Public Storage (PSA) 2026 Q2 法說會逐字稿

Greetings, and welcome to Public Storage second quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Jed Reagan. Thank you. You may begin.

各位好，歡迎參加 Public Storage 2026 年第二季財報電話會議。(Operator Instructions) 提醒各位，本次會議將被錄音。現在我想把會議交給主持人 Jed Reagan。謝謝。您可以開始了。

Thank you, operator. Hello, everyone, and thank you for joining us for our second quarter 2026 earnings call. I'm here with Tom Boyle and Joe Fisher. 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. All forward-looking statements speak only as of today, July 30, 2026, and we assume no obligation to update, revise or supplement statements that become untrue because of subsequent events.

謝謝，接線員。各位好，感謝各位參加我們 2026 年第二季財報電話會議。我與 Tom Boyle 及 Joe Fisher 一同出席。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。這些前瞻性陳述受制於特定的經濟風險與不確定性。所有前瞻性陳述僅截至今日（2026 年 7 月 30 日）為準，且對於因後續事件導致不再正確的陳述，我們不承擔更新、修訂或補充之義務。

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 at our Investor Relations website, investors.publicstorage.com. (Event Instructions)

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。您可於我們的投資人關係網站 investors.publicstorage.com 查閱新聞稿、補充報告、SEC 申報文件以及本次電話會議的錄音重播。(Event Instructions)

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. Our second quarter marked the start of our new era at Public Storage. What we call PS4.0. This new era is characterized by greater energy, urgency and a sharper focus on building the capabilities that will drive stronger per share performance over time. My four key points today cover initiatives coming together as building blocks from here.

各位早安，感謝各位加入我們。我們第二季標誌著 Public Storage 新時代的開始。我們稱之為 PS4.0。這個新時代的特徵是更高的活力、更強的緊迫感，以及更聚焦於打造能力，以在時間推移中帶動更強的每股表現。我今天的四個重點涵蓋了從現在起逐步到位、作為基石的各項倡議。

First, we recently closed the NSA transaction, marking the first major milestone of our value creation engine. Second, Public Storage Canada is a strong strategic addition to the portfolio and an attractive entry point into an underpenetrated market with meaningful room for future growth. Third, the PS Next operating platform continues to execute with improving leading indicators in the business and new capabilities that are helping us better serve customers. And fourth, our Own It Culture is gaining momentum across the organization with strong engagement from our team and real urgency around the opportunity ahead. Let me start first with our recently closed NSA transaction.

第一，我們近期完成了 NSA 交易交割，這是我們價值創造引擎的第一個重大里程碑。第二，Public Storage Canada 是投資組合中一項強而有力的策略性補強，也是進入一個滲透率偏低、未來成長空間可觀市場的具吸引力切入點。第三，PS Next 營運平台持續執行，業務領先指標改善，且新能力正協助我們更好地服務客戶。第四，我們的「Own It」文化在全組織持續累積動能，團隊高度投入，並對眼前機會展現真正的緊迫感。我先從近期完成交割的 NSA 交易談起。

Closing this transaction last week is a major milestone for Public Storage and a clear example of PS4.0 in action. As we've discussed, this is not just about getting bigger. It's about strengthening our platform, deepening our portfolio, expanding our opportunity set and driving differentiated per share earnings into the future. A tremendous amount of integration planning went into this closing, and that preparation paid off. We transitioned the 1,100 store and 575,000 unit portfolio on to Public Storage systems overnight and began operating activities immediately upon close.

上週完成這筆交易交割，是 Public Storage 的重大里程碑，也是 PS4.0 實際運作的明確例證。如同我們先前所討論，這不只是規模變大。而是要強化我們的平台、深化我們的投資組合、擴大我們的機會集合，並在未來推動具差異化的每股盈餘成長。為了本次交割，我們投入大量整合規劃，而這些準備也獲得回報。我們在一夜之間將 1,100 家門店、57.5 萬個儲存單位的投資組合切換至 Public Storage 系統，並在交割完成後立即展開營運作業。

That is exactly the start we wanted. We welcomed over 1,300 new Public Storage teammates and got busy. With all our website and digital presence online that morning, the team completed over 1,500 reservations, switched over 265,000 AutoPay accounts, began collecting rents and started rebranding with temporary signage on the first day. This early execution is important, but it's also just the beginning. The real value creation is ahead of us as we apply PS Next across the portfolio, rebrand the assets and execute against the operating and capital opportunities we've identified.

這正是我們想要的開局。我們迎來超過 1,300 位新的 Public Storage 團隊夥伴，並立即投入工作。當天早上我們的網站與數位通路全面上線後，團隊完成超過 1,500 筆預訂、切換 265,000 個 AutoPay 自動扣款帳戶、開始收取租金，並在第一天就以臨時招牌啟動品牌重塑。這樣的早期執行很重要，但也只是開始。真正的價值創造在前方：我們將把 PS Next 推廣至整個投資組合、為資產重新品牌化，並落實我們已辨識的營運與資本機會。

We are more confident in the achievement of the operating upside with our new unified team driving results from here across customer experience and revenue, operating efficiencies, tenant insurance and G&A. On the capital front, integration planning has also surfaced additional expansion opportunities that will add to value creation over time. And yes, lots of orange paint is on its way to a location near you. Thank you to the NSA team for the professionalism, focus and partnership they brought throughout this process. And thank you to our Public Storage teammates for their leadership.

隨著新的整合團隊推動成果，我們對於營運面上行空間的實現更具信心，涵蓋客戶體驗與營收、營運效率、租戶保險以及 G&A（一般及行政費用）。在資本面，整合規劃也發掘了額外的擴張機會，將在時間推移中進一步提升價值創造。而且沒錯，大量橘色油漆正在運往您附近的某個據點。感謝 NSA 團隊在整個過程中展現的專業、專注與合作夥伴精神。也感謝我們 Public Storage 團隊夥伴的領導力。

Getting to this point took a significant cross-functional effort, many long days, nights and weekends and the strong collaboration between the two organizations is a big reason the transition is off to a solid start. Second, let me turn north to Public Storage Canada. We announced the acquisition of Public Storage Canada in June. We will reunite Public Storage with a portfolio that was operated under common ownership until the 1990s and has since been owned and operated independently by the Hughes family. Today, this high-quality PS branded portfolio is the third largest in Canada and sits in desirable infill locations across top metros with concentrations in Toronto and Vancouver.

走到這一步需要大量跨職能投入，許多漫長的白天、夜晚與週末；兩個組織之間的緊密協作，是本次轉換能夠順利起步的重要原因。第二，讓我把焦點轉向北方的 Public Storage Canada。我們在 6 月宣布收購 Public Storage Canada。我們將讓 Public Storage 與一個投資組合重新合併；該投資組合在 1990 年代之前曾在共同所有權下營運，此後由 Hughes 家族獨立持有並經營。目前，這個高品質、以 PS 品牌營運的投資組合是加拿大第三大，位於各大都會區理想的都會填充（infill）地段，並集中於多倫多與溫哥華。

The portfolio demographics are strong with trade area populations averaging nearly 250,000 people and average household incomes approaching $100,000. The market is significantly underserved with per capita supply of 2.5, significantly lower than the US. And there is meaningful embedded upside in the assets that gives us a compelling opportunity to create value over time with our PS Next operating platform. The transaction also reflects disciplined capital allocation. It was acquired off-market pursuant to an existing ROFO/ROFR structure with the Hughes family.

該投資組合的人口結構條件強勁，商圈人口平均接近 25 萬人，平均家庭收入逼近 10 萬美元。市場供給明顯不足，人均供給量為 2.5，顯著低於美國。資產本身也蘊含可觀的內生上行空間，讓我們有機會透過 PS Next 營運平台在時間推移中創造價值。本交易亦體現嚴謹的資本配置紀律。我們依據與 Hughes 家族既有的 ROFO/ROFR 架構，以場外方式完成收購。

And in addition to being accretive to long-term portfolio NOI, IRR and FFO growth, it creates the ability to finance a portion of the NSA acquisition with lower-cost Canadian debt. It is the second transaction this year funded with Public Storage OP units, creating another win-win opportunity. So when I step back, I see Public Storage Canada as both a strong addition to the portfolio and an important platform for growth in the future. Third, our PS Next operating platform. Our full team is zeroed in on improving customer experience, leading to improved fundamentals and on building the platform for the future.

此外，除可提升長期投資組合 NOI（淨營運收入）、IRR（內部報酬率）與 FFO（營運資金）成長之外，該交易也使我們能以成本較低的加拿大債務，為 NSA 收購案的一部分提供融資。這是今年第二筆以 Public Storage OP 單位出資的交易，創造另一個雙贏機會。因此，從整體來看，我認為 Public Storage Canada 不僅是投資組合的強力補強，也是未來成長的重要平台。第三，我們的 PS Next 營運平台。我們整個團隊正全力聚焦於提升客戶體驗，進而改善基本面，並打造面向未來的平台。

The leading indicators of the business have turned and our outlook from here is improving, which Joe will cover in more detail shortly. Our customer focus is translating into better execution, improving customer sentiment year-to-date, 8% lower move-out activity in the quarter and better-than-expected occupancy and move-in rent performance, both ahead of prior year. We continue to see favorable trends in our coastal and Midwestern markets and improving trends in key Sunbelt markets. We are seeing sequential improvement with development activity slowing across markets paired with steady demand. We have confidence in demand growth over the medium term with demographic tailwinds as millennial and Gen Z customers age into our core customer usage years.

業務的領先指標已出現轉折，從現在起我們的展望正在改善；Joe 稍後會更詳細說明。我們對客戶的聚焦正轉化為更佳的執行力：今年迄今客戶情緒改善、本季退租活動降低 8%，且入住率與新進租金表現優於預期，兩者皆領先去年同期。我們在沿海與中西部市場持續看到有利趨勢，並在關鍵的陽光帶（Sunbelt）市場看到改善趨勢。我們看到市場呈現連續改善：各市場開發活動放緩，同時需求保持穩定。在中期，我們對需求成長有信心，因千禧世代與 Z 世代客戶逐步進入我們核心使用年齡區間，帶來人口結構順風。

In L.A. County, performance will accelerate from here into 2027 with the expiration of pricing restrictions there from the Board of Supervisors. Technology remains a critical differentiator for our customers. Nearly 90% of customers interact with us digitally at some point in the rental journey. Three quarter complete their lease fully digitally, and our app has been downloaded over 7 million times.

在洛杉磯郡，隨著監事會對當地定價限制到期，業績將從現在起加速並延續至 2027 年。科技仍是我們為客戶提供服務的關鍵差異化因素。近 90% 的客戶在租賃旅程中的某個階段會以數位方式與我們互動。四分之三的客戶會以全數位方式完成租約，而我們的 App 下載次數已超過 700 萬次。

That improves the customer experience and helps us run the business more efficiently, and it provides industry-leading data sets for use across the organization, including capital allocation, data science and machine learning initiatives. We're also investing in what's next for customer interaction. One example is Ellie, our AI-powered customer service agent, which has already handled more than 90,000 customer interactions in recent months and continues to improve with every conversation. Ellie doesn't just answer questions. she resolves customer needs using our proprietary data and AI models.

