Public Storage (PSA) 2024 Q3 法說會逐字稿

Welcome to Public Storage third quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

歡迎參加公共儲存 2024 年第三季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

I would now like to turn the conference over to your host, Mr. Ryan Burke. Thank you. You may begin.

現在我想將會議交給東道主瑞安·伯克先生。謝謝。你可以開始了。

Thank you, Rob. Hello, everyone. Thank you for joining us for our third quarter 2024 earnings call. I'm here with Joe Russell and Tom Boyle. Before we begin, we want to remind you that certain matters discussed during this call may constitute forward-looking statements within the meaning of the federal securities laws.

謝謝你，羅布。大家好。感謝您參加我們的 2024 年第三季財報電話會議。我和喬·拉塞爾和湯姆·博伊爾在一起。在開始之前，我們想提醒您，本次電話會議中討論的某些事項可能構成聯邦證券法含義內的前瞻性陳述。

These forward-looking statements are subject to certain economic risks and uncertainties. All forward-looking statements speak only as of today, October 31, 2024, and we assume no obligation to update, revise or supplement statements that become untrue because of subsequent events. A reconciliation to GAAP of the non-GAAP financial measures we provide on this call is included in our earnings release.

這些前瞻性陳述受到某些經濟風險和不確定性的影響。所有前瞻性陳述僅截至今天（2024 年 10 月 31 日），我們不承擔更新、修改或補充因後續事件而變得不真實的陳述的義務。我們在本次電話會議上提供的非公認會計原則財務指標的公認會計原則調節表包含在我們的收益發布中。

You can find our earnings release, supplement report, SEC reports and an audio replay of this conference call on our website, publicstorage.com. We do ask that you initially limit yourselves to two questions. Of course, after that, if you have more, feel free to jump back in queue.

您可以在我們的網站 publicstorage.com 上找到我們的收益發布、補充報告、SEC 報告以及本次電話會議的音訊重播。我們確實要求您首先只回答兩個問題。當然，在那之後，如果你還有更多，請隨時插回隊列。

With that, I'll turn it over to Joe.

有了這個，我會把它交給喬。

Thank you, Ryan, and thank you all for joining us today. Tom and I will walk you through our recent performance and updated views. Then we'll open the call up for Q&A.

謝謝瑞安，也謝謝大家今天加入我們。湯姆和我將向您介紹我們最近的表現和最新觀點。然後我們將開啟問答環節。

As we anticipated, operating fundamentals are stabilizing across our portfolio in the broader industry. We started the year with sequential revenue growth acceleration in a handful of markets. We are now achieving acceleration across most markets and expect the trend to continue. The improvement will be gradual and take some time to be fully reflected in our reported financial results.

正如我們預期的那樣，我們整個行業的投資組合的營運基本面正在趨於穩定。今年伊始，我們在少數市場的營收連續加速成長。我們現在大多數市場都在加速發展，並預計這一趨勢將持續下去。這種改善將是漸進的，需要一段時間才能充分反映在我們報告的財務表現中。

But as we'll discuss today, many things are moving in the right direction for Public Storage. In particular, pricing for new customers is stabilizing with move-in rents down 9% year over year in the third quarter and down 5% in October. This is a meaningful improvement from the first quarter of this year when move-in rents were down 16%.

但正如我們今天將要討論的，公共儲存的許多事情正在朝著正確的方向發展。特別是，新客戶的定價趨於穩定，第三季入住租金年減 9%，10 月下降 5%。與今年第一季入住租金下降 16% 相比，這是一個有意義的進步。

Our in-place customers are also behaving very well. Payment patterns are strong, average length of stay is long, and move-outs are down year to date. All of this speaks to the convenience and affordability we provide to our customers. With move-in rents down nearly 30% since 2022, we have become even more affordable relative to other space alternatives, including moving into a larger home or apartment just to get the incremental space.

我們的本地客戶也表現得很好。付款模式強勁，平均入住時間較長，今年迄今搬出率下降。所有這些都說明了我們為客戶提供的便利和實惠。自 2022 年以來，搬入租金下降了近 30%，相對於其他空間替代方案（包括為了獲得增量空間而搬進更大的房屋或公寓），我們的價格變得更加實惠。

Self-storage is the affordable and convenient choice. The supply environment is also on a favorable path with deliveries of new competitive properties slowing further over the next couple of years. Less new competition will support operating fundamentals on top of the improving demand trends. We continue to focus on growth-enhancing initiatives that are unique to us as well.

自助倉儲是經濟實惠且方便的選擇。供應環境也處於有利的軌道，未來幾年新的競爭性房產的交付將進一步放緩。除了需求趨勢改善之外，新競爭的減少還將支持營運基本面。我們繼續關注我們獨有的促進成長的舉措。

Public Storage customers are fully embracing the new and modern experience we've created by putting a full slate of digital engagement options in their hands. These options complement the service provided by our fantastic property managers, local teams and customer care center representatives. The ability to choose between interacting digitally and in person is a major draw to customer seeking self-storage today.

公共儲存客戶正在完全接受我們透過將一整套數位參與選項置於他們手中而創造的新的現代體驗。這些選項補充了我們出色的物業經理、當地團隊和客戶服務中心代表提供的服務。能夠在數位互動和麵對面互動之間進行選擇是當今尋求自助儲存的客戶的主要吸引力。

I am proud of the entire team's efforts in creating the industry's most comprehensive hybrid digital operating model that cohesively connects our customers, team and systems across field and corporate operations. And we're tracking ahead of schedule on our transformation with now 75% move-ins using e-rental, our digital online lease.

我為整個團隊在創建業界最全面的混合數位營運模式方面所做的努力感到自豪，該模式將我們跨領域和企業運營的客戶、團隊和系統緊密地連接起來。我們正在提前追蹤我們的轉型，目前 75% 的入住使用了電子租賃（我們的數位線上租賃）。

We have nearly 2 million PS app users. And on a daily basis, tenants across our entire portfolio using our digital property access and remote customer service. The transformation is amounting to a win, win, win across our customers, team members and financial performance. Through it, we have created more specialized and career-advancing roles across the company.

我們擁有近 200 萬 PS 應用程式用戶。我們整個投資組合中的租戶每天都使用我們的數位財產存取和遠端客戶服務。這項轉變對我們的客戶、團隊成員和財務表現來說是雙贏、雙贏、雙贏。透過它，我們在整個公司創造了更專業、更能促進職涯發展的職位。

New opportunities for our property managers have been particularly well received as they now have career paths that aren't available elsewhere in the industry. Due in part to these efforts, we are proud to have received the Great place to Work designation for a third year in a row.

我們的物業經理的新機會特別受歡迎，因為他們現在擁有業內其他地方所沒有的職業道路。部分由於這些努力，我們很自豪能夠連續第三年獲得「最佳工作場所」稱號。

Another area of focus is utilities. We have reduced usage by 30% through conversion to LED lighting across the portfolio and installing solar power at more than 800 properties so far. We recently increased our solar goal to 1,300 properties by the end of 2025.

另一個重點領域是公用事業。到目前為止，我們透過將整個產品組合改用 LED 照明並在 800 多個房產安裝太陽能，將使用量減少了 30%。最近，我們將太陽能目標提高到 2025 年底前 1,300 處房產。

The team has innovated and implemented at a rapid pace over the past few years. We are fully in gear and are excited about more to come. Now Tom will provide additional detail.

在過去的幾年裡，該團隊快速創新和實施。我們已做好充分準備，並對即將到來的更多事情感到興奮。現在湯姆將提供更多細節。

Thanks, Joe. With fundamentals improving and the team keenly focused on transformation and optimization initiatives, we are very well positioned with signs that the acquisition market is picking up. We see more one-off deals, more portfolios and evidence of convergence around buyer and seller expectations following a quiet couple of years.

謝謝，喬。隨著基本面的改善以及團隊專注於轉型和優化計劃，我們處於非常有利的位置，有跡象表明收購市場正在回升。經過幾年的平靜之後，我們看到更多的一次性交易、更多的投資組合以及買家和賣家期望趨同的證據。

Our growth-oriented capital and liquidity profile is strong. Industry-leading leverage, balance sheet capacity and cost of capital have us poised to execute on pent-up seller dialogue in combination with our operational and acquisition integration advantages.

