Public Storage (PSA) 2025 Q3 法說會逐字稿

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

各位好，歡迎參加Public Storage 2025年第三季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。

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

現在我將把會議交給主持人瑞安·伯克先生。謝謝。你可以開始了。

Thank you, Rob. Hello, everyone. Thank you for joining us for our third quarter 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2025年第三季財報電話會議。我今天和喬·拉塞爾以及湯姆·博伊爾在一起。在開始之前，我們想提醒各位，本次電話會議中討論的某些事項可能構成聯邦證券法意義上的前瞻性陳述。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, October 30, 2025, and we assume no obligation to update, revise or supplement statements that become untrue because of subsequent events.

所有前瞻性陳述僅代表截至 2025 年 10 月 30 日的觀點，我們不承擔因後續事件而更新、修改或補充不實陳述的義務。

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 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 yourself to two questions. Of course, if you have more after that, please feel free to jump in queue.

我們在本次電話會議上提供的非GAAP財務指標與GAAP的調節表已包含在我們的獲利報告中。您可以在我們的網站 publicstorage.com 上找到我們的新聞稿、補充報告、美國證券交易委員會 (SEC) 報告以及本次電話會議的錄音回放。我們懇請您最初只提兩個問題。當然，如果您之後還有其他問題，請隨時加入排隊。

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

這樣，我就把電話交給喬了。

Thank you, Ryan, and thank you all for joining us today. Public Storage's third quarter results reflect differentiated strategies that continue to drive our outperformance. In addition to encouraging industry trends, including operational stabilization, lower competition from new supply and increasing acquisition activity.

謝謝你，瑞恩，也謝謝今天所有到場的各位。Public Storage 第三季的業績反映了我們持續取得優異表現的差異化策略。除了鼓勵行業趨勢，包括營運穩定、來自新供應商的競爭減少以及收購活動的增加。

We are raising our 2025 outlook for the second consecutive quarter based on outperformance in same-store and non-same-store NOI growth, acquisition volume and core FFO growth per share. Public Storage's industry leadership is proven by, among other things, the highest revenue generation per square foot with the most profitable operating platform, the strongest portfolio expansion through our best-in-class teams and backed by our growth-oriented balance sheet.

基於同店和非同店淨營業收入成長、收購量和核心每股FFO成長的優異表現，我們連續第二季上調了2025年的業績展望。Public Storage 的業界領先地位體現在許多方面，包括：每平方英尺最高的收入（擁有最盈利的營運平台）、透過一流的團隊實現的最強勁的投資組合擴張，以及以成長為導向的資產負債表的支持。

The highest retained cash flow generation, which we utilized to invest back into our business to drive earnings and FFO growth in excess of stabilized same-store growth driven by our compounding returns platform. We have been actively advancing the pillars of this platform, which include our leading operations, capital allocation and capital access.

我們利用最高的留存現金流，將其再投資於我們的業務，以推動盈利和 FFO 增長，超過由我們的複合回報平台推動的穩定的同店增長。我們一直在積極推動該平台的支柱產業，包括我們領先的營運、資本配置和資本獲取。

Just a few of many examples in terms of our operating innovation include: first, we have the industry's leading omnichannel customer experience through which we offer digital options across their entire journey. The success is evident with customers now choosing digital path and 85% of their interactions and transactions with us.

我們在營運創新方面有許多例子，以下僅舉幾例：首先，我們擁有業內領先的全通路客戶體驗，透過該體驗，我們為客戶的整個旅程提供數位化選擇。成功顯而易見，客戶現在選擇數位化途徑，他們與我們進行的互動和交易中有 85% 都是透過數位化管道完成的。

Second, with the shift to digital, we are modernizing our field operations by utilizing AI to directly provide customer service and staff our properties more appropriately. The days of needing a property manager on site all day, every day are behind us. Instead, we now have people on site when and where customers need help. To date, this has reduced labor hours by more than 30%, while also increasing employee engagement and lowering turnover.

其次，隨著數位轉型，我們正在利用人工智慧技術實現現場營運的現代化，以便直接提供客戶服務並更合理地安排物業人員。過去那種需要物業經理每天24小時駐守現場的日子已經一去不復返了。現在，我們會在客戶需要協助的時候，隨時隨地安排人員在現場提供協助。迄今為止，這已減少了 30% 以上的勞動時間，同時提高了員工敬業度並降低了員工流動率。

And third, we are deploying new technology-based strategies across the entire organization, including customer search and generative engine optimization, unit pricing and revenue management, asset management, including security, vendors and maintenance, identifying and executing development opportunities and putting the right tools in our field and corporate teams hands to even more effectively drive revenues and control expenses. Collectively, these initiatives are driving higher revenues, margins and core FFO per share growth.

第三，我們正在整個組織內部署基於新技術的策略，包括客戶搜尋和生成式引擎優化、單位定價和收入管理、資產管理（包括安全性、供應商和維護）、識別和執行發展機會，並將合適的工具交給我們的現場和公司團隊，以便更有效地推動收入成長和控制支出。這些措施共同推動了更高的營收、利潤率和核心每股FFO成長。

Now I'll turn the call over to Tom.

現在我把電話交給湯姆。

Thanks, Joe. We are leaning into our platform strength. Joe spoke to our industry-leading operations and technology initiatives. I'll now touch on capital allocation, capital access and performance specifics. On capital allocation, we have accelerated portfolio growth with more than $1.3 billion in wholly owned acquisitions and developments already announced this year.

謝謝，喬。我們正在充分發揮我們平台的優勢。Joe 向我們介紹了我們領先業界的營運和技術舉措。接下來我將談談資本配置、資本取得和績效具體方面。在資本配置方面，我們加快了投資組合的成長，今年已宣布的全資收購和開發項目總額超過 13 億美元。

The acquisition opportunities are relatively broad-based across size, geography as well as seller type. We will continue expanding the non-same-store pool through additional acquisitions and our $650 million development pipeline to be delivered over the next two years.

收購機會涵蓋範圍較廣，涉及規模、地理以及賣方類型等各個面向。我們將繼續透過額外的收購和未來兩年內將交付的價值 6.5 億美元的開發項目來擴大非同店資產池。

We are built to execute on this activity based on our industry relationships, data-driven underwriting and strong capital position. With leverage at 4.2 times net debt and preferred to EBITDA and retained cash flow reaching about $650 million this year, we will continue using our advantageous cost of capital to fund portfolio expansion and drive core FFO per share growth.

我們憑藉著與業界的良好關係、數據驅動的核保方式和雄厚的資本實力，具備開展這項業務的能力。今年，我們的槓桿率為淨債務的 4.2 倍，優先於 EBITDA，留存現金流將達到約 6.5 億美元，我們將繼續利用我們有利的資本成本為投資組合擴張提供資金，並推動核心每股 FFO 的成長。

Now shifting to financial performance for the quarter and our improved outlook. Revenue growth in the same-store pool came in ahead of our expectations, primarily due to strong in-place customer behavior. Overall, in-place rents were up 0.6%, offset by lower occupancy. From a market perspective, Chicago, Minneapolis, Tampa, Honolulu and the West Coast are standouts with revenue growth in the 2% to 4% same-store revenue range.

現在轉向本季財務表現和我們改善後的前景。同店銷售成長超出預期，主要得益於顧客的積極消費行為。總體而言，現有租金上漲了 0.6%，但入住率下降抵消了這一漲幅。從市場角度來看，芝加哥、明尼阿波利斯、坦帕、檀香山和西海岸表現突出，同店收入成長率在 2% 到 4% 之間。

Speaking specifically to the West Coast, our strong presence top to bottom from Seattle down to San Diego, representing one-third of our NOI, serves us well with good demand trends and more limited new supply. Los Angeles will return to strong growth when the state of emergency price restrictions expire.

