Public Storage (PSA) 2025 Q1 法說會逐字稿

Greetings and welcome to Public Storage first quarter 2025 earnings call.

您好，歡迎參加 Public Storage 2025 年第一季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Ryan Burke, Vice President, Investor Relations and Strategic Partnerships.

（操作員指示）提醒一下，本次會議正在錄音。現在，我想將會議交給主持人、投資者關係和策略夥伴關係副總裁 Ryan Burke。

Thank you, Rob. Hello, everyone. Thank you for joining us for our first quarter 2025 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. These forward-looking statements are subject to certain economic risks and uncertainties.

謝謝你，羅布。大家好。感謝您參加我們的 2025 年第一季財報電話會議。我和喬·拉塞爾、湯姆·博伊爾一起來到這裡。在我們開始之前，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所定義的前瞻性陳述。這些前瞻性陳述受到某些經濟風險和不確定性的影響。

All forward-looking statements speak only as of today, May 1, 2025, and we assume no obligation to update, revise or supplement statements to 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.

所有前瞻性陳述僅截至今天（2025 年 5 月 1 日）有效，我們不承擔因後續事件而更新、修改或補充不真實的陳述的義務。我們在本次電話會議上提供的非 GAAP 財務指標與 GAAP 的對帳已包含在我們的收益報告中。

You can find our press 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 2 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 上找到我們的新聞稿、補充報告、SEC 報告以及本次電話會議的音訊回放。我們懇請您先限制提問兩個問題。當然，之後如果您還有更多，請隨時重新排隊。

With that, I'll turn the call over to Joe.

說完這些，我就把電話轉給喬。

Thank you, Ryan, and thank you for joining us today. Tom and I will walk you through our Q1 performance, industry views and outlook, then we'll open it up for Q&A. Our performance during the quarter was in line with our expectations as we continue to drive stabilization across our portfolio. Move-in volumes increased over 2% as we drove more people to our website and increased customer conversion.

謝謝你，瑞安，謝謝你今天加入我們。湯姆和我將向您介紹我們第一季的業績、產業觀點和展望，然後我們將開始問答環節。由於我們持續推動整個投資組合的穩定，本季的業績符合我們的預期。由於我們吸引了更多人造訪我們的網站並提高了客戶轉換率，入住量增加了 2% 以上。

With move-ins up and strong in-place customer behavior, the same-store occupancy gap to last year closed from down 80 basis points on December 31, to down 30 basis points on March 31. Revenue growth in our same-store pool turned positive and improved sequentially again after more than two years of deceleration record growth in 2021 and 2022.

隨著入住率的提高和店內顧客行為的強勁，與去年同期相比，同店入住率的差距從 12 月 31 日的 80 個基點下降縮小至 3 月 31 日的 30 個基點。在經歷了 2021 年和 2022 年兩年多的減速成長之後，我們的同店營收成長再次轉為正值並連續改善。

Revenue growth in our non-same-store pool, which comprises 520 properties and 21% of our portfolio accelerated to nearly 11% as it continues to be an engine of growth. And all of this helped drive core FFO per share growth of more than 2% for the quarter, a 200 basis point improvement sequentially versus last quarter.

我們的非同店資產池（包括 520 處房產，占我們投資組合的 21%）的收入成長加速至近 11%，因為它繼續成為成長的引擎。所有這些都幫助推動本季每股核心 FFO 成長超過 2%，比上一季較上季提高 200 個基點。

We are well positioned due to our high-quality portfolio, innovative platform and company-wide competitive advantages. These include -- our industry-leading revenue management consistently achieves the highest revenues per square foot in our markets. We are advancing the industry's most comprehensive digital transformation with customers choosing digital options for 85% of interactions and a new, more efficient operating model that includes using AI to staff or field more efficiently.

我們憑藉高品質的產品組合、創新的平台和全公司的競爭優勢佔據了有利地位。其中包括—我們領先業界的收入管理始終在我們的市場上實現每平方英尺最高的收入。我們正在推動業界最全面的數位轉型，客戶 85% 的互動都選擇數位化選項，並採用新的、更有效率的營運模式，包括使用人工智慧來更有效率地配備員工或現場工作。

Coupled with additional advantages across the Public Storage operating platform, this drives same-store operating margins meaningfully higher than the rest of our industry. And we have broad ancillary and external growth avenues, including acquisitions, development, redevelopment, domestic and international expansion, tenant insurance, third-party management and lending.

加上公共儲存營運平台的其他優勢，這使得同店營業利潤率明顯高於我們行業的其他公司。我們擁有廣泛的輔助和外部成長管道，包括收購、開發、再開發、國內和國際擴張、租戶保險、第三方管理和貸款。

Our experienced acquisition and development teams are actively growing the portfolio. The $184 million we have acquired or under contract as of today is ahead of the $35 million achieved at this time last year. In total, our sizable non-same-store pool will deliver an additional $80 million of NOI through stabilization in 2026 and beyond.

我們經驗豐富的收購和開發團隊正在積極擴大投資組合。截至今天，我們已獲得或簽訂的合約金額為 1.84 億美元，高於去年同期的 3,500 萬美元。整體而言，透過 2026 年及以後的穩定，我們龐大的非同店客源池將帶來額外的 8,000 萬美元淨利。

Our recently announced proposal to acquire Abacus Storage King, one of the leading owner operators in Australia and New Zealand is a great example of our capabilities at play. As we demonstrated with Shurgard in Europe, we are uniquely positioned to execute on international growth. And all of this is enhanced by the industry's best balance sheet which provides public storage, both stability and the ability to execute on growth across economic cycles.

我們最近宣布了收購澳洲和紐西蘭領先的業主營運商之一 Abacus Storage King 的提議，這充分體現了我們的能力。正如我們在歐洲透過 Shurgard 所展示的那樣，我們在實現國際成長方面具有獨特的優勢。所有這些都得益於業內最佳的資產負債表，它提供了公共儲存、穩定性以及跨經濟週期實現成長的能力。

Favorable industry dynamics benefit us as well. This is a needs-based business that is largely driven by customer events that happen in all economic conditions. Additionally, an evolving economy creates new customers as our demand drivers shift.

良好的行業動態也使我們受益。這是一項基於需求的業務，很大程度上受到各種經濟條件下發生的客戶事件的驅動。此外，隨著需求驅動因素的轉變，不斷發展的經濟也創造了新的客戶。

With low nominal dollar rents, we are also affordable relative to the other space alternatives. This, coupled with the customer need tend to make self-storage more resilient to changing economic conditions than many other industries. And it's important to keep in mind that our industry is already being normalized over the past three years.

由於名義租金較低，與其他空間替代方案相比，我們的租金也是可以負擔的。這一點，再加上客戶的需求，往往使得自助倉儲比許多其他產業更能適應不斷變化的經濟條件。重要的是要記住，我們的行業在過去三年中逐漸正常化。

Move-in rents have declined significantly due to softening demand and competitive market behavior. Our new customers are moving in at very affordable rents that are in line with levels not seen since 2013. We are in a good position to benefit from both rising rents and occupancy in an improving demand environment.

由於需求疲軟和市場競爭行為，入住租金大幅下降。我們的新客戶入住時享受的租金非常實惠，達到了 2013 年以來的最高水準。在需求不斷改善的環境下，我們處於有利地位，可以從租金和入住率的上漲中獲益。

Now I'll turn the call over to Tom.

現在我將把電話轉給湯姆。

Thanks, Joe. We are driving growth across our broad set of capital allocation opportunities. We delivered $144 million of development during the quarter and have a robust pipeline of about $650 million that we will deliver over the next two years.

謝謝喬。我們正在透過廣泛的資本配置機會來推動成長。我們在本季實現了 1.44 億美元的開發成果，我們還擁有約 6.5 億美元的強勁儲備，將在未來兩年內實現。

While industry delivery volume is declining overall, we continue to both grow and enhance the quality of our portfolio through our best-in-class development team. As Joe mentioned, acquisition activity also picked up in the first quarter with 14 properties acquired were under contract for $184 million through today.

儘管行業交付量整體下降，但我們仍透過一流的開發團隊不斷成長並提高產品組合的品質。正如喬所提到的，第一季的收購活動也有所回升，截至今天已收購了 14 處房產，合約金額為 1.84 億美元。

In Australia and New Zealand, we are excited about the potential to partner with Abacus Storage King and Ki Corporation, their major shareholder to help enhance the company's customer experience, operating performance and portfolio growth.

在澳洲和紐西蘭，我們很高興有機會與 Abacus Storage King 及其主要股東 Ki Corporation 合作，協助提升公司的客戶體驗、營運績效和投資組合成長。

Given where we are in that process, we're very limited in what we can say on this call, but we'll continue to keep everyone updated as appropriate. Our capital and liquidity positions are very strong. In fact, they are getting even stronger this year with retained cash flow expected to increase by 50% to approximately $600 million.

鑑於我們目前所處的階段，我們在這次電話會議上能說的內容非常有限，但我們會繼續適時向大家通報最新情況。我們的資本和流動性狀況非常強勁。事實上，今年他們的實力將進一步增強，預計留存現金流將增加 50%，達到約 6 億美元。

Industry-leading leverage balance sheet capacity and cost of capital allow us to execute in scale across our growth channels, coupled with improving fundamentals and less competitive new supply, we're poised to increase our portfolio growth activity moving forward.

產業領先利用資產負債表容量和資本成本使我們能夠在成長管道中大規模執行，再加上基本面的改善和競爭力較低的新供應，我們準備好增加未來的投資組合成長活動。

Now shifting to financial performance for the first quarter, led by higher rental rates same-store revenues turned positive following three consecutive quarters of revenue declines. Same-store expenses were well controlled at 30 basis points of growth, driven by our operating model initiatives and moderated advertising spend. Meanwhile, we drove good move in volume in the quarter.