這不僅改善客戶體驗，也幫助我們更有效率地營運業務，並提供業界領先的資料集，供全組織使用，包括資本配置、資料科學與機器學習計畫。我們也在投資下一代的客戶互動方式。其中一個例子是 Ellie——我們的 AI 驅動客服代理，近幾個月已處理超過 90,000 次客戶互動，並在每一次對話中持續進步。Ellie 不只是回答問題；她會運用我們的專有資料與 AI 模型來解決客戶需求。

We're embracing these new capabilities across PS Next to drive a better customer experience, a better employee experience and stronger financial results. And we're excited to bring NSA and Canadian properties onto that platform to drive value creation. Now let's move to my fourth point, the Own It Culture. We launched our Own It Culture earlier this year with a combination of customer obsession, new talent and perspectives alongside strong in-place teams, empowerment with accountability and new incentives to drive alignment. The goal is a culture with more energy, more urgency and stronger accountability for execution.

我們正在 PS Next 全面採用這些新能力，以帶來更佳的客戶體驗、更佳的員工體驗，以及更強勁的財務成果。我們也很期待將 NSA 與加拿大的資產納入該平台，以推動價值創造。現在讓我們進入我的第四點：Own It 文化。我們在今年稍早推出 Own It 文化，結合以客戶為中心的新思維、引進新人才與新觀點並搭配既有強健團隊、在賦權的同時強化問責，以及以新的激勵機制推動一致性。目標是打造一種更有活力、更具緊迫感，且對執行有更強問責的文化。

We recently moved into our new headquarters in Frisco, Texas, and I can feel the energy in the environment. We're also looking forward to our Southern California team moving into new office space in months ahead. Last week, we welcomed approximately 1,300 new teammates through the NSA transaction and a new office in Denver. We're excited to have them with us, and we're bringing them into the Public Storage culture in a way that is clear, aligned and performance-oriented. As we said before, strategy only creates value if the organization is aligned behind it.

我們最近搬進位於德州弗里斯科（Frisco）的新總部，我能感受到環境中的活力。我們也期待未來幾個月南加州團隊搬進新的辦公空間。上週，我們透過 NSA 交易迎來約 1,300 位新同仁，並在丹佛設立新辦公室。我們很高興他們加入，也正以清晰、對齊且以績效為導向的方式，將他們融入 Public Storage 的文化。如同我們先前所說，策略只有在組織與其保持一致時，才能創造價值。

That alignment is getting stronger. The energy I'm feeling is translating into urgency and what we're building is a culture grounded in accountability, speed and execution. We see a meaningful opportunity ahead, and our goal is to make sure the organization is ready to move with discipline and intensity as that opportunity unfolds. So to sum up, the company is putting more of the earnings growth building blocks in place at the same time than at any point in recent years. We closed NSA and have begun the value creation work.

這種一致性正在變得更強。我感受到的能量正在轉化為緊迫感，而我們正在打造的是一種以問責、速度與執行為根基的文化。我們看到前方有一個重要的機會，我們的目標是確保組織已準備好在機會展開時，以紀律與強度迅速行動。總結來說，公司正同時在建立更多獲利成長的基石，這在近年任何時點都未曾出現。我們已完成 NSA 交易，並已開始價值創造的工作。

We announced Public Storage Canada, which expands our platform into an underpenetrated market with room for future growth. We remained active on acquisitions with new data science tools and faster execution, continue to grow the development pipeline, are expanding the lending platform and are improving the growth profile of our third-party management business. At the same time, PS Next is strengthening how we operate the core business, improving customer experience, brand, pricing and efficiency.

我們宣布成立 Public Storage Canada，將我們的平台擴展至一個滲透率偏低、且具備未來成長空間的市場。我們在併購方面仍保持活躍，運用新的資料科學工具並加快執行速度，持續擴大開發案管線、擴展放款平台，並改善我們第三方管理業務的成長輪廓。同時，PS Next 正在強化我們核心業務的營運方式，提升客戶體驗、品牌、定價與效率。

And as Joe will cover, the financial setup also improves from here with contributions from non-same-store growth, ancillary businesses, a future tailwind from L.A. restrictions rolling off and a more favorable financing profile supporting earnings power over time.

此外，如 Joe 將會說明，從現在起財務面也將改善，非同店成長與附屬業務將帶來貢獻，洛杉磯限制措施逐步解除將在未來形成順風，而更有利的融資結構也將隨時間推升獲利能力。

These building blocks are for the future based on execution from here. While that execution will cover several years, the direction is clear. Our operating trends are improving, our growth levers are expanding and the building blocks we're putting in place today position Public Storage for stronger growth in the second half and into the next several years.

這些基石是面向未來的，取決於接下來的執行。雖然執行將跨越數年，但方向很清楚。我們的營運趨勢正在改善、成長槓桿正在擴大，而我們今天所建立的基石，將使 Public Storage 在下半年以及未來幾年具備更強勁的成長動能。

With that, let me turn it over to Joe.

接下來，我把時間交給 Joe。

Thank you, Tom, and good morning, everyone. The topics I will cover today include our second quarter results, a summary of recent transactions and a balance sheet and capital markets update. Before I dive in, several key highlights from the quarter include: number one, continued momentum in operations, including occupancy, churn and move-in rates.

謝謝你，Tom，各位早安。我今天將涵蓋的主題包括第二季業績、近期交易摘要，以及資產負債表與資本市場最新進展。在我深入之前，本季幾項重點亮點包括：第一，營運動能持續，包括入住率、流失率與入住率（move-in）等指標。

Number two, an across-the-board guidance raise. Number three, two major value creation engine transactions. And fourthly, approximately $12 billion in capital markets activity completed or committed year-to-date. Moving to results. Core FFO in the quarter was $4.17 per share, which was down year-over-year as we have previously communicated with a sequential decrease from first quarter driven by higher financing costs and G&A.

第二，全方位上調財測指引。第三，兩筆重大的價值創造引擎交易。第四，截至目前為止，今年累計已完成或已承諾約 120 億美元的資本市場活動。接著看業績。本季核心 FFO 為每股 4.17 美元，年減符合我們先前的溝通；相較第一季亦呈現季減，主要由較高的融資成本與一般及行政費用（G&A）所致。

Same-store revenue and NOI growth in the quarter were minus 0.6% and minus 2.2%, respectively, both ahead of internal expectations. On a forward-looking basis, core metrics were strong versus expectations. Average move-in rents turned positive at plus 1.6%, the first time since 2021 that both new move-in rates and occupancy were up on a year-over-year basis. Move-in rates in 2Q were up 18% since 4Q '25, better than historical trends and a clear sign that we are moving past the last few years of stabilization. Occupancy of 92.5% was positive year-over-year by plus 0.2%.

本季同店營收與 NOI 成長分別為 -0.6% 與 -2.2%，兩者皆優於內部預期。以前瞻角度來看，核心指標表現強於預期。平均新入住租金轉為正成長 +1.6%，這是自 2021 年以來首次新入住率與入住率（occupancy）同時呈現年增。第二季的新入住率較 2025 年第四季上升 18%，優於歷史趨勢，清楚顯示我們正走出過去幾年的穩定化階段。入住率 92.5%，年增 +0.2%。

Lastly, our existing customers continue to perform well as demonstrated by a material reduction in churn. Expense growth was positive 4.4% for the quarter, with pressure in property taxes and marketing offset by savings in payroll from our machine learning-based staffing model. The property tax increase was primarily timing with 1Q '26 having benefited from earlier-than-expected appeals wins on a year-over-year basis and thus an offset in 2Q '26. Outside of the same-store pool, NOI growth of 22% in our non-same-store pool and ancillary growth of 15% continued to lift results. Non-same-store performance and our external value creation engine continue to be a substantial and repeatable driver of shareholder value.

最後，既有客戶的表現仍然良好，流失率顯著下降即為明證。本季費用成長為 +4.4%，不動產稅與行銷費用帶來壓力，但部分被我們以機器學習為基礎的人力配置模型所帶來的薪資節省所抵銷。不動產稅的增加主要是時點因素：2026 年第一季受惠於申訴（appeals）較預期更早勝訴而在年比上受益，因此在 2026 年第二季出現相對抵銷。在同店池之外，非同店池 NOI 成長 22% 以及附屬業務成長 15% 持續推升整體表現。非同店表現與我們的外部價值創造引擎，持續成為推動股東價值的重要且可重複的驅動力。

Turning to 2026 guidance. We are pleased with our year-to-date performance and excited about the underlying momentum we are seeing in the leading indicators and core metrics of our business. We are raising our guidance across all key metrics. Revenue and NOI growth are now forecast at a midpoint to be minus 0.2% and minus 1.1%, an improvement of 90 basis points and 110 basis points, respectively. Importantly, while we have previously said that 2Q and 3Q, we made a low points for year-over-year same-store revenue growth.

接著談 2026 年指引。我們對今年截至目前的表現感到滿意，也對在領先指標與核心指標中看到的基本面動能感到振奮。我們上調所有關鍵指標的指引。營收與 NOI 成長目前預估的中位數分別為 -0.2% 與 -1.1%，分別改善 90 個基點與 110 個基點。重要的是，雖然我們先前曾表示第二季與第三季將是同店營收年增率的低點，

Our updated guidance implies an improvement from 2Q levels in the second half, with the fourth quarter expected to exit the year with positive revenue growth. The key assumptions underlying this guidance increase include improved new move-in rates at positive low single digits versus prior assumptions of down mid-single digits and an improved occupancy forecast of plus 30 basis points year-over-year compared to the prior assumption of flat. This is primarily due to the continued success we are having with our focus on customer experience as demonstrated by increased customer sentiment and decreased churn. Lastly, given the expiration of the state of emergency in L.A. County, we now see a headwind of minus 50 basis points for same-store revenue growth this year, an improvement of 30 basis points from our original guidance of minus 80%.

我們更新後的指引意味著下半年將較第二季水準改善，且預期第四季將以正的營收成長率結束年度。本次上調指引的關鍵假設包括：新入住率改善至正的低個位數（low single digits），相較先前假設為負的中個位數（mid-single digits）；以及入住率年增預估改善至 +30 個基點，相較先前假設為持平。這主要歸因於我們聚焦客戶體驗所取得的持續成功，體現在客戶情緒提升與流失率下降。最後，鑑於洛杉磯郡緊急狀態到期，我們目前認為今年同店營收成長的逆風為 -50 個基點，較原先指引的 -80% 改善 30 個基點。

For core FFO, a we are raising forecast to $16.75 to $17.05 with a midpoint of $16.90. This is an increase of 1.4% or $0.22 per share versus our prior forecast. This increase is being driven by the improvement in same-store performance, better interest expense, and continued strong contributions from non-same-store and ancillary offset slightly by increased G&A. Lastly, we expect financing benefits from our NSA and PS Canada acquisitions to be approximately $0.02 per share positive to core FFO in 2026 versus our prior assumption of neutral. This is a great start out of the gates for these two transactions.

