National Storage Affiliates Trust (NSA) 2025 Q2 法說會逐字稿

Greetings and welcome to the National Storage Affiliates Trust second quarter 2025 conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce you to your host, George Hoglund, Vice President, Investor Relations.

各位好，歡迎參加國家倉儲聯盟信託基金2025年第二季電話會議。（操作說明）提醒各位，本次會議正在錄音。現在我很高興向大家介紹你們的主持人，投資者關係副總裁喬治‧霍格倫德。

Thank you, George. You may begin.

謝謝你，喬治。你可以開始了。

We'd like to thank you for joining us today for the second 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. Following prepared remarks, management will accept questions from registered financial analysts.

感謝您今天參加 National Storage Affiliates Trust 2025 年第二季財報電話會議。今天和我連線的是美國國家安全局總裁兼執行長戴夫·克萊默，以及財務長布蘭登·託加什。在發表準備好的演講後，管理階層將接受註冊金融分析師的提問。

Please limit your questions to one question and one follow up and then return to the queue if you have more questions. 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

請將每個問題限制為一個問題和一次後續提問，如果還有其他問題，請返回佇列重新提問。除了昨天下午發布的新聞稿外，我們還提供了補充資料包，其中包含有關我們業績的更多詳細信息，這些資料包可在我們網站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, August 5, 2025.

在今天的電話會議上，管理層準備的發言和對您問題的回答可能包含前瞻性陳述，這些陳述受風險和不確定性的影響，並代表管理層截至 2025 年 8 月 5 日的估計。

The company assumes no obligation to revise or update any forward-looking statement 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.

本公司不承擔因市場狀況變化或其他情況而在本次電話會議日期之後修改或更新任何前瞻性聲明的義務。該公司提醒，實際結果可能與任何前瞻性聲明中預測的結果有重大差異。有關我們前瞻性聲明的更多詳情，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補充資訊包中關於非GAAP財務指標（如FFO、核心FFO和淨營業收入）的定義和調節表，該資訊包可在我們網站的投資者關係部分以及我們向美國證券交易委員會提交的文件中查閱。現在我將把通話轉給戴夫。

Thanks, George, and thanks everyone for joining our call today. During the second quarter, we generated sequential improvement in occupancy, moving contract rates, and our rent roll down spreads.

謝謝喬治，也謝謝今天所有參加我們電話會議的各位。第二季度，我們的入住率、搬家合約率和租金下調幅度均實現了季比改善。

However, our same story NOI and Core FFO per share results fell short of our expectations. For several reasons, including housing transition, as interest rates remained elevated and affordability remained challenged. Second, the interest rate and overall inflationary environment have been more challenging than what was contemplating in our guidance, which is weighed on interest expense and repair maintenance expense.

然而，我們同樣的業績，NOI 和核心 FFO 每股結果均未達預期。由於多種原因，包括住房轉型，以及利率居高不下、住房負擔能力持續面臨挑戰。其次，利率和整體通膨環境比我們預期的更具挑戰性，這主要影響了利息支出和維修保養支出。

Third, there is continued pressure for new supply in several of our markets that is having a greater impact than expected. Fourth, it is taking longer to realize the benefits in the pro internalization as we work through the changes to revenue management strategies, grant consolidation, and management procedures. Finally, the elevated use of concessions during the quarter was a near-term drag on revenues.

第三，我們的部分市場持續面臨新供應壓力，影響比預期更大。第四，由於我們需要逐步改變收入管理策略、撥款合併和管理程序，因此實現內部化帶來的好處需要更長的時間。最後，本季特許經營權的大量使用對短期收入造成了拖累。

Taking all these factors into account, in addition to our assumptions that will now be net seller of assets for the year, we've adjusted our guidance ranges accordingly, which Brendan will detail in his remarks. Moving to the transaction environment, we sold 10 properties, which were all former pro properties and non-core markets where we did not have scale and we're therefore inefficient to manage.

考慮到所有這些因素，以及我們假設今年將成為資產淨賣方，我們已相應地調整了我們的業績指引範圍，Brendan 將在他的演講中詳細說明。轉入交易環境，我們出售了 10 處房產，這些房產都是以前的專業房產，而且位於非核心市場，我們沒有規模，因此管理效率低下。

We exited four states with this transaction, making a total of five states that we've exited year-to-date. We also acquired one property in Texas and an annex to an existing property in California which was completed as a 1,031 exchange. During and subsequent to the quarter, our 2023 JV acquired two properties, one in New York and one in Tennessee.

透過此交易，我們退出了四個州，使我們今年迄今退出的州總數達到五個。我們還收購了德州的一處房產和加州一處現有房產的附屬建築，這是透過 1,031 交換完成的。在本季及之後，我們的 2023 年合資企業收購了兩處房產，一處位於紐約州，一處位於田納西州。

After acquisitions, net proceeds of $40 million were used to pay down the revolver. Although there remains a steady flow of opportunities coming across our desk, we remain very disciplined in the use of our capital and our focus on improving our balance sheet metrics. Overall, we remain confident in the outlook for NSA.

收購完成後，淨收益 4,000 萬美元用於償還循環貸款。儘管我們不斷收到各種機會，但我們在資金使用方面仍然非常自律，並專注於改善資產負債表指標。總體而言，我們仍然對美國國家安全局的前景充滿信心。

We still expect to realize the full benefits in the pro internalization and as the housing market loosens, we expect to realize outside benefit given our geographic exposure to some belt and suburban markets that will be more impacted by a housing recovery.

我們仍然期望實現內部化的全部好處，隨著住房市場的放鬆，鑑於我們在一些受住房復甦影響更大的郊區和地帶市場的地理佈局，我們期望實現外部收益。

Lastly, new supply is projected to decline over the next few years to levels well below historical averages, which will support an improving supply demand backdrop. We continue to focus on improving our portfolio and occupancy position with increased marketing spend and the use of concessions.

最後，預計未來幾年新增供應量將下降到遠低於歷史平均水平，這將有助於改善供需狀況。我們將繼續專注於透過增加行銷支出和利用特許經營權來改善我們的投資組合和入住率。

We've increased repair and maintenance spend as we address these in the portfolio that will enable us to improve performance. Although these actions add in near term pressure to revenues and expenses, we believe these are the right decisions in light of our current operating environment.

我們增加了維修和維護方面的支出，以解決投資組合中的這些問題，從而提高績效。儘管這些措施會在短期內給收入和支出帶來壓力，但我們認為，鑑於我們目前的經營環境，這些是正確的決定。

With that said, I do believe that we've hit bottom and fundamentals and that we're just starting to hit our stride operationally. The positive trends that we saw in the quarter and end of July are as follows. Occupancy increased 140 basis points sequentially during the second quarter to finish it at 85% and further increased in July to 85.3%.

話雖如此，但我相信我們已經觸底反彈，基本面也已穩固，而且我們在營運方面才剛開始步入正軌。本季及7月底我們看到的正面趨勢如下。第二季入住率較上季成長 140 個基點，達到 85%，7 月進一步成長至 85.3%。

This is a noticeable difference from July last year when we lost 40 basis points of occupancy from the current same store pool. The year over year occupancy has narrowed to 150 basis points at the end of July from 220 basis points at the end of June. [RedPath] has grown for five consecutive months ending July.

這與去年 7 月的情況有明顯不同，當時我們與現有同店相比，入住率下降了 40 個基點。截至7月底，年比入住率已從6月底的220個基點收窄至150個基點。 [RedPath]已連續五個月實現成長，截至7月底。

With the year over year, Delta improving down from 4.2% in February to 2.2% in June and now down to 1.6% in July. On the same story on a basis, two of our reported MSAs, Houston and San Juan, infected positive for the quarter. Bad debt expense approved on a year over year basis and remains in line with historical averages.

與去年同期相比，達美航空的降幅有所改善，從2月的4.2%降至6月的2.2%，7月進一步降至1.6%。根據同樣的情況，我們報告的兩個大都會統計區（MSA）——休士頓和聖胡安——在本季出現了感染陽性病例。壞帳支出按年度計算已獲批准，與歷史平均水準一致。

We are seeing the benefits of technology in our call center with 15% of our total incoming call volume now handled by AI, and the evolution of our paid search model is driving more opportunities and leading to higher value rentals.

我們已經看到科技在呼叫中心帶來的好處，目前我們15%的來電都由人工智慧處理，而我們付費搜尋模式的演變正在帶來更多機會，並帶來更高價值的租賃。

Further, our existing customer base remains healthy. We continue to be pleased with their overall success of the ECRA program and length to day remains above historical averages. While the pace of our progress was slower than expected in the first half of the year, we are encouraged by the positive trends that we experienced in June and July.

此外，我們現有的客戶群依然保持健康發展。我們對他們的 ECRA 項目的整體成功感到滿意，並且每日時長仍然高於歷史平均水平。雖然今年上半年我們的進展速度比預期慢，但我們在六月和七月所經歷的正面趨勢令人鼓舞。

We're focused on maintaining that momentum throughout the rest of 2025 and into 2026. I'm not going to call over to Brandon to discuss our financial results.

我們的目標是在 2025 年剩餘時間和 2026 年保持這一發展勢頭。我不會打電話給布蘭登討論我們的財務表現。

Thank you, Dave. Yesterday afternoon, we reported Core FFO share of $0.55 for the second quarter. An 11% decline from the prior year period due primarily to a decrease in the same store’s NOI and an increase in interest expense.

謝謝你，戴夫。昨天下午，我們公佈了第二季核心FFO每股收益為0.55美元。與去年同期相比下降了 11%，主要原因是同店淨營業收入下降和利息支出增加。

For the quarter, same store revenues declined 3%, driven by lower average occupancy of 240 basis points. And a year over year decline in average revenue per square foot of 30 basis points. Expense growth was 4.6% in the second quarter. The main drivers of growth were property taxes, marketing, R&M, and utilities, partially offset by a decrease in personnel costs.

本季同店營收下降 3%，主要原因是平均入住率下降了 240 個基點。每平方英尺平均收入年減 30 個基點。第二季支出成長4.6%。成長的主要驅動因素是房產稅、行銷、維修保養和公用事業費用，部分被人員成本的下降所抵消。

Property taxes were elevated mainly due to a tough comp because we had successful appeals in the prior year period. Marketing was up 39% versus the prior year, given the competitive environment and targeted spend on markets with rebranded stores.

