Public Storage (PSA) 2026 Q1 法說會逐字稿

Greetings, and welcome to Public Storage first quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Public Storage 2026 年第一季財報電話會議。(操作員指示) 提醒各位，本次會議將被錄音。

I would now like to turn the conference over to your host, Brandon Reagan. Thank you. You may begin.

現在我想把會議交給主持人 Brandon Reagan。謝謝。您可以開始了。

Thank you, operator. Hello, everyone, and thank you for joining us for our first quarter 2026 earnings call. I'm here with the Public Storage leadership team, Tom Boyle and Joe Fisher.

謝謝，操作員。各位好，感謝各位參加我們 2026 年第一季財報電話會議。我與 Public Storage 領導團隊的 Tom Boyle 與 Joe Fisher 一同出席。

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.

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所定義的前瞻性陳述。這些前瞻性陳述受到特定經濟風險與不確定性的影響。

All forward-looking statements speak only as of today, April 28, 2026, and we assume no obligation to update, revise or supplement statements that become untrue because of subsequent events. A reconciliation to GAAP of the non-GAAP financial measures we provide on this call is included in our earnings release.

所有前瞻性陳述僅截至今日（2026 年 4 月 28 日）為準；對於因後續事件而變得不再正確的陳述，我們不承擔更新、修訂或補充之義務。我們在本次電話會議中提供的非 GAAP 財務衡量指標，其與 GAAP 的調節表已包含於我們的財報新聞稿中。

You can find our press release, supplement report, SEC reports and an audio replay of this conference call at our Investor Relations website, investor.publicstorage.com. We ask that you initially limit yourself to two questions. However, if you have additional questions, please feel free to jump back in the queue.

您可於我們的投資人關係網站 investor.publicstorage.com 查閱新聞稿、補充資料、SEC 申報文件以及本次電話會議的錄音回放。我們請各位一開始將提問限制為兩個問題。不過，若您還有其他問題，歡迎再次回到提問隊列。

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

接下來，我把電話交給 Tom Boyle。

Good morning, everyone, and thank you for joining us. I'll frame my comments this morning around four points. First, the PS 4.0 era is now underway with the new team in place and Own-It culture gaining momentum.

各位早安，感謝各位加入我們。今天早上我將圍繞四個重點來說明。第一，隨著新團隊就位且「Own-It」文化動能提升，PS 4.0 時代現已展開。

Second, the announced acquisition of NSA is an important early milestone in that strategy. Third, our operating platform, PS Next, is strengthening the customer experience while also improving how we run the business with first quarter results in line to a touch better than expectations.

第二，已宣布收購 NSA，是該策略的重要早期里程碑。第三，我們的營運平台 PS Next 正在強化客戶體驗，同時改善我們的營運方式；第一季成果符合、甚至略優於預期。

And fourth, even ahead of the forthcoming recovery in storage fundamentals, we're continuing to invest behind a broader value creation engine that we believe can drive stronger per share growth over time. Let me start with PS 4.0. What PS 4.0 is really about is building the next phase of Public Storage around a simple idea.

自助倉儲的採用率在過去十年有所提升。參與度已擴大至各類客戶族群，且年輕世代的參與相當踴躍。在生活成本高昂的環境下，我們的單位也提供了可負擔的空間解決方案；同時，隨著新開發變得更困難且成本更高，競爭性供給正在放緩。我們喜歡這樣的背景。我們正著手為公司定位，以便在環境改善時表現更勝一籌。

We have a unique opportunity to create value by combining the scale of our platform, the strength of our brand, the quality of our portfolio, our unique on it culture and increasingly the advantage of our data and analytics capabilities. We hosted our 160-person leadership team a few weeks ago to kick off the new era with an enthusiastic response internally.

NSA 是我們價值創造引擎的第一個重大里程碑，但並非唯一。憑藉 Public Storage 的資本資源，我們持續透過多項槓桿推進價值創造，這些都是年復一年可把握的機會，涵蓋四個不同槓桿：併購、開發、擴建計畫，以及我們的放貸平台。

Our teams have embraced the strategic vision, and there is real energy across the organization around what comes next. That matters because strategy only creates value if the organization is aligned behind it. Right now, that alignment is getting tighter. The energy is being translated into urgency for execution. That takes me to point number two, NASA.

我們將把資本資源配置於上述槓桿，以達成：第一，改善我們的資產組合；第二，加速每股盈餘與現金流；第三，複利化我們的報酬。我們的外部成長與資本配置能力持續強化。3 月，我們宣布與 Welltower 建立策略性資料科學合作夥伴關係。

The announced acquisition of National Storage Affiliates is a major step forward for us and a very clear example of PS 4.0 in action. When we discussed the transaction in March, we highlighted three things. One, the portfolio combination is compelling.

該合作將 Welltower 以資本配置為導向的資料科學平台，與 Public Storage 的營運定價及客戶分析能力結合，隨時間推進以改善我們對微型市場的鎖定與資產組合建構。我們的價值創造引擎由 PS Next 營運平台優勢、強化的資料科學方法，以及團隊投資等多項因素共同驅動。

The two portfolios deepen our brand, scale and operating presence across the national opportunity set; two, there is meaningful upside from bringing that portfolio onto our platform. On the M&A call, we discussed the customer experience opportunity with managing the properties under the PS brand and PS Next operating model.

因此，若把一切綜合起來，以下是我對本季的總結。第一，我們已推出 PS 4.0，並使組織與新的策略願景對齊。第二，我們宣布收購 NSA；該交易以獨特架構強化了我們的規模、平台、資產組合與價值創造機會。

This will also lead to revenue potential and margin upside. And three, we structured the transaction with a win-win joint venture that optimizes portfolio structure for public storage and preserves financial strength.

第三，我們持續推進 PS Next，推動營運模式轉型，並高度聚焦客戶體驗。第四，我們透過外部成長以及與 Welltower 的資料科學合作夥伴關係，擴大了價值創造引擎的觸及範圍。

Public Storage will wholly own 46% of the over 1,000 assets in the portfolio with the remaining and joint ventures. Importantly, the transaction maintains our industry-leading balance sheet. So when I step back and look at the NSA acquisition, I don't see a bigger company.

我們對營運環境保持務實。環境仍不均衡，但我們也保持樂觀：對未來數年的需求與供給格局感到樂觀，對我們正在建立的能力感到樂觀，也對我們將這些投資轉化為更強勁的每股盈餘成長的能力感到樂觀。

I see a stronger platform, a deeper portfolio and a broader opportunity set for value creation. This will drive differentiated per share earnings growth in coming years. And importantly, integration planning is progressing well. The teams are engaged, the work streams are moving, and we're preparing the business to execute well upon closing. I also want to take a moment to thank both the NSA and Public Storage teams.

接下來，我把時間交給 Joe。

Transactions like this require an enormous amount of focus, coordination and professionalism, and we appreciate the strong collaboration we're already seeing across both organizations. There's obviously much more to come as we work toward completion of the transaction, but I'm encouraged by the work that's underway.

That leads to point number three, the operating platform. A big part of why we're excited about NSA is that PS Next is built for this. PS Next is an operating platform that is increasingly shaping how we serve customers, price inventory, manage demand and drive efficiency across the business.

Customers are increasingly interacting through digital channels, whether through our website, app, agents and over time, more through large language model-driven interfaces. We're building our operating model around those shifting customer expectations. That customer focus is central to PS 4.0. The team is aligning this direction. Let's connect that strategy, what we're seeing in the business today.

The operating environment remains uneven. We're seeing lower customer move-in activity overall in the first quarter with some weather impacts and modest demand. But at the same time, we have driven better rental rates than expected. And importantly, our existing customer base remains very healthy. Move-out activity was meaningfully lower in the quarter, leading to better occupancy than last year.

This is not a one speed environment, it's a market where execution matters. And that is where the operating model transformation becomes so important. We're improving customer experience in a way that supports performance both on the revenue side and the expense side.

We're seeing that playbook continue to develop, and that gives us confidence, not just in integrating NSA, but improving the performance of the broader portfolio over time. Now let me go to point number four, the value creation engine.

We're not waiting for the environment to get easier. We're acting now. We have confidence in the long-term fundamentals of storage and have the opportunity to invest today to benefit the platform over time. That mindset is important because while the near-term environment remains uneven, the longer-term setup is compelling. Several longer-term drivers support that optimism.

Self storage adoption has increased over the last decade. Participation has broadened across customer cohorts with strong participation from younger generations. Our units also present an affordable space solution in a high cost of living environment and competitive supply is slowing as new development becomes harder and more expensive. We like that backdrop. We're positioning the company now to outperform as the environment improves.

NSA is the first major milestone of our value creation engine, but it's not the only one. We continue to execute upon value creation through multiple levers that is a year in and year out opportunity given our capital resources at Public Storage, across four different levers: acquisitions, development, expansion efforts and our lending platform.

Our capital resources will be allocated across those levers in order to; one, improve our portfolio; two, accelerate per share earnings and cash flow; and three, compound our returns. Our external growth and capital allocation capabilities continue to build. In March, we announced the strategic data science partnership with Welltower.

That partnership brings together Welltower's capital allocation-oriented data science platform and Public Storage's operational pricing and customer analytics capabilities to better our micro market targeting and portfolio construction over time. Our value creation engine is driven by a combination of our PS Next operating platform advantages, enhanced data science approach and team investments.