就核心 FFO 而言，我們將預估上調至 16.75 至 17.05 美元，中位數為 16.90 美元。相較先前預估，增加 1.4% 或每股 0.22 美元。本次上調主要由同店表現改善、利息費用優於預期，以及非同店與附屬業務持續強勁貢獻所帶動，但部分被較高的 G&A 略為抵銷。最後，我們預期 NSA 與 PS Canada 併購帶來的融資效益，在 2026 年對核心 FFO 的貢獻約為每股 +0.02 美元；相較我們先前假設為中性。這兩筆交易一開始就有很好的進展。

Specific to NSA's results, you can see in our supplemental that we provided a number of key disclosure pages historically provided by NSA. For core FFO, NSA achieved $1.14 per share for year-to-date 2026, which is ahead of consensus and annualized would have achieved above the high end of the original guidance range. For NOI, they achieved positive 2.4% growth year-to-date, well ahead of their midpoint of flat NOI growth driven by solid occupancy improvements and expense controls. On to transactions. Market activity has picked up in 2026, with roughly steady yields in the low 5s and sellers showing a greater willingness to transact.

就 NSA 的業績而言，您可以在我們的補充資料中看到，我們提供了多個 NSA 歷來披露的關鍵揭露頁面。就核心 FFO 而言，NSA 在 2026 年截至目前達到每股 1.14 美元，優於市場共識；若年化，將高於原先指引區間的上緣。就 NOI 而言，他們截至目前實現 2.4% 的正成長，遠優於其中位數「NOI 持平」的預期，主要受惠於穩健的入住率改善與費用控管。接著談交易。2026 年市場活動已回溫，殖利率大致維持在 5% 出頭的低檔區間，賣方也更願意進行交易。

Our expanded team has been busier than ever in 2026, and we've acquired or under contract for over $450 million year-to-date. One area of particular focus for the team this year has been recently developed assets, which come with lower occupancy, that present higher stabilized yields and returns. While these can be modestly dilutive to near-term FFO, we believe that future upside, growth and accretion make them the right long-term investment decisions.

我們擴編後的團隊在 2026 年比以往更忙碌，截至目前已完成或簽約中的收購金額超過 4.5 億美元。團隊今年特別聚焦的一個領域是近期開發完成的資產，這類資產入住率較低，但可帶來更高的穩定後殖利率與報酬。雖然這些資產可能對短期 FFO 造成小幅稀釋，但我們相信其未來上行空間、成長性與增益效果，使其成為正確的長期投資決策。

We are also speeding up the transaction process, improved efficiencies and sourcing, data and AI informed underwriting and accelerated approvals have improved top of funnel to close deal timelines, leading to higher deal flow, faster execution, and a better process for owners looking to sell assets. In addition to the NSA closing on July 22, the other big recent transaction news was the announced acquisition of Public Storage Canada.

我們也在加速交易流程；透過提升效率與案源開發、運用數據與 AI 輔助的承作/審核（underwriting），以及加快核准速度，已縮短從漏斗上端到成交的時程，帶來更高的交易量、更快的執行速度，並為有意出售資產的業主提供更好的流程體驗。除了 NSA 於 7 月 22 日完成交割外，近期另一則重大交易消息是宣布收購 Public Storage Canada。

As previously discussed, the strategic entry into the Canadian market provides exposure to a growing Canadian market with infill, high-quality properties, provides significant NOI upside to our PS Next operating platform, given 83% occupancy and 65% NOI margins and will be accretive to our future NOI, cash flow and IRR outlook. The $1.2 billion transaction will be funded with approximately $900 million of OP units issued at $321.98 per unit and approximately $300 million of Canadian-based debt issuance.

如先前所述，策略性進入加拿大市場，讓我們得以布局一個成長中的加拿大市場，並取得位於成熟區位（infill）的高品質資產；在 83% 入住率與 65% NOI 利潤率的基礎上，亦可為我們的 PS Next 營運平台帶來顯著的 NOI 上行空間，並將增益於我們未來的 NOI、現金流與 IRR 展望。這筆 12 億美元交易將以約 9 億美元的 OP 單位（每單位 321.98 美元）及約 3 億美元的加拿大在地債務發行來籌資。

In addition, the seller will have the opportunity to receive $288 million of OP units priced at $375 per unit and two earn-out tranches over the next five years should certain NOI outperformance thresholds be achieved. As mentioned earlier, the $900 million of Canadian equity exposure as part of this transaction, will allow us to finance an equivalent amount of our NSA acquisition and Canadian rates over 100 basis points below the underwritten US levels.

此外，賣方將有機會以每單位 375 美元的價格取得 2.88 億美元的 OP 單位，並在未來五年內，若達成特定 NOI 超額表現門檻，還可獲得兩個分期的績效對價（earn-out）。如先前提到，本交易中約 9 億美元的加拿大股權曝險，將使我們得以為 NSA 收購案中等額部分進行融資，且加拿大利率較我們承作時假設的美國水準低逾 100 個基點。

We look forward to closing this transaction in the third quarter. On the development expansion front, our pipeline has grown to $692 million across 47 projects with stabilized yields targeting 8% and remaining amounts unfunded of $432 million. For our lending business, our platform grew to $173 million outstanding, up $30 million from last quarter at a current rate of approximately 7.6%. And lastly, our third-party management platform welcomed 22 net new properties last quarter bringing our total to over 460 properties. We see a path to continued growth in all four of these key value creation drivers.

我們期待在第三季完成此交易交割。在開發擴張方面，我們的案源管線已成長至 6.92 億美元、共 47 個專案，目標穩定後殖利率為 8%，尚未撥付金額為 4.32 億美元。在放款業務方面，我們的平台未償餘額成長至 1.73 億美元，較上季增加 3,000 萬美元，目前利率約 7.6%。最後，我們的第三方管理平台在上季新增 22 個淨新增物業，使總數超過 460 個物業。我們看見這四項關鍵價值創造驅動因素皆有持續成長的路徑。

Lastly, our balance sheet remains in excellent position from both a metric and liquidity perspective. We have had a very active and beneficial year in the capital markets, with approximately $12 billion of total capital markets activity. We have completed new issuances, created new facilities and programs, placed hedges, opened up a new market in Canada, done multiple OP unit transactions and issued on our ATM program.

最後，我們的資產負債表無論在指標或流動性面向，仍維持極佳狀態。我們今年在資本市場的活動非常積極且成果顯著，總資本市場活動約 120 億美元。我們完成了新的發行、建立新的融資工具與計畫、配置避險、開拓加拿大新市場、進行多筆 OP 單位交易，並透過 ATM 計畫發行。

These actions have strengthened our industry best balance sheet, enhanced our liquidity and financial flexibility and fully funded our accretive external growth. During the quarter and subsequent to quarter end, we announced a total of $5.9 billion of debt capital markets activity, including $1.4 billion in new unsecured issuance, the expansion and extension of our $3 billion revolving line of credit, a newly created $1 billion commercial paper program and a $500 million delayed draw term loan.

這些行動強化了我們業界最佳的資產負債表，提升了流動性與財務彈性，並為具增益性的外部成長提供了完整資金來源。本季期間及季後，我們宣布合計 59 億美元的債務資本市場活動，包括 14 億美元新的無擔保發行、擴大並延長我們 30 億美元的循環信用額度、新設 10 億美元商業本票（commercial paper）計畫，以及 5 億美元延遲撥款的定期貸款。

The $1.4 billion of new unsecured issuance was done at a weighted average effective rate below 5%, which was partially supported by $1 billion 10-year treasury hedge we put in place earlier this year at 4.3% to help both recent and future issuance costs. We've also entered into forward sale agreements under our ATM program for nearly 800,000 shares at a price of $326.32 per share, which is expected to generate nearly $260 million of future net proceeds.

這 14 億美元新的無擔保發行，其加權平均有效利率低於 5%；部分得益於我們今年稍早以 4.3% 建立的 10 億美元、10 年期美國公債避險，以協助降低近期及未來的發行成本。我們也在 ATM 計畫下簽訂遠期出售協議，涉及近 80 萬股、每股價格 326.32 美元，預計將帶來近 2.6 億美元的未來淨募資款。

At quarter end, we had available liquidity of $3.8 billion between our line of credit and cash on hand, plus approximately $600 million of annual free cash flow. Our balance sheet remains one of the strongest in the REIT sector with net debt to EBITDA of 2.9 times, net debt plus preferred equity to EBITDA at 4.2 times, and debt plus preferred equity to enterprise value in the low 20% range. We are one of only two REITs with A and A2 ratings with S&P and Moody's further testament to our balance sheet health.

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 38 億美元，另加上每年約 6 億美元的自由現金流。我們的資產負債表仍是 REIT 產業中最強健之一：淨負債/EBITDA 為 2.9 倍，淨負債加優先股權益/EBITDA 為 4.2 倍，負債加優先股權益/企業價值約在 20% 出頭。我們是僅有的兩家同時獲得 S&P 與穆迪 A 與 A2 評級的 REIT 之一，進一步證明我們資產負債表的健康程度。

In summary, PS Next delivered solid results and an accelerating outlook. Our value creation engine was on full display. We made material enhancements to our fortress balance sheet and continue to execute across all aspects of our business. We are executing today with an eye toward the future and stacking up multiple drivers of absolute and relative per share earnings growth for years to come.

總結而言，PS Next 交出穩健成果，且展望正在加速改善。我們的價值創造引擎充分展現。我們對堅實如堡壘的資產負債表做出實質強化，並持續在業務各面向落實執行。我們以面向未來的視角執行當下工作，並疊加多項驅動因素，為未來多年帶來絕對與相對的每股盈餘成長。

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。謝謝。

(Operator Instructions)

(接線員指示)

Samir Khanal, Bank of America.

美國銀行，Samir Khanal。

I guess, Joe, maybe to start off on the L.A. front. How quickly can you capture the revenue from L.A.? Maybe just walk us through the math for this year and then into next year as we think about the upside.

Joe，我想先從洛杉磯（L.A.）的部分開始。你們能多快把來自 L.A. 的營收抓回來？也許請帶我們走一遍今年的計算方式，以及展望到明年時，我們該如何看待上行空間。

Samir, good to hear from you. So on L.A. and the state of emergency there, we did have that factored into our original guidance as a minus 80 basis point drag. As I mentioned in the prepared remarks, 30 basis points of that 90 basis point revenue increase in our guidance is going to come from L.A. So we are anticipating some ability to start recapturing as of the expiration on July 1 of this year.

Samir，很高興聽到你的聲音。關於 L.A. 以及當地的緊急狀態，我們在原先指引中已將其納入，視為 -80 個基點的拖累。如我在事先準備的發言中提到，我們指引中 90 個基點的營收上修，其中有 30 個基點將來自 L.A.；因此我們預期在今年 7 月 1 日到期後，將有能力開始部分回收。

We are going to take a pretty measured and phased approach to that. It's not the idea to go out there and go all customers, either new or existing and move them back to market rates. But we are going to, over time, start to recapture that. As a reminder, we lost about 70 basis points of same-store revenue growth in '25, another 50 net this year. So that gives you an idea of the demand and supply environment out there, which remains really robust, kind of what we left on the table from the state of emergency and may be able to recapture in the future.

我們會採取相當審慎且分階段的做法。並不是要直接對所有客戶（不論新客或既有客）一口氣調回市場租金水準。但我們會隨時間推進，逐步開始回收。提醒一下，2025 年我們約損失了 70 個基點的同店營收成長，今年淨損失再約 50 個基點。這也讓你了解當地需求與供給環境仍相當強勁；緊急狀態期間我們「留在桌上」的部分，未來可能有機會回收。

Okay. And then I guess my second question is on NSA. You mentioned expansion opportunities that you're finding. And again, I know it's early, but maybe expand on that. And have you identified at this point, any sort of incremental revenue or cost synergies beyond sort of the original underwriting?