房產稅上漲主要是因為前一年我們上訴成功，導致今年的比較基數較高。鑑於競爭激烈的市場環境以及對已重新打造品牌門市的市場的定向支出，行銷支出比上一年增長了 39%。

R&M was higher, largely due to cost inflation, addressing deferred maintenance, and some weather related items. These revenue and OpEx results led the same store NOI growth of negative 6.1%. Going forward, we expect some of these expense pressures to ease, and we expect sequential improvement in the year over year revenue growth, which is reflected in our guidance.

維修和維護費用較高，主要是由於成本上漲、處理延期維護以及一些與天氣相關的項目。這些收入和營運支出結果導致同店淨營業收入下降 6.1%。展望未來，我們預期部分支出壓力將會緩解，並且預期年比收入成長將環比改善，這已反映在我們的業績指引中。

Now speaking to the balance sheet. We have ample liquidity and maintain healthy access to various sources of capital. We have no maturities of consequence until the second half of 2026, and our current revolver balance is $400 million giving us approximately $550 million of availability.

現在來說說資產負債表。我們擁有充足的流動資金，並維持著良好的各種資金來源管道。直到 2026 年下半年，我們沒有任何重要的到期債務，我們目前的循環信貸餘額為 4 億美元，使我們大約有 5.5 億美元的可用資金。

As Dave referenced earlier, we expect to be a net seller for the year, and the use of near term asset sale proceeds will pay down the revolver, which combined with improving fundamentals will help to bring leverage down over time. Net debt EBITDA was 6.8 times at quarter end, down slightly from 6.9 times in Q1.

正如戴夫之前提到的，我們預計今年將成為淨賣方，短期資產出售所得將用於償還循環貸款，再加上基本面的改善，這將有助於隨著時間的推移降低槓桿率。季末淨負債 EBITDA 為 6.8 倍，略低於第一季的 6.9 倍。

Turning the guidance based on year-to-date actuals, and taking into consideration the factors impacting performance that they've highlighted in his remarks, we have adjusted our guidance ranges for 2025 for same store growth and Core FFO per share and now expect same store revenue growth of 2% to 3%, same store OpEx growth of 3.25% to 4.25%, same store NOI growth of negative 4.25% to 5.75% and Core FFO per share of $2.17 to $2.23.

根據年初至今的實際業績，並考慮到他在演講中強調的影響業績的因素，我們調整了 2025 年同店增長和核心 FFO 每股收益的預期範圍，現在預計同店收入增長 2% 至 3%，同店運營支出增長 3.25% 至 4.25%，同店淨營業收入下降 4.25% 增長 3.25% 至 4.25%，同店淨營業收入下降 4.25% 至 75. 2.23 美元。

Additional guidance assumptions are detailed in the earnings release. Thanks again for joining our call today. Let's now turn it back to the operator to take your questions, operator?

更多業績指引假設將在獲利報告中詳細說明。再次感謝您今天參加我們的電話會議。現在我們把麥克風交還給接線生，請她回答您的問題，接線生？

(Operator Instructions)

（操作說明）

Michael Goldsmith, UBS

瑞銀集團 Michael Goldsmith

Good morning. Thanks a lot for taking my question. My first question is on the updated guidance, when you started the year, you laid out kind of the different scenarios underpinning the midpoint and the higher end of the low point.

早安.非常感謝您回答我的問題。我的第一個問題是關於更新後的指導意見，年初的時候，你們列出了支撐低點中點和高點的各種不同情境。

Just based on this updated range, can you kind of walk through the scenarios contemplated to hit the different, the high end, the low end, the midpoint, and what sort of macro, expectations for the back half is required to kind of fall within that range. Thanks.

僅基於這個更新後的範圍，您能否大致介紹一下為了達到不同的情況（高端、低端、中點），以及為了使價格落入該範圍，需要對下半年的宏觀預期是什麼？謝謝。

Yeah, Michael, this is Brandon. Thanks for the question. So, our revised, I'll anchor my comments really to the same sort of revenue growth because that was from a magnitude, the largest change, which flowed through obviously the same store on the line and that's the biggest driver of the total core of the FFO per share adjustment in our ranges.

是的，邁克爾，這是布蘭登。謝謝你的提問。所以，對於我們修訂後的業績，我將主要圍繞同樣的收入成長進行評論，因為這是最大的變化，顯然來自同一家門市，這也是我們業績範圍內 FFO 每股調整總額核心部分的最大驅動因素。

So regarding same store revenue in terms of the operating fundamentals, what's assumed at the midpoint is us being at or near the top of occupancy as you typically would seasonally this time of year and then having sequential decline as we progress through the back half of the year.

因此，就同店收入而言，從營運基本面來看，假設在年中點，我們的入住率處於或接近峰值，這通常是每年的這個時候，然後隨著我們進入下半年，入住率將逐年下降。

Dave mentioned at the end of July we were down 150 basis points in occupancy, so we are forecasting at the midpoint. An occupancy trend that is not too dissimilar from what we experienced last year, which was, some of that typical seasonal sequential drop off such that, we would hover around that year over year delta of minus 150 basis points plus or minus.

Dave 在 7 月底提到我們的入住率下降了 150 個基點，所以我們的預測取中間值。入住率趨勢與我們去年經歷的情況並無太大差異，即出現了一些典型的季節性連續下降，導致同比變化幅度在正負 150 個基點左右。

And then similarly, we would see some seasonal sequential decline in street rates that would have its own impact on the rate roll down between move-ins and move outs, but generally like our contract rate, we're estimating will follow a similar pattern as last year.

同樣地，我們會看到街頭租金出現一些季節性的連續下降，這將對入住和搬出之間的租金下降產生影響，但總的來說，就像我們的合約租金一樣，我們預計它將遵循與去年類似的模式。

You saw in the documents year over year we were flat on the in-place contract rate to last year and so if what I just described plays out, we would remain relatively flat on a year over year basis and then you have the impact of higher discounts and concessions which we talked about earlier as well, and we expect that to on a year over year basis to continue.

你們從文件中可以看到，我們與去年相比，現有合約價格持平。因此，如果我剛才描述的情況屬實，我們將保持相對平穩的同比價格。此外，還有我們之前討論過的更高折扣和優惠的影響，我們預計這種情況將繼續保持同比水平。

So that those are the big building blocks that get you to the back half of the year being down 2% year over year, which combined with our first half negative 3% gets you to the midpoint for the full year of that 2.5% and then, on the high and low end, it's really obviously, things being better or worse than what I just described, but that's I want to focus my comments on really that that core midpoint.

所以，這些就是構成下半年年減 2% 的主要因素，加上上半年年減 3%，就構成了全年年減 2.5% 的中間值。至於最高值和最低值，情況顯然會比我剛才描述的更好或更糟，但我希望我的評論重點放在這個核心中間值上。

The last part of your question, I would say, there's a lot less dependent on the macro with this mid-year revision as there was at the beginning of the year. I mean, we obviously have six months of reported information. We've got seven months of operational data in front of us, excuse me, seven months of operational data in front of us with July.

關於你問題的最後一部分，我想說，與年初相比，這次年中修訂對宏觀經濟的依賴程度要低得多。我的意思是，我們顯然有六個月的報道資訊。我們現在有七個月的營運數據，抱歉，是七個月的營運數據，包括七月的數據。

And so you're only projecting five months of the year and you've really seeing what's going to transpire in the key spring and summer leasing seasons, whereas at the beginning of the year, there was a lot more predicated on some macro improvement.

因此，你只能預測一年中的五個月，並且真正看到春季和夏季關鍵租賃季節將會發生什麼，而年初時，更多的是基於一些宏觀經濟的改善。

Thanks for all that, Brandon. Just as a follow up, just given where your shares are trading, how are you thinking about share repurchases and there was a little bit of a maybe lower volume of acquisition. So maybe walk through kind of the capital allocation thought process and between share repurchases and acquiring new properties. Thank you.

謝謝你，布蘭登。作為後續問題，鑑於貴公司股票目前的交易情況，您如何考慮股票回購？而且收購量可能略為下降。所以，或許可以探討一下資本配置的思路，以及股票回購與購買新資產的關係。謝謝。

Yeah, sure. I mean look, the opportunity to repurchase our own shares is there for us. We have a plan that we re-established late last year. Certainly, the stock price today we view is very attractive and at quite a discount to a fair value. But you hit it on the head, we're going to balance those decisions with our capital plans and sources and uses.

當然可以。我的意思是，你看，我們有機會回購自己的股票。我們去年底重新制定了一項計畫。當然，我們看到的這個股票價格非常有吸引力，而且比其合理價值低了不少。但你說的很對，我們會權衡這些決定與我們的資本計畫、資金來源和用途之間的關係。

The acquisition environment, Dave touched on, he can expand on it further, but it's very competitive and so the prices that are required to win single deal, single property deals versus making a more diversified investment into your own company that you have, better underwriting on.

戴夫談到了收購環境，他可以進一步展開討論，但競爭非常激烈，因此贏得單筆交易、單筆房產交易所需的價格，與對自己公司進行更多元化的投資（例如，獲得更好的承銷）相比，價格會更高。

I mean, I think those are all the things that factor into those decisions, but we're going to be judicious and disciplined about it and keep our balance sheet metrics in mind as well.

我的意思是，我認為這些都是影響決策的因素，但我們會謹慎行事，嚴於律己，同時也會關注我們的資產負債表指標。

Thank you very much. Good luck in the back half of the year.

非常感謝。祝你下半年一切順利。

Samir Khanal, Bank of America

薩米爾·卡納爾，美國銀行

Yeah, good afternoon, everybody. I guess Brandon or Dave, given some of the pressures you've talked about in the markets, whether it's Atlanta or Phoenix, how are you addressing your ECRI strategy? I mean, have you seen any sort of customer behavior changes and maybe even an increase in churn? I guess just around your ECRI strategy would be helpful thanks.