So if I put it all together, here's how I'd summarize the quarter. One, we've launched PS 4.0 and aligned the organization towards a new strategic vision. Two, we announced the NSA acquisition, which, with a unique structure strengthens our scale, our platform, our portfolio and our value creation opportunity.

Three, we continued advancing PS Next in our operating model transformation with a strong focus on customer experience. And four, we expanded the reach of our value creation engine through both external growth and the Welltower Data Science partnership.

We're realistic about the operating environment. It remains uneven, but we're also optimistic, optimistic about the demand and supply setup over the next several years, optimistic about the capabilities we're building and optimistic about our ability to translate those investments into stronger per share earnings growth over time.

With that, let me turn it over to Joe.

Thank you, Tom, and good morning, everyone. The topics I will cover today include our first quarter results, a summary of recent transactions and a balance sheet and capital markets update.

謝謝你，Tom，各位早安。我今天將涵蓋的主題包括第一季業績、近期交易摘要，以及資產負債表與資本市場最新進展。

Core FFO in the quarter was $4.22 per share, up $0.10 per share or 2.4% year over year. These results were driven by better-than-expected same-store NOI and significant growth from our non-same-store portfolio and ancillary income initiatives. Same-store revenue and NOI growth in the quarter were flat and positive 0.4%, respectively.

本季核心 FFO 為每股 4.22 美元，年增每股 0.10 美元或 2.4%。這些結果主要受惠於優於預期的同店 NOI，以及來自非同店資產組合與附屬收入計畫的顯著成長。本季同店營收與 NOI 成長分別持平與正成長 0.4%。

Moving rents while still negative, came in better than expected at minus 2.4% versus full year expectations of down mid-single digits, which had been expected to start the year lower and improved throughout the year. Occupancy was positive year over year by 0.4% versus guidance assumed at flat for the year.

搬遷租金（moving rents）雖仍為負，但表現優於預期，為 -2.4%，相較於全年預期下滑中個位數百分比；原先預期年初會更低，並在全年逐步改善。入住率年增 0.4%，優於指引中假設全年持平的水準。

Lastly, our existing customers continue to perform well as demonstrated by a material reduction in churn. We continue to see a market that is mixed by geography. In a number of Sunbelt markets, new supply continues to weigh on performance and pressure revenues.

最後，既有客戶持續表現良好，從流失率（churn）大幅下降可見一斑。我們持續看到市場在地理分布上呈現分歧。在多個陽光帶（Sunbelt）市場，新供給仍持續拖累表現並對營收造成壓力。

But at the same time, we are seeing strong growth in many of our coastal and Midwest markets. Lastly, Los Angeles continues to be hindered by the state of emergency with the most recent extension through the end of May.

但同時，我們在許多沿海與中西部市場看到強勁成長。最後，洛杉磯仍受緊急狀態影響，最近一次延長至 5 月底。

As a reminder, we have assumed the state of emergency remains in place all year at a negative 80 basis point impact to same-store performance. But given the quality of our portfolio, low supply, high occupancy and strong performance in other Southern California markets, L.A. will be a strong tailwind for performance in the future.

提醒一下，我們假設緊急狀態全年維持不變，對同店表現造成負面 80 個基點的影響。但鑑於我們資產組合的品質、低供給、高入住率，以及南加州其他市場的強勁表現，洛杉磯未來將成為推動表現的強勁順風。

Expense growth performed very well at minus 1.1% for the quarter. Property tax, we did see earlier-than-expected appeals wins of approximately $3 million in the quarter, which we had previously expected in the second quarter.

本季費用成長表現非常好，為 -1.1%。在不動產稅方面，我們在本季取得約 300 萬美元的申訴勝訴，時間早於預期；先前我們預期會在第二季發生。

Away from property tax, PS Next helped drive negative growth in payroll, R&M, utilities and marketing. Outside of the same-store pool, NOI growth of 27% in our non-same-store pool and ancillary growth of 12% lifted results. Non-same-store performance and our external value creation engine continued to be a substantial and repeatable driver of shareholder value.

除不動產稅外，PS Next 也有助於推動薪資、維修與保養（R&M）、公用事業費與行銷費用呈現負成長。在同店範圍之外，我們非同店資產組合 NOI 成長 27%，以及附屬收入成長 12%，帶動整體結果提升。非同店表現與我們的外部價值創造引擎，持續成為股東價值的重要且可重複的驅動因素。

If we utilized a same-store definition similar to that of peers, NOI would have been 50 basis points better in the quarter. While we are pleased with our results, having started the year ahead of our expectations, we have not adjusted our guidance at this time with busy season still ahead of us.

若採用與同業類似的同店定義，本季 NOI 將再好 50 個基點。雖然我們對結果感到滿意，且年初表現已領先我們的預期，但由於旺季仍在前方，我們目前尚未調整指引。

As we spoke about in our initial guidance, the leading indicators of our business remain positive, but year-over-year revenue growth as a lagging indicator will soften midyear. On to transactions. Year-to-date, we acquired or are under contract for $186 million.

如同我們在初始指引中所提，業務的領先指標仍維持正向，但作為落後指標的年對年營收成長將在年中轉弱。接著談交易。年初至今，我們已完成或已簽約的收購金額為 1.86 億美元。

The first quarter is typically a slow quarter for external growth. However, we do continue to see opportunities that are a great fit for our PS Next operating platform and expect to have more activity to discuss in the second quarter.

第一季通常是外部成長較慢的季度。不過，我們確實持續看到非常適合 PS Next 營運平台的機會，並預期第二季會有更多活動可供討論。

On the development and expansion front, we had openings of $45 million during the quarter. The development pipeline stands at $618 million with stabilized yields targeting 8% and remaining amounts unfunded of $416 million. And for our lending business, we had $143 million outstanding at a current rate of approximately 7.9%.

在開發與擴建方面，本季有 4,500 萬美元的案子開業。開發管線規模為 6.18 億美元，穩定後目標殖利率為 8%，尚未撥付金額為 4.16 億美元。至於放貸業務，目前未償餘額為 1.43 億美元，現行利率約為 7.9%。

Lastly, our fortress balance sheet remains in excellent position from both a metric and liquidity perspective. At quarter end, we had available liquidity of $1.3 billion between our line of credit and cash on hand, plus approximately $600 million of annual free cash flow. Subsequent to quarter end, we issued $500 million of well-priced 10-year unsecured notes at 5.0%, with proceeds being utilized to pay down our revolving credit facility and improve liquidity.

最後，我們的堡壘式資產負債表在各項指標與流動性面向仍維持極佳狀態。截至季末，我們在循環信用額度與手上現金之間的可用流動性為 13 億美元，另加上每年約 6 億美元的自由現金流。在季末之後，我們以具吸引力的價格發行 5 億美元、10 年期無擔保票據，利率 5.0%；所得款項用於償還循環信用融資並提升流動性。

Our balance sheet remains one of the strongest in the REIT sector with debt-to-EBITDA of just 2.9 times, debt plus preferred equity to EBITDA of 4.2 times and debt plus preferred equity to enterprise value in the low 20% level. In summary, we're encouraged by our start to the year and by the opportunities we see ahead.

我們的資產負債表仍是 REIT 產業中最強健之一：淨負債對 EBITDA 僅 2.9 倍，負債加優先股權益對 EBITDA 為 4.2 倍，負債加優先股權益對企業價值的比率約在 20% 出頭。總結而言，我們對今年的開局以及前方可見的機會感到鼓舞。

We delivered solid results, maintained a fortress balance sheet and continued to execute against our capital allocation priorities. We remain disciplined on deployment, constructive on the long-term fundamentals of the business and confident in our ability to drive per share value creation.

我們交出穩健的成果，維持堡壘式資產負債表，並持續落實資本配置優先事項。我們在資金部署上保持紀律，對業務長期基本面持建設性看法，並對推動每股價值創造的能力充滿信心。

With that, I'd like to turn the call back to the operator to open up for Q&A. Thank you.

接下來，我想把電話交回給接線員，開放問答環節。謝謝。

(Operator Instructions) Michael Goldsmith, UBS.

(接線員指示) Michael Goldsmith，瑞銀。

Joe, in your prepared remarks, you talked a little bit about a material reduction in churn during the quarter. So can you talk a little bit more about that specifically?

Joe，在你事先準備的發言中，你提到本季客戶流失率（churn）出現了相當明顯的下降。能否更具體地談談這一點？

Was that that just in the month of March? Was that throughout the quarter? What do you think is driving that? And what is the impact on the financials of a material reduction in churn?

這是只發生在3月嗎？還是整個季度都如此？你認為背後的驅動因素是什麼？而客戶流失率大幅下降，對財務表現的影響是什麼？

Hi, Michael. Good afternoon. Good question and definitely a good statistic to highlight for us as we've been very encouraged by the existing customer dynamic and them staying with us longer. So we did see a pretty material reduction in that churn number and move-outs coming down in the quarter. In terms of what's driving that, I think it's a multitude of factors.

嗨，Michael。下午好。問得很好，這確實是值得我們強調的一項指標；我們對既有客戶的動態以及他們更長時間留在我們這裡感到非常振奮。因此，本季我們確實看到流失率數字相當明顯地下滑，搬出量也在季度內下降。至於驅動因素，我認為是多方面的。

One, we're seeing good pay rates and minimal delinquency coming off of the existing customer and an ability to continue to pay those ECRIs as they come through. So the health of the overall customer is strong at this point in time.