具體到西海岸，我們從西雅圖到聖地牙哥的強大市場佈局，占我們淨營業收入的三分之一，在需求良好、新供應有限的情況下，為我們提供了良好的市場環境。當緊急狀態期間的價格限制措施到期後，洛杉磯將恢復強勁成長。

Our expense control across the same-store pool continues to be strong as well, held flat for the quarter and driven by reductions across most line items continuing declines in property payroll and utilities are direct results of the differentiated initiatives that Joe spoke to. Accordingly, same-store NOI growth came in better than we anticipated.

我們在同店支出控制方面也保持強勁，本季度保持平穩，這主要得益於大多數項目支出的減少，物業工資和公用事業費用的持續下降是喬所提到的差異化舉措的直接結果。因此，同店淨營業收入成長優於我們的預期。

Outside of the same-store pool, outperformance in our high-growth non-same-store pool helped drive core FFO per share higher by 2.6%. This is a 560 basis points acceleration from the growth level achieved in the third quarter of last year. As Joe mentioned, our strategic focus continues to drive core FFO per share growth well in excess of our stabilized same-store growth.

在同店銷售額之外，我們高成長的非同店銷售額的優異表現，推動核心每股 FFO 成長了 2.6%。這比去年第三季實現的成長水準提高了 560 個基點。正如喬所提到的，我們的策略重點持續推動核心FFO每股成長遠超我們穩定的同店成長。

We adjusted our full year guidance to reflect the positive trends I just spoke to with increased outlook for same-store revenue, same-store NOI and nonsame-store NOI. All in, we increased core FFO per share growth by nearly 1% with one quarter left in the year. Looking forward, we are very well positioned to continue driving performance with differentiated strategies that will further enhance our compounding returns platform.

我們調整了全年業績預期，以反映我剛才提到的正面趨勢，提高同店收入、同店淨營業收入和非同店淨營業收入的預期。總的來說，在今年還剩一個季度的情況下，我們的核心FFO每股成長率提高了近1%。展望未來，我們已做好充分準備，透過差異化策略持續推動績效成長，這將進一步增強我們的複合收益平台。

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

羅布，那麼接下來就進入提問環節。

(Operator Instructions)

（操作說明）

Eric Wolfe, Citi.

Eric Wolfe，花旗銀行。

Hey, thanks for taking my questions. As we get closer to year-end, could you maybe just talk about the process you go through in setting your budgets for 2026 and sort of how you go about determining things like we're moving rents to go, occupancy and sort of all the main variables that are going to make up growth for next year?

嘿，謝謝你回答我的問題。隨著年底臨近，您能否談談您在製定 2026 年預算時所經歷的過程，以及您如何確定諸如租金上漲、入住率以及所有構成明年增長的主要變量等事項？

Yes, sure. We can talk about that. I mean, we're continuously forecasting and updating our forecast for the business as we move through any given year, obviously, starting with 2026 process, something we started several months ago, and people are forecasting their businesses. In terms of some of the line items you spoke to we're using data-driven processes and historical trends as well as predictive analytics to drive those forecasts we certainly challenge our teams to come up with new initiatives to drive the business going forward into the new year, and that process is well underway.

當然可以。我們可以談談這個。我的意思是，我們一直在不斷預測和更新我們對業務的預測，隨著每一年的推進，顯然，我們從 2026 年的預測流程開始，這是我們幾個月前開始的，人們也在預測他們的業務。關於您提到的一些項目，我們正在使用數據驅動的流程、歷史趨勢以及預測分析來推動這些預測。我們當然也鼓勵我們的團隊提出新的舉措，以推動業務在新的一年發展，而這個過程正在順利進行中。

And Eric, I'd add that it's a robust process across literally every function within the company. It's fluid. It doesn't end and begin even as we speak, it builds and we have a lot of analytics relative to the things that we're doing from a deployment standpoint as we've spoken to, we have a whole host of efficiency efforts that are tied to investments in digital and otherwise, it continues to drive our margins to the level that we attain. And then to Tom's point, the whole host of things that we do tied to revenue optimization across the entire portfolio with not only our same-store but our non-same-store portfolio.

艾瑞克，我還要補充一點，這在公司內部的每個職能部門都是一個健全的流程。它是流動的。它不會像我們說話時那樣突然開始或結束，它會不斷發展壯大，而且正如我們之前提到的，我們有很多與部署相關的分析數據，我們還有一系列與數位化和其他方面的投資相關的效率提升措施，這些措施不斷推動我們的利潤率達到我們所達到的水平。正如湯姆所說，我們所做的所有事情都與整個產品組合的收入優化有關，這不僅包括我們的同店產品組合，還包括我們的非同店產品組合。

Got it. That's helpful. And I think in the press release, you characterize things as sort of stabilizing I don't know if you feel like maybe there's a path that thing is getting back to more sort of a normal run rate growth or what it would take to get there.

知道了。那很有幫助。我認為在新聞稿中，您將情況描述為某種程度上的穩定，我不知道您是否覺得情況有希望恢復到更正常的增長速度，或者需要付出什麼代價才能實現這一點。

But just sort of curious how you're thinking about sort of the trends that you've seen recently in October, over the last couple of months. if you're starting to get a little bit closer back to normal, if it's more of a just kind of like a stabilization and sort of a little bit more of a muted rebound?

我只是有點好奇，您如何看待最近幾個月，也就是十月份出現的這些趨勢？您覺得情況是否開始逐漸恢復正常，或更像是一種穩定且較為溫和的反彈？

Yes, a good question. I think as we look ahead, we do see steady stabilization. And as we've moved through 2025, we've seen demand bouncing off the bottoms of '24. We see new supply continuing to be coming down just given the challenges associated with new development in many of the markets we operate. But I'd probably point you most notably to the fact that what I commented on earlier around some of our stronger markets where we're stable, but we're rolling at a healthy clip as well.

是的，問得好。我認為展望未來，我們會看到穩定趨於穩定。隨著我們進入 2025 年，我們看到需求從 2024 年的低潮反彈。鑑於我們所營運的許多市場中新開發項目面臨的挑戰，我們預計新增供應量將繼續下降。但我最想指出的是，我之前提到的一些我們比較穩健的市場，不僅發展穩定，而且成長速度也相當可觀。

And just highlighting the West Coast again, growth in the 2% to 4% same-store revenue growth range and good fundamentals. So some of the markets aren't quite there yet, but we're seeing a good and healthy customer and overall operational performance in many of the markets we operate today.

再次強調西岸的情況，同店營收成長在 2% 到 4% 之間，基本面良好。所以有些市場還沒有完全達到目標，但在我們目前營運的許多市場中，我們看到了良好健康的客戶和整體營運表現。

Got it. That's helpful. Thank you.

知道了。那很有幫助。謝謝。

Michael Griffin, Evercore.

Michael Griffin，Evercore。

Great, thanks. I'm curious if you can give us any insight into whether new customer behavior has changed at all. It seems like the revenue this quarter was mainly driven by that existing customer, which seems to remain sticky. But as these move-in rents decline on a year-over-year basis, do you feel like we're starting to hit a trough there? Or do you think there's potentially further to go in terms of new move-in rents?

太好了，謝謝。我很想知道您能否就新客戶行為是否有任何變化提供一些見解。本季營收似乎主要來自現有客戶，而且這些客戶似乎仍然很忠誠。但隨著這些入住租金逐年下降，您是否覺得我們即將觸底？或者您認為新入住租金還有進一步上漲的空間嗎？

Yes. It's taking a step back, I think there's too much focus related to moving rents is one particular element of revenue, right? Overall, across the organization, we are focused on revenue as the most important metric. And that is a combination of what you're highlighting, yet moving rents but also moving volumes, move-out activity existing customer behavior and rent increases and it continues to be a competitive operating environment for new customer move-ins and you could see that through the quarter.

