National Storage Affiliates Trust (NSA) 2025 Q1 法說會逐字稿

Greetings, and welcome to the National Storage Affiliates first quarter 2025 conference call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Mr. George Hoglund, Vice President of Investor Relations for National Storage Affiliates. Thank you. You may begin.

您好，歡迎參加國家儲存聯盟 2025 年第一季電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在，我想將會議交給主持人、國家儲存附屬公司投資者關係副總裁喬治·霍格倫德先生。謝謝。你可以開始了。

We'd like to thank you for joining us today for the first quarter 2025 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 2025 年第一季財報電話會議。今天與我一起接聽電話的是美國國家安全局總裁兼首席執行官戴夫·克萊默 (Dave Cramer) 和首席財務官布蘭登·富樫 (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，然後如果您還有其他問題，請返回佇列。

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, May 6, 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 5 月 6 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 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或其他情況的變化而修改或更新任何前瞻性陳述的義務。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. I will now turn the call over to Dave.

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。我現在將電話轉給戴夫。

Thanks, George, and thanks, everyone, for joining our call today. Our first quarter results were in line with our expectations, and we are pleased with the 130 basis points of sequential improvement in same-store revenue growth on a year-over-year basis.

謝謝喬治，也謝謝大家今天參加我們的電話會議。我們第一季的業績符合我們的預期，我們對同店營收年增 130 個基點的連續成長感到滿意。

All but three of our reported same-store markets saw a sequential improvement in the level of revenue growth; and two of our top three markets, Portland and Houston, inflected positive in the first quarter, giving us momentum into the spring leasing season.

在我們報告的同店市場中，除三個市場外，其餘市場的收入增長水平均有所提高；而我們三大市場中的兩個，波特蘭和休斯頓，在第一季都出現了積極增長，為我們進入春季租賃季節提供了動力。

Fee rates and contract rates have experienced sequential growth every month this year, which is encouraging. And although occupancy is a bit softer than expected, the rate growth is exceeding expectations, and we met our overall revenue goals.

今年以來費率、合約費率每個月都較上月成長，令人鼓舞。儘管入住率比預期略低，但房價成長超出預期，我們實現了整體收入目標。

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

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，壞帳費用仍在預期範圍內。

Now that we've completed the PRO transition, we are laser-focused on operations and realizing the benefits from the consolidated operating platforms and upgraded marketing and pricing tools. The benefits are manifesting themselves in better search rankings to drive customers into the top of the funnel, enhance pricing algorithms to optimize rate decisions and the use of AI to optimize call flows and staffing hours.

現在我們已經完成了 PRO 轉型，我們將集中精力於運營，並從整合的營運平台和升級的行銷和定價工具中獲益。其好處體現在更好的搜尋排名，以推動客戶進入漏斗頂端，增強定價演算法以優化費率決策，以及使用人工智慧來優化呼叫流程和人員配置時間。

These improvements are reflected in our sequential contract rate growth and declines in personnel expenses. We are in the early stages of showing improvement and are building momentum. In fact, moving contract rates in April increased approximately 5% from the first quarter levels. Meanwhile, occupancy increased 20 basis points in April to finish the month at 83.8% occupied.

這些改進反映在我們連續的合約率成長和人事費用的下降。我們正處於改善的早期階段，並且正在累積動力。事實上，4 月份搬家合約率較第一季水準上漲了約 5%。同時，4 月入住率增加了 20 個基點，當月入住率達到 83.8%。

The markets where we're further along in implementing these strategies, you can see the benefit. Portland is a great example of a market where we have some runway behind us and a track record of implementing our strategies and the benefits are showing.

在我們進一步實施這些策略的市場中，您可以看到其帶來的好處。波特蘭是一個很好的例子，在這個市場中，我們擁有一定的發展空間，並且有實施策略的記錄，而且收益正在顯現。

We continue to optimize our marketing and revenue management efforts, leading to better results. We've been very successful with our pricing and ECRI program. Combined with the benefits of easing supply, Portland is now one of our top performers, delivering positive revenue growth in the quarter.

我們持續優化行銷和收入管理工作，以取得更好的績效。我們的定價和 ECRI 計劃非常成功。加上供應減少的好處，波特蘭現在是我們表現最好的城市之一，本季實現了正收入成長。

While there remains a steady flow of opportunities coming across our desk, with the broader economic and capital markets uncertainty, we remain disciplined. During the first quarter, we successfully closed on three assets totaling approximately $40 million.

儘管我們仍然不斷面臨機遇，但由於更廣泛的經濟和資本市場的不確定性，我們仍然保持紀律。第一季度，我們成功完成了三項資產的交易，總額約 4,000 萬美元。

We also sold two properties totaling $10 million. Proceeds from asset sales will be used to pay down the revolver and fund future acquisitions. Our activity is picking up, and we expect to announce more transactions over the next few months.

我們還出售了兩處總價值 1000 萬美元的房產。資產出售所得將用於償還循環信貸並為未來的收購提供資金。我們的活動正在增多，我們預計將在未來幾個月內宣布更多交易。

In summary, we believe we found a trough in fundamentals. We're encouraged by the trajectory of contract rents and the new supply outlook is improving. While there is plenty of noise around tariffs and economic uncertainty, so far, there's been no direct impact on our business. And I'll remind all of you that the self-storage sector has proven to be resilient through various operating environments.

總而言之，我們認為我們已經發現了基本面的低谷。合約租金的走勢令我們感到鼓舞，新的供應前景正在改善。儘管圍繞關稅和經濟不確定性存在許多噪音，但到目前為止，這些噪音尚未對我們的業務產生直接影響。我要提醒大家的是，自助倉儲業已證明其在各種營運環境中具有韌性。

Lastly, there is still significant investor interest in the self-storage sector. As demonstrated by the recent successful IPO of our newest public peer, SmartStop Self Storage. I'd like to formally welcome Michael Schwartz and his team to the club. I'll now turn the call over to Brandon to discuss our financial results.

最後，投資者對自助儲存領域仍有濃厚的興趣。正如我們最新的上市公司 SmartStop Self Storage 最近成功首次公開發行 (IPO) 所證明的那樣。我謹正式歡迎麥可施瓦茲和他的團隊加入俱樂部。現在我將把電話轉給布蘭登，討論我們的財務表現。

Thank you, Dave. Yesterday afternoon, we reported core FFO per share of $0.54 for the first quarter, a 10% decline from the prior year period due primarily to a decrease in same-store NOI and an increase in interest expense. For the quarter, same-store revenues declined 3%, driven by lower average occupancy of 190 basis points and a year-over-year decrease in average revenue per square foot of 1%.

謝謝你，戴夫。昨天下午，我們報告第一季每股核心 FFO 為 0.54 美元，較去年同期下降 10%，主要原因是同店 NOI 下降和利息支出增加。本季度，同店營收下降 3%，原因是平均入住率下降 190 個基點，且每平方英尺平均收入年減 1%。

Expense growth was 3.7% in the first quarter. Main drivers of growth were marketing, R&M, and utilities, partially offset by a decrease in personnel costs. We expect marketing to remain elevated in the near term, given the competitive environment, whereas R&M was higher largely due to severe winter storms during the quarter, which resulted in outsized snow removal costs. Without such impact, our OpEx growth would have been below 3%.

第一季支出成長率為3.7%。成長的主要驅動力是行銷、研發與維護以及公用事業，但人員成本的下降部分抵消了這一成長。鑑於競爭環境，我們預計短期內行銷費用仍將保持高位，而 R&M 費用的增加主要是由於本季嚴重的冬季風暴導致除雪成本過高。如果沒有這種影響，我們的營運支出成長率將低於 3%。

These revenue and OpEx results led to same-store NOI growth of negative 5.7%, also a sequential improvement from last quarter, which we expect to continue as we progress throughout the year. Also impacting the quarter was interest expense, which was $1 million higher due to the maturity of a swap in the beginning of February, but fixed the rate on $225 million of our revolver balance at just under 3%.