現在來看看第一季的財務業績，在租金上漲的帶動下，同店營收在連續三季下滑後轉為正值。受我們營運模式措施和適度廣告支出的推動，同店支出成長被很好地控制在 30 個基點。同時，我們在本季實現了良好的銷售成長。

Core FFO per share was up 2.2% year-over-year to $4.12 per share, representing a strong 200 basis points acceleration from the growth level achieved in the prior quarter. Our guidance for 2025 is unchanged. One note regarding the first quarter relative to the rest of the year. As expected, there was minimal impact from the fire-related pricing restrictions in Los Angeles during the first quarter. However, we do anticipate it will grow and ultimately have a 100 basis points impact on same-store revenue growth for the year.

每股核心 FFO 年成長 2.2% 至每股 4.12 美元，較上一季的成長水準強勁成長 200 個基點。我們對 2025 年的指導保持不變。關於第一季與今年其他時間的比較，有一則說明。正如預期的那樣，第一季洛杉磯火災相關的價格限制措施的影響微乎其微。然而，我們確實預期它會成長，並最終對全年同店營收成長產生 100 個基點的影響。

All in, Public Storage is very well positioned today. The self-storage industry is very resilient. Our leading operating platform is driving peer-leading performance and acceleration across our portfolio. We are further enhancing the platform through digital and operating model transformation. And our balance sheet while providing stability is also allowing us to grow across our multiple channels in combination with significant retained cash flow.

總而言之，Public Storage 目前處於非常有利的地位。自助倉儲產業非常有彈性。我們領先的營運平台正在推動我們整個產品組合的同業領先績效和加速。我們正在透過數位化和營運模式轉型進一步增強該平台。我們的資產負債表在提供穩定性的同時，也使我們能夠在多種管道上實現成長，並擁有大量保留現金流。

With that, Rob, let's open it up for questions.

羅布，現在讓我們開始提問吧。

(Operator Instructions) Nick Yulico, Scotiabank.

（操作員指示） 加拿大豐業銀行 Nick Yulico。

Great. Thank you. It's Daniel Tricarico along with Nick. I'm trying to gauge the level of conservatism in the guide. Can you help us square away the increasing confidence in fundamentals bottoming with the rate gap staying down 5% through the year, implying we're just bouncing sideways along the bottom.

偉大的。謝謝。他們是 Daniel Tricarico 和 Nick。我正在嘗試衡量指南中的保守程度。您能否幫助我們理清基本面觸底的信心與全年利率差距保持 5% 的差距，這意味著我們只是在底部橫向波動。

At what point do comps become easy enough or demand picks up enough to see a lift off that bottom because theoretically, you don't stay in storage forever, so I can only get you so far in the long run?

在什麼時候比較才會變得足夠容易，或者需求才會回升到足以看到底部升起，因為從理論上講，你不會永遠呆在倉庫裡，所以從長遠來看我只能幫你到現在為止？

Okay. Thanks, Dan. I think a couple of things to highlight there. We did have a good quarter in the first quarter, in line with our expectations, as Joe noted. In terms of the guide overall, our performance was in line with expectations. As you highlighted, move-in volume was strong in the quarter, in positive territory. Move-in rates were down circa 5%, a little bit better than 5%.

好的。謝謝，丹。我認為有幾件事需要強調。正如喬所說，我們第一季的表現確實不錯，符合我們的預期。就整體指引而言，我們的表現符合預期。正如您所強調的，本季的入住量強勁，處於正值區域。入住率下降了約 5%，略高於 5%。

As we look at April, which is maybe another indicator for you in terms of trends overall, we are monitoring customer behavior very closely in this environment given the volatility in capital markets and certainly trade policy news flow through the month of April. And overall, I'd categorize customer behavior in April as very good.

當我們回顧四月時，這也許是整體趨勢的另一個指標，考慮到四月份資本市場的波動以及貿易政策新聞的流動，我們正在密切關注客戶的行為。整體而言，我認為四月份的客戶行為非常好。

Payment patterns and delinquency were solid. Move-out volumes were actually down 1%. Longer-term tenants remain strong through the period. And in terms of move-in activity, which is I think where you were going in your question, move-in volumes up a good 3% in the month of April. The move-in rate was down 8% in April. Again, if you look at year-to-date move-in rates down right around that 5% number, which is in line with the midpoint of our outlook for the year.

付款模式和拖欠情況都很穩定。搬出量實際上下降了 1%。在此期間，長期租戶依然保持強勁。就入住活動而言，我想這也是您在問題中提到的，4 月份入住量增加了 3%。四月入住率下降了8%。同樣，如果你看一下今年迄今為止的入住率，你會發現它下降了 5% 左右，這與我們對今年的預期中位數一致。

So trending right there.Occupancy did improve given the stronger move in volumes and the decline in move-out volumes through the month such that the start of the month occupancy was down 30 basis points. Occupancy finished April down 10 basis points. And to your point, we are seeing demand overall for storage bouncing off that bottom and that's leading to some stabilization in many of the metrics I just spoke to. So some encouraging trends year-to-date. And overall, we'll keep you updated as where we go from here.

所以趨勢就是這樣。由於入住量增加和月內搬出量下降，入住率確實有所提高，以致月初入住率下降了 30 個基點。四月底入住率下降了 10 個基點。正如您所說，我們看到整體儲存需求正在從底部反彈，這導致我剛才提到的許多指標趨於穩定。今年迄今出現了一些令人鼓舞的趨勢。總的來說，我們會隨時向您通報下一步的進展。

Okay. And then as a follow-up, can you comment on the private capital raising environment for storage? How has it evolved competitively the past few years as fundamentals have softened? And have you seen a pickup at all in anticipation or recovery?

好的。然後作為後續問題，您能否評論一下儲存的私人融資環境？隨著基本面的疲軟，過去幾年它的競爭力發生了什麼樣的變化？您是否看到了預期或復甦的回升？

Well, if you're speaking to the overall acquisition environment, again, there's a lot of things at key off of the commitment that any given platform is going to make into storage. Clearly, over the last several years, we've seen far more institutional capital come into the sector for obvious reasons relative to the inherent benefits that we're even speaking to in an environment like this where we can see still the ability to, perform, draw customers to the platform.

好吧，如果你談論的是整體收購環境，那麼，任何給定平台對儲存的承諾都有很多關鍵因素。顯然，在過去幾年中，我們看到更多的機構資本進入該行業，原因顯而易見，相對於我們所說的固有利益而言，在這樣的環境下，我們仍然可以看到該平台的表現和吸引客戶的能力。

We're coming off a number of quarters now that Tom just spoke to relative to our confidence going into 2025, even with the choppy environment that's evolved over the last 30-plus days. With all that, there is still a fair amount of institutional capital that's interested in coming into the sector.

正如湯姆剛才所說，儘管過去 30 多天來環境一直動盪不定，但我們已經經歷了多個季度，對 2025 年充滿信心。儘管如此，仍有相當數量的機構資本有興趣進入該行業。

With that said, however, transaction volumes in 2024 were abnormally light. And going into 2025, they are actually just as light, even though we've seen a few indications of a bit more transaction opportunities evolving.

話雖如此，但 2024 年的交易量卻異常低迷。而到了 2025 年，儘管我們已經看到一些跡象表明交易機會將會增加，但實際上交易量仍然會一樣小。

So we're going to have to see how this plays out relative to the commitment that other capital sources are putting into the sector. But overall, we're confident that we've got very good tentacles into a whole range of different users and owners that are likely to trade even in this environment, and we'll keep you posted on our progress.

因此，我們必須觀察這相對於其他資本來源對該產業的承諾如何發揮作用。但總體而言，我們相信，即使在這種環境下，我們也能很好地接觸到各種可能進行交易的不同用戶和所有者，我們會隨時向您通報我們的進展。

Ron Kamdem, Morgan Stanley.

摩根士丹利的 Ron Kamdem。

Hey, Just two quick ones starting on the revenue side. think you've talked about sort of Google Trends and advertising and top of funnel demand just would love to get an update on some of what those other indicators are saying in April and what they mean.

嘿，我只想快速問兩個問題，從收入方面開始。我想你已經談到了谷歌趨勢、廣告和漏斗頂部的需求，只是想了解一下 4 月份其他指標的最新情況以及它們的含義。

Yes, I'd say consistent trends through April, which is we've seen industry-wide search trends being positive territory year-over-year. As I noted, kind of bouncing off the bottom here in terms of our own indicators in our system across the country, seeing good trends there, too, with higher web visits, sales calls and the like.

是的，我認為四月份的趨勢是一致的，也就是說，我們看到整個產業的搜尋趨勢比去年同期呈現正面趨勢。正如我所指出的，從我們全國系統中的各項指標來看，這裡的趨勢良好，網路訪問量、銷售電話等都有所增加。

So we're seeing that level of demand kind of bounce off the lows or the trough maybe of 2024, but certainly nowhere near what they were in '21 or '22. Maybe looking more like 2023 in terms of overall levels of interest coming into the system, which is encouraging given the trajectory we've had over the last several quarters.

因此，我們看到需求水準可能從 2024 年的低點或谷底反彈，但肯定遠不及 2021 年或 2022 年的水準。從進入該系統的整體興趣水平來看，可能更像 2023 年，考慮到我們過去幾季的發展軌跡，這是令人鼓舞的。

Great. And then my second one is just on -- when you sort of dissect the business, whether it's the business customer whether it's specific regions? Like have you seen any sort of trends that are to the good to the bad sort of post tariff as well would be helpful.