是的。我認為這是一種倒退，人們過於關注租金，而忽略了租金作為收入來源的某個特定方面，對嗎？整體而言，在整個組織中，我們最關注的是收入，將其視為最重要的指標。這正是您所強調的因素的綜合體現，包括租金變動、交易量變動、現有客戶的搬出行為和租金上漲，對於新客戶的入住而言，競爭依然激烈，這一點在本季度尤為明顯。

But the focus here is certainly around revenue is the most important metric and that goes throughout the organization. The property managers and property staff all the way through the home office organization. So we continue to make investments through our platform to drive revenue in a competitive environment. And I would point you not to one particular metric.

但這裡的重點當然是收入，這是最重要的指標，而且貫穿整個組織。從物業經理和物業工作人員到總部辦公室的所有員工。因此，我們將繼續透過我們的平台進行投資，以在競爭激烈的環境中推動收入成長。我不會建議你關注某一特定指標。

Thanks, Tom, I appreciate the context there. And then maybe just on the revised guidance, it seems like you're trending in the more favorable range, both on expenses being towards the low end and NOI being toward the high end, at least on a year-to-date basis. So maybe are there any puts and takes we should think about when looking at the fourth quarter sort of implied guidance, maybe tougher comps in certain line items? Or any clarification there would be helpful.

謝謝湯姆，我感謝你提供的背景資訊。然後，就修訂後的指導意見而言，你們的趨勢似乎更有利，支出處於較低水平，淨營業收入處於較高水平，至少從年初至今來看是如此。那麼，在看待第四季的隱含業績指引時，我們是否應該考慮一些利弊，例如某些專案可能面臨更嚴峻的業績比較？或者，如果能對此進行任何澄清，那就太好了。

Yes, sure. Every quarter has got its own set of comps. I do think the fourth quarter specifically Property tax is a tough comp. We had a number of healthy refunds last year. We'll see whether the team can execute on similar amounts this year, but that's a pretty tough comp.

當然可以。每個季度都有自己的一組比較數據。我認為第四季度，特別是房產稅，是一個很難比較的數據。去年我們收到了不少健康的退款。我們將看看球隊今年能否達到類似的水平，但這確實是一個相當高的比較標準。

And then as we think about same-store revenue, we've been consistent highlighting that the impact on Los Angeles will grow as the year progresses. And so we do anticipate that to occur in the fourth quarter. Otherwise, those would be the two items I'd highlight for you.

然後，當我們考慮同店收入時，我們一直強調，隨著時間的推移，對洛杉磯的影響將會越來越大。因此，我們預計這種情況會在第四季發生。否則，我會重點介紹這兩點。

Great, that's it for me. Thanks for the time.

太好了，我的情況就是這樣。謝謝你抽出時間。

Samir Khanal, Bank of America.

薩米爾·卡納爾，美國銀行。

Yes, thanks a lot. I guess just sticking to that topic about L.A. and the impact. I mean, kind of what are you hearing on the ground given the pricing restrictions and the burn-off in Jan, I mean, what are your channel checks kind of telling you at this point?

是的，非常感謝。我想還是繼續討論洛杉磯及其影響這個話題吧。我的意思是，考慮到價格限制和一月份的減產，你從實際管道了解到的情況如何？你的頻道調查目前告訴你什麼？

Yes, Samir, not probably anything deterently than you're hearing, which it's completely in the hands of the governor. And the decision time frame, he's looking to come back to announce whatever next set of decisions would be very early January. So no additional color or context beyond it could result in a whole range of outcomes, but nothing specific at this point.

是的，薩米爾，可能沒有什麼比你聽到的更有威懾力的了，這完全取決於州長的意願。至於決策時間，他計劃在1月初宣布下一步的決策。因此，除此之外沒有其他顏色或背景訊息，可能會產生各種各樣的結果，但目前還沒有任何具體結果。

Got it. And then I guess, Tom, on the expense side, when you look at expense growth, kind of that 3% range, you guys have done a great job in terms of controlling expenses. I mean how much room do you have there to kind of still kind of grow at that sort of 2% into next year, at least the next 12 to 24 months?

知道了。然後我想，湯姆，在支出方面，當你看到支出成長在 3% 左右時，你們在控制支出方面做得非常出色。我的意思是，你還有多少空間能維持2%的成長速度到明年，至少在未來12到24個月？

Yes, sure. And I appreciate the comments. The team is focused around a number of different initiatives to drive operating expense performance while also driving revenue in the overall business. And the couple that we continuously highlight and we're seeing bear fruit again this year, continue to be the digital investments that we've been making what the side effects of those digital investments is the ability to think holistically differently about our property staffing and customer interaction.

當然可以。感謝大家的評論。該團隊致力於透過多項不同的措施來降低營運成本，同時推動整體業務收入成長。我們一直強調並且今年再次看到成效的兩項舉措，是我們一直在進行的數位化投資，這些數位化投資的副作用是能夠以不同的方式全面思考我們的物業人員配備和客戶互動。

So we saw some fruit borne from that this year, more to come there as the team continues to drive evolution in our operating model. And then I think the other one clearly to highlight is our solar power initiatives, which we'll have solar on over 1,100 or we have solar on over 1,100 of our properties today and continue to drive forward with that shave, and we'll continue to see the benefits from that. But in this environment, we're looking for all those ways to invest in the platform and drive better OpEx performance.

今年我們已經看到了一些成果，隨著團隊繼續推動營運模式的演變，未來還會有更多成果。然後，我認為另一個需要重點強調的是我們的太陽能發電計劃，我們將在超過 1100 處房產上安裝太陽能發電系統，或者說我們目前已經在超過 1100 處房產上安裝了太陽能發電系統，並將繼續推進這項計劃，我們將繼續從中受益。但在此環境下，我們正在尋找各種方法來投資該平台，並提高營運支出績效。

Thank you.

謝謝。

Caitlin Burrows, Goldman Sachs.

Caitlin Burrows，高盛集團。

I was wondering if you could talk through your current expectations for supply and maybe how you expect the next 12 months will compare to the last 12 months and what's driving that?

我想請您談談您目前對供應的預期，以及您認為未來 12 個月與過去 12 個月相比會有什麼變化，是什麼因素導致了這種變化？

Yes. Sure, Caitlin. The trajectory continues to be the same, meaning on a year-by-year basis, we see the pressure creating fewer and fewer developments as a whole just (inaudible). There are here and there are certain markets that have a number of additional assets coming to market. But clearly and nationally in a very positive context that supply delivery momentum continues to go down.

是的。當然可以，凱特琳。這一趨勢仍在持續，這意味著逐年來看，我們看到壓力導致整體開發項目越來越少。（聽不清楚）這裡有一些，而且某些市場還有一些額外的資產即將上市。但顯然，從全國範圍來看，供應交付勢頭持續下降，這是一個非常積極的現象。

And we've seen it throughout 2025, we're going to see it into '26. And I would even say we're continuing to '27. The basis for that outlook continues to be first and foremost. We're in that business nationally. We see the complexity and the friction that comes from any kind of a development.

2025 年我們已經看到了這種情況，2026 年我們還會看到這種情況。我甚至可以說，我們會一直持續到 2027 年。這一觀點的基礎仍然是首要的。我們在全國範圍內都從事這項業務。我們看到了任何發展過程中都會出現的複雜性和摩擦。

It's tied to the things that you have to do from an entitlement standpoint, becoming more and more complicated cost structure of assets themselves and then, again, formulating and understanding the risk that would be tied to going into the development process that in and of itself could take anywhere from two to three years if not longer, and then going to a stabilized asset that could take another two, three or four years.