第一，我們看到既有客戶的付款率良好、逾期情況極少，且有能力在ECRI陸續反映時持續支付。因此，就目前而言，整體客戶的健康狀況相當強勁。

At the same time, from a customer experience and focus on that experience and length of stay. As part of PS 4.0, we've talked a lot about the customer obsession and the teams are really laser-focused right now on customer experience, making sure we deliver a good product and a good experience overall. And hopefully, that results in a longer length of stay for us.

同時，從客戶體驗的角度來看，以及我們對體驗與居住（停留）時間的重視。作為PS 4.0的一部分，我們談了很多「以客戶為中心」的理念，而團隊目前也非常聚焦在客戶體驗上，確保我們提供優質的產品與整體體驗。希望這能讓客戶在我們這裡停留更久。

And from an economic perspective, obviously, that existing customer is a little bit more profitable for us. So the more that we can hold on to that individual and have less inventory available to sell going forward. That helps pricing on the new side as well, which you saw that move-in rate clearly come up pretty materially and ahead of expectations there in the first quarter.

從經濟效益的角度來看，既有客戶對我們而言顯然更具獲利性。因此，我們越能留住這些客戶、未來可供出售的庫存就越少。這也有助於新客端的定價；你也看到第一季的入住（move-in）價格/費率明顯且大幅上升，並且高於預期。

And as a follow-up question. Can you talk about what you've seen -- we're almost at the end of April now, but what you've seen through April, and we're lapping liberation Day. So just trying to get a sense of the latest and greatest operating metrics.

接著追問一下。現在差不多已到4月底了，你能談談4月截至目前你們看到的情況嗎？而且我們也已經跨過了解放日（Liberation Day）的比較基期。我只是想掌握最新的營運指標。

Yes. Sure, Michael. It's Tom. We saw similar trends in April to what we saw really through the first quarter. So similar to what Joe was just highlighting in terms of better churn year over year, so lower move-out volume, lower move-in volume with occupancy to a touch better and improving trends as it relates to moving rates, moving rates flat to a touch positive through the month of April.

可以。當然，Michael。我是Tom。4月我們看到的趨勢與第一季整體看到的情況相近。也就是如Joe剛才強調的，流失率年對年改善、搬出量更低、搬入量也更低，入住率略為更好且持續改善；至於入住（move-in）費率，4月整體持平到略為正向。

So busy seasons here just just getting started. We have a busy month ahead of us here in May, June and July. Teams ready and look forward to updating you on that further second quarter activity as we move forward.

旺季才剛開始。接下來5月、6月與7月會是忙碌的月份。團隊已準備就緒，也期待在我們推進的過程中，向各位更新第二季進一步的活動情況。

Samir Khanal, Bank of America.

Samir Khanal，美國銀行。

I guess, Joe, I mean, how should we think about the cadence of revenue growth here, right? I mean, as we think about the next few quarters, I mean, when you look at the first quarter, you're certainly tracking well above the midpoint here to help us unpack revenue growth.

Joe，我想問的是，我們應該如何看待營收成長的節奏（cadence）？也就是說，展望未來幾個季度，從第一季來看，你們顯然追蹤表現高於指引區間的中點；能否幫我們拆解一下營收成長？

Hi, Samir. So I guess I'd bifurcate that into two different pieces. You have your leading indicators and your lagging indicators. And on the leading side, I think inherent in the question is obviously started off the year really well from a leading indicator perspective across the board, whether that's those move-in rates, the churn, occupancy, et cetera. So we feel really good on that front.

嗨，Samir。我想我會把它分成兩個部分。一個是領先指標，另一個是落後指標。在領先指標方面，我想你的問題本身也隱含了：我們今年開局在各項領先指標上都表現得非常好，無論是入住費率、流失率、入住率等等。所以在這方面我們感覺非常好。

What we did communicate going back to the original guidance call, was that year-over-year revenue is a lagging indicator, does get a little bit worse before it gets better. And so we had some pressures in third quarter and fourth quarter of last year, flow into that year-over-year number as we get into 2Q and 3Q.

我們在最初的指引電話會議中也有溝通過：年對年營收是一個落後指標，往往會先變得稍微更差，之後才會轉好。因此，去年第三季與第四季的一些壓力，會在我們進入第二季與第三季時反映到年對年數字上。

So we do expect year-over-year revenue to come down a little bit on a year-over-year basis. But sequentially, we continue to be positive in terms of those trends that Tom just talked about going through April.

所以我們確實預期年對年營收會在年對年的基礎上稍微下滑一些。但就季對季而言，正如Tom剛才提到的，從4月一路看下來，我們的趨勢仍然是正向的。

Got it. And I guess my second question is around how should we think about your investment activity this year, excluding NSA, maybe expand on the opportunities you're seeing out there and maybe also comment on the lending platform.

了解。那我的第二個問題是：今年在投資活動方面（不含NSA），我們應該如何看待？能否多談談你們看到的外部機會？也請評論一下放貸平台（lending platform）。

Sure. So I'll maybe take the first piece of that, and Joe can take the second piece. I think stepping back on the transaction market, we're seeing similar trends than what we saw last year, which was encouraging, a broader broadening of the seller set, a combination of single one-off transactions as well as some smaller portfolios that we were more active.

好的。我先回答第一部分，第二部分讓Joe來回答。回到交易市場的角度，我們看到的趨勢與去年相似，這點令人鼓舞：賣方群體更為擴大，既有單筆、一次性的交易，也有一些較小型的投資組合交易，而我們在這些方面更為積極。

And I'll get to that in a moment on single asset transactions in the first quarter. In terms of the first quarter itself, it tends to be a little bit quieter seasonally. So we'd expect that transaction volume picks up as we move through the year.

我稍後也會談到第一季在單一資產交易上的情況。就第一季本身而言，季節性通常會比較清淡。因此，我們預期交易量會隨著年度推進而回升。

But I think a more stable interest rate environment, a more stable operating trends and a broadening seller set all point to encouraging trends for transaction activities overall. As Joe highlighted just a few moments ago, we've acquired or under contract around $200 million in acquisition activity. And that's really being driven by a couple of factors.

但我認為，更穩定的利率環境、更穩定的營運趨勢，以及賣方群體的擴大，都指向整體交易活動的正向趨勢。如Joe剛才提到的，我們已完成或已簽約的收購活動約2億美元。而這主要由幾個因素所驅動。

We, on our last call, spoke specifically to investments we're making into our capital allocation capabilities, and I reiterated those a few moments ago, building the team enhancing our data science capabilities and utilizing the PS Next operating platform to drive differentiated cash flow. So were built for the small one-off transactions, which has really been where we've been active year to date.

在上一次電話會議中，我們特別談到正在投資於資本配置能力；我剛才也再次強調，包括擴編團隊、強化我們的資料科學能力，並運用PS Next營運平台來驅動差異化的現金流。因此，我們的能力建置非常適合小型、一次性的單筆交易，而這也正是我們今年迄今最活躍的領域。

About three quarters of the activity has been off market as well. So as we continue to find those micro market opportunities that we think fit really well for the portfolio. So teams are executing. The balance sheet is certainly poised to support that level of activity. And we'll keep going from here.

此外，約四分之三的交易活動也來自場外（off market）。因此，隨著我們持續尋找那些我們認為非常適合納入投資組合的微型市場機會。團隊正在執行。資產負債表也確實已準備好支持這樣的活動水準。我們會持續推進。

The second part of your question on lending. Joe?

你問題的第二部分，關於放貸。Joe？

Yes. Hi, Sameer. So I guess first off, Tom mentioned the capacity and obviously the PS Next advantage we have across all forms of capital allocation to drive that outsized and compounding return piece.

是的。嗨，Sameer。我想首先，Tom提到了我們的承載能力（capacity），以及我們在各種形式的資本配置上所具備的PS Next優勢，能夠推動那種超額且可複利的報酬。

From a guidance perspective, I'd just highlight, there really is no implication to this year, whether or not we're more aggressive or less aggressive from an external growth perspective. It really has to do with compounding that per share earnings growth into '27 and '28 and setting up the growth profile there.

從指引的角度來看，我只想強調，從外部成長的角度而言，今年我們是更積極或較不積極，其實並不代表任何含意。這真正關係到把每股盈餘成長複利化延伸到 '27 與 '28，並在那裡建立成長輪廓。

So not a big swing factor for '26. As it relates to lending, this continues to be a growing part of the business. It was a slow start to the year. But we do expect that to continue to grow over time and significantly enhance both the value creation and the size of that platform.

所以對 '26 來說不是很大的擺動因素。至於放款業務，這仍然是公司業務中持續成長的一部分。今年開局較慢。但我們確實預期它會隨時間持續成長，並顯著提升價值創造以及該平台的規模。

And say, there's some puts and takes to why we were a little bit slower from a demand for lending, it is a little bit lighter right now, which, given the backdrop of lower development starts and lower supply that shouldn't be unexpected and is actually a net long-term positive, obviously, for us from an industry perspective. The other piece is that it's a pretty competitive dynamic in terms of individuals and groups trying to make new loans.

另外，關於我們在放款需求面為何稍微慢一些，原因有一些拉鋸：目前放款需求確實比較淡一些；在開發動工量下降、供給下降的背景下，這並不令人意外，且從產業角度看，長期而言其實是淨正面，當然對我們也是如此。另一個因素是，在個人與團體嘗試承作新貸款方面，競爭態勢相當激烈。

And we are remaining disciplined in terms of keeping to our rate, keeping to the metrics that we all underwrite to and have not deviated from that to date. So if we miss out on a few deals because of that, so be it, but we think that's in the long-term interest of shareholders.

