Public Storage (PSA) 2025 Q2 法說會逐字稿

Greetings and welcome to Public Storage second quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 Public Storage 2025 年第二季財報電話會議。 （操作員指示）提醒一下，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，我想將會議交給主持人瑞安伯克先生。謝謝。您可以開始了。

Thank you, Rob. Hello, everyone. Thank you for joining us for our second 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.

謝謝，Rob。大家好。感謝大家參加我們2025年第二季財報電話會議。我和Joe Russell以及Tom Boyle一起出席。在開始之前，我們想提醒大家，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。

These forward-looking statements are subject to certain economic risks and uncertainties. All forward-looking statements speak only as of today, July 31, 2025, and we assume no obligation to update, revise or supplement statements that become untrue because of subsequent events.

這些前瞻性陳述受某些經濟風險和不確定性的影響。所有前瞻性陳述僅截至2025年7月31日有效，我們不承擔因後續事件而變得不真實的陳述的更新、修訂或補充義務。

A reconciliation to GAAP of the non-GAAP financial measures we provide on this call is included in our earnings release. You can find our news release, supplement report, SEC reports and an audio replay of this conference call on our website at publicstorage.com. We do ask that you initially limit yourself to two questions. After that, of course, feel free to jump back in queue.

我們在本次電話會議上提供的非公認會計準則 (non-GAAP) 財務指標與公認會計準則 (GAAP) 的對帳已包含在我們的收益報告中。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。我們懇請您先限問兩個問題。之後，當然，您可以隨時加入提問隊列。

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 all for joining us today. Tom and I will walk you through our performance, industry views and outlook, then we'll open it up for Q&A. We are raising our outlook for 2025 based on stabilizing operations and accelerated acquisitions which reached $785 million closed or under contract year-to-date.

謝謝瑞安，也謝謝大家今天加入我們。湯姆和我將向大家介紹我們的業績、產業觀點和前景，然後我們將進入問答環節。基於穩定的營運和加速的收購，我們上調了對2025年的展望。今年迄今為止，已完成或正在簽訂合約的收購金額已達7.85億美元。

Public Storage's industry leadership is proven by, among other things, the highest revenue generation per square foot among peers, the most efficient operating platform, including customer and employee-centric technologies that are enhancing satisfaction while bolstering our revenue and margin advantages. And the strongest ability to drive portfolio expansion through our best-in-class acquisition and development teams backed by our growth-oriented balance sheet.

Public Storage 的行業領先地位已得到充分證明，其中包括：同行中最高的每平方英尺創收率；最高效的營運平台，包括以客戶和員工為中心的技術，這些技術在提升滿意度的同時，也增強了我們的收入和利潤率優勢。此外，憑藉我們一流的收購和開發團隊以及以成長為導向的資產負債表，我們擁有強大的產品組合擴張能力。

As the operating environment stabilizes, new competitive supply deliveries declined further and the transaction market becomes more active we are holistically enhancing our advantages and positioning for growth.

隨著經營環境趨於穩定，新的競爭性供應交付量進一步下降，交易市場更加活躍，我們正在全面增強優勢和成長定位。

From a performance perspective, the West Coast, in particular, along with other markets, including Washington, DC and Chicago are standouts, with same-store revenue growth in the 2% to 4% range. Our expectation for the impact of fire-related pricing restrictions in Los Angeles is unchanged.

從業績表現來看，西岸以及華盛頓特區和芝加哥等其他市場表現特別突出，同店營收增幅在2%至4%之間。我們對洛杉磯火災相關價格限制的影響預期保持不變。

Similar to most of California, Los Angeles will return to being a higher growth market when the restrictions end. Speaking more broadly, the trusted Public Storage brand and our geographically diversified portfolio are highly recognizable to consumers and businesses and a source of pride for our team. We have developed an optimized mix of digital and in-person service options that have modernized the customer experience while driving returns and revenues.

與加州大部分地區一樣，限制措施結束後，洛杉磯將恢復高成長市場地位。更廣泛地說，值得信賴的 Public Storage 品牌和我們地理多元化的產品組合在消費者和企業中享有很高的知名度，也是我們團隊的驕傲。我們開發了優化的數位和線下服務方案組合，在提升回報和收入的同時，提升了客戶體驗。

With our broader operating model transformation, we have created a win-win-win for customers, team members and our profitability through higher engagement, satisfaction and efficiency. Our ancillary businesses, including tenant insurance, third-party management and lending are expanding.

隨著我們更廣泛的營運模式轉型，我們透過提高員工敬業度、滿意度和效率，為客戶、團隊成員和自身獲利能力創造了三贏局面。我們的輔助業務，包括租戶保險、第三方管理和貸款，正在不斷擴展。

Our acquisition and development teams are executing on accretive portfolio growth, with the 538 property non-same-store pool expected to generate approximately $470 million of high-growth NOI in 2025, with an additional $110 million coming through stabilization in 2026 and beyond.

我們的收購和開發團隊正在執行增值投資組合成長計劃，其中 538 個非同店物業預計將在 2025 年產生約 4.7 億美元的高成長淨營業收入，並透過 2026 年及以後的穩定措施額外產生 1.1 億美元。

And Public Storage is uniquely positioned to grow internationally, as demonstrated by our success with Shurgard in Europe and the potential new partnership in Australia and New Zealand. As announced, we are currently in due diligence and therefore, in a quiet period. We are excited about the potential to partner with Abacus Storage King and Kai Corporation, their major shareholder to enhance the company's customer experience, operating performance and portfolio growth.

Public Storage 擁有獨特的國際發展優勢，我們與 Shurgard 在歐洲的成功合作以及在澳洲和紐西蘭的潛在新合作關係都證明了這一點。正如我們所宣布的那樣，我們目前正處於盡職調查階段，因此處於一個平靜期。我們很高興有機會與 Abacus Storage King 及其主要股東 Kai Corporation 合作，以提升公司的客戶體驗、營運績效和投資組合成長。

Now I'll turn the call over to Tom.

現在我將把電話轉給湯姆。

Thanks, Joe. We are leaning into our powerful compounding returns platform comprised of three components. Joe spoke to our industry-leading operations. I'll now speak to capital allocation and capital access. On capital allocation, we have accelerated portfolio growth with more than $1.1 billion in acquisitions and development already announced for this year.

謝謝，喬。我們正在大力發展我們強大的複合回報平台，該平台由三個部分組成。喬談到了我們領先業界的營運。現在，我將談談資本配置和資本獲取。在資本配置方面，我們加快了投資組合的成長，今年已宣布的收購和開發項目超過11億美元。

The acquisition opportunities are relatively broad-based across size, geography and seller type, which were built to execute based on our relationships, data-driven underwriting and capital structure and we will continue expanding the high-growth non-same-store pool through additional acquisitions and our $648 million development pipeline to be delivered over the next two years.

收購機會相對廣泛，涵蓋規模、地理和賣方類型，這些收購機會是基於我們的關係、數據驅動的核保和資本結構而製定的，我們將繼續透過額外的收購和未來兩年內交付的 6.48 億美元開發管道來擴大高成長非同店池。

We are utilizing our advantageous access and cost of capital to fund that growth. During the quarter, with ongoing support from bond investors, we issued new unsecured bonds for refinancing and to fund that growth at the tightest spread of REITs for the year. With leverage at 4.1 times net debt and preferred to EBITDA and approximately $600 million in retained cash flow this year, our capital position is very strong and poised to fund growth into the future.

我們正在利用我們有利的管道和資本成本來為這一成長提供資金。在本季度，在債券投資者的持續支持下，我們發行了新的無擔保債券用於再融資，並以今年房地產投資信託基金（REIT）中最低的息差為這一增長提供資金。我們的槓桿率為淨債務的4.1倍，且優於EBITDA，今年的留存現金流約為6億美元，我們的資本狀況非常強勁，足以為未來的成長提供資金。

Now shifting to financial performance for the quarter and our increased outlook. In the same-store pool, revenue growth came in as expected, increasing for a second consecutive quarter following three quarters of declines last year. Rental rates were up 0.6%, which more than offset slightly lower occupancy. And that occupancy gap versus last year continues to improve, down 40 basis points versus down 80 basis points to start the year. And expense control was strong, leading to a better NOI outcome than we anticipated.

現在轉向本季的財務業績和我們上調的預期。同店營收成長符合預期，在去年連續三個季度下滑之後，連續第二季實現成長。租金上漲0.6%，足以抵銷略微下降的入住率。與去年相比，入住率差距持續縮小，下降了40個基點，而年初為80個基點。費用控制強勁，導致淨營業利潤（NOI）結果優於我們的預期。

Strong non-same-store and ancillary NOI growth drove core FFO higher by 1.2% in the quarter. FFO growth accelerated 240 basis points from the level achieved during the second quarter of last year. In light of that performance, we lifted the low end of our 2025 core FFO guidance range from $16.35 to $16.45 per share, driven by an improved outlook for self-storage and ancillary NOI.

非同店及輔助業務淨營運利潤 (NOI) 強勁成長，推動核心營運現金流 (FFO) 本季成長 1.2%。 FFO 成長速度較去年第二季加快 240 個基點。有鑑於此，我們將 2025 年核心營運現金流 (FFO) 指引區間下限從每股 16.35 美元上調至 16.45 美元，這主要得益於自助倉儲和輔助業務淨營運利潤前景的改善。

All in, Public Storage is very well positioned to drive performance from our compounding returns platform comprised of leading operations, strong capital allocation and advantageous capital access.

總而言之，Public Storage 完全有能力透過我們由領先的營運、強大的資本配置和有利的資本獲取組成的複合回報平台來推動績效。

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

羅布，現在讓我們開始提問吧。

(Operator Instructions)

（操作員指示）

Michael Griffin, Evercore.

邁克爾·格里芬，Evercore。

Great, thanks. Maybe just first starting off on fundamentals. Wondering if you can give us an update on July operating trends, maybe both from a rate and occupancy perspective. And second, as it relates to the guide, it seems like you're trending above the revised midpoint at least year-to-date. So should we kind of interpret the back half of the year as a deceleration in fundamentals? And has that changed your stance at all about potential recovery for Storage fundamentals?