了解。那我的第二個問題是關於 NSA。你提到你們正在發現一些擴張機會。我知道現在還早，但能否再多談一些？截至目前，你們是否已辨識出任何超出原先承作假設的增量營收或成本綜效？

Yes, Samir, it's Tom. I'll cover that. I think as it relates to the capital opportunities, I think there's really a couple that we've identified that I'll share today in collaboration with the NSA team over that integration planning period. The first is expansions, as I highlighted. So there's definitely some opportunities for expansions on some of their existing assets.

是的，Samir，我是 Tom。我來說明這部分。我認為就資本機會而言，我們確實辨識出幾項，我今天會在整合規劃期間與 NSA 團隊合作，一併分享。第一項是擴建，如我先前強調的。因此，他們現有部分資產確實有一些擴建機會。

And we're excited about that. The development team is spending time there. Joe and I just green lit an expansion at our most recent investment committee this week. So we're getting moving on those and that value creation will come over the next several years. The second component is more tactical, and this is driven by an ability to spend some R&M dollars and get more units online.

我們對此感到很振奮。開發團隊正在那裡投入時間。Joe 和我本週在最近一次投資委員會上剛核准了一項擴建案。因此我們正開始推進，這些價值創造將在未來幾年逐步實現。第二個部分更偏戰術性，主要是透過投入一些維修與保養（R&M）資金，讓更多單位重新上線。

So we found about 14,000 units and the NSA team pointed those out to us that we can bring back online and which will drive incremental inventory opportunity as we move through the second half here of 2026. The second part of your question related to overall synergy expectations, I'd say our confidence continues to grow. You heard from me just a few moments ago around we were able to get our systems in place overnight. And that enabled us to have, first, visibility in terms of the operating situations and then also gave our teams tools and the unified team moving forward, those tools to start driving the business.

因此我們找到了大約 14,000 個單位，NSA 團隊也向我們指出這些單位，我們可以讓它們重新投入營運，並在 2026 年下半年推進過程中帶來額外的可出租庫存機會。你問題的第二部分是關於整體協同效益的預期，我會說我們的信心持續提升。你剛剛也聽到我提到，我們能在一夜之間把系統就位。這讓我們首先能看清營運狀況，並且也為我們的團隊、以及未來的整合團隊提供工具，開始推動業務。

And so we have confidence both on our top line, bottom line, ancillary and the like from here and we expect to execute on that plan along the same lines of the road map that Joe provided back in March, but have more confidence in terms of the execution on that now that we have the visibility and the teams in place.

因此，從營收端、獲利端、附加收入等各方面，我們都有信心，並預期將依照 Joe 在 3 月提供的路線圖，以相同方向執行該計畫；但現在因為我們已具備可視性且團隊到位，對執行面的信心更高。

Michael Goldsmith, UBS.

Michael Goldsmith，UBS。

One will be more near term, one will be more kind of intermediate and long-term. But maybe on the near term, can you provide an update on July and how that's reflected in your guidance where you expect kind of same-store revenue growth to accelerate slightly through the back half?

一個會比較偏近期，另一個會比較偏中期與長期。但先談近期，能否請你更新一下 7 月的情況，以及這如何反映在你們的指引中——你們預期同店營收成長在下半年會略為加速？

Yes. So I'll take the first piece of that and then the guidance question, Joe can take. We have seen improved core performance as recently highlighted on the call. As we think about move-in rents, for instance, move-in rents are growing 1.6% in the second quarter compared to a decline of 2.4% in the first quarter. Promotions were a little higher in the second quarter, but that was really a function of April and a different promotional strategy in the month of April.

好的。我先回答第一部分，至於指引的問題，Joe 可以補充。我們確實看到核心表現改善，如同剛才在電話會議中提到的。以入住租金（move-in rents）為例，第二季入住租金成長 1.6%，相較第一季下滑 2.4%。第二季促銷幅度稍高，但主要是因為 4 月採取了不同的促銷策略。

But if you look at June, for instance, where we had more consistent promotions year-over-year, move-in rents were up 4% and the strongest month in the quarter. As it relates to July, trends continued, occupancy up about 30 basis points year-over-year. Churn continues to be lower, which was a bright spot in the second quarter and move-in rents, again, positive, maintaining the momentum from June. So I think your follow-on question could be, so what's driving that? And I think it's a combination of several things.

但如果你看 6 月，例如我們的促銷與去年同期更一致時，入住租金上升 4%，也是該季最強的一個月。至於 7 月，趨勢延續，入住率年增約 30 個基點。流失率（churn）持續較低，這是第二季的一個亮點；而入住租金同樣為正，維持 6 月的動能。所以我想你接下來可能會問：那是什麼在驅動？我認為是幾個因素的組合。

One, steady demand from the customer base across the country. Two, reducing supply as we see new competitive supply entering the market slowing down. And then the third is some of the customer experience initiatives that we're really driving. Sentiment is up, as we highlighted, churn continues to be lower, which gives us more pricing power for new customers coming in. And the team in place continues to test and learn and drive the business. In terms of second half, the second part of your question there, Michael, was around expectations for the second half embedded in guidance. I don't know, Joe, do you want to cover that?

第一，全國客群需求穩健。第二，供給在下降，因為我們看到新的競爭供給進入市場的速度正在放緩。第三，是我們正在推動的一些客戶體驗措施。如我們所提到的，客戶情緒指標上升、流失率持續較低，這讓我們對新進客戶有更強的定價能力。而到位的團隊也持續測試、學習並推動業務。至於下半年，你問題的第二部分，Michael，是關於指引中隱含的下半年預期。Joe，你要不要說明一下？

Yes. So for second half trajectory, I think as we've consistently messaged we did expect 2Q to be the low point for the year as we faced kind of the toughest comps from a revenue perspective. And with the increased momentum that Tom was talking about, it does start to show up a little bit in that year-over-year revenue growth number. Obviously, that's a lagged number, it takes in the prior four quarters. But we do expect to go off of that minus 60 bps in 2Q, see that start to get a little bit better in 3Q and then even turned positive in the fourth quarter.

好的。就下半年的走勢而言，我想如同我們一貫傳達的，我們確實預期第二季會是今年的低點，因為從營收角度來看，我們面臨最艱難的比較基期。隨著 Tom 提到的動能提升，這也開始在年增營收成長率上略有反映。當然，那是一個落後指標，會納入前四個季度的影響。但我們確實預期，在第二季年減 60 個基點之後，第三季會開始改善一些，第四季甚至轉為正成長。

So we have a nice trajectory there, but I think it's kind of a critical piece is the outlook beyond that and the earn-in that we're starting to build with some of this recent momentum of ECRIs continuing to contribute, the existing customers staying with us longer obviously, occupancy coming up a little bit, and that's momentum that we're seeing on new move-in rates. So hopefully, it comes through that we're excited about the momentum we're seeing here in the second half and what that holds for the future.

因此我們有一個不錯的改善軌跡，但我認為更關鍵的是其後的展望，以及我們正透過近期動能開始建立的「賺入」（earn-in）：ECRI 持續貢獻、既有客戶明顯停留更久、入住率略有上升，以及我們在新入住價格上看到的動能。所以希望大家能感受到，我們對下半年看到的動能以及其對未來的意涵感到振奮。

Got it. And then as my follow-up here, just as you said, Joe, right, it sounds like near term, you've got a little momentum, things getting a little bit better. But you've done a lot of things that are setting yourself up for the intermediate term with the NSA acquisition, PS Canada, you're acquiring more lease-up, L.A. gets better, you've got development. So it is really the public storage story now that like things are getting a little bit better near term, but you're setting yourselves up for a better 2027 and a big 2028 or some combination of the out years where all of this is going to kind of come together and drive more powerful growth?

了解。那我追問一下，正如你所說，Joe，聽起來短期內你們有一些動能，情況在變得更好。但你們也做了很多事情在為中期做準備：NSA 收購、PS Canada、你們正在收購更多處於租賃爬坡期（lease-up）的資產、洛杉磯（L.A.）市場改善、你們還有開發案。所以現在的 Public Storage 故事是否是：短期略有改善，但你們正在為更好的 2027、以及更強的 2028（或未來幾年某種組合）做準備，屆時這些因素會逐步匯聚並帶動更強勁的成長？

Yes, Michael, I think you covered that actually pretty well. We are building -- putting the building blocks in place. We have more of them in place now than we have in the past, and we'll continue to do that, and we are encouraged by the core trends we're seeing in the business as well.

是的，Michael，我認為你其實概括得很好。我們正在建立——把各個基石放到位。我們現在到位的基石比過去更多，並會持續這麼做；同時，我們也對業務核心趨勢所呈現的狀況感到鼓舞。

Good luck in the back half.

祝下半年順利。

Nicholas Yulico, Scotiabank.

Nicholas Yulico，Scotiabank。

This is Viktor Fediv on with Nick. I have a question on your move-out rate trajectory. So to what extent the 3.5% year-over-year decline was being driven by mix, specifically higher in-place rent and longer tenured customers remaining in storage and therefore, representing a smaller share of move-outs? Or are there also unit size or market level mix shifts affecting the average rate?

我是 Viktor Fediv，代 Nick 提問。我有一個關於你們退租率（move-out rate）走勢的問題。年減 3.5% 在多大程度上是由組合因素所驅動，特別是較高的在租租金（in-place rent）以及租期較長的客戶持續使用倉儲，因此在退租中占比更小？或者，是否也有單位大小或市場層級的組合變化在影響平均退租率？

Yes, I think it's a combination of a couple of things. One, what you just highlighted around longer-term tenants continuing to stay with us, which we are seeing in the portfolio and churn is down, which is helpful, no question. And then the second thing is, that is a lagging indicator of where move-in rents were as well. And so as we move higher here in moving rents, you'd expect to see that decline start to moderate as we move forward from here. But certainly an additive component in the second quarter.

是的，我認為是幾個因素的組合。第一，就是你剛提到的，長期租戶持續留在我們這裡，我們在投資組合中確實看到這點，而流失率下降也很有幫助，毫無疑問。第二，退租率也是入住租金水準的落後指標。因此，隨著我們的入住租金走高，你會預期這個下滑幅度在往後會開始趨於緩和。但第二季確實有這個加分的因素。

Got it. And then as a second question, a follow-up on your NSA integration plan because historically, NSA has been operating with lower churn than PSA. So as you transition the portfolio onto your PS Next platform, do you expect to quickly align NSA with PSA's revenue management approach? Or are there any aspects of NSA pricing strategy that you believe is worth preserving, particularly given differences in customer mix and submarket characteristics?

了解。接著第二個問題，想追問你們的 NSA 整合計畫，因為歷史上 NSA 的流失率一直低於 PSA。因此當你們把該投資組合轉移到 PS Next 平台時，你們是否預期會很快讓 NSA 與 PSA 的營收管理方法對齊？或者，考量客戶組合與次市場特性存在差異，你們是否認為 NSA 的定價策略中有任何值得保留的面向？

Yes. I think there's maybe two components to that question. I think the first is certainly geographically and from a customer base standpoint, there's differences between where churn is. But I think secondly, we are excited to bring those properties into the PS Next operating platform and drive performance. And we think that there's opportunity, but probably first and foremost, around revenue as we think about occupancy as well as rental rate opportunities as we add the properties to our portfolio, rebrand them and drive performance there. And so a combination of both new customer, existing customer and new marketing opportunities all playing a part there.