而我們在維持利率、維持我們承作審核所依循的各項指標方面，仍然保持紀律，迄今並未偏離。因此如果因此錯過幾筆交易，那也無妨，但我們認為這符合股東的長期利益。

Todd Thomas, KeyBanc Capital Markets.

Todd Thomas，KeyBanc Capital Markets。

First question for me. I just wanted to follow up on the revenue cadence in response to your -- Samir's question. Would the pressure that you're anticipating on same-store revenue growth in 2Q and 3Q?

我的第一個問題。我想就你們對——Samir 的問題——所回應的營收節奏再追問一下。你們預期在第二季與第三季同店營收成長會面臨的壓力是？

I guess, absent LA, if you do not avail LA in the portfolio, would revenue growth still be pressure like the guidance implies, or do you think that the mix of stronger coastal and Midwest markets would carry the recovery more evenly throughout the balance of the year?

我想問的是，若排除洛杉磯（LA），也就是投資組合中不納入 LA 的影響，營收成長仍會像指引所暗示的那樣承壓嗎？還是你認為沿海與中西部市場較強的組合，會讓復甦在今年剩餘時間更平均地展開？

Todd. It would come off a little bit when you look at both coastal and Sunbelt in 2Q and 3Q. Again, you saw some broader-based weakness back in 3Q and 4Q when you looked at some of the new move-in rates going a little bit more negative than where we're at today. And so it is a little bit more broad-based there in 2Q and 3Q. It's not material, but is expected to be slightly lower than where we're at.

Todd。當你看第二季與第三季時，沿海與陽光帶（Sunbelt）都會稍微回落一些。同樣地，你在第三季與第四季也看到一些更廣泛的疲弱，當時一些新入住（move-in）價格走勢比我們今天所處的位置更偏負向一些。因此在第二季與第三季，確實會更偏向廣泛性一些。幅度不大，但預期會略低於我們目前的水準。

here in the first quarter. And then you called out a good point there from an L.A. perspective. The state emergency is still in place, at least at this point in time through end of May. From a guidance perspective, we did factor that in through the entire year and that minus 80 basis point impact to same-store rev for the full year.

也就是第一季這裡的水準。另外你提到洛杉磯的觀點很好。州緊急狀態目前仍在實施中，至少到目前為止會延續到 5 月底。從指引角度，我們已將其影響納入全年考量，對全年同店營收（rev）約有負 80 個基點的影響。

But because of the timing and the comps, L.A. on a same-store revenue basis does continue to get worse throughout the year, assuming that the state of emergency remains in place, which we don't have insights one way or the other.

但由於時間點與比較基期（comps）的關係，若州緊急狀態持續存在，洛杉磯在同店營收的表現確實會在全年逐步變得更差；而我們對是否會解除並沒有任何一方的洞見。

And as I said in my upfront comments, we do think that's going to be a pretty material tailwind to recapture that market rent growth at some point in the future. But for now, it does remain a drag here as we move throughout the year.

而如我在開場評論所說，我們確實認為在未來某個時間點，重新拿回該市場租金成長將會是一個相當重要的順風。但就目前而言，隨著我們走過今年，它仍然是一個拖累。

Okay. That's helpful. And then, Tom, I wanted to ask about the integration of NSA, which you touched on in your prepared remarks.

好的。這很有幫助。接著，Tom，我想問一下你在事先準備的發言中提到的 NSA 整合。

Can you talk about the steps or the measures being taken to ensure that NSA's operations during the peak leasing season through closing here are intact, I guess, that leasing revenue management, everything is moving along according to plan? And then any incremental thoughts about the expected revenue or expense synergies from the transaction as you work toward closing.

你能談談在這裡完成交割前、租賃旺季期間，為確保 NSA 的營運維持完整所採取的步驟或措施嗎？我想是指租賃、營收管理等各方面是否都按計畫推進？另外，隨著你們朝交割邁進，對於此交易預期的營收或費用協同效益，是否有任何新增想法？

Yes, I'll take the first part of that, and Joe can cover the second piece. On the first part, we've been really encouraged by the dialogue and collaboration between the National Storage team and the Public Storage team, as we've gotten together here and are developing deep plans to be able to integrate the properties together as we move into the third quarter here.

好的，我先回答第一部分，Joe 可以補充第二部分。就第一部分而言，我們對 National Storage 團隊與 Public Storage 團隊之間的對話與協作感到非常鼓舞；我們已在這裡一起合作，並正在制定深入的計畫，以便在進入第三季時能把這些物業整合在一起。

And over the interim, to your point, they're running their business and they're running the business well. We're doing the same and look forward to the opportunity to bring them together here in the third quarter. And we'll obviously share some more on that as we get closer.

而在過渡期間，如你所說，他們在經營他們的業務，而且經營得很好。我們也是如此，並期待在第三季把雙方整合在一起的機會。當然，隨著時間更接近，我們也會分享更多細節。

But as we spoke about on the M&A call last month, the plan is to integrate those assets immediately onto the PS Next platform, start the rebranding process, welcome all their customers and their employees, and we'll get going here in the third quarter.

但正如我們上個月在併購（M&A）電話會議中所談到的，計畫是在交割後立即把這些資產整合到 PS Next 平台上，啟動重新品牌化流程，歡迎他們所有的客戶與員工，並在第三季開始推進。

Todd, it's Joe. And just to close that out, just from a synergy timing and value creation perspective, no changes at this point in time in terms of what we put out in early March from that presentation that we put together. We still expect $110 million to $130 million of synergies over time.

Todd，我是 Joe。補充收尾一下：就協同效益的時點與價值創造而言，目前沒有任何變動，與我們 3 月初在那份簡報中所提出的內容一致。我們仍預期隨時間可實現 1.10 億至 1.30 億美元的協同效益。

From an accretion perspective, 2026, we had commented that we do expect that to be breakeven in 2026. But by the time we get to stabilization out in '28 and '29, we do think we'll have $0.35 to $0.50 of per share earnings to compound on top of our existing profile, which I think at the time, we had talked about the total value creation coming from that at our multiple that's over $1.5 billion value creation coming off of a $10 billion transaction.

就增厚（accretion）的角度，針對 2026 年，我們先前評論過，預期 2026 年將大致打平。但當我們到 '28 與 '29 年達到穩定化（stabilization）時，我們認為每股盈餘可在既有輪廓之上再複利增加 0.35 至 0.50 美元；我記得當時我們也談到，以我們的倍數計算，整體價值創造超過 15 億美元，來自一筆 100 億美元的交易。

So very excited to get going on the integration and go out there and improve the upside that we put together.

所以我們非常期待開始整合，並在此基礎上進一步提升我們所規劃的上行空間。

Eric Wolfe, Citi.

Eric Wolfe，花旗（Citi）。

It's Nick Joseph here for Eric. Just as part of the structure of JV and certain properties and retaining ownership of others, is there a difference in occupancy between those properties that are going into the JV versus what will be wholly owned?

我是 Nick Joseph，代 Eric 提問。就合資（JV）的架構、部分物業納入 JV、而其他物業保留自有而言，納入 JV 的物業與將完全持有的物業之間，在入住率（occupancy）上是否有差異？

No. No, there isn't pretty similar occupancies between the different pools today.

沒有。沒有，今天不同資產池之間的入住率相當接近。

So just in terms of the high cash flow JV, it's -- there's no difference of stabilization or anything that would drive different return profiles.

所以就高現金流 JV 而言——在穩定化程度或任何會導致不同報酬輪廓的因素上，並沒有差異。

Both sets of those assets have been owned by NSA for a period of time and occupancies are in a pretty similar place as we thought about that formation of that joint venture, really creating that win-win and different return profile for for the joint venture compared to on balance sheet, some of the market mix compositions and the like, but occupancy wasn't the driver of the selection of assets one way or the other.

這兩組資產都已由 NSA 持有一段時間，入住率也處於我們預期的相近水準；在我們思考成立該合資時，真正促成「雙贏」以及讓合資相較於資產負債表上持有呈現不同報酬輪廓的，是一些市場組合構成等因素，但入住率並不是我們選擇資產納入與否的驅動因素。

Nicholas Yulico, Scotiabank.

Nicholas Yulico，豐業銀行（Scotiabank）。

I guess if we look at the -- the average occupancy in same-store versus where you ended on occupancy, the year-over-year delta is different there, not as much occupancy growth on the year -- the period end versus year over year versus in the fourth quarter. Is there something that happened in March like we're trying to push prices, and you dealt with some occupancy loss because can you just unpack that a little bit?

我想如果我們看——同店的平均入住率相較於期末入住率，你們的年增變化幅度不太一樣；期末的年增入住率成長沒有像第四季那樣多。3 月是否發生了什麼事，例如你們嘗試推升價格，因而出現一些入住率流失？你能否稍微拆解說明一下？

Nick, yes, just from an occupancy perspective, we did come in quite a bit better than expected there in the first quarter, given some of that lower move-out activity that we saw. I think one thing that you might be referring to is just the change, if you look at same-store occupancy in fourth quarter '25 versus first quarter of '26, it did come down a little bit sequentially.

Nick，是的，單就入住率的角度來看，鑑於我們看到的較低退租活動，第一季的表現確實比預期好不少。我想你可能指的是這個變化：如果你看同店入住率，從2025年第四季到2026年第一季，確實連續季略有下滑。

But I'd highlight that we did add about 17 million square feet into the same-store pool from '25 to '26 and predominance of that was a little bit more heavily weighted towards our Sunbelt markets, which are running a little bit lower from an occupancy perspective. So if you're thinking about 4Q versus 1Q, I really wouldn't read into that much focus on that year-over-year momentum that we're seeing.