這些收入和營運支出結果導致同店淨營業利潤成長-5.7%，也較上一季度有所改善，我們預計這種狀況將持續到全年。本季也受到利息支出的影響，由於 2 月初掉期到期，利息支出增加了 100 萬美元，但將我們 2.2​​5 億美元循環信貸餘額的利率固定在略低於 3% 的水平。

Upon swap maturity, the notional amount was then subject to the spot rate, which was approximately 275 basis points higher. This resulted in a $0.01 drag on the quarter's results.

掉期到期時，名目金額將受即期匯率影響，即期匯率約高出 275 個基點。這導致本季業績下降 0.01 美元。

Now speaking to the balance sheet. We have no maturities in 2025 and our current revolver balance is $444 million, giving us approximately $500 million of availability. As Dave referenced earlier, we expect the immediate use of near-term asset sale proceeds will pay down the revolver, which, in combination with improving fundamentals, will help to bring leverage down.

現在談談資產負債表。2025 年我們沒有到期債務，目前的循環信貸餘額為 4.44 億美元，可用餘額約為 5 億美元。正如戴夫之前提到的，我們預期近期資產出售收益將立即用於償還循環信貸，再加上基本面的改善，將有助於降低槓桿率。

Net debt-to-EBITDA was 6.9 times at quarter end. And as I discussed on our call last quarter, the recent trough in year-over-year same-store growth along with the first quarter being seasonally the weakest put additional pressure on that metric. We expect to be in the 6% to 6.5% range in the back half of the year.

季度末淨債務與 EBITDA 比率為 6.9 倍。正如我在上個季度的電話會議上所討論的那樣，近期同店銷售額同比增長率處於低谷，加上第一季是季節性最弱的季度，這給該指標帶來了額外的壓力。我們預計今年下半年的成長率將在 6% 至 6.5% 之間。

Now I'll conclude our opening remarks with a few comments about our reporting package. And we added some new disclosure in our supplemental this quarter. At the bottom of Schedule 7, we've provided contract rent per square foot on in-place customers and on move-ins and move-outs to provide better clarity on fundamentals and assist with modeling.

現在，我將以對我們的報告方案的一些評論來結束我們的開場白。我們在本季的補充報告中增加了一些新的揭露。在附表 7 的底部，我們提供了入住客戶以及搬入和搬出的每平方英尺的合約租金，以便更好地了解基本情況並協助建模。

With regard to guidance, it is still early in the spring leasing season, and thus, our assumptions are unchanged and are detailed in the earnings release. I'll remind everyone that the midpoint assumes a moderately better spring leasing season than last year, characterized by improving pricing power and occupancy through the summer months.

就指導而言，現在仍處於春季租賃季節的早期，因此，我們的假設保持不變，並在收益報告中詳細說明。我要提醒大家，中點假設春季租賃季節比去年略好，特點是整個夏季定價能力和入住率的提高。

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

我們的指導範圍的高端假設是，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。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)

（操作員指示）

Eric Wolfe, Citi.

花旗銀行的埃里克·沃爾夫。

I think you said that the contract rates increased 5% from March and occupancy was up 20 basis points. So I was hoping you could just put that increase into perspective? Is that a very good April, normal April? And then how much were contract rates up year over year?

我想您說過，合約費率較 3 月上漲了 5%，入住率上漲了 20 個基點。所以我希望您能客觀地看待這種成長？這是一個非常好的四月，還是正常的四月？那麼合約費率年增了多少呢？

Eric, thanks for the question. I appreciate you joining the call today. Sequentially, we have seen improvement in our rate scheme throughout really the entire year. We've seen street rate improvements sequentially from January through April and into May. We did see contract rate improvement from January through April and into May as well.

艾瑞克，謝謝你的提問。感謝您今天參加電話會議。隨後，我們看到我們的利率方案在全年都有改善。我們看到街道費率從一月到四月再到五月逐年提高。我們確實看到從一月到四月以及五月份的合約費率有所提高。

And so from our seat, as we look to really maximize revenue and really work on all of the tools available from occupancy to rate growth to marketing spend, we were pleased with the progress we made around contract rates.

因此，從我們的角度來看，當我們尋求真正實現收入最大化並真正利用從入住率到房價增長到營銷支出的所有可用工具時，我們對合約房價方面取得的進展感到滿意。

And if you notice in our new schedule, we actually provided in-place customer rate growth and move-in rate growth. And you can see we improved move-in rates sequentially throughout the first quarter and into April, and our move-in rates actually inflected positive in March, stayed positive in April and improved in April and improved again in May.

如果你注意到我們的新時間表，我們實際上提供了就地客戶率成長和入住率成長。您可以看到，我們在第一季和四月連續提高了入住率，我們的入住率實際上在三月呈正增長，四月份保持正增長，四月份有所改善，五月再次改善。

And so we've had really good success around the rate program for the first part of the year. And as we planned, that's what we were really looking to do to try to drive more storage revenue and maximize the in-place customers through the ECRI program and maximize the new move-ins that we were getting with improved street rates and really focused on that.

因此，我們在今年上半年的利率計劃中取得了非常好的成功。正如我們計劃的那樣，我們真正想要做的就是嘗試增加儲存收入，並透過 ECRI 計劃最大限度地增加現有客戶，並透過提高街道費率最大限度地增加新入住客戶，並真​​正專注於此。

That's helpful. And you've talked about seeing better revenue and I guess, margin opportunities for the PRO properties that you brought on to your platform. I think you previously said there was like a 260 basis point occupancy gap that you could maybe close by the end of the summer. Maybe just giving a little bit more from right now, could you just talk about where you are in the process of sort of achieving those revenue synergies?

這很有幫助。您曾談到看到更好的收入，我想，您平台上的 PRO 資產也會帶來更好的利潤機會。我記得您之前說過，入住率差距有 260 個基點，到夏季末也許可以彌補這個差距。也許從現在開始就多透露一點，您能否談談您在實現這些收入綜效的過程中處於什麼階段？

Yeah, good question. Really, the transition took place really the third and fourth quarter of last year, the majority of it taking place really in the mid-part of that third and fourth quarter.

是的，好問題。事實上，轉變確實發生在去年第三季和第四季，其中大部分發生在第三季和第四季的中期。

And so as you think about rebranding stores, moving stores to a new domain name, nsastorage.com, having consolidated pricing and consolidated marketing efforts, we're really starting to see the transition take place and the team is really starting to see some traction around having everything sit in one place, having a Google bid model that's in one place, having pricing in one place, marketing tools in one place. There was about a 250 to 300 basis point gap when we started the PRO transition. We really didn't expect to close that gap until mid-summer months.

因此，當您考慮重新命名商店、將商店遷移到新網域 nsastorage.com、合併定價和整合行銷工作時，我們真的開始看到轉變的發生，團隊真的開始看到一些牽引力，將所有東西都集中在一個地方，擁有一個谷歌競價模型，在一個地方定價，在一個地方營銷工具。當我們開始 PRO 轉型時，大約有 250 到 300 個基點的差距。我們確實沒想到直到仲夏時節才能縮小這一差距。

So I would tell you, we're making good progress. We're happy with the rate growth in those portfolios, occupancy, we're still working through, and we really look for the mid-summer months to really get the traction around the marketing spend and the website to really implement the changes around that occupancy spread.

所以我想告訴你，我們正在取得良好的進展。我們對這些投資組合的利率成長和入住率感到滿意，我們仍在努力，我們真的期待仲夏時節能夠真正吸引行銷支出和網站，並真正實施入住率變化。

Samir Khanal, Bank of America.

薩米爾·卡納爾，美國銀行。

Dave, maybe tagging along the prior question. Just maybe talk about sort of the ramp-up. I don't know if you can quantify kind of into the second half. I mean you guys have done minus 3% in the first quarter for revenue growth. I would assume second quarter will also be down from a revenue growth perspective, but maybe quantify how much of a pickup we'll see kind of in the back half and especially into the fourth quarter.

