善，這對於達到他們之前提到的一些入住率成長數字是必要的。

He said we assumed -- again, you can model this 100 different ways and solve some revenue answers, but one scenario would be our occupancy increasing trough to peak, so from now until peak summer, about 200 basis points. And last year, for example, we only rose 140, which was below historical level. So we're still not assuming like the typical, normal seasonality peak to trough, but it's something better than last year.

他說，我們假設——再說一次，你可以用 100 種不同的方式建模並解決一些收入答案，但其中一種情況是我們的入住率從低谷上升到高峰，所以從現在到夏季高峰，大約有 200 個基點。而以去年為例，我們只上漲了140%，低於歷史水準。因此，我們仍然沒有假設典型的、正常的季節性高峰到低谷，但情況比去年好。

Okay. And then I was hoping you could just maybe talk a little bit about some of that low-hanging fruit on the PROs. You mentioned the overall portfolio was down 150 from occupancy versus 300 for the PROs, and then I know the ECRIs were also lower. So I guess from an occupancy perspective, how much has already been closed or what's kind of assumed in guidance and how much do the PROs represent of the total pool just to help us get a sense of how much the PRO of low-hanging fruit internalization is helping boost growth?

好的。然後我希望您能稍微談談 PRO 上的一些唾手可得的成果。您提到，整體投資組合的入住率下降了 150，而 PRO 的入住率下降了 300，而且我知道 ECRI 也較低。因此，我想從入住率的角度來看，已經關閉了多少，或者在指導中假設了什麼，以及 PRO 佔總池的多少，只是為了幫助我們了解低垂果實內部化的 PRO 在多大程度上有助於促進增長？

Yeah, good question. So just to clarify, the 300 basis points occupancy delta is just looking at the spread between the PRO-managed stores and corporate managed stores. When we compared that middle of last year when we announced the internalization, that was about 300 basis points, that's come in a little bit. And not tremendously, and we said at the time we needed kind of a full normal leasing season for that to occur.

是的，好問題。因此，需要澄清的是，300 個基點的入住率差異只是在考慮 PRO 管理商店和公司管理商店之間的差距。當我們與去年年中宣佈內部化時相比時，那是大約 300 個基點，這是一個小小的進步。並不是很大，我們當時說我們需要一個完整的正常租賃季節才能實現這一點。

The PRO-managed stores of our same store pool, on a dollar revenue basis, they're almost 50% of the total dollars in NOI. And so if you think about us closing that 300 basis points gap, that would blend in basically a 50% effect. So if you close the entire 300 basis points then they would give you 150 basis points when you blend that into your total pool. I think you hit on a critical part in your question though. The ECRI point and the kind of holistic strategy around starting rates and the ECRI push following a move in.

我們同一商店池中的 PRO 管理商店，以美元收入計算，幾乎佔 NOI 總美元收入的 50%。因此，如果你想讓我們縮小 300 個基點的差距，基本上會產生 50% 的效果。因此，如果您關閉全部 300 個基點，那麼當您將其混合到總池中時，他們會給您 150 個基點。我認為你的問題觸及了關鍵部分。ECRI 點和圍繞起始利率的整體策略以及進入後的 ECRI 推動。

And now that we have all of that decision-making under our outright control, that is a needle mover. And so I can tell you like today compared to this time last year, we're stronger and more assertive on that front. And so that is part of what's driving our earlier remarks about the sequential improvement in contract rate and some of these inflection points that we've described.

現在，我們已經完全掌控了所有的決策，這是一個重大的進步。因此我可以告訴你們，與去年同期相比，我們在這方面更強大、更有自信。這就是我們之前關於合約費率連續改善以及我們所描述的一些拐點的評論的部分原因。

Thanks. Did you provide some January statistics and -- apologize, or February for that matter for kind of the lead indicators into the first quarter? Just in particular curious how the in-place rate may have changed from down 2.5 in the fourth, because I think some of that was just the aggressiveness in defending occupancy at the beginning of the PRO internalization, which kind of waned it sounds like through the fourth quarter.

謝謝。您是否提供了一些一月份的統計數據，或者二月的統計數據作為第一季的領先指標？只是特別好奇，第四季度的到位率可能已經從下降 2.5 發生了變化，因為我認為其中一些只是在 PRO 內部化開始時捍衛佔用率的積極性，聽起來這種積極性在第四季度有所減弱。

Yeah, you're right about that one. We didn't give specific numbers. We just said that that 2.5 has started to improve as we go through these first two months in 2025.

是的，你說得對。我們沒有給出具體的數字。我們剛才說，隨著 2025 年頭兩個月的到來，2.5 已經開始改善。

Fair enough. Thank you.

很公平。謝謝。

Michael Goldsmith, UBS.