是的。我想這個問題大概有兩個面向。第一，確實在地理位置以及客戶基礎的角度，不同地區的流失情況存在差異。但第二，我們也很期待把這些物業納入 PS Next 的營運平台並提升表現。我們認為有機會，且可能最重要的是在營收面：當我們把這些物業納入投資組合、重新品牌化並推動表現時，無論是入住率或租金水準都存在提升空間。因此，新客戶、既有客戶以及新的行銷機會將共同發揮作用。

Ronald Kamdem, Morgan Stanley.

Ronald Kamdem，摩根士丹利。

Great. Just taking a step back and trying to get a better sense of just top of the funnel demand and some of the indicators that you guys are looking at, at this point. I think you've talked about sort of the narrative of improving demand. And I was hoping you could provide more commentary on what you're seeing in the portfolio and by market and specifically the slope of that improvement.

很好。我想先退一步，試著更清楚了解目前你們在觀察的漏斗頂端需求，以及一些指標。我想你們談到過需求改善的敘事。我希望你們能就你們在投資組合、各市場看到的情況，特別是改善的斜率（改善速度），提供更多評論。

Sure. On the demand front, I would characterize demand as pretty steady as we move through this year and certainly feels steadier this year than what we experienced last year, which is encouraging. And I think some of the use cases that we've consistently spoken about, be it existing home sales that often comes up on these calls have been pretty consistent on a year-over-year basis, and we're seeing pretty consistent customer use from that use case, but also continued strength from customers that have ran out of space at home, which continues to be a higher proportion and a healthy proportion there.

當然。就需求面而言，我會把需求形容為今年一路走來相當穩定，而且確實感覺比去年更穩，這點令人鼓舞。我們一直提到的一些使用情境，例如既有住宅銷售（在這類電話會議中常被提及），年對年表現相當一致，我們也看到該情境帶來的客戶使用相當穩定；同時，來自「家裡空間不夠」的客戶需求仍然強勁，且占比持續偏高、也維持在健康水準。

So no real things that I would highlight that are new as it relates to use cases or otherwise, but I would say steady demand. The second component of your question is a good one to highlight, which is we have a number of markets, about half the portfolio that continues to perform really quite well.

因此，就使用情境或其他面向而言，沒有什麼我會特別強調是新的，但我會說需求穩定。你問題的第二部分也很值得強調：我們有不少市場，大約占投資組合的一半，仍然表現得非常好。

And I would characterize them as the stronger markets. And I would rattle markets off as I have in the past, like Minneapolis, Chicago, San Francisco, Boston, D.C., they're all growing 3% to 5% same-store revenue growth and seeing good trends there. And at the same time, we have Sunbelt markets that continue to sequentially improve. And those markets have declined from a revenue standpoint over the last several years. We continue to see that this year, given the really difficult comps that they had and the demand that they experienced during '21 and '22, but also the new supply that went to try to match that demand.

我會把它們形容為較強的市場。我可以像過去一樣列舉一些市場，例如明尼阿波利斯、芝加哥、舊金山、波士頓、華盛頓特區，這些市場同店營收成長約 3% 到 5%，趨勢良好。同時，我們也有一些陽光帶（Sunbelt）市場持續呈現逐季改善。這些市場在過去幾年營收面是下滑的。今年我們仍看到這種情況，原因在於它們在 2021 與 2022 年經歷了強勁需求、因此比較基期非常困難，同時也有為了匹配當時需求而新增的供給。

And that new supply is being absorbed, and we're seeing sequential improvements in many of those markets from here. So I'd say encouraging trends across both sets of markets as it relates to the operating fundamentals I spoke to just a few minutes ago. And then you put the L.A. component that Joe spoke to, which will be an additive component to revenue growth as we move really into 2027, which is encouraging.

而這些新增供給正在被吸收，我們也看到許多市場從現在起出現逐季改善。所以我會說，兩類市場在我幾分鐘前提到的營運基本面上，都呈現令人鼓舞的趨勢。此外，再加上 Joe 提到的洛杉磯（L.A.）因素，隨著我們真正進入 2027 年，它將對營收成長帶來額外貢獻，這也令人鼓舞。

Great. And then my second question, just going back to the acquisitions. I was just hoping -- I know there's -- the acquisition team has expanded and you've talked about sort of the focus there. But if you think about just going forward, just can you give us a sense of like what you guys are doing differently than you have in the past to sort of lead to this outcome where you can increase acquisition volumes and presumably at attractive returns?

很好。第二個問題回到收購。我想請教——我知道你們擴編了收購團隊，也談過相關重點。但展望未來，你們能否說明一下，相較過去你們做了哪些不同的事情，讓你們能提高收購量，並且推測能以具吸引力的報酬率完成？

Yes. Thanks, Ron. I think that there's a couple of things that I'd highlight and we've highlighted in the past. One, we have significant capital resources year in and year out, and that gives us an ability to be active and to compound our per share earnings growth opportunity. The second is the operating platform gives us an ability to earn more cash flow from those assets as we put them on the platform.

是的。謝謝你，Ron。我想有幾點值得強調，我們過去也提過。第一，我們年復一年都有相當可觀的資本資源，這讓我們能夠保持活躍，並複利化每股盈餘成長的機會。第二，我們的營運平台讓我們在把資產納入平台後，能從這些資產中創造更多現金流。

So we've been investing in the team as well as tools to drive more activity, more precision, shrinking deal time lines with a real micro market targeting focus, which has resulted in some attractive activity year-to-date. As you highlighted, about $450 million of acquisitions year-to-date, about 70% of that is off-market and a meaningful portion of that is also lease-up. But given the confidence we have in the operating platform, we're not shying away from that, which is additive to future earnings growth from here. On the development side, we did increase the size of the pipeline this quarter. We continue to target micro markets around the country with the national platform and try to maintain or grow that platform, while the rest of the competitive supply dynamics continue to moderate.

因此，我們持續投資於團隊與工具，以推動更多活動、更高精準度，並縮短交易時程，同時聚焦於微型市場（micro market）的標的選擇；這也帶來了今年迄今一些具吸引力的成果。如你所提，今年迄今收購約 4.5 億美元，其中約 70% 為場外（off-market）交易，且其中相當一部分也屬於租賃爬坡期（lease-up）的資產。但基於我們對營運平台的信心，我們不會因此卻步，因為這將為未來的盈餘成長帶來增益。在開發方面，我們本季也提高了管線規模。我們持續透過全國性平台鎖定全美各地的微型市場，並在競爭性供給動態持續趨緩之際，努力維持或擴大該平台。

So a multipronged approach to the capital deployment, and I challenged the team to continue to be active and find those opportunities as we invest in the platform this year, and it's encouraging to see the results year-to-date.

因此，我們在資本部署上採取多管齊下的策略；我也要求團隊在今年投資平台的同時，持續保持積極、尋找這些機會，而看到今年迄今的成果令人鼓舞。

Salil Mehta, Green Street Advisors.

Salil Mehta，Green Street Advisors。

I know you just briefly mentioned this, but I'd just like to quickly touch base on it again. But there was some broader REIT commentary towards the latter half of last year, signaling that markets look in the Sunbelt were reaching an inflection point. But just looking at your disclosures here, I'm seeing Tampa down 10% on NOI, Miami at 3%, Atlanta down 6%. Can you just walk us through what you're seeing in these markets and why are they continuing to lag?

我知道你剛剛簡單提到過，但我想再快速確認一下。去年下半年有一些更廣泛的 REIT 評論指出，陽光帶等市場似乎正到達拐點。但從你們這裡的揭露來看，我看到坦帕 NOI 下滑 10%，邁阿密 3%，亞特蘭大下滑 6%。你們能否說明一下你們在這些市場看到的情況，以及為什麼它們仍然落後？

Yes, sure. I can maybe provide some incremental commentary on certain of that. I think I hit the big picture around some of the tough comps and new supply. I certainly put Tampa in that camp. Tampa also had a benefit several years ago from some storm activity, which led to increased customer demand that we now have been lapping.

好的，當然。我可以就其中某些部分補充一些額外評論。我想我已經談到大方向：比較基期很艱難以及新增供給。我會把坦帕確實歸在這一類。坦帕在幾年前也因為一些風暴活動而受惠，帶動客戶需求增加，而我們現在正處於與那段期間相比的「追平」階段。

But I think big picture, sequentially, we've seen improvement in most of the Sunbelt markets, maybe not in Tampa. And I think that's been driven really over the last 12 months or so, and we expect to continue, but revenues continue to decline. So while there is improvement, it continues to be uneven month-over-month, but the direction is clear. And so as we look at those markets, some of which you highlighted, but I would put some of the Texas markets in that camp, Orlando, Atlanta, Charlotte, for instance, all working through pretty similar characteristics, all seeing sequential improvement in the operating metrics, but we're not expecting those to improve dramatically overnight. That absorption is taking place.

但從大方向來看，我們在多數陽光帶市場都看到逐季改善，可能坦帕例外。我認為這主要是由過去約 12 個月的趨勢所驅動，我們也預期會持續，但營收仍在下滑。所以即便有改善，月對月仍不均勻，但方向很明確。因此當我們看這些市場——包括你提到的幾個——我也會把一些德州市場、奧蘭多、亞特蘭大、夏洛特等放在同一類：它們都在消化相似的特徵，營運指標都呈現逐季改善，但我們不預期它們會在一夜之間大幅好轉。吸收正在發生。

And as we move through the year, we're still expecting as we finish this year that those markets are still in negative territory as we finish '26 and head into '27. But the direction is clear and the sequential improvement is occurring.

而隨著我們走過今年，我們仍預期在今年結束時，這些市場在 2026 年結束、邁向 2027 年時仍會處於負成長區間。但方向很明確，逐季改善正在發生。

Great. And just as another follow-up. You guys achieved a positive move-in rate growth around 1.6%. But can you perhaps highlight if this has led to any changes in terms of your ECRI program?

很好。再追問一點。你們的入住（move-in）比率成長約1.6%，轉為正成長。但你們能否說明，這是否在你們的ECRI計畫方面帶來任何變化？

Yes, it's a good question. I think on the ECRI program, specifically, pretty consistent strategies year-over-year. As move-in rents do move higher, that reduces the replacement cost component of that modeling and optimization, which should lead to stronger ECRI contributions over time. Obviously, 1.6% growth in the quarter is modest growth, but as we see that move higher over time, only additive to the ECRI program.

是的，這是個好問題。我認為就ECRI計畫本身而言，年度之間的策略相當一致。隨著入住租金上升，會降低該模型與最佳化中「重置成本」的組成，這應會隨時間推進帶來更強的ECRI貢獻。當然，本季1.6%的成長屬於溫和成長，但隨著未來逐步走高，只會對ECRI計畫帶來加分。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO資本市場。

Just curious on the acceleration that's assumed in same-store revenue in the back half and turning positive in the fourth quarter. Would that hold that assumption or that guidance were it not for the sunsetting of the L.A. rent restrictions coming off, i.e., if we strip out L.A., would you still expect positive same-store revenue in the fourth quarter?