我們以成長為導向的資本和流動性狀況強勁。業界領先的槓桿率、資產負債表能力和資本成本使我們能夠結合我們的營運和收購整合優勢，執行被壓抑的賣方對話。

Shifting to our third quarter financial performance. We achieved core FFO of $4.20 per share, representing a 3% decline compared to last year. Revenues in our same-store portfolio of stabilized properties declined 1.3% compared to last year, with a relatively even balance between rent and occupancy.

轉向我們第三季的財務業績。我們的核心 FFO 為每股 4.20 美元，比去年下降 3%。我們穩定物業的同店組合收入較去年下降 1.3%，租金和入住率之間相對平衡。

A couple of important things to note regarding the stabilization that Joe spoke to. First, the second derivative of growth continues to improve. Revenue growth in the quarter decelerated 30 basis points sequentially, relative to the growth in the second quarter of this year. This is significant improvement from the 380 basis points of deceleration reported from the second to third quarter of last year.

關於喬談到的穩定性，有一些重要的事情需要注意。一是增速二階導數持續改善。與今年第二季的成長相比，該季度的營收成長環比下降了 30 個基點。與去年第二季至第三季報告的減速 380 個基點相比，這是顯著改善。

Secondly, as implied by our guidance midpoint, we expect our nominal same-store revenue growth to begin improving due to the positive trends that Joe described. At the midpoint, the fourth quarter would be the first sequential growth improvement in more than two years.

其次，正如我們的指導中點所暗示的那樣，由於喬所描述的積極趨勢，我們預計我們的名義同店收入成長將開始改善。從中期來看，第四季將是兩年多來首次實現連續成長。

Moving now to the outlook. We reiterated our core FFO guidance of $16.50 to $16.85 per share, rolling through higher third quarter G&A and lower third quarter ancillary income while lifting our same-store revenue outlook for the year. The strong performance of our non-same-store pool continues.

現在轉向展望。我們重申了每股 16.50 美元至 16.85 美元的核心 FFO 指導，第三季度 G&A 較高，第三季度輔助收入較低，同時上調了今年同店收入預期。我們的非同店池持續保持強勁表現。

We increased the outlook for our incremental NOI from this pool of assets in 2025 and beyond through stabilization to $120 million in total to come from this pool. Currently, at 23% of our total square footage, the pool will be an engine of growth for the remainder of this year and into the future.

我們將 2025 年及以後透過穩定該資產池產生的 NOI 增量預期提高至 1.2 億美元。目前，該泳池占我們總面積的 23%，將成為今年剩餘時間和未來的成長引擎。

With that, I'll turn it back to you, Joe.

這樣，我會把它轉回給你，喬。

Thanks, Tom. At Public Storage, our team continues to enhance the industry's strongest brand, highest quality portfolio, best revenue, NOI and NOI margin, leading acquisition, development and integration platforms, the lowest leverage and best cost of capital, the highest free cash flow conversion and strongest FFO and dividend growth over the past few years.

謝謝，湯姆。在公共存儲，我們的團隊不斷增強行業最強大的品牌、最高品質的投資組合、最佳收入、NOI 和NOI 利潤率、領先的收購、開發和整合平台、最低的槓桿和最佳的資本成本、最高的自由現金流轉換和過去幾年最強勁的 FFO 和股息成長。

With many things moving in the right direction, including improving operating fundamentals, transformation efforts that are further enhancing our advantages and a reinvigorated transaction market, we are excited about Public Storage's trajectory over the near, medium and long term.

隨著許多事情朝著正確的方向發展，包括改善營運基本面、進一步增強我們的優勢的轉型努力以及重振交易市場，我們對公共儲存在近期、中期和長期的發展軌跡感到興奮。

And finally, I'd like to make a call out to the full operations and asset management teams at Public Storage during the two significant hurricanes. Fortunately, our employees and properties were well prepared with safety as the top priority, and we are grateful to have had relatively minor impact.

最後，我想向公共儲存在兩次重大颶風期間的整個營運和資產管理團隊發出呼籲。幸運的是，我們的員工和財產都做好了充分準備，以安全為首要任務，我們很慶幸受到的影響相對較小。

With that, I'll turn the call back to Rob to open it up for Q&A.

之後，我會將電話轉回給 Rob，以進行問答。

(Operator Instructions) Jeff Spector, Bank of America.

（操作員指示）Jeff Spector，美國銀行。

Maybe I'll start just big picture. I consider you guys to be conservative, especially with your outlook. So just given the time of the year, November, you've made a few comments here, not just about stabilization but actually improvement, which means it seems like you're saying you're going to end the year strong and again, it bodes well for '25.

也許我會從大局開始。我認為你們很保守，尤其是你們的觀點。因此，就在一年中的這個時間，即11 月，您在這裡發表了一些評論，不僅是關於穩定，而且是實際上的改進，這意味著您似乎在說，您將再次以強勢結束這一年， 25 年是個好兆頭。

I guess, can you talk about that a little bit more, the decision not just to talk about, okay, as you said, it's clear you see signs of stabilization. But it does seem like you're messaging pretty strongly here that you expect improvement into '25. And I guess, is that regardless of improving housing, et cetera?

我想，你能多談談這個問題嗎？但看起來你在這裡傳達的訊息確實非常強烈，你希望在 25 年後有所進步。我想，這是不考慮改善住房等問題嗎？

So yes, Jeff, there's a few things, obviously, that give us confidence that 2024 has become a year as we predicted of stabilization, where we've seen, as Tom and I noted in our opening comments, the progression of better and higher degrees of market improvement that we're seeing across more of the portfolio than we've certainly seen at the beginning of the year.

所以，是的，傑夫，顯然有一些事情讓我們相信 2024 年已經成為我們預測的穩定的一年，正如湯姆和我在開場白中指出的那樣，我們已經看到了更好、更高的進展與今年年初相比，我們在更多的投資組合中看到了市場的改善程度。

That continues to trend. Now we're into the fourth quarter of 2024. Stabilization should fundamentally lead to improvement. So we're pleased by the continued trajectory we're seeing as we've spoken to stabilization. And with that, we're going to be in a better position going into 2025 than we were going into 2024.

這種趨勢仍在持續。現在我們已經進入 2024 年第四季。穩定應該從根本上帶來改善。因此，我們對在談到穩定問題時所看到的持續發展軌跡感到高興。這樣一來，我們在 2025 年的處境將比 2024 年的處境更好。

Many things are trending well. Additively, and then we'll see what impacts other effects could have too, whether it's an improved housing market, change in interest rates, continued growth in the economy, et cetera. But again, we're very pleased by what we continue to see through 2024.

很多事情都在往好的方向發展。此外，我們還將看到其他影響也可能產生哪些影響，無論是房屋市場的改善、利率的變化、經濟的持續成長等等。但我們再次對 2024 年所看到的情況感到非常高興。

And just to clarify, I mean, again, improvement, you don't really need to -- if demand just continues as is, where you talked about improving demand for that demand has improved, if it stays as is versus the backdrop you described, including lower supply pressure in '25. That ties into your thoughts on improvement?

只是為了澄清，我的意思是，再一次，改善，你真的不需要 - 如果需求繼續保持原樣，你談到改善需求，如果與你描述的背景相比，需求保持不變，那麼需求已經改善，包括25 年供應壓力降低。這與您對改進的想法有關嗎？

Yes. I mean I think there's a couple of things there, Jeff. I mean, we've been talking about stabilization of demand throughout this year. And in Joe's prepared remarks, he commented on that, including industry-wide demand. But we've been speaking all year to the fact that we've actually seen some improvement in a number of different markets.

是的。我的意思是，我認為有幾件事，傑夫。我的意思是，今年我們一直在談論需求的穩定性。在喬準備好的演講中，他對此發表了評論，包括整個行業的需求。但我們一整年都在談論這樣一個事實，即我們實際上看到了許多不同市場的一些改善。

So some of the early markets we called out like Seattle, for instance, is still actually negative on revenue growth for the third quarter, but it's consistently improved quarter by quarter throughout this year. And so that's been a leading market that we've been observing.

因此，我們提到的一些早期市場，例如西雅圖，實際上第三季的收入成長仍然為負，但今年的情況逐季持續改善。因此，這是我們一直在觀察的一個領先市場。

And there are other markets like that and frankly, more. That doesn't mean that overall, we're seeing significant growth. Obviously, our outlook is still calling for same-store revenue growth to be down for the year, just a touch better than 1%.