這與你從權利角度必須做的事情有關，資產本身的成本結構變得越來越複雜，然後，再次，制定和理解與進入開發過程相關的風險，而開發過程本身可能需要兩到三年甚至更長時間，然後才能獲得穩定的資產，這可能還需要兩到三年或四年時間。

So the risk factors for any kind of developer out there are much higher today and they continue to go a direction that's actually very good for the industry as a whole, meaning there are going to be fewer and fewer deliveries even going in the next couple of years.

因此，如今各類開發商面臨的風險因素要高得多，而且這種趨勢實際上對整個產業非常有利，這意味著未來幾年交付量將會越來越少。

Got it. And then so I guess then leading into PSA's on development activity. It does sound though like you guys want to kind of maintain or backfill your pipeline of activity. So other than, I guess, size, what do you think differentiates your strategy and ability to kind of get past all of those issues? And how is your kind of stabilization over the past few years been going versus underwriting?

知道了。所以，我想接下來就會涉及到有關發展活動的公共服務公告了。聽起來你們似乎是想維持或補充你們的業務流程。所以，除了規模之外，你認為是什麼讓你的策略和能力與眾不同，從而能夠克服所有這些問題？那麼，過去幾年你們的穩定化措施與承保措施相比進展如何？

Sure. I'll take the first part and I'll have Tom talk to the stabilization, which is quite good as well. So no question, we have very different capabilities. It starts with inherent and deep-seated knowledge market to market with the amount of inherent operational data that we get, we have an ability to underwrite assets from a development and risk standpoint far differently than others do.

當然。我先負責第一部分，然後讓湯姆談談穩定性問題，穩定性也相當不錯。所以毫無疑問，我們的能力差異很大。這一切都始於我們與生俱來的、根深蒂固的市場知識，以及我們獲得的大量固有營運數據，使我們能夠從開發和風險的角度對資產進行評估，這與其他人的做法截然不同。

We have the data set that guides us to optimize not only property size but also configuration within properties, unit seismic, et cetera. We can find pockets of assets quite effectively or pockets of asset development. very differently than most developers.

我們擁有可指導我們優化物業規模以及物業內部配置、單元地震等的資料集。我們能夠非常有效地找到潛在的資產或資產開發機會，這與大多數開發商的做法截然不同。

We've got a good national team working aggressively out finding in developing assets in a window that I just spoke to, that is far more difficult. So in a reverse way for us uniquely, it's providing the opportunity to go in and find very powerful development opportunities in a whole host of markets nationally.

我們有一支優秀的國家隊，正在積極尋找和培養人才，而我剛才提到的這個窗口期要困難得多。因此，對我們而言，這反而提供了一個獨特的機會，讓我們有機會進入全國各地的許多市場，尋找非常強大的發展機會。

So our confidence and our commitment to the business has never been higher, but at the same time, it's never been a more difficult business. So it is a very good and unique window for us to continue to deploy capital, and it continues to lead to substantial and the highest returns that we see from any capital allocation effort. Tom, you can go ahead and talk about some of the metrics tied to that, which continue to be quite good.

因此，我們對這項業務的信心和投入從未如此之高，但同時，這項業務也從未如此艱難。因此，這是一個非常好的獨特機會，讓我們能夠繼續部署資本，並且它繼續帶來我們所見過的任何資本配置工作中最大的回報。湯姆，你可以繼續談談與此相關的一些指標，這些指標一直都相當不錯。

Yes. Our lease-up of our developments that have been recently delivered continues to do well, actually pacing a little bit ahead of expectations year-to-date. And you can see in the sub the yields produced by those vintages to Joe's point earlier, it does take two to four years for those vintages to stabilize, but we're seeing good trajectory across those vintages today and achieving those strong risk-adjusted returns that Joe spoke to.

是的。我們近期交付的開發項目的租賃情況持續良好，實際上今年迄今為止的租賃速度略微超過了預期。正如喬之前所說，從這些年份的收益可以看出，這些年份的收益確實需要兩到四年的時間才能穩定下來，但我們現在看到這些年份的收益走勢良好，並實現了喬所說的強勁的風險調整後收益。

Thanks

謝謝

Ron Kamdem, Morgan Stanley.

Ron Kamdem，摩根士丹利。

Just two quick ones. The guide -- I think this came up earlier, but the guidance sort of assumes a little bit of decel as you get into sort of 4Q. And I guess the obvious question is just as you're thinking about top of the funnel demand, whether it's some of the web search data or anything like that, are you seeing anything from that standpoint that's showing that demand may be slowing? Or how do you sort of think about that?

就兩個簡單的問題。指南——我想之前已經提到過這一點，但指南大致假設在進入第四季度時會略微減速。我想，顯而易見的問題是，當你在考慮漏斗頂端的需求時，無論是網路搜尋數據還是其他什麼數據，從這個角度來看，你是否看到任何跡象表明需求可能正在放緩？或者說，你是怎麼看待這個問題的？

Yes. Thanks, Ron. No, nothing implied there as it relates to demand overall. We continue to see a healthy customer activity to date. I think the item that I would highlight as it relates to same-store revenue, if that's where your focus is what I highlighted to Michael Griffin earlier around the cumulative impact of the rental rate restrictions on Los Angeles, which will be holding us back a little bit more in the fourth quarter compared to the third quarter.

是的。謝謝你，羅恩。不，這並不暗示整​​體需求有任何問題。迄今為止，我們持續看到良好的客戶活躍度。我認為，就同店收入而言，如果這是你們關注的重點，那麼我要重點強調的是我之前向邁克爾·格里芬強調的關於租金限制對洛杉磯的累積影響，這將使我們在第四季度比第三季度受到更大的阻礙。

and then that property tax, tough comps as well. But otherwise, the non-same-store pool is set to continue to accelerate given the activities to date and the capital allocation that we've been putting for forth.

還有房產稅，而且比較數據也很困難。但除此之外，鑑於迄今為止的活動和我們提出的資本配置，非同店銷售將繼續加速成長。

Great. And then, yes, my second question was just on the acquisition pace picking up. Just maybe talk about the product that you're seeing stabilized, non-stabilized and sort of cap rates and returns expectations.

偉大的。是的，我的第二個問題就是關於收購步伐加快的情況。或許可以談談你看到的穩定型、非穩定型產品，以及資本化率和回報預期。

Sure, Ron. It's a combination of all of those things. So we had an active quarter, obviously, and pleased to see the range of different types of sellers that have come to us either through off-market transactions and/or assets that we've been rolling or in dialogue for some period of time. So it's a combination of some larger portfolios that we've curated to match some of our own investment requirements, market to market.

當然可以，羅恩。這是所有這些因素的綜合作用。顯然，我們度過了一個活躍的季度，很高興看到各種類型的賣家透過場外交易和/或我們一直在滾動出售或已經洽談了一段時間的資產與我們接洽。所以，這是我們根據自身市場投資需求，精心挑選的一些較大投資組合的組合。

It's also been a combination of some smaller portfolios that have resulted from some of our off-market and/or private conversations with them, always a healthy way to do some additional business. And then as we typically do with our national focus and the team that's out working nationally, relationships and otherwise, we're doing a whole host of one-off or a much smaller transaction. So it's a whole combination.

