National Storage Affiliates Trust (NSA) 2025 Q3 法說會逐字稿

Greetings. Welcome to the National Storage Affiliates' third quarter 2025 conference call. (Operator Instructions) As a reminder, this conference is being recorded.

問候。歡迎參加國家儲存聯盟2025年第三季電話會議。（操作說明）提醒各位，本次會議正在錄音。

It is now my pleasure to introduce your host, George Hoglund, Vice President of Investor Relations for National Storage Affiliates. Thank you, Mr. Hoglund. You may now begin.

現在，我很高興向大家介紹主持人喬治‧霍格倫德，他是國家儲存聯盟的投資者關係副總裁。謝謝你，霍格倫德先生。現在你可以開始了。

We'd like to thank you for joining us today for the third 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. (Event Instructions) 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.

感謝您今天參加 National Storage Affiliates Trust 2025 年第三季財報電話會議。今天和我一起連線的是美國國家安全局總裁兼執行長戴夫·克萊默和財務長布蘭登·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。（活動說明）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，您可以在我們網站 nsastorage.com 的投資者關係部分找到這些資料包。

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, November 4, 2025. 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.

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 11 月 4 日的估計。本公司不承擔因市場狀況變化或其他情況而在本次電話會議日期之後修改或更新任何前瞻性聲明的義務。

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. We also encourage listeners to review the definitions and reconciliations of the 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.

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。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。

I'll now turn the call over to Dave.

現在我將把電話交給戴夫。

Thanks, George, and thanks, everyone, for joining our call today. We delivered solid results in the third quarter, reflecting sequential improvement in the level of year-over-year same-store revenue growth in 16 of our 21 reported MSAs. Additionally, our core FFO per share result beat consensus estimates. Our focus on driving performance with our upgraded tools, a consolidated platform and an enhanced team is starting to take hold and has continued into the fourth quarter. Contract rates in October were better than last year by 160 basis points versus a 20 basis point increase for the third quarter.

謝謝喬治，也謝謝各位今天參加我們的電話會議。我們在第三季度取得了穩健的業績，反映出在我們報告的 21 個 MSA 中，有 16 個 MSA 的同店收入同比增長水平環比有所提高。此外，我們的核心FFO每股業績超出市場預期。我們致力於透過升級工具、整合平台和增強團隊來提升業績，這項措施已初見成效，並延續到了第四季度。10 月的合約利率比去年同期增加了 160 個基點，而第三季僅成長了 20 個基點。

Occupancy ended the month at 84.3% versus 84.5% at the end of September. We were pleased that we're able to hold occupancy relatively flat in October. On a year-over-year basis, occupancy was down 170 basis points. I'll remind you that occupancy in October of last year had 20 basis points of hurricane demand.

本月入住率為 84.3%，而 9 月底為 84.5%。我們很高興10月份入住率能維持相對穩定。與去年同期相比，入住率下降了 170 個基點。我提醒各位，去年 10 月的入住率受颶風影響增加了 20 個基點。

Looking at the sector more broadly, we are positive about the outlook for self storage in 2026 and beyond. Given that, one, new supply over the next few years is expected to come down to levels well below long-term historical averages, supporting a notable shift in the supply-demand balance for the sector. Two, assuming Fed interest rate cuts push down mortgage rates, this would likely result in increased storage demand that would accelerate the current inflection in fundamentals.

從更廣泛的角度來看，我們對2026年及以後的自助倉儲前景持樂觀態度。有鑑於此，預計未來幾年新增供應量將降至遠低於長期歷史平均水平，這將顯著改變該行業的供需平衡。第二，假設聯準會降息導致抵押貸款利率下降，這可能會導致儲存需求增加，從而加速當前基本面的轉變。

Three, in addition, lower interest rates will benefit our borrowing costs and overall cost of capital, which will aid us in our future acquisition activity. Additionally, we are encouraged by our relative position in the industry as we have two levers to pull, rate and occupancy, which provide us with a growth potential advantage going forward.

第三，此外，較低的利率將有利於我們的借貸成本和整體資本成本，這將有助於我們未來的收購活動。此外，我們對自身在行業中的相對地位感到鼓舞，因為我們有兩個槓桿可以利用，即房價和入住率，這為我們未來的成長潛力提供了優勢。

Our positive momentum is supported by, one, the pace of our same-store revenue growth is improving quickly, suggesting the worst is behind us and a solid inflection off of the bottom; two, our continued focus on the execution of our strategy, including enhanced marketing and revenue management, optimized staffing levels, property improvements and expense controls are all starting to show results; three, we continue to add earnings growth drivers as evidenced by the launch of our preferred investment program. Adding strategies like this will help return NSA to being a growth company.

我們積極的發展勢頭得益於以下幾點：第一，同店收入增長速度迅速改善，表明最糟糕的時期已經過去，並已觸底反彈；第二，我們持續專注於戰略執行，包括加強市場營銷和收入管理、優化人員配置、改善物業以及控製成本，這些都開始顯現成效；第三，我們不斷增加盈利增長動力，例如我們推出了優先投資計劃。採取此類策略將有助於美國國家安全局重返成長型公司行列。

In aggregate, these factors provide the best setup for the self storage sector and our portfolio have seen in several years. We are confident that our revenue growth will continue to improve even without a housing market recovery. Although the pace of the recovery is uncertain, we are encouraged that we have reached an inflection point.

總體而言，這些因素為自助倉儲產業和我們的投資組合提供了近幾年來最好的環境。我們相信，即使房地產市場沒有復甦，我們的收入成長也將繼續改善。儘管復甦的步伐尚不明朗，但我們感到鼓舞的是，我們已經到達了一個轉折點。

We will continue to focus on improving our occupancy level and revenue growth with increased marketing spend, competitive position in terms of rate and promotion, solid execution of the sales process and remaining asserted with our ECRI strategy. We are also focused on improving our portfolio through continued capital recycling and reinvesting in our properties.

我們將繼續專注於提高入住率和收入成長，增加行銷支出，在價格和促銷方面保持競爭力，切實執行銷售流程，並堅持執行我們的 ECRI 策略。我們也致力於透過持續的資本循環利用和對旗下物業的再投資來改善我們的投資組合。

I'll now turn the call over to Brandon to discuss our financial results.

現在我將把電話交給布蘭登，讓他來討論我們的財務表現。

Thank you, Dave. Yesterday afternoon, we reported core FFO per share of $0.57 for the third quarter, in line with our expectations. The 8% decline from the prior year period was due primarily to a decrease in same-store NOI and an increase in interest expense. For the quarter, same-store revenues declined 2.6%, driven by lower average occupancy of 150 basis points and a year-over-year decline in average revenue per square foot of 40 basis points. This is a meaningful improvement from the first half of the year due to us finding stability operationally and also as we encounter the easier comps to last year.

謝謝你，戴夫。昨天下午，我們公佈了第三季核心FFO每股收益為0.57美元，符合我們的預期。與上年同期相比下降 8%，主要是由於同店淨營業收入下降和利息支出增加。本季同店營收下降 2.6%，主要原因是平均入住率下降 150 個基點，以及每平方英尺平均營收年減 40 個基點。由於我們在營運方面找到了穩定性，而且與去年同期相比，今年的業績比上半年有了顯著改善。

To emphasize this, I'd refer you to Schedule 7 in our supplement, where we break out same-store total revenue between rental revenue, which represents over 95% of the total and other property-related revenue, which primarily consists of tenant insurance dollars retained by the stores.

為了強調這一點，我建議您參閱我們補充資料中的附表 7，其中我們將同店總收入細分為租金收入（佔總收入的 95% 以上）和其他與房產相關的收入（主要包括商店保留的租戶保險金）。

Our rental revenue line item was down 2.2% year over year in the third quarter compared to negative 3.2% year over year in the first half of 2025, a 100 basis point improvement. The other property-related revenue line item on the other hand had a difficult comp as last year's third quarter was outsized, partly due to us commonizing all of the legacy PRO properties onto our corporate tenant insurance program.

第三季我們的租賃收入年減 2.2%，而 2025 年上半年年減 3.2%，改善了 100 個基點。另一方面，另一項與房產相關的收入項目則面臨著比較困難的問題，因為去年第三季的規模過大，部分原因是我們將所有遺留的 PRO 房產納入了我們的企業租戶保險計劃。

Understanding these different components is critical to evaluating the same-store portfolio performance in the third quarter and the implied fourth quarter growth at the midpoint of our guidance. Expense growth was 4.9% in the third quarter. The main drivers of growth were property taxes, marketing and utilities, partially offset by a decrease in insurance costs.

了解這些不同的組成部分對於評估第三季同店投資組合的表現以及我們預期中點隱含的第四季成長至關重要。第三季支出成長4.9%。推動成長的主要因素是房產稅、行銷和公用事業，但部分被保險成本的下降所抵消。

Property taxes were elevated mainly due to a tough comp given successful appeals in the prior year period. Marketing was up 29% versus the prior year as we continue to invest in customer acquisition spend in markets where we clearly see the benefits. We expect some of these expense pressures to ease a bit in the fourth quarter as implied by our guidance range. Moving to the transaction environment. Our 2023 JV acquired two properties, one in California and one in Tennessee for a total of $32 million.