還有其他類似的市場，坦白說，還有更多。這並不意味著總體而言，我們看到了顯著的成長。顯然，我們的預期仍是今年同店營收成長將下降，僅略高於 1%。

So as Joe spoke to in his remarks, the stabilization will take a little bit of time to roll through our financial metrics, but stabilization is the first step, and we've seen that across a number of markets, and we'll obviously update you on a path to recover as we move from here.

因此，正如喬在演講中所說，穩定將需要一點時間來完善我們的財務指標，但穩定是第一步，我們已經在許多市場上看到了這一點，我們顯然會更新當我們離開這裡時，您正在康復的道路上。

Michael Goldsmith, UBS.

麥可‧戈德史密斯，瑞銀集團。

Seems like there's been an improvement in the move-in rents down 9% in the third quarter, down 5% in October. Is there any -- what do you think is driving that? And then also, can you provide the October occupancy update just to provide a little bit more context around the influence on street rates?

入住租金似乎有所改善，第三季下降了 9%，10 月下降了 5%。您認為是什麼推動了這個趨勢？另外，您能否提供 10 月份的入住率更新，以提供更多關於對街道價格影響的背景資訊？

Yes, sure. Happy to. So the -- as you noted, we've continued to see improvements on move-in rents through the year. The October number is encouraging. And I would call out that it's driven by improving demand trends, right?

是的，當然。很高興。因此，正如您所指出的，我們在這一年中繼續看到遷入租金的改善。十月的數字令人鼓舞。我想說，這是由需求趨勢改善所驅動的，對嗎？

When we started this year, industry-wide, demand was down still 20%. And we're in a point now in September, October, where it's roughly flat year over year. And so some may call that comps. But again, you need to lap those comps without setting fresh new lows to stabilize, and that's what we're starting to see here.

今年年初時，整個產業的需求仍下降了 20%。現在我們正處於九月、十月的一個階段，與去年同期相比，情況大致持平。所以有些人可能稱之為比較。但同樣，你需要在不設定新低點的情況下完成這些比較以穩定下來，這就是我們在這裡開始看到的。

We've got some markets, as I highlighted earlier, that have move-in rent growth as we sit here today, but some are certainly still setting fresh lows. So the dynamic there is a stabilization trend as we've been anticipating heading in through the fourth quarter of this year.

正如我之前強調的那樣，我們今天坐在這裡的一些市場的租金有所增長，但有些市場肯定仍在創下新低。因此，正如我們預期的那樣，今年第四季的動態將呈現穩定趨勢。

In terms of further October updates, occupancy is down about 90% -- or 90% down -- 90 basis points. As we sit here today, the move-in rents again, down 5% for the month. Existing customers are performing well.

就 10 月的進一步更新而言，入住率下降了約 90%，即 90% 下降了 90 個基點。當我們今天坐在這裡時，入住租金再次下降，本月下降了 5%。現有客戶表現良好。

Move-outs are again down year over year in the month. So continued encouraging trajectory from the existing customer base and really strengthened the consumer overall.

本月遷出量再次較去年同期下降。因此，現有客戶群繼續保持令人鼓舞的軌跡，並真正增強了消費者的整體實力。

Got it. And you talked a little bit about demand improving and recognize -- and I think you recognize that some of it is comparisons. But is there any other factors that are just driving demand in particular, whether it's -- are you seeing a better housing turnover? Are you seeing a better demand from apartment renters? Just trying to get a sense of who is using the facilities more.

知道了。您談到了需求改善和認識——我認為您認識到其中一些是比較。但是否有其他因素會特別推動需求，無論是—您是否看到房屋成交量有所改善？您是否看到公寓租戶的需求有所改善？只是想了解誰更多地使用這些設施。

Yes, that's a great question, Michael. I think the demand picture has shifted over the last several years, right? We've talked about how the existing home sales driven demand has softened. The apartment renter activity has continued to be strong.

是的，這是一個很好的問題，邁克爾。我認為過去幾年需求情況發生了變化，對嗎？我們已經討論了現有房屋銷售驅動的需求是如何疲軟的。公寓租戶活動持續強勁。

And at the same time, we've seen more customers that are using storage that have ran out of space at home, frankly, record usage of that through this year. And overall, levels of demand pretty consistent year over year as we sit here entering into the fourth quarter.

同時，我們看到越來越多的客戶使用的儲存空間已經耗盡，坦白說，今年的使用情況已創紀錄。總體而言，當我們進入第四季時，需求水準與去年同期相當一致。

Speaking to housing specifically, there is some encouraging pending home sales numbers that came out yesterday, we watch that all closely. But at this point, what we're looking for, again, is stabilization and we're looking for not setting fresh lows, i.e., not demand going lower from here, and that's what we're starting to see across the portfolio.

具體來說，就住房而言，昨天公佈了一些令人鼓舞的待售房屋銷售數據，我們密切關注。但在這一點上，我們再次尋求的是穩定，我們希望不要創下新低，即需求不要從這裡開始走低，這就是我們開始在整個投資組合中看到的情況。

And maybe, Michael, to add on one other thing. Again, no different, but consistent and very encouraging trend. Length of stays are still longer than prepandemic levels. We've seen with many of the things that Tom just spoke to customers continuing to retain space on average higher than what we saw certainly prepandemic.

也許，邁克爾，補充另一件事。同樣，沒有什麼不同，但趨勢一致且非常令人鼓舞。停留時間仍長於大流行前的水平。我們看到，在湯姆剛剛與客戶交談的許多事情中，平均保留空間繼續高於我們在大流行前所看到的水平。

And again, with the stabilized set of metrics around delinquency and payment patterns, et cetera, no different view relative to the stable customer base that we are very pleased to have here at Public Storage.

再說一次，由於拖欠和付款模式等方面的指標穩定，與我們很高興在公共儲存擁有的穩定客戶群相比，沒有什麼不同的觀點。

Samir Khanal, Evercore ISI.

薩米爾·卡納爾，Evercore ISI。

Tom, as it relates to the move-in rates, you mentioned down 5% in October. I mean is there a way to think about the trajectory of that move-in rates over the next, I don't know, let's call it the next several quarters. I mean do we need the housing market to pick up to see that trend turn positive? Or help us think through that a little bit more, please.

湯姆，就入住率而言，您提到 10 月下降了 5%。我的意思是，有沒有辦法考慮接下來的入住率軌跡，我不知道，讓我們稱之為接下來的幾季。我的意思是，我們是否需要房地產市場回升才能看到這種趨勢轉為正面？或者請幫我們多思考一下。

Sure. So as we've noted a number of times on the call already, really what we're looking for is a stabilization and level of demand. As that stabilization occurs, you should see a stabilization in things like move-in rents and customer activity.

當然。因此，正如我們在電話會議中多次指出的那樣，我們真正尋求的是需求的穩定性和水準。隨著這種穩定的發生，您應該會看到入住租金和客戶活動等方面的穩定性。

And so in our outlook for the year, we've expected that move-in rents are down mid-single digits at the end of the year. So it feels like we're heading in that direction based on October performance. But then we're likely to hit the trough of the year just seasonally.

因此，在我們對今年的展望中，我們預計年底入住租金將下降至個位數左右。因此，根據 10 月的表現，我們感覺我們正朝著這個方向前進。但隨後我們很可能會季節性地遇到今年的低谷。

And so without getting into specifics around assumptions for 2025, I would expect that we probably would start the year clearly at that ZIP code and would take the lift of demand seasonally in the spring to meaningfully improve that number from that point.

因此，在不詳細討論2025 年假設的情況下，我預計我們可能會以該郵政編碼明確地開始新的一年，並在春季季節性需求提升，從而從那時起有意義地提高這一數字。

Okay. And then just on the -- just shifting gears a little bit on the expense side. Payroll has been down this year in the quarter and even for the nine months ended September. Is that just a function of higher e-rentals you're doing that dynamic? Trying to see how much further in terms of savings there is into next year.

好的。然後只是在費用方面稍微改變一下。今年本季的薪資總額有所下降，甚至截至九月的九個月也是如此。這只是您正在做的更高的電子租賃的功能嗎？試著看看明年還能省多少。

Yes, Samir, I talked about the many advantages that we continue to lead in the industry relative to our digital platform. One key being, the one you noted, our e-rental, our digital leasing platform.