偉大的。然後我的第二個問題是 - 當你剖析業務時，它是商業客戶還是特定區域？就像您是否看到任何對關稅後的好壞趨勢一樣，這也會有所幫助。

So again, yes, Ron, there's not a lot of, I would say, trending data yet relative to what's happened over the last 30 days. As Tom mentioned, we've not seen any inherent change relative to both the trend we've seen from top of funnel demand from new customers as well as the behavior of existing customers. Across the entire portfolio regionally, actually, we were pleased to see another progression in certain markets, positive.

所以，是的，羅恩，我想說，相對於過去 30 天發生的情況，目前還沒有太多的趨勢數據。正如湯姆所提到的，我們沒有看到任何內在的變化，無論是從新客戶的漏斗需求趨勢還是現有客戶的行為來看。實際上，從整個區域投資組合來看，我們很高興看到某些市場取得了積極的進展。

Florida, for example, we're starting to see actually returning demand factors across the entire state, where it was far less so over the last year or so with the deceleration out of the peaks at that market, in particular, saw during the pandemic. We've now got a dozen-plus major markets that are continuing to trend well that we've been speaking to now for the last few quarters.

以佛羅裡達州為例，我們開始看到整個州的需求因素實際上正在回升，而過去一年左右，該州的需求情況要差得多，尤其是在疫情期間，該市場的需求從高峰期開始放緩。現在，我們已經有十幾個主要市場繼續呈現良好趨勢，過去幾季我們一直在與這些市場進行溝通。

So nothing that I would say has gone a different direction based on the events over the last 30 days. The benefit that we have is we run a day-to-day business. We move in over 100,000 customers a month, and we've got very good reconnaissance relative to how that's trending market to market. But thus far, we've been encouraged by the lack of disruption in overall tenant behavior and tenant demand.

因此，根據過去 30 天發生的事件，我想說事情並沒有發生任何變化。我們的優勢是我們可以日常經營業務。我們每月都會吸引超過 100,000 名客戶，並且我們對市場趨勢有充分的了解。但到目前為止，整體租戶行為和租戶需求並沒有受到干擾，這讓我們感到鼓舞。

Todd Thomas, KeyBanc Capital Markets.

托馬斯 (Todd Thomas)，KeyBanc 資本市場。

Hi. Thank you. First question, Tom, you mentioned move-in rate was down 8% in April. It seems like you picked up a little bit of occupancy though. So I'm just curious why the system pulled back on rate, if you can provide a little bit more detail whether that was a strategic decision or what that was attributable to?

你好。謝謝。第一個問題，湯姆，你提到 4 月入住率下降了 8%。不過看起來你已經獲得了一點入住率。所以我只是好奇為什麼系統會降低利率，如果你可以提供更詳細的信息，這是一個戰略決策還是什麼原因造成的？

Yes. Thanks, Todd. I mean I think you're going to see move-in rates bounce around a little bit by market, by month, all those sorts of things as we move through the year. So in March, for instance, move-in rates were only down 2%, April, down 8%. So as you highlighted, there's going to be some movement there, but ultimately trying to optimize towards revenue, and we saw a good move in volumes through the month of April and sets us up well here as we head into May and June, which tend to be a little bit busier time period as well.

是的。謝謝，托德。我的意思是，我認為隨著時間的流逝，你會看到入住率會隨著市場、月份等各種因素而略有波動。例如，3 月入住率僅下降 2%，4 月則下降 8%。因此，正如您所強調的，那裡會有一些動靜，但最終還是會嘗試針對收入進行優化，我們看到 4 月份的銷量出現了良好的增長，這為我們進入 5 月和 6 月做好了準備，5 月和 6 月往往也是一個比較繁忙的時間段。

So to your point, April was down 8%, a little bit lower on rate but good volume trends, and we'll continue to manage the overall rate volume picture ultimately to optimize towards longer-term revenue of the customer base from here.

所以正如您所說，四月下降了 8%，費率略低，但交易量趨勢良好，我們將繼續管理整體費率量狀況，最終優化客戶群的長期收入。

Okay. And then in terms of development, and how that landscape may change or be poised to change as a result of cost increases around tariffs and other policy uncertainty. First, what are you seeing in terms of development activity more broadly? And second, what does that mean for public storage in your effort to maintain the pace of starts and deliveries and returns that you target?

好的。然後就發展而言，由於關稅和其他政策不確定性導致的成本增加，這種模式可能會發生怎樣的變化或將會發生怎樣的變化。首先，從更廣泛的角度來看，您看到了哪些發展活動？其次，這對公共儲存意味著什麼，以保持所設定的開工、交付和回報速度？

Yes, Todd, the multiyear deceleration of development completions continues. So year by year from the peaks that we saw in 2019, we've spoken to the again, continued decline of developments nationally. Certainly, there have and continue to be a limited number of markets that they're seeing outstretched development deliveries.

是的，托德，開發完成量的多年減速仍在繼續。因此，從 2019 年我們看到的高峰開始，我們逐年看到全國範圍內的發展再次持續下滑。當然，他們已經看到並且將繼續看到有限數量的市場出現開發交付過度的情況。

But frankly, that trend is very healthy for the industry as a whole, as we've spoken to. And we're really not seeing any change going into 2025, meaning that deceleration is going to continue I would say, from an overall supply standpoint, it has a two handle on it, meaning it's plus or minus 2% national delivery growth in 2025. So that compares to plus or minus 5% going back to 2019.

但坦白說，正如我們所說的那樣，這種趨勢對於整個行業來說非常健康。而我們確實沒有看到 2025 年有任何變化，這意味著減速將繼續，我想說，從整體供應的角度來看，它有兩個方面，這意味著 2025 年全國交付量增長率將為正負 2%。因此，與 2019 年相比，漲幅為正負 5%。

So the things that will continue to potentially maintain that deceleration or what you're speaking to, more risk tied to potential costs the availability and cost of land, labor and other component costs. And the things that, that continues to do counterintuitively, for us, it's a good window for us to come into many markets that we've been reticent to actually deploy capital into from a development standpoint because of some of those competitive factors multiple years ago, including actually other markets that we've actually put stronger emphasis to grow deeply.

因此，那些可能繼續維持減速的因素或您所說的與潛在成本相關的更多風險，包括土地、勞動力和其他零件成本的可用性和成本。而那些繼續產生違反直覺的事情，對我們來說，是一個進入許多市場的好機會，從開發的角度來看，由於多年前的一些競爭因素，我們一直不願真正向這些市場投入資金，實際上包括我們實際上更加重視深度發展的其他市場。

So it's a very good window for our development team to go out and find better opportunities in an environment where we've got fewer competitors. They're doing just that. But we're keeping a very close eye on every component cost, including what may or may not play through on tariffs, whether it's steel, whether, again, we're going to see any labor pressure in particular markets because of immigration priorities, et cetera.

因此，這對我們的開發團隊來說是一個很好的機會，讓我們在競爭對手較少的環境中尋找更好的機會。他們正在這麼做。但我們密切關注每一個零件的成本，包括可能或不可能受到關稅影響的成本、鋼鐵成本、以及由於移民優先政策，特定市場是否會面臨勞動力壓力等等。

So we're going to continue to monitor that. But for us, it continues to be a very good window, and we've got a deep seated team. We've got the capital structure to continue to fuel our development growth, and we're getting very strong returns that we're every bit, if not confident we're going to continue to see.

因此我們將繼續監控此事。但對我們來說，這仍然是一個非常好的窗口，而且我們擁有一支強大的團隊。我們擁有繼續推動我們成長的資本結構，並且我們獲得了非常強勁的回報，即使我們沒有信心，我們也將繼續看到這種回報。

Salil Mehta, Green Street.

薩利爾‧梅塔 (Salil Mehta)，綠街。

Hi, guys. Thanks for taking my call and congratulations on the quarter. Just a quick one here. But do you guys have any updates on the rent restrictions that we're seeing in LA, I think the last one was like there was an executive order signed by the government to extend until July, but perhaps you guys have intel whether it's likely to be extended or maybe it's funded sometime soon?

嗨，大家好。感謝您接聽我的電話並祝賀本季度取得的成績。這裡只是簡單介紹一下。但你們有沒有關於洛杉磯租金限制的最新消息，我認為上一次好像是政府簽署了一項行政命令，將限制延長至 7 月，但也許你們知道它是否有可能延長或可能很快就會獲得資金？

Yes. Sure. Happy to take that. The fire-related state of emergencies that were declared by the governor earlier this year, last until the beginning of 2026. And so those are the relevant ones, and we're certainly complying with those as we go here. As we get through this year and the beginning of next year, we'll see ultimately what the governor intends to do with those emergencies, i.e, letting them expire, or extending them or something in between.

是的。當然。很高興接受這個。州長今年稍早宣布的火災緊急狀態將持續到 2026 年初。這些都是相關的，我們當然會遵守這些規定。隨著我們度過今年和明年年初，我們最終會看到州長打算如何處理這些緊急情況，即讓它們到期，還是延長它們，或者兩者兼而有之。

So we'll know more. As it relates to the impact to us, as we've spoken about, we anticipate that the impact of those restrictions will result in about a 100 basis points impact to same-store revenue, which will be back half weighted.

這樣我們就會知道更多。正如我們之前所說，就對我們的影響而言，我們預計這些限制的影響將對同店收入造成約 100 個基點的影響，這將被減半。

Awesome. Thanks for that. And just another follow-up here as far as peak leasing season, but can you give us any color on what we can expect given that fundamentals really haven't changed much since what we saw last year? Do you guys have any optimism there will be like some return to normalcy for peak leasing this year? Or is '24 kind of the base case that we're looking at?

驚人的。謝謝。關於租賃旺季，這只是另一個後續問題，但是考慮到基本面自去年以來並沒有發生太大變化，您能否告訴我們可以預期的情況？你們是否樂觀地認為今年的租賃高峰將恢復正常？或者說，『24』是我們正在考慮的基本情況？

Yes. Our base case for 2025 does not assume we would see an uptick in what you might have seen in more traditional environments where you see more of a peak leasing season. So that's not embedded in our base outlook for 2025. Month by month, we're going to see how that's trending. The demand factors that continue to drive customers to the portfolio are still broad-based.