房產稅上漲主要是因為前一年上訴成功，導致今年的基數較高。與前一年相比，行銷支出成長了 29%，因為我們繼續在那些我們明顯看到收益的市場加大客戶獲取方面的投入。正如我們的業績指引範圍所暗示的那樣，我們預計第四季度部分支出壓力將有所緩解。切換到交易環境。我們 2023 年的合資企業收購了兩處房產，一處位於加州，一處位於田納西州，總價為 3,200 萬美元。

We also completed the sale of two assets, which were discussed on last quarter's call. Our continued commitment to our capital recycling program provides several benefits. First, we're becoming more operationally efficient. Second, it generates proceeds to deleverage. And third, it funds attractive investments through JV and preferred equity structures. We're particularly excited about the preferred equity program that we just announced because this opportunity allows us to accretively invest in self-storage deals that provide us with a larger initial yield than wholly-owned acquisitions.

我們也完成了兩項資產的出售，這兩項資產在上個季度的電話會議上已經討論過。我們對資本循環利用計畫的持續投入帶來了許多益處。首先，我們的營運效率正在提高。其次，它能產生收益以降低槓桿率。第三，它透過合資企業和優先股結構為有吸引力的投資項目提供資金。我們對剛剛宣布的優先股計畫感到格外興奮，因為這一機會使我們能夠對自助倉儲交易進行增值投資，從而獲得比全資收購更高的初始收益。

It also allows us to continue partnerships with our former PROs using a structure that solves for our partners' capital raising needs and NSA's risk-adjusted return requirements for capital deployment. It also provides a captive acquisition pipeline for us as we have a right of first offer on the properties acquired by the joint venture we announced with the Investment Real Estate Group.

它也讓我們能夠繼續與先前的PRO合作，採用一個既能滿足合作夥伴的籌資需求，又能滿足NSA對資本部署的風險調整回報要求的結構。它也為我們提供了一個穩定的收購管道，因為我們對與投資房地產集團宣布成立的合資企業所收購的房產擁有優先購買權。

Now speaking to the balance sheet. We have ample liquidity and maintain healthy access to various sources of capital. Subsequent to quarter end, we amended our credit facility agreement to remove the 10 basis point SOFR index adjustment on our revolver, Tranche D term loan and Tranche E term loan.

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。季度末之後，我們修改了信貸安排協議，取消了循環貸款、D期定期貸款和E期定期貸款的10個基點SOFR指數調整。

This amounts to nearly $1 million of annual interest savings on the debt associated with these facilities. We have no maturities of consequence until the second half of 2026, and our current revolver balance is approximately $400 million, giving us $550 million of availability. Our leverage has been slowly coming down with net debt-to-EBITDA of 6.7 times at quarter end, down slightly from 6.8 times in Q2.

這意味著每年可為這些設施相關的債務節省近 100 萬美元的利息。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約為 4 億美元，使我們有 5.5 億美元的可用資金。我們的槓桿率一直在緩慢下降，季末淨負債與 EBITDA 比率為 6.7 倍，略低於第二季的 6.8 倍。

Turning to guidance. And given that results were in line with expectations, we maintained our guidance ranges for 2025 for same-store growth and core FFO per share, which are detailed in the release. I'll highlight that the midpoint of the same-store revenue and NOI guide imply continued improvement in the pace of growth for the fourth quarter, building off of the inflection in the third quarter, which gives us further confidence of positive momentum into 2026.

尋求指導。鑑於業績符合預期，我們維持了 2025 年同店成長和核心每股 FFO 的指導範圍，詳情請見新聞稿。我要強調的是，同店收入和淨營業收入指導值的中點表明，第四季度的增長速度將繼續改善，延續第三季度的拐點，這讓我們對2026年的積極勢頭更有信心。

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

再次感謝您今天參加我們的電話會議。現在我們把麥克風交還給接線員，請他回答您的問題。操作員？

(Operator Instructions) Samir Khanal, Bank of America.

（操作員說明）薩米爾·卡納爾，美國銀行。

Dave, when I listen to your opening remarks, your comments in the earnings release, your prepared remarks, certainly, you have a very positive tone here, which is a bit different versus what we've heard from the peers. Maybe help us understand what makes you so confident sort of on a relative basis.

戴夫，當我聽你的開場白、你在盈利報告中的評論以及你事先準備好的發言時，你確實語氣非常積極，這與我們從同行那裡聽到的有所不同。或許你可以幫我們了解一下，是什麼讓你如此自信，某種程度上也可以。

Yes. Samir, thanks for joining. Good question. I think from my seat and from our seat, we spent the last couple of years in a very challenging environment working on our company and working on our -- the way our company was structured, working on initiatives that allowed us to become better and position ourselves to have better performance in the future. You think we collapsed the PRO structure. We consolidated brands. We consolidated operating platforms. We hung everything on nsastorage.com, centralized marketing platform, have centralized revenue management now, centralized pricing, centralized marketing.

是的。薩米爾，謝謝你的參與。問得好。我認為，就我個人和我們團隊而言，過去幾年我們身處一個充滿挑戰的環境中，致力於公司發展和公司架構的改進，並推行各種舉措，使我們變得更好，為未來取得更好的業績做好準備。你認為我們搞垮了PRO結構。我們整合了品牌。我們整合了營運平台。我們把所有東西都放在了nsastorage.com上，這是一個集中式行銷平台，現在我們有了集中式收入管理、集中式定價和集中式行銷。

And so we've worked really, really hard to put ourselves in a position now where we're looking forward saying that we think we've inflected. From this point forward, as we go forward, as we look out to 2026, we think we're in probably the best position we've been in several years to perform in today's environment than any other environment that's in front of us.

因此，我們付出了巨大的努力，才使自己現在處於這樣的位置：展望未來，我們認為我們已經取得了突破性進展。從現在開始，展望未來，到 2026 年，我們認為我們目前所處的環境可能是近年來最好的，能夠更好地適應當今的環境，而不是我們即將面臨的任何其他環境。

And so as we look out and we look at the progress we've made over the last three or four months, around some of the efficiencies that we're tracking like occupancy level, contract rate and where we're heading coming out of this year and looking into 2026, it just feels like from our seat, we feel very, very good about how we're executing, how the team is executing all of the work and the changes we've done are coming together. And we just feel very confident as we head out that we're in a position today that we haven't seen in several years from easing supply pressures from the sector, but really from our seat looking at what we have in front of us.

因此，當我們回顧過去三、四個月取得的進展，以及我們追蹤的一些效率指標，例如入住率、合約率，並展望今年和 2026 年的發展方向時，我們感覺，就我們目前的情況而言，我們對團隊的執行情況以及我們所做的所有工作和改變都感到非常滿意，這些改變正在逐步顯現成效。我們充滿信心地展望未來，因為我們今天所處的位置是幾年來從未見過的，這得益於行業供應壓力的緩解，但實際上，從我們的角度來看，我們面前的情況也確實如此。

We have a couple of levers to pull that make us a little bit different than our competitors. We have occupancy left and we have rate left, and we're going to work on our marketing spend, and we're going to work on our execution and really focus on driving our portfolio forward and having success around in today's environment and really sets us up in a position for 2026 going forward.

我們有一些可以採取的策略，使我們與競爭對手略有不同。我們還有剩餘的入住率和剩餘的房價，我們將努力增加行銷支出，加強執行，真正專注於推動我們的投資組合向前發展，在當今環境下取得成功，並真正為我們2026年的發展奠定基礎。

You heard in our opening remarks, we've been able to hold occupancy relatively flat coming -- we improved in the third quarter, held it flat in October. We're in a position now where contract rates is still remaining positive on a year-over-year basis. There's just a lot of things that we feel that we've worked on that are really starting to have fruit right now, and it feels like as we go into 2026, it sets us up to have a good year.

正如我們在開場白中提到的，我們一直能夠保持入住率相對穩定——第三季度有所改善，10 月保持穩定。目前，合約利率仍保持正成長。我們覺得我們所做的很多事情現在都開始結出碩果了，而且感覺進入 2026 年，這將為我們帶來一個好年。

Got it. And then I guess switching subjects here on -- maybe on the disposition side. Maybe talk around kind of capital recycling, how you're thinking about that sort of disposition capital recycling over the next 12 months?

知道了。然後我想接下來就換個話題——也許可以談談性格方面。或許可以談談資本循環利用，您打算如何規劃未來 12 個月的資本處置和循環利用？

Yes, I think we'll stay at our thought process around recycling our capital. We still have some markets and some stores that we're in the market with right now. And so we have stuff that we have not closed on, but we're marketing today. As part of that initial push, as we look through our portfolio, everything is built around becoming operationally efficient and really trying to find the future that this serves us the best and creates the most return for our shareholders. And so we look at recycling capital, we've had good success selling properties.

是的，我認為我們會繼續沿用我們關於資本循環利用的思路。我們目前仍然有一些市場和一些門市正在開拓市場。所以，我們有一些尚未成交但今天正在推廣的產品。作為最初推進計劃的一部分，當我們審視我們的投資組合時，一切都圍繞著提高營運效率而構建，並真正努力尋找最有利於我們發展並為股東創造最大回報的未來。因此，我們著眼於資本循環利用，我們在出售房產方面取得了不錯的成功。

We've had good success with the buyers wanting our properties, and we've been able to turn around and reinvest that money from the recycling program in very efficient ways. Brandon will -- has spoken in his opening remarks about this new opportunity we just created, which allows us to take some of this recycled capital and put it to very good use and a very good preferred investment. And we just think we'll be smart about it. We think that probably the big chunks of our recycling program are over, but we will continually work on the portfolio to make sure we're in the best position to perform.