但我想強調的是，我們從'25到'26在同店池中新增了約1,700萬平方英尺，而其中多數比重更偏向我們的陽光帶市場；就入住率而言，這些市場的水位相對較低。所以如果你是在比較4Q對1Q，我不會把太多重點放在我們看到的那種年對年動能上。

Okay. Yes. I guess the follow-up on that was I was also looking at some of the year-over-year delta in terms of the ending occupancy in the first quarter versus what that growth was year over year in the fourth quarter, and it was a lower year over year on the ending.

好的。是的。我想後續問題是，我也在看第一季期末入住率的年對年變動幅度，相較於第四季年對年成長幅度，那個期末的年對年增幅較低。

And set I wasn't sure if there was anything that happened late in the quarter that might have impacted the ending occupancy in March. There wasn't anything in particular towards the end. But as Joe just mentioned, we were really encouraged by churn being lower through the first part of this year.

所以我不確定是否在季末有發生什麼事，可能影響了3月的期末入住率。季末並沒有特別的事件。但如Joe剛提到的，我們對今年前段時間流失率較低感到非常振奮。

And certainly, the model is adapted to that and predicted that moving forward, which led to a little bit more pricing power as we move through the through the quarter.

而且模型也已因應這點做了調整，並預測未來會延續，這也使得我們在本季推進過程中有了稍多一些的定價能力。

And if you look at the statistics through the quarter, churn really being a really helpful component, but rates improving through the quarter, promos down, marketing down and occupancy up, up on a year-over-year basis, an encouraging leading indicators as we move forward from here.

如果你看本季的統計數據，流失率確實是一個非常有利的因素；同時費率在季內改善、促銷下降、行銷支出下降，而入住率年對年上升，這些都是我們往前看的令人鼓舞的領先指標。

Brendan Lynch, Barclays Bank.

Brendan Lynch，巴克萊銀行。

Tom, I just wanted to follow up on churn being lower year over year. Could you discuss some of the initiatives that are driving that outcome? And how much of that is actually in your control given most customers aren't generally moving out to go to a competitor?

Tom，我想追問一下年對年流失率下降的部分。你能談談有哪些措施正在推動這個結果嗎？另外，考量到多數客戶通常不是為了轉去競爭對手而搬出，這當中有多少其實是在你們可控範圍內？

Yes, a great question. I do think there's a number of factors at play here. Joe touched on some of them earlier. And just to reiterate, I do think there's some macro factors at play here, right? As you think about activity levels across the economy, GDP growth, job growth, housing transaction activity all slowing as we moved into 2026.

是的，這是個很好的問題。我確實認為這裡有多個因素同時在作用。Joe先前提到其中一些。再重申一次，我認為也有一些總體因素在影響，對吧？當你想到整體經濟活動水準、GDP成長、就業成長、房屋交易活動，在我們進入2026年時都在放緩。

And I think that has an impact both on the ins and the outs. But overall, net-net, we'd prefer less churn within the portfolio. In terms of initiatives that we have underway, I highlighted earlier around one of the key components of the Own-It culture and PS 4.0 is customer obsession and focus on customer experience.

我認為這會同時影響搬入與搬出。但整體而言，從投資組合的角度，我們更希望流失率更低。就我們正在推動的措施而言，我先前提到Own-It文化與PS 4.0的關鍵組成之一，是以客戶為中心（customer obsession）並聚焦客戶體驗。

And that alignment amongst the teams is growing, and it's really top to bottom, from targeting new customers and conversion into the platform as well as a heightened focus on customer experience at the property as well, including new incentive programs targeted towards churn.

而團隊之間的這種一致性正在提升，且是自上而下的：從鎖定新客戶、導入並轉化到平台，到在物業端也更高度聚焦客戶體驗，包括針對流失率設計的新獎勵方案。

And so overall, lots of different initiatives internally targeting that customer experience, which we think is also benefiting churn levels into the first quarter.

因此，整體來說，我們內部有許多不同的措施在改善客戶體驗，我們認為這也正讓第一季的流失率水準受益。

Great. That's helpful. And then maybe just touching base on some of your more challenged markets like Tampa and Atlanta and Phoenix, do you anticipate the dynamics in these markets to continue to improve, or is there new supply or any other challenges that are still potentially could still emerge going forward?

很好，這很有幫助。接著想請教一些你們相對更具挑戰的市場，例如坦帕、亞特蘭大和鳳凰城；你們是否預期這些市場的動態會持續改善？還是仍有新增供給或其他挑戰，未來可能還會浮現？

Yes, it's a good question. I think overarching, we continue to expect that new supply will taper down, and that is impacting many of those markets. Tampa, you highlighted, in particular, was related to some storm activity and the comps associated with that as we lap those.

是的，這是個好問題。整體而言，我們仍預期新增供給會逐步趨緩，而這正在影響其中許多市場。你提到的坦帕，特別是與一些風暴活動以及我們在比較基期上「跨越」那些影響（lap those）有關。

But away from that, we've seen encouraging trends in markets like Dallas, for instance, Atlanta, Phoenix, where new supply is being absorbed. Revenue growth is still negative on a year-over-year basis, but improving sequentially.

但撇除那點，我們在例如達拉斯，以及亞特蘭大、鳳凰城等市場看到令人鼓舞的趨勢，新增供給正在被吸收。營收成長年對年仍為負，但連續季在改善。

And that speaks to the overall trajectory of that Sunbelt group over time, which we expect modest improvement as we move through '26 and forward.

這也反映了陽光帶這一組市場隨時間推進的整體走勢；我們預期在'26年及之後會逐步溫和改善。

I think, Brendan, one of the things we've been keeping an eye on is just Tom talked upfront about the secular backdrop and the positivity there for the industry as a whole. But going through this cyclical disruption right now, and when you look at third-party data out there from both an occupancy and a rate perspective, we do seem to be leveling out and stabilizing.

Brendan，我們一直在關注的一點是：Tom一開始談到的長期結構性背景，對整個產業而言是正面的。但目前正經歷這一輪景氣循環的擾動；而當你看外部第三方數據，無論是入住率或費率角度，我們似乎正在趨於持平並走向穩定。

And so that's a really good sign in terms of what the go-forward trajectory is going to be coming out of this. And so as supply continues to come down, and then we go out there and put our initiatives in place to capture more than our fair share. Definitely optimistic from a cyclical perspective that we've found this period of stabilization.

因此，這對於未來走出這段期間後的發展軌跡而言，是一個非常好的訊號。隨著供給持續下降，再加上我們在市場上落實各項措施以爭取超過我們應得份額的表現。從景氣循環角度來看，我們確實樂觀，認為已經找到這段穩定期。

Yes. And I think stepping back, obviously, the recovery in some of those markets has taken longer than what we would have liked, but that absorption is taking place. And you've got strength in some of the coastal markets that it frankly continues to build such that the recovery is on its way -- the timing of it continues to come but is a little slower than maybe what we would have liked a couple of years ago.

是的。我想退一步看，顯然某些市場的復甦比我們希望的花了更久時間，但吸收確實正在發生。同時，一些沿海市場的強勁表現坦白說仍在持續累積，因此復甦正在路上——只是時間點仍會到來，但比起我們幾年前的期待稍微慢一些。

But in the meantime, we're investing in the platform and focused around where we can deploy capital, improve operations to take advantage of that opportunity set moving forward.

但在此期間，我們正投資於平台，並聚焦於我們可以部署資本的地方、改善營運，以便在未來把握那一組機會。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO資本市場。

Just a question with regards to the churn and the interplay with ECRIs. If I look at the implied contribution of ECRI, it seems to have come down. So just curious piggybacking off the last question.

我有個問題是關於流失率以及它與ECRI之間的相互作用。如果我看ECRI的隱含貢獻，似乎已經下降。所以只是延續上一題想請教一下。

Is there, I guess, a greater ability for local or corporates to soften those ECRIs if the customer complains to try to keep them on board and reduce churn? Or if you could talk a little bit more about that the interplay of ECRIs and churn and what we should just expect given the moderating macro environment.

也就是說，如果客戶抱怨，地方端或總部端是否更有能力去放寬那些ECRI，以便把客戶留住並降低流失？或者你能否再多談一些ECRI與流失率之間的互動，以及在總體環境趨於溫和之下，我們應該預期什麼？

Yes. Good question, Juan. The encouraging thing is we've seen really steady customer behavior and that goes across the board. Joe highlighted earlier, lower delinquency, payment patterns, things like that, vacate activity clearly.

是的。好問題，Juan。令人鼓舞的是，我們看到客戶行為非常穩定，而且是全面性的。Joe先前提到，逾期率較低、付款型態等，以及明顯的退租活動。

But I would put price elasticity on that list as well, which is we haven't seen a shift in terms of price elasticity. And in fact, the replacement cost component of the ECRI modeling is improving as well.

但我也會把價格彈性列入其中，也就是我們並未看到價格彈性出現轉變。而且，ECRI模型中的重置成本（replacement cost）組成也在改善。

So as we think about the customer reaction to rental rate increases, they've been encouraging year over year. What you're seeing in terms of overall contribution on a year-over-year comp basis, is a big component of that is Los Angeles, right, where this year, we don't have the ability to descend rental rate increases at all, whereas last year, we had the ability to send modest increases.