是的，大家下午好。我想問布蘭登或戴夫，鑑於你們談到的市場壓力，無論是亞特蘭大還是鳳凰城，你們是如何應對 ECRI 策略的？我的意思是，您是否觀察到客戶行為的任何變化，甚至客戶流失率的上升？我想，只要圍繞您的ECRI策略展開討論就足夠了，謝謝。

Yeah. Thanks for the question and thanks for joining today. I'd say on the whole we've seen no significant changes in the program. The acceptance of the level of expected turn created by the ECRI program and then the net output of the revenue gains we're getting out of it as a whole, no changes.

是的。感謝您的提問，也感謝您今天的參與。總的來說，我認為該項目沒有任何重大變化。接受 ECRI 計劃帶來的預期收益水平，以及我們從中獲得的整體淨收入，一切照舊。

We've actually bowed in a little more areas where maybe we could be a little more assertive on maybe a magnitude just based on risk factors and things like that. I would tell you as we went through the pro transition, the back half of last year and really the first quarter of this year, the team worked very hard at working through the, that backlog of customers that hadn't had a rate increase and so we pushed quite a few rate increases through really the last couple of months of last year in the first part of this year and had good success there.

實際上，我們在某些​​方面有所妥協，或許我們可以在某些方面更加堅定一些，例如根據風險因素等等。我想告訴大家，在我們進行專業版過渡期間，也就是去年下半年和今年第一季度，團隊非常努力地處理那些尚未漲價的客戶積壓問題，因此我們在去年最後幾個月和今年上半年推動了相當多的漲價，並取得了良好的效果。

But I think we learned a couple of things just as we work through the magnitude of those customers and how many rate increases we pushed and understanding, what that churn looked like we were able to dial in a little bit more on our risk scores about maybe pushing some longer term tenants in that in that existing pro base, but we're happy with the outcome.

但我認為，在我們處理這些客戶的數量以及我們推動的漲價次數的過程中，我們學到了一些東西，也了解了客戶流失的情況，從而能夠更準確地調整我們的風險評分，比如在現有專業客戶群中爭取一些長期租戶，但我們對結果感到滿意。

But again, every time you get more data points you learn, but the program as a whole is still very stable and doing what we needed to do.

但是，每次獲得更多數據點時，你都會學到更多，但總體而言，該程式仍然非常穩定，並且正在執行我們所需的操作。

Got it thanks. And another topic that has come up is the dividend, right? I mean, given we'll see where our numbers shake out for next year from an AFO perspective, but how should we think about the dividend given where the EFFO payout ratio is? Thanks.

明白了，謝謝。另一個被提及的話題是股息，對吧？我的意思是，考慮到明年從 AFO 的角度來看，我們的財務數據最終會如何，但鑑於 EFFO 派息率，我們應該如何看待股息呢？謝謝。

Yeah, good question. We certainly know that we're at a higher pay ratio we've ever been, and we're currently above the payout that we're earning, and I would tell you our board's very thoughtful as we are as a leadership team on how we evaluate the dividend policy and the payout ratio.

嗯，問得好。我們當然知道，我們目前的派息率是前所未有的高水平，而且我們目前的派息額高於我們賺取的利潤。我可以告訴你們，我們的董事會和我們領導團隊一樣，在評估股利政策和股息率方面都非常深思熟慮。

We routinely discuss the current state of our business as well as the near and long term outlooks, that you know our board has insights to our initiatives, our strategies. What the company's deploying, they have very deep knowledge of the self-storage sector and the dynamics of the self-storage sector. I would tell you, I think, the board understands the long term plan as well as the impact of the cycles of the sector.

我們經常討論公司目前的業務狀況以及近期和長期的展望，您也知道，我們的董事會對我們的舉措和策略有著深刻的見解。該公司所部署的方案，體現了他們對自助倉儲產業及其動態的深刻理解。我認為，董事會既了解長期計劃，也了解產業週期性變化的影響。

So, I think it also plays into our ability to really make a meaningful improvement in a relatively short time frame because of the short contract rates that we have, the short month to month leases we have. I think our board has a long-term view and has a good understanding of where we're at and where we're headed.

所以，我認為這也影響了我們在相對較短的時間內取得實質進步的能力，因為我們有短期的合約費率，有短期的按月租賃合約。我認為我們的董事會具有長遠眼光，並且對我們目前的處境和未來的發展方向有著深刻的理解。

Thanks a lot Dave. Appreciate the color.

非常感謝戴夫。欣賞這種顏色。

Yeah, thank you.

是啊，謝謝。

Eric Wolfe, Citibank.

埃里克·沃爾夫，花旗銀行。

Hey, thanks. For your moving rent data on page 21 of your self, I was just curious if you could tell me sort of what concessions or promotions are included in that number and whether you think that changes, and that number are good forward indicator of where your average annualized rental revenue will eventually go.

嘿，謝謝。關於您在第 21 頁提供的搬遷租金數據，我只是好奇您能否告訴我，該數字中包含了哪些優惠或促銷活動，以及您認為這些優惠或促銷活動是否會發生變化，並且該數字能否很好地預測您的平均年度租金收入最終會達到什麼水平。

So eventually, effectively, if we look at the sequential or year changes, and there's moving rents, does that kind of eventually tell us where you think that annualized rental revenue will eventually go?

所以最終，如果我們觀察連續或年度的變化，並且租金有所波動，這是否最終能告訴我們您認為年度租金收入最終會走向何方？

Yeah Eric. This is Brandon. So, I don't have a specific adjustment to that move in contract rate number since that's an annual number on the discounts, the way that we look at the discounts internally is just kind of like on a total dollar basis and historically, we've talked about it as just, how much are discounts as a percent of total revenue that we're earning and that discount percentage, was lower for a long period of time, during the pandemic and when fundamentals were much stronger.

是的，埃里克。這是布蘭登。因此，由於合約價格數字是年度折扣數字，我沒有針對該變動做出具體調整。我們內部看待折扣的方式是以總美元計算，歷史上，我們討論的是折扣占我們總收入的百分比。在疫情期間以及基本面強勁的時候，折扣百分比在很長一段時間內都較低。

And basically, we've been returning back to more normalized levels of discounts. So something in like the 2% up to 3% of revenue range, I think our use of discounts more recently, I would tie that together with Dave's com earlier comments about ECRI as well.

基本上，我們的折扣水準已經恢復到比較正常的水準。所以，大概佔收入的 2% 到 3% 左右，我認為我們最近更多地使用了折扣，我也會把這一點與 Dave 之前關於 ECRI 的評論聯繫起來。

I mean, we've strategically been using discounts. In part two kind of lessen, the amount of ECRI that we maybe have to push most immediately to a customer, especially in this tough environment over these last few years, the narrative, there's been a lot of reputational risk I think has been introduced to the industry and to certain operators with the way those are processed.

我的意思是，我們一直在策略性地使用折扣。在第二部分中，我們可能會減少一些需要立即向客戶推廣的 ECRI 數量，尤其是在過去幾年這種艱難的環境下，我認為，由於這些產品的處理方式，給行業和某些運營商帶來了很大的聲譽風險。

So it's a, just we're testing a lot of different ways of acquiring the customer and then moving their in place rates up. The second part of your question, I would not say that the move-in rate is an indicator of where the long term in place contract rates necessarily going to go just because of how dynamic the street move in rates can be as well as just the power of the ECRI.

所以，我們正在測試很多不同的客戶獲取方式，然後逐步提高他們的現有費率。關於你問題的第二部分，我不會說入住率一定能預示長期現有合約利率的走向，因為街頭入住率的波動性很大，而且 ECRI 的影響力也很大。

So, the way we think about it now that we started disclosing the move in and move out rates that are on that page 21 or sub-schedule 7, you can see the rate roll down and you can also see that we've been stable on the contract rate.

所以，現在我們開始公佈第 21 頁或子附表 7 中的入住和搬出費率，您可以看到費率下降，您也可以看到我們的合約費率一直保持穩定。

It's not improving a little bit, he's lost several quarters, and that's just through the power of the ECRI. So I think you can still maintain, long term, a strong in place contract rate even if those street rates are below that, the movement rates are below that.

情況一點也沒有好轉，他已經輸掉了好幾個季度，而這只是因為ECRI的實力。所以我認為，即使街頭價格低於這個水平，交易價格低於這個水平，你仍然可以長期保持強勁的現有合約價格。

Understood. And then I think it's sort of a follow up. I think in the opening remarks, you could have had it wrong, but I think you went through monthly what the revenue per available square foot was, and I think it was accelerating through the second quarter and reached 1.6% in July.

明白了。然後我覺得這算是後續吧。我認為在開場白中，你可能說錯了，但我認為你提到了每個月每平方英尺的可用收入，而且我認為第二季度收入增長迅速，7 月份達到了 1.6%。

I think [RevPath] is usually a pretty good indicator for sort of revenue growth, but maybe there's a difference, but I just want to make sure that I sort of understood it correctly that effectively your same store revenue was getting better throughout the second quarter and reached call around 1.6% in July.

我認為 [RevPath] 通常是衡量收入成長的一個相當不錯的指標，但也許存在一些差異，但我只是想確認一下我的理解是否正確，即你們的同店收入在第二季度一直在好轉，並在 7 月份達到了 1.6% 左右。

Yeah, you heard it, Craig. This is Dave, Eric and you're right, we were down 4.2 in February, down 2.2 in June, and then the 1.6 in July. And so for us, [RevPath] is a pretty key ingredient to the overall revenue output. Obviously your comment about, what's happening with concessions plays into that and add on to what Brandon was talking about earlier is, one of the things we've done with our asking rents and position in the market is we try to position ourselves to get a little easier manageable rent roll down and then also keep the customer count where we want it and attracting the right customers and so adding in a discount is short term.

是的，你沒聽錯，克雷格。我是戴夫，艾瑞克，你說得對，2 月我們下降了 4.2%，6 月下降了 2.2%，7 月又下降了 1.6%。因此，對我們來說，[RevPath] 是整體收入產出的一個非常關鍵的因素。顯然，你對優惠政策的評論也與此有關，而且補充了布蘭登之前提到的，我們在租金要價和市場定位方面所做的一件事是，我們努力讓自己更容易控制租金的下降，同時保持我們想要的客戶數量，吸引合適的客戶，因此增加折扣是短期的。

I mean, so if you're getting a little bit better asking rent and you're keeping the moving volumes you want and you use that that one time once a month or half off for the first month, it just burns through, but that does not show up in the rate. I mean it's just a pure drag on revenue, but we do like the position of the --.