我想請教一下，你們假設下半年同店營收（same-store revenue）會加速，並在第四季轉正。如果不是因為洛杉磯（L.A.）租金限制到期退場，你們是否仍會維持這個假設或指引？也就是說，如果把L.A.剔除，你們第四季仍預期同店營收為正嗎？

Yes. Juan, it's Joe. It would be pretty close. We do think L.A. with the acceleration there and the easier comps that are now faced and with the revenue momentum that we're seeing right now post July 1, L.A. will get to a positive year-over-year revenue growth potentially in fourth quarter. So it is helpful to the portfolio. So it'd be close, but we do have a big component of the portfolio in those Midwestern and coastal markets that's performing very well and continues to put up 2%, 3% and 4% revenue growth. So you have that. And then we do have a shift in momentum, as Tom talked about in the Sunbelt, where second derivatives is getting better.

會的。Juan，我是Joe。應該會非常接近。我們確實認為，L.A.因為那邊的加速、比較基期變得更容易，以及我們在7月1日之後看到的營收動能，L.A.在第四季有機會達到年增（year-over-year）營收成長轉正。所以這對整體投資組合是有幫助的。因此即使剔除也會很接近，但我們在中西部與沿海市場仍有很大一部分投資組合表現非常好，持續繳出2%、3%、4%的營收成長。所以有這一塊支撐。另外，如Tom提到的，Sunbelt的動能也在轉變，二階導數（second derivatives）正在改善。

You're probably not going to see the Sunbelt as a whole get back to positive in the fourth quarter, but it is definitely moving in the right direction relative to where it's at today. So L.A. is additive to that, but it's not the sole driver of it.

你可能不會看到Sunbelt整體在第四季回到正成長，但相較於目前的狀況，確實正朝正確方向前進。所以L.A.是加分項，但不是唯一的驅動因素。

Great. And then just on the churn point of that coming down and the focus on customer service. I guess, with all the analytics and data you guys are now running and taking advantage of, I guess, what would you highlight as kind of the key things in the customers' mind that is improving that length of stay or limiting churn? Like what has been most effective as you've been more focused on that customer-centric approach?

很好。另外關於流失率（churn）下降以及你們對客戶服務的重視。我想問，隨著你們現在運用並受益於各種分析與數據，你們會強調哪些是客戶最在意、能改善居住/租用期間（length of stay）或降低流失的關鍵因素？在你們更聚焦以客戶為中心的做法後，哪些措施最有效？

Yes. I think there's a few things. One, from a strategic standpoint, that's been a big focus area really for all the teams across the company as we're in a more competitive landscape today. And frankly, customers expect more. If I had to pick one thing as you're highlighting that would be an important driver of that, I would say it's listening to our customers.

是的。我想有幾點。第一，從策略面來看，當我們處在今天更具競爭的環境時，這一直是公司各團隊的重點。坦白說，客戶的期待也更高。如果要我挑一個你所提到、最重要的驅動因素，我會說是傾聽客戶。

And so we've put in new survey programs. We used to get 2,000 to 3,000 surveys a month. We're getting more like 90,000 surveys a month now, and that's clearly going to grow with the NSA portfolio that's coming on. So listening to our customers and getting more of that feedback enables the team to resolve those concerns and provide a better customer experience for the customers at our properties. And the focus is around a reliable customer experience.

因此我們導入了新的調查（survey）計畫。過去我們每月大約收到2,000到3,000份問卷。現在每月大約收到9萬份問卷，而且隨著NSA投資組合納入，這個數字顯然還會增加。因此，傾聽客戶並取得更多回饋，能讓團隊解決這些疑慮，並在我們的物業為客戶提供更好的體驗。而重點在於提供一致且可靠的客戶體驗。

And when there are issues that come up, we can seek to resolve them faster this year than we did last year and hopefully even more so moving forward with some of the tools that we're putting in place and the like. So I would say that it's probably listening to our customers more, and we're seeing that benefit play out in customer sentiment scores within those surveys.

當問題出現時，我們今年能比去年更快地解決，並希望在未來透過我們正在導入的一些工具等，進一步加快。所以我會說，主要是更常、更深入地傾聽客戶，而我們也看到這個效益反映在這些問卷中的客戶情緒/滿意度分數上。

Ravi Vaidya, Mizuho.

Ravi Vaidya，瑞穗（Mizuho）。

Can you discuss the decision to raise equity here? You have ample leverage capacity over $600 million in free cash flow. Why raise now? And how do you think about your various capital sources?

你們能談談這次決定發行股權（raise equity）的原因嗎？你們有充足的槓桿空間，以及超過6億美元的自由現金流。為什麼現在要募資？你們如何看待各種資金來源？

Ravi, so we're definitely fortunate in terms of the various capital sources between the excess free cash flow that we consistently talk about, the balance sheet capacity, having the best credit rating in the space and the ability to borrow at relatively low cost. We looked at ATM as just another arrow in that quiver in terms of the ability to keep that flywheel going.

Ravi，我們在各種資金來源方面確實很幸運，包括我們一直提到的超額自由現金流、資產負債表的承載能力、同業中最佳的信用評等，以及以相對低成本借款的能力。我們把ATM（隨市發行）視為工具箱中的另一支箭，用來維持這個飛輪持續運轉。

If you think about the costs that we're raising at combined with leverage, we're about a 5% cost of capital. If you look at where we're deploying while we're deploying into more lease-up assets, which have a yield below that and slightly dilutive near term, we're going to grow those up to the high 6s, low 7s over time as they stabilize. As you think about that relative to a cost of equity, we're putting on the board over 100 basis points of incremental spread and therefore, compounding that earnings per share profile.

如果你把我們募資成本再加上槓桿一起看，我們的資金成本大約是5%。再看我們資金的投放方向：我們正投向更多仍在出租爬坡期（lease-up）的資產，這些資產的收益率低於該水準，短期會略為稀釋（slightly dilutive），但隨著時間推進、資產穩定後，我們會把它們提升到高6%到低7%的水準。相對於股權成本來看，我們在董事會層面看到超過100個基點的額外利差，因此能夠推動每股盈餘（EPS）輪廓的複利成長。

So we thought it made sense in terms of the cost. It was in moderation in terms of the sizing, but we did have an identified use in terms of the acquisition momentum as well as increased development lending that we're seeing.

所以我們認為就成本而言是合理的。在規模上也相對克制，但我們確實有明確的用途，包括併購動能，以及我們看到的開發貸款（development lending）增加。

Got it. That's very helpful color. Just one more here. I wanted to follow-up again on the move-in rates first quarter since 3Q '22 that they turned positive. Were there any particular markets that drove this? And maybe what are some of the markets that are -- we're still seeing some difficulty with pricing power?

了解。這些補充很有幫助。我再問最後一個。我想再追問入住租金（move-in rates）：這是自2022年第三季以來首次在第一季轉正。是否有特定市場帶動？另外，哪些市場在定價能力上仍然比較吃力？

Yes, I wouldn't highlight one particular market. I'd say a lot of the core improvement that we're speaking to, and you've heard it from both myself and Joe today has been more broad-based and encouraging. But in terms of stronger markets on move-in rate growth, I would highlight Los Angeles, San Francisco, both healthy, Philadelphia, Boston, Minneapolis, a lot of the markets that we highlighted that we characterize in that coastal and Midwest characterization really leading the way with healthy move-in rate growth.

是的，我不會特別點名單一市場。我會說，我們談到的許多核心改善——你今天也從我和Joe那裡聽到——是更廣泛、也更令人鼓舞的。但就入住租金成長較強的市場而言，我會點出洛杉磯、舊金山，兩者都很健康；以及費城、波士頓、明尼阿波利斯等。我們提到的許多市場，屬於我們所稱的沿海與中西部類別，確實以健康的入住租金成長領先。

And then some of the Sunbelt markets that continue to be in negative place year-over-year as they work through some of the new supply that's been delivered there. So while that absorption is taking place, that does put some pressure on move-in rents. And while the sequential improvement is there, in many cases, they're still down year-over-year at this point.

至於部分Sunbelt市場，因為正在消化當地已交付的新供給，年增仍為負。因此在吸納（absorption）進行的同時，會對入住租金造成一些壓力。雖然環比改善存在，但在許多情況下，截至目前仍是年減。

Brad Heffern, RBC Capital Markets.

Brad Heffern，RBC資本市場。

On L.A., I'm wondering how you think about the extent to which the lack of ECRIs distorted the market. Presumably, tenants stayed longer and occupancy was higher because of the lack of ECRI. So do you think we'll see a period of elevated turnover that potentially offset some of the benefit of the ECRIs coming back? Or is that not meaningful in your mind?

關於L.A.，我想了解你們如何看待缺乏ECRI在多大程度上扭曲了市場。推測因為沒有ECRI，租戶停留更久、入住率更高。所以你們認為，當ECRI回歸後，是否會出現一段周轉率（turnover）偏高的期間，可能抵銷部分ECRI回來的好處？或者在你們看來這並不重要？

I would say on net, being able to charge market rents is a positive to overall revenue. But you are going to see a little bit of a shift as you'd anticipate with a little bit more rate growth and a little bit less occupancy growth. And so occupancy remains very healthy in L.A. We're not expecting a material shift there. But as we've seen when prior state of emergencies have rolled off, you're likely to see a little bit of an occupancy give up. And the flip side is you'll get more rate and a more balanced growth profile between rate and occupancy.

我會說，整體而言，能夠收取市場租金對整體營收是正面的。但如你所預期，隨著租金成長稍微加快、入住率成長稍微放緩，你會看到一些小幅度的轉變。因此，洛杉磯的入住率仍然非常健康，我們不預期那裡會出現實質性的變化。但正如我們在先前各州緊急狀態解除後所看到的，你很可能會看到入住率略有回落。而另一方面，你會獲得更高的租金，並在租金與入住率之間形成更均衡的成長輪廓。

Okay. Got it. And then, Joe, on the guidance, you called out the $0.02 of benefit from the deals. I think that's really attributable to PS Canada. So I was just wondering, is there any net impact on the guide specifically from NSA being added? I know the original guidance was for it to be neutral, but just checking if anything has changed there.

好的。了解。接著，Joe，關於財測指引，你提到交易帶來每股0.02美元的利多。我想那主要是歸因於PS Canada。所以我想問的是，NSA被納入後，對指引是否有任何淨影響？我知道原先的指引是中性，但想確認一下是否有任何變化。

Yes. Brad, no change on that front. So the original communications in terms of core performance related to both NSA and PS Canada was that they would be neutral to the earnings profile this year. Obviously, we expect a pretty material lift in go-forward years. And as Tom talked about, conviction on that front has only increased with the opportunities that we see in front of us.

是的。Brad，在這方面沒有變化。因此，最初就NSA與PS Canada的核心表現所做的溝通是：它們今年對獲利輪廓將是中性的。當然，我們預期在往後年度會有相當顯著的提升。而且如Tom所說，基於我們眼前看到的機會，我們在這方面的信心只增不減。

So the only adjustment we made relative to the two transactions is that $0.02 for the back half of the year. That's really because we financed NSA and underwrote NSA in USD financing. And with the investment in PS Canada, we have $900 million of OP units that we can put in net investment hedge against to hedge against that equity exposure.