瑞銀集團的麥可‧戈德史密斯。

Hi, thanks. This is [Amy]. I'm with Michael. I was hoping that you could provide a little bit more near-term context around supply. So how should we be thinking about deliveries in 2025 versus 2024? And are you still seeing any significant lingering pressure from lease-ups as well on top of that?

你好，謝謝。這是[艾米]。我和麥可在一起。我希望您能提供更多有關供應的近期背景資訊。那麼，我們該如何考慮 2025 年和 2024 年的交付情況呢？除此之外，您是否也看到租賃上漲帶來的任何重大持續壓力？

Yeah, great, thanks for joining. Good question. I think 2024, I think we said, according to Yardi and already looking at our statistics and so forth, I think we said, certainly we were right around 3.5% for 2024. I think if you go to 2025 and as we're heading to 2027, I think you see about 50 basis points, 100 basis points improvement, '25 to '26. So maybe if '24 is 3.5%, maybe '25 is 3%, and then you're down to maybe 2%, 2.5% in '26 and then down to 2% in 2027 is how we're thinking about it.

是的，太好了，感謝您的加入。好問題。我認為是 2024 年，我想我們說過，根據 Yardi 的說法，並且已經查看了我們的統計數據等等，我想我們說過，2024 年我們的成長率肯定會在 3.5% 左右。我認為，如果你到 2025 年，當我們邁向 2027 年時，你會看到從 25 年到 26 年，大約有 50 個基點、100 個基點的改善。因此，如果 24 年是 3.5%，那麼 25 年可能是 3%，然後下降到 2%，26 年是 2.5%，然後 2027 年下降到 2%，這就是我們考慮的方式。

Certainly, time is what has to happen here around absorption of what's already been delivered and what will be delivered and we talk a lot about markets like Phoenix and Atlanta, which have been very tough markets for us recently and even the west coast of Florida. The new supply deliveries are coming down, which is a good thing, but it will take time to absorb what was built.

當然，時間是吸收已經交付和將要交付的東西的關鍵，我們談論了很多像菲尼克斯和亞特蘭大這樣的市場，這些市場最近對我們來說非常艱難，甚至佛羅裡達州西海岸也是如此。新的供應量正在下降，這是一件好事，但吸收新增供應量需要時間。

And I think as we look at it, as we look at how we want to operate in those markets and how aggressive we want to be in those markets. It's just a pure fact that until this new supply gets absorbed and that takes time to absorb, material movements in those markets are going to be challenging. And so the good news is new supply is coming down, but we just have to absorb what is already out there today. A good example of that would be if you look back at our history, Portland is a market we talked about for a number of years, a lot of supply brought in in '18, '19, and '20.

我認為，當我們審視這個問題時，我們會思考如何在這些市場中運營，以及我們想在這些市場中採取何種積極行動。事實是，在這些新供應被吸收之前（這需要時間），這些市場的物質流動將充滿挑戰。因此，好消息是新的供應量正在下降，但我們必須吸收今天已經存在的供應量。一個很好的例子是，如果你回顧我們的歷史，波特蘭是我們談論了多年的市場，在 2018 年、2019 年和 2020 年帶來了大量供應。

And now that the new supply has really gone down to almost not very much being delivered at all, the strength of Portland and the stability of Portland around rate and around occupancy -- and we've gone through the worst of it, it's starting to come back on the other side. And so I think that's a good reference point as you think about what supply can do to a market and then just work your way out of it.

現在，新的供應量已經下降到幾乎沒有，波特蘭的實力以及波特蘭在房價和入住率方面的穩定性——我們已經度過了最糟糕的時期，它開始從另一邊恢復。因此，我認為這是一個很好的參考點，當你思考供應對市場的影響，然後想辦法擺脫它。

Got it. Thanks. And then just a quick one on the guidance. Is the G&A guide that you've provided on a core basis or does that include the severance costs and other add backs?

知道了。謝謝。然後簡單介紹一下指導。您提供的 G&A 指南是基於核心成本還是包括遣散費和其他附加費用？

So Amy, that guidance relates to how that financial statement will appear in our P&L as we report on 2025. So for 2024, we've had some costs associated with the internalization that have for the most part has been carved out of that. There was a little bit of severance costs in 2024, that was in G&A. But by and large, those -- like PRO internalization, transitional costs have been segregated both for '24 and for '25.

因此，艾米，該指導涉及我們在 2025 年報告中該財務報表將如何出現在我們的損益表中。因此，對於 2024 年來說，我們已經產生了一些與內部化相關的成本，這些成本大部分都已經從中剔除。2024 年有少量遣散費，這些費用包含在 G&A 中。但總的來說，像 PRO 內部化這樣的過渡成本已經針對 24 年和 25 年進行了分離。

And since you (technical difficulty), I'll just expand a little bit on G&A just to give a little color on the guide. So going back to when we announced the internalization deal and the expected accretion, a big piece of the 4-penny impact that we expected from both G&A and tenant insurance, we are very well on track with that. We've realized half of that in 2024, so 2 pennies in 24, and we'll realize the incremental 2 pennies in 2025.