我的意思是，如果你能稍微提高租金要求，保持你想要的搬家量，並且每月使用一次優惠或第一個月享受半價優惠，這些優惠就會直接消耗掉，但這並不會反映在租金中。我的意思是，這純粹是拖累收入，但我們確實喜歡這個位置。——。

Our rent roll downs pension down to like 20 now versus, our high point last year was at 38% in October. So we certainly are working on finding the right path to make sure that from an ECR perspective, customer account perspective, use of discounts that we're attracting the right customer we want and getting the value we want out of that rental. Yeah.

我們的租金遞減率現在降到了 20% 左右，而去年 10 月的最高點是 38%。因此，我們當然正在努力尋找正確的途徑，以確保從 ECR 的角度、客戶帳戶的角度、折扣的使用角度來看，我們能夠吸引我們想要的正確客戶，並從租賃中獲得我們想要的價值。是的。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

Hey, this is Robin Handel and sitting in for Juan. I'm just curious, could you discuss the competitive landscape from public pairs and institutional portfolios in your markets?

大家好，我是 Robin Handel，我取代 Juan 主持節目。我只是好奇，您能否談談您所在市場中公開交易對和機構投資組合的競爭格局？

Yeah, certainly, this is Dave. Thanks for the question and joining. I, we would tell you this year, there's a couple of things that we, new supply and the amount of supply being added, we think has probably peaked in a lot of our markets and so, that from a competitive standpoint, you're not getting a ton of new supply added into your markets, you're just trying to absorb what has already been positioned in the markets.

是的，沒錯，這就是戴夫。感謝您的提問與參與。今年，我們想告訴大家，有兩件事我們認為在很多市場，新增供應量可能已經達到峰值，因此，從競爭的角度來看，你們的市場不會新增大量供應，你們只是在努力消化已經進入市場的供應。

That I think has led to a little bit more stability around asking rents. This, we'd say the first six months of this year and really end of July has been a little more stable around the competitiveness of asking rents. It appears that a lot of the occupancy levels maintained through the first six months of the year.

我認為這使得租金要價更加穩定了一些。我們認為，今年前六個月以及7月底，租金要價的競爭力相對穩定一些。今年前六個月，入住率似乎基本上保持穩定。

So I think a lot of everybody have just a little bit more pricing position as far as that stability, and we've certainly seen that in our portfolio as well. For us, we actually were able to grow occupancy in July, which is something we didn't do last year and we actually, had street rates maintained and improved.

所以我認為，就穩定性而言，大家的定價地​​位都稍微高一些，我們自己的投資組合也確實反映了這一點。對我們來說，7 月的入住率實際上有所提高，這是我們去年沒有做到的，而且我們的街道租金實際上也保持穩定並有所提高。

And for us, the street rates will flip positive on a year over year basis in the month of October and September and August, those three months just because of competitive comps from last year. But I would tell you overall we're happy with the stability in the asking rents and our and the way we're able to position those asking rents in the market.

對我們來說，由於去年同期市場行情良好，10 月、9 月和 8 月這三個月的街頭租金將比去年同期轉正。但總的來說，我們對租金要價的穩定性以及我們在市場上定位這些租金要價的方式感到滿意。

And could you elaborate on the green shoots in your new marketing strategy and what gives you the confidence on the implied second half since revenue to accelerate.

能否詳細說明一下新行銷策略中的正面跡象，以及是什麼讓您對下半年的營收成長充滿信心？

Yeah, it's a good question. Part of the pro transition, we rebranded in a lot of markets, and one we introduced nsastorage.com, so that is a singular domain name where all of our brands live. And so, anytime you start fussing around with domain names and rebranding and rebranding of stores, there's certainly an element of disruption within your position and how Google sees you and how your visibility scores come and your ability to really be seen by the customer overall.

是的，這是個好問題。作為專業轉型的一部分，我們在許多市場進行了品牌重塑，並在其中一個市場推出了 nsastorage.com，這是一個統一的域名，我們所有的品牌都託管在這個域名下。因此，每當您開始對網域名稱、品牌重塑和店鋪品牌重塑進行調整時，您的地位、Google對您的看法、您的可見性得分以及您被客戶看到的能力，都必然會受到一定程度的干擾。

And so from our marketing spend perspective, we've really spent more dollars really targeted around those rebranded markets. A lot of those were in the pro markets, and we've really elevated, from a paid search perspective where we're positioning our ads, how we're positioning our ads, and really using a little more automation and a lot more technology that was used in the past.

因此，從我們的行銷支出角度來看，我們確實在那些重新打造品牌的市場周圍投入了更多資金，而且都是有針對性的投入。其中許多都發生在專業市場，從付費搜尋的角度來看，我們已經真正提升了廣告定位方式，並真正運用了更多自動化技術，這比過去使用的要多得多。

It's led to the elevated marketing spend, but I can tell you what we're seeing is top of the funnel demand improving significantly. And now we're working at top of the funnel demand through the actual funnel and working on conversion rate, and I'd say some of the green shoots of that is the fact that we did grow occupancy in July.

這導致了行銷支出的增加，但我可以告訴你，我們看到的是銷售漏斗頂端的需求顯著改善。現在，我們正在從漏斗頂端的需求入手，透過實際的銷售漏斗來提高轉換率，而這方面的一些積極跡像是，我們在 7 月實現了入住率的成長。

It's something that didn't happen last year. We put more customers into our portfolio at the back half of June and the first in the full month of July, and so far in August, early in August, we're very happy with the stability we've seen in August. So all those things combined, we believe that we're in a better position to attract and find new customers.

這是去年沒有發生過的事。我們在 6 月下旬和 7 月初增加了更多客戶，而到了 8 月初，我們對 8 月的穩定性感到非常滿意。綜上所述，我們相信我們更有能力吸引和找到新客戶。

And Robin, just, I just want to add, just back to your question about our confidence and what's implied in the back half. I'll tie it to what we were just discussing with Eric just to make a clarification point that RevPath year over year negative number 1.6 that we were talking about.

羅賓，我只想補充一點，回到你關於我們信心的問題，以及後半部所蘊含的意義。我將把它和我們剛才與 Eric 討論的內容聯繫起來，以澄清我們之前提到的 RevPath 同比下降 1.6 這個數字。

That's a good example of that number, doesn't include concessions and so I don't expect the year over year revenue growth in July to necessarily be negative 1.6. It'll be something worse than that because of the use of discounts that RevPath number also doesn't include a bad debt and some of the fees and other ancillary income.

這是一個很好的例子，這個數字不包括優惠，所以我並不認為7月份的年收入成長一定會是-1.6%。實際情況會更糟，因為使用了折扣，而且RevPath的數字也不包括壞帳、部分費用和其他輔助收入。

But I do expect the July year over year revenue growth to be better than the negative three that we posted for the first six months. And so I just want to give some specific data points in combination with what Dave said, just to give you a sense of why we feel good about the general trend and that sequential improvement.

但我預計 7 月的年收入成長將好於上半年的負 3%。因此，我想結合戴夫所說的內容，提供一些具體的數據點，以便讓你們了解為什麼我們對整體趨勢和這種循序漸進的改善感到樂觀。

Thank you, very helpful.

謝謝，很有幫助。

Michael Griffin, Evercore ISI.

Michael Griffin，Evercore ISI。

Great thanks. Maybe you can give a little more color on maybe just kind of the delayed, not necessarily implementation but the pushing back some of the benefits of the pro transition. I mean it seems like the properties are all kind of centralized on one platform.

非常感謝。或許您可以再詳細說，專業轉型帶來的某些好處被延後了，不一定是實施上的問題。我的意思是，這些房產似乎都集中在一個平台上。

So it doesn't necessarily seem like they're competing with each other from a revenue perspective but I mean, is it back end synergies, I'm just trying to figure out what is sort of delaying, the benefits that that that you were expecting maybe earlier in the year.

所以從收入的角度來看，他們似乎不像是在互相競爭，但我的意思是，是否存在後端協同效應？我只是想弄清楚是什麼延遲了你原本預期在今年早些時候就能獲得的收益。

Yeah, thanks for joining. Good question. It really, in our opinion, we really got the nuts and bolts buttoned up really December of last year. I can tell you from our team's perspective, this is the first time I can since I've been with the NSA publicly come away from the private side of Secure Care in five years, we haven't had some kind of transition going on where we weren't absorbing stores or, had some kind of pro internalization going on.

是的，謝謝參與。問得好。我們認為，早在去年 12 月，我們就真正把所有細節都敲定了。從我們團隊的角度來看，這是我加入美國國家安全局以來，五年來第一次公開談論 Secure Care 的私營業務，我們之前沒有進行過任何形式的過渡，例如吸收門市或進行某種內部化。

So the team has actually had four or five months of heads down now. And I think that's important to think about as we went into this pro transition, we took a large number of stores over a small time period, five to six months, and added them to centralized portfolios and change all the technology out.

所以，這支隊伍其實已經埋頭苦幹了四、五個月了。我認為這一點很重要，因為在進行這次專業轉型時，我們在很短的時間內（五到六個月）將大量門市添加到集中式投資組合中，並更換了所有技術。

I think why we're, as I look at it, we thought maybe we'd be a touch farther ahead because of conditions that were out of our control, the economic conditions, the housing turn, a lot of these pro stores are in the Sun Belt market. Those Sun Belt markets are also very challenging.

我認為，我們之所以會取得這樣的成績，是因為一些我們無法控制的因素，例如經濟狀況、房地產市場的變化，以及許多專業商店都位於陽光地帶市場。陽光地帶的市場也極具挑戰性。

You've got Florida Gulf Coast of Florida, West Coast of Florida. You've got Phoenix, where a large position these stores were. You've got Dallas Fort Worth, which was a large position of these properties, Las Vegas. So a lot of these pro stores are in very challenging markets, and as we talked about in the last question, the rebranding takes time.