戴夫，也許可以順著前面的問題問下去。也許只是談論某種提升。我不知道你是否可以量化下半部。我的意思是，你們第一季的營收成長了-3%。我認為從營收成長的角度來看第二季也會下降，但也許可以量化下半年，特別是第四季我們將看到多大程度的回升。

Samir, this is Brandon. I'll jump in on it. So as Dave said, the revenue number for same-store was in line with expectations. We hit our goal for the first quarter there. You may recall in February, when we introduced guidance, I said we would start the year on same-store NOI growth in the mid-single digits negative.

薩米爾，這是布蘭登。我會加入其中。正如戴夫所說，同店收入數字符合預期。我們實現了第一季的目標。您可能還記得，今年二月，當我們發布指引時，我曾說過，今年年初我們的同店淨利潤增長率將達到中等個位數負值。

So slightly worse maybe than expectations really due to the OpEx items that I mentioned. If we didn't have some of the winter storm impact on snow removal as well as utilities, then I think we would have been closer to that negative 5 flat on the NOI number.

因此，由於我提到的營運支出項目，可能實際上比預期稍微差一些。如果冬季風暴沒有對除雪和公用設施造成影響，那麼我認為我們的 NOI 數字會更接近 -5 的水平。

But you're right, the trajectory and the pace of the growth and the continued sequential improvement is definitely implied in all the ranges of our full year guidance. You are also correct that we still expect to be negative for the second quarter on both revenue and NOI year over year.

但您說得對，成長軌跡和速度以及持續的持續改善肯定隱含在我們全年指引的所有範圍內。您說得對，我們仍然預計第二季的營收和淨利潤都將為負值。

And then we didn't get real specific because there's a lot of different things that have yet to play out, but we said at some point in the back half that it would inflect positive on revenue and then eventually NOI follows by the end of the year.

然後我們並沒有給出具體的數字，因為還有很多不同的事情尚未發生，但我們在下半年的某個時候說過，它將對收入產生積極影響，然後最終在年底前實現淨利潤。

When exactly that happens, that's the million-dollar question, right? And I think that's what -- we're so early in the season. We're only starting to see the early remnants of kind of what the leasing season holds for us.

這究竟什麼時候會發生，這是一個價值百萬美元的問題，對吧？我認為這就是——我們正處於賽季初期。我們才剛開始看到租賃季節給我們帶來的影響的早期跡象。

And then I guess just a follow-up is, I know you guys have talked about sort of this month-to-month improvement you're seeing. I guess how much of that is really just sort of return to seasonality versus kind of improvements in demand, right, at this point?

然後我想接下來的問題是，我知道你們已經談論過你們所看到的這種逐月改善的情況。我想，目前來看，這其中有多少只是季節性的回歸，而不是需求的改善，對吧？

Yeah, good question. I think I'd answered it on a couple of fronts. Certainly, the seasonality starts to come into play here. You certainly trough usually around that February month, and then you start to pick your way up into the spring leasing season. So activity-wise, we're starting to see more customers at the top of the funnel, more search results and seasonally, it's starting to feel improved.

是的，好問題。我想我已經從幾個方面回答了這個問題。當然，季節性開始發揮作用。通常情況下，你會在二月左右經歷低谷，然後開始進入春季租賃季節。因此，從活動角度來看，我們開始看到更多處於漏斗頂端的客戶、更多的搜尋結果，而且從季節性來看，情況開始有所改善。

But I would also tell you, we really had good success really starting in the back half, really the last couple of months of last year around street rate improvement, November and December have carried that street rate improvement all the way through the first quarter and April and May, that's not typical.

但我還要告訴你，我們確實從下半年開始就取得了很大的成功，實際上是去年最後幾個月在街道率改善方面，11 月和 12 月一直保持著街道率改善的勢頭，而 4 月和 5 月也是如此，這並不常見。

Typical street rates don't increase like in January and February and March. And so we had good success around street rate improvement, which led to move-in rate improvement. And then our ECRI program has remained very productive, and we've had good results around the ECRI program.

典型的街頭價格不會像一月、二月和三月那樣上漲。因此，我們在街道率改善方面取得了巨大成功，從而提高了入住率。我們的 ECRI 計劃一直非常富有成效，並且我們在 ECRI 計劃方面取得了良好的成果。

So I think we're ahead of schedule on what we thought we would be on rate occupancy. The supply and demand pictures haven't really changed much. There's a lot of uncertainty, I think, still around with economic conditions and interest rates and mobility around the country. We did see a pickup in April in occupancy. We've seen a pickup in May so far in occupancy. But both rental volume and move-out volume are muted compared to last year, they're below last year.

所以我認為我們的入住率比我們預期的要高。供需狀況其實並沒有太大變化。我認為，全國各地的經濟狀況、利率和流動性仍然存在許多不確定性。我們確實看到四月入住率有所回升。五月到目前為止，入住率有所回升。但與去年相比，租賃量和搬出量均有所下降，低於去年。

I would also add to that. Last year, we did grow occupancy, but what we didn't grow was revenue. We did not grow storage revenue in the first four months of last year. This year, we've grown sequentially storage revenue really in the months of March, April and now into May. And so while the occupancy may not as pick up as strong as it did last year, our revenue has picked up stronger than what it was last year.

我還要補充一點。去年，我們的入住率確實有所成長，但收入卻沒有成長。去年前四個月我們的儲存收入沒有成長。今年，我們的儲存收入在三月、四月以及五月均實現了連續成長。因此，雖然入住率可能不會像去年那樣強勁成長，但我們的營收卻比去年成長得更強勁。

Michael Goldsmith, UBS.

瑞銀集團的麥可‧戈德史密斯。

My first question is around the dynamics of street rates. You can see, it seems like street rates have shown some improvement, but occupancy took a slight step back in the first quarter. So can you walk through the dynamics of your ability to push rents and then also bring people in and how you expect that to play out through the spring leasing season?

我的第一個問題是關於街道費率的動態。您可以看到，街道價格似乎有所改善，但第一季的入住率略有下降。那麼，您能否介紹一下您們推動租金上漲和吸引客流的能力，以及您預計在春季租賃季節這一舉措將如何發揮作用？

Michael, thanks for joining. Good question. Certainly, we did -- I would agree with you. We certainly had good success around improving street rates, which led to improved move-in rates. And all of that with the ECRI program led to improved contract rates sequentially for the last four or five months. So we're very pleased with the progress there.

邁克爾，感謝您的加入。好問題。當然，我們確實這麼做了——我同意你的看法。我們在提高街道率方面確實取得了很大成功，從而提高了入住率。ECRI 計劃的實施使得過去四、五個月的合約費率連續提高。因此我們對那裡的進展感到非常滿意。

The occupancy number, obviously, we're working hard on marketing spend. We're working on top of the funnel. The programs that we implemented with that transition, having everybody in a single platform, are starting to see some traction. So we're seeing improved velocity at the top of the funnel.

入住率，顯然，我們正在努力增加行銷支出。我們正在漏斗頂部進行工作。我們透過這項轉變所實施的計劃，讓每個人都使用單一平台，開始獲得一些關注。因此，我們看到漏斗頂部的速度有所提高。

But I would also say that from an expectation of the spring, nothing's really changed a lot around some of the transitory factors that is going to help us drive additional occupancy at the top. So the team has done a really good job balancing revenue, and that's what we're trying to solve for.

但我還要說的是，從春季的預期來看，一些暫時性因素並沒有太大變化，這些因素將幫助我們提高頂層飯店的入住率。因此，團隊在平衡收入方面做得非常好，這也是我們正在努力解決的問題。

And so while we'd like to see more occupancy, the more we get better rate improvement, the less pressure we have on the occupancy number. And so I think we're trying to balance all of those things as we go through the spring season.