由於您（遇到技術困難），我將對 G&A 進行一些擴展，以便為指南提供一些色彩。因此，回顧我們宣佈內部化交易和預期增值的時候，我們預計 G&A 和租戶保險將帶來 4 美分的影響，而我們的進展非常順利。我們在 2024 年實現了其中的一半，即 24 年內實現 2 美分，而我們將在 2025 年實現增量的 2 美分。

G&A specifically, we guided to savings on an annual basis of $7.5 million to $9 million. And so if you take that midpoint of our G&A guide, both the cash and non-cash piece, that's just under $55 million and I would steer you to comparing that to an annualized first half of '24 number, which is just under $64 million.

具體來說，我們預計 G&A 費用每年可節省 750 萬至 900 萬美元。因此，如果您採用我們的 G&A 指南的中點（包括現金和非現金部分），那就略低於 5500 萬美元，我會引導您將其與 24 年上半年的年化數字進行比較，該數字略低於 6400 萬美元。

Just because that's the most -- the best representation of the pre-internalization run rate. And so that's $9 million of savings there and so that ties back to the $7.5 million to $9 million that we described in our June announcement last year. So I just wanted to lay that out for you and others.

只是因為這是最——最能代表內部化之前的運行率。這就是 900 萬美元的節省，這與我們去年 6 月公告中描述的 750 萬至 900 萬美元有關。所以我只是想向你和其他人解釋這一點。

No, that's very helpful. Thanks, guys.

不，這非常有幫助。謝謝大家。

Ronald Kamdem, Morgan Stanley.

摩根士丹利的羅納德‧坎登 (Ronald Kamdem)。

Hey, just two quick ones for me. I guess starting with the revenue guidance just going back to it, I want to make sure I understand it. So on the pricing side, you're assuming sort of modest improvement because you start to see that start this year and then on the occupancy side, I think you said peak to trough occupancy up 250 basis points versus 140 basis points last year, if I heard that correctly. Just want to make sure I got that right and maybe if you could just talk us through what's different about this year, what was unique about last year.

嘿，我只想問兩個問題。我想先從收入指導開始回顧一下，確保我理解它。因此，在定價方面，您假設會出現適度改善，因為您從今年開始就看到這種情況，然後在入住率方面，如果我沒有聽錯的話，我想您說的入住率峰值到谷底上漲了 250 個基點，而去年為 140 個基點。只是想確保我理解正確，也許您可以跟我們講講今年有什麼不同，去年有什麼獨特之處。

Where you're expecting that sort of big recovery would be helpful.

您期望這種大規模的復甦將會有所幫助。

Yeah, thanks, Ron. Yes, you're right on peak to trough, that's how we're looking at occupancy and we are seeing what we think is a consistent improvement in contract rate as we go through the year, largely in part of just having good solid footing, less competitive environment, our ability to really execute on our platforms and our programs.

是的，謝謝，羅恩。是的，您說得對，從高峰到低谷，這就是我們對入住率的看法，而且我們認為，隨著我們度過這一年，合約率一直在持續提高，這很大程度上是因為我們有了良好的基礎，競爭環境不那麼激烈，我們有能力真正執行我們的平台和計劃。

I would also tell you just from my seat and look at how hard this team worked last year, as you transition and you bring on new platforms and new team members and you teach and train and do all the moving pieces we had, I look at this year as less distractions, more focused on execution. And I think that's really the fundamental difference between 2025 and 2024, is we're more stable and solid footing around the environments we're operating in and we're just better at it. So that's really how I'd describe '25.

我也會從我的角度告訴你們，看看這個團隊去年有多努力，隨著你們的轉變，你們帶來了新的平台和新的團隊成員，你們進行了教學和培訓，完成了我們所有的活動部分，我認為今年干擾更少，更專注於執行。我認為，2025 年和 2024 年之間的根本差異在於，我們在營運環境中的基礎更加穩定、更加穩固，而且我們做得更好。這是我對 25 年的描述。

So presumably in like two months peak leasing season, we'll get some data points on if that's sort of trending according the early indicators and stuff, that's there. Can I just switch gears to sort of the extent side of it? Just a little bit more color on what the assumptions for property taxes and insurance would be helpful, how you think about that.

因此，大概在租賃旺季的兩個月內，我們會得到一些數據點，根據早期指標和其他數據，看看這個趨勢是否如此。我可以換個話題來討論一下它的程度嗎？如果能更詳細地解釋一下關於財產稅和保險的假設會有所幫助，您對此有何看法？

Yeah, Ronald, this is Brandon. So for our OpEx guidance of 3% to 4%, most of the line items I would say are within that range. Property tax would be one of those that's kind of right in that 3% to 4% assumption. Insurance we have in the low-single digits. We're going through our renewal process right now. That policy renews April 1, so we'll have line of sight when we report back with our Q1 numbers.