這裡有佛羅裡達州的墨西哥灣沿岸地區，還有佛羅裡達州的西海岸地區。鳳凰城就是個很好的例子，這些商店在那裡佔據了很大的市場份額。達拉斯-沃斯堡地區擁有大量此類房產，拉斯維加斯也是如此。因此，許多專業商店都處於非常具有挑戰性的市場中，正如我們在上一個問題中所討論的那樣，品牌重塑需要時間。

It takes effort, takes a lot of effort. I think the team's executed well. I think there's still room for us to improve, and we will continue to focus on that and gain more traction. But a new domain name, consolidation of brands, consolidation of new brands in markets, all those things combined, I think it just put us a little bit behind where we thought we'd be.

這需要付出努力，需要付出很多努力。我認為團隊執行得很好。我認為我們還有進步的空間，我們將繼續專注於此，並取得更大的進展。但是，新的網域、品牌整合、新品牌在市場上的整合，所有這些因素加在一起，我認為使我們比預期落後了一些。

Thanks Dave. Appreciate the context there and then I know you mentioned that at least in your call center sort of trying to leverage AI to see some benefits there, but I'm curious from a customer acquisition standpoint.

謝謝你，戴夫。感謝您提供的背景信息，我知道您提到過至少在您的呼叫中心，他們正在嘗試利用人工智能來獲得一些好處，但我從客戶獲取的角度來看，對此感到好奇。

I mean, I imagine that that most of your inbounds are still through kind of traditional Google search means, but are you able to kind of see, any impact or benefit from searching with AI tools, whether it's chat GPT or anything of the like, just wondering kind of how that that customer is attracted to potentially renting a storage unit.

我的意思是，我猜想你們的大部分客戶仍然是透過傳統的谷歌搜尋方式進入你們的，但是你們是否能夠看到使用人工智慧工具進行搜尋（無論是聊天 GPT 還是其他類似工具）所帶來的任何影響或好處？我只是想知道這些工具是如何吸引客戶並最終決定租用儲存單元的。

Yeah, it's a really good question. I think it's early to really understand all of the implications of chat, and AI technology and how the consumer shopping. Certainly the consumer, has changed their shopping patterns because they speak to their phone now and ask more sophisticated questions and obviously the technology has to have a better answer, a more sophisticated answer.

是的，這確實是個好問題。我認為現在要真正了解聊天、人工智慧技術以及消費者購物方式的所有影響還為時過早。消費者的購物習慣無疑發生了改變，因為他們現在會透過手機提出更複雜的問題，而科技顯然必須提供更好、更完善的答案。

I will tell you from our seat, our team has spent a lot of time and is continuing to spend a lot of time analyzing how, what, how do you get to the end result? I mean, that's what Google ultimately wants to do is they want to listen to what you say to it and get you to the end result.

我可以負責任地告訴大家，我們的團隊已經花費了大量時間，並且還在繼續花費大量時間分析如何才能達到最終結果。我的意思是，Google最終想要做的就是傾聽你的訴求，並引導你找到最終結果。

And so we're spending a lot of time going back through our content that sits on the website, how it's worded, what it's worded like, is it chat friendly, are we doing the right things to make sure when a customer is looking for a storage facility, we have the ability to show up well.

因此，我們花了很多時間回顧網站上的內容，看看它的措辭如何，表達方式如何，是否便於聊天，以及我們是否在做正確的事情，以確保當客戶尋找儲存設施時，我們能夠很好地展現自己。

I think it's evolving and it's evolving quick and it's going to be very dynamic and for us, I think, we'll do our best to stay on top of what's going on around that arena and adapt to it. I also stay within our company we're very happy with our use within our own platform and the fact that the call center was able to contain through our agent, we call her Alexis.

我認為它正在發展，而且發展迅速，將會非常充滿活力。對我們來說，我認為我們會盡最大努力密切關注這個領域正在發生的事情，並適應它。我也一直關注著我們公司內部的情況，我們對在自己的平台上使用該平台非常滿意，而且呼叫中心能夠透過我們的客服人員（我們稱她為 Alexis）來控制局面。

She was able to contain 15% of all the phone calls that came to our call center, and actually solve and end the results. So what we mean by contain is that that agent or that platform actually solved the consumer's question and handled the call without it going to somebody else. We think there's room to grow there which gives you efficiencies and also keeps your people focused on the real calls that need a personal.

她能夠處理我們呼叫中心接到的所有電話中的 15%，並且真正解決問題並結束通話。所以，我們所說的「包含」是指該代理商或平台實際上解決了消費者的問題並處理了通話，而沒有將通話轉接給其他人。我們認為這方面還有發展空間，不僅能提高效率，還能讓員工專注於真正需要手動處理的電話。

We like that. And then we also launched at our stores, what we call my storage navigator where you can walk up to the store. You can take your cell phone, you can scan a QR code, and you can completely transact with us 100% without having a manager at the store.

我們喜歡這樣。然後，我們還在門市推出了“我的儲物導航器”，您可以直接走到門市查看。您可以攜帶手機，掃描二維碼，即可完全無需店內經理即可與我們完成交易。

It's right now running in a web-based solution, but that can also be turned on as an app that's downloadable. And so we are certainly focused a lot around how the consumer wants to transact with us and modifying our technology to adapt to it.

它目前以基於 Web 的解決方案運行，但也可以啟用為可下載的應用程式。因此，我們非常關註消費者希望如何與我們進行交易，並改進我們的技術以適應這種交易方式。

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

偉大的。我的情況就這些了，謝謝您抽出時間。

Yeah, thank you.

是啊，謝謝。

Todd Thomas, KeyBanc Capital Markets.

Todd Thomas，KeyBanc Capital Markets。

Hi thanks. I just wanted to follow up on a few things related to the pro transitions and the consolidation of banners with regard to the web search and you know some of the comments that were made.

謝謝。我只是想就專業過渡效果和橫幅廣告整合（尤其是在網路搜尋方面）的一些問題進行後續說明，以及您知道的一些評論。

Where are search rankings and conversion rates today relative to where they were before the pro transition? Can you give us a sense how far, maybe some of those metrics fell off and sort of where they stand today?

與專業化轉型之前相比，目前的搜尋排名和轉換率處於什麼水平？您能否大致介紹一下，有些指標下降了多少，以及它們目前的狀況如何？

That's how Dave, thanks for the question. We certainly have improved our visibility score, and that's one of the methods we look at substantially in all of the markets where we've consolidated brands and then brought, brands onto the single domain name.

就是這樣，戴夫，謝謝你的提問。我們的可見度得分確實提高了，這是我們在所有整合品牌並將品牌集中到一個域名上的市場中重點關注的方法之一。

And statistically that's allowing us to show up significantly better in keyword searches in the amount of times that we're showing up where consumer wants to, find us in in an overall ranking, but if you think about, some of the progress, we've made, we've used this a few times in in some of the decks that we've put out, but we want to be in that, top 3 range and I statistically we're moving nationally to that piece of it.

從統計數據來看，這讓我們在關鍵字搜尋中獲得了顯著更好的排名，在消費者想要找到我們的地方，我們的出現次數明顯更多，整體排名也更高。但如果你仔細想想，我們已經取得了一些進展，我們在發布的一些演示文稿中也多次使用過這種方法，但我們希望進入前三名，而且從統計數據來看，我們正在全國範圍內朝著這個目標邁進。

We've had like Florida be an example where maybe our visibility score would have been before the transition almost 11, if you think about the metrics around the visibility score, and now it sits at 6. So we're certainly making improvements in the markets we want to make. It's a process. It's not all about paid search.

以佛羅裡達州為例，在轉型之前，我們的可見度得分可能接近 11（如果你考慮可見度得分的指標），而現在只有 6。所以，我們確實在我們想要進入的市場上取得了進展。這是一個過程。這不僅僅是關於付費搜尋。

It's about all of the things that go into being found and it's review scores and it's, where you are at in around the map process, the Google My Business process, how you work on your organic treatment and so we are making significant improvements there.

這關係到所有影響搜尋結果的因素，包括評價分數，以及你在地圖流程、Google 我的商家流程中的位置，還有你如何優化自然搜尋排名等等，因此我們正在這些方面做出重大改進。

Because we switched platforms, we don't have all consolidated data from, the old pros websites to ours, but I can tell you that in our own platform of where we had visibility we're driving about 13%-14% more people to the top of the funnel today than what we were doing a year ago.

由於我們更換了平台，我們沒有從以前的專業網站將所有數據整合到我們自己的網站上，但我可以告訴你，在我們自己的平台上，在我們能夠看到的情況下，我們現在引導到銷售漏斗頂端的人數比一年前增加了大約 13%-14%。

So that's an improvement that we like. That means we're being found more and more folks are coming into our website and looking for a shopping experience with us. That's led to about a 6% to 7% improvement in opportunities. So top of the funnel to opportunity, which would be like a reservation a quote that's up about 7% on the stores that we have year over year data on.

所以，我們很滿意這個改進。這意味著越來越多的人找到了我們，他們訪問我們的網站，並希望在我們這裡獲得良好的購物體驗。這使得機會增加了約 6% 到 7%。因此，從銷售漏斗頂端到銷售機會，例如預訂或報價，在我們擁有同比數據的門市中成長了約 7%。

And so I think all the things we do are improving and so we're happy with it. We certainly need to be better. We want to continue to refine and get better, as we learn and go through it.

所以我覺得我們所做的一切都在進步，我們對此感到滿意。我們當然需要做得更好。我們希望在學習和實踐的過程中不斷改進和改進。

Okay and then with regards to the use of concessions, and discounts did that increase throughout the period and into July or have you now been able to ease up a little bit and was the implementation and response from the use of concessions? Was that was that you know more broad based across the portfolio or was it primarily in the markets, you know that remain a little bit softer?

好的，那麼關於優惠和折扣的使用，這些優惠和折扣在整個期間以及7月份是否有所增加，還是現在已經有所放鬆？優惠的使用情況和反應如何？是指投資組合的整體規模擴大，還是主要集中在那些仍略顯疲軟的市場？

I think certainly it was in the markets that were softer. We were certainly more assertive in those markets. I would also tell you the last couple of months as we talked about a nay way, we were very specific about a unit type and a unit size.