所以，相較於這兩筆交易，我們唯一做的調整就是下半年那0.02美元。這主要是因為我們為NSA融資，並以美元融資來承作NSA的承銷假設。而在PS Canada的投資上，我們有9億美元的OP單位，可以用來做淨投資避險，以對沖那部分股權曝險。

And so we're going to be able to swap upon close some of that NSA debt into Canadian financing at 100 basis points better rate. So that will pick up on a run rate basis, maybe $0.04 or $0.05 going forward. So at this time, that's the only change related to two transactions given we're only one week into NSA and still haven't closed PS Canada.

因此，在交割時我們將能把部分NSA債務換成加拿大融資，利率可改善100個基點。所以以經常性（run rate）來看，往後可能會增加約0.04或0.05美元。所以目前，鑑於我們才剛完成NSA一週、而PS Canada也尚未交割，與這兩筆交易相關的變化就只有這一項。

Michael Griffin, Evercore.

Michael Griffin，Evercore。

Maybe just on the same-store expense guide for the year. I think the revised midpoint implies about 3.5% growth in the back half of the year. And Joe, I know you walked through some of the puts and takes with some of the line items, particularly as it relates to property taxes in the second quarter. But anything else we should just be cognizant of? Are there rollout expenses associated with PS Next that might flow through and pressure expenses in the near term? Or how should we think about that?

也許就年度同店費用指引來問。我想修正後的中位數意味著下半年約3.5%的成長。Joe，我知道你已經說明了一些各項目之間的增減因素，特別是與第二季的房產稅相關。但還有沒有其他我們需要留意的？是否有與PS Next推行相關的費用，可能會在短期內流入並推升費用？或者我們應該如何看待這件事？

Yes. So a couple of things to highlight there. Number one, just from a broader context, going up to 2.5% expense growth, still sub-inflationary is a really good outcome for the team, especially after coming off 2% last year. So overall, a couple of really good years of expense containment as you've seen out of the team in the past. In terms of the increase that we're seeing plus or minus 35 basis points there on the guidance, that's really driven by both the labor side within direct expenses as well as the labor piece in indirect, all of which is related to incentive compensation.

是的。這裡有幾點想強調。第一，從更宏觀的角度來看，把費用成長提高到2.5%，仍低於通膨，對團隊而言是非常好的成果，尤其是在去年2%之後。所以整體而言，正如你過去看到的，團隊在費用控管上連續幾年都有很好的表現。至於指引中上下約35個基點的增加，主要是由直接費用中的人力面，以及間接費用中的人力部分所驅動，而這些都與獎勵性薪酬有關。

If you recall back in February when we rolled out PS4.0, there was a big focus on alignment throughout the organization and putting additional incentives on the table down to our property managers all the way up through the organization. And so 2Q reflected some of that with increased costs. So we're just flowing that through the rest of the year. That's really the only driver that we're seeing differently. And then I'll say just on cadence, 3Q is probably our toughest expense comp for the year. So in terms of that mid-3s back half number, you'll see 3Q come in a little bit higher and then revert lower in the fourth quarter.

如果你還記得二月我們推出PS4.0時，重點之一是全組織的對齊，並把更多激勵措施往下延伸，從物業經理一路到整個組織的各層級。因此，第二季反映了其中一部分，成本有所增加。所以我們只是把這個影響延續到今年剩餘期間。這基本上是我們目前看到唯一不同的驅動因素。另外就節奏而言，第三季可能是今年費用同比最具挑戰的一季。因此，就下半年約3%中段的數字來看，你會看到第三季略高一些，然後在第四季回落。

That's certainly some helpful context. And then maybe just one more on the acquisition opportunity set. Obviously, you've got the PS Canada deal to close in the third quarter this year. I know you guys have looked at other markets internationally. I think Australia is one that comes to mind.

這確實是很有幫助的背景說明。再問一個關於收購機會集合（opportunity set）。很明顯，你們今年第三季要完成PS Canada這筆交易的交割。我知道你們也看過其他海外市場。我想到的一個是澳洲。

I mean how do you view expansion and acquisition opportunities internationally versus domestically? I mean it feels like Canada has a more favorable supply picture. I'd imagine you'd want to bolster that deal, close it before you continue to expand there. But just can you talk a little bit about the opportunity set between both international and domestic acquisition opportunities?

也就是說，你們如何看待海外相較於國內的擴張與收購機會？感覺加拿大的供給面更有利。我想你們會希望先強化並完成那筆交易交割，再繼續在那裡擴張。但你能否談談海外與國內收購機會之間的機會集合？

Sure. I think that there's a few things I'd highlight there. One is the US market continues to be the deepest pool of opportunity and the deepest storage market, no question globally. And it's one where we have a tremendous operating platform in place.

當然。我想這裡有幾點我會特別提出。第一，美國市場毫無疑問仍是全球最深的機會池，也是最深的倉儲市場。而且在那裡我們已建立非常強大的營運平台。

And so that's going to always be really the bread and butter of where our team spends its time from a capital allocation standpoint. That said, there are some really interesting international markets. And you highlighted Australia. Obviously, we have acted on Canada. And we view those markets as both attractive from a fundamental standpoint, as you highlight, but also as expanding the pie for capital allocation going forward.

因此，從資本配置的角度來看，這將永遠是我們團隊投入時間的核心與主力。話雖如此，確實也有一些非常有趣的海外市場。你提到了澳洲。顯然，我們已在加拿大採取行動。我們認為這些市場不僅如你所說在基本面上具吸引力，也能在未來擴大我們可進行資本配置的版圖。

So we're adding Toronto and Vancouver and other Canadian markets to markets that we can think about acquiring and building in over time. And you noted Australia, we feel similarly around Sydney and Melbourne and Brisbane down in Australia. And we're consistently looking for platforms in those markets where we can both buy an existing portfolio and look to drive operating performance as well as expanding capital allocation opportunities. Canada certainly fits that bill, and we're excited about adding that platform to the business here as we move through the second half.

因此，我們把多倫多、溫哥華以及其他加拿大市場，納入未來可逐步思考收購與開發的市場範圍。你也提到澳洲，我們對澳洲的雪梨、墨爾本與布里斯本也有類似看法。我們持續在這些市場尋找平台，讓我們既能收購既有投資組合、提升營運表現，也能擴大資本配置機會。加拿大完全符合這些條件，我們也很期待在下半年推進之際，把這個平台納入我們的業務版圖。

Caitlin Burrows, Goldman Sachs.

Caitlin Burrows，高盛。

Just one from me. I guess you mentioned a few times that demand has been steady, but you also mentioned earlier some confidence in demand growth as millennials and Gen Z age into the core range for storage use. So could you talk about this a bit more and when we could see demand actually pick up? I guess, have you started to see it from this group? And do you have any stats on maybe average age of your customer?

我這邊只有一個問題。我想你提過幾次需求一直很穩定，但你先前也提到，隨著千禧世代與Z世代年齡進入倉儲使用的核心區間，你們對需求成長更有信心。所以你能否多談一些，以及我們何時可能看到需求實際回升？也就是說，你們是否已開始從這個族群看到相關跡象？以及你們是否有任何統計，例如客戶的平均年齡？

Yes, sure. That's a great question. So as I noted earlier, and you just repeated that we are encouraged by what we're seeing. Millennials are our largest cohort of customers today and they're using storage with a higher propensity than prior generations at the same age and Gen Z is following suit. So we're really encouraged by that activity as they age into our core usage years.

是的，當然。這是個很好的問題。如我先前提到、而你也重述的，我們對目前看到的情況感到鼓舞。千禧世代目前是我們最大的客群，而且在相同年齡層下，他們使用倉儲的傾向高於前幾代；Z世代也正跟上這個趨勢。因此，隨著他們進入我們的核心使用年齡區間，我們對這樣的活動表現感到非常振奮。

And that's a tailwind that we view from a demand standpoint over the next 10 to 15 years and one that we're excited about from a demand profile across the country. And it also informs how we think about our customer experience and how we're leaning into digital and AI-focused customer experience in addition to a strong on-store experience.

而這是一股順風，我們從需求面來看，未來10到15年都將受惠；就全國性的需求輪廓而言，這也是我們感到振奮的一點。同時，這也影響我們如何思考客戶體驗，以及在強大的門市端體驗之外，我們如何加大投入以數位與AI為核心的客戶體驗。

In terms of when we're going to see it, I think we're seeing it today and you look at some of the fundamentals, I highlighted that certainly over the last several years, we've been working through stabilization. I think that I would consider where we are now towards the latter end of stabilization and into recovery as we see these leading operating metrics turn more positive. It's been an uneven recovery, but the direction is certainly clear.

至於何時會看到這些變化，我認為我們今天就已經看到了；你看看一些基本面，我先前也強調，過去幾年我們一直在推進穩定化。我認為我們目前已接近穩定化的後段，並隨著這些領先的營運指標轉為更正向而進入復甦。這是一段不均衡的復甦，但方向無疑是清楚的。

And if you look at occupancy moving forward, higher year-over-year, move-in rents higher year-over-year. And as Joe mentioned, that's the first time we've seen both of those in positive territory since 2021. So that's encouraging, and I think demonstrates the fact that we are seeing steady demand as we continue to move forward here through 2026.

如果你看未來的入住率，年增為正；新入住租金也年增為正。而如Joe所提，這是自2021年以來我們首次看到這兩項同時落在正向區間。因此這令人鼓舞，我認為也證明了，隨著我們持續推進至2026年，我們正看到穩健的需求。

Brendan Lynch, Barclays.

Brendan Lynch，Barclays。

Just a few questions on your past commentary from the call today. Tom, you mentioned that you've got participation in your surveys up to 90,000 from just a few thousand a couple of years ago. I'd imagine this is really valuable data. So curious how you're incentivizing that participation to get such a high rate of responses?

針對你們今天電話會議中先前的一些評論，我有幾個問題。Tom，你提到你們的調查參與人數已從幾年前的幾千人提升到9萬人。我想這是非常有價值的資料。因此我很好奇，你們是如何激勵大家參與，才能取得這麼高的回覆率？

Yes. Actually, the answer is we're not incentivizing that on the ground. We get a lot of customer visits kind of over time at the property and a portion of those customers are happy to share their points of view. And I think the shift is we've enabled more opportunities for them to share that feedback, and we're listening and responding to that. And that's happening at the property manager, the district manager level with more of a customer focus. And the reaction from the customer base has been strong, and you can see that in some of the numbers that we highlighted today. But I think it's more of a different approach than it is a change in incentives.

是的。其實答案是：我們並沒有在第一線提供參與獎勵。隨著時間推移，我們在物業端會有大量客戶到訪，其中一部分客戶樂於分享他們的觀點。我認為改變在於，我們提供了更多讓他們分享回饋的機會，而我們也在傾聽並回應。這在物業經理、區域經理層級都在發生，並且更以客戶為中心。客戶群的反應很強烈，你也可以從我們今天強調的一些數字中看到。但我認為這更像是方法的不同，而不是激勵措施的改變。

Okay. Very good. And then, Joe, you mentioned savings in payroll from your machine learning-based staffing models. What does that entail? What changed? And what is the magnitude of the difference?