因此，當我們思考客戶對租金調漲的反應時，年對年的表現一直令人鼓舞。你所看到的整體貢獻（以年對年同店比較的基礎來看），其中很大一部分來自洛杉磯，對吧？因為今年我們完全沒有能力去下發租金調漲，而去年我們還能下發小幅調漲。

And I'd say that's probably the primary component of that year-over-year comp. But stepping back, that price elasticity remains healthy. Customers continue to place a lot of value on the product we're offering. Our rents continue to be affordable versus other space alternatives. And I think all of that is leading towards lower vacate activity from that program and overall.

我會說那大概就是年對年同店比較的主要構成因素。但退一步看，價格彈性仍然健康。客戶持續高度重視我們所提供的產品。相較於其他空間替代方案，我們的租金仍然可負擔。我認為這些因素都正導向該方案以及整體更低的退租活動。

And then just a bigger picture question. Given the long history and data that you have, what lessons are takeaways do you have from previous times when oil or energy prices have spiked and what that may or may not be for storage and the stickiness of the customer or potential churn as a result. I'm not sure if there's a lag or any insights you're making from the past data.

接著是一個更宏觀的問題。鑑於你們長期累積的歷史與數據，從過去油價或能源價格飆升的時期，你們有哪些經驗教訓或重點收穫？以及這對倉儲需求、客戶黏著度或可能因此產生的流失，可能意味著什麼或不意味著什麼。我不確定是否存在滯後效應，或你們是否能從過去數據中得到任何洞見。

Yes. What we've seen over time, stepping back is in periods of macro stress, so if you look back at prior recessions with the exception of the coven environment. What you really saw was vacate activity starting to tick higher. And encouragingly, obviously, we've spoken about it a number of times on this call, we've seen the opposite taking place, and that's continued through April as well. So very encouraging existing customer trends.

是的。我們長期觀察到的是，在宏觀壓力期間——如果你回顧過去的衰退（新冠那段環境除外）——你真正看到的是退租活動開始走高。而令人鼓舞的是，顯然我們在這通電話中已多次提到，我們看到的是相反的情況，而且這種趨勢在四月也持續。所以既有客戶的趨勢非常令人振奮。

In terms of gas prices, specifically, we've seen gas prices and oil prices go higher at several different points over the last 10 to 15, 20 years. And we haven't seen a material impact on storage activity.

就汽油價格而言，特別是，我們在過去10到15、20年裡曾多次看到油價與汽油價格上升。而我們並未看到對倉儲活動造成實質性的影響。

And I think that goes back to the needs-based nature of our product and the fact that folks aren't waking up on a Saturday morning dreaming of moving their stuff into storage, there's something that's going on in their life, right? And there's a change that's occurring. And we're a solution for that change.

我認為這回到我們產品「需求導向」的本質：人們不會在星期六早上醒來就夢想把東西搬進倉儲；他們生活中一定發生了某些事情，對吧？而且正在發生某種變化。我們就是針對那個變化的解決方案。

And so we don't tend to see short-term moves in gas prices materially impacting the customer base. That all said, teams are laser-focused on watching customer behavior and seeing if there's any shifts, it's just been encouraging to date.

因此，我們通常不會看到汽油價格的短期波動對客戶基礎造成實質影響。話雖如此，團隊正高度專注於觀察客戶行為，看看是否有任何轉變；截至目前為止，一切都令人鼓舞。

Caitlin Burrows, Goldman Sachs.

Caitlin Burrows，高盛。

Maybe just first, it seems like a number of the 1Q metrics came in better than expected. So I'm wondering if the reason for no change to guidance is just that it's too soon in the busy seasons ahead? Or are there some known issues that we should take note of like the timing of the one-off acquisitions, timing or rate of debt raise or anything else to offset the strength so far or not necessarily?

也許先問第一個問題，看起來第一季有不少指標都優於預期。所以我想知道，指引沒有調整的原因是否只是因為接下來的旺季才剛要開始、現在還太早？或者是否有一些已知問題需要我們留意，例如一次性併購的時點、舉債的時點或速度，或其他因素會抵消目前的強勁表現？還是不一定？

Hi, Caitlin, it's definitely the former. So hopefully, you're picking up in our tone and commentary of the positivity that we have around the start to the year. very encouraged by everything we're seeing. But to your point, we are still early in the year with a busy season ahead of us. We still have NSA to get closed and integrated.

嗨，Caitlin，確實是前者。所以希望你能從我們的語氣與評論中感受到我們對年初開局的正面看法；我們對所看到的一切都非常受鼓舞。但如你所說，我們仍處於年初，前方還有旺季。我們也還有 NSA 需要完成交割並整合。

And so our thought process simply stay focused on the task at hand, focus on how we're going to finish the year, not how we're going to start it from a guidance perspective, and we'll revert back in 2Q with hopefully a positive update for everyone.

因此，我們的思路很簡單：專注於手上的任務，從指引角度來看，聚焦於我們要如何完成全年，而不是如何開始；我們會在第二季回來，並希望能給大家一個正面的更新。

Got it, okay. And then maybe just on the supply side, you mentioned how you continue to see new supply competition in some belt markets in particular. I guess, how long do you think that's going to take to dissipate and what makes you confident that those sorts of headwinds don't just pop up again as you think about your comments on the confidence in long-term kind of, I don't know, strength in supply demand that you mentioned earlier?

了解，好的。接著可能談供給端，你提到你們仍在某些陽光帶市場看到新供給競爭。我想問，你認為這需要多久才會消散？以及是什麼讓你有信心，當你談到你先前提到的長期供需強勁時，這類逆風不會又再次出現？

Yes. The Sunbelt markets have pretty good demand trajectory and you think about population growth trends, job growth, income growth. And so there's really encouraging trends that are taking place in many of the markets that we spoke to earlier, be it Tampa, West Coast of Florida, Atlanta, Dallas, Fort Worth, et cetera.

是的。陽光帶市場的需求軌跡相當不錯；你看看人口成長趨勢、就業成長、所得成長。因此，我們先前提到的許多市場都出現非常令人鼓舞的趨勢，例如坦帕、佛羅里達西岸、亞特蘭大、達拉斯、沃斯堡等等。

And so we're encouraged by the longer-term trajectory there. There is the impact of new supply periodically in a real estate cycle that occurs in those markets, and we're in that.

所以我們對那裡的長期軌跡感到鼓舞。在那些市場的房地產循環中，新供給會週期性地帶來影響，而我們正處於那個階段。

I think the encouraging thing is new supply is tapering down and frankly, being absorbed in those markets. And the sequential trends on a quarter-over-quarter basis have been improving in many of those markets that I just highlighted.

我認為令人鼓舞的是，新供給正在趨緩，而且坦白說，在那些市場正被吸收。而且就我剛剛點名的許多市場而言，按季（QoQ）的連續趨勢一直在改善。

And so it does feel like from a second derivative standpoint, we're headed the right direction. And I think that just relates to the fact that development business continues to be more challenging, and that's not just a Sunbelt element, that's a nationwide component. You look at time lines and city processes continue to get longer, not easier.

因此，從「二階變化」的角度來看，我們確實正朝正確方向前進。我認為這也與開發業務持續變得更具挑戰有關，而且這不只是陽光帶的因素，而是全國性的因素。你看時程與市政流程，持續變得更長，而不是更容易。

Financing costs are obviously higher than they were several years ago. Construction costs are more elevated and not dropping from here. And obviously, in many of the Sunbelt markets, for instance, rents have been coming down, right?

融資成本顯然比幾年前更高。建築成本也更高，而且不太可能從這裡開始下降。而且很明顯，在許多陽光帶市場，例如，租金一直在下滑，對吧？

Revenues are going lower, and so you think about the economic barriers to entry that are coming through in some of those markets as well. So we're anticipating that supply takes another leg lower this year and probably further into next year, and you will see that occur in some of the Sunbelt markets as well as elsewhere.

營收在下降，因此你也會想到，在某些市場進入門檻的經濟障礙也正在形成。所以我們預期今年供給會再往下走一階，可能延續到明年更進一步；你也會在一些陽光帶市場以及其他地區看到這種情況。

I think it's important, too, to add on that, just in terms of Tom's commentary on the challenges around supply broadly and those economics that is very different than what you see out of us. So we've talked about wanting to continue to lean into our development platform.

我也認為很重要的一點是補充：就 Tom 對整體供給挑戰與那些經濟性的評論而言，那與你們在我們身上看到的情況非常不同。我們談過希望持續加碼我們的開發平台。

But that's really a byproduct of the quality of the team, the benefits of being one of the largest, if not the largest developers in the space and very importantly, benefits of PS Next. The fact that we're getting 8% stabilized yield on our platform is not representative of what's taking place in the broader marketplace. So that value creation is to us alone.

但那其實是團隊品質的結果、作為該領域最大（即便不是最大也屬於最大）開發商之一的優勢，以及非常重要的 PS Next 的優勢所帶來的。我們的平台能取得 8% 的穩定化收益率，並不代表更廣泛市場正在發生的情況。所以那個價值創造是只屬於我們的。

That's why we continue to lean into that area while the rest of the market is pulling back.

這就是為什麼當市場其他人都在收縮時，我們仍持續加碼那個領域。

Michael Griffin, Evercore.