我認為這種情況肯定出現在市場疲軟的時候。我們在那些市場中確實更加積極主動。我還要告訴你們，在過去的幾個月裡，我們一直在討論各種方案，我們對單元類型和單元尺寸都有非常具體的要求。

As we were having not only a, we focused on the price we rolled down, but we were actually having a square footage roll down of about five or six square foot per rental. I think we talked a lot of you and they read about it.

因為我們不僅關注價格下降，而且實際上每套出租房的面積也下降了大約五到六平方英尺。我想我們聊了很多關於你的事，他們也讀了相關內容。

So we got very specific around concession use around type of units and size of units, and we actually ran some sales on our website around particular unit sizes, and we were very happy that it worked. I mean, we certainly found some traction and we were able to rent and target specific unit types and sizes and a lot of the concessions were around that piece of it.

因此，我們對特許經營權的使用，包括單元類型和單元尺寸，制定了非常具體的規定，並且我們還在網站上針對特定單元尺寸進行了一些促銷活動，我們很高興它取得了成功。我的意思是，我們確實取得了一些進展，我們能夠出租和鎖定特定類型和大小的單元，許多優惠政策都圍繞著這一點。

Okay. Thank you.

好的。謝謝。

John Peterson, Jefferies.

約翰‧彼得森，傑富瑞集團。

Great. Thank you. On the same store revenue guidance cut of about 250 basis points, are you able to parse out, I guess how much of that is related to the housing market being weaker than your initial forecast and how much of that you would ascribe to the pro internalization challenges?

偉大的。謝謝。對於同一門市收入預期下調約 250 個基點的情況，您能否分析一下，其中有多少是由於房地產市場弱於您最初的預測，又有多少是由於內部化挑戰造成的？

It's tough, John, as you can imagine, but what I will say is that when we introduced guidance in February, we did talk about the low end of guidance, assuming, no meaningful improvement in housing and demand still being, kind of more muted on a relative level versus like the midpoint and high end of our guidance assumed much stronger occupancy gains if you recall, I think in the midpoint we said 250 basis points of occupancy gain, take the trough, which we obviously didn't experience this year.

約翰，正如你所想，這很艱難。但我要說的是，我們在二月發布業績指引時，確實談到了指引的下限，假設房屋市場沒有實質改善，需求仍然相對疲軟。而指引的中點和上限則假設入住率會大幅增加。如果你還記得的話，我認為我們當時說的是入住率成長250個基點，也就是最低點，但顯然我們今年並沒有經歷這種情況。

So that alone, I would say, the macro hopefully we were clear enough in February. That if you're looking at the existing home sale data as one data point, right, of course not all of our demand is coming from that source, but using it as a correlative data point, based on all the six months of information that's been reported, we all know that it hasn't materially improved.

所以就這一點而言，我認為，我們在二月對宏觀經濟情勢的判斷應該已經夠清晰了。如果你把現有的房屋銷售數據作為一個數據點來看，當然，我們所有的需求都不是來自這個來源，但是把它作為一個相關的數據點，基於過去六個月報告的所有信息，我們都知道情況並沒有實質性的改善。

So I think that alone you're at least at the low end of our previous range, and then I think you compound that environment with some of the unexpected elongated challenges that they've described on the pro transition front, and that's kind of that walks you the rest of the way to our revised range now.

所以我覺得，單憑這一點，你至少已經達到了我們之前範圍的下限，然後，我認為，如果你把這種環境與他們所描述的職業過渡方面的一些意想不到的、持續時間較長的挑戰結合起來，這就大致符合我們現在修訂後的範圍了。

Okay, alright. That's really helpful. And then I guess on the pro internalization challenges. Is it specific pro portfolios that are harder than others maybe to integrate or would you describe the challenges as more broad based across all the pro portfolios?

好的，沒問題。這真的很有幫助。然後我想談談專業內部化的挑戰。是某些特定的專業投資組合比其他投資組合更難整合，還是所有專業投資組合都面臨更廣泛的挑戰？

I think we've had success; it's probably more market driven than it is particular pro properties. If you think about, as I mentioned earlier, some of these portfolios, a larger concentration of pro stores are in very challenging markets and then you throw on a rebrand on top of it.

我認為我們已經取得了成功；這可能更多是市場驅動的結果，而不是某些特定房產的優勢。正如我之前提到的，如果你仔細想想，這些投資組合中，很大一部分專業商店都集中在非常具有挑戰性的市場中，然後你還要在此基礎上進行品牌重塑。

Phoenix, for an example, we did not only have two stores down there that we operated, as a corporate, and then the rest of those stores were managed by pros. And so we had to go down and obviously bring our, we hired as many of the team members as possible, but we had to bring in leadership into that market and then go through a rebrand, establish ourselves in the rebrand, and then on top of it, it's a tremendously competitive market, right?

以鳳凰城為例，我們不僅在那裡擁有兩家由我們公司經營的門市，其餘門市則由專業人士管理。因此，我們必須深入市場，盡可能多地招募團隊成員，但我們必須將領導力引入該市場，然後進行品牌重塑，在新品牌中確立自己的地位，而且，這是一個競爭極其激烈的市場，對吧？

There's a lot of new supply, a lot of things going on in Phoenix, and so I think all those things couple it. So I wouldn't categorize it as, one particular pro set of stores were more challenging. It's probably more market based, I think is what we would say.

鳳凰城有很多新的房源，也發生了很多事情，所以我認為所有這些因素都與此相關。所以我不會將其歸類為，某個特定的專業店鋪更具挑戰性。我認為，這可能更偏向市場導向。

Okay all right.

好的。

Spencer Gilmanton, Green Street.

斯賓塞·吉爾曼頓，格林街。

Thank you. Maybe just one for me on the disposition front. Can you just talk about how many properties you currently have earmarked for sale, just over the near term, and then where is pricing then in terms of cap rates on recent acquisitions or dispositions, excuse me?

謝謝。或許就我個人而言，性格方面只需要一個。請問您能否簡要說明一下近期內您計劃出售的房產數量，以及近期收購或處置的房產的資本化率情況？

Yeah. Hey, thanks for joining. I appreciate the question. We do have a list of stores, that we have identified in addition to that we're evaluating for either some kind of disposition strategy or can we spend some capital on them and prove the way they're positioned in the market. I think we'll have probably some more color on that in calls to come.

是的。嘿，謝謝你的參與。感謝您的提問。我們確實有一份門市名單，除了這些門市之外，我們還在評估是否應該對這些門市採取某種處置策略，或者是否可以投入一些資金來證明它們在市場上的定位。我想我們會在接下來的電話會議中對此有更詳細的說明。

We're still working with our board and our leadership team around a strategy around, how do we reinvest in the portfolio, how do we, really think about the portfolio as long term health and long term success, and then how do we position that with the assets we have. So we'll have some more coming out on that.

我們仍在與董事會和領導團隊一起制定策略，探討如何對投資組合進行再投資，如何真正將投資組合視為長期健康和長期成功的保障，以及如何利用我們擁有的資產來實現這一目標。所以我們之後還會發布更多相關資訊。

I would tell you the stuff that we are selling, we're having great success with. I mean, we just sold a total of 10 properties that were very free single market properties, a lot of them are in locations in states where, not large markets and not a lot of scale for us to have and, those properties sold sub 6, so I mean it's on a trailing basis.

我可以告訴你，我們銷售的那些產品非常暢銷。我的意思是，我們剛剛售出了總共 10 處房產，這些都是非常自由的單一市場房產，其中許多位於市場規模不大、對我們來說規模也不大的州，而且這些房產的售價都低於 6 美元，所以我的意思是，這是基於過去一段時間的業績。

That's we're just having good success around what we're selling and the type of asset we're selling and the attraction of people who want to buy it. And so, lots of buyers out there looking for a lot of the product that we're working on, and so, we're happy with that piece of it.

這說明我們銷售的產品、我們銷售的資產類型以及想要購買它的人都對我們很感興趣，並且取得了不錯的成功。因此，有許多買家正在尋找我們正在研發的這類產品，對此我們感到很滿意。

Okay, great. Thank you.

好的，太好了。謝謝。

Ravi Vaidya, Mizuho Securities.

Ravi Vaidya，瑞穗證券。

Hi there. Hope you guys are doing well. I wanted to ask a bit about the Portland market. It really stood out as a positive same revenue growth and maybe just wanted to know what are some of the demand drivers here and maybe what led to that outsize result versus maybe some of your other markets that are inflicted with higher supply.

你好呀。希望你們一切都好。我想了解一下波特蘭市場的情況。收入成長確實非常顯著，我想知道這裡的需求驅動因素是什麼，以及是什麼導致瞭如此巨大的增長，而其他一些市場由於供應量較高而導致的增長卻不盡如人意。

Yeah, good question, Ravi. I am Dave. I think Portland is really a story if you think about self-storage as a sector and what happens in self-storage. We have a lot of well positioned assets. It's a market we've been in for a long time, starting back with the original pro and Northwest self-storage.

嗯，問得好，拉維。我是戴夫。我認為，如果你從自助倉儲這個行業以及自助倉儲行業發生的事情來看波特蘭，那它確實是一個值得關注的故事。我們擁有許多定位良好的資產。我們在這個市場已經耕耘了很長一段時間，從最初的專業倉儲和西北自助倉儲公司開始。

A lot of knowledge there, a lot of success there but Portland went through an overdevelopment cycle just prior to COVID there in '19 where there was just a tremendous amount of new supply built and supply got out in front of demand, and Portland had to cycle through.

那裡有很多知識，也取得了許多成功，但在新冠疫情爆發前的 2019 年，波特蘭經歷了一個過度開發週期，當時新建了大量住房，供應超過了需求，波特蘭不得不經歷一個週期。

COVID helped mask it for a couple of years, but Portland really had to cycle through a tremendous amount of new supply. The reason I say that is it shows you the strength of the sector when everything comes back in balance.