因此，雖然我們希望看到更多的入住率，但我們獲得的利率改善越多，入住率的壓力就越小。因此我認為，在春季期間，我們會努力平衡所有這些事情。

Got it, David. And as a follow-up, you're expecting some acquisitions and some dispositions this year. Just -- can you give us a little bit of an update on the transaction market, where are you looking to buy lot, where are the properties, what cap rates are you looking to sell at? And just has there been any change in the transaction market over the last month?

明白了，大衛。作為後續行動，您預計今年將進行一些收購和處置。只是—您能否向我們提供一些有關交易市場的最新情況，您想在哪裡購買地塊，房產在哪裡，您想以什麼樣的資本化率出售？那麼過去一個月交易市場有什麼變化嗎？

Yeah, good question. As we talked last quarter, transaction market, we're seeing deal flow come across our desk. We're being patient and trying to match deals with our cost of capital and where we think it's a good market where we can add and improve our operational efficiencies and our densities.

是的，好問題。正如我們上個季度談到的交易市場，我們看到交易流湧入我們的辦公桌。我們正在耐心等待，並嘗試將交易與我們的資本成本相匹配，我們認為這是一個良好的市場，我們可以在其中增加和改善我們的營運效率和密度。

And I think the team has done a good job, and we've underwritten a lot of properties, but we're, again, being very patient on where we pick our spots. We have good capital available through our JVs, and our JV partner has been very active with us looking at deals, and so we're pleased there.

我認為團隊做得很好，我們也承保了很多房產，但我們在選擇地點時仍然非常耐心。我們透過合資企業擁有充足的資金，而且我們的合資夥伴一直積極地與我們合作尋找交易，因此我們對此感到高興。

I think on the disposition front, it's -- we've been very active there. I think we're making good progress there. I think we'll have some material movement on our dispositions. You remember, we guided to about $200 million of dispositions this year and the team has worked hard, and we've got some good line of sight on product that we will be -- in the disposition pipeline, and we'll talk more about that, I think, after we get through the second quarter, but I'd say progress on that front.

我認為在處置方面，我們一直非常活躍。我認為我們在這方面取得了良好的進展。我認為我們的處置會有一些實質的進展。您記得，我們​​今年的處置金額約為 2 億美元，團隊也付出了辛勤的努力，我們對即將處置的產品有了一些很好的預期，我想，在第二季度結束後，我們會更多地談論這個問題，但我想說的是，在這方面我們已經取得了進展。

Back to the acquisition side, acquisitions are lumpy. I mean, we're seeing deals and we're underwriting deals. I think we're just being patient on where we pick our spots to buy properties.

回到收購方面，收購是不穩定的。我的意思是，我們正在看到交易並且我們正在承銷交易。我認為我們只是在耐心選擇購買房產的地點。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

This is Robin Haneland sitting in for Juan. With occupancy a little weaker in the first quarter here, what occupancy assumptions are you baking into guidance? And your guide expectations had a high-end assumption for a housing recovery. Just curious if you have seen any market with any signs of this yet in the early leasing season?

這是代替胡安的羅賓·哈內蘭 (Robin Haneland)。由於第一季的入住率略低，您對入住率的預測是如何的？您的指導預期對於房屋市場復甦有一個高端假設。我只是好奇，在租賃季節初期，您是否看到任何市場出現這種跡象？

Yeah, Robin. So I'd refer you back to what we talked about in February when we introduced guidance. We talked about last year the same-store pool seeing occupancy from bottom to top get about 140 basis points of increase. And we did talk about the midpoint of our guide having baked in something that was greater than that, right? Something closer to what you historically see, up to 250 basis points, for example.

是的，羅賓。因此我請您回顧我們在二月推出指導時討論的內容。我們談到，去年同店入住率從底部到頂部增長了約 140 個基點。我們確實談到了我們的指南的中點已經融入了比這更重要的東西，對嗎？更接近歷史水平，例如高達 250 個基點。

As these first four months have played out, and as you heard Dave remark on already, there's always some jockeying between rate and occupancy, right? And so I don't have like updated numbers to pinpoint you to that specifically set points in our range.

正如前四個月所經歷的，正如您聽到戴夫所說的那樣，房價和入住率之間總是存在一些競爭，對嗎？因此，我沒有更新的數字來向您指出我們範圍內的特定設定點。

But that being said, in the guide is definitely an expectation and a requirement that we have demand that is, like I said in the opening remarks, moderately better than last year, okay?

但話雖如此，指南中肯定有一個期望和要求，那就是我們的要求，就像我在開場白中所說的那樣，比去年要好一些，好嗎？

In terms of your question about markets and housing and what we're seeing, what I could tell you is we're pleased with what we're seeing from a demand perspective in the markets where you had expected at this point in the year, whether that's housing related, other movements in household, college season activity in our markets that are a little more dependent on that, that type of rental season. And so that's all encouraging. But I'd also qualify it's very early still.

關於您關於市場和住房的問題以及我們所看到的情況，我可以告訴您的是，我們對從市場需求角度所看到的情況感到滿意，這與您在今年這個時候的預期一致，無論是與住房相關的，還是家庭的其他動向，還是大學季節活動，這些都對我們市場中的租賃季節有更大的依賴。這一切都令人鼓舞。但我也認為現在還為時過早。

And on the PRO internalization, can you maybe just help us quantify the operating expense savings that are possible there? And more generally, will we see additional benefits throughout 2025? Or is most of the potential upside already flowing for numbers?

關於 PRO 內部化，您能否協助我們量化可能節省的營運費用？更普遍地說，我們是否能在 2025 年看到更多好處？或者說，大部分的潛在優勢已經體現在數字上？

Yeah, I'll take that one as well, Robin. So on the PRO internalization, there's a few different things to highlight and refresh you on. One is certainly on G&A, that was a clear-cut benefit that we started to realize some of that in the back half of last year. You can see it on the year-over-year face P&L numbers, close to $2.5 million of savings that we lap that comp in Q3 of this year. So we've already effectively realized half of that 12-month benefit in 2024, and we'll get the other half year in 2025.

是的，我也要這個，羅賓。因此，在 PRO 內化方面，有幾件不同的事情需要強調和提醒您。一個肯定是關於一般及行政費用，這是一個明顯的好處，我們在去年下半年就開始意識到這一點。您可以從同比損益數字中看到，我們在今年第三季節省了近 250 萬美元。因此，我們已經在 2024 年有效實現了 12 個月收益的一半，並且我們將在 2025 年獲得另一半收益。

There were some tenant insurance economics that we started to realize from day one of the PRO internalization effective date last July 1. So that's kind of been a good run rate these last couple of quarters including the first quarter of this year.

從去年 7 月 1 日 PRO 國際化生效的第一天起，我們就開始意識到一些租戶保險經濟學。因此，包括今年第一季在內的過去幾個季度，這一直是一個良好的運行率。

And then at the property level, the savings on personnel costs that I mentioned in my opening remarks on a year-over-year basis, some of that was due to just the way we staff the stores versus the way the PRO's previously managing those properties may have staffed them, the way we leverage the call center in lieu of some of those on-site staffing hours. The call center costs are in the marketing line items. So that's also part of the reason for the upward pressure on that marketing expense line item.

然後，在物業層面，我在開場白中提到的人員成本與去年同期相比有所節省，其中一些是由於我們為商店配備人員的方式與之前管理這些物業的 PRO 可能配備人員的方式不同，我們利用呼叫中心來代替一些現場人員的工作時間。呼叫中心成本包含在行銷項目中。這也是行銷費用項目面臨上行壓力的部分原因。

I think we're fairly good run rate, so on a lot of that stuff that's really started to take place, as Dave said earlier, in the third and fourth quarters. And now we're kind of humming at a pretty good run rate.