Michael Griffin，Evercore。

Maybe just circling back on the PS Next initiatives and as it relates to your marketing spend and targeted marketing. Tom, can you maybe quantify or give some examples of how the framework around either customer acquisition or marketing spend, leveraging data from Google or AI that you might have, might have changed with the PS Next relative to how public was doing it previously?

也許回到 PS Next 的各項計畫，以及它與你們行銷支出和精準行銷的關聯。Tom，你能否量化一下，或舉一些例子，說明在 PS Next 之下，圍繞客戶獲取或行銷支出的框架——例如運用 Google 的數據或你們可能使用的 AI——相較於 Public 以前的做法，有哪些改變？

Yes, there's a lot there to unpack. We'll take it piece by piece. I will say, we welcome the new Chief Revenue and Marketing Officer, Ash Basu, here earlier this year, and he's getting his fingerprints on our revenue and marketing strategies moving forward.

是的，這裡面有很多內容需要拆解。我們會一項一項來。我想說的是，我們今年稍早迎來新的首席營收與行銷長 Ash Basu，我們很歡迎他加入；他也正開始在我們未來的營收與行銷策略上留下他的印記。

And I think working with the team that's in place, we've had the ability to lean in through the first quarter around some of our targeting initiatives, be it through Google as well as our conversion of initiatives on our website target customers that we think have an attractive lifetime value. And I think they're working very closely with Natalie Johnson and her data science team around what it is that we can do and utilize our data to be able to be more refined.

我認為在與現有團隊合作之下，我們在第一季有能力更深入推進一些目標客群鎖定的計畫，不論是透過 Google，或是我們網站上的轉換相關計畫，去鎖定我們認為具備吸引人終身價值的客戶。我也認為他們正與 Natalie Johnson 及其資料科學團隊非常緊密合作，研究我們能做些什麼，以及如何運用我們的資料來做得更精準。

So that when a customer drops on our website, we have an expectation of what the lifetime value is going to be, what the right potential pricing and promotion mix is. And then your point on Google, how do we go out and find more customers like that. So all of those things are in the mix and excited to see what those leaders can drive as we move forward from here.

如此一來，當客戶進到我們網站時，我們就能預期其終身價值會是多少、合適的潛在定價與促銷組合是什麼。接著回到你提到的 Google，我們要如何出去找到更多類似的客戶。所以這些都在規劃與執行中，也很期待隨著我們往前推進，看看這些領導者能帶來什麼成果。

That's certainly helpful. And then maybe just a point of clarification. On the $185 million of deals that closed subsequent to quarter end, were any of these in relation to the new data science partnership you have with Welltower or was this stuff that was already in the hopper that just happened to close this month?

這確實很有幫助。接著可能只是想釐清一點。關於季末之後完成交割的 1.85 億美元交易，這些是否有任何一筆與你們和 Welltower 的新資料科學合作夥伴關係有關？還是說這些本來就已在管線中，只是剛好在這個月完成交割？

Yes. That stuff was more in the hopper. So that's all to come.

是的。那些比較偏向原本就在管線裡的案子。所以那部分都還在後面。

Spenser Glimcher, Green Street Advisors.

Spenser Glimcher，Green Street Advisors。

In terms of the LA market, can you just remind us of how long it has historically taken you to get those customers up to market rents after periods of rent freezes? And do you think that this catch-up could take longer this go around just due to the weaker demand landscape?

就洛杉磯市場而言，你能否提醒我們，歷史上在租金凍結期結束後，你們通常需要多久才能把那些客戶的租金拉升到市場租金水準？另外，你是否認為這次的追趕（catch-up）可能會因為需求環境較弱而花更久時間？

Yes. Great question, Spencer. The first thing I'd say is that the demand landscape in Los Angeles continues to be very healthy. If you look at Orange County activity and the other counties around L.A. County, San Diego continue to see strong demand, high occupancies, good rental rate trends.

是的。很好的問題，Spencer。我首先要說的是，洛杉磯的需求環境仍然非常健康。如果你看橙縣的活動，以及洛杉磯縣周邊其他縣市，聖地牙哥也持續看到強勁需求、高入住率，以及良好的租金成長趨勢。

And so we've got a lot of confidence in terms of the overall macro backdrop around L.A. and the performance that we're seeing there. And then on the ground, we have a differentiated, attractive portfolio that's really irreplaceable in Los Angeles that we've owned for decades and continue to improve.

因此，對於洛杉磯整體的總體背景以及我們在那裡看到的表現，我們非常有信心。而在地層面，我們在洛杉磯擁有一個差異化且具吸引力、幾乎不可取代的資產組合；我們持有這些資產已數十年，並持續改善。

And so we're optimistic as it relates to the the upside from a demand standpoint moving forward from here. As it relates to the ability to charge market rental rates, obviously, that's not within our control today, but we would look to charge those market rental rates over time, and it will partially depend on how long the state of emergency is in place in terms of how long it takes to get back.

所以就需求面帶來的上行空間而言，我們對未來仍然樂觀。至於收取市場租金的能力，顯然目前不在我們的控制範圍內，但我們會隨時間推進逐步朝市場租金收取；而回到正常所需時間，部分將取決於緊急狀態維持多久。

If you look back at the Hill & Woolsey Fire and the corporate emergencies, it probably took us 18 to 24 months to get back to the levels of rents that we were charging state of emergency was obviously in place for a longer period of time than where we sit today.

如果回顧 Hill & Woolsey 野火以及當時的企業緊急狀態，我們大概花了 18 到 24 個月才回到我們在緊急狀態前所收取的租金水準；而當時緊急狀態維持的時間，顯然比我們目前所處的情況更長。

So that gives you a guide post, but we're certainly not going to go rush out and do it immediately either given the breadth of the platform and the brand in L.A., but we do have a lot of confidence and track record in our ability to accelerate those rents to market rents over, call it, a 12- to 18- to 24-month period.

所以這可以作為一個參考點，但考量到我們在洛杉磯的平台規模與品牌廣度，我們當然也不會立刻就急著全面調升。

That's very helpful color. And then maybe just switching gears. Just in regards to the transaction market, obviously, you guys have been pretty active in UIC.

這些補充資訊很有幫助。接著也許換個話題。就交易市場而言，顯然你們在 UIC 一直相當活躍。

I would assume everything that's coming across being marketed, can you just comment on what you're seeing in terms of assets on the market today? Where is the bid-ask spread generally? And can you comment broadly on cap rates?

我猜想目前所有正在被推向市場銷售的案子，你們應該都有看到；你能否談談你們目前看到市場上有哪些資產在出售？一般而言，買賣雙方的價差（bid-ask spread）大概在哪裡？以及你能否概括評論一下資本化率（cap rates）？

Sure. As I highlighted earlier, we've been encouraged by a broadening of the seller set. So we've got activity in the first quarter from institutional sellers, from mom-and-pop sellers and everything in between. And so that's been an encouraging development in terms of the breadth.

當然。如我先前提到的，我們受到鼓舞的是賣方群體正在擴大。因此第一季我們看到的交易活動，包含機構型賣方、個人/家族型（mom-and-pop）賣方，以及介於兩者之間的各類賣方。就廣度而言，這是一個令人鼓舞的發展。

And I do think the stability that we've seen both operationally as well as within interest rates has led to a narrowing of that bid-ask spread, i.e., there's less of a gap between what a seller thinks rental rates be versus what we think rental rates should be.

而且我確實認為，我們在營運面以及利率方面看到的穩定性，已使買賣價差縮小；也就是說，賣方認為租金會到的水準，與我們認為租金應該到的水準之間的落差變小了。

Interest rates are more stable, all those sorts of things, all helpful. In terms of cap rates, they've been reasonably consistent with stabilized product trading in the 5s, getting into the 6s as we put them on our platform, and we really have that PS Next opportunity to take the assets, put it on our platform and earn more cash flow, which is attractive.

利率更穩定，諸如此類的因素都很有幫助。就資本化率而言，整體相當一致：穩定型產品的成交大多在 5% 段，當我們把資產納入我們的平台後可進到 6% 段；而我們確實有 PS Next 的機會，把資產放到我們的平台上、創造更多現金流，這很有吸引力。

But overall, that's a sense of where cap rates are across the industry. And I think our team is really built, again, that one-off activity. Again, about three quarters of the activity year to date has been off-market and really targeted micro market activity.

但整體而言，這就是產業中資本化率的大致水準。而我認為我們的團隊也確實建立起（擅長）那種單一資產的交易活動。同樣地，截至目前為止大約四分之三的交易活動是場外（off-market），而且是非常有針對性的微型市場（micro market）交易。

and certainly NSA on the other end of the spectrum, certainly a large portfolio opportunity. So we're interested in the full spectrum and have different tactics and team investments to try to attack those opportunities.

而在光譜的另一端，NSA 當然是一個大型投資組合的機會。所以我們對整個光譜都感興趣，並且透過不同的策略與團隊投入，來嘗試掌握這些機會。

(Operator Instructions) Ravi Vaidya, Mizuho.

(接線員指示) Ravi Vaidya，Mizuho。

I know you guys offered some comments on how you expect revenue trends throughout '26. But how do you expect expenses to trend given that we're off to such a strong start.

我知道你們對於 2026 年的營收趨勢有一些評論。但在今年開局如此強勁的情況下，你們預期費用會如何走勢？

Hi, Ravi, it's Joe. Yes, we did have a lot of success coming through 1Q, even probably better than expected as you saw tax, personnel, marketing, utilities aren't all down year over year. I think I highlighted in my upfront comments, we did have about a $3 million onetime benefit in tax, which was really an appeal win that we thought we would have come through in 2Q.