是的，薩米爾，我談到了相對於我們的數位平台，我們在業界繼續領先的許多優勢。您提到的一個關鍵是我們的電子租賃、我們的數位租賃平台。

So now with 70% to 75% of our customers using that channel, we continue to use that as one way of optimizing the way in which we're using employees and properties relative to their optimization and skill sets and the things that they can do even on a more focused basis.

因此，現在我們有 70% 到 75% 的客戶使用該管道，我們繼續將其作為優化我們使用員工和資產的方式的一種方式，涉及他們的優化和技能組合以及他們可以做的事情即使在更加集中的基礎上。

So it's worked well not only for a customer interaction, but employee engagement and employee opportunities relative to, as I mentioned, different specializations that we're putting through in different career paths, et cetera, property management levels as well. So the great news that, that leads to our levels of optimization that continues to work well, not only for customers, but for our employees as well.

因此，它不僅對於客戶互動非常有效，而且正如我所提到的，與我們在不同職業道路等不同專業領域以及物業管理層級相關的員工敬業度和員工機會也很有效。因此，好消息是，這使我們的優化水平繼續發揮良好作用，不僅對客戶，而且對我們的員工也是如此。

Eric Wolfe, Citi.

埃里克·沃爾夫，花旗銀行。

I was just curious in the markets where you've seen the biggest occupancy uplift. Are you seeing any greater signs of improved move-in pricing there? Or is the customer still just very elastic to that move-in price. I'm effectively just wondering if improving occupancy should be viewed as a leading indicator of pricing or if there are other dynamics that's preventing that from happening?

我只是好奇入住率增幅最大的市場。您是否看到了入住價格改善的明顯跡象？或者客戶對入住價格仍然非常有彈性。我實際上只是想知道，入住率的提高是否應該被視為定價的領先指標，或者是否有其他因素阻止這種情況的發生？

Sure. I would say, it's improving demand trends overall, right? We're trying to balance both occupancy as well as rental rate to maximize revenue. So occupancy is certainly one thing you can look at.

當然。我想說，整體需求趨勢正在改善，對吧？我們正在努力平衡入住率和租金率，以實現收入最大化。因此，入住率當然是您可以關注的一件事。

But just using Seattle as an example as a market I highlighted earlier, occupancy there was up 35 basis points year over year and has positive move-in rent growth. So there's some -- there's certainly some momentum in that market, but it's not purely occupancy based.

但僅以我先前強調的西雅圖市場為例，那裡的入住率年增了 35 個基點，入住租金也出現了正成長。所以，這個市場肯定有一些動力，但它並不是純粹基於入住率。

And I guess based on the test that you're doing, I'm assuming that you're adjusting your algorithms to test various price points and seeing how the customer is responding. Like are you seeing any decrease in that elasticity of demand? Or when you adjust pricing like you see a big shift in revenue potential from potential changes in occupancy.

我想根據您正在進行的測試，我假設您正在調整演算法以測試各種價格點並了解客戶的反應。您是否發現需求彈性有所下降？或者，當您調整定價時，您會發現入住率的潛在變化帶來的收入潛力發生了巨大變化。

Yes. So I guess taking a step back, we're looking to try to optimize the revenue associated with customers that come in the door. And that -- based on our understanding of what our inventory is likely to be, and so we understand what likely rental units we have to offer our customers.

是的。因此，我想退一步來說，我們正在尋求優化與上門客戶相關的收入。這是基於我們對庫存可能情況的了解，因此我們了解我們必須向客戶提供哪些可能的租賃單位。

And so we offer those online and in the store. At the same time, we have an understanding about what demand is for that unit at the local trade area level.

因此，我們在網上和商店提供這些產品。同時，我們了解當地貿易區對該單位的需求是什麼。

And to your point around price sensitivity, we're consistently testing and augmenting our understanding of what that customer price elasticity is. But if you have an understanding of what your inventory is to sell, and what the demand is for the unit and the price sensitivity, we're trying to optimize that equation to lead to the maximum revenue opportunity for Public Storage given the amount of inventory we have there to rent.

對於您對價格敏感度的觀點，我們一直在測試並增強我們對客戶價格彈性的理解。但是，如果您了解要銷售的庫存是什麼，以及對單位的需求和價格敏感性，我們將嘗試優化該方程，以在給定庫存量的情況下實現公共存儲的最大收入機會我們那裡有出租。

And what we continue to see is customers are competitive and price-sensitive to new customers, but place a lot of value on those units once they move in. And that's been pretty consistent over time.

我們繼續看到的是，客戶對新客戶具有競爭力且對價格敏感，但一旦他們搬進來，就會對這些單位給予很大的重視。隨著時間的推移，這種情況非常一致。

Eric Luebchow, Wells Fargo.

艾瑞克‧盧布喬 (Eric Luebchow)，富國銀行。

You touched on this a little bit about how you were encouraged by the transaction market picking up. It sounds like that's more likely into 2025. So maybe you could give us some color on where bid-ask spreads are and what stabilized yields you're seeing on transaction activity you're underwriting today?

您談到了交易市場回升對您的鼓舞。聽起來到 2025 年這種情況更有可能發生。那麼，也許您可以告訴我們一些關於買賣價差的信息，以及您今天承保的交易活動中看到的穩定收益率是多少？

Yes. Sure, Eric. We've spoken to this for the last few quarters, which there's been a lot of interest on sellers' behalf to potentially trade, but factually, very few have indeed done so. And we've got almost now a two-year track record where, again, industry transaction volumes have been quite low even on a historic level.

是的。當然，埃里克。在過去的幾個季度中，我們已經討論過這個問題，賣家對潛在交易有很大興趣，但事實上，很少有人真正這樣做。我們現在幾乎已經有了兩年的追蹤記錄，即使在歷史水平上，行業交易量也相當低。

So now rounding out 2024 differently, even than we've seen in prior quarters, the volume of not only those inquiries, but again, even some additional assets coming through traditional brokerage channels and otherwise, there's momentum building.

因此，現在2024 年的情況有所不同，即使與我們在前幾個季度看到的情況不同，不僅有這些查詢的數量，而且甚至還有一些透過傳統經紀管道和其他方式提供的額外資產，勢頭正在增強。

Again, it's tough to say yet what the bid/ask spread is going to be because a lot of those transactions haven't been completed yet. We've had a lot of inbound calls, both again from owners that are looking to us even on a private basis to potentially transact.

同樣，很難說買賣價差是多少，因為許多交易尚未完成。我們接到了很多來電，都是來自業主，他們甚至希望以私人方式與我們進行潛在的交易。

So we're encouraged by the fact that, again, after two years, there's, I think, a landscape of different opportunities rounding out this year and going into 2025. We'll see how that plays out. But would say, it'd be unusual for us to go into a third year of the low volumes that we've seen.

因此，我認為，兩年後，從今年到 2025 年，將會出現各種不同的機遇，這一事實再次令我們感到鼓舞。我們將看看結果如何。但要說的是，對於我們來說，進入我們所看到的低產量的第三年是不尋常的。

And with that, we're encouraged by the type of assets that are coming to market, both small and large. And the receptivity in a different way that owners have, I think, settled out relative to their price expectations, et cetera.

因此，我們對即將進入市場的各種小型和大型資產感到鼓舞。我認為，業主的接受度以不同的方式決定，相對於他們的價格預期等等。

Got you. That's helpful. And then I guess, secondly, I think you touched on existing customer activity being a little bit better in terms of ECRIs than you previously expected.

明白你了。這很有幫助。其次，我想您提到現有客戶活動在 ECRI 方面比您之前預期的要好一些。

So maybe you can provide a little more color on that. Is that your ability to push rents to the newer customers coming in at lower rates or your longer duration customers that are more receptive to that? Any color there would be helpful.

所以也許你可以為此提供更多的色彩。您是否有能力向以較低價格進入的新客戶或更願意接受租金的長期客戶推租？任何顏色都會有幫助。

Sure. Yes, I think it's a number of those factors you highlighted. The existing tenant pool continues to be strong, as Joe mentioned, really across the metrics that we monitor, be it payment patterns and delinquency, length of stays, vacate activity, customer price sensitivity to rental rate increase, all pointing to a very stable and strong existing customer base, which is encouraging, and we've been pleasantly surprised as we move through this year. And really, that was the primary driver of the lift in revenue outlook for the remainder of the year is just continued strong trends there.