太好了，謝謝。或許先從基本面開始。您能否介紹一下7月的營運趨勢，例如從房價和入住率兩個角度來看。其次，就指南而言，至少從年初至今，您的業績似乎一直高於修訂後的中點。那麼，我們是否應該將下半年的業績解讀為基本面的減速呢？這是否改變了您對儲存基本面可能復甦的看法？

Sure. Thanks, Michael. So starting with the first part of your question, just in terms of how operating fundamentals have been through the peak season and here into July. I'd say, generally speaking, seasonal trajectory very similar to last year, right in line with expectation. The stabilization that we've been speaking to continues to play forth. Joe spoke to some of the strength in many of our markets, the West Coast markets San Francisco, Seattle, San Diego, Portland, all putting up good kind of 2% to 4% same-store revenue growth.

當然。謝謝，麥可。那麼，就你問題的第一部分開始，談談旺季和今年7月的營運基本面狀況。我認為，總體而言，季節性趨勢與去年非常相似，完全符合預期。我們一直在強調的穩定態勢仍在持續。喬談到了我們許多市場的一些強勁表現，例如西海岸的舊金山、西雅圖、聖地牙哥和波特蘭，這些市場的同店收入都實現了2%到4%的良好成長。

We continue to have certain markets like Atlanta and Dallas, some of the Florida markets still working through the normalization process, but we've been encouraged by some of the trends that we've been seeing through the leasing season in those markets.

我們仍然擁有亞特蘭大和達拉斯等某些市場，佛羅裡達州的一些市場仍在進行正常化進程，但我們對這些市場在租賃季節看到的一些趨勢感到鼓舞。

For the quarter, move-in rents were down about 5%. And as I noted, occupancy did close the gap to down 40 basis points from starting the year down 80%. July trends have been relatively consistent in terms of customer behavior, Rents are trending similar in July, down, call it, mid-single digits. We ran a successful fourth of July sale, which will optically lower that statistically but seeing good customer traffic and behavior there. Occupancy gap continues to tighten, today, down about 30 basis points as we sit here today.

本季度，入住租金下降了約5%。正如我所指出的，入住率確實從年初的80%的降幅縮小到40個基點。就客戶行為而言，7月的趨勢相對一致。 7月的租金趨勢也類似，下降了，可以說是個位數左右。我們成功舉辦了7月4日的促銷活動，雖然從統計上看，這筆交易的降幅會降低，但客流量和客戶行為都很好。入住率差距持續縮小，今天我們在這裡討論的情況是，下降了約30個基點。

The second part of your question related to guidance and kind of performance year-to-date. And as you highlighted, we're seeing performance pretty similar to what we've been expecting year-to-date trends are a little bit above the midpoint on year-to-date performance in revenue, which is encouraging. And I think that's specifically what you're getting at.

您問題的第二部分是關於業績指引和年初至今的業績表現。正如您所強調的，我們看到的業績與我們的預期非常相似，年初至今的收入趨勢略高於年初至今業績的中點，令人鼓舞。我認為這正是您所想表達的意思。

I think the second half deceleration that's implied by that guidance I would point you to the discussion we've been having and Joe highlighted around Los Angeles. And the Los Angeles impact from the fire-related emergencies will be more felt in the second half as we've consistently highlighted and is the contributor to that deceleration in the second half. That said, LA continues to be a fantastic storage market and one that we have a lot of confidence in over the medium to longer term and will rebound nicely when those fire emergencies expire.

我認為指引暗示下半年儲能市場將出現減速，我想提醒大家注意我們一直在進行的討論，以及喬強調的關於洛杉磯的情況。正如我們一直強調的那樣，火災相關緊急情況對洛杉磯的影響將在下半年更加明顯，這也是導致下半年儲能市場減速的原因之一。話雖如此，洛杉磯仍然是一個非常棒的儲能市場，我們對它在中長期內的發展充滿信心，並且當這些火災緊急情況結束後，洛杉磯將強勁反彈。

Tom, that's certainly some helpful color. Maybe switching next to kind of the acquisition pipeline and your color on deals closed year-to-date, it looks like you did about $160 million in the second quarter with a healthy pipeline, call it, around $40 million under contract. Outside of that, I mean, can you give us a sense of how the transaction market has been? What kind of buyers and sellers out there are out there? Could we see incremental acquisitions on top of that $480 million set to close?

湯姆，這當然很有幫助。或許接下來談談收購管道，以及您對今年迄今已完成交易的分析。看起來您第二季的交易額約為1.6億美元，而且通路健康，合約金額約為4000萬美元。除此之外，能否介紹一下交易市場的狀況？有哪些買家和賣家？除了即將完成的4.8億美元之外，我們是否還會看到增量收購？

And then it looks like you've targeted a number of Sunbelt markets. with your acquisitions so far this year. Obviously, those have kind of felt more of the brunt of the supply headwinds. So curious if kind of the acquisition strategy is more getting ahead of a recovery in those markets? Or it's more submarket specific. Thank you.

看起來，今年到目前為止，你們的收購已經瞄準了陽光地帶的多個市場。顯然，這些市場受到了供應逆風的衝擊。所以，我很好奇，你們的收購策略是否更傾向於在這些市場復甦之前就採取行動？還是更專注於針對特定細分市場？謝謝。

Okay. Yeah, Michael, this is Joe. I'll take that and Tom is welcome to join in as well. First of all, just talking about the overall transaction market through year-to-date tracking that we have seen nationally. It's up year-over-year, anywhere from, say, 10% to 15%.

好的。麥可，我是喬。我接聽，也歡迎湯姆加入。首先，我想談談今年迄今為止我們在全國範圍內觀察到的整體交易市場情況。它同比增長了10%到15%。

We'll see how that plays out full year typically, second half of year transactions are more robust than first half year, but to be determined. But we have seen, again, the amount of product coming into the market and the willingness of owners to transact into levels of value that we have seen appropriate actually increased. So that's been encouraging. It's certainly been part and parcel to the amount of volume that we've done year-to-date that we've spoken to.

我們將觀察全年情況如何。下半年的交易量通常會比上半年更強勁，但仍有待確定。但我們再次看到，進入市場的產品數量以及業主以我們認為合適的價格水平進行交易的意願實際上有所提升。這令人鼓舞。這無疑是我們今年迄今成交量成長的重要部分。

We'll see how the rest of the year plays out. There are still very few larger portfolios coming into the market. And those that have had some level of friction relative to the amount of bidding activity and the value realization that many of those owners have attempted to achieve both privately through many conversations we've had with them over the last even 12 to 18 months and then what we've even seen year-to-date. A little tough to predict how things are going to go between now and end of the year. But what we've been able to do is unlock many of the things that we do very uniquely, as Tom spoke about in his opening comments, which we have deep-seated relationships.

我們將拭目以待今年剩餘時間的走勢。目前仍有少量規模較大的投資組合進入市場。這些投資組合在競標活動數量和許多業主試圖實現的價值實現方面存在一定程度的摩擦，這些摩擦是透過我們在過去12到18個月與他們進行的多次私下對話以及我們今年迄今所看到的來實現的。從現在到年底，情況會如何發展有點難以預測。但正如湯姆在開場白中提到的那樣，我們已經能夠解鎖許多我們獨特的領域，我們與這些領域有著深厚的關係。

We are in active dialogue with a whole set of different types of owners, very different market opportunities. And to that point and the other part of your question, both intentionally and then what we've seen from the market concentration of activity, it has been dominated by a number of markets, more Mid to East Coast.

我們正在與各種不同類型的業主就不同的市場機會進行積極溝通。關於這一點以及你問題的另一部分，無論是有意為之，還是我們從市場活動的集中度來看，它一直被一些市場主導，尤其是中部和東海岸市場。

What we do though is not aim and look for Sunbelt markets that may have different dynamics tied to supply and or growth. But going right down to a submarket basis where we can use data to guide us to where we see unusual value opportunities. So we're very confident in the way that we've actually captured assets year-to-date based on all the tools that we have and the unique opportunities that we have to execute those tools. A number of those transactions have been off market.

然而，我們所做的並非瞄準和尋找可能與供應或成長相關的動態不同的陽光地帶市場。而是深入子市場，利用數據引導我們找到非同尋常的價值機會。因此，我們非常有信心，憑藉我們擁有的所有工具以及運用這些工具的獨特機會，我們今年迄今成功捕獲了資產。其中許多交易都是場外交易。

And outside of two, I would say, moderately sized portfolios. They've been primarily dominated by one-off transactions. So we'll see how that continues to play through the rest of 2025, but we have been encouraged by the realization that many owners have taken relative to cap rate expectations and value expectations and have, frankly, captured some good assets going into 2025 thus far.

除了兩個規模適中的投資組合外，我想說的是，它們主要以一次性交易為主。因此，我們將拭目以待這種趨勢在2025年剩餘時間內如何繼續發揮作用。但我們感到鼓舞的是，許多業主已經根據資本化率預期和價值預期進行了投資，坦白說，到目前為止，他們已經獲得了一些進入2025年的優質資產。

So where our CapEx -- that was very-- yeah. Thanks so much, yeah, I'll hop back in.

那我們的資本支出是多少呢？是的。非常感謝，好的，我會回來的。

You bet. Thank you.

當然。謝謝。

Nicholas Yulico, Scotiabank.

加拿大豐業銀行的 Nicholas Yulico。

Thanks. I guess I just wanted to touch on the move in volume, net of move-outs. And you talked about that being slightly better than last year. Can you just give us a feel for how much that you think that might need to pick up in order to help pricing on the move-in side where you said it's been a little bit more competitive on move-in rates?