是的，羅納德，這是布蘭登。因此，對於我們 3% 至 4% 的營運支出指導，我認為大多數項目都在這個範圍內。在 3% 到 4% 的假設下，房產稅是比較正確的稅種之一。我們的保險金額處於個位數偏低的水平。我們現在正在進行更新流程。該政策將於 4 月 1 日更新，因此當我們報告第一季數據時，我們將能夠清楚地了解情況。

Personnel, we also have, I would say like a low-single-digit growth side, and then marketing would be the one that's kind of above and beyond that total OpEx range, and that's kind of been the story for these last several years, right, just given the importance of the internet marketing and especially in this lower demand environment, the competition for those customers.

人員方面，我想說我們也有低個位數的成長，然後行銷將會超出總營運支出範圍，這就是過去幾年的情況，對吧，只是考慮到網路行銷的重要性，特別是在這種需求較低的環境中，對這些客戶的競爭。

That's it for me. Thank you.

對我來說就是這樣。謝謝。

Wes Golladay, Baird.

韋斯·戈拉迪，貝爾德。

Just a quick modeling question on the acquisitions and dispositions. Do you expect any accretion or dilution, whether it's due to timing or the spread difference?

這只是關於收購和處置的一個快速建模問題。您是否預計會出現任何增值或稀釋，無論是由於時間還是價差差異？

Yeah, good question. I think maybe some marginal solution just if we get property sold and we pay down the revolver and we don't get it redeployed and so it's really a timing thing. It'll just be marginal. It would be the way I'd answer that.

是的，好問題。我認為也許有一些邊際解決方案，如果我們出售財產並償還循環貸款並且不重新部署它，那麼這真的是一個時機問題。這只是邊緣現象。這就是我回答這個問題的方式。

And it's captured in the range of FFO that we gave.

它被捕獲在我們給出的 FFO 範圍內。

Okay, and I want to go back to that comment about seeing less competition. And maybe can you give us an update on the dynamic you're seeing in the market or developers get to a certain leasing level where they may not be stabilized, but they're just maybe backing off concessions? Are there more of those markets this year? Do you expect to have any of those markets remaining next year?

好的，我想回到關於競爭減少的評論。也許您可以向我們介紹一下您所看到的市場動態，或者開發商是否達到了一定的租賃水平，他們可能還沒有穩定下來，但他們可能只是放棄了讓步？今年這樣的市場還會更多嗎？您預計明年這些市場還會繼續存在嗎？

Yeah, good point. I agree with that. I think they're farther in their lease up. I think the competitive environment has certainly changed compared to what it was a year ago for a couple of factors. There's obviously around the supply dynamic and people trying to fill up, obviously, just within the sector itself, there was some large mergers going on. They created some additional pricing pressures in the sector that have moderated as well. I think between those two factors of where they're out in the fill up of their supply and then just a little more calm, I would say around the sector, I think is why we're encouraged about better stability around pricing this year.

是的，說得好。我同意這一點。我認為他們的租賃期限已經延長了。我認為，由於幾個因素，競爭環境與一年前相比確實發生了變化。顯然，圍繞供應動態和人們試圖填補的空缺，顯然，僅在該行業內部，就發生了一些大型合併。它們給該行業帶來了一些額外的定價壓力，但這些壓力也已經有所緩解。我認為，這兩個因素一方面是他們的供應已經充足，另一方面是整個行業更加平靜，這就是為什麼我們對今年的價格更加穩定感到鼓舞。

Okay. Thanks, everyone.

好的。謝謝大家。

Eric Luebchow, Wells Fargo.

艾瑞克‧盧布喬（Eric Luebchow），富國銀行。

Great, thanks for taking the question. So I wanted to ask the acquisition guide for the year, like what are you kind of seeing for market cap rates right now, given there's been a lot of volatility in interest rates recently? How do you think that shakes out over the course of the year and how are you thinking about the acquisition pipeline between doing things on balance sheet versus leveraging some of your JV partners where you could do more kind of lease-up properties?

太好了，謝謝你回答這個問題。所以我想問今年的收購指南，鑑於最近利率波動很大，您現在對市場資本化率有什麼看法？您認為這種情況今年會如何發展？您如何考慮在資產負債表上進行收購還是利用一些合資夥伴進行更多類型的租賃？

Yeah, thanks for joining. A good question. We haven't seen a material change in really the pricing or the seller's expectations or cap rates throughout all of our markets. I think, if we're looking at secondary or suburban markets, you're probably in the low- to mid-[6s]. Cap rates that we're seeing, there are a lot of, I think, transactions around, I think as you get into -- and this all depends on type of asset, location of assets, there's a lot to this, right?