嗨，Ravi，我是 Joe。是的，我們在第一季確實取得很大成效，甚至可能比預期更好；如你所見，稅金、人事、行銷、公共事業費用等項目，年對年都下降。我在開場評論中也提到，我們在稅金方面有大約 300 萬美元的一次性利多，主要是一次申訴（appeal）勝訴；我們原本預期它會在第二季入帳。

So no change to full year guidance from that, just a timing implication. So if you look at where our midpoint is on a go forward, still really constrained expense growth overall as well as relative to the peers, but we do think it will tick higher as we track closer towards that midpoint that we've previously laid out.

因此這不會改變全年指引，只是時間點的影響。所以如果你看我們未來的中位數（midpoint）水準，整體費用成長仍然非常受控，不論是絕對值或相對同業；但我們確實認為，隨著我們的實際表現更接近先前所提出的中位數水準，費用增幅會略微上升。

So you'll see some of those numbers going higher, but still a lot of initiatives in place to keep that number constrained and below inflation.

所以你會看到其中一些數字走高，但我們仍有許多措施在執行，以讓費用增幅保持受控並低於通膨。

Got it. That's really helpful. Just one more here. Can you comment on the decision to have maybe less promotional activity this quarter than a year ago. Is this something that we could expect going forward?

了解。這很有幫助。我這裡再問最後一個。你能否談談本季促銷活動可能比去年同期更少的決策？這是否是我們未來可以預期會持續的情況？

And how do you consider promotions as a tool, an environment when both move-in and move-out volumes are declining?

當入住與搬出量都在下滑時，您如何看待促銷作為一項工具、以及其所處的環境？

Yes. So you're highlighting promotions, which is one tool. I'd also highlight marketing as well as rental rates as all tools that we use to drive conversion and traffic to the customer acquisition funnel. And promotions have been down really pretty consistently over the last year and move in rental rate trends have been improving as we spoke about through the course of the year and marketing as well as we think about less churn and less inventory to re-rent came down a little bit in the first quarter as well.

是的。所以您提到促銷，這是其中一項工具。我也會強調行銷以及租金水準，這些都是我們用來推動轉換並為客戶獲取漏斗帶來流量的工具。而促銷在過去一年裡相當一致地下降；正如我們在今年過程中談到的，入住租金率的趨勢一直在改善；另外，當我們考量較低的流失、以及較少的庫存需要重新出租時，行銷在第一季也略有下降。

So encouraging trends really across all three of those levers for customer acquisition, and we'll continue to use them dynamically really at the store level to optimize revenue.

因此，在客戶獲取的這三個槓桿上，整體都出現令人鼓舞的趨勢；我們也會持續在門店層級動態運用它們，以最佳化營收。

Mike Mueller, JPMorgan.

Mike Mueller，摩根大通。

Can you talk a little bit about the lending program? Are you looking at this largely as a lending business that you can make money in, or does there need to be an angle where you can ultimately get to the real estate of the management? And how big do you think it could ultimately be?

你能談談放貸計畫嗎？你們主要是把它視為一個可以賺錢的放貸業務，還是需要有一個角度，最終能切入到管理的房地產層面？你認為它最終可能做到多大？

Mike, you hit on a couple of the key points there. Of course, we're looking to make a strong risk-adjusted return coming out of this business. It's around $150 million business today. We think it could grow up into the $0.5 billion to $1 billion range over time. But we're not going to strive just to get there.

Mike，你提到了其中幾個關鍵點。當然，我們希望這項業務能帶來強勁的風險調整後報酬。目前規模大約是1.5億美元。我們認為隨時間推移，它可能成長到5億到10億美元的區間。但我們不會只是為了達到那個規模而努力。

As I said, we went pretty slow here in the first part of the year given the discipline that we have around it. To your point on ancillary pieces, though, there are a lot of ancillary benefits coming off of this platform.

如我所說，基於我們在這方面的紀律，今年前半段我們推進得相當慢。至於你提到的附帶面向，這個平台確實帶來許多附帶效益。

So you hit on one of them, which is it could be a potential feeder of future acquisition activity. And so that is one thing that we look at. In addition, we get third-party property management on these assets, and we also get tenant insurance on these assets.

你提到其中之一：它可能成為未來收購活動的潛在引流來源。因此這是我們會關注的一點。此外，我們也為這些資產提供第三方物業管理，同時也提供這些資產的租戶保險。

So when you look at the profitability of the platform as a whole, you really have to take a holistic view of not just the yield that we get on the loan, but also the revenue streams and cash flow streams coming in from these other businesses.

因此，當你看整個平台的獲利能力時，必須採取整體性的觀點：不僅看我們在貸款上取得的收益率，也要看來自其他業務的營收來源與現金流來源。

Eric Luebchow, Wells Fargo.

Eric Luebchow，富國銀行。

Tom, you touched a little bit on move-ins being down year over year due to less inventory. But just curious if you could touch on top of funnel demand, whether measured through web search or in-store traffic and given some of the recent volatility we've seen in mortgage rates, the increase in fuel prices, slower home sales, any caution that you're sensing from the incoming customer? If you could touch on that, it would be great.

Tom，你稍早提到由於庫存較少，入住量年對年下降。但我想請你談談漏斗上端的需求情況，例如以網路搜尋或門店來客量衡量；以及考量到我們近期看到的房貸利率波動、燃油價格上升、房屋銷售放緩，你是否感受到新進客戶有任何更謹慎的態度？如果你能談談這點就太好了。

Yes. It's a good question. Some of the same macro that I hit on that are influencing churn being lower, also having an impact on the move-in side as well. And it really varies by market.

是的。這是個好問題。我提到的一些相同宏觀因素，既影響流失率下降，也同樣對入住端產生影響。而且這在不同市場之間差異很大。

So our stronger markets like Minneapolis, San Francisco, New York, Boston, for instance, good top of funnel trends and activities, but some of the markets we were highlighting earlier that continue to be in negative territory and are suffering from more competition with new supply as that's being absorbed, the Florida markets, Dallas, for instance, others, also seeing a little softer incoming traffic to pair with that, as you'd expect, so big picture.

因此，我們較強的市場，例如明尼阿波利斯、舊金山、紐約、波士頓等，漏斗上端的趨勢與活動表現良好；但我們先前提到的一些仍處於負成長、且因新增供給競爭而承壓的市場，隨著新增供給被吸收，例如佛羅里達市場、達拉斯等其他市場，也如你所預期地看到新進來客量略為偏弱，整體而言。

Some of those macro trends driving more modest demand coming in, but also supporting the churn level and lack of churn and less inventory to rent. So a really nice pair there and giving us, frankly, a little bit more pricing power.

其中一些宏觀趨勢使得新增需求較為溫和，但同時也支撐了流失水準——也就是較低的流失，以及較少的庫存需要出租。因此兩者形成很好的搭配，坦白說，也讓我們擁有更高一些的定價能力。

Great. And just one follow-up on the acquisition side. I know you started off a little slower this year. But given the size and the complexity of the NSA transaction, does it impacted all your willingness to go after larger, more complex portfolios given you still have some leverage capacity, or should we expect more of these one-off private market assets to trade this year?

很好。另外關於收購端再追問一點。我知道你們今年一開始步調稍慢。但考量到NSA交易的規模與複雜度，這是否會影響你們追求更大、更複雜投資組合的意願——即便你們仍有一些槓桿空間？或者我們應該預期今年會有更多這類單筆的私募市場資產成交？

Yes. Bigger portfolios are obviously much tougher to predict. The team is built for the one-off acquisitions and the micro market targeting that we're speaking to.

是的。大型投資組合顯然更難預測。我們的團隊是為單筆收購以及我們所談到的微型市場鎖定策略而打造的。

And we've been investing in that platform, clearly, increasing the size of the team, the data science capabilities in order to enhance that, certainly applicable to portfolios as well, but will be dependent on sellers as they come to market. In terms of ability to transact, certainly, we've got a big closing coming up here in the third quarter.

而且我們一直在投資這個平台，顯然也在擴編團隊、提升資料科學能力以強化這一點；這些能力當然也適用於投資組合，但仍取決於賣方何時將資產推向市場。就交易執行能力而言，當然，我們在第三季即將有一筆大型交割。

And so right around the immediate closing, we're going to be thoughtful and certainly prioritizing the NSA transaction and making sure that, that integration goes smoothly as we get started there. But away from that time period, really looking to continue to deploy capital at good risk-adjusted returns and grow our per share earnings platform over time. And so I'd say teams are built, balance sheet is in a good spot and looking to be active as we move through '26.

因此，在臨近交割的時間點，我們會審慎行事，並且會優先處理NSA交易，確保整合在開始後能順利進行。但在那段期間之外，我們確實希望持續以良好的風險調整後報酬部署資本，並隨時間推移成長我們的每股盈餘平台。所以我會說，團隊已就位、資產負債表狀況良好，並希望在接下來到'26年期間保持積極。

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

我們已到達問答環節的結束。現在我想把電話會議交回給Joe Fisher作結語。

Hi, it's Tom. Thanks, everybody, for joining this morning, this afternoon. Appreciate the questions, and look forward to giving you updated how the busy season goes through second quarter. Thanks very much, everybody.

嗨，我是Tom。感謝各位今天上午、今天下午的參與。感謝大家的提問，也期待在第二季旺季進行期間，向各位更新進展。非常感謝各位。