謝謝。我只是想談談入住量（扣除搬出量）的問題。您之前提到，入住量比去年略有好轉。能否介紹一下，您認為入住量需要成長多少才能幫助降低入住價格？您之前提到，今年的入住率略有競爭力。

Yeah, I mean we've seen a consistent performance closing that occupancy gap with move-ins doing better than move-outs really for the past 1.5 years and would expect that to continue. In terms of the dynamic with move-in rents, I think there's a couple of pieces there. One is our own strategies related to what it is we're doing to drive revenue. And so we do things like run sales and things like that periodically and otherwise that are going to skew some of the numbers one way or the other.

是的，我的意思是，過去一年半以來，我們的入住率差距一直在縮小，入住率實際上高於搬出率，預計這種情況還會持續下去。至於入住租金的動態，我認為有幾個方面的原因。一是我們自身的收入驅動策略。我們會定期進行促銷之類的活動，否則，這些活動可能會對一些數據造成一定的影響。

But the ultimate driver of some of this is overall industry demand. And we've been encouraged by industry demand that really bottomed last year and is starting to recover. And I think it's going to take a little bit more time with that recovery before the industry overall starts to be in a position where we're driving open rents higher, given the success we've had in using move-in rents at a lower promotional levels over the past couple of years.

但其中部分因素的最終驅動力是整體產業需求。我們受到行業需求的鼓舞，該需求去年觸底並開始復甦。考慮到過去幾年我們成功地以較低的促銷價調整入住租金，我認為整個行業還需要一段時間才能恢復到我們能夠推動開放租金上漲的水平。

But I do think that, that will come here as we move through the year and into next year, continued narrowing of that, move-in rent gap. And we will be really supported by that demand picture, which we think is modestly improving off the bottoms from last year.

但我確實認為，隨著今年和明年的到來，入住租金差距會持續縮小。需求狀況將對我們形成真正的支撐，我們認為需求狀況正在從去年的谷底略有回升。

Okay, thanks. And then a second question is just going back to Los Angeles and as a region, it does feel like that market is struggling a little bit more than some others in the US. Can you just talk about any other sort of trends you're seeing on the ground and, I mean, I know you have the fire ordinance that's an impact, but is there anything else you're seeing that's kind of pointing to near term weakness in that region? Thanks.

好的，謝謝。第二個問題回到洛杉磯，作為一個地區，感覺這個市場比美國其他一些市場更難一些。您能否談談您在當地觀察到的其他趨勢？我知道消防條例確實有影響，但您是否也觀察到其他一些跡象表明該地區近期將疲軟？謝謝。

Yeah. We were actually seeing pretty good strength across the whole West Coast and even Los Angeles. I mean you highlighted the rent restrictions. But if you look at Los Angeles in aggregate, if you look at Orange County, for instance, Orange County revenues were up 3% in the in the second quarter, which just speaks to the strength that we're seeing really across the broad-based West Coast, but we are impacted by those rent-related restrictions that are in place. But ultimately, they will expire, and we've got a lot of confidence both in our portfolio in Los Angeles as well as the demand dynamics here in Los Angeles that will return Los Angeles to a strong performing market here in the future.

是的。我們實際上看到整個西海岸，甚至洛杉磯都表現得相當強勁。我的意思是，你強調了租金限制。但如果你看洛杉磯的整體情況，例如奧蘭治縣，奧蘭治縣第二季度的收入增長了3%，這恰恰說明了我們在整個西海岸地區看到的強勁勢頭，但我們確實受到了現行租金相關限制的影響。但最終這些限制會到期，我們對在洛杉磯的投資組合以及洛杉磯的需求動態都充滿信心，這將使洛杉磯未來恢復強勁的市場表現。

Ronald Kamdem, Morgan Stanley.

摩根士丹利的羅納德‧坎登 (Ronald Kamdem)。

Hey, thanks for taking my question. It's Jenny on for Ron. First is, can you please comment on any markets that you think you become like incrementally more or less constructive any notable change in your underwriting approaches in those areas? Thank you.

嘿，謝謝你回答我的問題。 Jenny 代替 Ron 提問。首先，請問您認為哪些市場逐漸增強或減弱了建設性？在這些領域，你們的核保策略有什麼顯著改變嗎？謝謝。

Well, the good news is, again, quarter-by-quarter, we're seeing continued progression market by market where we've seen improvement in either revenue growth itself for the change in revenue growth. So we're continue to be encouraged by the amount of demand factors that are lifting each of these markets one by one. There's a whole host of markets that then also lead to our confidence relative to capital allocation.

好消息是，我們看到各個市場逐季度持續成長，無論是營收成長本身，或是營收成長的變化，都取得了進步。因此，我們繼續受到需求因素的鼓舞，這些因素正在逐一提升各個市場。眾多市場也增強了我們對資本配置的信心。

But that, as I mentioned in a prior question, really goes right down to a submarket-by-submarket basis, where we're looking for ideal opportunities to invest in the assets that are going to have the opportunity for us to put our own brand, our own operational techniques and platform to improve performance as well. And we've been very encouraged by a whole host of markets that give us that set of opportunities.

但正如我在先前的問題中所提到的，這實際上取決於每個子市場的具體情況，我們正在尋找理想的投資機會，投資那些能讓我們有機會運用自有品牌、自有營運技術和平台來提升績效的資產。許多市場都為我們提供了這樣的機會，這讓我們深受鼓舞。

So the landscape for continued investment is quite good relative to the things that we have uniquely to drive and understand not only current conditions, but changing and improving conditions market by market.

因此，相對於我們獨有的推動和了解當前狀況以及各個市場不斷變化和改善的狀況而言，持續投資的前景相當良好。

That's super helpful. Second is regarding operations. Maybe talk a little bit more about if there is more room to automate or centralized operations, like what could be the expected margin expansion like from those initiatives? Thanks.

這非常有幫助。第二是關於營運。能否再談談自動化或集中化營運是否有更多空間，例如這些措施預期會帶來多少利潤成長？謝謝。

Yeah. Another very vibrant and robust part of the business that we uniquely are investing in and capturing all types of different levels of either A, optimization; B, cost savings and then C, from an employee standpoint, opportunities for different levels of specialization as we allocate for instance, labor into properties where we can use analytics to determine the best place and location for our own employees to match customer demand. Many of the things that we've been doing from a cost efficiency standpoint around our investment into solar, for instance, to, again, optimize costs tied to utilities.

是的。我們獨特的業務領域中另一個充滿活力和強勁增長的部分是，我們正在投資並抓住各種不同層次的機會：A、優化；B、成本節約；C，從員工的角度來看，我們為不同層次的專業化提供機會，例如，我們將勞動力分配到不同的物業中，我們可以透過分析來確定員工的最佳工作地點，以滿足客戶需求。從成本效益的角度來看，我們在太陽能投資方面所做的許多工作，也是為了優化與公用事業相關的成本。

And then from a scale and concentration standpoint, the leverage that we continue to extract relative to, again, the optimization in the way that we're running our properties day-to-day. So very encouraged by the amount of progression. It's not over yet. We're seeing the ability to lift optimization that also ties to both revenue and expense control, while also preserving if not enhancing both customer and employee satisfaction. So the entire opportunity that we see there continues to grow, and we're very confident we've got more to do.

然後，從規模和集中度的角度來看，我們持續挖掘的槓桿作用，與我們日常經營酒店的方式的優化息息相關。我們對所取得的進展感到非常鼓舞。這還沒結束。我們看到了提升優化的能力，這也與收入和支出控制息息相關，同時也能維持甚至提高客戶和員工的滿意度。因此，我們看到的整個機會都在持續成長，我們非常有信心我們還有更多事情要做。

Perfect. Thanks so much.

太好了！非常感謝。

Thank you.

謝謝。

Jeff Spector, Bank of America.

美國銀行的傑夫·斯佩克特。

Great. Thank you. First question on the same-store revenue growth guidance, it's still fairly wide, minus 1.3% to 0.8%. Can you talk about the various scenarios or key drivers bottom in versus top end? Thank you.

太好了，謝謝。第一個問題是關於同店營收成長預期，它仍然相當廣泛，介於-1.3%到0.8%之間。您能否談談各種情景，或者說是底部和頂部的關鍵驅動因素？謝謝。

Yeah. Sure, Jeff. I'd point you to the same guidepost frankly, that I did earlier in the year. The year has played out largely in line with our expectations. And so I would point you to guideposts of higher occupancy from here to the end of the year in the high-end cases, with moving rents probably narrowing to, say, down 3% on average, so some improvement there on moving rents.

是的，當然，傑夫。坦白說，我會給你指出今年早些時候我給的指導方針。今年的情況基本上符合我們的預期。因此，我會給你指出，從現在到年底，高端飯店的入住率將會提高，而行動租金的降幅可能會收窄到平均下降3%，所以行動租金會有所改善。

The low-end case being modest drops in occupancy from here, as well as moving rents declining through the second half. So while the probability of those high and low end cases may have come down a little bit. We felt like they were still the right guidepost for investors to be able to gauge performance.

低端情境是指入住率從現在開始小幅下降，同時下半年租金也出現下降。因此，雖然出現高端和低端情境的機率可能略有下降，但我們認為它們仍然是投資者衡量業績的正確指標。

Okay, thank you. And then my second question is on street rate. Just curious into July, how are operators using street rates to manage occupancy versus demand? How -- I guess, if you could talk about just the current environment, discounting promotional activity.

好的，謝謝。我的第二個問題是關於門面價格。我很好奇，進入7月份，營運商是如何利用門面價格來管理入住率和需求的？您能否談談當前的環境，例如折扣促銷活動。

Thank you.

謝謝。

Yeah, pretty consistent. I wouldn't point you to anything meaningfully changed here in July.

是的，相當一致。我不會指出7月份有什麼重大變化。

Okay, great. Thank you.

好的，太好了。謝謝。

Thanks

謝謝

Eric Luebchow, Wells Fargo.

艾瑞克‧盧布喬（Eric Luebchow），富國銀行。

Great. Appreciate it. I guess as you look at the back half of the year, I guess what type of seasonality are you really expecting into the slower months? The last couple of years, it's been pretty competitive on moving rate across the industry, into the slower months. And are you optimistic that we won't see the same level of price competition to try to maintain occupancy. Any thoughts there would be helpful.