是的，感謝您的加入。好問題。在我們所有的市場中，我們並沒有看到定價、賣方預期或資本化率有實質變化。我認為，如果我們關註二級市場或郊區市場，你可能處於中低端 [6s]。我們看到的資本化率，我認為周圍有很多交易，我認為當你進入時 - 這一切都取決於資產類型，資產位置，這有很多，對吧？

But I think as you get into a more stabilized asset in a primary market, it's more in the mid-5s. It's probably what we're seeing, and I know there's been a lot of interest rate volatility. It's just not flowing through to cap rates at this point in time. And it probably won't until something changes and hangs on for a lot longer. I just think there are still people transacting. There are still people buying properties.

但我認為，當你進入一級市場中更穩定的資產時，它更多地處於 5 的中間位置。這可能就是我們所看到的，而且我知道利率波動很大。目前，它還沒有流向資本化利率。並且，除非發生某些變化並且持續很長時間，否則這種現象可能不會發生。我只是認為仍有人在進行交易。仍有人在購買房產。

I think you look at -- in an environment today where we think fundamentals have been depressed because of the environment. I think people are looking for optimism in the sector and as are we, and I think we're trying to pick the right points to buy in markets where we think we have upside, maybe not immediately, but we know long term it's a good acquisition for us. We're also trying to balance them between JV capital and on balance sheet, and we know our JV capital is probably our best cost capital day and it's capital light for us.

我認為你看一下——在今天的環境中，我們認為基本面已經因為環境而受到抑制。我認為人們和我們一樣都希望看到該行業的樂觀情緒，而且我認為我們正在嘗試在我們認為具有上漲潛力的市場中選擇正確的買入點，也許不是立即的，但我們知道從長遠來看這對我們來說是一次很好的收購。我們也試圖在合資資本和資產負債表之間取得平衡，我們知道合資資本可能是我們最好的成本資本，對我們來說資本很輕鬆。

And so I think we're working through all of the acquisition targets, trying to match it to our cost of capital.

因此我認為我們正在努力實現所有收購目標，並試圖使其與我們的資本成本相符。

And Eric, what you've seen us do on balance sheet has been very strategic to complement our existing properties in the market, densifying markets. We've also picked up some annex properties, which are no-brainers where you can add 40,000 square feet to an existing 50,000 square foot property that's just down the road.

艾瑞克，您看到我們在資產負債表上所做的一切都非常具有策略性，以補充我們在市場上的現有資產，增強市場密度。我們還選擇了一些附屬房產，這些房產是顯而易見的，您可以在路邊現有的 50,000 平方英尺的房產上增加 40,000 平方英尺的面積。

And so those are the ones that we're being selective about bringing in wholly owned versus -- otherwise kind of having a bias towards (inaudible). And then certainly, as we do have dispositions, there may be a need to 1031 some of those assets and if we did that, we need to redeploy that on balance sheet so that would also be a driver of putting some things on balance sheet.

因此，我們選擇引入全資子公司，而不是——否則，我們會傾向於（聽不清楚）。當然，由於我們確實有處置，可能需要對其中一些資產進行 1031 處置，如果我們這樣做了，我們需要在資產負債表上重新部署這些資產，因此這也會成為將某些東西放在資產負債表上的驅動力。

Okay, great, thanks. And just a second question, I believe you said you're being a little more aggressive with your ECRI today versus a year ago and so maybe you could just dive into like is that coming more from new customers? They're moving in at lower web rates, you're being a little more dynamic with rev web rates and pulling for the ECRI, both the timing and the magnitude. Or is that kind of across the board with some of your longer duration customers as well?

好的，太好了，謝謝。還有第二個問題，我相信您說過，與一年前相比，您今天對 ECRI 的態度更加積極，所以也許您可以深入探討一下，這是否更多地來自新客戶？他們正以較低的網路速率前進，而你對轉速網路速率的反應則更加動態，並且拉動 ECRI，包括時間和幅度。或者這對您的一些長期客戶來說也是普遍適用的嗎？

Just curious about the dynamics of that shift over the recent history. Thank you.

只是好奇最近歷史上這種轉變的動態。謝謝。

Yeah, sure, I think all of those things would come into play. I think certainly as you look at where market rates are entry point rates for new customers, we certainly are finding our way to try to get back to market rate in an appropriate amount of time. I think our tools and our visibility around success and some of the testing we've done been doing and have been continue to do as we measure the success of the ECRI program is giving us a little more confidence to execute maybe a little more assertively in different situations throughout the entire tenant base.