是的。我們對 2025 年的基本預測並不認為我們會看到在更傳統的環境中可能會看到的租賃旺季的上升趨勢。因此，這並未包含在我們對 2025 年的基本展望中。我們將逐月觀察其趨勢。繼續推動客戶選擇投資組合的需求因素仍然是廣泛的。

So we're encouraged by that. But what typically you would see this time of the year is an uptick, particularly tied to existing home sale activity, movement across national markets, et cetera, and that's been muted as we saw in 2024 as well. So we'll see how that plays out as we go through the next three or four months.

所以我們對此感到鼓舞。但通常情況下，每年的這個時候你都會看到一種上升趨勢，特別是與現有房屋銷售活動、全國市場走勢等相關的，而這種趨勢在 2024 年也一直處於低迷狀態。因此，我們將在接下來的三、四個月內觀察情況如何發展。

Michael Goldsmith, UBS.

瑞銀集團的麥可‧戈德史密斯。

Good afternoon. Thanks a lot for taking my question. Maybe just a follow-up on the headwind from the fire restrictions. You've guided to 100 basis points for the year. It sounds like it's back half weighted. Is that -- does that imply that it should be about a 200 basis points headwind in the back half and a little impact in the first half? Or should that kind of ramp up slowly through the year? Like how should we think about the cadence of that headwind?

午安.非常感謝您回答我的問題。也許只是對火災限制不利因素的後續影響。您已將今年的利率預期設定為 100 個基點。聽起來好像背部有一半重量。這是否意味著下半年會出現約 200 個基點的逆風，而上半年則會產生一點影響？或應該在全年內緩慢增加？例如，我們該如何看待逆風的節奏？

Yes, Michael, it's going to ramp up as we go from here.

是的，邁克爾，從這裡開始，它會逐漸增加。

Got it. And then my second question is there -- feels like there's been a little bit more just sale activity within the self-storage space lately. Like when you run a sale, is that is that a reaction to the market environment where you're looking to drive move-ins? Is it more of a function of an opportunity where you think you can capture market share? I'm just trying to get an understanding of how you're using sales these days?

知道了。我的第二個問題是──感覺最近自助倉儲領域的銷售活動稍微多了一點。就像當您進行銷售時，這是對市場環境的反應，您希望推動入住率嗎？您認為這是否更像是一個可以佔領市場份額的機會？我只是想了解一下您最近是如何利用銷售的？

And then maybe if you can tie that into your platform, which you've talked -- I think you talked more highly about on this call than you have in the past. So any sort of connection with that would be great.

然後，也許你可以把它與你所談論的平台聯繫起來——我認為你在這次電話會議上談論得比過去更多。因此，任何與此相關的聯繫都是很好的。

Sure, Michael. A lot of components there. I guess I would say sale activity is probably a combination of all of the things that you highlighted there. Public Storage in the industry have been running promotional sales for decades, and we'll continue to do so through this year as we did last year and years prior. So there are some benefits to doing that at certain points of the year and certainly an ability to drive volume into the system.

當然，邁克爾。那裡有很多組件。我想說銷售活動可能是您在那裡強調的所有事項的組合。行業內的公共儲存公司幾十年來一直在進行促銷活動，今年我們將繼續這樣做，就像去年和前幾年一樣。因此，在一年中的某些時候這樣做會有一些好處，並且肯定能夠增加系統的交易量。

And ultimately, fits within our strategy to manage for longer-term revenue optimization and combined with advertising and promotional activities. So big picture, I'd agree with you. It's a whole host of things that drive into it. We did run a little bit of a sale in April. We'll intend to run sale at Memorial Day like we typically do, but I wouldn't point you to any strategy shift there, more business as usual.

最終，符合我們的策略，實現長期收入優化並結合廣告和促銷活動。從總體上看，我同意你的看法。有很多因素都會影響它。我們在四月確實進行了少量促銷。我們打算像往常一樣在陣亡將士紀念日進行促銷，但我不會向您指出任何策略轉變，一切照常。

Michael Griffin, Evercore.

邁克爾·格里芬，Evercore。

Great, thanks. Appreciate the color on the dynamic staffing model and how that's been benefiting kind of your payroll expense. Can you give us a sense of, number one, how much of this has been rolled out into the existing platform and then how we should think about incremental benefits from this going forward?

太好了，謝謝。欣賞動態人員配置模型的色彩以及它如何使您的薪資支出受益。首先，您能否告訴我們，有多少功能已推廣到現有平台，以及我們應該如何看待未來由此帶來的增量效益？

Sure. The thing that we've been doing step by step is with the robust level of data and knowledge that we have literally right down to each and every property relative to historic and then predictable levels of not only demand that coincides with the way staffing models can be optimized, meaning using our very effective in-person labor hours to match customer demand factors has given us very strong guidance into the way that we very differently staff our properties now on a very dynamic day-by-day basis.

當然。我們一步一步做的事情是利用我們掌握的大量數據和知識，這些數據和知識實際上涉及到每一處房產的歷史和可預測水平，這不僅與人員配置模式的優化方式相吻合，也意味著使用我們非常有效的現場勞動時間來滿足客戶需求因素，這為我們提供了非常強有力的指導，讓我們能夠以非常不同的方式每天以非常動態的方式為我們的房產配備。

The predictability of this data continues to evolve and become more robust. And with that, we've taken iterative steps in optimizing those labor hours with the results that thus far we've spoken to and you're seeing come through our P&L. You saw a nice change in optimization even in the first quarter of 2025 where labor hours are down approximately 12%.

這些數據的可預測性不斷發展並變得更加穩健。同時，我們採取了反覆的步驟來優化這些工時，到目前為止我們已經談到了結果，您可以透過我們的損益表看到這一點。即使在 2025 年第一季度，工時減少了約 12%，您仍然會看到優化方面發生了顯著變化。

That continued optimization, knowledge and ability on our behalf is unique to the industry as a whole. We're seeing very good receptivity, not only relative to how those labor hours match, again, customer demand, putting our own very skilled people in front of customers when customers are looking for that level of human interaction.

我們所進行的持續優化、知識和能力在整個產業中都是獨一無二的。我們看到了非常好的接受度，這不僅是相對於這些勞動時間如何匹配，再次，客戶需求，當客戶尋求這種程度的人際互動時，將我們自己的非常熟練的員工放在客戶面前。

But that's counterbalanced by something very effective that we're doing on our digital platform. As I mentioned, 85% of all customer interactions are now digital. Again, that's customer directed, meaning they're self-selecting whether they're doing an initial lease transaction, their own account management through our broad-based PS app to actually go ahead and use those tools at their election. And with that, we're seeing very good continued receptivity.

但我們在數位平台上採取的非常有效的措施抵消了這一影響。正如我所提到的，現在 85% 的客戶互動都是數位化的。再次強調，這是由客戶主導的，這意味著他們可以自行選擇是否進行初始租賃交易，是否透過我們廣泛的 PS 應用程式進行自己的帳戶管理，是否實際上繼續按照他們的選擇使用這些工具。由此，我們看到了非常好的持續接受度。

So with all that said, we have a very good runway to continue to look for next level labor optimization. As we're doing that, we're also retooling the skill set and the priorities that our field team is able to deploy into their own day-to-day environment that's creating different levels of promotion capabilities, skill capabilities. So this has been a win-win all the way around, good for customers, good for our employees and good for continued development of our cost structure. So we're very committed to continue to making additional investments that have been very effective thus far, and we're excited about what's still out there to achieve.

總而言之，我們擁有非常好的基礎來繼續尋求更高水準的勞動力優化。在這樣做的同時，我們也正在重新調整技能組合和優先事項，以便我們的現場團隊能夠將其部署到自己的日常環境中，從而創造不同級別的推廣能力和技能能力。所以這是一個雙贏的局面，對顧客有利，對我們的員工有利，也對我們成本結構的持續發展有利。因此，我們非常致力於繼續進行迄今為止非常有效的額外投資，並且我們對仍有待實現的目標感到興奮。

Thanks Joe, I appreciate the context there. And then maybe from a more macro perspective, I acknowledge you guys had a strong quarter, but maintained guidance. Clearly, there is some market volatility and uncertainty out there.

謝謝喬，我很欣賞那裡的背景。然後，也許從更宏觀的角度來看，我承認你們本季表現強勁，但仍保持指導。顯然，市場存在一些波動和不確定性。

But can you give us a little color on maybe what your expectations are, whether it's the housing market remains muted, job growth might not be as robust as we'd have thought a couple of months ago? How are you overlaying maybe your macro assumptions as it relates to your guidance?

但您能否稍微透露一下您的預期，房地產市場是否依然低迷，就業成長是否可能不像我們幾個月前想像的那麼強勁？您如何將您的宏觀假設與您的指導聯繫起來？

Yes, sure. I think there's a number of components there that I'll speak to. As you noted, we had a good quarter. As I highlighted earlier, we do have LA headwinds that are coming at us, and we're watching the consumer very closely here.

是的，當然。我認為我將談論其中的多個組成部分。正如您所說，我們本季表現良好。正如我之前強調的那樣，我們確實面臨著洛杉磯的阻力，我們正在密切關注這裡的消費者。

I noted that through April, we've seen strong consumer trends at this point and are encouraged by that. But it is something we're watching closely because as the macro environment can shift, so can demand and customer behavior. We haven't shifted our assumptions that underpin our outlook.