此外，我們也透過與一些客戶的場外和/或私人談話，促成了一些較小的投資組合，這始終是開展額外業務的健康方式。然後，就像我們通常的做法一樣，憑藉我們的全國性重點和在全國範圍內開展工作的團隊，透過各種關係和其他方式，我們正在進行一系列一次性或規模小得多的交易。所以這是一個綜合因素。

It's, again, a market focus that we have to stay very close to and we're well suited to do so. We have unique capabilities to underwrite these assets with, again, going back to our development processes, knowing and understanding markets very deeply and been very pleased with a whole host of different types of assets that are either on one end of the spectrum stabilized or others that we're very comfortable bringing in the portfolio that are not stabilized, but once we put them on our platform, very comfortable and confident we're going to get the kinds of returns and meet expectations from, again, the invested capital going into those assets as well. So we're seeing a fair amount of good activity based on a lot of hard work that continues to go in that process, but it's bearing some good fruit.

這再次體現了我們必須密切關注的市場重點，而我們也很擅長做到這一點。我們擁有獨特的能力來承銷這些資產，這再次體現在我們的開發流程中，我們對市場有著非常深入的了解和認識，並且對各種不同類型的資產都非常滿意，這些資產要么處於穩定狀態，要么我們很樂意將它們納入投資組合，但一旦我們將它們放在我們的平台上，我們非常有信心能夠獲得回報，並達到預期，再次強調這些資產的資本。所以我們看到，在這個過程中，經過大量的努力，已經取得了相當不錯的成果，並且結出了一些好果實。

Thanks so much.

非常感謝。

Eric Luebchow, Wells Fargo.

艾瑞克‧盧布喬，富國銀行。

Great. Appreciate the question. So maybe could you update us a little bit on operating trends through October in terms of occupancy moving rates? Anything you're seeing as we kind of move into the fourth quarter here?

偉大的。感謝您的提問。那麼，您能否簡單介紹一下10月份的營運趨勢，特別是入住率的變化？隨著我們進入第四季度，你觀察到了什麼？

Yes, sure. Happy to do that. I'll provide a couple of elements. And as I spoke earlier, focus continues to be on revenue overall. But specifically, talking about new customer activity. I'd maybe frame it as if you look at the third quarter and the rate and volume associated with new customer activity is down about 9% year-over-year. And each of the months throughout the quarter a little bit different in terms of volume versus rate, et cetera. October is doing a cut better than that, down 9%.

當然可以。我很樂意這樣做。我將提供幾個要素。正如我之前所說，重點仍然是整體收入。但具體來說，指的是新客戶活動。我可能會這樣描述：如果你看一下第三季度，你會發現與新客戶活動相關的成長率和數量比去年同期下降了約 9%。每個季度的每個月，在銷售與價格等方面都會略有不同。10 月的降幅比這還要大，下降了 9%。

So some improving from that standpoint. Really driven in this particular month, driven by stronger move-in activity, and we're achieving that with less discounts but also lower rates. So better net outcome there. I'd point you to move in rates that again are driving that volume being in the down 10%, 11% ZIP code, but driving good volume up 3%, 4%.

從這個角度來看，有一些改進空間。這個月業績成長非常強勁，主要得益於入住率的提高，我們雖然減少了折扣，但也降低了價格。所以這樣能帶來更好的淨結果。我會指出，在房價下跌 10%、11% 的郵遞區號區域，房價下跌 3%、4% 的區域，房價下跌再次推動了房價上漲。

In terms of occupancy, because of that move-in volume, occupancy closed is sitting today down about 40 basis points year-over-year. But again, I reiterate the revenue focus versus occupancy or rental rate. And we feel like we're in a very good place from an occupancy standpoint to drive revenue in a steady stabilizing and hopefully improving operating fundamental picture.

就入住率而言，由於入住量較大，目前的入住率較去年同期下降了約 40 個基點。但我再次重申，重點在於收入，而不是入住率或租金。從入住率的角度來看，我們感覺自己處於非常有利的位置，能夠在穩步穩定並有望不斷改善的營運基本面中推動收入成長。

Maybe just a follow-up. I know you touched on this a little bit, but the LA rent restriction headwinds, you had guided to about 100 basis point headwind. So maybe you could just update us on what you're expecting kind of as we look into and what you see underlying demand looking like on the West Coast.

或許只是個後續問題。我知道您之前稍微提到過這一點，但洛杉磯租金限制帶來的不利影響，您曾預測會達到約 100 個基點。所以，或許您可以向我們更新您對西岸潛在需求的預期，以及我們對此的調查結果。

And I guess a related question. I mean, there has been some recent news about rent restrictions related to immigration activity in LA County with ICE. And so just wondering if you expect that to have any impact in the region.

我想問一個相關的問題。我的意思是，最近有一些關於洛杉磯縣因移民執法局（ICE）的活動而實施的租金限制的新聞。所以我想知道您是否認為這會對該地區產生任何影響。

Yes, sure. So two components there. One, related to LA performance for the year it is trending a little better than what we had expected at the start of the year. And I think last quarter, I provided some perspective around revenue growth expectations for Los Angeles for the for the year being down close to down 3% for the year. We think based on where we are right now, it's probably going to be down in the ones meaning negative 1% and negative 2% for the year.

當然可以。所以這裡有兩個組成部分。第一，就洛杉磯今年的表現而言，其趨勢比我們年初的預期要好一些。我認為上個季度，我曾就洛杉磯全年的營收成長預期給出了一些看法，預計全年將下降近 3%。我們認為，根據我們目前的情況來看，今年的經濟成長率可能會下降 1% 到 2%。

So some better improvements there. In terms of -- and I would point to the drivers there really being what we spoke to earlier around really top to bottom, the West Coast, good customer activity, less new supply in those marketplaces and good trends. So good customer activity there.

所以這方面有一些改進。就此而言——我會指出，真正的驅動因素正如我們之前從上到下所討論的那樣，西海岸良好的客戶活躍度、這些市場的新供應較少以及良好的趨勢。所以那邊的客戶活動情況不錯。

And then the second part of your question, the more recent state of emergency is going to have a negligible impact on our operating performance in the fourth quarter just as you think about a state of emergency already being in place through the start of January. So no change there, but we're certainly still in an environment with pricing restrictions associated with those state emergencies.

至於你問題的第二部分，正如你所想，最近的緊急狀態對我們第四季的經營業績影響甚微，因為緊急狀態已經持續到一月初。所以這方面沒有變化，但我們仍然處於與國家緊急狀態相關的定價限制環境中。

Thank you.

謝謝。

Spenser Allaway, Green Street Advisors.

史賓塞‧阿拉韋，綠街顧問公司。

Just one for me. Can you talk about the amount of NOI upside you guys are currently underwriting when you're acquiring from mom-and-pop operators today? Maybe just broadly, I know that varies asset to asset. And then with the increasing prevalence and uses for AI, do you think that, that upside is going to increase meaningfully in the years coming, just particularly as we think about the amount of data PSA has to work with and enter into like algorithms?

我只留一個。你們目前從小型家族企業收購業務時，能夠承擔多少淨營業收入成長潛力？或許只是大致而言，我知道這會因資產而異。隨著人工智慧的日益普及和應用，您認為這種成長潛力在未來幾年是否會顯著增加，尤其是當我們考慮到PSA需要處理和輸入演算法的資料量時？

Yes. Sure, Spenser. So in terms of cash flow that we can earn from assets that we fold into the portfolio. That's an important component to our capital allocation strategy as we continue to make investments in our operating platform and drive performance there. We can utilize that advantage as we deploy capital. And the most visible thing that I would point to is the margin advantage that we have in and out of the marketplaces that we operate in and that gives you a sense.