新冠疫情掩蓋了這個問題好幾年，但波特蘭實際上必須經歷大量的新供應循環。我這麼說是因為它展現了當一切恢復平衡時，該行業的實力。

Portland itself as a market seems to be stabilizing and it seems to be a little more healthy than maybe it has been in the past two or three years, but what really has come back in balance is the supply demand ratio of product and consumer looking for product and it's allowed us to obviously get occupancy back. It's allowed us to have some pricing strength, not just us.

波特蘭市場本身似乎正在趨於穩定，而且看起來比過去兩三年要健康一些，但真正恢復平衡的是產品和消費者需求之間的供需比例，這顯然使我們能夠恢復入住率。這讓我們擁有了一定的定價優勢，而且不僅僅是我們一家。

I think everybody, if you heard calls reported that, Portland was one of the markets that was starting to perform well. So, I probably why I like this sector. I mean, if you keep supply and demand and balance, things work very well, and then when you get it overbuilt and the building slows down like a cycle we're going to head into where new supply is starting to come off its highs, the sector will grow into itself and you'll have good output when you're done.

我想大家應該都聽到了相關報道，波特蘭是開始表現良好的市場之一。所以，這大概就是我喜歡這個行業的原因吧。我的意思是，如果你保持供需平衡，一切都會運作良好；然後，當建設過剩，建設速度放緩時，就像我們將要經歷的一個週期，新的供應開始從高峰迴落，這個行業就會自我增長，最終你會獲得良好的產出。

Got it. That, that's really helpful. Maybe just one more here on your acquisitions guidance. I guess why lower it right now and maintain the disposition guide? Why not match funded the two of them, or do you see better opportunities to use the disposition capital at this time? Thanks.

知道了。那真的很有幫助。或許這裡就您的收購指引再補充一點。我想，為什麼現在要降低價格，而要維持現有的處置指南呢？為什麼不為這兩筆投資提供配套資金呢？或者您認為目前有更好的機會利用處置資金？謝謝。

Yeah, good question. I think there's a couple of things going on. We're certainly being very patient and disciplined with our capital. Would we buy if we find the right properties? Absolutely. And we see a lot of deals that come across the desk. We underwrite a lot of things.

嗯，問得好。我覺得可能有兩件事同時發生。我們對待資金的態度確實非常有耐心和自律。如果我們找到合適的房產，我們會買嗎？絕對地。我們看到很多交易擺在桌面上。我們承保了很多項目。

Just given today's environment, it's been very challenging to match our cost of capital with the type of products that we're seeing come across our desk at this point. As I mentioned earlier on the previous question, we are also looking at reinvesting in our portfolio and what can we do within our portfolio to make sure that we can optimize performance within our portfolio.

鑑於目前的市場環境，要使我們的資本成本與我們目前接觸到的產品類型相匹配，是非常具有挑戰性的。正如我在上一個問題中提到的，我們也在考慮對我們的投資組合進行再投資，以及我們可以在投資組合中做些什麼來確保我們能夠優化投資組合的表現。

So, we start thinking about investing capital dollars and matching it to the best investment. Some of the money will be used to invest in our portfolio, and that will be a better return than trying to buy a property on the outside that you don't know.

所以，我們開始考慮如何投資資金，並將其與最佳投資相匹配。部分資金將用於投資我們的投資組合，這將比在不了解的情況下購買外部房產獲得更高的回報。

We will be, we're going to be very active. Our JV wants to buy properties. That's a good source of capital for us. It's a good cost of capital for us. I think with the JV we'll remain active. I think the balance sheet piece is a little more challenging at this time.

我們會非常活躍。我們的合資企業想要購買房產。那對我們來說是一個很好的資金來源。對我們來說，這是一筆不錯的資金成本。我認為透過合資企業，我們將繼續保持活躍。我認為目前資產負債表部分的工作難度更高。

Got it. Thank you.

知道了。謝謝。

Thank you.

謝謝。

Ronald Kamdem, Morgan Stanley.

羅納德‧卡姆登，摩根士丹利。

Hey, just two quick ones. Going back to sort of the pro internalization, maybe can you just remind us what the sort of the occupancy and rent delta was that you were trying to close and I can appreciate that maybe a little bit delayed, but how far along are you on? Are you 20%, 30% of the way just trying to get a sense of how much more upside there is to go?

嘿，就問兩個問題。回到先前提到的內部化問題，您能否提醒我們您當時試圖達成的入住率和租金差額是多少？我理解這可能有點延遲，但您目前進展如何？你是不是已經完成了 20% 或 30%，只是想了解還有多少上漲空間？

Yeah, Ron. Thanks for joining. Good question. I'll start with the occupancy. We've not been able to meaningfully close the gap on occupancy yet. Broadly, we've had some markets where we've had some success, but overall, as you can see, from our initial guidance to where we're at today with our full portfolio, we did not see the spring leasing season we thought we'd see in volume, and obviously the pros are more challenging markets.

是的，羅恩。謝謝參與。問得好。我先從入住率說起。我們尚未能大幅縮小入住率差距。總體而言，我們在某些​​市場取得了一些成功，但總的來說，正如你所看到的，從我們最初的指導到我們目前的全部投資組合，我們並沒有看到預期的春季租賃旺季的成交量，顯然，優勢在於更具挑戰性的市場。

So obviously a lot of pressure around building occupants there. So I think there's a lot of upside as things turn and as opportunities present themselves and the conditions change to close that occupancy gap. We still believe in that. We still believe there's room to grow there, and the marketing spend and the rebrand starts to take hold, some of those things will start to help that.

顯然，那裡的建築住戶面臨很大的壓力。所以我認為，隨著情況好轉，機會出現，條件改變，入住率差距將會縮小，因此有很大的上升空間。我們依然相信這一點。我們仍然相信那裡還有成長空間，隨著行銷投入和品牌重塑開始奏效，其中一些因素將對此有所幫助。

From a rate perspective, we did a good job getting through the existing tenant base, and we're able to work fairly well through the ECRI piece of that. And so we're able to move contract rates in those particular, pro stores and move rev path in those stores because of the existing base.

從費率的角度來看，我們很好地處理了現有租戶群體，並且能夠比較順利地處理 ECRI 部分。因此，由於現有客戶群，我們能夠調整這些特定專業商店的合約價格，並調整這些商店的收入路徑。

So I'd say we're probably 70% through with the first wave of that, and then we'll start to roll them into the traditional platform where you have cadence and magnitude following what our platform is. So more upside-down occupancy, but still some to go on rate.

所以我覺得我們第一波的進度大概完成了 70%，然後我們會開始把它們整合到傳統平台上，並按照我們平台的節奏和規模進行整合。所以入住率繼續處於倒置狀態，但房價還是會有一些波動。

Really helpful. And then my second question was just on expenses. I think we've talked about sort of the marketing spend, but maybe just updated thoughts on just property taxes and any other sort of line item. I know it was a pretty small move on the same store expenses, but just any color there.

真的很有幫助。我的第二個問題是關於費用的。我想我們已經討論過行銷支出方面的問題了，但或許可以更新一下關於房產稅和其他一些項目的看法。我知道這只是同一家店裡很小的改動，但只是隨便選個顏色而已。

Yeah, Ron. So on property taxes, I mentioned in my opening remarks we had a difficult comp because there was a one-time benefit in the second quarter numbers last year. So if you strip that out, the 8.5% year over year growth on that line item that we reported for the second quarter, it would be closer to 3%.

是的，羅恩。關於房產稅，我在開場白中提到，由於去年第二季的數據中有一次性收益，因此我們面臨一個比較困難的問題。因此，如果剔除此因素，我們第二季報告的該項目年增 8.5%，實際成長率將接近 3%。

And then for the six months, I think we reported nearly a 7% increase year over year, but again, if you strip out that one-time benefit in the prior year period, it's closer to like a 4%. And so that 3% to 4% range is kind of in line with what we're projecting still for the full year, meaning on a year over year basis that growth will come down in the second half of the year.

然後，就前六個月而言，我認為我們報告的同比增長率接近 7%，但是，如果剔除上一年的一次性收益，實際增幅就接近 4% 了。因此，3% 到 4% 的成長率範圍與我們對全年的預測基本一致，這意味著與去年同期相比，下半年的成長將會下降。

Marketing was elevated, Dave touched on that earlier. It was definitely a lever that we were pulling in combination with the discounts. We do, we spend a lot of time evaluating the success of those different paid search campaigns by market, and we do think there's opportunity in the back half of the year for us to dial back, in some of the markets where we maybe just didn't quite see as much relative success versus some other markets.

行銷水準提高了，戴夫之前也提到過這一點。這絕對是我們配合折扣政策使用的一個槓桿。的確，我們會花很多時間按市場評估不同付費搜尋活動的成功情況，而且我們認為，在今年下半年，我們有機會在一些市場縮減投入，因為在這些市場，我們可能沒有看到與其他市場相比那麼大的相對成功。

So, on a year over year basis it's still going to be the largest, growth of all the expense line items, but I don't think it'll be quite to the same magnitude that you saw in the second quarter. For the full year, I think we're still talking like 25% to 30% year over year on that line item.

因此，從年比來看，它仍然是所有支出項目中成長幅度最大的，但我認為它不會像第二季那樣大幅成長。就全年而言，我認為該項目同比增幅仍將達到 25% 至 30%。

Yeah, and Ron, actually, sorry, one last one on personnel, I did want to add, you saw that line item be lower in 2025 versus prior year. Some of that was adjusting staffing levels of the Legacy Pro managed stores that we, started that effort last July and then some of it and then we also through taking over those stores, we just had a little bit of attrition and employee base and so we kind of got fully staffed at the beginning of this year.

是的，還有羅恩，其實，抱歉，關於人事方面還有最後一個問題，我想補充一點，您看到 2025 年的這一項比上一年有所下降。其中一部分是調整 Legacy Pro 管理門市的員工人數，我們從去年七月開始著手這項工作，還有一部分是接管這些門市，我們經歷了一些人員流失和員工人數減少，所以我們在今年年初基本上實現了人員滿滿。

So as we enter the back half of the year and you see this on the trailing five quarter data in the back schedules of the supplemental, the comp becomes tougher. So we were negative growth first half of the year on personnel. It'll be expected to be low to mid-single digit positive growth in the back half of the year.