我認為我們的運行率相當不錯，所以很多事情才真正開始發生，正如戴夫之前所說的那樣，在第三和第四季。現在我們的運行速度相當不錯。

Michael Griffin, Evercore ISI.

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

I wonder if you can give us some insights into how promotions or discounts are trending for new tenants. It seems like street rates continue to improve, but I imagine getting that new tenant in there, I think, is important to realize that ECRI increase a couple of months later. So have you been holding firmer on those concessions? Are you trying to get people into the facilities at the expense of maybe a higher concession rate? How should we think about that?

我想知道您是否可以向我們介紹一下針對新租戶的促銷或折扣趨勢。看起來街道費率繼續提高，但我想，吸引新租戶入住很重要，因為 ECRI 在幾個月後會增加。那麼您是否更加堅定地堅持這些讓步？您是否想以更高的優惠率來吸引人們入住這些設施？我們該如何看待這個問題？

Good question. Thanks for joining. I certainly think concessions are well within the range of our expectations and haven't jumped above historical levels. We have seen a little bit more increased use of the promotions within the last two or three months. And I think that is consistent with the fact that we are pushing street rates and repositioning ourselves in the market and we've opened up the team to use a temporary discount versus really trying to use a lower rate and then bring that promotional rate up.

好問題。感謝您的加入。我當然認為讓步完全在我們的預期範圍內，並沒有超出歷史水準。我們發現，在過去的兩三個月內，促銷活動的使用量略有增加。我認為這與我們推動街頭價格並重新定位市場的事實一致，我們已經開放團隊使用臨時折扣，而不是真正嘗試使用較低的價格，然後提高促銷價格。

And so certainly, we're happy with what we're seeing as results there, not -- none of the discounting probably would catch us outside of the boundaries where we think they should be. But yes, I would agree we're seeing a little bit more promotional discount usage at the higher rate.

因此，我們當然對目前看到的結果感到滿意，任何折扣都可能不會讓我們超出我們認為應該達到的界限。但是是的，我同意我們看到促銷折扣的使用率在更高一些。

I appreciate the context there. And then the helpful slides you have in your investor deck, there's just this one on kind of search engine optimization with the new nsastorage.com and how you're seeing improved kind of rankings on Google searches.

我很欣賞那裡的背景。然後，您在投資者簡報中提供的有用的幻燈片中，只有一張是關於新 nsastorage.com 的搜尋引擎優化，以及您如何看到 Google 搜尋排名的提升。

I'm just curious, you've done a good job of getting that rank up, but I just think about kind of Google Search as people probably usually click on at least the first three that pop up. So getting from, call it, that fifth or sixth slot relative to two to three, is that possible? And then if you drive more traffic that way, just walk us through maybe how possible it is to continue to increase that throughput within kind of search engine results and how that leads to demand?

我只是好奇，你在提高排名方面做得很好，但我只是想到谷歌搜索，因為人們通常會點擊至少彈出的前三個。那麼，相對於第二到第三的位置，從第五或第六的位置獲得這個位置，可能嗎？然後，如果您以這種方式吸引更多流量，請向我們介紹一下，在搜尋引擎結果中繼續增加吞吐量的可能性有多大，以及這如何帶來需求？

Yeah, it's a great observation, and it's very important to us. And to answer your question, it is possible, yes. And so there are several ways to achieve that. Obviously, what -- where you work within Google My Business and how you work with your SEO functions, those are more of a -- particularly the SEO side of the house is more of a long-term continued work effort and you focus on all of the things that help you allow the search engines to recognize your authority and how you're relevant and where your stores are positioned and what you're trying to get the message across.

是的，這是一個很棒的觀察，對我們來說非常重要。回答你的問題，是的，這是有可能的。因此，有幾種方法可以實現這一點。顯然，您在 Google My Business 中工作的內容以及您如何使用 SEO 功能，這些都更像是——特別是 SEO 方面，這更像是一項長期持續的工作，您需要專注於所有能夠幫助搜尋引擎識別您的權威性、您的相關性、您的商店定位以及您想要傳達的訊息的事情。

And so the team has been very, very busy with nsastorage.com, making sure from an SEO perspective, we're doing all the work, and that work just takes time. And so that's not as flashy. What we can do to impact that ranking and put ourselves in a better position is around the paid search element, and you've seen us increase our paid search spend.

因此，團隊一直非常忙於 nsastorage.com，從 SEO 的角度確保我們正在完成所有工作，而這項工作只是需要時間。所以這並不那麼引人注目。我們可以採取一些措施來影響排名，並使自己處於更好的位置，這些措施圍繞著付費搜尋元素，而且您已經看到我們增加了付費搜尋支出。

Having the all of the stores and all of our brands on one domain name has certainly allowed us to be very efficient in use of that paid search. And so I think the team has done a really good job using that lever at this point in time and putting ourselves in a position where we're increasing our visibility scores and our visibility position.

將所有商店和所有品牌放在一個網域下，無疑地使我們能夠非常有效率地使用付費搜尋。因此，我認為團隊在此時利用這一槓桿做得非常好，使我們的知名度得分和知名度地位不斷提高。

Now that we have our stores on nsa.com, all of them and all of the brands there, we have a little bit better visibility. We don't have year-over-year historical averages, but I can tell you, top of the funnel wise, we've seen a significant improvement in how many customers are at the top of the funnel from really, if you look at November, December time frame until now, we're up about 25%.

現在，我們的所有商店和所有品牌都在 nsa.com 上，因此我們的知名度有所提高。我們沒有同比的歷史平均值，但我可以告訴你，從漏斗頂端來看，我們已經看到漏斗頂端的客戶數量有了顯著的改善，如果你看 11 月、12 月的時間範圍到現在，我們已經增長了約 25%。

The amount of volume that's at the top of our funnel. Now some of that is seasonal, too, so you have to factor seasonality on that. But we are making strides, I think that's something that will give us improved performance as we continue through not just this year, but years to come, and we really are focused on putting ourselves at the right time in that right search ranking, right?

漏斗頂部的體積。現在其中一些也是季節性的，所以你必須將季節性因素考慮進去。但我們正在取得進展，我認為這將使我們的表現有所提高，不僅在今年，而且在未來幾年也是如此，我們確實專注於在正確的時間將自己置於正確的搜尋排名中，對嗎？

That's also part of it as well with the right keywords. There's a lot of key words you're focused on and a lot of things that we think transact better. So there's a lot to it, but we are making good progress.

使用正確的關鍵字也是其中的一部分。您關注的關鍵字有很多，我們認為很多事情都可以更好地進行交易。雖然還有很多工作要做，但我們正在取得良好進展。

Todd Thomas, KeyBanc Capital Markets.

托馬斯 (Todd Thomas)，KeyBanc 資本市場。

I just wanted to go back to the discussion around occupancy and rate. And I'm just curious if you could talk a little bit more about what specifically gave you confidence to raise rates during the quarter despite the softer occupancy trends that you saw early in the year? And does that mean that you felt or your systems were indicating that lower rates would not have stimulated more demand than it did in the quarter. Is that the right read?

我只是想回到有關入住率和房價的討論。我很好奇，您是否可以再多談談，儘管年初入住率趨勢較弱，但是什麼具體讓您有信心在本季度提高價格？這是否意味著您認為或您的系統表明較低的利率不會比本季刺激更多的需求。這樣讀對了嗎？

Yeah. Todd, thanks for joining. I think you're correct. As we modeled and forecast, we didn't think the benefit of a lower rate would drive enough customers through to get the net result we wanted. And so we repositioned ourselves in the market.

是的。托德，謝謝你的加入。我認為你是對的。正如我們所建模和預測的，我們認為較低利率的好處不會吸引足夠的客戶來獲得我們想要的淨結果。因此，我們在市場上重新定位了自己。

I would also tell you, coming out of the third and fourth quarter last year, I think we were probably a little under on rate just because of the transition and some of the things we're doing around that PRO transition. So that also allowed us to reset rate in November, December, and kind of reposition ourselves in the market. We're still competitive on rate. We're just in a better position.