是的。當然，斯賓塞。因此，就我們可以把資產納入投資組合所獲得的現金流而言。這是我們資本配置策略的重要組成部分，因為我們將繼續投資於我們的營運平台並推動其績效成長。我們可以在部署資本時利用這項優勢。最明顯的例子就是我們在營運的市場內外所擁有的利潤優勢，這能讓你有所體會。

Generally speaking, that margin advantage for new assets is both the revenue side and the OpEx side driving that margin performance. And so consistently getting towards 10% sort of margin enhancement for lots of the assets that we acquire. In terms of going forward, I noted earlier, we continue to make investments in the platform, both from a revenue and OpEx side.

總的來說，新資產的利潤優勢是由收入和營運支出兩方面共同推動的。因此，我們收購的許多資產的利潤率持續成長到 10% 左右。至於未來發展，正如我之前提到的，我們將繼續對該平台進行投資，包括收入和營運支出方面。

And so we do anticipate that we'll continue to drive performance within our operating platform that will immediately have the same impact on the assets that we're putting into the pool, both for our wholly owned assets as well as for the benefit of our third-party management customers, we drive our operating platform.

因此，我們預期我們將繼續推動營運平台的效能提升，這將立即對我們投入資產池的資產產生同樣的正面影響，無論是我們全資擁有的資產，還是為了我們第三方管理客戶的利益，我們都在推動我們的營運平台的發展。

Okay, great. Thank you for the color.

好的，太好了。謝謝你提供的色彩。

Todd Thomas, KeyBanc Capital Markets.

Todd Thomas，KeyBanc Capital Markets。

Hi, thanks. First, two quick follow-ups on acquisitions. Your volume is approaching $1 billion for the year, so a fairly active year. First, what's the outlook for that pace to continue into 2026. And then second, you've had very active years in the past, you did more than $5 billion in '21 and nearly $3 billion in '23 as is now a good time to lean in ahead of a recovery? I'm just curious what the appetite is like today to do something more sizable or strategic?

您好，謝謝。首先，快速跟進兩件事。貴公司今年的交易額接近 10 億美元，所以今年的交易量相當活躍。首先，這種成長速度能否持續到 2026 年？其次，你們過去幾年非常活躍，2021 年的業績超過 50 億美元，2023 年接近 30 億美元，現在是不是在經濟復甦之前加大投入的好時機？我只是好奇，如今大家對開展規模更大或更具策略性的專案有何興趣？

Yes. So a number of components to that question. So Joe and I will probably tag team this one. But I think we have seen an improving transaction market this year one to that a little earlier. I do think the improving debt market trends set up for more active transaction volumes going forward.

是的。所以這個問題包含多個面向。所以喬和我可能會聯手完成這項工作。但我認為今年的交易市場已經比之前有所改善。我認為債務市場趨勢的改善將為未來更活躍的交易量奠定基礎。

And so I think that's an opportunity set. In terms of appetite continues to be very strong. we look back at 2021 and the $5 billion of acquisitions that we acquired there and would love to do that again.

所以我認為這是一系列機會。市場需求依然非常強勁。回顧2021年，我們完成了價值50億美元的收購，我們非常希望能再次取得同樣的成就。

So it's a question of what the opportunity set is ahead of us, but we're built to be able to integrate that level of activity. and fold those assets into the operating platform that we're speaking to. So we're excited about the potential for increased activity. We'll have to see what 2026 brings.

所以問題在於我們面前有哪些機遇，但我們有能力整合這種規模的業務活動，並將這些資產融入我們正在討論的營運平台中。因此，我們對活動量增加的潛力感到興奮。我們拭目以待2026年會發生什麼事。

Yes. And Todd, I'd just add -- the balance sheet is well poised to service as we, again, unlock those range of opportunities. To Tom's point, we've proven over the last 5 years in particular, the whether we're in a process where we're taking down one individual very large portfolio or a whole collection of smaller assets.

是的。托德，我還要補充一點──資產負債表已做好充分準備，隨時為我們再次發掘各種機會提供服務。正如湯姆所說，尤其是在過去 5 年裡，我們已經證明，無論我們是在削減一個非常大的投資組合，還是削減一系列較小的資產，情況都是如此。

All of our systems and digital investments, et cetera, allow us to integrate these assets incredibly smoothly in many cases, within a 24-hour time frame, one platform to another. So we've got the technique, the scale and now time and again the experience to continue to aggregate these assets, and we are going to continue to look for any and all ways to do just that.

我們所有的系統和數位投資等等，使我們能夠在許多情況下，在 24 小時內將這些資產從一個平台無縫整合到另一個平台。所以我們已經掌握了技術、規模，並且一次又一次地累積了經驗，可以繼續整合這些資產，我們將繼續尋找一切方法來實現這一目標。

Okay. That's helpful. And then Joe, just sticking your comments around technology. So you mentioned a number of things, employee efficiencies, the rental process generative AI search. Clearly, expenses are an area where you've seen technology have a big impact.

好的。那很有幫助。然後喬，你一直在發表關於技術的評論。所以你提到了很多方面，例如員工效率、租賃流程的人工智慧搜尋。顯然，科技對支出領域產生了巨大影響。

Is there a lot more room there? Or do you feel you sort of rung out a lot of the efficiencies at this point with maybe more benefits accruing toward acquisitions, mainly going forward? And what do you think might have the biggest impact in the next three to five years as you look out?

那裡還有很多空間嗎？或者您覺得目前已經充分挖掘了效率提升的空間，未來可能更多的收益將來自於收購？展望未來三到五年，您認為哪些因素可能會產生最大的影響？

It's top to bottom, Todd, and continues from an investment stand point, we are making a whole host of priorities around impacts to the business that starts right all the things that we can do through our knowledge and investments tied to revenue and then it's optimization. Clearly, you can see that with the efficiency and continued outperformance on margin achievement.

托德，這是從上到下，從投資的角度來看，我們正在圍繞對業務的影響制定一系列優先事項，首先是我們可以利用我們的知識和與收入相關的投資所做的一切事情，然後是優化。顯然，從效率和持續優異的利潤率就能看出這一點。

But again, to give you color on where we are on this road map, we're very confident we have only just begun. I mean there are very meaningful things that the team continues to invest in literally every part of the company. It's very mooring. It's not easy, but we have the fortitude and we continue to display the ability to use these tools very effectively and many times, much of our time frame than we may have originally estimated as we've spoken to now for some time, 85% of our customers now transact with us digitally, where four, five years of that number was basically zero.

但再次強調，為了讓大家更清楚地了解我們目前的進展狀況，我們非常有信心，我們才剛起步。我的意思是，團隊在公司的各個方面都持續投入了大量非常有意義的資源。它非常適合停泊。這並不容易，但我們有毅力，並且我們一直在努力有效地使用這些工具，而且很多時候，在我們最初估計的時間範圍內，正如我們之前討論過的，現在我們 85% 的客戶都通過數字方式與我們進行交易，而四五年前這個數字基本上為零。

And with, again, the migration to more and more data-driven processes that relates iterative and, in some cases, compounding opportunities to drive efficiency much sooner and more effectively than we may have even envisioned at the front end. And we are encouraged by the team by team that continues to play through. We are no question, a self-storage company, but we have a focus on data optimization that continues to serve us quite well, and we're very committed to that.

此外，隨著向資料驅動型流程的遷移，迭代式（在某些情況下甚至是複合式）的機會得以更快地提高效率，其效果可能比我們最初設想的還要好得多。我們深受這支繼續拼搏的隊伍的鼓舞。毫無疑問，我們是一家自助倉儲公司，但我們專注於數據優化，這持續為我們帶來良好的效益，我們也對此非常重視。

What kind of margin upside do you think is ultimately achievable?

你認為最終可以實現的利潤率提升幅度有多大？

Well, we'll see how that plays, but confident we're not done.

好，我們拭目以待，但我相信我們還沒結束。

Okay, thank you.

好的，謝謝。

Thank you.