我們出售的房產很受歡迎，買家們都很滿意，我們也能夠非常有效地將回收計畫中的資金再投資。布蘭登在開幕致詞中談到了我們剛剛創造的這個新機會，它使我們能夠利用一些回收的資本，並將其用於非常好的優先投資。我們認為我們會明智地處理這件事。我們認為，我們的回收計劃的大部分可能已經結束了，但我們將不斷完善專案組合，以確保我們處於最佳狀態，能夠取得最佳業績。

Michael Goldsmith, UBS.

瑞銀集團的麥可‧戈德史密斯。

Dave, the move-in rate was up 4.9%, which is really encouraging, but same-store revenue growth was down 2.6%. So from your perspective, how do you think about these improved street rates flowing through the algorithm and its ability to impact -- positively impact same-store revenue growth. How long do you think that takes? And what's the opportunity there?

Dave，入住率上升了 4.9%，這確實令人鼓舞，但同店收入成長下降了 2.6%。那麼從你的角度來看，你如何看待這些改進後的街道價格透過演算法傳遞，以及它對同店收入成長產生正面影響的能力？你覺得這需要多久？那其中蘊藏著怎樣的機會呢？

Yes. Good point, Michael. I think from our seat, we're doing three things right now. We're closing the year-over-year occupancy gap and as we look out into 2026, we're going to work very hard around having a pretty level basis on year-over-year occupancy and look next year to grow that occupancy on a year-over-year basis. So that will help on the overall revenue output of the portfolio.

是的。說得對，麥可。我認為從我們目前的角度來看，我們正在做三件事。我們正在縮小同比入住率差距，展望 2026 年，我們將努力保持同比入住率的相對穩定，並期待明年實現同比入住率的增長。這樣將有助於提高投資組合的整體收益。

Along with that, obviously, we'll position ourselves in the market from a street rate and promotion positioning to make sure that we're competitive and we get the amount of conversions we want for the marketing effort and for the positioning that we're doing around attracting new customers. And so that creates still a rent roll down, which I think we're all dealing with.

除此之外，顯然，我們會從街頭價格和促銷定位的角度來定位自己，以確保我們具有競爭力，並獲得我們為吸引新客戶所做的營銷努力和定位所期望的轉換量。因此，這仍然會導致租金下降，我認為我們都在應對這個問題。

But what I do have more confidence in as we get better and better with our platforms is around the ECRI strategy and our ability to continue to maximize how we implement in-place rate changes to our customers. And so that's probably a long-winded ended answer to, I think we have three things that we're working on that are going to help us drive additional customers into the platform and actually be able to maximize the revenue.

但隨著我們的平台越來越完善，我對 ECRI 策略以及我們繼續最大限度地提高向客戶實施現有費率變更的能力更有信心。所以，這大概是對「我們正在努力做三件事，以幫助我們吸引更多客戶加入平台並真正實現收入最大化」這個問題的冗長答案。

And so as we look at 2026, we're going to start the year in a position we haven't been in several years and the fact that we're going to be pretty flat on a year-over-year basis on occupancy. We're going to have good positioning on contract rate. And from that point forward, it's just a matter of how we drove 2026 as rental volume levels and how we execute on the ECRI program.

因此，展望 2026 年，我們將以幾年來從未有過的姿態開啟新的一年，而且入住率同比將相當平穩。我們將在合約價格方面佔據有利地位。從那時起，接下來的問題就只是我們如何推動 2026 年的租賃量達到目標，以及我們如何執行 ECRI 計畫。

Got it. And as a follow-up, just along the same lines, to what extent are the former PROs impacting same-store revenue growth? Is that a positive now? Or is that still a little bit of a drag? How have you been able to operate those stores better and when do you think you can kind of harness maybe some of the upside from your operations out of those stores and realize that benefit.

知道了。其次，同樣地，先前的 PRO 對同店營收成長的影響程度如何？這算是好事嗎？或者說，這仍然有點令人沮喪？您是如何更好地經營這些門市的？您認為什麼時候才能利用這些門市的營運優勢，獲利？

Yes. Good question. We definitely in the third quarter saw some momentum around, I'll give you this data, around move-in square footage for Q3. And if you think about the overall move-in square footage for Q3 was 5.8% higher than it was a year ago. So as we look at our platforms and our marketing and all the things we're working on, we certainly saw an improvement in the net rental square foot that we were able to achieve.

是的。問得好。第三季我們確實看到了一些成長勢頭，我提供你數據，第三季的入住面積就是一個成長點。如果你考慮到第三季整體入住面積比去年同期成長了 5.8%。因此，當我們審視我們的平台、行銷以及我們正在做的一切時，我們確實看到了淨租賃面積的改善。

Of that, 3% of that $5.8 million came out of the core portfolio, the corporate stores that we have managed before. The PRO store saw a 10.1% improvement in that net rental square foot on a year-over-year basis for Q3. So we certainly are starting to see momentum around all of the rebranding and all the efforts around centralized platforms starting to flow through on a rental basis, which will lead to revenue and revenue outperformance.

其中，580 萬美元中有 3% 來自核心投資組合，也就是我們先前管理的公司門市。第三季度，PRO 商店的淨租賃面積比去年同期成長了 10.1%。因此，我們確實開始看到圍繞品牌重塑和集中式平台的所有努力的勢頭開始以租賃的方式發揮作用，這將帶來收入和超額收入。

From the expense side of the house, we've seen some savings around payroll, but we're also spending more on the marketing dollars to generate the rental volume that you're seeing here. So we just think -- as we talked about last quarter, we were a little bit behind where we thought we would be. Definitely we're happy with what the momentum we saw in the third quarter.

從支出來看，我們在薪資方面節省了一些開支，但我們也增加了行銷方面的投入，以達到您現在看到的租賃量。所以我們認為——就像我們上個季度討論的那樣，我們比預期的要落後一些。我們當然對第三季的發展動能感到滿意。

Spenser Glimcher, Green Street.

史賓塞‧格林徹，格林街。

Just given your former PROs were obviously a strong piece of your historical external growth. Should we expect to see more of these growth-focused JVs form in the near to midterm?

鑑於你之前的PROs顯然是你過去外部成長的重要組成部分。我們是否應該預期在中短期內看到更多以成長為導向的合資企業成立？

Spenser, yes, thanks for joining. I certainly think it's an opportunity. We -- one of the strong points of the -- there was a lot of strong points to the PRO structure, but that was one of them with their access to these local markets and ability to get off-market transactions done with buyers and sellers and us being the buyer and then finding sellers. And so I do think it's an opportunity. We are very pleased to announce the one that we have just announced.

史賓塞，是的，謝謝你的參與。我當然認為這是一個機會。我們——PRO 結構的優勢之一——PRO 結構有很多優勢，但其中之一就是他們能夠進入這些本地市場，並促成買賣雙方之間的場外交易，而我們作為買家，再去尋找賣家。所以我認為這是一個機會。我們非常高興地宣布我們剛剛宣布的消息。

We put this in the Mid-Atlantic, kind of Northeast section of the country where this former PRO has a very, very strong operating presence, and they have very, very strong tentacles into these markets where I think they're going to have very good success buying properties and have good success in this program. So I think it could lead to more. We don't have a line of sight right now on more, but it's certainly something we think could be attractive.

我們把這個計畫放在了美國中大西洋地區，也就是東北部地區，因為這家前PRO公司在這些地區擁有非常強大的營運實力，而且他們在這些市場擁有非常強大的影響力，我認為他們在購買房產和開展這個計畫方面都會取得非常好的成功。所以我認為這可能會帶來更多結果。我們目前還沒有更多線索，但這無疑是我們認為很有吸引力的事情。

Okay. Great. And then I know you mentioned in your prepared remarks that the capital recycling provides obviously to delever and that has been coming down slowly. But can you just talk about the larger capital allocation decision here to grow at all when you're 45% levered and trading at a material discount to NAV that doesn't allow you to delever outside of those disposition proceeds?

好的。偉大的。我知道您在準備好的演講稿中提到，資本循環顯然有助於去槓桿化，而去槓桿化過程一直在緩慢進行。但是，您能否談談這裡更大的資本配置決策，即在槓桿率高達 45% 且股價與淨資產值存在較大折價，除了處置所得款項外無法進行去槓桿的情況下，是否還應該繼續增長？

Yes, Spenser, this is Brandon. I would say everything that we're doing today is pretty modest and with a very disciplined and prudent eye, I mean, if you just look to the activity that we reported for the third quarter, right? I mean we completed the sale of two assets that was part of the 10 pack that we had talked about closing the majority of that portfolio in late second quarter. So that was just finalizing that deal. Our JV '23 acquired two stores.

是的，史賓塞，這是布蘭登。我認為我們今天所做的一切都相當謙遜，而且非常嚴謹謹慎。我的意思是，如果你看看我們第三季公佈的活動，對吧？我的意思是，我們完成了兩項資產的出售，這兩項資產是我們之前討論過的10項資產組合中的一部分，我們在第二季末完成了該投資組合的大部分交易。所以，那隻是敲定交易的最後階段。我們的合資企業'23收購了兩家門市。

Our capital outlay was $8 million. Certainly, this preferred investment that we're talking about is a larger capital outlay and upwards of $100 million plus, but that will take time to deploy all that. And then at the same time, we have a clear initiative to improve the portfolio over time through some targeted select dispositions. And so I hear the spirit of your question, but I would just say that everything we're doing is relatively modest and measured for long-term benefits.