我還要告訴你，從去年第三季和第四季開始，我認為我們的成長率可能略有下降，這僅僅是因為過渡以及我們圍繞 PRO 過渡所做的一些事情。因此，這也使我們能夠在 11 月和 12 月重新設定利率，並在市場中重新定位自己。我們的價格仍然具有競爭力。我們只是處於更有利的地位。

But yes, I think that's part of the formula we're working on is how -- what the lower rate drives and the amount of customer rentals and then how you can recover from that lower entry rate in the lifetime of the customer, the health of the customer and the type of customer you attract with some of these rates when you're out there doing different rate programs.

但是的，我認為這是我們正在研究的公式的一部分，即如何 - 較低的利率推動了什麼以及客戶租賃的數量，然後你如何在客戶的生命週期中從較低的進入利率中恢復，客戶的健康狀況以及當你在外面做不同的利率計劃時你用這些利率吸引的客戶類型。

And so again, I thought the team did a good job understanding the data, understanding the data points, looking at the conversion rates and positioned ourselves well to have a better entry rate led to a better revenue result.

因此，我再次認為團隊在理解數據、理解數據點、查看轉換率方面做得很好，我們自己也定位得很好，從而獲得了更好的進入率，並帶來了更好的收入結果。

Okay. And then the change in occupancy, how did vacate activity trend during the quarter? Can you speak to vacate specifically? And any change at all in vacate activity since the start of April?

好的。那麼入住率的變化，本季的空置活動趨勢如何？能具體談談撤離嗎？自四月初以來，撤離活動有任何變化嗎？

No. Vacates remain muted compared to last year on a year-over-year basis. I'd say the ratio of vacates versus move-ins has been very consistent. So move-ins have been down and vacates have also been less than last year. And so no real change there.

不。與去年同期相比，空缺數量依然維持低迷。我想說，搬離人數與入住人數的比例非常穩定。因此，與去年相比，入住人數有所下降，而搬離人數也有所減少。因此那裡沒有真正的變化。

And I think that also leads to one of the things we've talked about is until some of this outside pressures around the supply-demand ratios change, we still have markets that have a lot of supply that needs to be absorbed. And there's still some pieces in our sector, and particularly for our portfolio where we're just not seeing as much customer activity. And so we're managing the environment we're in.

我認為這也引出了我們討論的問題，即在供需比率方面的一些外部壓力發生變化之前，市場仍然有大量供應需要吸收。在我們的行業中，特別是我們的投資組合中，仍然有一些我們沒有看到太多的客戶活動。所以我們正在管理我們所處的環境。

Salil Mehta, Green Street.

薩利爾‧梅塔 (Salil Mehta)，綠街。

I guess looking at the marketing spend numbers here, there seems to be a substantial increase year-over-year. I think it's about like 20%. Can you guys just kind of walk us through the decision to push this forward when we're seeing from the other REITs a significant pullback in this area and as new top of funnel demand continues to be sustained? And sorry if I missed this part earlier, but is this a run rate that we can expect for the rest of the year?

我想，從這裡的行銷支出數字來看，似乎比去年同期有大幅成長。我認為大約是 20%。當我們看到其他房地產投資信託基金 (REIT) 在這一領域出現大幅回調，而新的漏斗頂部需求持續保持穩定時，你們能否向我們介紹一下推動這一進程的決定？如果我之前錯過了這部分，我很抱歉，但這是我們今年剩餘時間可以預期的運行率嗎？

Yeah. Thanks for joining. I think we look at the marketing spend and the overall marketing cost as we would not deployed unless we thought we were getting results with it.

是的。感謝您的加入。我認為，我們會考慮行銷支出和整體行銷成本，因為除非我們認為會取得成果，否則我們不會部署。

And so for us, I think the year-over-year increases is where we started and the starting point from a year ago and previous years, and then also consolidation to a domain name where we can really deploy particularly on the paid search side and some of the things we're doing around some of the other marketing efforts to really make sure that we get the brand authority and the search engine rankings that we want. And so comparing us to the peer group, I don't know that we were starting at the same point year-over-year basis.

因此，對於我們來說，我認為同比增長是我們開始的起點，也是一年前和前幾年的起點，然後還合併到域名，我們可以真正部署，特別是在付費搜索方面，以及我們圍繞其他一些營銷工作所做的一些事情，以真正確保我們獲得我們想要的品牌權威和搜索引擎排名。因此，與同行相比，我不知道我們是否每年都從同一起點開始。

And so I think for us, it might look a little bit elevated where there might be a little more maybe year-over-year flat, but it's also where we started from and what we're working on.

因此，我認為對我們來說，它可能看起來有點高，可能與去年同期持平，但這也是我們的起點和我們正在努力的方向。

So to summarize, we're spending it. We think we're getting the right amount of lift and the right amount of top of the funnel activity and the right amount of customer conversions, and we will continue to use that tool as long as it's effective.

總而言之，我們正在花掉它。我們認為我們獲得了適當數量的提升、適當數量的漏斗頂部活動和適當數量的客戶轉化，並且只要該工具有效，我們就會繼續使用它。

Run rate, I think the run rate is probably similar for the rest of the year, provided we get the log in, it's a tool. We'll use it where it's appropriate. And if we can cut back on it and look at the results we want, we will, if we want to spend more and we get the results we want, we'll spend more. It should allude to revenue, though, is the key to that.

運行率，我認為今年剩餘時間的運行率可能相似，只要我們獲得登錄，它就是一個工具。我們會在適當的地方使用它。如果我們可以削減開支並專注於我們想要的結果，我們就會這樣做；如果我們想花更多錢並得到我們想要的結果，我們就會花更多錢。但它應該暗示收入，這是關鍵。

Yeah. And the growth rate year over year, the 20% that we saw in Q1, that was within expectations, and I think that growth rate is the right type of growth rate year-over-year to expect throughout the year.

是的。我們在第一季看到的同比增長率為 20%，這是在預期之內的，我認為這個增長率是全年可以預期的正確同比增長率。

Ronald Kamdem, Morgan Stanley.

摩根士丹利的羅納德‧坎登 (Ronald Kamdem)。

Just two quick ones. Just going back to the occupancy comment about some of the decel. Obviously, you're solving for revenue, total revenue here. But just curious on the move-outs. Is there any sort of common themes or threads?

只需簡單兩句話。我們再回到關於部分減速的佔用率評論。顯然，您在這裡解決的是收入，即總收入。但只是對搬出去的情況感到好奇。是否存在某種共同的主題或線索？

And the question really is like how do you guys get comfortable that the product is still at the right affordability in the markets? How do you get comfortable that, that risk is mitigated?

真正的問題是，你們如何確保該產品在市場上仍然具有合理的價格？您如何確信風險已經減輕？

Yeah, Ron, thanks for joining. I think we study all the customers who move out. We look at length of stay, we look at where they were positioned in the rate compared to entry rate replacement customer to where they're at with our ECRI program and how they were along in their life cycle. I would tell you, from a move-out perspective, we have not seen any change in behaviors. We've certainly -- bad debt is in check, payment activity is where we want it to be.

是的，羅恩，謝謝你的加入。我認為我們會研究所有搬走的顧客。我們關注的是住院時間，我們關注的是他們與入門級替代客戶相比在費率中的位置，他們在我們的 ECRI 計劃中所處的位置，以及他們在生命週期中的位置。我想告訴你，從搬出去的角度來看，我們沒有看到任何行為改變。我們當然已經控制住了壞賬，支付活動也達到了我們想要的水平。

And so from a consumer point, I don't think there's anything from an affordability the way we're attracting new customers or the way we're working through their life cycle that's really changed. And so I don't think there's anything really to report on the move-outs, it's any different than where we've been over the last 6, 8, 12, 18 months.