謝謝。

(Operator Instructions)

（操作說明）

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

Hi, thanks for the time. Just wanted to follow up on L.A. quickly. You talked about feeling a bit better about the drag that always going to see for the year. Just curious if you could translate that down 30% and now down 1% to 2% on the overall portfolio, are there any offsets from the strength in L.A. on the West Coast, the same-store revenues?

您好，感謝您抽空。只是想快速跟進一下洛杉磯的情況。你談到你對今年總會遇到的種種困難感覺好了一些。我只是好奇，如果整體投資組合的跌幅從 30% 降至 1% 到 2%，那麼洛杉磯西海岸的強勁表現以及同店收入是否會抵消這些跌幅？

Yes. No, I think giving you the guidepost as it relates to the markets should be helpful. I think the fourth quarter, obviously implied number associated with that, as I've noted a couple of times, will be holding us back a little bit further as it relates to the impact to the overall same-store.

是的。不，我認為給你一些關於市場的指導原則應該會有幫助。我認為，正如我之前幾次提到的，第四季度（顯然也包括與之相關的數字）將會進一步拖累我們，因為它對整體同店銷售額產生了影響。

The demand associated is new customer as well as one of the things we've seen in Los Angeles is less vacate activity, and we've seen that up and down many of our markets and nationally less (inaudible) activity also helpful. So occupancy is up a little bit in Los Angeles.

相關需求是新客戶，同時我們在洛杉磯看到的現象之一是空置活動減少，我們在許多市場都看到了這種情況，全國範圍內（聽不清楚）活動減少也有幫助。所以洛杉磯的入住率略有上升。

And so a lot of the same trends that Joe and I have already spoken to on this call in terms of good customer activity, very challenging new development environment, continue to support Los Angeles despite the fact that we can't charge the rents that we otherwise would charge in a competitive marketplace.

因此，儘管我們無法像在競爭激烈的市場中那樣收取租金，但喬和我在這通電話中已經談到的許多趨勢，例如良好的客戶活躍度、極具挑戰性的新開發環境，仍然在支持著洛杉磯的發展。

And then just cap rate wise, how should we think about going in yields and targeted stabilized yields on the investments you're making at around $1 billion year-to-date?

那麼就資本化率而言，對於您今年迄今約 10 億美元的投資，我們該如何考慮收益率和目標穩定收益率？

Yes. No, the yields that we've been targeting are pretty consistent with what we highlighted last quarter. So we're likely to achieve going in yields in the kind of ZIP code on a mix of stabilized and unstabilized activities to-date. And so the points we've been making on this call, we have the opportunity to plug those assets into our operating platform. And as we do that, we'll achieve more cash flow from those assets. And so those will stabilize into the 6s.

是的。不，我們一直設定的收益率目標與上個季度我們重點強調的目標基本一致。因此，我們很可能在迄今為止穩定和不穩定的活動的混合基礎上，在類似郵遞區號的區域內實現預期收益率。因此，正如我們在這次電話會議中所提到的，我們有機會將這些資產整合到我們的營運平台中。這樣做，我們將從這些資產中獲得更多現金流。因此，這些數字將穩定在6左右。

Michael Goldsmith, UBS.

瑞銀集團的麥可‧戈德史密斯。

Good afternoon. Thanks a lot for taking my questions. Sticking with the transaction market, can you talk about the opportunity that you see with lease-up properties you'll be able to operate them better, maybe there's the appetite to purchase that? And then also the increase in the non-same-store NOI guidance was higher by $10 million. Does that reflect improved the performance of the previously owned properties? Or does that reflect the newly acquired ones?

午安.非常感謝您回答我的問題。繼續談到交易市場，您能否談談您認為租賃物業的機會？您可以更好地經營這些物業，也許有人會願意購買？此外，非同店淨營業收入預期也提高了 1,000 萬美元。這是否反映了先前擁有的房產的業績有所改善？或者，這反映的是新近獲得的那些？

Okay. I'll take the first part, and Tom can take the second, Michael. But no question we have continue to deploy capital into many assets that are far from stabilization from some that literally are vacant to 30%, 50%, 70% occupied and otherwise. And time and again, have proven the ability to lift the performance of those assets very confidently just like I spoke about earlier, tied to the knowledge that we have from a market standpoint, all of the techniques that we're using from revenue management, operational efficiency, knowledge of customer dynamics, knowledge of the market itself.

好的。第一部分我來做，第二部分湯姆可以做，麥可。但毫無疑問，我們不得不繼續向許多遠未穩定的資產投入資金，其中一些資產實際上完全空置，而另一些資產的入住率僅為 30%、50%、70% 等等。而且，正如我之前所說，我們已經一次又一次地證明了我們有能力非常自信地提升這些資產的績效，這與我們從市場角度掌握的知識、我們使用的所有技術，包括收入管理、營運效率、客戶動態知識以及市場本身的知識息息相關。

So no question, we have a high degree of confidence in any range of stabilization from an asset standpoint. So we will continue to entertain all different asset types based on that level of knowledge and skill and that is continuing to produce the kinds of returns that we're very confident will not only continue, but it will give us more running room as we grow the non-same-store portfolio just like we have in 2025. Tom, you can take the second part.

因此毫無疑問，從資產角度來看，我們對任何程度的穩定化都充滿信心。因此，我們將繼續根據這種知識和技能水平來投資各種不同的資產類型，而這種投資將繼續產生我們非常有信心的回報，不僅會繼續產生回報，而且還會給我們更大的發展空間，就像我們在 2025 年所做的那樣，隨著我們擴大非同店投資組合。湯姆，你可以負責第二部分。

Yes, the second part of your question, just related to nonsame-store performance. Part of that is better performance and lease-up of some of the assets that you're speaking to. And then the other portion is obviously closing on some incremental assets than what we had to close on other contracts.

是的，你問題的第二部分，只是與非同店銷售業績有關。部分原因在於您所談到的某些資產的績效提升和租賃情況改善。另一部分顯然是指完成一些額外的資產交易，這些資產是我們在其他合約中必須完成的交易之外的資產。

So that combination leads to better outlook non-same-store for this year. But you also know we included an update to the incremental NOI from after '25 to stabilization, which reflects the future engine of growth associated with this pool of assets as they stabilize and lease up. So that's increased to $130 million for '26 and beyond.

因此，這種組合將使今年的非同店銷售前景更加樂觀。但您也知道，我們更新了 2025 年後至穩定期的增量淨營業收入，這反映了隨著這批資產穩定和租賃的增加，未來成長的動力。因此，2026 年及以後的預算將增加到 1.3 億美元。

And my follow-up question, your marketing spend is down year-over-year. I believe your promotions given is also down. So can you just walk through kind of like the thought process around using these levers as top or as a top-of-funnel demand driver? And just is there a reason why pulling back on some of these factors. This is the right time to do that versus maybe leaning in at a time with demand being kind of uneven?

我的後續問題是，你們的行銷支出比去年同期下降了。我認為你們的晉升機會也減少了。那麼，您能否簡單介紹一下使用這些槓桿作為漏斗頂端需求驅動因素的思考過程？那麼，為什麼要削減其中的一些因素呢？現在是不是做這件事的好時機？或許應該等到需求不太均衡的時候再去嘗試？

Yes. Thanks, Michael. I'd say we consistently use all the tools you highlighted in order to drive the right kind of customer volumes and behavior over time. So we're active in utilizing advertising as well as promotional activity, lowering our rental rates, increasing our rental rates.

是的。謝謝你，麥可。我認為我們一直都在使用您提到的所有工具，以便隨著時間的推移，推動客戶數量和行為朝著正確的方向發展。因此，我們積極利用廣告和促銷活動，降低租金，提高租金。

And as I noted earlier, it all goes into a focus on optimizing and maximizing revenue as the one metric that we're focused on versus individual line items. And that's the focus of the team, and we'll continue to use all those tools in order to focus on that revenue metric.