我們的資本投入為800萬美元。當然，我們所說的這項優先投資需要更大的資本投入，超過 1 億美元，但部署所有這些資金需要時間。同時，我們制定了一項明確的計劃，即透過一些有針對性的精選資產處置，逐步改善投資組合。我明白你問題的用意，但我只想說，我們所做的一切都相對溫和，並且是為了長遠利益而權衡利弊的。

Eric Wolfe, Citibank.

埃里克·沃爾夫，花旗銀行。

I think on your last earnings call in your recent presentations, you provided the REVPAF growth. I was just hoping you could provide that for October specifically and then talk about how you expect to trend through the quarter to hit that midpoint of your guidance.

我認為在您最近的財報電話會議上，您已經介紹了 REVPAF 的成長。我只是希望您能具體提供 10 月份的數據，然後談談您預計本季業績將如何成長，以達到您預期目標的中點。

Yes, Eric, this is Brandon. I'll take that first, and then Dave can chime in. That metric, we started to introduce into our investor deck back at June NAREIT, and that followed our first quarter supplemental in late April, early May, which is typically when we introduce any type of new disclosures, right?

是的，艾瑞克，這是布蘭登。我先說這個，然後戴夫再補充。早在六月的 NAREIT 會議上，我們就開始在投資者演示文稿中引入這一指標，此前我們在四月底五月初發布了第一季度補充報告，通常情況下，我們會在這個時候引入任何類型的新披露信息，對吧？

And so in that first quarter supplemental, that's when we first started introducing the in-place customer rate for our same-store portfolio as well as the rates at which customers were moving in and out. And so because we were providing that in-place customer rate, it's essentially -- REVPAF is essentially a combination of that in-place customer rate metric with the occupancy.

因此，在第一季補充報告中，我們首次開始引入同店客戶入住率以及客戶遷入遷出率。因此，因為我們提供了現場客戶價格，所以 REVPAF 本質上是現場客戶價格指標與入住率的結合。

And so to your question about October, Dave in his opening remarks mentioned our occupancy down 170 basis points at the end of October. We were down 140 at the end of the third quarter. So on average, you're in that down 150 to 160 territory. But you also commented the contract rates were up 160 basis points. So those two things are essentially flat, meaning that REVPAF metric for October is essentially flat as well.

至於你提出的關於十月份的問題，戴夫在開場白中提到，十月底我們的入住率下降了 170 個基點。第三節結束時，我們落後140分。所以平均而言，你的損失在 150 到 160 之間。但您也提到合約利率上漲了 160 個基點。因此，這兩個指標基本上持平，這意味著 10 月的 REVPAF 指標也基本持平。

All of that having been said, you do have things like the impact of discounts and concessions, which we've talked on these calls more recently about those discounts being elevated in the prior year. So that eats into the revenue growth a little bit. And then you also heard in my opening remarks about that other property-related revenue line item being a little bit of a drag.

綜上所述，折扣和優惠的影響也不容忽視，我們最近在電話會議上也討論過，去年的折扣力度有所加大。所以這會稍微影響營收成長。然後，你們也從我的開場白中聽到了，另一個與房產相關的收入項目有點拖累業績。

And so those are really the things that are dragging you from that REVPAF metric for the third quarter to get to that negative 2.6% that we reported. And that's also what would take you in October from being flat on REVPAF to something that's negative, but frankly, starting with a one-handle instead of a two-handle, and that is where we need to be, obviously, to get to that midpoint of the guide.

因此，正是這些因素導致第三季的 REVPAF 指標下降到我們報告的 -2.6%。這也會讓你在十月份從 REVPAF 持平變成負值，但坦白說，從單把手而不是雙把手開始，顯然，這就是我們需要達到的水平，才能達到指南的中點。

That's helpful. And then I think you mentioned a comment about occupancy being flat to start 2026. Did you mean that on a sequential basis or on a year-over-year basis, meaning you're comparing it versus like, say, October, the third quarter on average? Are you saying that by the time you start 2026 that on a year-over-year basis, that 170 basis points of occupancy gap that you have today in October will go to zero.

那很有幫助。然後我想你提到過，2026 年初入住率將保持穩定。你是說以環比計算，還是按年比計算，也就是說，你是把它和例如10月份、第三季平均值做比較嗎？你是說到 2026 年初，與去年同期相比，目前 10 月的 170 個基點的入住率差距將變為零嗎？

I think what Dave meant well, he can answer for himself there, but I'll also be really clear about what's in our guidance. I mean we -- I've said at recent conferences, we expected to have something in that 150 basis point year-over-year delta for the back half of the year and now a range of scenarios feeds a guidance range, obviously. But I still expect we would be negative year over year to some degree, but certainly not to the magnitude that we were to start '24 and '25, which I think was the essence of Dave's remark. So not entirely zero year over year, flat year over year, but modestly negative and improving.

我認為戴夫的出發點是好的，他可以自己解釋，但我也會非常清楚地說明我們的指導方針是什麼。我的意思是，正如我在最近的會議上所說，我們預計下半年同比增幅會在 150 個基點左右，而現在一系列情景顯然會形成一個指導範圍。但我仍然預計我們會在某種程度上出現同比虧損，但肯定不會像 2024 年和 2025 年初那樣嚴重，我認為這就是戴夫那番話的精髓所在。所以，並非完全同比下降，而是同比持平，但略有下降，並且正在改善。

Michael Griffin, Evercore ISI.

Michael Griffin，Evercore ISI。

Dave, I want to go back to your comments just on inflection as maybe you look to the year ahead, and I realize you're not giving '26 guidance at this point, but can you give us a sense of maybe the trajectory or expectation of same-store revenue growth? Was that more a comment of a year-over-year improvement? Or could we see that maybe in the first half and then building throughout the year?

Dave，我想回到你對轉折點的評論，因為你可能正在展望未來一年。我知道你目前還沒有給出 2026 年的業績指引，但你能否讓我們了解一下同店營收成長的軌跡或預期？這更多的是指同比有所進步嗎？或者我們能否在上半年看到這種情況，然後全年逐步改善？

Yes. Thanks for joining. It's a good question. I think everything we see today and what Brandon was just commenting earlier is our momentum sequentially month over month, and our traction that we're gaining on a year-over-year basis, we're closing the gap on several fronts. And that's around some of the occupancy delta that we faced in the last couple of years, certainly on a contract rate basis as we go forward.

是的。謝謝參與。這是個好問題。我認為我們今天看到的一切，以及布蘭登剛才評論的內容，都體現了我們逐月穩步增長的勢頭，以及我們逐年取得的進展，我們在多個方面都在縮小差距。而這大致反映了我們過去幾年面臨的入住率差距，尤其是在我們未來以合約價格計算的情況下。

And so we look at 2026, where we're starting in a much better position earlier in the year than we've started the last two, three years in several quarters. And so we look at 2026 probably with a little bit more rosy lens in our opinion right now, just from our starting position. And so I think from an occupancy level contract rate, where we're going to be with REVPAF, I'm not giving any guidance for 2026, but we do think we're going to be in the best position we've been in several years and have some success there.

因此，我們展望 2026 年，與過去兩三年幾季相比，我們今年的開局要好得多。因此，從我們目前的出發點來看，我們對 2026 年的看法可能會更加樂觀。因此，我認為從入住率合約率來看，我們將與 REVPAF 達成協議，我不會對 2026 年的情況做出任何預測，但我們認為我們將處於近幾年來最好的位置，並取得一些成功。

Great. Appreciate the color there. And then maybe Dave or Will, can you walk through maybe some of the assumptions or give us a little more color on the recently announced joint venture in terms of what kind of properties you're targeting in terms of acquisition cap rates? And then maybe an IRR you're underwriting to and assumptions maybe around revenue -- NOI growth or exit cap as it relates to achieving that IRR.

偉大的。欣賞那裡的色彩。那麼，Dave 或 Will，你們能否解釋一下你們最近宣布的合資企業的一些假設，或者更詳細地介紹一下你們的目標物業類型以及收購資本化率？然後，可能還有你所承保的內部報酬率 (IRR) 以及與實現該 IRR 相關的收入假設——淨營業收入成長或退出上限。

Yes, Griff, this is Brandon. I'll take it and then Dave can supplement. Certainly, value-add deals is the flavor of what we're looking for in the structure. I think to Spenser's earlier question, a lot of the properties fit the profile that very well may have suited our former PRO under our PRO structure, meaning the initial yield may look stabilize.

是的，格里夫，這是布蘭登。我來做，然後戴夫可以補充。當然，我們希望在交易結構中找到的是增值型交易。我認為對於 Spenser 之前提出的問題，許多特性都符合我們之前 PRO 結構下的 PRO 的特徵，這意味著初始收益率可能會比較穩定。

But there could be an opportunity for further upside just because the properties, if we're acquiring them off market, the JV is acquiring them off market. They've maybe been undermanaged by a less sophisticated operator. Also some assets that maybe have expansion opportunity where our former PRO and partner have a specialty in being able to deliver on those types of additive additions and expansions to sites.

但即便如此，也可能有進一步上漲的機會，因為如果我們（合資企業）是在場外收購這些房產，那麼這些房產的價值也會在場外被收購。他們或許是因為受到管理不善的經營者的影響。此外，還有一些資產可能具有擴展機會，而我們以前的 PRO 和合作夥伴擅長為場地提供此類附加設施和擴展服務。

And so that's the profile. I would tell you the yield that we're targeting, our cash flow is priority to our partners. And so all of the operating cash flow after that service will come to us up until that 10% pref return is filled. And so that -- and that just corresponds to the level at which we're invested in the capital stack. And so we expect that initial cash flow to be less than the 10% and the delta, the unpaid piece of the 10% will accrue and then be paid overtime as cash flows increase.