當然。是的，我認為這是您強調的一些因素。正如喬所提到的那樣，現有的租戶池仍然很強大，實際上在我們監控的指標中，無論是付款模式和拖欠率、入住時間、騰出活動、客戶價格對租金上漲的敏感度，所有這些都顯示租戶池非常穩定且穩定。事實上，這是今年剩餘時間收入前景提升的主要驅動力，因為那裡的趨勢持續強勁。

In terms of the rental rate program, in particular, it's a combination of the price sensitivity being very strong, and frankly, a touch better than we expected as well as the continued follow through, as you mentioned, of those newer customers that we've moved in over the past year, 1.5 years, given our strong move-in volumes over that time period that give us more contribution really to the existing customer rent increase program.

特別是在租金計劃方面，它結合了非常強烈的價格敏感性，坦率地說，比我們預期的要好，以及正如您所提到的，我們對那些新客戶的持續跟進。 （1.5 年）裡搬入了，因為我們在這段時間內的搬入量強勁，這讓我們對現有的客戶租金上漲計劃做出了更多貢獻。

Nicholas Yulico, Scotiabank.

尼古拉斯·尤利科，豐業銀行。

Turning back to the move-in pricing. If you look at the promotional discount, they were up in the third quarter year over year. They also look like as a percentage of revenue, one of the highest -- percentage of move-in rents, one of the higher numbers in the last year or so.

回到入住定價。如果你看一下促銷折扣，你會發現第三季的促銷折扣較去年同期增加。它們也看起來佔收入的百分比，是最高的之一——遷入租金的百分比，是去年左右較高的數字之一。

So can you just talk a little bit about like what's driving that higher promotional discounts in the third quarter? And how we should think about that impact going forward, maybe in the fourth quarter because I know you talked about move-in rents, that delta improving, but I'm not sure how we should think about the promotional discounts in the fourth quarter.

那麼您能否簡單談談是什麼推動了第三季更高的促銷折扣？我們應該如何考慮未來的影響，也許在第四季度，因為我知道你談到了搬入租金，三角洲的改善，但我不確定我們應該如何考慮第四季度的促銷折扣。

Sure. Yes, promotional discounts obviously ebb and flow throughout the year based on really the -- at the unit level analysis and pricing strategies. We did use promotions a little bit more into the third quarter. But again, pretty modest still relative to historical trends. And so throughout the year, between 40% and 60% of our customers have received some first month promotion.

當然。是的，促銷折扣在一年中顯然會根據單位層級的分析和定價策略而波動。我們在第三季確實更多地使用了促銷活動。但同樣，相對於歷史趨勢來說，仍然相當溫和。因此，全年中，40% 到 60% 的客戶都收到了一些首月促銷。

In the third quarter, it was closer to that 60% number. The comparison period in, say, 2019, for instance, would have been closer to 85% or 90%. So the -- there's no question that there continues to be an ability for us to utilize promotions as well as advertising as move-in rents to optimize that customer acquisition plan.

第三季度，這一數字更接近 60%。例如，2019 年的比較期將接近 85% 或 90%。因此，毫無疑問，我們仍然有能力利用促銷和廣告作為入住租金來優化客戶獲取計劃。

Okay. That's helpful, Tom. I guess just following up on that. Can you just remind us how that works for the promotional dollars, like the timing and just the accounting treatment?

好的。這很有幫助，湯姆。我想只是跟進一下。您能否提醒我們促銷資金如何運作，例如時間安排和會計處理？

Is that just all the money literally being spent as -- and it's a contra revenue account in the quarter? Or is there some like amortization of the promotion?

這真的是所有的錢都花在了本季的備抵收入帳戶上嗎？或是有類似促銷的攤銷？

Sure. Yes. Our most popular promotion is the dollar special for the first month rent. And as you just highlighted, that's a contra revenue discount that will be applied in that first month. And so if we move a customer in on September 1, we're going to recognize $1 of revenue from that customer in rent.

當然。是的。我們最受歡迎的促銷活動是第一個月租金特價一美元。正如您剛才強調的那樣，這是將在第一個月應用的收入抵扣折扣。因此，如果我們在 9 月 1 日搬入一位客戶，我們將確認來自該客戶的 1 美元收入的租金。

Spenser Glimcher, Green Street Advisors.

史賓塞‧格里姆徹 (Spenser Glimcher)，格林街顧問公司。

Maybe just a follow-up on the transaction landscape. In terms of what you're seeing marketed today, is it predominantly still the single asset deals? Or are there any portfolios being marketed today?

也許只是交易情況的後續行動。就您今天所看到的市場情況而言，主要還是單一資產交易嗎？或是今天有什麼投資組合在銷售嗎？

Yes, Spenser, it's a combination. The traditional, smaller deal activities been with us. And again, that's been still muted, as I mentioned, overall, but there's still a fair amount of individual or small asset activity in the market. But there are larger portfolios that are starting to surface.

是的，斯賓塞，這是一個組合。我們一直在進行傳統的小型交易活動。正如我所提到的，總體而言，這種情況仍然很平靜，但市場上仍然存在相當數量的個人或小型資產活動。但更大的投資組合正開始浮現。

Again, that's no different than what we've spoken to, though over the last couple of years where we had a lot of private inquiries, particularly on some larger portfolios, but there are now a few that are starting to come into the market through, I would say, both traditional processes and then still some of the, again, off-market conversations we're continuing to have as well.

再說一遍，這與我們所說的沒有什麼不同，儘管在過去的幾年裡，我們有很多私人詢問，特別是一些較大的投資組合，但現在有一些開始通過，我想說，既有傳統流程，也有一些我們仍在繼續進行的場外對話。

Okay. And then just on the ECRI front, if we do a rough back-of-the-envelope math, like just given where move-in rents were for the quarter, it does appear that rent bumps were maybe a little bit higher in the quarter. Is that fair to say? And are you able to just give us an idea of where you see ECRIs ending the year on an annual basis?

好的。然後就 ECRI 而言，如果我們進行粗略的粗略計算，就像剛剛給出的本季搬入租金情況一樣，本季的租金上漲確實可能會更高一些。這麼說公平嗎？您能否告訴我們您認為 ECRI 每年結束時的情況？

Yes. Just given what I had spoken to in terms of their performing better in the third quarter, I would agree, the contribution in the third quarter was a little bit better year over year. But would go back to the commentary I just made around, a lot of that's driven by those newer customers that we moved in over the last 12 to 18 months and their contribution to that program really driving it versus a change in strategy or otherwise.

是的。考慮到我所說的他們在第三季表現更好，我同意，第三季的貢獻比去年同期好一點。但回到我剛才發表的評論，其中許多是由我們在過去 12 到 18 個月內引入的新客戶推動的，他們對該計劃的貢獻真正推動了該計劃，而不是戰略或其他方面的變化。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

Just on the acquisitions market, recognizing there hasn't been a ton of actual deals closing, but just curious on your expectations for cap rates. I believe, earlier in the year, you were looking for 6%-plus initial yields or stabilized yields.

就收購市場而言，認識到並沒有大量實際交易完成，但只是對您對資本化率的預期感到好奇。我相信，今年早些時候，您正在尋找 6% 以上的初始收益率或穩定收益率。

So just curious if that's moved down as the general market has improved from a REIT's cost to capital perspective and rates have come down at least on the unsecured side. So just curious on your latest expectations on pricing and cap rates or where you'd be willing to do deals.

因此，我很好奇，隨著整體市場從房地產投資信託基金的資本成本角度來看有所改善，並且利率至少在無擔保方面有所下降，這一數字是否會下降。因此，只是想知道您對定價和資本化率的最新期望，或者您願意在哪裡進行交易。

Yes. Thanks, Juan. Good question. And I would generally say that the way you characterize it is pretty consistent and has been for some time, meaning that we're still looking for stabilized yields that are in the 6% ZIP codes. And what that typically means is, we're acquiring things in the 5s.

是的。謝謝，胡安。好問題。我通常會說，你描述它的方式非常一致，並且已經持續了一段時間，這意味著我們仍在尋找 6% 郵遞區號的穩定收益率。這通常意味著，我們正在 5 秒鐘內獲取東西。

And obviously, that was the case for Simply last year, probably the largest private transaction that we've been speaking to but that's been consistent for the last year or so, and that's the current state of play. Obviously, as more transactions occur here over the next couple of quarters, we'll have more to talk about on cap rates. But that's the right ZIP code to be thinking about.