因此，從消費者的角度來看，我認為從可負擔性、我們吸引新客戶的方式或我們服務於客戶生命週期的方式等方面來看，並沒有什麼真正改變。因此，我認為關於遷出的情況並沒有什麼可報告的，它與我們過去 6、8、12、18 個月的情況沒有什麼不同。

Helpful. My second question is just -- I appreciate the additional disclosures on Schedule 7. I guess when I look at the in-place customer, I guess they're paying [14.60, so call it, 146 on a 10 by 10]. How are we supposed to interpret the year-over-year change? Is that just purely due to the spread of move-in and move-outs? Or have -- is there a change in ECRIs as well? Just how do we sort of think about that year-over-year change?

很有幫助。我的第二個問題是——我很感謝附表 7 中的補充披露。我想當我看到現場的顧客時，我猜他們正在付錢[可以這麼說，14.60，10 乘 10 上的 146]。我們該如何解讀同比變化？這只是由於遷入和遷出的蔓延嗎？或者——ECRI 也發生了變化嗎？我們該如何看待這種逐年的改變呢？

Yeah. I think you touched on a couple of points there. We're certainly with the -- as we continue to work on asking rents and new move-in rate, we're seeing improvements there. And then the strength of the ECRI program, I think we continue to find better success in our ECRI program than we probably historically have. And we see continued runway with that piece of it.

是的。我認為您提到了幾點。我們當然會——隨著我們繼續努力提高租金和新入住率，我們看到了改善。然後是 ECRI 計劃的優勢，我認為我們的 ECRI 計劃將繼續取得比歷史上更好的成功。我們看到這部分業務仍在繼續發展。

I think as we think about it, that's the area we're really trying to work on with the amount of move-ins we're getting, and we've seen significant improvement. I mean if you look at the April numbers versus where we finished Q1, I mean our move-ins were up $10.38 coming out of $9.89 for the quarter average. In-place customers are at [14.70 versus an average of 14.64]. So we continue to see strength and improvement as we go into the spring season here.

我認為，當我們思考這個問題時，這就是我們真正努力解決的領域，我們正在努力解決不斷湧入的問題，我們已經看到了顯著的改善。我的意思是，如果你將 4 月份的數據與第一季的數據進行比較，你會發現我們的入住率上漲了 10.38 美元，而本季的平均入住率則為 9.89 美元。就地客戶位於[14.70 對比平均值 14.64]。因此，隨著春季的到來，我們繼續看到實力和進步。

Ravi Vaidya, Mizuho Securities.

瑞穗證券的 Ravi Vaidya。

I hope you guys are doing well. I wanted to follow-up on transactions here with some pretty active capital recycling forecast that's here on the guide. Is this an opportunity to maybe trim some exposure in terms of exposure to a few markets and maybe increase to a few others? How are you guys thinking about that?

我希望你們一切都好。我想透過指南中的一些非常活躍的資本回收預測來跟進這裡的交易。這是否是一個機會，可以減少對一些市場的曝光，並增加對其他市場的曝光？你們對此有何看法？

Yeah. Thanks for joining. And I think you're right on your observation. We certainly approach the printing of the portfolio, looking at how we can look at markets, our ability to grow in markets, the quality of asset. We had a market, we really try to tie it to operational efficiencies and make sure that we can really work on margins within markets.

是的。感謝您的加入。我認為你的觀察是正確的。我們當然會考慮投資組合的印刷，考慮我們如何看待市場、我們在市場中成長的能力以及資產的品質。我們有一個市場，我們確實嘗試將其與營運效率聯繫起來，並確保我們能夠真正在市場內實現利潤。

And so you're going to see us exit as we start to work through the second quarter. We're going to see some dispositions where we're leaving markets where we had a single asset. And I think we're going to have a couple of states that we also leave as well because we only had one asset in the state.

因此，當我們開始進行第二季的工作時，您會看到我們退出。我們將會看到一些處置措施，即離開我們擁有單一資產的市場。我認為我們也會離開幾個州，因為我們在這些州只有一項資產。

So really looking at the portfolio, asking ourselves both sides. Where do we want to operate? And if we don't think we can find the economies we want long term, we'll look to exit those markets. And that could be from market health to ability to purchase properties to strength of what we already own there. And then as we continue to expand and recycle that capital, we are definitely looking to improve our position, improve our portfolio, and improve our operational efficiencies.

因此，認真檢視投資組合，問問自己雙方的情況。我們想在哪裡開展業務？如果我們認為無法找到我們長期想要的經濟，我們就會考慮退出這些市場。這可能與市場健康狀況、購買房產的能力以及我們已有資產的實力有關。然後，隨著我們繼續擴大和回收資本，我們肯定會尋求改善我們的地位，改善我們的投資組合，並提高我們的營運效率。

Got it. That's helpful. One more here. What are some of the current demand drivers for self-storage right now? Being in your portfolio, having an outsized exposure to homeowners and being more sensitive to home sales. Where are you really seeing the growth from and demand from as we enter the peak leasing season here?

知道了。這很有幫助。這裡還有一個。目前自助倉儲的需求驅動因素有哪些？在您的投資組合中，對房主有較大的敞口，並且對房屋銷售更加敏感。當我們進入租賃旺季時，您真正看到的成長和需求來自哪裡？

There's lots of drivers. I mean we talked about them from people who transition, and transition creates need, and we're a needs-based business. And so that could be anything from small businesses to small commercial operators, working your way through people who run a landscaping company or a plumber or whatever they use as for their storage of their tools and their equipment plus they also use as a small distribution point for that product.

有很多司機。我的意思是，我們是從轉型期的人的角度來談論這些問題的，轉型會產生需求，而我們是一家基於需求的企業。因此，這可以是任何形式，從小型企業到小型商業運營商，透過經營園林綠化公司或水管工的人或任何他們用來存放工具和設備的機構來開展工作，此外，他們還將其用作該產品的小型分銷點。

So there's a robust amount of small consumers that use our product because we're well located and we're certainly affordable for them to use this as a small warehouse.

因此，有大量小消費者使用我們的產品，因為我們的地理位置優越，而且價格也足夠讓他們負擔得起，可以將其用作小型倉庫。

You work in your way to the residential side, there's a lot of varieties there for just people who need additional space because they live in an apartment and they store seasonal items there, they store their bikes there, they store stuff that doesn't fit in their apartments, all the way through people who -- using their home for a home office now and they're storing the furniture they took out of that home office or if they put a home gym in and they've taken furniture out and they just use us because we're very affordable and very convenient.

在住宅方面，我們提供多種類型的服務，適合那些需要額外空間的人，因為他們住在公寓裡，他們在那裡存放季節性物品，他們在那裡存放自行車，他們在那裡存放不適合放在公寓裡的東西，一直到那些現在把家用作家庭辦公室的人，他們把從家庭辦公室搬出來的家具存放在那裡，或者如果他們把一個家庭服務，他們把房子搬出來的價格，因為我們使用我們的家具。

I think the pressures we continue to feel a little bit more in our portfolio, it's because of our exposure a little bit more to the suburban and Sunbelt markets is this lack of transition due to existing home sales and new home sales.

我認為，我們在投資組合中繼續感受到的壓力更大一些，這是因為我們更關注郊區和陽光地帶市場，而這種轉變是由於現有房屋銷售和新房銷售缺乏而造成的。

And that's just missing in the sector because it's -- we're at all-time existing home sale lows, and that piece is missing. It's just a piece that's missing. But for us, it is a piece where we think we're missing some occupancy in our portfolio because of the lack of transition.

而這個行業恰恰缺少這一點，因為——我們的房屋銷售量處於歷史最低水平，而這一部分缺失了。只是缺了一塊。但對我們來說，由於缺乏過渡，我們認為我們的投資組合中缺少了一些佔用空間。

We think that puts us in a position when the housing market does start to bounce off of its bottoms and start to reignite, we're well positioned to take advantage of that. And -- but at this point in time, we're just using all the other demand factors that want our product and making sure we're visible and we're affordable and able to take advantage of the consumers that need us.