是的，當然，我認為所有這些事情都會發揮作用。我認為，當你看到市場利率是新客戶的切入點利率時，我們肯定會想辦法在適當的時間內恢復到市場利率。我認為我們的工具和我們對成功的可見性以及我們在衡量 ECRI 計劃的成功時一直在做和繼續做的一些測試，讓我們更有信心在整個租戶群體的不同情況下更自信地執行。

And so I'd say it's a combination of those factors, moving market rates and just our confidence and our conviction of what we're learning and how we're executing.

所以我認為這是這些因素的綜合作用，包括市場利率的變化以及我們對所學和執行方式的信心和信念。

Thanks, guys.

謝謝大家。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Yes, good afternoon, everyone. Just curious again, all the recent market commentary around a softer consumer outlook, what do you guys kind of make of this? Do you think there could be any potential impact to demand even within your business or any potential impact that your ECRI if you just kind of have a more kind of economically sensitive customer or consumer?

是的，大家下午好。只是再次好奇，最近所有的市場評論都圍繞著消費者前景疲軟，你們對此有何看法？您是否認為，即使在您的業務範圍內，這可能會對需求產生任何潛在影響，或者如果您只是擁有對經濟更敏感的客戶或消費者，您的 ECRI 可能會受到任何潛在影響？

Yeah, it's a good point. I think we constantly are monitoring all the things that we look at as far as our customer behaviors and trying to really pay attention to strength of the consumer that leads to a lot of data points of from payment activity to delinquencies to length of stays to ability to feed the top of the funnel. All of those things, but it's certainly something that we look at, it's certainly something we're aware of.

是的，這是一個很好的觀點。我認為，我們一直在監控我們所關注的所有客戶行為，並試圖真正關註消費者的實力，從而獲得大量數據點，從支付活動到拖欠情況、停留時間長度以及滿足漏斗頂端客戶的能力。所有這些事情，但這肯定是我們所關注的事情，這肯定是我們所意識到的事情。

Fortunately, at this point in time, we have not seen any material change at all in any of those things that I just described. But certainly, I think we read the same things you're reading about from a consumer standpoint, I think consumers are feeling more pressure. I would tell you from the sector history though, if you do see you start to see some kind of changes in our economic outlook, storage sometimes benefits from consolidation or recession or things that go around that piece of it that forces people to move around for jobs or maybe change their housing location or their renting location.

幸運的是，目前為止，我們還沒有看到我剛才描述的任何事物發生任何實質的變化。但可以肯定的是，我認為從消費者的角度來看，我們所讀到的內容與您讀到的內容相同，我認為消費者感受到了更大的壓力。不過，我想從行業歷史的角度告訴你，如果你確實看到我們的經濟前景開始發生某種變化，那麼存儲有時會受益於整合或衰退，或者圍繞這一領域的其他因素，迫使人們為了工作而四處奔波，或​​者改變他們的住房位置或租房地點。

And so at this point, we see no stress on our customer and, at this point, nothing really more to report on it.

因此，目前為止，我們沒有發現客戶有任何壓力，而且目前為止，也沒有什麼需要報告的。

That's helpful. And then the commentary in 4Q talking about kind of payroll expenses down. Curious again, via the use of technology, if you have more opportunities to kind of keep driving that down or in general any comments about, potential, additional opportunities to improve operational efficiency from a technological perspective?

這很有幫助。然後第四季的評論談到了薪資支出的下降。再次好奇，透過使用技術，您是否有更多機會繼續降低這一水平，或者總體而言，從技術角度來看，您對提高營運效率的潛在額外機會有何評論？

Yeah, really good question. Payroll, we've worked really hard really over the last two or three years and really worked hard on a staffing model that tried to put our team members in the right place and the consumer needed them. And I think we've done a really good job working on that metric. I don't know if there's a tremendous amount of more savings coming in that arena from our perspective, because we've ran lean historically and we found a way to run even leaner through the last couple of years.

是的，這個問題問得真好。在薪資方面，我們在過去兩三年裡一直非常努力，並努力建立人員配置模式，試圖將我們的團隊成員安排在正確的位置，而消費者需要他們。我認為我們在這個指標上做得非常好。從我們的角度來看，我不知道在這個領域是否會有更多的節省，因為我們過去一直保持精益運營，並且在過去幾年中我們找到了更精益的運營方法。

I think we're trying to really right now match the consumer's expectation with when we have our team members there. I know we're working very hard within our customer care center around, how do we -- can we use technology to help route calls? Can we use technology to help answer calls? Can we use technology to let us find efficiencies around?

我認為我們現在正試圖透過我們的團隊成員來滿足消費者的期望。我知道我們的客戶服務中心正在非常努力地工作，我們如何——我們能否利用科技來幫助轉接電話？我們可以利用科技來幫助接聽電話嗎？我們能否利用科技來提高效率？

When our team members are talking live versus what we can do with automation, I think the team has done a good job finding some past there. I think that is an opportunity for us long term to think about how we communicate with our consumer and our internal customers as well, which is our team members and just finding efficiencies around the way that we work on that.