顯然，去年 Simply 的情況就是如此，這可能是我們一直在談論的最大的私人交易，但在過去一年左右的時間裡一直如此，這就是當前的情況。顯然，隨著未來幾季這裡發生更多交易，我們將有更多關於上限利率的討論。但這是值得考慮的正確郵遞區號。

Okay. Great. And then just curious if you could talk a little bit about the strategy or thinking behind the COO hiring and what you expect the seat to bring or the person to bring as a result of the addition?

好的。偉大的。然後只是想知道您是否可以談談首席營運長招募背後的策略或想法，以及您期望增加的席位或人員帶來什麼？

Yes, sure. Obviously, without question, as you've seen and track the things that we're doing relative to our investment in all the tools, digital optimization, the advantages that we're continuing to deploy through our scale, our brand, and everything that again drives operations day to day, the leadership tied to that is incredibly critical as well.

是的，當然。顯然，毫無疑問，正如您所看到並追蹤的，我們正在做的事情與我們在所有工具、數位優化、我們透過我們的規模、我們的品牌以及一切繼續部署的優勢方面的投資有關。推動日常運營，與之相關的領導力也非常重要。

So we're excited about Chris Sambar joining us, great experience with a very solid career at AT&T for over 20 years, certainly understands many of the components of what drives our business, particularly technology and infrastructure-related, great experience with running large teams within the AT&T platform.

因此，我們很高興Chris Sambar 加入我們，他在AT&T 工作了20 多年，擁有豐富的經驗和紮實的職業生涯，當然了解推動我們業務的許多組成部分，特別是與技術和基礎設施相關的組成部分，在管理大型團隊方面擁有豐富的經驗AT&T 平台內。

In his last role, he had over 25,000 employees reporting to him. So these are all key attributes that we're excited to bring into the senior leadership ranks, and we're very confident he's going to be able to put a strong mark on the business operations and otherwise.

在他上一個職位上，有超過 25,000 名員工向他報告。因此，這些都是我們很高興將其帶入高級領導隊伍的關鍵品質，我們非常有信心他能夠在業務運營和其他方面留下深刻的印象。

Todd Thomas, KeyBanc Capital Markets.

托馬斯 (Todd Thomas)，KeyBanc 資本市場。

I wanted to go back to the promotions in the quarter and some of the commentary there and ask about the use of promotions in October as we think about the down 5% move-in rent and the improvement that you saw there relative to the third quarter.

我想回顧一下本季度的促銷活動和那裡的一些評論，並詢問 10 月份促銷活動的使用情況，因為我們考慮了 5% 的入住租金下降以及您看到的相對於第三季度的改善。

And then I think in the past, you previously indicated that the use of promotions on some level may have attracted a slightly lower lifetime value customer. Has that changed now? Or are you seeing a better response and stronger customer entering the portfolio with the use of promotions?

然後我想，在過去，您之前曾表示，在某種程度上使用促銷活動可能會吸引生命週期價值稍低的客戶。現在情況改變了嗎？或者您看到透過促銷獲得了更好的反應和更強大的客戶進入產品組合？

Sure. That's a multipart question there we'll get into. So in October, I'd say, year-over-year promotions pretty consistent to prior year. The driver of the promotions in the third quarter was just a different mix of promotions. So we used a little bit less of the 50% off and a little bit more of the dollar special.

當然。這是一個由多個部分組成的問題，我們將對此進行討論。因此，我想說，十月的年比促銷活動與去年相當一致。第三季促銷活動的推動力只是不同的促銷組合。所以我們少用了一點 50% 的折扣，多了一點一美元特價。

So -- and that's just more tactically on the ground. In terms of the promotions, you're right, different promotions have different profiles. They attract customers and ultimately are used based on the amount of inventory we have to sell, the pricing dynamics in the local market and are tuned to try to maximize revenue over the medium term in conjunction again with advertising and move-in rental rates.

所以——這只是更實際的戰術。就促銷而言，你是對的，不同的促銷有不同的概況。它們吸引客戶，並最終根據我們必須銷售的庫存量、當地市場的定價動態進行使用，並進行調整，以嘗試再次結合廣告和入住租金率，在中期實現收入最大化。

Okay. And then my second question, I wanted to just ask or trying to try to clarify the occupancy update that you provided for October, was that -- did you mean a decrease from September, so down 90 basis points? Or do you mean that the year-over-year decrease at the end of October is down 90 basis points. Can you just clarify and maybe just provide an occupancy rate for where the portfolio sits today?

好的。然後我的第二個問題，我想問或試圖澄清您提供的 10 月份入住率更新，是 - 您的意思是較 9 月份下降，所以下降了 90 個基點？還是說10月底年減幅是下降了90個基點？您能否澄清一下，或提供一下今天投資組合所在位置的入住率？

Yes. That's a good clarification there, Todd. What I was speaking to was 90 basis points year over year. And as we've talked about through this year, we had a little bit more occupancy uptick through the summer and have anticipated a little bit more occupancy decline into the fall, and we've seen that play out as anticipated. And we're anticipating through the year, at our last outlook update, we said down 80 basis points on average.

是的。托德，這是一個很好的澄清。我所說的是年增 90 個基點。正如我們今年所討論的那樣，我們在整個夏季的入住率有所上升，並預計到秋季入住率會有所下降，我們已經看到這種情況正如預期的那樣發生。我們預計今年全年，在上次展望更新中，我們表示平均下降 80 個基點。

Given the increase in the outlook, it's probably down closer to 70 basis points on average through the year from here. But continue to see a closing of that gap overall on a year-over-year basis, but some different seasonal patterns through the year.

考慮到前景的改善，今年全年的平均利率可能會下降近 70 個基點。但與去年同期相比，整體差距仍在縮小，但全年的季節性模式有所不同。

And then in terms of quarter end occupancy or month end occupancy, obviously, we haven't closed the month of October, but it will be pretty similar to where we ended September. But obviously, that's not a number that you often see. So -- but just seasonally, you don't see a big move there. So just a touch lower than where we finished September.

然後就季末入住率或月末入住率而言，顯然，我們還沒有結束 10 月份，但它將與我們截至 9 月份的情況非常相似。但顯然，這不是一個你經常看到的數字。所以，但僅就季節性而言，你看不到那裡有很大的變化。因此，僅比 9 月結束時的水平低一點。

(Operator Instructions) Ron Kamdem, Morgan Stanley.

（操作員指令）Ron Kamdem，摩根士丹利。

Just following up on the stabilization comments. I think you talked about different markets and obviously move-in rents improving. But anything on the website data and the website visits, any other data points that are confirming that story would be helpful.

只是跟進穩定評論。我認為您談到了不同的市場以及明顯的入住租金的改善。但網站數據和網站訪問量上的任何內容，以及證實該故事的任何其他數據點都會有所幫助。

Yes. So we've talked about industry-wide demand, and that really reaching parity as we moved into September and October, that's been really encouraging, and we've continued to see good traction from web visits through our platform as well. Really a combination of strong web visits that are in positive territory year over year as well as good conversion rates, frankly, online and through our different channels to the store.

是的。因此，我們討論了整個行業的需求，隨著我們進入9 月和10 月，這種需求確實達到了同等水平，這確實令人鼓舞，而且我們也繼續看到透過我們的平台進行網路存取的良好吸引力。坦白說，這確實是年復一年保持積極成長的強勁網路流量和良好轉換率的結合，坦白說，在線上和透過我們的不同管道到達商店。

And then just my second one was, I think you've been interesting stat on 70% to 75%. I think I heard that right through the channel. Just wondering, as you're thinking about over the next three to five years, is that optimal? Is there more room there? And what the implication could be on cost savings?

然後我的第二個問題是，我認為 70% 到 75% 的統計數據很有趣。我想我是透過頻道聽到的。只是想知道，正如您在未來三到五年中所考慮的那樣，這是最佳的嗎？那裡還有更多空間嗎？這對節省成本有何影響？

Yes. No, I think that's right. So about 75% of our customers are utilizing a digital channel to complete their rental and that's a number that's grown pretty steadily over the last several years. And just a reminder, we're not providing any incentive for customers to utilize that as the way to complete their rental agreement. But customers continue to embrace it and frankly, more and more year over year.