太好了，非常感謝。我想，您展望下半年，在淡季，您預計會出現什麼樣的季節性變化？過去幾年，在淡季，整個產業的行動價格競爭相當激烈。您是否樂觀地認為，為了維持入住率，我們不會看到同樣程度的價格競爭？您對此有何看法？

Yeah, I think our expectation coming into this year is we'd see pretty similar seasonal trends this year as we did last year. And I would stick to that into the back half as well. And yeah, it continues to be competitive for new customers. I think that's dynamic within our industry that's been tried and true for a long time. And so different operators are going to use different pricing and promotion tactics, but we're certainly well equipped to utilize ours and drive traffic to our Public Storage sites around the country.

是的，我認為我們今年的預期是，今年的季節性趨勢將與去年非常相似。我預計下半年也會如此。沒錯，新客戶的競爭仍然很激烈。我認為這是我們行業長期以來的動態，並且行之有效。不同的業者會採用不同的定價和促銷策略，但我們完全有能力利用這些策略，為全國各地的公共儲存站點帶來流量。

Great. And as you think about kind of leveraging moving rent versus promotional discounts versus marketing spend, promotional discounts have been down year-to-date versus last year and your marketing spend was up a bit in the quarter. So just year-over-year. So how should we think about the interplay of those and your ability to hit your occupancy targets this year?

好的。您考慮如何利用租金、促銷折扣和行銷支出，今年迄今的促銷折扣與去年同期相比有所下降，而本季的行銷支出略有增加。所以這只是同比數據。那麼，我們應該如何看待這些因素之間的相互作用，以及您今年實現入住率目標的能力呢？

Yeah. Well, I'd say big picture, we don't have occupancy targets. We're looking to maximize revenue, and you highlighted the three different levers that we utilized day in and day out being marketing, promotions and moving rental rates. We'll continue to do that. That's an analysis that's done very granularly at a product site level at the property, and we'll continue to utilize those tools to maximize revenue over time.

是的。嗯，我想說，總體來說，我們沒有入住率目標。我們希望實現收入最大化，您強調了我們日復一日使用的三個不同槓桿：行銷、促銷和租金調整。我們會繼續這樣做。這是在產品層面對酒店進行非常細緻的分析，我們將繼續利用這些工具，以實現收入最大化。

Okay. Thank you.

好的。謝謝。

Eric Wolfe, Citi.

花旗銀行的埃里克·沃爾夫。

Thanks.

謝謝。

Thanks. Just wanted to follow up on LA. It seems like you're expecting around negative 6% same-store revenue growth in the second half versus call it flat in the second quarter and the first half. Is there anything that could sort of cause that prediction to be materially off one way or the other? Or is it somewhat just sort of math and certainty that will end up close to that level? I'm just trying to understand sort of the volatility outcomes that could happen in LA in the back half of the year?

謝謝。我只是想跟進一下洛杉磯的情況。您似乎預計下半年同店營收成長將為-6%左右，而第二季和上半年則持平。有什麼因素可能導致這個預測有重大偏差嗎？或者只是某種數學計算和確定性，最終會接近這個水平？我只是想了解下半年洛杉磯可能出現的波動性結果？

Yeah, sure, Eric. I think that there's a couple of components to that. One is, overall, the impact of the state of emergency pricing restrictions on our ability to send rental rate increases to existing customers. And I'd say that component of the impact is pretty well defined because we understand our customers that are in place and they're likely vacate as well as rental rate increase cadences.

是的，埃里克，當然。我認為這有幾個方面。首先，總體而言，緊急狀態的價格限制對我們向現有客戶提高租金的能力產生了影響。我認為，這方面的影響非常明確，因為我們了解現有客戶的情況，他們很可能會搬走，也了解租金上漲的節奏。

So I'd say that component is relatively more known as we move into the second half, and that's the biggest contributor to the decline in performance as we move through the year as that impact of rental rate caps accumulates through the year. The other component, though, is just the strength of overall demand and customer behavior in Los Angeles, and that is more variable.

所以我想說，隨著我們進入下半年，這個因素相對來說更為人所知，而且隨著租金上限的影響在一年中逐漸累積，這也是導致業績下滑的最大因素。然而，另一個因素是洛杉磯的整體需求和顧客行為的強度，而這方面的變數更大。

And I'd say we've generally been pretty encouraged by customer demand in Los Angeles as well as just broadly across the West Coast, as I highlighted earlier. It's not an LA County thing, but I mentioned earlier that Orange County is performing particularly well. Obviously, not impacted at all by these emergency restrictions. So that is a little bit more variable, and we'll ultimately report on Los Angeles as we move through from here. But I think you characterized it well in terms of our expectations for the back half.

正如我之前強調的，洛杉磯以及整個西海岸的客戶需求總體上讓我們感到鼓舞。這並非洛杉磯縣的情況，但我之前提到過，橙縣的表現尤其出色。顯然，這些緊急限制措施完全沒有影響。所以，情況會稍微複雜一些，我們最終會在洛杉磯的情況公佈之後再報告。但我認為您就我們對下半年的預期進行了很好的描述。

That's helpful. And then, I guess, maybe a difficult question, but to the extent that the restrictions are lifted next January, how quickly do you think you could sort of capture that lost revenue back?

這很有幫助。然後，我想，這可能是一個很難的問題，但如果明年一月限制解除，您認為多久才能彌補損失的收入？

Yeah. That's a great question. And that is something that we obviously have some experience in doing. We've had emergencies expire in the recent past and had a lot of success in reaccelerating revenue in Los Angeles. And we'd anticipate using -- utilizing a similar playbook, which is immediately following those restrictions that we will likely see an opportunity to send those rental rate increases to those we haven't been able to.

是的，這個問題問得很好。我們在這方面顯然有一些經驗。最近，我們經歷了一些緊急狀態，並在洛杉磯重新加速收入成長方面取得了巨大成功。我們預計會採取類似的策略，在這些限制措施實施後，我們很可能有機會向那些我們之前未能提高租金的租戶提供租金上漲。

And you'll see revenue accelerate in the months following the emergency expiration. And then you'll see that probably play out in this instance maybe over the course of a year. In the last instance, it probably took more like 1.5 years, 2 years, but that's because that emergency was in place for longer. So we'll ultimately need to judge that when we get to that point early next year.

在緊急狀態到期後的幾個月裡，你會看到收入加速成長。然後，你會看到，這種情況可能會持續一年。在上一次緊急狀態到期後，可能需要一年半到兩年的時間，但這是因為緊急狀態持續的時間更長。所以我們最終需要在明年年初達到那個時間點時做出判斷。

Thank you.

謝謝。

Spenser Allaway, Green Street Advisors.

斯賓塞·阿拉威（Spenser Allaway），Green Street Advisors 公司。

Thank you. Can you just talk about what's driving the increase in guidance for the non-same-store pool? Have those been leasing up faster than expected? Or is it just more on the rate side?

謝謝。能談談非同店業務指引上調的原因嗎？這些業務的租賃速度是否比預期的快？還是只是利率方面的原因？

Yeah, great question. I'd break it into two components. One is a strong performance from the non-same-store pools that are in lease-up in particular, the development and expansion properties had a very good start to the year. Leasing up ahead of our expectation, which I think just further reinforces the environment for new customers is stabilizing and modestly improving from here. So that's an encouraging statistic that those lease-up properties are ahead of expectations.

是的，問得好。我把它分成兩個部分。第一，非同店物業組合（尤其是租賃量已達標的物業）表現強勁，開發和擴建物業今年開局良好。租賃量超出我們的預期，我認為這進一步鞏固了新客戶環境正在趨於穩定並略有改善的勢頭。因此，租賃量超出預期是一個令人鼓舞的數據。

And then the second component is the new acquisitions that we've closed on or intend to close on through the back half of this year as disclosed, also increased that from here.

然後，第二個組成部分是我們已經完成或計劃在今年下半年完成的新收購，正如披露的那樣，也從現在開始增加。

Maybe the last piece, Spencer, just to highlight is we did also increase the outlook for the amount of NOI to be achieved in '26 and beyond from that pool, and Joe highlighted that in his prepared remarks, from $80 million to $110 million. So we're refilling this high-growth non-same-store pool that not only will have an impact on this year, but importantly, will have an impact on future year growth as well.

史賓塞，也許最後一點，我想強調的是，我們也提高了該資金池在2026年及以後實現的淨利潤（NOI）預期，喬在他的準備好的發言稿中也強調了這一點，從8000萬美元增至1.1億美元。因此，我們正在補充這個高成長的非同店銷售資金池，這不僅會對今年產生影響，更重要的是，也會對未來幾年的成長產生影響。

Yeah. And maybe just to add one more component Spencer to the configuration of the non-same store. So about 100 of the 540 or so assets that are in the non-same-store are developed assets or expansions that we've intentionally put into markets.

是的。或許只是為了在非同店配置中加入一個 Spencer 組件。所以，在非同店的 540 個左右的資產中，大約有 100 個是我們有意投放到各個市場的已開發資產或擴展資產。

And to your question, we're seeing very good lease up, but those assets can take some additional amount of time to get to stabilization, which is all very powerful. So again, about 20% of the non-same store is actually tied to our very intentional development activities as well that give us over time, the highest returns on capital. So again, continue to be very encouraging with assets that we put into the market over the last year or 2.

關於您的問題，我們的租賃情況非常好，但這些資產可能需要一些額外的時間才能穩定下來，而穩定下來非常重要。所以，大約20%的非同店其實也與我們非常有針對性的開發活動有關，這些活動會隨著時間的推移為我們帶來最高的資本回報率。因此，我們在過去一兩年內推出市場的資產表現仍然非常令人鼓舞。

Okay. That's very helpful. Thank you. And then specific to California, we've seen more attention being brought to potential rent control as well as pricing transparency. And while I realize no brand control bill has actually been successful in passing. Does the recent push from California legislators change how you view your exposure to the state mid- to long term?