這就是人物簡介。我會告訴你們我們設定的收益率目標，現金流是合作夥伴的首要考量。因此，該服務之後的所有營運現金流都將歸我們所有，直到 10% 的優先回報得到滿足為止。因此，這——這恰好與我們在資本結構中的投資水準相對應。因此，我們預計初始現金流量將低於 10%，而未支付的 10% 部分（即差額）將累積，然後隨著現金流的增加而分期支付。

Yes. I think I'd just add to that, to Brandon's point, I mean, I don't think we're being overly assertive on exit cap rates, and I don't think we're being overly assertive as we think about revenue growth. I think the partner we've chosen has a good handle on their markets, and we overlook all the underwriting as well on the properties they're buying. And I think we'll certainly be very smart about putting capital out and how we underwrite the performance of the properties.

是的。我想補充一點，正如布蘭登所說，我認為我們在退出資本化率方面並沒有過於強勢，而且我認為我們在考慮收入成長方面也沒有過於強勢。我認為我們選擇的合作夥伴對他們的市場非常了解，而且我們也忽略了他們所購買房產的所有承保問題。我認為我們一定會非常謹慎地投入資金，並評估這些物業的表現。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

Just in the opening remarks, Dave, you mentioned the enhanced team. So I was just hoping you could spend a little time on the additions you have made and maybe future opportunities to kind of bolster the senior leadership of the company.

戴夫，你在開場白中提到了擴充的團隊。所以，我只是希望您能花點時間談談您所做的改進，以及未來可能有哪些機會可以加強公司的高階領導。

Yes. Thanks, Juan, for joining. Good question. We've really spent a lot of time around looking at all facets of our business. Early on, we had to obviously strengthen our financial team as we brought all the accounting and all the stuff through the PRO structure and the team has done a good job there. Our recent additions have really been around more revenue management, performance driving leadership roles.

是的。謝謝胡安的參與。問得好。我們確實花了很多時間審視我們業務的各個方面。在早期，我們顯然必須加強財務團隊，因為我們將所有會計和所有相關事宜都納入了 PRO 架構，而團隊在這方面做得很好。我們最近新增的人員主要集中在營收管理和績效驅動型領導職位。

And so we brought in a seasoned person to help us with our revenue management. She takes care of the ECRI pricing and upfront pricing for customers and promotions and she really leads the data science team and the revenue management team on the efforts towards improving and remodeling and tweaking and continually to test and do all the things we're trying to do around driving the maximum dollar through our portfolio.

因此，我們聘請了一位經驗豐富的人士來幫助我們進行收入管理。她負責 ECRI 的定價和客戶的預付定價以及促銷活動，並且真正領導數據科學團隊和收入管理團隊，致力於改進、改造和調整，並不斷測試和執行我們正在努力做的所有事情，以最大限度地提高我們投資組合的收益。

We've also added strength in the IT department that allows us with these consolidated systems to have the most efficient technology platforms we have and continue to develop and we added another strengthened leadership position around the marketing -- pure marketing team and the customer acquisitions team. And so I think adding this experience, these three people we added had years of experience in their field.

我們也加強了 IT 部門的實力，透過這些整合的系統，我們擁有了最高效的技術平台，並將繼續發展；此外，我們還加強了行銷方面的領導地位——包括純行銷團隊和客戶獲取團隊。所以我認為，我們新增的這三位員工在各自的領域都擁有多年的經驗，這為我們帶來了寶貴的經驗。

They've had years of experience, two of them had years of experience around self-storage. And so I think we've just really strengthened there. And then that just ripples through the team. As they come in, they bring in additional talent, whether it be at a manager level or whether it be at systems operations level. And so they've just done a really, really good job strengthening that side of the house.

他們擁有多年的經驗，其中兩人在自助倉儲領域擁有多年的經驗。所以我覺得我們在這方面確實得到了加強。然後這種情緒就會像漣漪一樣在團隊中擴散開來。隨著他們的加入，他們帶來了更多的人才，無論是在管理層面還是在系統運作層面。所以他們在加固房屋那一側方面做得非常出色。

On the operations front, obviously, now the transitions over the operations team has spent a tremendous amount of time around staffing levels, hours of operation, I think I said in my last call, it's nice to be focused on the business instead of transition. And I think all the benefits of focusing on the business are starting to pay off, and we just are really starting to hit our stride.

在營運方面，顯然，現在營運團隊的過渡工作花費了大量時間在人員配備水準、營運時間等方面。我想我在上次電話會議中說過，現在能夠專注於業務而不是過渡工作真是太好了。我認為專注於業務的所有好處都開始顯現成效，我們真的開始步入正軌了。

Great. And then just on the revenue side. Hoping you could talk a little bit about ECRIs and kind of the quantum or the cadence and how that's changed? And then on the move-in side, could you give the numbers net of discounts? I think that's a more useful figure than the kind of the advertised rate, if you will.

偉大的。然後就收入方面而言。希望您能談談ECRI，以及它的量子特性或節奏，還有它發生了哪些變化？那麼，關於入住方面，您能否提供扣除折扣後的淨價數據？我認為這個數字比廣告宣傳的價格更有用。

Sure. I'll start, and then Brandon can finish up on the rate question. From the ECRI strategy program, I would tell you how we look at the cadence of the ECRIs, we haven't changed. We've been testing some different thought process around it, but we haven't changed, and we haven't seen anything that's going to make us really change our cadence. I think on the magnitude side, all of the testing we're doing is helping us improve our magnitude on the rate increases.

當然。我先開始，然後布蘭登可以完成利率問題。從 ECRI 戰略計劃的角度來看，我們看待 ECRI 的節奏並沒有改變。我們一直在嘗試一些不同的思考方式，但我們還沒有改變，也沒有看到任何會真正改變我們節奏的事情。我認為從幅度上看，我們所做的所有測試都有助於我們提高成長率的幅度。

And that's all the way through from the first time rate increase, all the way through the existing customer base. And so I think on a year-over-year basis from our seat, we feel like the ECRI program is still a little bit stronger than it was last year, and will continue to evolve as data points tell us it can evolve. And so having the additional talent, additional strength and additional wisdom there is paying off on our ECRI strategy.

從首次漲價開始，一直到現有客戶群，情況都是如此。因此，我認為從我們的角度來看，ECRI 專案比去年略有進步，並且會隨著數據點的顯示而不斷發展。因此，擁有額外的人才、額外的力量和額外的智慧，對我們的 ECRI 策略來說是有回報的。

And then, Juan, on your discounts question, related to the move-in rate metric that we report back in Schedule 7 for the same-store pool. As Dave mentioned it earlier, for the third quarter, we were up 4.9% from the move-in rates. If you adjust that for discounts. It's -- for both third quarter and the second quarter, it was about 100 to 150 basis point impact because concessions were higher. So that 4.9% would otherwise be kind of mid-3s. And for second quarter, we reported that move-in rate was up 130 basis points, and it was probably closer to flat.

然後，胡安，關於你提出的折扣問題，這與我們在第 7 號附表中報告的同店入住率指標有關。正如戴夫之前提到的，第三季我們的入住率比上一季成長了 4.9%。如果考慮到折扣因素的話。對於第三季和第二季來說，由於讓步幅度較大，影響約為 100 至 150 個基點。所以，4.9% 本來應該算是 3% 左右的水平。第二季度，我們報告入住率上升了 130 個基點，但可能更接近持平。

Do you have the corresponding October?

你有對應的十月的資料嗎？

October year over year, Juan, is very -- is high just because -- and that's a consequence of last year, September and October comp was as much easier, just given where we had moved rates, given what was going on in the market as well as what we were dealing with the PRO internalization. So our move-in rates achieved for October were up 14% and I would also guide you to take 1 point, 1.5 points off that for the discounts. But that's going to flip in November and December, we're likely going to be down. So on average, for the fourth quarter, I think it will be year over year relatively flat.

胡安，10 月的同比數據非常高，原因很簡單——這是因為去年 9 月和 10 月的比較要容易得多，考慮到我們調整了費率，考慮到市場的情況以及我們正在處理的 PRO 內部化問題。因此，我們 10 月的入住率提高了 14%，我還建議您從中扣除 1 分或 1.5 分作為折扣。但到了11月和12月情況就會逆轉，我們可能會遭遇下滑。因此，我認為第四季平均而言將與去年同期基本持平。

Todd Thomas, KeyBanc Capital Markets.

Todd Thomas，KeyBanc Capital Markets。

A couple of questions or follow-ups, perhaps on the new growth vehicle that you announced yesterday. I guess, first, will the $105 million pref, will that be funded on a property-by-property basis? Or is each investment completed? Is that how that will work? And then Brandon, you noted that the properties will not hit the 10% pref early on, the balance will accrue. But based on today's cost of debt and the return profile and assets that you're looking to acquire, any sense what the timeline might be for that 10% hurdle to be achieved?

關於您昨天宣布的新增長機制，我有幾個問題或後續問題。首先，我想問的是，這1.05億美元的優先股是否會逐個房產地進行融資？或者說，每項投資都已完成嗎？真是這樣嗎？然後布蘭登，你提到這些房產不會很快達到 10% 的優先權，餘額會逐步累積。但根據目前的債務成本、回報狀況以及您希望獲得的資產，您認為實現 10% 的目標大概需要多長時間？

Yes, Todd. So on the first question, it will be deployed on an investment-by-investment basis or asset by asset. So it will occur over time. And we've been working on the specifics of the agreement with our former PRO for multiple months and very pleased to be able to announce it now. We've also, over these past few months, been concurrently underwriting a couple of deals that haven't materialized but jointly underwriting some opportunities. So we are excited about what we're seeing in the market and looking to deploy those first dollars in the venture.