是的。不，我認為這是對的。因此，我們大約 75% 的客戶正在利用數位管道來完成租賃，而這個數字在過去幾年中一直在穩步增長。提醒一下，我們不會為客戶提供任何誘因來利用此方式來完成租賃協議。但坦白說，客戶繼續接受它，而且逐年越來越多。

And so we're optimistic that more customers will choose that channel to complete their rental agreement before they arrive at the property over the next several years, and that will lead to continued optimization alternatives that Joe spoke to earlier in terms of providing that win-win-win, both for customers and how they choose to complete their rentals, our employees and how we think about their career opportunities, specialization and centralization that we've utilized as well as the financial impact.

因此，我們樂觀地認為，更多的客戶將在未來幾年到達房產之前選擇該渠道來完成租賃協議，這將導致喬之前談到的持續優化替代方案，以提供雙贏的方案。如何選擇完成租賃、我們的員工以及我們如何看待他們的職業機會、我們所利用的專業化和集中化以及財務影響都是雙贏的。

Yes. And Ron, I'd add too. It's certainly a very impactful channel and the infrastructure and the effectiveness of our digital platform is certainly playing through relative to speed, effectiveness, et cetera, that customers are embracing.

是的。還有羅恩，我也想補充。這無疑是一個非常有影響力的管道，我們的數位平台的基礎設施和有效性肯定會在客戶所接受的速度、有效性等方面發揮作用。

We also, as I noted in my opening comments, now have about 2 million users on our PS app, that tool as well, again, is additive to the way customers are interacting with us is much easier from an account management standpoint, communication standpoint, et cetera. So we're bolting on and building a very robust environment.

正如我在開場白中指出的那樣，我們的 PS 應用程式現在有大約 200 萬用戶，該工具也增加了客戶與我們互動的方式，從帳戶管理的角度和溝通的角度來看，變得更加容易等等。因此，我們正在努力建立一個非常強大的環境。

The customers, as Tom mentioned, are not being incentivized by us to use these tools. They're telling us these are tools they want and they're gravitating to them very aggressively. So we'll still provide when customers require it, face-to-face interaction with, again, our skilled property managers at properties, but this is one additional way for them to have that much more of an effective transaction with us. And then from an ongoing relationship standpoint, it's a different level of service we can provide them through the PS app as well.

正如湯姆所提到的，我們並沒有激勵客戶使用這些工具。他們告訴我們這些是他們想要的工具，而且他們非常積極地使用它們。因此，當客戶需要時，我們仍然會提供與我們熟練的物業經理進行面對面的互動，但這是他們與我們進行更有效交易的另一種方式。然後，從持續關係的角度來看，我們也可以透過 PS 應用程式為他們提供不同程度的服務。

Caitlin Burrows, Goldman Sachs.

凱特琳·布羅斯，高盛。

I don't think this has been talked about yet, but we talked about acquisitions and the volume. It looks like guidance is reduced for the year, but you mentioned the pent-up seller dialogue. So is that just timing and you expect an above-average January or have some deals fallen off or some mixture?

我認為這還沒有被討論過，但我們討論了收購和數量。看起來今年的指引有所減少，但你提到了被壓抑的賣家對話。那麼，這只是時間安排嗎？

Yes, you hit it. It's just a timing element, which is we have been anticipating that the transaction market would improve throughout the year and it has. But just in terms of the level of dialogue, it's really picked up over the last 60 to 90 days.

是的，你擊中了。這只是一個時間因素，我們一直預計交易市場全年都會有所改善，而且確實如此。但僅就對話層面而言，在過去 60 到 90 天內確實有所回升。

And so a good bit of the activity that we're speaking about is likely to fall in the start of '25 versus finishing out closing in '24. But obviously, you saw we had under contract a pickup in acquisition volumes, and we have more to come on that front as we close out the year, but some of it will slip into '25.

因此，我們談論的大部分活動可能會在 25 年初開始，而在 24 年結束時結束。但顯然，你看到我們根據合約採購量有所增加，當我們結束今年時，我們在這方面還有更多的工作要做，但其中一些將滑入 25 年。

Got it. And then maybe just on your own development. I was wondering if you could give a sense of your own pace of development deliveries in '24 and how you think that will end up comparing to '25 and '26. Is a pretty consistent increasing, decreasing or your goals?

知道了。然後也許只是你自己的發展。我想知道您是否可以介紹一下您自己在 24 年的開發交付速度，以及您認為與 25 年和 26 年相比最終會如何。您的目標是相當一致的增加、減少嗎？

So yes, Caitlin, this will be a record year of deliveries for us from a development standpoint. So we'll finish out 2024 with about $430 million of development deliveries that includes both ground-up new construction as well as redevelopment.

所以，是的，凱特琳，從發展的角度來看，今年對我們來說將是交付量創紀錄的一年。因此，我們將在 2024 年完成約 4.3 億美元的開發交付，其中包括全新建設和重建。

The work and the timing of consistent level of deliveries year to year can be somewhat challenging, particularly with many of the hurdles that we're facing with development across multiple markets, longer entitlement times, more complicated, improvement processes, different areas of the business from a development standpoint that create more risk and much of that's time related.

每年保持一致的交付水平的工作和時間可能有些挑戰性，特別是考慮到我們在跨多個市場的開發中面臨的許多障礙、更長的授權時間、更複雜的改進流程、不同的業務領域從開發的角度來看，這會帶來更多風險，而且大部分風險與時間有關。

So we're going to see a bit of a drop going into 2025. And with that, we'll continue to work to elevate the amount of deliveries we'll see in 2026 and beyond. So the team's doing a great job developing and redeveloping great new assets, giving us more scale in markets.

因此，到 2025 年我們會看到略有下降。為此，我們將繼續努力提高 2026 年及以後的交付量。因此，團隊在開發和重新開發優質新資產方面做得非常出色，使我們在市場上擁有了更大的規模。

And with the record amount of deliveries this year, it was a great bar to hit, and we're going to challenge ourselves to match, if not exceed that in subsequent years. But 2025, we'll see a slight decrease in deliveries.

今年的交付量創歷史新高，這是一個巨大的目標，我們將挑戰自己，在接下來的幾年裡達到甚至超越這個目標。但到 2025 年，我們將看到交付量略有下降。

Brendan Lynch, Barclays.

布倫丹·林奇，巴克萊銀行。

Maybe on the labor front, how do you balance the labor saving -- cost savings versus the risk of reducing on-site staff too much? I'm sure you're cognizant of this risk. Just how you monitor and how you think about it?

也許在勞動力方面，您如何平衡勞動力節省—成本節省與過度減少現場員工的風險？我確信您已經意識到這種風險。您如何監控以及如何看待它？

Yes. That's part of what we've been very diligent about making sure that we're using a variety of different tools analytically and otherwise, to not only property by property, understand the impacts of the way that we've been changing our operating model that may give us the opportunities, as I've spoken about to reset the type of skills and labor that we have with properties to properties.

是的。這是我們一直非常努力確保我們使用各種不同工具進行分析和其他方式的一部分，不僅要逐個財產，還要了解我們改變營運模式的方式所產生的影響可能會給我們機會，正如我所說的那樣，將我們擁有的技能和勞動力類型重新設定為財產。

But we've got growing sets of analytics that help to predictively look at staffing levels because sometimes properties are busy, for instance, beginning end of the month or it could be because of some seasonality issues that may be different times of the month, different times of a week.

但是，我們擁有越來越多的分析集，有助於預測性地了解人員配備水平，因為有時酒店很忙，例如，月初月底，或者可能是因為一些季節性問題，可能是在一個月的不同時間，不同的時間一週的幾次。

So we've got a lot of very interesting and growing analytics that are helping us optimize the ability to put our own people where we know they're going to be able to serve customers even more effectively. Part of that also relates to the specialized roles that our platform has been able to create within our property management ranks.

因此，我們有許多非常有趣且不斷發展的分析，這些分析正在幫助我們優化將我們自己的人員安排在我們知道他們能夠更有效地為客戶服務的地方的能力。其中一部分也與我們的平台能夠在我們的物業管理團隊中創建的專業角色有關。

So a lot of great tools that give us the confidence that we've got a very good balance. And as I mentioned earlier, customers are gravitating to this quite effectively as well. We've got a vibrant back channel that's become more and more effective through our care center as well.

很多很棒的工具讓我們相信我們已經取得了很好的平衡。正如我之前提到的，客戶也很容易被這一點所吸引。我們擁有一個充滿活力的後台管道，透過我們的護理中心，該管道也變得越來越有效。

So we've got many tools even beyond just the amount of labor that's resident at a particular property that actually enhances the amount of service that we can provide to customers.