好的。這很有幫助，謝謝。具體到加州，我們看到人們對潛在的租金管制以及價格透明度的關注度越來越高。雖然我知道目前還沒有一項品牌管制法案真正成功通過。加州立法者最近的推動是否會改變您對中長期在該州投資的看法？

Sure. The thing that we do nationally, just to step back, is we do keep a very close watch on any legislative efforts that are potentially gaining either attention or traction that could impact the business. California can be prone to that kind of activity. And to your question, we keep a very close eye on the variety of things that may be contemplated legislatively or otherwise within the state. We take a very proactive posture when and where we see those kinds of activities in the case of California, which we do more typically, when any of those kinds of events take place.

當然。我們在全國各地所做的工作，退一步來說，就是密切關注任何可能引起關注或產生影響的立法活動。加州很容易發生這類活動。關於您的問題，我們密切關注州內可能在立法或其他方面考慮的各種事項。在加州，每當我們看到這類活動時，我們都會採取非常積極主動的態度，我們通常會這樣做，當任何這類事件發生時。

We're not independently engaging with and or formulating any type of reaction or response. We're going to be doing that with industry partners, including the National Storage Association, et cetera. Most recently, the efforts that we're taking place here in California ended up being basically successful around taking a set of initiatives that initially had price controls tied to them and then coming up with a solution that was alternatively geared toward disclosure. So we felt that, that was a fair compromise and aligned with the interest of the industry in our particular case as well. We felt that, that was a good compromise.

我們不會獨立參與或製定任何類型的反應或回應。我們將與產業合作夥伴合作，包括國家儲存協會等等。最近，我們在加州的努力最終取得了基本成功，我們採取了一系列舉措，最初與價格控制掛鉤，後來又提出了一個以資訊揭露為替代的解決方案。因此，我們認為這是一個公平的妥協，也符合我們特定案例中產業的利益。我們認為，這是一個很好的妥協。

So this is just something that we continue to monitor Part of this is the continued education and advocacy even through different political bodies of the way our business works, the way promotions and then rate increases typically take place, how that does have a good match relative to customer attraction, meaning it can be very advantageous to the way customers look at acquiring spaces and holding those spaces long term.

因此，這只是我們會持續監控的事情，其中一部分是持續的教育和宣傳，甚至透過不同的政治機構，宣傳我們的業務運作方式、促銷和漲價的通常方式，以及如何與客戶吸引力相匹配，這意味著它對客戶考慮獲取空間並長期持有這些空間的方式非常有利。

So we continue to look at all those ways to continue to educate legislative efforts. And frankly, more often not, those become very sensible to them, and they've given us a good foundation to continue to move forward when and if these events take place. So we're going to continue to stay focused on that, again, with our partners nationally, and we'll go from there.

因此，我們將繼續探索各種方法來繼續教育立法工作。坦白說，通常情況下，這些方法對他們來說非常明智，並且為我們在相關事件發生時繼續前進奠定了良好的基礎。因此，我們將繼續與全國合作夥伴一起關注這一點，並以此為起點繼續前進。

Excellent. Thank you.

太好了！謝謝。

Thank you.

謝謝。

Todd Thomas, KeyBank Capital Markets.

托德·托馬斯 (Todd Thomas)，KeyBank 資本市場。

Hi, thanks. I wanted to ask about the development and lease-up pool a little bit more. I was wondering if you can discuss how the newer vintage projects are trending versus underwriting and comment on stabilization time frames and NOI yields as you reforecast those projects? And then are you underwriting new projects today in either the in-process pipeline or planning any differently for new developments going forward?

嗨，謝謝。我想再問一下開發和租賃池的問題。請問您能否談談較新的舊項目與承保情況的趨勢，並在重新預測這些項目時，談談穩定時間框架和淨營運收益（NOI）的收益率？此外，您目前承保的是正在進行中的項目，還是對未來的新開發項目有不同的規劃？

Yeah. Thanks, Todd. So a number of components there. First, just starting with the reiteration of what I mentioned earlier that the lease-up and trajectory of the recently delivered acquisitions and expansion continues to be robust. And you can see that in our non-same-store disclosure in the sub in terms of seeing good traction there for lease-up.

是的。謝謝，Todd。所以這裡面有很多因素。首先，我再次重申我之前提到的，租賃成長以及近期收購和擴張的軌跡依然強勁。您可以從我們非同店業務板塊的揭露中看到，租賃成長勢頭良好。

And they are tracking a little bit ahead of our performance to date, which is encouraging. The overall targets for yields that we're looking for, for those sorts of developments. And our expansions are typically in the 8% plus or minus yield on cost. And that's something that if you look in the sub, you can see we've consistently hit or exceeded over time and have a lot of confidence in these recent vintages.

他們的表現略高於我們迄今為止的表現，這令人鼓舞。我們對這類開發專案的整體收益率目標有所期待。我們的擴張項目收益率通常在成本收益率的8%上下。如果你查看一下子數據，你會發現我們一直以來都達到或超過了這個目標，並且對近期的業績充滿信心。

In terms of how we're looking at the program overall going forward, while the overall industry continues to face headwinds, and we're not immune to that related to longer time lines in certain jurisdictions, higher cost associated with component parts and financing costs.

就我們如何看待整個計劃的未來而言，雖然整個行業繼續面臨阻力，但我們也無法免受某些司法管轄區內更長的時間線、更高的零件成本和融資成本的影響。

We do have some pretty unique capabilities vis-a-vis others building self-storage facilities in the fact that we can purchase nationally, given the breadth of our program, our in-house team and the relationships that we can build around the country and obviously, our balance sheet and ability to fund this program largely with retained cash flow today. So while the rest of the industry volumes for new development, we anticipate to decline this year, we're going to have a relatively strong quarter for deliveries, about $370 million delivering this year.

與其他建造自助倉儲設施的公司相比，我們確實擁有一些非常獨特的優勢，那就是我們可以在全國範圍內採購。這得益於我們專案涵蓋範圍廣、內部團隊強大、在全國範圍內建立起良好的關係，當然，還有我們強大的資產負債表和主要依靠現有留存現金流為該專案提供資金的能力。因此，儘管我們預計今年其他行業新開發項目的交付量將有所下降，但我們的交付量將相對強勁，今年交付量約為3.7億美元。

And while we haven't provided any guidance for next year, we'd anticipate north of $300 million for deliveries next year as well, kind of maintaining our kind of $300 million to $400 million pace of development deliveries from here.

雖然我們還沒有為明年提供任何指導，但我們預計明年的交付額將超過 3 億美元，從現在起將保持 3 億至 4 億美元的開發交付速度。

Okay. That's helpful. And then I wanted to go back to some of the discussions around markets and that performance gap between various markets on the West Coast and Chicago and a few others, that you mentioned relative to Sunbelt markets that are still normalizing, like Atlanta, Dallas and some of the Florida markets. Are you seeing any indication of stabilization in those more challenged markets? Any sense how far you might be from sort of a bottom and what the time line for those markets to recover more meaningfully might look like?

好的。這很有幫助。然後我想回到關於市場的一些討論，以及您提到的西海岸、芝加哥和其他一些市場與仍在恢復正常的陽光地帶市場（例如亞特蘭大、達拉斯和佛羅裡達州的一些市場）之間的表現差距。您是否看到這些面臨更大挑戰的市場出現穩定跡象？您覺得距離觸底還有多遠？這些市場實現更顯著復甦的時間表是怎樣的？

Yeah, Todd. I mean, again, on a case-by-case or market-by-market basis, you're going to see different trajectories. You mentioned Atlanta, for instance, Atlanta in probably one of the toughest spots at the moment, a fair amount of supply. And again, not the amount of demand coming through as quickly again, to -- either shore up or stabilize that supply. We have been alternatively encouraged by the turning set of events, for instance, in Florida.

是的，托德。我的意思是，根據具體情況或市場情況，你會看到不同的發展軌跡。例如你提到亞特蘭大，亞特蘭大可能是目前最困難的地區之一，供應量相當大。而且，需求量並沒有迅速回升，要嘛支撐要嘛穩定供應。另一方面，佛羅裡達州等地發生的一系列事件也給了我們鼓勵。

Florida was high flyer through the pandemic, if, in fact, the highest flyer. It had the commensurate impact from, again, those trends reversing but again, on a market-by-market basis, through Florida, we're actually seeing a good set of performance factors, good stabilization.

佛羅裡達州在疫情期間表現強勁，甚至可以說是表現最好的州。雖然這些趨勢的逆轉也對它產生了相應的影響，但從各個市場來看，佛羅裡達州的市場表現確實不錯，並且趨於穩定。

And now in a number of markets within Florida, we're seeing not only revenue growth, but the change in revenue growth trend favorably. So the trajectory from a national standpoint is positive. There are three, four or five markets that we're keeping a very close eye on. I mentioned Atlanta, Dallas, Phoenix, Charlotte, for instance, those are ones that we're keeping a particularly close eye on as we speak. But we have been pleased by the turnaround that we've been seeing now quarter-to-quarter frankly, for the last 18 months or so, and we don't see that changing.

現在，在佛羅裡達州的許多市場，我們不僅看到收入成長，而且收入成長趨勢也呈現出積極的轉變。因此，從全國的角度來看，成長軌跡是正面的。我們正在密切關註三、四或五個市場。例如，我提到了亞特蘭大、達拉斯、鳳凰城和夏洛特，這些都是我們現在特別關注的市場。坦白說，我們對過去18個月來逐季度看到的改善感到滿意，而且我們認為這種情況不會改變。

Okay. All right. Thank you.

好的。好的。謝謝。

Thank you.

謝謝。

Michael Goldsmith, UBS.

瑞銀集團的麥可‧戈德史密斯。

Good morning. Thanks for taking my questions. First question is on the new customer. What are you seeing in terms of funnel demand? It sounds like first half was a little bit ahead of last year. So I was just trying to get a sense of what the funnel looks like? And along those lines, you're continuing to run promotions and marketing spend was up year-over-year. So is the customer reacting to the different factors the same way they have in the past?