是的，托德。所以對於第一個問題，它將逐項投資或逐項資產部署。所以隨著時間的推移，這種情況會發生。幾個月來，我們一直在與前公關負責人討論協議的具體細節，現在非常高興能夠宣布這一消息。在過去的幾個月裡，我們也同時承銷了幾筆最終未能實現的交易，但同時也共同承銷了一些機會。因此，我們對目前市場上的情況感到興奮，並期待將第一批資金投入這項事業。

On the second question, it's going to be deal dependent. I mean, I think the initial cash yield to us will rival the type of cash yields that we're generating in our other JV structures. But then obviously, that growth is going to inure to our benefit disproportionately. And so then that's where it has an opportunity to get up into that 10%. So it will vary. But I'll just tell you because I referenced that we've underwritten a couple of opportunities recently. You're hitting that in a few deals that we've looked at most recently, year three on average, I would say.

關於第二個問題，這取決於具體交易情況。我的意思是，我認為我們獲得的初始現金收益將與我們在其他合資企業結構中產生的現金收益相提並論。但很顯然，這種成長將不成比例地使我們受益。所以，這就是它有機會進入前 10% 的地方。所以情況會有所不同。但我之所以告訴你，是因為我剛才提到了我們最近承銷了幾個投資項目。在我們最近考察的一些交易中，平均在第三年就出現了這種情況。

Okay. And then it sounded -- I mean, you characterized it like a program, and I think you referenced this or maybe mentioned it in a prior question. It sounds like you don't have line of sight into additional ventures, but is there interest from former PROs to replicate this? Is this something that you think we should assume with sort of a geographic market focus or some exclusivity regionally around the country that you might roll out?

好的。然後聽起來——我的意思是，你把它描述成一個程序，而且我認為你之前在某個問題中提到過這一點。聽起來你似乎沒有其他投資計劃，但以前的PRO（專業關係專家）是否有人有興趣複製這個模式？您認為我們應該假設您會在某個特定地區或全國範圍內推出某種地域性市場或獨家代理模式嗎？

And then with regard to move-in specifically, you just rebranded and announced that you rebranded those stores. How many move-in stores are there left operating today because my understanding is that the acquisitions made by that venture will be branded move-in. And how comfortable are you with that brand-in banner moving forward from an operational standpoint?

至於具體的入住事宜，你們剛剛對這些門市進行了品牌重塑，並宣布了這一消息。據我了解，該合資企業收購的店鋪都將以「搬家商店」為品牌進行銷售，那麼目前還有多少家搬家店仍在運作呢？從營運角度來看，您對未來引進該品牌識別橫幅的接受程度如何？

Sure, I'll take this. This Is Dave, Todd. Thanks for the questions. I think there is interest from other former PROs around this program. And like I say, we don't -- like I said we didn't have a direct line of sight, but we've certainly had conversations. And so if we think it's appropriate, and we think it's the right time to move forward, you could see us roll this out a little bit more to -- as you said, it really around geographic focused, opportunistic focus areas where this fits their capital need and our capital want.

好的，我要了。這是戴夫，托德。謝謝大家的提問。我認為其他一些前職業球員對這個項目很感興趣。就像我說的，我們沒有直接的接觸，但我們肯定進行過對話。因此，如果我們認為合適，並且認為現在是推進的合適時機，您可能會看到我們進一步推廣這項服務——正如您所說，這實際上是圍繞著以地域為重點、以機會為導向的重點領域展開的，這些領域符合他們的資本需求和我們的資本願望。

And so yes, I think we could see some more activity here in the future. I don't -- again, no direct line of sight, no timing on that, but it's certainly something that could materialize. As far as the move-in brand, they still operate, I think over, I don't know, 35, 40 stores. They've got probably in that range around those store count. They are a regional brand that is strong when we classed the PRO structure, it was a brand they wanted to keep.

所以，是的，我認為未來我們可能會在這裡看到更多活動。我不知道——再說一遍，沒有直接的線索，也無法確定時間，但這肯定是有可能實現的事情。至於搬家品牌，他們仍然經營著，我想，大概有，我不知道，35、40家門市吧。他們的門市數量可能就在這個範圍內。當我們對 PRO 結構進行分類時，他們是一個強大的區域品牌，也是他們想要保留的品牌。

So they paid to have our iStorage stores branded from their move-in stores and they wanted to keep their regional brands. So there's a lot of strength in their local markets with this brand. And so we're pretty comfortable in their ability to manage the stores in this venture for us and to have success at a level where we think it's appropriate.

所以他們付費讓我們的 iStorage 門市使用他們搬家門市的品牌，但他們又想保留自己的區域品牌。所以這個品牌在當地市場很有實力。因此，我們對他們管理這家合資企業的門市的能力相當有信心，相信他們能夠取得我們認為合適的成功。

Okay. So there won't be any additional fees or any sort of efficiencies or scale benefits from this growth vehicle, it's purely just limited to the preferred equity investment, and that's it?

好的。所以，這種成長機制不會產生任何額外費用，也不會帶來任何效率提升或規模效益，它純粹僅限於優先股投資，僅此而已？

Yes. I mean certainly, there's an initial 10% and then upon exit of a particular part of this venture, there's a chance for us to earn up to about a 14% total return somewhere in that neighborhood of where we want to be potentially. But right now, it's a preferred 10% with an upside.

是的。我的意思是，當然，最初會有 10% 的收益，然後在退出這個專案的特定部分時，我們有機會獲得高達 14% 的總回報，這可能正是我們想要達到的目標。但就目前而言，這是一筆收益為 10% 的優質投資，而且還有上漲空間。

Okay. Right. But no revenue management platform that's being shared, no technology, no overlap around -- any impact around tenant insurance or anything of that nature?

好的。正確的。但是，由於沒有共享的收入管理平台，沒有相關的技術或重疊——這會對租戶保險或類似方面造成任何影響嗎？

Yes. yes, there is TI, Todd. That's something we could mention. They're using our TI program, and so we'll have some benefit from the TI use program. We get some -- obviously some revenue off of that TI program. Other than that, no revenue management, no marketing, no other fees being paid to us, but the tenant insurance is an upside. That's correct.

是的，是的，有TI，托德。這是我們可以提一下的一點。他們正在使用我們的TI計劃，因此我們將從TI使用計劃中獲得一些好處。顯然，我們從那個TI專案中獲得了一些收入。除此之外，沒有收入管理，沒有行銷，也沒有其他費用支付給我們，但租戶保險算是優勢。沒錯。

I think, Todd, though, to your -- tying your questions together, though, this initial deal with our former PRO made a lot of sense given that particular PRO had invested a lot in building out a property operations group. So -- and our comfort with them being managers of assets stems from obviously our history with them as a PRO.

不過，托德，我認為，把你的問題聯繫起來來看，考慮到我們之前的PRO在建立物業運營團隊方面投入了大量資金，這筆最初的交易就很有意義。所以——我們之所以對他們作為資產管理者感到放心，顯然是因為我們之前與他們作為專業合作夥伴有過合作。

To your earlier question about do we see this more as a programmatic thing that we can roll out to other operators or other owners? The answer is yes. And I think in some of those situations, we would potentially be the property manager in which case, some of those scale and platform benefits would start to come into play.

關於您之前提出的問題，即我們是否將其視為一種可以推廣給其他運營商或其他所有者的程序化方法？答案是肯定的。我認為在某些情況下，我們可能會成為物業管理方，在這種情況下，規模和平台優勢就會開始發揮作用。

Jon Petersen, Jefferies.

Jon Petersen，傑富瑞集團。

Can you update us on how the consolidation of brands on a single website is going? And if you've got search engine optimization back to the levels where it was before the integration?

能否向我們介紹一下將旗下品牌整合到單一網站上的進度？如果你的搜尋引擎優化已經恢復到整合之前的水準呢？

Yes. Thanks for joining. Good question. Yes. So the -- we've had good success with the NSA storage consolidation and consolidation of brands. From a high level, October was really the first month where we had really year-over-year statistics because there was a lot of noise on different websites and different measurements of websites and trying to track the numbers as you think about everybody else having their own little systems and those pieces. But just a couple of high-level stats to come in October.

是的。謝謝參與。問得好。是的。所以——我們在 NSA 儲存整合和品牌整合方面取得了良好的成功。從宏觀角度來看，10 月是我們真正獲得同比統計數據的第一個月，因為不同網站上有很多噪音，對網站的衡量標準也各不相同，而且考慮到每個人都有自己的小系統等等，很難追蹤這些數據。但十月還會公佈一些高水準的統計數據。

I mean web shopping sessions were up 23% year over year in October, which we thought was a good metric, shows good solid progress on the fact that we're actually, the marketing spend and the visibility we're putting at our place and where we're putting our underwriting shares was working, and so we're very happy with that. And the conversion rate was up 7.1%. So we're pretty happy with both the shopping session and the conversion rate. So again, momentum, things that made us happy and pleased with the progress.