當我們的團隊成員現場討論我們可以用自動化做什麼時，我認為團隊已經很好地找到了一些過去的經驗。我認為這是我們長期思考如何與消費者和內部客戶（也就是我們的團隊成員）溝通的機會，並找到我們工作方式的效率。

The team is working around our digital platform. We're working around how we help the customer transact with this more and more the way they want to, in which case it seems like today they want to talk less to real people and use a little bit more technology. So I think we're certainly studying all those fronts. We're working in those fronts, we've been testing in those fronts and made advances and so I like where we're headed, and I think there's probably still some more success around some of those areas we just discussed.

該團隊正在圍繞我們的數位平台開展工作。我們正在努力幫助客戶越來越多地按照他們想要的方式進行交易，在這種情況下，他們似乎今天更願意與真人交談，而更多地使用技術。所以我認為我們肯定正在研究所有這些方面。我們正在這些方面開展工作，我們一直在這些方面進行測試並取得了進展，所以我喜歡我們前進的方向，而且我認為我們剛才討論的一些領域可能還會取得更多的成功。

Thank you.

謝謝。

Brendan Lynch, Barclays.

巴克萊銀行的布倫丹·林奇。

Great, thanks for taking my question. You talked about the debt at leveraging around 6.5 now, and maybe it's going to come under some pressure. Can you just remind us what the range is that you're targeting, whether you're willing to kind of deviate that even in the short term and how you might use the ATM or the share repurchase program to tackle leverage going forward?

太好了，感謝您回答我的問題。您談到現在債務槓桿率約為 6.5，也許會面臨一些壓力。您能否提醒我們一下，您的目標範圍是多少，您是否願意在短期內有所偏離，以及您將如何使用 ATM 或股票回購計劃來解決未來的槓桿問題？

Yeah, Brendan, thanks for the question. So our targeted range of comfort in operating is 5.5 times to 6.5 times. That's been pretty consistent for multiple years now. So the 6.5 times that we ended the quarter is at the high end of that range, and I do think, going back to my comments at the open, just given Q1 is seasonally weaker and also we're still going to have a couple of quarters we believe of continued negative year-over-year same store growth that will go above our range.

是的，布倫丹，謝謝你的提問。因此，我們的目標操作舒適度範圍是5.5倍到6.5倍。多年來，這種情況一直相當穩定。因此，我們在本季度結束時給出的 6.5 倍的增長率處於該範圍的高端，我確實認為，回到我在開幕時的評論，只是考慮到第一季度的季節性疲軟，而且我們認為仍將有幾個季度的銷售額同比繼續下降，同店銷售額將超出我們的預期。

Understanding that it's temporary, we're comfortable with that. Obviously, if market conditions present themselves and there's an opportunity to calibrate that or toggle that, as you said, we will seek to do that, but we're not going to be too reactionary given I think that's a fundamental thing that we'll grow out of.

我們知道這只是暫時的，所以我們對此感到很安心。顯然，如果市場條件出現，並且有機會進行調整或切換，正如您所說，我們會尋求這樣做，但我們不會過於被動，因為我認為這是我們成長過程中的一個基本問題。

The other thing I mentioned in my remarks is that some of the potential, portfolio culling, some of these strategic dispositions that they've described earlier, we may do that in the next quarter or two and to the extent that gives us some proceeds to bring down leverage, that'll be an option for us as well.

我在發言中提到的另一件事是，我們可能會在未來一兩個季度內實施一些潛在的投資組合精簡以及他們之前描述的一些戰略部署，如果這能給我們帶來一些收益以降低槓桿率，那麼這對我們來說也是一個選擇。

The ATM, I should say the ATM and the share repurchase just generally because I did mention in the open that we stood those programs up, that's just going to be opportunistic. I think we've traded in a band. Our stock price has been at levels in the past 12 months where it was attracted to repurchase shares, and it's also approached levels where it would start to make sense to issue. So we just needed to stand those programs up to be -- to have that flexibility for us going forward.

ATM，我應該說 ATM 和股票回購只是一般性的，因為我確實在公開場合提到我們支持這些計劃，這只是機會主義的。我想我們已經交易了一個樂團。過去 12 個月，我們的股價一直處於吸引回購股票的水平，也接近開始發行股票的合理水平。因此，我們只需要支持這些計劃，以便為我們未來的發展提供靈活性。

Great, thanks. That's it for me.

太好了，謝謝。對我來說就是這樣。

Todd Thomas, KeyBanc Capital Markets.

托馬斯 (Todd Thomas)，KeyBanc 資本市場。

Hi, thanks. Just a couple quick ones. First, related to the internalization and the efficiencies that you're working to achieve, I just wanted to clarify from the comments and guidance whether there's any incremental impact expected with regard to tenant insurance and other fee income or G&A expense that will be realized gradually throughout the year? Is everything essentially in the 4Q run rate as it pertains to the internalization?