正如我之前提到的，這一切都是為了專注於優化和最大化收入，這是我們關注的唯一指標，而不是專注於單一項目。這就是團隊的工作重點，我們將繼續使用所有這些工具來專注於這個收入指標。

Thank you very much. Good luck in the fourth quarter.

非常感謝。祝你第四節比賽好運。

Mike Mueller, JPMorgan.

麥克·穆勒，摩根大通。

I guess for some of the stronger markets that you talked about in your initial comments, can you talk a little bit about how different were the I guess, the move-in rent comparisons to the year-over-year comps in those markets compared to the roll-up number we see in the sub?

我想，對於您在最初評論中提到的一些較強勁的市場，您能否談談這些市場的入住租金與去年同期租金的比較情況，與我們在子版塊中看到的匯總數據相比，有何不同？

Yes, Michael, I mean, I spoke earlier to the fact that many of those markets I highlighted are performing well. steady, strong growth from many of them associated with that, you have better move-in trends, but you also have better trends from existing customers and good behavior amongst the existing customer base. So it's a combination of things as always, but no question, seeing some good strength across many of our markets today.

是的，邁克爾，我的意思是，我之前說過，我重點提到的許多市場表現良好。許多市場都實現了穩定強勁的成長，隨之而來的是更好的入住趨勢，以及現有客戶的良好趨勢和良好的客戶行為。所以，和以往一樣，這是多種因素共同作用的結果，但毫無疑問，今天我們許多市場都展現了良好的勢頭。

Got it. Okay. And as a quick follow-up, and I apologize if I missed this one. The -- any changes in terms of the pushback from customers on ECRI or ECR levels in general?

知道了。好的。最後補充一點，如果我漏掉了這則訊息，我深感抱歉。整體而言，客戶對 ECRI 或 ECR 程度的抵觸情緒是否有任何變化？

No. The existing customer continues to perform quite well. You can see vacates were down in the quarter. price sensitivity remains consistent with our expectations and our modeling. So no shift there, and we continue to be encouraged by the storage consumer as they went with us.

不。現有客戶表現依然良好。可以看出，本季空置率有所下降。價格敏感度與我們的預期和模型預測一致。所以這方面沒有變化，儲存消費者繼續支持我們，這讓我們倍感鼓舞。

Okay, thank you.

好的，謝謝。

Brendan Lynch, Barclays Bank.

巴克萊銀行的布倫丹·林奇。

Great, thanks for taking my question. Clearly, you guys are making good progress on the efficiency initiatives, especially on labor. How do you evaluate though, if you cut too much? I'd imagine there's some sort of A/B testing. But any details on your approach to overage or under of labor would be helpful.

太好了，謝謝你回答我的問題。顯然，你們在提高效率方面取得了良好進展，尤其是在勞動力方面。但如果你刪減過多，該如何評估呢？我猜應該會進行某種形式的A/B測試。但如果您能詳細說明您處理勞動力過剩或不足的情況，那就太好了。

Yes, Brendan, we're in a now multiyear integration, which has included, to your point, a whole host of testing relative to the efficacy of optimized labor, and we very conscientiously and first and foremost, used customer interaction and customer service as a guidepost to see and understand, to your point, how far to go. The components of that also, though, include on a per market basis, and even a submarket basis, the kind of scale that we have.

是的，Brendan，我們目前正處於一個多年的整合階段，正如你所說，這其中包括一系列關於優化勞動力有效性的測試，而且我們非常認真地、首先地將客戶互動和客戶服務作為指導方針，以了解，正如你所說，我們應該走多遠。不過，其中的組成部分還包括我們在每個市場甚至子市場所擁有的規模。

And with that, the effectiveness of the digital ecosystem that guides us to the predictability factor of this. and the tools that we're using from a predictability standpoint continue to become more and more effective. So those kinds of tools are the tools that we invest in completely from a labor standpoint that does a multitude of things from an output standpoint.

因此，引導我們實現可預測性的數位生態系統的有效性，以及我們從可預測性角度使用的工具，都變得越來越有效。因此，這些工具是我們完全從勞動力角度投資的工具，它們從產出角度來看可以完成很多事情。

One, again, tied to customer service; number two, the effectiveness of the team member themselves, ironically, but intentionally, it's also led to a much higher level of employee satisfaction relative to the way that they're operating their day environment. It's also and very intentionally provided good expense optimization and we continue to see more and more tools, particularly with the amount of data that we're dealing with, where we're moving in, for instance, north of 100,000 customers a month to guide us to the effectiveness of this.

第一，這又與客戶服務有關；第二，團隊成員本身的效率，諷刺的是，但有意為之，這也導致員工對他們日常工作環境的滿意度大大提高。它還非常有意識地提供了良好的費用優化，我們不斷看到越來越多的工具，尤其是在我們處理的數據量越來越大的情況下，例如，我們每月服務超過 10 萬名客戶，這些工具將指導我們了解其有效性。

I mentioned earlier that now 85% of our customers are transacting with us digitally, but there are many customers that want to do the opposite and we're servicing them quite well. with, again, a whole host of even different tools that they had to conduct business with us two, three or four years ago. So more evolution in this entire process, but very good traction, meaning that we've got more to do, and we're excited about it.

我之前提到過，現在我們85%的客戶都透過數位化方式與我們進行交易，但也有很多客戶希望反其道而行之，我們也能很好地為他們提供服務。而且，他們現在使用的工具種類繁多，甚至比兩三年前或四年前與我們開展業務時所使用的工具還要多。所以整個過程還有很大的發展空間，但進展非常順利，這意味著我們還有更多工作要做，我們對此感到興奮。

Great. That's helpful. I also wanted to ask on housing-related demand. Obviously, that's kind of been a missing element for a couple of years now. Are you seeing any signs of improvement yet or any reason to be more optimistic that 2026 would be better than 2025 or 2024?

偉大的。那很有幫助。我還想詢問一下與住房相關的需求情況。顯然，這方面已經缺失好幾年了。你看到任何好轉的跡象了嗎？或者有什麼理由讓你更樂觀地認為 2026 年會比 2025 年或 2024 年更好？

Yes, sure. I mean I think housing is a component of our demand. It's been relatively stable over the last couple of years as housing transaction volumes have been relatively stable after the step lower several years ago. Clearly, interest rates are a touch lower mortgage rates are a touch lower, that should be helpful as we think about activity going forward.

當然可以。我的意思是，我認為住房是我們需求的一個組成部分。過去幾年，由於房屋交易量在幾年前大幅下降後一直保持相對穩定，因此房價也相對穩定。顯然，利率略有下降，抵押貸款利率也略有下降，這應該有助於我們考慮未來的活動。

We haven't seen anything on the ground yet that would dictate that there's any shift currently in our in-house projective is that it's going to take some time for the housing market to continue to work through adjustment with a big shift in mortgage rates over the last couple of years. So I think it's probably a steady as she goes environment in housing, maybe a touch better than that.

目前我們還沒有看到任何實際跡象表明市場格局會發生任何變化，我們內部的預測是，由於過去幾年抵押貸款利率發生了巨大變化，房地產市場還需要一段時間才能繼續調整。所以我覺得她的住房環境應該還算穩定，甚至可能比這還要好一點。

Great, thank you.

太好了，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。現在我想把電話轉回瑞安·伯克，請他做總結發言。

Thanks, Rob, and to all of you for joining us today. Have a great day.

謝謝羅布，也謝謝今天所有到場的各位。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了，感謝您的配合。