我的意思是，10 月份網絡購物訪問量同比增長了 23%，我們認為這是一個很好的指標，表明我們在營銷支出、提高品牌知名度以及投資份額方面取得了良好的進展，因此我們對此非常滿意。轉換率提高了7.1%。所以我們對購物體驗和轉換率都相當滿意。所以，再次強調，勢頭，那些讓我們感到高興和滿意的事情，都推動著我們取得了進步。

Okay. All right. That's helpful. And then maybe related to that, Dave, I think in your prepared remarks, you mentioned that you want to spend more on marketing. Can you talk about what that might look like, like what channels and maybe dollar amounts that you guys are targeting on marketing?

好的。好的。那很有幫助。還有一點可能與此有關，戴夫，我想你在事先準備好的發言稿中提到過，你想在行銷方面投入更多資金。能否談談具體情況，例如你們的行銷目標管道和預算金額？

Yes. I think the run rate will be pretty consistent as we go through the fourth quarter of what we saw around the third quarter as far as dollars deployed towards really the primary driver of this is around the paid marketing platform. You do some paid search in social, you do some paid search in other platforms, but we're really working hard on positioning ourselves in the market where we have the right efficiency to get the right amount of sessions we want and the amount of our reservations, which obviously lead to rentals.

是的。我認為，隨著我們進入第四季度，資金投入的成長將與第三季度的情況基本保持一致，而這主要得益於付費行銷平台的投入。你在社交媒體上做了一些付費搜索，你在其他平台上也做了一些付費搜索，但我們真正努力的是讓自己在市場上佔據合適的位置，以便我們能夠以合適的效率獲得我們想要的會話數量和預訂數量，這顯然會轉化為租賃。

And so the team has done a good job with the new modeling around our paid search model, and that's been our primary effort and primary lift, and we're very happy with the progress we're making there. So I think from our view, we use the marketing dollars as a tool. And if the tool is working, we'll continue to put dollars into the tool as long as we get the results out of it.

因此，團隊在圍繞付費搜尋模型的新建模方面做得很好，這是我們的主要努力和主要提升，我們對目前取得的進展感到非常滿意。所以我認為，從我們的角度來看，我們將行銷資金作為一種工具。如果這個工具有效，只要它能帶來效果，我們就會繼續投入資金。

Ravi Vaidya, Mizuho Securities.

Ravi Vaidya，瑞穗證券。

Can you discuss some of the demand drivers within the quarter and for October here? Are you seeing any more housing-related demand given that mortgage rates are in the high 5s and low 6s? And within your portfolio, which markets do you think have the most immediate upside in the event of a housing market recovery?

您能否在此談談本季以及10月份的一些需求驅動因素？鑑於抵押貸款利率在 5% 到 6% 之間，您是否看到與房屋相關的需求增加？那麼，在您的投資組合中，您認為如果房地產市場復甦，哪些市場最有可能立即上漲？

Yes. Thanks for joining. Good questions. Certainly, we have not seen a major shift in the amount of people because of the housing market. Obviously, you're pleased to see rates come off a little bit, but it does not have -- hasn't had a material impact, in our opinion, on the amount of resale of homes or turnover around homes.

是的。謝謝參與。問得好。當然，我們還沒有看到由於房地產市場而導致的人口數量大幅變化。顯然，您很高興看到利率略有下降，但我們認為，這並沒有對房屋轉售量或房屋週轉率產生實質影響。

I would note that moving is acting. It's about where it would be in our thought process of positioning of why people are using storage. So we're seeing moving as a top reason people use storage, which is good. But that doesn't mean they're buying a house. It could just mean they're moving from apartment to apartment or some other place and they're still renters. But the fact that we have seen more around moving in, transition is encouraging as far as just people moving around the country.

我想指出，移動本身就是一種行為。這關係到它在我們對人們使用儲存的原因進行定位的思考過程中所處的位置。所以我們看到，搬家是人們使用儲存服務的主要原因之一，這很好。但這並不意味著他們要買房。這可能只是意味著他們正在從一個公寓搬到另一個公寓，或者搬到其他地方，他們仍然是租客。但就全國的人口流動而言，我們看到更多的人搬入新居、過渡到新居，這令人鼓舞。

The second part of that, Sun Belt obviously, for us. We've got a lot of exposure throughout the South. If you think about down through Florida, down through parts of Phoenix and Vegas and you go all the way through really the southern parts of the country would be the biggest benefit, we think, from a housing turnover for our portfolio. And we have a lot of exposure down there. We like the market long term. We think they're a great place to own storage, but we think they've been the most adversely affected during this lockup of the housing market.

第二部分，顯然是指陽光地帶，對我們來說。我們在整個南方地區都擁有很高的知名度。我們認為，從佛羅裡達州一路南下，途經鳳凰城和拉斯維加斯的部分地區，一直到美國南部，住房週轉對我們的投資組合來說將是最大的好處。我們在那裡有很多曝光機會。我們看好市場的長期趨勢。我們認為它們是擁有儲存空間的絕佳場所，但我們也認為它們在這次房地產市場封鎖期間受到了最不利的影響。

Got it. That's super helpful. And maybe just one more here. It seems like fundamentals are inflecting and there's a lot of positive momentum. Maybe why not narrow the guide at this point sitting in November? Like what are some of the bear and bull assumptions regarding the implied 4Q core FFO and same-store?

知道了。這太有幫助了。或許這裡就再加一個吧。基本面似乎正在轉變，並且有很多積極的勢頭。既然現在已經是11月了，為什麼不縮小一下指南的範圍呢？例如，對於第四季核心FFO和同店銷售額的隱含預期，有哪些看跌和看漲的假設？

Yes, Ravi, this is Brandon. Your question touches on probably more of just an approach that we've always taken where, especially if we've revisited the guidance midyear in August, and things haven't materially changed and we feel comfortable with the ranges generally, we just leave them untouched down the board.

是的，拉維，這是布蘭登。您的問題可能更涉及我們一直以來採取的一種方法，尤其是在我們8月份年中重新審視業績指引，並且情況沒有發生實質性變化，我們對整體業績範圍感到滿意的情況下，我們就會保持業績指引不變。

Obviously, our commentary here and we've got a couple of conferences coming up, which I'm sure will be helpful for folks. It allows people to kind of understand our -- any type of bias or narrowing that others want to take from our results and commentary and apply. So that's really the reason. It's just kind of been our historical approach of leaving everything unchanged and then supplementing it with our remarks on these calls.

顯然，我們在這裡的評論，以及我們即將舉行的幾場會議，我相信這對大家會有所幫助。它使人們能夠大致了解我們——任何其他人想要從我們的結果和評論中得出並應用的任何類型的偏見或狹隘觀點。這就是真正的原因。我們一直以來的做法是保持所有內容不變，然後在通話中補充我們的評論。

Brendan Lynch, Barclays.

巴克萊銀行的布倫丹·林奇。

The PRO internalization was kind of -- the reason you guys gave at the time was about managing your assets in-house and simplifying your story. But with the new JV structure, it seems your partner is going to manage the assets and the JV itself has a bit of complexity. So maybe just help us think about how we should think about the benefits of this ongoing change to your structure?

PRO內部化有點像──你們當時給的理由是，要將資產內部化，簡化你們的故事。但是，根據新的合資企業結構，您的合作夥伴似乎將負責管理資產，而且合資企業本身也比較複雜。所以，或許您可以幫我們思考一下，我們該如何看待貴公司組織結構持續變化所帶來的益處？

I'll start and Brandon, you can jump in. I think in this particular opportunity, we like the priority position we have in the investment. We understand the operator. We understand the markets that they'll be looking in. We don't have a significant presence in those markets from an operating standpoint. We did rebrand our stores to iStorage, but the markets that this particular person is in is not necessarily on top of those stores.

我先開始，布蘭登，你也加入。我認為在這個特定的投資機會中，我們很滿意我們在該投資中享有的優先地位。我們了解運營商。我們了解他們會關注哪些市場。從營運角度來看，我們在這些市場並沒有顯著的業務。我們確實將門市重新命名為 iStorage，但這個人所在的市場可能不是這些門市的首選。

So I don't know that we look at it as it's overly complicated from our point of view. It's -- they're good strong operator, and we know they understand the markets and where they're at. And from our seat, that's part of the reason we chose them. We were very, very comfortable. We didn't think it was going to be a high risk and a high attention need from us. We understand their abilities and what they're able to do, and we felt very comfortable that they're able to grow their portfolio in a manner that we would approve and have success with.

所以，從我們的角度來看，我不認為它太複雜。他們是－他們是實力雄厚的營運商，我們知道他們了解市場及其現狀。而從我們的角度來看，這也是我們選擇他們的部分原因。我們感覺非常非常舒適。我們當時並沒有想到這會是件風險很高、需要我們高度關注的事情。我們了解他們的能力和潛力，我們非常有信心他們能夠以我們認可的方式發展壯大自己的事業，並且取得成功。

Okay. If you do -- it sounds like you're considering doing more of these going forward, would you expect to manage the assets in any other JVs that come down the line? Or would you kind of outsource that again?

好的。如果是這樣——聽起來你似乎打算以後多做一些這樣的事情——你是否希望管理未來任何其他合資企業的資產？或者你會再次將這項工作外包出去？

No, I think we're open to doing both. I think depending on the situation of the investment and the situation of the operator, I think we could see this where you may find folks who want to do this and have us manage the stores. And so I think the opportunity would sit on both sides. Again, I think we evaluate at the time of who this -- who the people are and how strong they are and what their desires are and what our desires are, and it could lead us to both paths.