我注意到，整個四月份，我們已經看到了強勁的消費趨勢，並對此感到鼓舞。但我們正在密切關注此事，因為宏觀環境會發生變化，需求和客戶行為也會發生變化。我們並沒有改變支撐我們觀點的假設。

But no question, the assumptions that underpin the lower end of the range do have some of the characteristics that you might see in macro weakness, i.e., softer new customer demand, more move-out activity, softer ECRI contribution and the like.

但毫無疑問，支撐該範圍下限的假設確實具有宏觀疲軟時可能看到的一些特徵，即新客戶需求減弱、遷出活動增加、ECRI 貢獻減弱等。

And so again, it's something we're watching closely, have been encouraged by what we've seen through April, but we'll have to see how the macro environment plays out from here to be able to adjust and tweak from here.

因此，我們再次密切關注此事，四月所見的情況令我們感到鼓舞，但我們必須觀察宏觀環境如何發展，以便能夠進行調整和調整。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

Hi, just a theoretical question, I guess, to start, just clearly, housing has come off as a demand driver, but decluttering or an alternative space solution storage is a nice low-cost option. But just curious how you think about looking at the data and the surveys, how things may change, if housing comes back, I'm not sure when or if, but if housing comes back, is that -- would that be additive necessarily?

你好，我想這只是一個理論問題，首先，很明顯，住房已經成為需求驅動因素，但清理雜物或替代空間解決方案儲存是一個不錯的低成本選擇。但我只是好奇您如何看待數據和調查，如果住房市場回暖，情況將如何變化，我不確定何時或是否會回暖，但如果住房市場回暖，那——那必然是附加的嗎？

Or do you think some of the customers that have been using it as a space solution, maybe no longer need that? Just curious on those two variables and how they may interplay going forward.

或者您認為一些一直將其用作空間解決方案的客戶可能不再需要它了？只是好奇這兩個變數以及它們將來如何相互作用。

Yes. Sure, Juan. I think you're highlighting on a shift that we've seen over the last couple of years. And in particular, we've seen a reduction in new home sale driven or existing home sale driven activity for new customers. At the same time, we have seen that increase in customers that have ran out of space at home and some longer tenure there.

是的。當然，胡安。我認為您強調的是我們在過去幾年中看到的轉變。特別是，我們發現新客戶的新房銷售或現有房屋銷售活動減少。同時，我們發現，家裡空間不夠的顧客數量增加，有些顧客的居住時間較長。

Overall, that shift has been an impact to demand. And we think that accelerating new home sales, while you may have some customers that are no longer using space because they ran out of space at home because they upgraded their home and have bought some new space.

整體而言，這種轉變對需求產生了影響。我們認為，新房銷售加速，同時可能會有一些客戶不再使用空間，因為他們家裡的空間不夠了，因為他們升級了房屋併購買了一些新空間。

Overall, that increased level of activity will be a net positive as we think about the demand picture overall. We're not anticipating that, that takes place this year. But as we look at the existing home sale activity, it does feel like we're bouncing around the bottom in terms of that level of activity.

整體而言，當我們考慮整體需求狀況時，活動水準的提高將帶來淨收益。我們並沒有預料到今年會發生這樣的事。但當我們觀察現有的房屋銷售活動時，我們確實感覺到，就這一活動水平而言，我們正在底部徘徊。

Does that come back in '26 or '27? I think it's hard to predict. If you look back at prior housing downturns, it typically takes several years for the housing market to recover. But in aggregate, I consider that a net positive to demand even if you give back a little bit of the folks that have ran out of space at home.

那會在 1926 年或 1927 年再次出現嗎？我認為這很難預測。如果回顧以往的房地產市場低迷時期，就會發現房地產市場通常需要幾年時間才能復甦。但總的來說，我認為這對需求來說是一個淨利好，即使你給那些家裡空間不夠的人一點回報。

And I'd just add one -- one other overarching issue is the cost of shelter, again, whether you own, rent or even are going through that transition from, again, ownership to rental or vice versa. It's the cost of shelter that also is an inherent driver because as we've spoken to self-storage is a very sensible financial alternative to not have to commit to that exercise either home that you're acquiring and/or apartment that you're renting. So again, inherent good baseline demand just from a cost structure itself.

我只想補充一點——另一個首要問題是住房成本，無論你是擁有、租賃，還是正在經歷從擁有到租賃的轉變，反之亦然。住房成本也是一個內在驅動因素，因為正如我們所說，自助倉儲是一種非常明智的財務替代方案，無需承擔購買房屋和/或租用公寓的費用。因此，僅從成本結構本身來看，就存在著良好的基準需求。

And then just as a follow-up. On the third-party management business, how are you feeling about demand for that service and just how successful or not you feel like you've been to date if you kind of met expectations? Or how are you feeling about your efforts in that business?

然後只是作為後續行動。對於第三方管理業務，您對該服務的需求有何看法？如果您達到了預期，您覺得到目前為止您的服務有多成功？或者您對於自己在該項業務上所做的努力有何感受？

Yes, good question, Juan. That's a business that we continue to invest in and have seen good adoption really over the last several years. It's a business that takes time to grow and we knew that when we were getting in, it's about forming a relationship demonstrating a track record on properties that we're managing for owners and broadening those relationships over time.

是的，胡安，問得好。這是我們持續投資的業務，並且在過去幾年中確實取得了良好的應用效果。這是一個需要時間來成長的業務，我們知道，當我們進入這個行業時，我們需要建立一種關係，展示我們為業主管理的房產的業績記錄，並隨著時間的推移擴大這些關係。

And so over the last several years, we have seen a good uptick in demand for that business. I think part of that can be the tougher operating environment, frankly, that we've been living through over the past several years and have taken some assets for new customers, demonstrated our capabilities in that business and continue to grow the groups that they're managing for.

因此，在過去的幾年裡，我們看到該業務的需求大幅上升。坦白說，我認為部分原因可能是我們在過去幾年中經歷了更艱難的經營環境，我們為新客戶收購了一些資產，展示了我們在該業務方面的能力，並繼續擴大他們所管理的團隊。

So in line with expectations, we anticipate that, that business will grow from here. In terms of the strategic components for us, no question, it further enhances our scale and our marketplaces grows our brand and, again, deepen some of those relationships with owner groups that we can have dialogue around working together in different manners, including potentially acquisitions over time. So we feel good about that business and the trajectory that it's on.

因此，按照預期，我們預計業務將從現在開始成長。就我們的策略組成部分而言，毫無疑問，它進一步擴大了我們的規模，我們的市場發展了我們的品牌，並且再次加深了與所有者團體的一些關係，我們可以就以不同的方式合作進行對話，包括潛在的收購。因此，我們對該業務及其發展軌跡感到滿意。

Eric Wolfe, Citi.

花旗銀行的埃里克·沃爾夫。

Thanks. Just a follow-up on Michael Goldsmith question. It does seem like your guidance is implying that the restrictions in LA lower your same-store revenue by 200 basis points, at least at some point in the back half. And I think you said earlier this year that the impacted stores are about 10% of your overall same-store. So I guess that would imply that the restrictions are lowering your revenue by around 20% for those impacted stores. Is that the right way to think about it?

謝謝。這只是對邁克爾·戈德史密斯問題的後續回答。您的指導似乎暗示洛杉磯的限制會使您的同店收入降低 200 個基點，至少在下半年的某個時候是這樣。我記得您今年早些時候說過，受影響的商店約佔您整體同店銷售額的 10%。所以我猜這意味著這些限制將使受影響商店的收入降低約 20%。這是正確的思考方式嗎？

I think the way I would think about it is the impact I don't want to minimize the fact that we did see an impact in the first quarter, we were complying with these rental rate restrictions. They are -- they impact both new customers and existing customers. That impact will grow over time as we move through the year. And in aggregate, will be 100 basis points.

我認為我會這樣考慮它的影響，我不想低估我們在第一季確實看到的影響這一事實，我們遵守了這些租金限制。它們對新客戶和現有客戶都有影響。隨著時間的推移，這種影響將會越來越大。總計將達到 100 個基點。

So I don't -- I don't want to communicate that the impact will be so weighted into the back half, which I think what you're getting to, you are going to see some impact in the first quarter, second quarter and in through the fourth quarter and ultimately some into the first quarter of next year, that's not obviously in that 100 basis points number. But before that, state of emergency is expires or extended.

所以我不想說這種影響會在下半年這麼顯著，我認為你會在第一季、第二季、第四季度，甚至明年第一季看到一些影響，這顯然不會在 100 個基點的數字之內。但在此之前，緊急狀態可能到期或延長。

Okay. And then apologies if you answered this before, but I didn't hear your expenses came in pretty low in the quarter. Can you just talk about where they're trending relative to expectations? And -- and just based on reaffirming your guidance, it would obviously imply that it comes up somewhat meaningfully over the next couple of quarters. I guess why would that happen given some of the expense initiatives that you just mentioned?

好的。如果您之前回答過這個問題，我很抱歉，但我沒有聽說您本季的支出很低。您能否談談相對於預期，它們的趨勢如何？而且——僅僅基於重申您的指導，這顯然意味著它在接下來的幾個季度中會出現一些有意義的變化。我想，考慮到您剛才提到的一些費用舉措，為什麼會發生這種情況？

Yes. There's a few pieces there. One, we did obviously reaffirm our overall expense outlook for 3.25% at the midpoint for the year within the same-store. We did have good expense control through the first quarter. I would expect that to continue in future quarters. But there were some elements in the first quarter that are unlikely to persist. There were some easier comps in property payroll, for instance, related to PM Health plan costs that was kind of an easy comp compared to last year.