因此，隨著我們進入下半年，從補充表格的後五個季度數據中可以看到，競爭變得更加激烈。所以今年上半年我們的人員數量出現了負成長。預計下半年將實現個位數低至中等水準的正成長。

Got it makes sense thanks so much.

明白了，很有道理，非常感謝。

Yeah, thank you.

是啊，謝謝。

Wesley Golladey, Baird.

Wesley Golladey，Baird。

Hey everyone, I just want to go back to the my storage navigator. Has that been rolled out at all the properties, and what is your goal for that over the next two or three years for a percentage of leases done through that system?

大家好，我只想回到我的儲存導航器。該系統是否已在所有物業推廣？未來兩三年內，您計劃透過該系統完成的租賃交易比例是多少？

Yeah, good question, Wes, it has been rolled out and it's just in its infancy and right now I can tell you, just watching that, we're really studying customer behavior, how many times they walk up to the door, different office hours, different times of the day. I do believe that is a goal or a tool that we can use to really offset how the customer transacts with us.

是的，問得好，韋斯，這項服務已經推出，但還處於起步階段。現在我可以告訴你，透過觀察，我們正在認真研究客戶行為，例如他們來我們店門口的次數，不同的辦公時間，一天中的不同時段。我相信這是一個我們可以利用的目標或工具，可以真正改變客戶與我們交易的方式。

I mean, I think, if we looked at it right now, I think that tool could probably do, 4% or 5% of our rental volume at the store level here in the next six months. So people who went to the store will use that tool probably, 4% to 5% of the time, and I think that could grow substantially more than that. It's easy. It's easy to use. It's effective and really the consumers are telling us that's, more the way we want to transact today.

我的意思是，我認為，如果我們現在來看，我認為這個工具在未來六個月內可能會為我們門市的租賃量帶來 4% 到 5% 的成長。所以，去商店購物的人大概有 4% 到 5% 的時間會使用該工具，我認為這個比例可能會大幅增加。很簡單。它使用起來很簡單。這種方式行之有效，消費者也告訴我們，這才是我們如今更希望採用的交易方式。

If you think about where we're at pre-COVID till now, pre-COVID we weren't leasing it all online and today, about 65% of our total rental volume is coming through some touch point on that, digital platform where it's never reaching the store at all, and about 40% is just pure customer doing it all by themselves. So we do think there's a great opportunity there.

想想我們從新冠疫情前到現在的狀況，在新冠疫情前，我們還沒有完全在線租賃，而如今，我們總租賃量的約 65% 是透過數位平台上的某個接觸點完成的，這些租賃根本不會到達實體店，還有約 40% 是純粹的客戶自行完成的。所以我們認為那裡蘊藏著巨大的機會。

Okay, and then one more on the AI. Is it still too soon to put numbers on the aggregate opportunity, whether it's the cost savings from the call centers or the leasing you just talked about, what are you thinking about as far as the total opportunity?

好的，那就再來一個關於人工智慧的問題。現在就對整體機會進行量化是否為時過早？無論是呼叫中心的成本節約，還是您剛才提到的租賃，您認為整體機會如何？

It's too soon. I'm excited about it, so I'm going to be careful here. I just think it's too soon. There's so many things you can do with it from, just, pure call volume, successive call volume, having it step in and, help your call center agents do a better job, your store personnel do a better job. I think we just let's watch it evolve, and we'll keep trying to give you the tidbits of stats we see, but I think it's just too soon to where that can go.

現在還太早了。我很興奮，所以我會小心謹慎。我覺得現在還太早了。你可以用它做很多事情，例如純粹的通話量、連續通話量，它可以介入並幫助你的呼叫中心代理更好地工作，幫助你的門市員工更好地工作。我認為我們應該靜觀其變，我們會繼續努力向大家提供我們看到的統計數據，但我認為現在判斷其發展方向還為時過早。

Okay. Thank you for the time.

好的。感謝您抽出時間。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Hey guys. This is Sam on for Omotayo. I hope I didn't miss this but can you guys talk about how synergies come in versus the initial expectations as it relates to the pro integration.

嘿，大家好。這是薩姆替奧莫塔約報道。我希望我沒有錯過這一點，但你們能談談在專業版整合方面，協同效應是如何與最初的預期相悖的嗎？

Yes, Sam. Thanks for joining. I think we've talked quite a bit through the call about, we've had good, if you think let's start with operations and costs. We've had good payroll savings; we certainly experienced the DNA savings we thought we'd see around the pro internalization. So some of those, nuts and bolts right off the bat we were pleased with.

是的，山姆。謝謝參與。我認為我們在通話中已經談了很多，我們聊得很愉快，如果你覺得的話，讓我們從營運和成本開始。我們在薪資方面節省了不少錢；我們確實實現了預期中的DNA成本節約，這得益於專業內部化進程。所以，其中一些，一些基礎性的細節，我們一開始就很滿意。

I think from an upside synergies around really revenue and NOI improvement, we have not realized yet what the potential is there and that stems a lot around from a rebranding, how long the rebranding's taken to catch hold. Obviously, market conditions and a lot of these markets are still very challenging, so we haven't been able to significantly move the needle around that revenue and NOI improvement.

我認為，從實際的收入和營業淨收入提升的綜效來看，我們還沒有意識到其中的潛力，這很大程度上取決於品牌重塑，以及品牌重塑需要多長時間才能站穩腳跟。顯然，市場狀況，尤其是許多市場，仍然充滿挑戰，因此我們無法在收入和淨營業收入改善方面取得顯著進展。

Once that does happen, that is a meaningful chunk of our NOI. Those stores are. They're probably close to 405, 45% of our NOI. So there is an opportunity for us to see that. But at this point in time that revenue NOI synergies is just not materialized as at the pace we thought it would yet.

一旦這種情況發生，那將是我們淨營業收入中相當可觀的一部分。那些商店是。它們可能接近 405，占我們 NOI 的 45%。所以，我們有機會看到這一點。但就目前而言，收入淨營業收入綜效還沒有以我們預期的速度實現。

Got it. That's all I have on my end. I appreciate the time guys.

知道了。我這邊就只有這些了。感謝各位抽出時間。

Yes, Sam. Thanks for joining.

是的，山姆。謝謝參與。

Brendan Lynch, Barclays.

巴克萊銀行的布倫丹·林奇。

Great, thanks for taking my question. You had a lot of good color in there about my storage navigator and AI agents and the new website. When you think about your technology suite as a whole and your data analysis and the algorithms, how effective do you think it is now versus where you want to want it to be in at some point in the future, when it's honed to perfection for lack of a better term, like what is the gap between where it is now and where you're trying to get it?

太好了，謝謝你回答我的問題。你文章裡有很多關於我的儲存導航器、人工智慧代理和新網站的精彩描述。當你從整體上考慮你的技術套件、數據分析和演算法時，你認為它現在的有效性與你希望它在未來某個時候達到的程度相比如何？ （如果非要用一個詞來形容的話，那就是「完美」），它現在的水平與你想要達到的水平之間存在多大的差距？

It's a really good question. I always use a baseball term here. We're in the beginning to middle innings on a lot of that stuff. Having the tools built is a huge checkmark for us and having it behind us where we're not developing is a huge checkmark for us. Now when you put data to it and let it learn and you adapt and you modify and you tweak, that's where you really get the performance.

這確實是個好問題。我在這裡總是用棒球術語。很多事情我們都還處於初期到中期階段。工具的建置對我們來說是一個巨大的成就，而工具的部署讓我們無需進行開發，這對我們來說也是一個巨大的成就。現在，當你輸入數據，讓它學習，然後你不斷適應、修改和調整，這才是真正獲得效能的時候。

And so, in some of those ways, even like our paid search bid model is new. I mean, and so I just think there's a lot of opportunities yet for us to realize around all of the things you just mentioned. Website, AI technology around the call center and particularly how we are found and how we transact on the internet.

因此，在某些方面，即使是我們的付費搜尋競價模式也是全新的。我的意思是，所以我覺得圍繞著你剛才提到的所有事情，我們還有很多機會去實現。網站、呼叫中心的人工智慧技術，特別是我們如何被找到以及如何在網路上進行交易。

Maybe just to follow up on that, if I understand correctly, it sounds like what you need more so than anything else now is data. Given the size of your portfolio, it is, it's just data collection over a longer period of time relative to maybe some of your larger peers that can collect a wider swathe of data at any given point in time. Are you going to be able to catch up to them just with the passage of time?

也許我想就此做個補充說明，如果我理解正確的話，聽起來你現在最需要的莫過於數據了。考慮到你的投資組合規模，確實如此，只是相對於一些規模更大的同行而言，你的數據收集時間更長，而這些同行可以在任何給定的時間點收集更廣泛的數據。你覺得光靠時間就能追上他們嗎？

Yes, and I think in today's world we'll catch up quicker because of the systems that are available. If we were doing this 10 years ago, you would not have the sophistication of modeling, sophistication of machine learning that we have today.

是的，我認為在當今世界，由於現有系統的便利，我們會更快地趕上。如果我們在 10 年前做這件事，我們就不會擁有像今天這樣先進的建模技術和機器學習技術。

So yes, time will help every time you run a month worth of paid search and you watch the keyword results and the success of the results and where your money went, that model adapts and it learns and it learns at a very fast pace. So yeah, time will certainly help us and it's always beneficial to have an extra data point, but I think we can close the gap very rapidly versus if we were trying to do this 10 years ago.

所以，是的，時間會幫助你。每次你運行一個月的付費搜索，觀察關鍵字結果、結果的成功以及你的錢花在了哪裡，這個模型都會適應並學習，而且學習速度非常快。所以，時間肯定會對我們有所幫助，多一個數據點總是有益的，但我認為，如果我們在 10 年前嘗試做這件事，我們可以很快地縮小差距。

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。目前沒有其他問題了。我想把電話轉回給喬治，讓他做最後的總結發言。

Thank you all for joining our call today and we look forward to seeing many of you at the various conferences in September.

感謝各位今天參加我們的電話會議，我們期待在九月份的各種會議上見到你們中的許多人。

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。您可以在此時斷開線路。感謝您的參與。