不，我認為我們對兩者都持開放態度。我認為，這取決於投資情況和運營商的情況，我們可能會看到有人願意這樣做，並讓我們來管理門市。所以我認為機會對雙方都有。我認為，我們當時應該評估一下“這些人是誰，他們有多強大，他們的願望是什麼，我們的願望是什麼”，這可能會把我們引向兩條不同的道路。

Ronald Kamdem, Morgan Stanley.

羅納德‧卡姆登，摩根士丹利。

I just have two quick ones. Just on the same-store revenue, I know the guidance implies you're sort of down 1.3% in 4Q, but the commentary suggests that the inflection point, so maybe you're doing better than that. So I guess I was just wanting to tie those together. And is the thinking here if things continue to improve that presumably same-store revenue should flatten out at some point in the next 12 to 18? Just high level without sort of thinking through guidance here.

我只有兩個簡短的問題。單就同店銷售額而言，我知道業績指引暗示第四季度下降了 1.3%，但評論表明這是一個拐點，所以你們的實際表現可能比這要好。所以我想我只是想把它們連結起來。如果情況持續好轉，那麼同店收入是否會在未來 12 到 18 年內趨於平穩呢？這裡只有一些高屋建瓴的指導，缺乏深思熟慮的指導。

Yes, Ronald. So I'll just -- I might restate some of the same things we said earlier, and that's more just to reemphasize and try to answer your question at the same time. So one of the stats that Dave gave earlier about October was our contract rates being up 160 basis points. That's for the all customers in place for the same-store pool. And then the same-store average occupancy for October being down 170 in the month, and I supplemented that and said, on average, it was in the 150 to 160 range.

是的，羅納德。所以我就——我可能會重述一些我們之前說過的話，這主要是為了再次強調，同時也想回答你的問題。戴夫早些時候提到的關於 10 月的數據之一是，我們的合約利率上漲了 160 個基點。這是針對所有參與同一門店抽獎活動的顧客。然後，10 月同店平均入住率下降了 170%，我補充說，平均而言，入住率在 150 到 160 之間。

So those two things, the in-place contract rate for all same-store customers as well as the average occupancy stat that gives you this flat REVPAF And then you have higher discounts year over year. I mentioned tenant insurance year over year being a little bit of a drag. Those are the things that put you into the red negative year over year still on revenue.

所以，這兩件事，即所有同店客戶的現有合約費率以及平均入住率統計數據，可以得出固定的 REVPAF，然後您就可以逐年享受更高的折扣。我之前提到過，每年支付租戶保險費有點麻煩。這些因素導致你的營收年復一年地出現虧損。

But to Dave's opening remarks, the pace of that year-over-year growth is changing quickly. And so we like the trajectory. We like the trajectory that we have exiting the year, entering '26. And so I think being flat on revenue growth is certainly achievable sooner than a 12-month timeframe or 18-month timeframe, I think you're talking a shorter window than that.

但正如戴夫在開場白中所說，這種同比增速正在迅速變化。所以我們對這個發展軌跡很滿意。我們喜歡我們今年的現狀，以及我們進入 2026 年的發展軌跡。所以我認為，營收成長停滯肯定可以在比 12 個月或 18 個月的時間框架內更快實現，我認為你指的是更短的時間窗口。

Yes. Super, super helpful. I guess my follow-up, just on the dividend, I think the payout ratio had been over 100%. Now that we're at this inflection, just does your -- how does your thinking change about when you can get back to below that 100% level mark?

是的。非常非常有用。我想補充一點，關於股息，我認為派息率已經超過 100%。既然我們已經到了這個轉​​折點，那麼——對於何時才能回到低於 100% 的水平，你的想法會發生怎樣的變化？

Yes. I think you're touching on something. We're confident in our trajectories. We're really confident in how we're starting to execute. That certainly puts us in a position to start growing FFO again. And then the pace of that will be determined on how -- a lot of factors that we've talked about on the call here today. I think from our Board seat, they're very thoughtful. They always think about all of the things that are going on with our business and what the future looks like.

是的。我覺得你說的有道理。我們對我們的發展軌跡充滿信心。我們對目前的執行情況非常有信心。這無疑使我們處於能夠再次開始成長FFO（營運資金）的有利位置。然後，這個過程的速度將取決於——我們今天在電話會議上討論的許多因素。我認為，從我們董事會的角度來看，他們考慮得非常周全。他們總是會思考我們公司正在發生的一切以及未來的發展前景。

But the one thing that is very prevalent in our business, to Brandon's point, is you can move pretty quickly in this industry about rates and about occupancy and really adjust to the factors that are going on pretty quickly in this industry. So I think as we go forward, we're looking to 2026 in a little more positive way than we were looking at this year. So I think that helps from the dividend payout percentages.

但正如布蘭登所說，我們這個行業非常普遍的一點是，在這個行業裡，你可以很快地調整價格和入住率，並真正適應這個行業中快速變化的各種因素。所以我認為，展望未來，我們對 2026 年的展望會比今年更加積極。所以我認為這對提高股息支付率有所幫助。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Just wanted to go back to the JV, again, Brandon, with your comments about three years to get to the 10% prerequisite return. Can you just kind of give us a little bit more information around what kind of NOI growth you are basically underwriting to underneath that? And kind of what kind of debt or cost of debt this JV entity will have when it does ultimately fund the debt part of the equation?

布蘭登，我只是想再回到合資企業的問題上，你之前提到需要三年時間才能達到 10% 的先決條件回報率。能否再詳細介紹一下，您預期的營業淨收入成長目標具體是多少？那麼，當這家合資企業最終為債務部分提供資金時，它將承擔什麼樣的債務或債務成本？

Yes, Tayo, it really is going to vary based on the specific deal and the opportunity that, that deal provides. And so I think it's tough to speak to it in generalities. We wanted to announce the program because it's been something we've been working on for a period of time now, and we do think that it's going to be an important part of our story for 2026.

是的，Tayo，這確實要根據具體的交易以及該交易帶來的機會而有所不同。所以我覺得很難泛泛而談。我們想宣布這項計劃，因為我們已經為此努力了一段時間，而且我們認為這將是我們 2026 年發展歷程中的重要組成部分。

But I think maybe getting into some of the particulars that you're asking about will be easier once we've identified and funded the first couple of deals and then we'll have real numbers to speak to. Illustratively, what I would tell you is if you think about a six-cap property and the debt cost is very similar to that cap rate.

但我認為，一旦我們確定並資助了前幾筆交易，有了實際的數字，或許更容易討論你所問的一些細節問題。舉例來說，我想告訴你的是，如果你考慮一個資本化率為 6 的房產，那麼債務成本與該資本化率非常相似。

So you're kind of neutral there. And then if you had 6% equity yield, we're 75% of that equity capital and we're getting all of the cash flow, you run that math and you're at an 8% yield, right? I mean that's super high level, super simplistic, and then you layer growth on top of that. And so you can kind of -- if you use that super high-level illustrative example, you could impute that growth that would be required to get you to a 10% return to your end of year two, middle of year three and year four scenarios, right?

所以你在這件事上持中立態度。如果股權收益率為 6%，我們擁有其中 75% 的股權資本，並且獲得了全部現金流，那麼你算一下，收益率就是 8%，對吧？我的意思是，這只是非常高層次、非常簡單的概括，然後你再在此基礎上成長。所以，如果你使用那個非常高層次的說明性例子，你就可以推斷出在第二年末、第三年中期和第四年情景下，要達到 10% 的回報率所需的增長量，對吧？

Got you. Okay. And then why would your PRO partner also be willing to take on a 10% preferred equity hurdle? Like what's kind of in this for them? The first few years kind of sound like it basically is working for you before they kind of start to make any money. So why is the 10% preferred equity the most attractive cost of equity to them?

抓到你了。好的。那麼，為什麼您的 PRO 合作夥伴也願意承擔 10% 的優先股門檻呢？他們從中能得到什麼好處呢？頭幾年聽起來像是公司在開始獲利之前，基本上都是在為你工作。那麼，為什麼對他們來說，10%的優先股是最具吸引力的股權成本呢？

I think, Tayo, from their seat, looking at the properties they're going to buy and looking at it from their lens, as we talk about our underwriting, we talk about how we think the properties are going to perform and the overall performance of the deals they're making. I think they have had history and have proven that they're going to outperform. And from their lens, this is an appropriate level of cost of capital for what they're going to get out of it. And so I -- just being around that -- these operators a long time, I was one of these operators. I think they will find some home run deals that work out very, very well for them and makes us very attractive for them.

我認為，Tayo 從他們的角度來看待他們即將購買的房產，並從他們的角度看待問題，就像我們談論承銷一樣，我們談論的是我們認為這些房產的表現以及他們所做交易的整體表現。我認為他們過往的成績已經證明他們會表現出色。從他們的角度來看，這是他們能夠從中獲得的收益所對應的合理資本成本水準。所以，我──只是因為長期和這些操作員在一起，我也是其中一員。我認為他們會找到一些非常棒的交易，這些交易對他們來說非常有利，也會讓我們對他們非常有吸引力。

At this time, this concludes our question-and-answer session. I'll turn the call back over to George Hoglund for closing comments.

問答環節到此結束。我將把電話轉回給喬治·霍格倫德，請他做總結發言。

Yes. Thank you all for joining our call today, and we look forward to seeing many of you at the upcoming conferences this month and next. Have a good day.

是的。感謝各位今天參加我們的電話會議，我們期待在本月和下個月即將舉行的會議上見到你們中的許多人。祝你有美好的一天。

Ladies and gentlemen, this will conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation. Have a wonderful day.

女士們、先生們，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。祝您有美好的一天。