早安.感謝您回答我的問題。第一個問題是關於新客戶的。您看到的漏斗需求情況如何？聽起來上半年的需求比去年略有成長。所以我只是想了解漏斗是什麼樣的。同時，您還在持續進行促銷，行銷支出也較去年同期成長。那麼，客戶對不同因素的反應是否與過去一樣？

Yeah, there's a lot there to unpack, Michael. But I guess I'd say overall, as you highlighted, we are seeing modestly better demand this year versus last year, which is another sign of stabilization that we're seeing in the business. In terms of customer behavior itself, pretty consistent trends. Our conversion has been healthy, reactions to promotion and pricing tactics has been consistent with what we'd expect. So our revenue management and marketing tools are working well, and we're utilizing those to seek to optimize revenue from new as well as existing customers. I know you didn't ask about existing customers, but I might as well highlight that because --

是的，邁克爾，有很多問題需要解答。但我想說，總的來說，正如您所強調的，我們今年的需求比去年略有好轉，這是我們業務趨於穩定的另一個跡象。就客戶行為本身而言，趨勢相當一致。我們的轉換率一直都很好，對促銷和定價策略的反應也符合我們的預期。因此，我們的收益管理和行銷工具運作良好，我們正在利用這些工具來優化來自新客戶和現有客戶的收入。我知道您沒有問到現有客戶的情況，但我還是想強調一下，因為…

That's why I was going next time.

這就是我下次要去的原因。

Good. All right. We're doing it together. So existing customer is actually performing quite well year-to-date. Second quarter, we saw really strong performance from longer-term tenants, for instance, that's something we were watching very closely coming out of Liberation Day to see if there would be any shift in behavior. And encouragingly, we saw vacate activities diminish. We've seen delinquency levels be consistent, frankly, a touch better year-over-year and as well as accepting of rental rate increases. So as we think about the customer base overall, continues to be a bright spot for us as we sit here today.

好的。好的。我們正在共同努力。所以，現有客戶今年迄今的表現其實相當不錯。例如，第二季度，我們看到長期租戶的表現非常強勁，這也是我們在「解放日」之後密切關注的，看看他們的行為是否會有所轉變。令人鼓舞的是，我們看到租戶的搬離活動減少。坦白說，我們發現拖欠率保持穩定，年比略有改善，租戶也接受了租金上漲。因此，從整體客戶群來看，這仍然是我們今天的亮點。

Got it. And then since you covered that, as my follow-up, there's been a series of residential real estate earnings this week and today. And turnover on the apartment side and on the multifamily side, has remained relatively subdued. Do you see that as a good thing for self storage? Or is it that there's just last movement.

明白了。既然您之前提到了這一點，我想跟進一下，本周和今天都有一系列住宅房地產收益報告。公寓和多戶住宅的成交量仍然相對低迷。您認為這對自助倉儲來說是好事嗎？還是這只是最後的動向？

And on the one hand, it could be good in that the apartment customer is staying in place and so continues to use storage as an extension of their apartment, but also could be seen as bad because there isn't a turnover moving to a home, which drives a different type of demand. So how would you interpret lower apartment turnover and the impact on self-storage?

一方面，這可能是件好事，因為公寓客戶仍住在原地，因此可以繼續使用儲物櫃作為公寓的延伸；但另一方面，也可能是壞事，因為沒有出現入住公寓的人員流動，而這又會推動不同類型的需求。那麼您如何解釋公寓週轉率下降及其對自助儲物櫃的影響呢？

Yeah. Michael, it actually speaks to the resilience and the unique attributes of self-storage. We actually can benefit by any of those events and currently are. So on one end of the spectrum, apartment users that may be stickier, maybe may not be moving as often that could be tied to affordability or having less options to expand or take an additional size living space plays very well to the inherent demand factors of our business. And then to your other point, if there's some amount of dislocation because of movement itself, that's always a driver to our business.

是的。 Michael，這實際上體現了自助倉儲的韌性和獨特屬性。我們實際上可以從這些事件中受益，而且目前確實如此。所以，一方面，公寓使用者可能更具黏性，可能搬家頻率較低，這可能是由於負擔能力或擴建或購買額外居住空間的選擇較少，這與我們業務的內在需求因素非常契合。然後，關於你的另一點，如果由於搬家本身而造成一定程度的混亂，這始終是我們業務發展的驅動力。

So the affordability factor to place here, which, again, self-storage is commonly looked at as a sensible way of buffering higher cost of living or higher cost of shelter. So that, too, is an inherent driver. As we've spoken to for some time, we have a high percentage of renters in our portfolio, and they're great customers. All those factors lead to very similar lengths of stay. I wouldn't say in any way, we have an overarching concern about the type of customer because, in fact, they may be a renter. In fact, most renters end up being very good customers, particularly after they stay for some period of time. So all those factors are good inherent drivers to our business.

所以這裡要提到的可負擔性因素，也就是自助倉儲通常被視為緩衝更高生活成本或住房成本的合理方式。所以，這也是一個內在驅動力。正如我們之前提到的，我們的投資組合中租屋者佔比很高，他們都是優質客戶。所有這些因素都導致了他們入住時間的長短非常接近。我不會說我們特別關注客戶類型，因為事實上，他們也可能是租屋者。事實上，大多數租屋者最終都會成為非常好的客戶，尤其是在他們入住一段時間之後。所以，所有這些因素都是我們業務發展的內在驅動力。

Thanks for that. Good luck, in the back up.

謝謝。祝你好運，後援。

Thank you.

謝謝。

Thanks, Michael.

謝謝，麥可。

Ravi Vaidya, Mizuho.

瑞穗的拉維·瓦伊迪亞 (Ravi Vaidya)。

Hi, there. Thanks for taking my question. I wanted to follow up on the ECRI program. Maybe can you quantify the average rate increase? And maybe how has that changed from last quarter and last year in terms of frequency and amount.

您好。感謝您回答我的問題。我想跟進一下 ECRI 專案。您能量化一下平均費率的漲幅嗎？與上一季和去年相比，在頻率和金額方面有何變化？

Thanks, Ravi. We don't typically quantify frequencies or specific magnitudes, but we do disclose information that allows folks to get to the contribution from existing customer rent increases. And as I highlighted on our February call, when we came out with our outlook, I'm anticipating contribution from existing customer rent increases across the country to largely be pretty similar to last year. But given the rent restrictions in Los Angeles, which will drive less contribution year-over-year overall modestly lower contribution from the full national pool.

謝謝，拉維。我們通常不會量化頻率或具體幅度，但我們會透露一些信息，讓人們了解現有客戶租金上漲的貢獻。正如我在二月電話會議上強調的那樣，當我們發布展望時，我預計全國現有客戶租金上漲的貢獻將與去年大致相同。但考慮到洛杉磯的租金限制，這將導致全國現有客戶租金上漲的貢獻同比下降，從而導致全國現有客戶租金上漲的貢獻總體略有下降。

We continue to see customer price sensitivity that's very much in line with our expectations and predictable behavior and reaction to our tactics on the ground and a stable number of customers that are requesting some sort of concession after they receive an increase. So I'd say overall, very consistent trends and right on plan.

我們持續看到客戶的價格敏感度與我們的預期非常一致，他們的行為和對我們實際策略的反應也符合預期，而且有相當數量的客戶在價格上漲後要求某種優惠。所以我認為總體而言，趨勢非常一致，而且完全按照計劃進行。

Got it. That's helpful. Just one more here. Can you maybe discuss the impacts of the big beautiful bill? Does this further encourage your development pipeline given the bonus depreciation provision.

明白了。這很有幫助。再問一個問題。您能談談這張「美麗巨額帳單」的影響嗎？考慮到獎金折舊準備金，這是否會進一步鼓勵您的開發計畫？

Or do you forecast home sales to increase and subsequently self-storage demand given the salt property tax adjustments. Maybe just walk us through how you're thinking about the recent legislation there?

或者，考慮到鹽田房產稅的調整，您是否預測房屋銷售量會增加，從而導致自助倉儲需求增加？能否請您談談您對最近這項立法的看法？

Yeah, sure. There's a couple of components there that I'd highlight. You hit on some of them. I think the full impact of the bill will be felt across the macro, I think, over time. But I think specifically to public storage, there's two things I'd highlight.

是的，當然。我想強調幾個面向。您提到了其中一些。我認為這項法案的全面影響將隨著時間的推移在整個宏觀層面顯現。但具體到公共儲能領域，我想強調兩點。

One of them relates to our solar program. So we've been very active in investing in solar for rooftop generation to offset our own utility usage, and that's something that we've had a robust pipeline on. And our pipeline is set to complete here over the next several years. And so we're fortunate that we started that program and really accelerated over the last several years to take advantage of the incentives that were in place and that will no longer be in place going forward.

其中之一與我們的太陽能項目有關。我們一直積極投資屋頂太陽能發電，以抵消我們自身的公共事業用電，而我們在這方面已經做好了充足的準備。我們的專案準備工作預計將在未來幾年內完成。我們很幸運地啟動了這個項目，並在過去幾年加速推進，充分利用了先前實施的激勵措施，而這些激勵措施未來將不再有效。

So we feel good about that, and that will be a tailwind to our expense profile as we reduce our utility expense and our carbon footprint over the next several years. So that's a negative impact over the longer term, but it won't impact us in the near term in our current pipeline.

所以我們對此感到滿意，而且隨著我們未來幾年減少水電費和碳足跡，這將對我們的支出狀況產生積極影響。因此，從長遠來看，這會產生負面影響，但短期內不會對我們現有的項目造成影響。

The second component relates to bonus depreciation, as you're highlighting and bonus depreciation is something that we've taken advantage of consistently over the past decade or so, that bonus depreciation was starting to subset, but with the new bill will come back. And so that's an opportunity for us to continue to retain incremental cash flow over time and reinvest it into our development business as well as acquisitions. And that reinvestment into the business helps drive our compounding return platform.