是的。那裡有幾件。首先，我們確實重申了今年同店銷售額中位數整體支出預測為 3.25%。我們在第一季確實很好地控制了費用。我預計這種情況在未來幾季還會繼續下去。但第一季的一些因素不太可能持續下去。例如，在房地產薪資單方面，有一些比較容易的補償，與 PM Health 計畫成本相關的補償，與去年相比，這是比較容易的補償。

On advertising, we had advertising down 10%. We'll manage that dynamically through the year and see where that ultimately plays out. But big picture, we continue to drive operational efficiency through the payroll optimizations that Joe spoken to, the other one I would highlight is solar power generation where we continue to invest in solar, and we'll continue to receive the benefits of less utility -- electric utility usage through the year as well.

在廣告方面，我們的廣告支出減少了 10%。我們將在全年動態地管理這一點，並觀察最終的結果。但從總體上看，我們將繼續透過喬談到的工資優化來提高營運效率，我想強調的另一個方面是太陽能發電，我們將繼續投資太陽能，並且我們將繼續享受減少公用事業——全年電力使用量的好處。

Caitlin Burrows, Goldman Sachs.

凱特琳·伯羅斯，高盛。

Hi, everyone. Maybe I was just wondering if you could talk a little bit more about what you're seeing on the ECRI side today, whether there's been any changes or kind of modifications to the strategy recently, how aggressive you are -- maybe that's not the right word, but yes.

大家好。也許我只是想知道您是否可以再多談談您今天在 ECRI 方面看到的情況，最近該戰略是否有任何變化或修改，您的積極性如何——也許這不是正確的詞，但是是的。

Yes. Sure, Caitlin. The ECRI program is generally in line with our expectations and very much similar to how we've managed it over the last couple of years, which is we're focused on understanding customer price sensitivity as well as the cost to replace the tenant to the extent that they leave us.

是的。當然，凱特琳。ECRI 計劃總體上符合我們的預期，並且與我們過去幾年的管理方式非常相似，即我們專注於了解客戶的價格敏感度以及在租戶離開我們時更換租戶的成本。

And what we've seen over the first part of this year is very consistent price sensitivity, and so that's encouraging and that holds through April as well and a relatively stable cost to replace. And so the program continues to perform well, and we'll continue to optimize that as we move through the year.

我們在今年上半年看到的價格敏感度非常穩定，這是令人鼓舞的，而且這種情況一直持續到四月份，更換成本也相對穩定。因此，該計劃繼續表現良好，並且我們將在今年繼續對其進行優化。

Got it. And then I guess, of course, each situation ends up being different. But at this point, how would you expect the portfolio to perform in a downturn where the customer might be constrained? Or are there any things we should be on the lookout for or acknowledge is risks?

知道了。然後我想，當然，每種情況最終都會有所不同。但在目前情況下，您認為在客戶可能受到限制的經濟低迷時期，投資組合的表現會如何？或者我們應該注意什麼事情或承認其風險？

Yes. That's a good question, Caitlin. I think I rattle off some of the areas that we're focused on day-to-day and monitoring the customer behavior. We'd expect in a downturn that we start to see some shifts in customer payment patterns and delinquency. If you go all the way back to the financial crisis, in that downturn, we saw longer-term tenants vacate at a higher frequency.

是的。這是個好問題，凱特琳。我想我可以列舉一些我們日常關注的領域以及監控客戶行為的領域。我們預計，在經濟低迷時期，我們會開始看到客戶付款模式和拖欠情況發生一些變化。如果回顧金融危機時期，我們會發現在那次經濟衰退中，長期租戶的搬離頻率更高。

Again, that's something we're watching very carefully and actually saw the opposite in April with a decline in longer-term tenant vacate activities, which is encouraging and likely a shift in new customer behavior as well, meaning you're going to see some of the demand drivers shift back and forth. You're going to see some countercyclical demand drivers driven by dislocation in a weaker macro environment, help buffer some of the procyclical drivers that may soften.

再次強調，這是我們非常密切關注的事情，實際上，4 月我們看到了相反的情況，長期租戶的騰空活動有所減少，這是令人鼓舞的，也可能是新客戶行為的轉變，這意味著你會看到一些需求驅動因素來回轉變。你會看到，在較弱的宏觀環境下，一些由錯位驅動的逆週期需求驅動因素有助於緩衝一些可能減弱的順週期驅動因素。

Big picture, storage tends to be very resilient in times of downturn because of some of those countercyclical demand drivers as well as the fact that we have month-to-month leases and can recover quickly when demand does turn around. And as it relates to new customers, I'd just highlight we're already coming off a time period where we've seen a significant move in new customer pricing. And so we're maybe with a little bit of a different setup than we may have other times been in before downturn.

從總體來看，由於一些反週期需求驅動因素，以及我們擁有按月租賃的事實，儲存在經濟低迷時期往往具有很強的彈性，並且當需求確實好轉時可以迅速恢復。至於新客戶，我想強調的是，我們已經經歷了新客戶定價發生重大變化的時期。因此，與經濟衰退之前相比，我們現在的安排可能略有不同。

So we feel pretty good about where the industry is set up heading into whatever may come in 2025, given trade policy shifts. And we feel public storage is also very well positioned in that backdrop.

因此，考慮到貿易政策的變化，我們對 2025 年該行業的現狀感到非常樂觀。我們認為，在這樣的背景下，公共儲存也處於非常有利的地位。

(Operator Instructions) Ravi Vaidya, Mizuho.

（操作員指示）瑞穗的 Ravi Vaidya。

I hope you guys are all doing well. I wanted to ask about acquisitions. It appears that the acquisition is executed on the quarter or on average in the earlier stages of lease up. Do you expect stabilization to take longer today than it may have in the past given lower demand levels? And what is your stabilized cap rate assumption or IRR target for these acquisitions?

我希望你們都一切順利。我想詢問有關收購的問題。看起來，收購是在租賃早期階段按季度或平均執行的。鑑於需求水準較低，您是否預期今天實現穩定的時間會比過去更長？您對這些收購的穩定資本化率假設或 IRR 目標是多少？

Yes, sure. So we did have increased activity in the first quarter, as Joe mentioned, on acquisition volumes. And the dialogue with sellers that we're having is across a variety of different property types, including lease-up assets. And the lease-up behavior that we saw through the first quarter was encouraging, frankly, and in line with some of the commentary I made around the same-store and move-in volumes and the like. So we've seen good lease-up trends year-to-date.

是的，當然。因此，正如喬所提到的，我們在第一季確實增加了收購量。我們與賣家的對話涉及各種不同類型的房產，包括租賃資產。坦白說，我們在第一季看到的租賃行為令人鼓舞，並且與我對同店和入住量等的一些評論一致。因此，我們看到今年迄今的租賃趨勢良好。

And so we're not shifting our underwriting methodology or otherwise as it relates to lease-up assumptions from here. But big picture, we're interested in acquiring the full swath of potential opportunities, obviously, depending on market and submarket and physical asset. And so we were more active in some of the lease-up assets and have confidence in that lease-up trajectory, but we're also interested in more stabilized properties as well and some of what we have under contract is some of that. So we'll see a good mix here throughout 2025 as we go further.

因此，我們不會改變核保方法或其他與租賃假設相關的方法。但從總體來看，我們有興趣獲得所有潛在機會，顯然，這取決於市場、次市場和實體資產。因此，我們對一些租賃資產更加積極，並對租賃軌跡充滿信心，但我們也對更穩定的資產感興趣，我們簽訂合約的部分資產就是其中之一。因此，隨著我們進一步推進，我們將在 2025 年看到良好的組合。

In terms of return expectations and cap rates, I would point you to a pretty consistent playing field as it relates to cap rates, which is kind of going in yields in the 5s to low 6s and then stabilizing at a higher level under our platform. But that's been pretty consistent now for a number of quarters. We've had obviously some capital markets volatility over the month of April, and we'll see where ultimately cost of capital shakes out. But as it relates to what's trading today, I'd point you to those same sorts of guideposts.

就回報預期和資本化率而言，我會向你指出一個與資本化率相關的相當一致的競爭環境，即收益率在 5 到 6 出頭之間，然後在我們的平台下穩定在更高的水平。但現在這種情況已經連續多個季度保持相當穩定。四月資本市場顯然出現了一些波動，我們將看看資本成本最終會發生什麼變化。但就今天的交易而言，我會向您指出同樣的路標。

Ki Bin Kim, Truist Securities.

Ki Bin Kim，Truist 證券公司。

Thank you. Good morning, I just wanted to go back to the topic of how storage would perform in a downturn. And I know it's probably a loaded question because what kind of downturn will we have. But if pricing is already back to I think you said 2013, but at least 2019 levels and if housing demand is already not in the numbers as much looking backwards. Why wouldn't sell storage outperform past down cycles?

謝謝。早安，我只是想回到經濟低迷時期儲存表現如何的話題。我知道這可能是個引導性問題，因為我們將會經歷什麼樣的經濟衰退。但如果價格已經回到我認為你說的 2013 年，但至少是 2019 年的水平，並且如果住房需求已經不像過去那麼多。為什麼儲存銷售的表現沒有超越過去的低迷週期？

Yes. I think that there's an argument that it could. Obviously, it depends on the flavor and the context of what the downturn is ultimately. But you're pointing to a couple of reasons that would suggest that self-storage could do even better in the past, and we wouldn't disagree with that.

是的。我認為有理由相信這是可能的。顯然，這取決於經濟衰退的最終性質和背景。但您指出的幾個理由表明自助倉儲在過去可以做得更好，我們對此並不否認。

Okay. And on your retained cash flow, you said $600 million, up 50%. What is -- how does that actually manifest to shareholders? Is it higher dividends or debt paydowns or more acquisitions, but does it change anything at all?