因此，我們擁有許多工具，甚至超越了特定物業的駐留勞動力數量，這些工具實際上提高了我們可以為客戶提供的服務量。

Great. That's helpful. And my other question is just on market strength. Tom, you called out Seattle as being particularly strong. I think Florida has been weaker in some of the past quarters. Maybe just give us an update on which ones are performing best, which ones are still struggling a bit.

偉大的。這很有幫助。我的另一個問題是關於市場實力。湯姆，你說西雅圖特別強。我認為佛羅裡達州在過去的一些季度表現較弱。也許只需向我們提供最新信息，了解哪些表現最好，哪些仍表現不佳。

Yes. So we've provided a good list of markets that have started to accelerate earlier in the year. So I mentioned Seattle, but the DCs and San Franciscos as well.

是的。因此，我們提供了一份今年稍早開始加速成長的市場清單。所以我提到了西雅圖，但也提到了華盛頓特區和舊金山。

The markets that we've highlighted that are still working through normalization continue to be those that were really the highest flyers through the 2021 and 2022 time period. So a market like Atlanta, for instance, has that normalization, but also some new supply to work through.

我們強調的仍在正常化過程中的市場仍然是 2021 年和 2022 年期間發展最快的市場。因此，像亞特蘭大這樣的市場已經實現了正常化，但也有一些新的供應需要解決。

And so that's how I would characterize the performance. That said, even those markets that maybe are having a tougher go at it, if you look at overall changes in same-store revenue growth year over year, you're starting to see some improvement in some of those markets, like in Orlando, for instance.

這就是我對錶演的描述。也就是說，即使是那些可能面臨更嚴峻挑戰的市場，如果你觀察同店收入增長逐年的總體變化，你也會開始看到其中一些市場的一些改善，比如奧蘭多，例如。

For the quarter, revenue was down 6.1%, but that's frankly starting to improve from there. And so some of those initial indications of stabilization are occurring in a few of those markets as well, even those that had really strong performance in '21 and '22.

該季度的收入下降了 6.1%，但坦白說，收入從此開始有所改善。因此，其中一些市場也出現了一些初步的穩定跡象，甚至是那些在 21 和 22 年表現強勁的市場。

On the West Coast of Florida, you highlighted Florida specifically, Joe highlighted the hurricane impact. We disclosed that, that's likely to have about a $7 million impact financially.

在佛羅裡達州西海岸，您特別強調了佛羅裡達州，喬強調了颶風的影響。我們透露，這可能會產生約 700 萬美元的財務影響。

But at the same time, the customer traffic on the West Coast of Florida has impacted, and we want to be there to help serve those customer bases as they seek to rebuild on the West Coast of Florida. And so we've seen an increase in move-in activity and occupancy there related to the storm activity and really the storm rebuilding.

但同時，佛羅裡達州西海岸的客戶流量受到了影響，我們希望在那裡幫助為這些尋求在佛羅裡達州西海岸重建的客戶群提供服務。因此，我們看到與風暴活動和風暴重建相關的入住活動和入住率增加。

Ki Bin Kim, Truist Securities.

Ki Bin Kim，Truist 證券公司。

Just going back to some of the comments on stabilization. Correct me if I'm wrong, but last October, I thought you guys cut rates pretty deeply. So when you talk about stabilization, how do you take that into account? And when you look at rent trends sequentially, does that paint a similar story of improvement?

回到一些關於穩定的評論。如果我錯了，請糾正我，但去年十月，我認為你們大幅降息。那麼，當您談論穩定時，您如何考慮這一點？當您依序觀察租金趨勢時，是否會看到類似的改善故事？

Yes. I think there's a few things there. One, I'm giving you a rent number in October that is an apples-to-apples rent number. And again, we're looking for move-in rents to be in the down single digits towards the end of the year, and I think we're on track for that.

是的。我認為那裡有一些事情。第一，我給你一個十月份的租金數字，這是一個同類的租金數字。再說一遍，我們希望到年底時入住租金能下降個位數，我認為我們正在朝著這個目標邁進。

Okay. And on the hurricane impact, how much NOI benefit did you get on the portfolio level from people maybe moving in?

好的。關於颶風的影響，您在投資組合層面上從可能搬入的人們那裡獲得了多少 NOI 收益？

Well, I just highlighted the fact that actually we'll have a financial cost associated with the storms. And as I noted, we are seeing some move-in activities, but I think it's too early to tell to talk about NOI impact overall.

好吧，我只是強調了這樣一個事實：實際上我們將承受與風暴相關的財務成本。正如我所指出的，我們看到了一些入住活動，但我認為現在談論 NOI 的整體影響還為時過早。

But no question, we've had some cleanup work to do at a few of our properties that were impacted, and those are getting right back online. Frankly, most of them are back online serving customers as we sit right here. And as Joe mentioned, relatively modest impact overall and relatively fortunate given where the storm came through.

但毫無疑問，我們已經對一些受影響的物業進行了一些清理工作，而這些工作正在恢復正常。坦白說，當我們坐在這裡時，他們中的大多數人都重新在線為客戶提供服務。正如喬所提到的，考慮到風暴發生的地方，整體影響相對較小，而且相對幸運。

Mike Mueller, JPMorgan.

麥克·穆勒，摩根大通。

Going back to development. Can you talk a little bit about your land positioning and the visibility to keep the development engine going? For example, how many years of development starts do you control?

回到發展。您能談談您的土地定位和維持開發引擎運轉的可見度嗎？例如，您可以控制多少年的開發啟動？

I'll speak in general terms, Mike, as far as our strategy around land holdings, and then we can give you a little bit more color, more specifically to your question. But what we more often than not do in a vast majority of the development transactions is we'll take control of a parcel depending on the timing for entitlements and other permitted processes you have to go through. We have a contractual option on the land.

麥克，我將籠統地談談我們圍繞土地持有的戰略，然後我們可以為您提供更多信息，更具體地針對您的問題。但在絕大多數開發交易中，我們經常做的是，我們將根據您必須經歷的權利時間和其他允許的流程來控制地塊。我們對這塊土地有合約選擇權。

We don't own the property itself. So that's far more typical than just putting a big land inventory on our balance sheet. So we'll typically acquire a property. And again, this would be a vacant parcel once we've gotten through what we feel are necessary and any risk-related improvements. So once we get to that point, we'll go ahead and take ownership of the land site.

我們並不擁有該房產本身。因此，這比僅僅將大量土地庫存計入我們的資產負債表更為典型。因此，我們通常會購買房產。再說一遍，一旦我們完成了我們認為必要的工作以及任何與風險相關的改進，這將是一個空地。因此，一旦我們達到這一點，我們將繼續取得該土地的所有權。

But frankly, more often than not, we're literally ready to build as we do that. Tom, I don't know if you got a specific number to point to relative to overall holdings, but --

但坦白說，通常情況下，我們實際上已經做好了建設的準備。湯姆，我不知道你是否有一個相對於總體持有量的具體數字，但是--

Yes, we own about $60 million worth of land in that context, given the strategy that Joe just highlighted.

是的，考慮到喬剛才強調的策略，我們在這種情況下擁有價值約 6000 萬美元的土地。

And out of curiosity that $60 million of land that gives you about what in terms of total expected investment, what's buildable on that?

出於好奇，這塊價值 6000 萬美元的土地預計總投資額是多少，在此基礎上可以建造什麼？

Yes, that's going to give you ability. Obviously, part of our activity is redevelopment as well. So as you think about that $60 million, that gives us visibility over the next couple of years. And as Joe mentioned, we've got an ability to see further than that based on the agreements we have in place with landowners.

是的，這會給你能力。顯然，我們活動的一部分也是重建。因此，當您想到這 6000 萬美元時，我們可以了解未來幾年的情況。正如喬所提到的，根據我們與土地所有者簽訂的協議，我們有能力看得更遠。

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

我們的問答環節已經結束。我現在想將電話轉回瑞安伯克 (Ryan Burke) 以徵求結束意見。

Thank you, Rob, and thanks to all of you for joining us today. Have a great Halloween, and we'll talk to you soon.

謝謝你，羅布，也謝謝你們所有人今天加入我們。祝萬聖節愉快，我們很快就會與您交談。

This concludes today's call. You may disconnect your lines at this time, and we thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路，我們感謝您的參與。