第二個部分與獎金折舊有關，正如您所強調的，獎金折舊是我們在過去十年左右一直利用的一項技術，獎金折舊最初開始減少，但隨著新法案的實施，它將重新啟用。因此，這對我們來說是一個機會，讓我們能夠隨著時間的推移繼續保留增量現金流，並將其再投資於我們的開發業務和收購。而對業務的再投資有助於推動我們的複合回報平台。

And maybe just about the salt provisions and home sales? Are you seeing anything from that with demand?

也許只是關於鹽製品和房屋銷售？你從中看到需求方面的情況了嗎？

No, we haven't seen anything from that yet. Obviously, we'll see the broader macro impacts as we go from here.

不，我們還沒有看到任何結果。顯然，隨著情勢發展，我們將會看到更廣泛的宏觀影響。

Got it. Congrats on the quarter.

明白了。恭喜本季取得佳績。

Thanks, Ravi.

謝謝，拉維。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

Hi, good morning. Just first on acquisitions. Just curious on cap rates or yields are going in for what's been done to date and kind of what's planned for the remainder of the year as well as kind of a longer-term more stabilized expectation for those investments?

大家早安。首先談談收購。我很好奇，到目前為止，這些投資的資本化率或報酬率是多少？今年剩餘時間的計畫是什麼？以及對這些投資的長期更穩定的預期是什麼？

Yeah. Thanks, Juan. I'd point you to pretty similar cap rates to what we've been seeing over the last 12 months or so. Generally, transactions are trading hands with kind of going in yields in the 5s, ultimately getting into the 6s. The portfolio activity and small individual assets that we've done year-to-date, are right in line with that.

是的。謝謝，胡安。我想告訴你，目前的資本化率與我們過去12個月左右看到的差不多。一般來說，交易的收益率在5%左右，最終達到6%左右。我們今年迄今的投資組合活動和小額個人資產的收益率與此基本一致。

We did do some lease-up asset acquisitions as part of this component. But even with that, I'd characterize of the 785 that going in yield is probably 0.25% sort of ZIP code ultimately stabilizing in the 6s.

作為這一組成部分，我們確實進行了一些租賃資產收購。但即便如此，我認為785的收益率大概在0.25%左右，郵遞區號最終穩定在6%左右。

Thanks. And then just on the ancillary part, which has done better than expected, you called out tenant insurance. Just curious what's changed there? Is there maybe more pricing power? Or just curious on -- what's driven that outperformance on the ancillary particular tenant reinsurance?

謝謝。然後，說到輔助業務部分，它的表現好於預期，您提到了租戶保險。我很好奇這方面有什麼改變？定價權是不是更大了？或者只是好奇——是什麼推動了輔助業務，特別是租戶再保險的優異表現？

Yeah, we continue to see really strong adoption from the tenant insurance program itself. So overall coverage levels are trending higher and have been over the past couple of years. In addition to that, premiums have also moved higher. So kind of on both sides of the stabilized store base. And then obviously, adding new properties into the non-same-store portfolio will further increase the opportunity for the tenant insurance business, along with our third-party management platform. So that business is really hitting on all cylinders in 2025.

是的，我們持續看到租戶保險計劃本身的強勁應用。因此，整體覆蓋水平呈上升趨勢，並且在過去幾年一直如此。此外，保費也在漲。所以，在穩定的門市基礎上，雙方都出現了上漲。顯然，將新物業納入非同店組合將進一步增加租戶保險業務以及我們第三方管理平台的機會。因此，這項業務將在2025年真正全速發展。

Thanks.

謝謝。

Caitlin Burrows, Goldman Sachs.

凱特琳·伯羅斯，高盛。

Hi, good morning. Back in the prepared remarks, you guys brought up how you're positioned to grow internationally. So I guess we'll see what happens in Australia. I was wondering if you could go through what benefits do you think the Shurgard exposure gives PSA overall. And do you expect to pursue additional international opportunities?

大家早安。回到準備好的發言環節，你們提到了你們在國際市場的定位。我想我們拭目以待，看看澳洲市場的情況如何。我想請問您認為與 Shurgard 的合作會為 PSA 帶來哪些整體優勢？您是否計劃尋求更多國際發展機會？

Yeah, Caitlin, the thing that I highlighted in opening comments around our relationship with Shurgard. It's been very powerful, where we've had an opportunity to A, learn how many of the tools they've selected from our own platform have been opportunistic for them in a whole host of Western European countries, country by country with many different types of dynamics, but it's been a great opportunity for us to see understand and work with, again, a platform like that, that could take those kinds of tools that we're developing here in the US and implement them one by one at their election into their own platform.

是的，凱特琳，我在開場白中強調了我們與舒加德的關係。這對我們來說意義重大，因為我們有機會了解到，他們從我們自己的平台中選擇的工具，有多少是他們在許多西歐國家，特別是各個國家，利用各種不同的動態條件，為他們帶來機會。但這對我們來說也是一個很好的機會，讓我們能夠了解並與這樣的平台合作，這個平台可以採用我們在美國開發的這些工具，並在他們選舉時，逐一應用到他們自己的平台上。

So for many years, we've seen the opportunity how we've been able to optimize and see that integration in markets not here in the United States. With that, it's given us more confidence that for the right set of circumstances. Other international markets may also be equally, if not better prepared to achieve the same kind of optimization using the tools that we've been able to develop here in the United States. We think that, that's very similar. For instance, in Australia and New Zealand.

多年來，我們已經看到了機會，能夠優化並實現美國以外市場的整合。這讓我們更有信心，在適當的情況下能夠取得成功。其他國際市場或許也能同樣，甚至更能利用我們在美國開發的工具來實現同樣的優化。我們認為，情況非常相似。例如，澳大利亞和紐西蘭。

As you know, we've had an inherent interest in that market for some time over the last five plus years. This opportunity again, is very attractive for many of those exact same reasons. The partner who controls the entity is very attracted to the things that again, have played for us relative to our relationship with Shurgard, and we'll see how this plays out as that opportunity progressive step by step that we'll give you some color on as we're able to.

如您所知，過去五年多來，我們一直對該市場保持著濃厚的興趣。這次機會同樣非常誘人，原因也與此完全相同。控制該實體的合作夥伴對我們與 Shurgard 的關係中那些對我們有益的事情非常感興趣，我們將拭目以待，隨著這個機會一步步發展，我們將盡可能地向您提供一些細節。

But with that, to your question, it does give us not only the skill, but the confidence and knowledge of how A, complicated, but how B, efficient some of these tools can become in different markets. It's not a static set of playbook opportunities, but it's one that if it's tailorable to a particular market can be very powerful. So we'll see how that continues to play not only in markets like New Zealand and Australia, but over time, potentially other markets as well.

但就您的問題而言，它不僅賦予了我們技能，也賦予了我們信心和知識，讓我們了解這些工具在不同市場中可以變得多麼複雜（A），多麼高效（B）。它並非一套靜態的策略，而是一個如果能夠根據特定市場進行量身定制，就能發揮巨大作用的機會。因此，我們將拭目以待，看看它不僅在新西蘭和澳洲等市場如何繼續發揮作用，而且隨著時間的推移，也可能在其他市場發揮作用。

Got it. Thanks. And then I guess the bigger center back to the US, you've talked about same-store stabilizing that you think demand bottomed in '24 and should continue to improve. You also talked about that the storage industry should be able to outperform in a variety of economic environments.

明白了。謝謝。然後我想回到美國，您談到同店銷售額趨於穩定，您認為需求在2024年觸底，應該會繼續改善。您也提到，儲存產業應該能夠在各種經濟環境下表現出色。

So I guess I was wondering if you could just give your current thoughts on what you think it takes to get on a stronger improvement and get on the same-store side like positive growth, whether that's well positive or like inflationary plus on the revenue or NOI? So like is it the housing market? Is it less supply? Or do we not really know at this point? Thanks.

所以我想知道您能否談談您目前的想法，您認為需要哪些因素才能實現更強勁的改善，並實現同店銷售額的正成長？這是否是正成長，還是通貨膨脹對收入或淨營業利潤（NOI）的影響？是房地產市場的原因嗎？是供應減少的原因嗎？還是我們現在還不清楚？謝謝。

Good question, Caitlin. I do think we've seen that stabilization. I think as demand continues to grow off that '24 base you're going to see more momentum. And we've already seen that across a number of our markets, right? If you look at the West Coast markets, for instance, that Joe and I have been speaking to on this call, starting to see that sort of growth already which is encouraging.

凱特琳，問得好。我確實認為我們已經看到了這種穩定性。我認為，隨著需求以24小時為基數持續成長，你會看到更大的成長動能。我們已經在多個市場看到了這種情況，對吧？例如，看看我和喬在這次電話會議上談到的西海岸市場，它們已經開始出現這種成長，這令人鼓舞。

We've got a lot of confidence in the Sunbelt markets that have taken a little bit longer to normalize. But if you think about an environment where demand is coming off a base you've got new supply that is likely to continue to taper off given the challenges in the development business I spoke to earlier.

我們對陽光地帶市場充滿信心，它們花了更長的時間才恢復正常。但考慮到我之前提到的開發業務面臨的挑戰，考慮到需求正在從基礎中逐漸回落的環境，新的供應可能會繼續減少。

And you've got a situation set up for return to stronger growth for the sector. Is that going to happen overnight? No. And we've seen the stabilization process will take some time to get back up to those levels of growth. But we've already seen it in many of our markets. And so we have confidence that around the country that's to come.

我們已經為該行業恢復更強勁的成長做好了準備。這會一夜之間發生嗎？不會。我們已經看到，穩定過程需要一段時間才能恢復到先前的成長水準。但我們已經在許多市場看到了這種情況。因此，我們有信心，全國各地都會出現這種情況。

Thanks.

謝謝。

Ki Bin Kim, Truist Securities.