好的。您說您的保留現金流為 6 億美元，成長了 50%。這實際上對股東有何體現？是更高的股息、償還債務還是更多的收購，但這能改變什麼嗎？

Yes. No, that's a great question. What we typically think of is reinvesting that cash flow into the business. We just spoke about the acquisition environment and some of the filing that we've seen through that. But I'd say most prominently internally, the way we think about it is reinvesting that into our development business, which, as Joe highlighted, has good return profile and generally as we look at it, the highest risk-adjusted return profile of our capital allocation alternatives.

是的。不，這是一個很好的問題。我們通常想到的是將現金流再投資於業務。我們剛剛談到了收購環境以及我們所看到的一些文件。但我想說，最突出的是，在內部，我們考慮的方式是將其重新投資到我們的開發業務中，正如喬所強調的那樣，該業務具有良好的回報率，並且一般來說，它是我們資本配置替代方案中風險調整回報率最高的產品。

So we can pick the site submarket design the building, design the unit mix, put it into our national operating platform and construct it with national bidding processes and our in-house construction team. So we feel very good about reinvesting that retained cash flow into developments and acquisitions from here, and that will evidence itself in terms of higher FFO growth.

因此，我們可以選擇場地子市場來設計建築，設計單元組合，將其放入我們的全國營運平台，並透過全國招標流程和我們的內部施工團隊進行建造。因此，我們非常樂意將保留的現金流重新投資於開發和收購，這將透過更高的 FFO 成長來證明。

Jeff Spector, Bank of America.

美國銀行的傑夫·斯佩克特。

Great, thank you. My first question, I just wanted to ask, I don't think you discussed specifically your business customer. I just want to confirm, have you seen any recent changes with that customer? Can you remind us the percent overall in the portfolio business customers, if that's possible?

太好了，謝謝。我的第一個問題，我只是想問一下，我認為您沒有具體討論過您的商業客戶。我只是想確認一下，您最近有沒有發現該客戶有什麼改變？如果可能的話，您能否提醒我們投資組合業務客戶的總百分比？

Yes, Jeff, the approximate range of our business-to-consumer business. So consumers make up plus or minus 85% of our customer base. And then business-related customers are about 15%. The number is not precise because some customers don't necessarily identify as businesses. But the range that we see is typically about that.

是的，傑夫，這是我們企業對消費者業務的大致範圍。因此，消費者占我們客戶群的 85% 左右。然後與業務相關的客戶約佔15％。這個數字並不精確，因為有些客戶不一定認同自己是企業。但我們看到的範圍通常就是這樣。

Some properties actually may have a higher percentage of business customers based on location, trade area, proximity to other types of economic centers in any particular submarket. We really have not seen anything meaningfully different between the two groups.

事實上，根據地理位置、貿易區域以及與特定子市場中其他類型經濟中心的距離，某些房產可能擁有更高比例的商業客戶。我們確實沒有看到這兩組之間有任何有意義的差異。

They're both typically very good customers, particularly once they become aged. We have a number of business customers to my point around the benefits of a particular location may be inherent to why they continue to store with us in and out of multiple year periods. And we service our overall customer base in very similar ways.

他們通常都是非常好的顧客，尤其是當他們變老之後。我們有許多商業客戶，在我看來，特定地點的優勢可能是他們在多年期間繼續在我們這裡儲存的原因。我們以非常相似的方式為整個客戶群提供服務。

Some business customers require different access hours, et cetera, and we can be accommodative on that front, too. But overall, a good percentage of the portfolio plus or minus about 15% and haven't seen any degradation at all in this environment.

有些商業客戶需要不同的訪問時間等等，我們也可以在這方面提供便利。但總體而言，投資組合中相當一部分的收益在上下波動約 15% 的範圍內，在這種環境下並沒有出現任何下降。

Great. And then my second question, I just want to confirm -- it sounds like you're seeing strength across the portfolio. But please confirm, I guess, we'll talk about markets with stronger income versus lower income or stronger -- higher density versus lower density, are you seeing any differences in the month of April?

偉大的。然後是我的第二個問題，我只是想確認一下——聽起來你看到整個投資組合都表現強勁。但請確認，我想，我們將討論收入較高與收入較低或較高密度與較低密度的市場，您是否看到四月份有任何差異？

I wouldn't be able to point to any differences in the short-term period, Jeff. Again, very broad-based. Most of the markets that we operate in, we have a combination of both dense and maybe more suburban orientation as well as a whole host of different customer economic types, again, based on the trade area that any particular property is in.

傑夫，我無法指出短期內的任何差異。再次，基礎非常廣泛。在我們經營的大多數市場中，既有密集的市場，也有可能更偏向郊區的市場，而且客戶的經濟類型也多種多樣，這同樣取決於特定房產所在的貿易區域。

But frankly, we really haven't seen a differentiation come through at all. It points to the overall health and resiliency of the business and the variety of ways customers continue to gravitate toward using self-storage, whether it's first time and/or customers that continue to keep their space with us.

但坦白說，我們確實沒有看到任何差異化。它表明業務的整體健康和彈性，以及客戶繼續傾向於使用自助倉儲的各種方式，無論是第一次使用還是繼續在我們這裡保留空間的客戶。

Okay. If I could just ask one more. This April, how does it compare typically to what you see in April from a historical seasonality standpoint?

好的。如果我可以再問一個問題。從歷史季節性的角度來看，今年四月的情況與四月相比如何？

Yes. I would point back to the comments that Joe made earlier around, we're not anticipating to see a typical seasonal pattern this year. And I would say that's consistent with what we've seen year-to-date. I think we've seen some closing of the occupancy gap, but I think that's more just broad-based demand bouncing off the bottom than it is anything that you would point to seasonally. And so I'd say, generally speaking, similar to last year in terms of seasonal trends. But overall, a little bit better demand trends year-to-date.

是的。我想指出喬之前所發表的評論，我們預計今年不會出現典型的季節性模式。我想說這與我們今年迄今為止看到的情況一致。我認為我們已經看到入住率差距有所縮小，但我認為這更多的只是廣泛需求從底部反彈，而不是任何季節性因素。所以我想說，總體而言，季節性趨勢與去年相似。但總體而言，今年迄今的需求趨勢略有改善。

Eric Luebchow, Wells Fargo.

艾瑞克‧盧布喬（Eric Luebchow），富國銀行。

Great. So I wanted to ask about M&A. I know you're not going to comment directly on the Abacus deal, but as you think more broadly, are there opportunities out there in other developed international markets given your experience with Shurgard, whether it's more broad in Europe and Canada or in the APAC region, just thinking about how you can export the PSA operating model into other countries.

偉大的。所以我想問一下有關併購的問題。我知道您不會直接評論 Abacus 交易，但從更廣泛的角度來看，鑑於您在 Shurgard 的經驗，其他發達的國際市場是否也有機會，無論是在歐洲和加拿大還是在亞太地區，只是在思考如何將 PSA 運營模式輸出到其他國家。

Yes, Eric. I mean clearly, we've proven that we are capable of doing just that, meaning exporting many of the things that we've learned over our 50-plus years here the US and how that may or may not be transportable into certain international markets.

是的，埃里克。我的意思是，很明顯，我們已經證明我們有能力做到這一點，也就是說，將我們在美國 50 多年來學到的許多東西輸出到某些國際市場，以及這些東西是否可以或不可能轉移到某些國際市場。

To your point, Europe and the experience we've had with Shurgard there has been a great opportunity for us to learn as they've adopted at their election, a whole host of things that we've been able to guide them to if, in fact, it suited the particular level of optimization they're looking for in whatever particular country may or may not be applicable. And we've continued to study different markets outside the US.

正如您所說，歐洲以及我們與 Shurgard 合作的經驗為我們提供了一個很好的學習機會，因為他們在選舉中採取了一系列措施，我們能夠指導他們，事實上，它是否適合他們在特定國家尋求的特定優化水平，無論這些國家是否適用。我們還在繼續研究美國以外的不同市場。

Certainly, we've gotten to know the Australian market well over the last several years based on the experience we had 5-plus years ago with an early interaction there. And as Tom mentioned, we are very encouraged and like the opportunity that we see with the Abacus Storage King portfolio in Australia and New Zealand. There are other markets out there that we're going to continue to study and look for potential opportunities.

當然，基於我們五年多前在澳洲市場的早期互動經驗，我們在過去幾年中已經非常了解澳洲市場。正如湯姆所提到的，我們非常受鼓舞，並且看好 Abacus Storage King 在澳洲和紐西蘭的投資組合所帶來的機會。我們將繼續研究其他市場並尋找潛在的機會。

What makes sense for us, more typically than not, is going into a new market outside of US borders that may have many of the things that we can more immediately impact, which would be scale, some kind of an operating platform that again has some proven attributes and the way that we can infuse our own capabilities and platform optimization that we do here day to day into those kinds of platforms outside of borders. So the Abacus opportunity is just that. And hopefully, we'll continue to find more over time.

對我們來說，通常有意義的是進入美國境外的新市場，這個市場可能擁有許多我們可以立即產生影響的因素，例如規模、某種擁有一些經過驗證的屬性的營運平台，以及我們可以將我們自己的能力和我們每天在這裡進行的平台優化融入到境外平台的方式。所以 Abacus 的機會就是這樣的。希望隨著時間的推移，我們能夠繼續發現更多。

I appreciate that. And just one follow-up on the guidance. I think last call, you talked about occupancy being down about 10 basis points by the end of the year. And just wanted to confirm that. And I guess, based on the trajectory of how this year has played out so far through April, are you kind of in line or running ahead of internal expectations at this point on occupancy?

我很感激。這只是對該指南的一次後續跟進。我認為上次您談到到年底入住率將下降約 10 個基點。我只是想確認一下這一點。我想，根據今年截至 4 月的發展軌跡，您的入住率是否符合或超越了內部預期？

Yes, Eric, just to clarify, what I communicated in February was the midpoint assumes that occupancy on average would be down 10 basis points. And so we're tracking right along with that based on year-to-date performance.