你好，謝謝。僅舉幾個例子。首先，關於您正在努力實現的內部化和效率，我只是想從評論和指導中澄清一下，對於租戶保險和其他費用收入或一般及行政費用，是否預計會產生任何增量影響，這些影響將在全年逐步實現？就內部化而言，一切基本上是否與第四季的運作率有關？

Yeah, Todd, thanks for the question. So yeah, the tenant insurance, we really did start to realize those economics from day one, going back to July 1. So that is baked into the numbers. You see that in that management fee and other revenue line item that we guided to, so that's notably up over 2024. There are costs associated with that that historically haven't been and are not in our line item detail, but that line item that's labeled other, which sits below depreciation on our face P&L, that year over year will be up from 2024, I think roughly $3 million or $4 million.

是的，托德，謝謝你的提問。是的，對於租戶保險，我們確實從第一天起就開始意識到這些經濟效益，可以追溯到 7 月 1 日。所以這已經融入數字了。您可以看到，在我們指導的管理費和其他收入項目中，這一數字比 2024 年有顯著上升。與此相關的成本歷史上從未出現在我們的項目明細中，但標有「其他」的項目，位於我們面值損益表的折舊之下，從 2024 年開始，其同比金額將有所增加，我認為約為 300 萬美元或 400 萬美元。

And so those are some of the costs that do offset that top line growth. We'll obviously have a full 12-month impact in 2025 of both the G&A and the pendant insurance versus only the two quarter impact that we had in '24, but I do think we're exiting '24 and entering '25 at kind of good run rate levels.

所以這些成本確實抵銷了營收成長。顯然，到 2025 年，我們將受到 G&A 和附屬保險整整 12 個月的影響，而 24 年僅受到兩個季度的影響，但我確實認為，我們將以良好的運行率水平退出 24 年，進入 25 年。

Okay, that's helpful. And then the 300 basis points occupancy gap that you discussed, you talked about the year-over-year gap being about 140 basis points at your end. I think you've mentioned around 150 basis points, as you said today, which compares to 300 basis points or more in the third quarter. Were comments around that to suggest that half of that occupancy gap has been realized already, or does the guidance assume about half of the occupancy gap is closed during the year? Can you just clarify that?

好的，這很有幫助。然後，您討論的 300 個基點的入住率差距，您談到同比差距約為 140 個基點。我認為您今天提到了大約 150 個基點，而第三季則為 300 個基點或更多。對此的評論是否表明，一半的入住率差距已經實現，或者該指南是否假設一年內大約有一半的入住率差距已經消除？你能澄清一下嗎？

It's more the latter, Todd. Yeah, we did not mean to suggest that half of that closing of the gap with the RPO-occupancy levels has been achieved. I think that's more just comps and markets from where we sit today versus the middle of 2024. So it was more the way you characterized it, at the end of your comment there about -- to be achieved is that closing of the gap.

更可能是後者，托德。是的，我們並不是說 RPO 佔用率差距已經縮小了一半。我認為這更多的只是我們今天與 2024 年中期相比的比較和市場情況。因此，這更像是您在評論最後所描述的那樣——要實現的目標是縮小差距。

Got it. And so in terms of the revenue synergies, do you think that the impact to results, will it be greater in 2026 or is the greater impact likely to be felt this year and sort of included and embedded in the guidance?

知道了。那麼就收入綜效而言，您認為其對業績的影響在 2026 年會更大嗎？或者更大的影響可能會在今年感受到，並被納入指導中？

Good question. I certainly think the back half of the year is where we really start to see a lot of momentum because I think we'll spend the first half of the year really working, trying to work through some occupancy things, trying to really drive where we want to be positioned and try to close that gap in the spring leasing season. So certainly, the back half of the year sees the benefit, which leads into 2026, right?

好問題。我當然認為下半年才是我們真正開始看到巨大發展勢頭的時候，因為我認為我們將在上半年投入大量精力，努力解決一些入住率問題，努力真正實現我們想要的定位，並努力在春季租賃季節縮小差距。所以，今年下半年一定會看到好處，也就是到 2026 年，對嗎？

Okay, all right, thank you.

好的，好的，謝謝。

Thank you. There are no further questions at this time. I'd like to pass the call back over to George for any closing remarks.

謝謝。目前沒有其他問題。我想將電話轉回給喬治，讓他做最後的演講。

Well, thank you all for joining our call today and your continued interest in NSA. We hope you enjoy the rest of the earning season and have a good afternoon.

好吧，感謝大家今天參加我們的電話會議，也感謝大家對 NSA 的持續關注。我們希望您能享受剩餘的盈利季節並度過一個愉快的下午。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。