Ki Bin Kim，Truist 證券公司。

Thank you. Good morning. Just going back to the impact of LA wildfires. At the beginning of the year, you estimated about 100 basis points drag to your same-store NOI. But given the strength in the West Coast. And I think we said the same data, LA looks pretty strong. Do you think that drag is actually potentially bigger than 100 basis points?

謝謝。早安.回到洛杉磯山火的影響。年初，您估計這會對同店淨營業利潤造成約100個基點的拖累。但考慮到西海岸的強勁表現，而且我認為我們之前也說過同樣的數據，洛杉磯的表現看起來相當強勁。您認為這種拖累實際上可能超過100個基點嗎？

Ki Bin, we still pointed to the 100 basis points impact and would point you to LA being plus or minus down 3% same-store revenue for the year. So around that 100 basis points number today.

Ki Bin，我們仍然指出了100個基點的影響，並指出洛杉磯地區全年同店收入將下降3%。所以今天的數字大約是100個基點。

Okay. And on the call, you've mentioned that 2Q pretty much ended up where you thought it would. But when we look at the pace of improvement from 1Q to 2Q, it does seem like just lost a little bit of steam. It's just one quarter, I get it, but it wasn't the same pace. So also just curious that something -- was there a macro factor or a change in some behavior that occurred during the quarter where that pace of improvement just looked a little bit softer than the prior quarter. Thank you.

好的。在電話會議上，您提到第二季的業績基本上達到了您的預期。但當我們回顧第一季到第二季的改善速度時，確實似乎略有放緩。我知道這只是一個季度，但速度確實不一樣。所以，我也好奇——是否存在宏觀因素或本季某些行為的變化，導致改善速度比上一季略有放緩。謝謝。

Thanks, Ki Bin. I wouldn't characterize it as seeing any sort of losing steam or any shift during the quarter. It was pretty consistent throughout the quarter and generally in line with our expectations. So I wouldn't point you to that as something that occurred during the quarter, frankly.

謝謝，Ki Bin。我不認為這體現了本季的任何動力減弱或轉變。整個季度的業績表現相當穩定，整體符合我們的預期。所以坦白說，我不認為這是本季發生的事情。

Okay. Thank you, guys.

好的。謝謝大家。

Thanks.

謝謝。

Mike Mueller, JPMorgan.

摩根大通的麥克·穆勒。

Yeah. Hi. Most of the 2Q stuff has been asked. But I'm curious, when you have digital rentals versus in person or from call centers, do you generally get the same amount of customer data that you would get that helps you formulate pricing and marketing strategies.

是的。你好。大部分關於第二季的問題已經被問過了。但我很好奇，相較之下線下或呼叫中心租賃，數位租賃通常能獲得與制定定價和行銷策略時相同數量的客戶資料嗎？

Yeah. Go ahead.

好的。請說。

Yeah. I was going to say to your question, Mike, all of those channels give us a whole variety of robust data. And we are continuing to use different tools to leverage that data relative to customer knowledge and behaviors and efficiencies. So it's a vibrant amount of the business that time and again, channel by channel as we digitize, we see very good residual impact and knowledge opportunities. the more digital interactions we have, the more data.

是的。麥克，我本來想回答你的問題，所有這些管道都為我們提供了各種可靠的數據。我們正在繼續使用不同的工具來利用這些數據，了解客戶知識、改善客戶行為並提升效率。因此，隨著我們逐步數位化，我們一次又一次地看到了非常好的剩餘影響和知識機會，這對我們來說是一個充滿活力的業務領域。我們的數位互動越多，數據就越多。

We can get it, it's as simple as that.

我們可以得到它，就這麼簡單。

Got it. Okay. Thank you.

明白了。好的。謝謝。

You bet.

當然。

Tayo Okusanya, Deutsche Bank.

德意志銀行的 Tayo Okusanya。

Hi, yeah, good afternoon. Just a quick one in regards to your markets that are outperforming, as you mentioned, West Coast, Midwest, DC. I just as thematically, if you can kind of talk about what's happening in those markets? Is it just kind of boil down to less supply through the cycle. Or is this kind of something thematically happening from a perspective of improved demand across these markets?

嗨，是的，下午好。我想簡單談談您提到的表現優異的市場，例如西海岸、中西部和華盛頓特區。您能否從主題上談談這些市場的情況？這是否僅歸結於週期內供應減少？還是從這些市場需求改善的角度來看，這些市場正在發生一些主題性的事情？

Yeah. Tayo, there's not ever just one impact, but supply certainly is a primary factor. Some of those markets have not been the high flyers in and out of the cycles that we've seen over the last 5 to 10 years. So that's certainly a residual benefit. It could also play to, again, just inherent economic activity, cost of housing the -- again, the dynamics that are going on just from a movement and trending standpoint, market to market. And then like always, it's -- it can be difficult to put a broad brush on just a market as a whole. And so you've really got to take it down to a submarket-by-submarket basis as well.

是的。 Tayo，影響因素不只一個，但供給肯定是主要因素。有些市場在過去5到10年中，並沒有像我們之前看到的一樣，在市場週期中表現強勁。所以這肯定是剩餘效益。它也可能對固有的經濟活動、住房成本以及各個市場之間動態變化產生影響。而且，像往常一樣，很難對整個市場進行概括。所以你真的需要將其細分到各個子市場。

But those are factors that, again, are very important that we've got to keep a very close eye on relative to either trends or different ways that the market is evolving. As we've continued to speak to, even on this call, we are very encouraged by the market-by-market trends that we're seeing nationally. And with that, the supply factor continues to diminish where today, fortunately, we don't have more than three or four larger markets that are really dealing with an oversupply issue that's dragging down overall market performance.

但這些因素非常重要，我們必須密切注意市場發展趨勢或不同方式的變化。正如我們一直在討論的那樣，即使在這次電話會議上，我們也對全國各地各個市場的發展趨勢感到非常鼓舞。同時，供應因素持續下降，幸運的是，目前真正面臨供應過剩問題、拖累整體市場表現的大型市場不超過三、四個。

Got you. That's helpful. And then one other quick one. Just curious, again, from your call center data that you have from data you have from prospective customers interacting with your website. Just curious if you've kind of seen any change in behavior, anything that kind of supports this idea of kind of getting closer to demand stabilization as I believe you guys have kind of mentioned that quite a few times throughout the call.

明白了。這很有幫助。然後還有個快速問題。我再次好奇，從你們的呼叫中心數據，以及你們從潛在客戶與你們網站互動的數據來看，你們是否觀察到了任何行為上的變化，任何支持這種需求趨於穩定的想法的變化，我相信你們在通話過程中已經多次提到這一點。

Yeah. The only thing I'd point you to there is something I noted earlier is conversion has been very healthy year-to-date, and we've seen conversion improving across the channels, which I think speaks to more customer interest and willingness to transact with us.

是的。我唯一想指出的是，我之前提到過，今年到目前為止，轉換率一直非常健康，而且我們看到各個管道的轉換率都在提高，我認為這說明客戶的興趣和與我們交易的意願增強了。

Thank you.

謝謝。

Thank you.

謝謝。

Brendan Lynch, Barclays Bank.

巴克萊銀行的布倫丹·林奇。

Great, thanks for taking my questions. Tom, you mentioned quite a bit about markets inflecting turning positive, seems to be improving signs of strength throughout the industry, but street rates seem to be stubbornly, negative as in, as implied by your guidance as well. Can you just talk about the dynamics which they are contributing to that?

太好了，謝謝你回答我的問題。湯姆，你多次提到市場正在朝著好的方向轉變，似乎整個產業都在展現出強勁的跡象，但街頭利率似乎依然持續走低，正如你的指引所暗示的那樣。你能談談這些因素對這趨勢的影響嗎？

Yeah. I think the primary contributor to that is that we and others have found good success in lowering moving rents and getting good customers and move in volumes. And so as that's worked, we and others have utilized it. But I do think that street rates and moving rents will improve over time, and we've seen that in some of the stronger markets already. But it will take a little bit of time as demand comes off the bottom.

是的。我認為主要原因是我們和其他公司在降低搬家租金、吸引優質客戶和增加入住量方面取得了顯著成功。既然這些措施奏效了，我們和其他公司就加以利用。但我確實認為，隨著時間的推移，門市租金和搬家租金會有所改善，我們已經在一些表現強勁的市場看到了這種情況。但這需要一些時間，因為需求正在觸底回升。

Okay. That's helpful. And then you talked about the seasonal pattern being pretty similar to last year in terms of occupancy gains and pricing. If I recall correctly, last year, the seasonal peak was very early. Was there any change in that? I'd imagine all else equal, a later peak is better in terms of third quarter earnings. Thanks.

好的。這很有幫助。然後您提到，就入住率成長和價格而言，今年的季節性模式與去年非常相似。如果我沒記錯的話，去年的季節性高峰來得非常早。這有什麼變化嗎？我想，在其他條件相同的情況下，就第三季的獲利而言，高峰期越晚越好。謝謝。

Sure. It depends on which metric in particular you're looking for in terms of peak. I mean we typically get our occupancy peak here in July. I think that will be the case here again this year. you typically see move-in demand peak at the end of May, early June, for instance. And so I think generally, I'd say we're not seeing anything unusual or shifting from a seasonality standpoint this year, and that's frankly encouraging.

當然。這取決於你關注的峰值指標。我的意思是，我們的入住率通常在7月達到高峰。我認為今年也會如此。通常情況下，入住需求會在5月底、6月初達到高峰。所以總的來說，從季節性的角度來看，今年我們沒有看到任何異常或變化，坦白說，這令人鼓舞。

Okay, very good. Thank you.

好的，非常好。謝謝。

Thanks.

謝謝。

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.

問答環節到此結束。現在我想將發言權交還給瑞安·伯克，請他發表最後評論。

Thanks, Rob, and thanks to all of you for joining us. Have a good day.

謝謝，Rob，也謝謝大家的參與。祝大家今天愉快。

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。您可以斷開連接了，感謝您的參與。