是的，艾瑞克，只是為了澄清一下，我在二月傳達的訊息是，中點假設平均入住率將下降 10 個基點。因此，我們根據今年迄今為止的表現進行追蹤。

Tayo Okusanya, Deutsche Bank.

德意志銀行的 Tayo Okusanya。

Good morning out there. Just a quick one on street rate. So down 5% in 1Q, down 8% in April. I'm just trying to understand, like relative to one of your peers, where in 1Q, steep rates were somewhat flat relative to the (inaudible) data where you're going to kind of flattish, maybe down a little bit.

大家早安。只是快速了解街頭價格。因此，第一季下降了 5%，四月下降了 8%。我只是想知道，相對於您的一位同行，在第一季度，高利率相對於（聽不清楚）數據而言有些持平，而您的數據則有些持平，甚至可能略有下降。

You guys seem to still be using street rates or using street rates in a different way to maximize revenue, if I may use those words versus what one of your peers are playing anything to be doing now. I just wondered if you could talk a little bit about that in terms of why this is a better strategy versus kind of what the industry seems to be moving towards of street rates kind of flattening year-over-year at this point?

你們似乎仍在使用街頭利率，或者以不同的方式使用街頭利率來最大化收入，如果我可以使用這些詞來與你們的同行現在所做的事情進行比較的話。我只是想知道您是否可以稍微談談為什麼這是一個更好的策略，而不是目前行業似乎正在走向的街頭利率逐年趨於平穩的策略？

Yes, sure. I think there's a number of components there. I won't speak to what others are doing. I'd just highlight we consistently are looking to optimize towards revenue over time, and that's a combination of both occupancy and rate or as you think about it on move-ins, move-in volume and move-in rates obviously, paired with advertising as well as promotional discounts as well.

是的，當然。我認為那裡有許多組成部分。我不會談論其他人在做什麼。我只想強調，我們始終致力於隨著時間的推移優化收入，這是入住率和入住率的結合，或者正如您所想的，入住量和入住率顯然是結合了廣告和促銷折扣。

So that's a dynamic process that occurs at the unit and property level and one that we have a lot of confidence in, in terms of our ability to execute on that objective over time given the breadth of data and experience that we have in operating in our markets.

因此，這是一個在單位和財產層面發生的動態過程，鑑於我們在市場運營中所擁有的廣泛數據和經驗，我們對我們能夠長期實現這一目標的能力充滿信心。

I think looking at the first quarter, for instance, our rates -- move-in rates were down 4.6%. That's a move-in rent, just to be clear, not a street rent. So that's an actual rent that a customer is paying. And the volume that we picked up in the quarter was healthy such that the net -- so the contract revenue or contract rents gained from move-ins was down 2.3%.

例如，從第一季來看，我們的入住率下降了 4.6%。需要明確的是，這是入住租金，而不是街道租金。這就是客戶實際支付的租金。本季我們的交易量表現良好，因此淨合約收入或入住所獲得的合約租金下降了 2.3%。

And so that's an improvement from where we were in the fourth quarter, which demonstrates the stabilization that we're seeing on move-ins. But to us, it's not really a rate discussion or a volume discussion. It's really both as we're looking to optimize revenue over time.

因此，這比第四季度的情況有所改善，顯示我們看到的入住情況趨於穩定。但對我們來說，這實際上並不是一個關於利率或數量的討論。事實上，兩者皆有，因為我們希望隨著時間的推移優化收入。

That's helpful. And if I may ask one more question, again, just given how tough overall housing market remain and if that's not going to be a real big driver. Just curious as you guys pull your tenants about why they're moving in.

這很有幫助。我可以再問一個問題嗎？同樣，考慮到整體房地產市場仍然十分艱難，這是否不會成為一個真正的重要驅動力。我只是好奇你們問房客為什麼要搬進來。

Any sense just in regards to all the other typical drivers if any of those are kind of higher than usual or somebody to kind of give us a sense of how thing doesn't come back, there may be these other drivers that may actually absorb some of that demand that's not getting from housing. Just kind of curious to kind of see anything like that, that kind of makes us a little bit better that you could still have decent demand even if housing doesn't come back this year.

對於所有其他典型驅動因素，如果其中任何一個因素比平常要高，或者有人讓我們感覺到事情沒有回升，那麼可能還有其他驅動因素實際上可以吸收一些住房無法提供的需求。只是有點好奇想看看這樣的事情，這讓我們感覺好一點，即使今年住房市場沒有回暖，我們仍然會有不錯的需求。

Yes. I think our expectation is not that 2025 is a year of strong housing recovery. So I think you're right that not likely to be a big driver. But I think what we've seen year-to-date is more broad-based demand across the other factors, which, again, existing home sale-driven move-ins are about 15% of our activity. So the other 85% is driven by a whole host of other demand drivers.

是的。我認為我們的預期並不是 2025 年是房市強勁復甦的一年。所以我認為你是對的，這不太可能成為一個重要的驅動因素。但我認為，今年迄今為止我們看到的是其他因素帶來的更廣泛的需求，其中，現有房屋銷售驅動的入住率約占我們活動的 15%。因此，其餘 85% 則是由大量其他需求驅動因素所驅動。

And we've seen that, that level of demand has bounced across the bottom and bounced off the bottom. I wouldn't highlight one particular driver there, more broad-based improvement off the bottom here.

我們已經看到，需求水準已經觸底反彈。我不會強調某個特定的驅動因素，而是更多基於底層的改善。

Mike Mueller, JPMorgan.

摩根大通的麥克·穆勒。

Yeah, hi, real quick. Just going back to development for a second. Can you tie together, I guess, the comments that a little bit earlier where you talked about the lowest move-in rents you've seen since 2013. And kind of tie it to development economics today considering that costs have moved up.

是的，嗨，很快。稍微回顧一下開發。我想，您能否將您先前關於自 2013 年以來最低入住租金的評論聯繫起來？考慮到成本已經上升，我們可以將其與當今的發展經濟學連結起來。

And I guess, are you running into more and more situations where the math just doesn't pencil out? Or you're more accepting of lower going in yields because you see longer-term growth? I mean, how do we think about tying those two together?

我想，您是否會遇到越來越多數學計算不出來的情況？或者您更願意接受較低的收益率，因為您看到了長期的成長？我的意思是，我們如何考慮將這兩者結合在一起？

Yes. No question you're highlighting what's been a challenging development environment, and that's what Joe was highlighting earlier. I think industry-wide, we're expecting that overall levels of supply are likely to continue to come down because of some of the factors that you highlighted and Joe highlighted earlier.

是的。毫無疑問，您強調的是充滿挑戰的開發環境，而這正是喬之前所強調的。我認為，就整個行業而言，我們預計整體供應水平可能會繼續下降，原因在於您和喬之前強調的一些因素。

I think against that backdrop, we've challenged our team and they've been executing on a plan to find those submarkets where there's a good mix of new demand that's coming in where it makes sense for us to plant a new public storage flag. And again, pick that submarket, design that building and ultimately construct that building at a good cost given our national buying platforms and plug it into our operating platform.

我認為在這樣的背景下，我們向我們的團隊提出了挑戰，他們一直在執行一項計劃，以找到那些存在大量新需求的子市場，在這些子市場中，我們有必要樹立新的公共儲存旗幟。再次，選擇那個子市場，設計那個建築，並最終以合理的成本建造那個建築，考慮到我們的國家購買平台，並將其連接到我們的營運平台。

In terms of the underwriting or otherwise, we're not lowering our return expectations or targets in this environment. But we certainly are experiencing some of the challenges that others are as well. But we certainly have the balance sheet and retain cash flow and a deep team to execute against some of those challenges.

無論是承保還是其他方面，在這種環境下我們都不會降低我們的回報預期或目標。但我們確實也面臨其他國家也面臨的一些挑戰。但我們確實擁有資產負債表並保留了現金流和一支強大的團隊來應對其中的一些挑戰。

Yes. And Mike, just one other part of the equation that goes into development in our sector. I mean, the vast majority of it is done on a one-off, very localized basis. And to the point Tom just made, constraints that developers now have is dealing with not only what rate level they may or may not be able to achieve in this environment, but the cost structure, et cetera.

是的。麥克，這只是我們產業發展過程中方程式的另一個部分。我的意思是，絕大多數都是一次性的、非常本地化的。正如湯姆剛才所說，開發商現在面臨的限制不僅在於他們在這種環境下可能達到或不可能達到的利率水平，還在於成本結構等等。

And they're playing field is probably not very far and wide. I mean they are going to be very focused on the individual market that they are operating in or trying to develop in. So what we have very differently is the opportunity to go in and out of different markets where we see these pockets of opportunities that with our own data and our own level of confidence and underwriting capabilities, we're still seeing good opportunities with far less competition to look for attractive development opportunities.

而且他們的比賽場地可能也不是很廣闊。我的意思是他們將非常專注於他們正在運作或試圖開發的個人市場。因此，我們擁有的不同之處在於，我們有機會進出不同的市場，在這些市場中，我們看到了這些機會，憑藉我們自己的數據、我們自己的信心和承保能力，我們仍然看到了競爭少得多的好機會，可以尋找有吸引力的發展機會。

So that continues to play for us. And frankly, we continue to be more encouraged that we can expand our development capabilities based on that.

所以這對我們來說仍然有效。坦白說，我們繼續受到鼓舞，因為我們可以在此基礎上擴展我們的開發能力。

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.

問答環節已結束。現在我想將電話轉回給 Ryan Burke 來做最後發言。

Thank you, Rob, and thanks to all of you for joining us. Have a great day.

謝謝你，羅布，也謝謝大家加入我們。祝你有美好的一天。

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

今天的會議到此結束。現在您可以斷開線路，感謝您的參與。