我們認為，當房地產市場開始觸底並重新復甦時，我們就能充分利用這一優勢。但目前，我們只是在利用所有其他需要我們產品的需求因素，並確保我們的產品引人注目、價格合理，並且能夠滿足需要我們的消費者的需求。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

A couple of times in the commentary, that kind of suggested that fundamentals may be troughing but yet we still have this backdrop of a very tough housing market. So I guess I'm trying to reconcile those two things. So Dave, can you just kind of help me a little bit with reconciling those two things and why you have such conviction that fundamental trough and you have like this kind of better earnings growth profile as the year progresses?

評論中幾次暗示基本面可能正在觸底，但我們仍然面臨著非常艱難的房地產市場背景。所以我想我正在嘗試調和這兩件事。那麼戴夫，您能否幫我稍微理一下這兩件事，以及為什麼您如此確信基本面已經觸底，並且隨著時間的推移，您的盈利增長狀況會更好？

Good point, good observation. I think as we look at where we're positioned, the amount of supply we're absorbing, now the new supply that is coming and this pure levels around the demands for our needs-based business, we don't think the housing market is going to get worse. We don't think -- as you look at the markets we study, we had two of our largest markets inflect positive, Houston and Portland.

很好的觀點，很好的觀察。我認為，當我們審視自己的定位、正在吸收的供應量、即將到來新供應量以及我們基於需求的業務的純粹需求水平時，我們認為房地產市場不會變得更糟。我們不認為——當你觀察我們研究的市場時，你會發現我們最大的兩個市場——休士頓和波特蘭——受到了積極影響。

We just see strength around the consumer, how long they're staying, the strength of the ECRI program and then what we're starting to see around Google searches around the top of the funnel activity. It just appears to us that we think we've come through the worst of it.

我們只看到消費者的力量、他們停留的時間、ECRI 計劃的力量，然後我們開始看到圍繞漏斗活動頂部的 Google 搜尋。我們只是覺得我們已經度過了最糟糕的時期。

And we started to see it really as we got the PRO transition completed, that puts us in a better position to be more operationally protective, which is helpful to us.

當我們完成 PRO 過渡時，我們開始真正看到這一點，這讓我們處於更好的位置，可以進行更嚴格的操作保護，這對我們很有幫助。

And then also, I would probably leave in there the fundamental look at the comps. I mean we've had really -- as you look at the back half of the year and why we think that the back half of year is going to ramp up for us, we had a transition going on last year. We had a lot of things on our plate that we're moving around. We now have better technology. We have a team that's focused on execution and we have easier comps as you go through the rest of this year.

然後，我可能還會繼續對同類產品進行基本觀察。我的意思是，我們確實——當你回顧今年下半年以及為什麼我們認為下半年對我們來說將會增加時，我們去年經歷了一個轉型期。我們有很多事情要處理。我們現在擁有更好的技術。我們擁有一支專注於執行的團隊，並且在今年剩餘的時間裡，我們會提供更簡單的補償。

So that's, I think, how I would frame it up for you and the fact that we think we have troughed, and we're heading in an upwards direction.

所以，我想，這就是我向你們解釋的情況，事實上，我們認為我們已經走出了低谷，並且正朝著上升的方向前進。

That's helpful. And then as it pertains to marketing, could you just kind of give us a general sense of what's happening in regards to like ad rates, search rates, and kind of what the search engines are kind of doing on that front?

這很有幫助。然後，就行銷而言，您能否向我們大致介紹一下廣告費率、搜尋率以及搜尋引擎在這方面所做的事情？

Yeah. We just had statistical data from Google from a couple of different sources. You already had some foresights and that we had our own Google data, we are seeing an increase in consumer shopping for self-storage services. So different types of keywords at Google is tracking. We saw an improvement in February and a pretty significant spike in March.

是的。我們剛剛從 Google 的幾個不同來源獲得了統計數據。您已經有了一些先見之明，而且我們擁有自己的 Google 數據，我們看到消費者購買自助儲存服務的次數有所增加。因此 Google 會追蹤不同類型的關鍵字。我們在二月看到了改善，並在三月出現了相當顯著的成長。

And so if you look at folks out looking for self-storage, we did see a definite change in the amount of people searching for the product. We're working very hard with our tools. And as we've developed better tools and new tools that we have today, we're making sure that we're appropriately spending and giving ourselves the right visible position so that we're around the key routes at the time we want to be around the keywords and positioning ourselves with our stores in the market so that we can have success.

因此，如果你觀察那些尋找自助倉儲的人，我們確實看到搜尋該產品的人數發生了明顯變化。我們正在努力利用我們的工具。隨著我們開發出比現在更好的工具和新工具，我們正在確保我們投入適當的資金，並給予自己正確的可見位置，以便我們在我們想要圍繞關鍵字的時候圍繞關鍵路線，並透過我們在市場上的商店進行定位，這樣我們就能取得成功。

But right now, the activity at our top of the funnel has increased, which is encouraging, and we're also seeing the search engines tell us that there are more people shopping for self-storage.

但目前，我們漏斗頂端的活動有所增加，這是令人鼓舞的，而且我們也看到搜尋引擎告訴我們，有更多的人正在購買自助倉儲。

[Nathan Holje, Baird].

[內森·霍爾傑，貝爾德]

Can you talk about which markets are performing better or worse than expectations so far this year?

您能談談今年迄今為止哪些市場的表現好於或差於預期嗎？

Yeah, I think we've hit on them, Nathan. I mean, certainly, the Portland and Houston markets we talked about. We've got a couple of others across the reported MSAs in Schedule 6 that have been positive and continue to be positive.

是的，我想我們已經找到他們了，內森。我的意思是，當然是我們談論的波特蘭和休士頓市場。我們在附表 6 中報告的 MSA 中也發現了其他一些呈陽性且持續呈陽性的情況。

As Dave mentioned in his opening remarks, all but three of them sequentially improved in terms of the year-over-year performance. So broadly, as we said, portfolio performed in line, no major surprises one way or the other. But I think the ones that we've remarked on already have probably been the ones that have had a little bit of modest upside surprise.

正如戴夫在開場白中提到的那樣，除三家公司外，其餘公司的同比業績均有所改善。因此，正如我們所說，整體而言，投資組合表現符合預期，沒有重大意外。但我認為我們已經評論過的那些可能是那些有點適度上行驚喜的。

Got it. And do you expect tariffs to have an impact on some of your tenants that may use storage for their small businesses?

知道了。您是否預計關稅會對一些可能使用儲存來開展小型企業的租戶產生影響？

They certainly could. We have not had any experience around that or had anybody actually call it out to us. I think we're early in the game yet and too soon to tell. But again, I think I'll leave it at that. Probably too soon to tell. We just haven't heard anything yet.

他們當然可以。我們沒有任何這方面的經驗，也沒有人真正向我們提過這一點。我認為我們才剛開始這個遊戲，現在下結論還為時過早。但我還是想就此打住。現在可能還言之過早。我們只是還沒有聽到任何消息。

Ladies and gentlemen, that concludes our question-and-answer session. I'll turn the floor back to Mr. Hoglund for any final comments.

女士們、先生們，我們的問答環節到此結束。我將把發言權交還給霍格倫德先生，請他發表最後的評論。

Well, thank you all for joining our call today. We appreciate your continued interest in NSA. We look forward to seeing many of you at the REIT Week Conference in June. And in the meantime, we will look forward to the Warriors-Nuggets Western Conference Finals.

好吧，感謝大家今天參加我們的電話會議。我們感謝您對 NSA 的持續關注。我們期待在六月的 REIT 週會議上見到大家。同時，我們也期待勇士隊與金塊隊的西部決賽。

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

謝謝。今天的會議到此結束。現在您可以斷開線路。感謝您的參與。