好的。非常好。接著，Joe，你提到透過以機器學習為基礎的人力配置模型，在薪資成本上有節省。這具體包含哪些內容？有哪些改變？差異的幅度有多大？

Yes. So that's been in process now for three or four years in terms of really studying the dynamics of each and every property, understanding the customer, the traffic flows, the attributes of each asset, the risk factors, the seasonality, student components, et cetera, and really knowing exactly what do we need to do from a staffing perspective. So if you look start to finish and finish is still out there in the future, but start to today, we're down over 30%-plus from an hours perspective. At the same time, we're giving individuals in the field a more fulfilling job and increasing pay associated with that role. So it's not just about cutting the cost.

是的。這項工作已進行了三到四年，主要是深入研究每一個物業的動態，了解客戶、來客流量、各資產的屬性、風險因子、季節性、學生族群因素等等，並真正掌握從人力配置角度來看我們到底需要做什麼。所以如果你看從開始到現在——而「完成」其實仍在未來——就工時角度而言，我們已下降超過30%以上。同時，我們也讓第一線同仁的工作更有成就感，並提高與該職務相關的薪酬。所以這不只是削減成本。

It's just simply cutting hours and giving better responsibilities and capabilities to the field to manage those properties. In terms of this year, you can see we're down about 1.8% in the quarter, 1.2% for the year. We would have actually expected that to be down a little bit more. So the offset then comes in from what I mentioned earlier in terms of putting new incentives in place. But we do expect there to be more to come in the future as we continue to find ways to be more efficient, while continuing to deliver great customer service to our customers.

而是單純減少工時，並賦予第一線更好的職責與能力來管理這些物業。就今年而言，你可以看到本季約下降1.8%，全年約下降1.2%。我們原本其實預期會再多降一些。因此抵銷因素來自我先前提到的：我們導入了新的獎勵機制。但我們確實預期未來還會有更多空間，因為我們會持續尋找提高效率的方法，同時也持續為客戶提供優質的客戶服務。

Todd Thomas, KeyBanc Capital Markets.

Todd Thomas，KeyBanc Capital Markets。

I wanted to ask about the increase in deal flow that you're seeing for some recently developed assets that might have lower initial yields. How big of an opportunity do you see this being for the company just in light of the amount of development volume across the industry over the last few years? And is there a threshold on how much lease-up or development product the company is willing to add? I guess, how are you balancing the near-term dilution versus the longer-term growth opportunity in those assets?

我想詢問你們看到一些近期開發完成、初期收益率可能較低的資產，其交易案源（deal flow）增加的情況。考量過去幾年整個產業的開發量，你認為這對公司而言會是多大的機會？公司願意新增多少仍在出租爬坡期（lease-up）或開發型產品，有沒有一個門檻？也就是說，你們如何在這些資產的短期稀釋與長期成長機會之間取得平衡？

Yes, Todd, it's Tom. I think as we look at the opportunity set, it is between both assets that have been in place and are highly occupied as well as lease-up assets. As I noted earlier, we're looking at targeting those micro markets where we want to add products where we think demand and supply dynamics are going to be favorable and will be strengthening the portfolio. And in many instances, those can be lease-up opportunities. And those lease-up opportunities are ones that if the team identifies them and we use some of the new data tools and the like, and we find them attractive, we've got a lot of confidence in terms of our operating ability to drive lease-up and operating performance from those assets once they're on our platform.

是的，Todd，我是Tom。我認為就我們所看到的機會集合而言，涵蓋了既有且入住率很高的資產，也包括仍在出租爬坡期的資產。如我先前提到的，我們鎖定的是那些微型市場（micro markets）：我們希望在那裡增加產品，因為我們認為需求與供給的動態將會有利，並能強化投資組合。而在許多情況下，這些可能就是出租爬坡期的機會。對於這些出租爬坡期的機會，只要團隊辨識出來，並運用一些新的資料工具等，且我們認為具吸引力，我們對自身的營運能力很有信心：一旦納入我們的平台，就能推動出租爬坡與該等資產的營運表現。

And so we don't shy away from that operational execution that's required from those assets. And you're highlighting the near-term dilution associated with it. But the flip side is, Joe just mentioned, higher returns over time. And so with that confidence in lease-up at the micro market level, we're very comfortable with that near-term dilution for longer-term earnings growth. That's a component of what we've done year-to-date, and we'll look to continue to be active on that over time alongside more highly occupied properties that are a good fit for the portfolio.

因此，我們不會迴避這些資產所需要的營運執行。你提到其短期稀釋的問題。但另一方面，正如Joe剛提到的，隨時間推移會帶來更高的報酬。因此，基於我們在微型市場層級推動出租爬坡的信心，我們對以短期稀釋換取長期獲利成長感到非常自在。這也是我們今年迄今所做的一部分；未來我們也會持續在這方面保持積極，同時也會併行評估入住率更高、且適合投資組合的物業。

Okay. That's helpful. And then, Tom, you talked about the effort to grow both the lending platform and third-party management. Can you speak to the opportunity there to accelerate those parts of the business in the future? What are the long-term goals? And should we expect a more rapid acceleration in those businesses in the near term or expect sort of a more steady growth or more gradual ramp in those segments of the business?

好的。這很有幫助。接著，Tom，你談到要同時擴大放貸平台與第三方管理業務的努力。你能談談未來加速這些業務的機會嗎？長期目標是什麼？我們是否應預期短期內這些業務會更快速加速，或是較為穩健成長、在這些業務區塊呈現較為漸進的爬坡？

Todd, it's Joe. So while we have not put out public goals in terms of what we are trying to attain in terms of size of development book, size of lending book or size of third-party management, your comment that we do see accelerated growth coming out of all three of those in the near term is 100% factual. We think we have the ability to add value in all three of those avenues, similar to what we've done historically with the acquisition pipeline. So lending-wise, we saw a little bit of incremental lending take place there in the second quarter. We expect that to continue to probably accelerate through the rest of the year.

Todd，我是Joe。雖然我們尚未對外公布我們希望達成的目標，例如開發業務規模、放貸業務規模或第三方管理規模，但你提到我們確實看到這三個面向在短期內將出現加速成長，這100%是事實。我們認為在這三條路徑上都有能力創造價值，類似於我們過去在收購管線上所做的。就放貸而言，我們在第二季看到一些增量放貸發生。我們預期這將持續，並可能在今年剩餘時間加速。

And again, that has some different attributes there that provide value. There's obviously the rate and return upfront. But as I mentioned earlier, the ability to put our third-party management platform on there, which is a benefit to ourselves as well as that owner and obviously increases the security of that lending that we do. We have access to tenant insurance through that lending platform. And then we get access to some of the assets where we bought, I believe, over 30 assets out of that platform over time.

而且再次強調，這裡面有一些不同的特性可以帶來價值。顯然有前端的利率與報酬。但如我先前提到的，我們也能把第三方管理平台導入其中，這對我們與該業主都有好處，並且顯然提高我們所做放貸的安全性。我們也能透過該放貸平台取得租戶保險。此外，我們也能接觸到一些資產；我相信我們長期以來已從該平台收購了超過30項資產。

And so lending provides a whole slew of different opportunities. Same thing to say about third-party management. We're growing off a relatively low base, but the momentum in that team is fantastic. We've added a number of resources there from a business development and client service perspective. And I think we're really seeing the market react to the benefits of partnering with Public Storage and what we can do for assets on our platform. And so seeing some good momentum there, which we would expect that to drive additional profitability in the future as well.

因此，放款業務提供了一整套不同的機會。第三方管理也是同樣的道理。我們是在相對較低的基期上成長，但該團隊的動能非常出色。我們已從業務開發與客戶服務的角度增添了多項資源。我認為我們確實看到市場對於與 Public Storage 合作的好處，以及我們能為平台上的資產帶來什麼，正在做出反應。因此那邊出現了一些不錯的動能，我們也預期這將在未來帶動額外的獲利能力。

Eric Wolfe, Citi.

Eric Wolfe，花旗。

I think Nick was going to ask the question, but I'll just jump in. I guess for NSA, I understand that you're guiding towards sort of core FFO neutral for the rest of the year. But I guess, are there specific like operating or financial goals that you're trying to achieve over the next one to two quarters? I'm just trying to understand if there are certain things that we should look out for going into the back half of the year to measure success, whether that's increased occupancy, margins moving up, expenses moving lower? Just some specifics around what would success look like for the back half of the year.

我想 Nick 原本要問這個問題，但我就直接接著問。我想就 NSA 而言，我理解你們對今年剩餘期間的指引大致是核心 FFO 持平。但我想問的是，接下來一到兩個季度，你們是否有特定的營運或財務目標想要達成？我只是想了解，在今年下半年，我們應該留意哪些事項來衡量成功，例如入住率提升、利潤率上升、費用下降？請提供一些更具體的指標：今年下半年成功會是什麼樣子？

Yes. I think there's a few things. So the first thing I would say is we were focused on a solid start to the integration. And certainly, you're hearing that from us today and unifying the teams as we operate from here. And then Joe gave you a pretty good road map as we look at '27 and into '28 when we announced this in March.

是的。我想有幾件事。首先我要說的是，我們專注於整合工作的良好開局。而且你今天也確實聽到我們這麼說，並且在接下來的營運中把團隊整合一致。另外，Joe 在我們今年三月宣布這件事時，也已就我們展望 2027 年並延伸到 2028 年提供了一個相當清楚的路線圖。

And it's a combination of, yes, expenses probably you see earlier, but then you start to see tenant insurance show up. And then revenue is probably the longest tail, but the biggest opportunity as we move from here. We are going to take really a micro market-focused strategy as it relates to the pricing opportunity from here. So you're not going to see us necessarily focus on occupancy over rate from a national standpoint, but that will be more driven by what we're seeing in the local market as we view it as a pretty balanced opportunity between taking a portfolio that's circa 85% occupied today and moving higher with occupancy, but also wanting to capture that rate piece. And depending on the submarket that it's in, the opportunities are vary there.

這是多項因素的組合：是的，費用可能會較早看到成效，但接著你會開始看到租戶保險的貢獻浮現。而營收可能是最長的尾端，但也是我們往前走時最大的機會。就定價機會而言，我們將採取真正以微型市場為核心的策略。因此，你不會看到我們在全國層面上必然以「入住率優先於價格」為重點；相反地，會更多由我們在當地市場看到的情況來驅動。我們把它視為一個相當平衡的機會：一方面把目前約 85% 入住率的投資組合提升到更高入住率，另一方面也希望掌握租金價格的提升。而依其所在的次級市場不同，機會也會有所差異。

So for instance, there's lots of great NSA properties that we're looking at that have occupancy well over 90% today. So the opportunity there is around how do we drive rate and look at expense opportunities over time at that property to drive NOI. The flip side is there's some properties that have lower occupancy. And so clearly, we need to lift those higher, but it will be more on a property-by-property micro market basis, not an overarching strategy. And I think maybe the last thing I'd highlight here is something we highlighted at the call in March, which is the portfolio is really complementary to ours.

例如，我們正在看的許多優質 NSA 物件，目前入住率已遠高於 90%。因此那邊的機會在於：我們如何推動租金價格，並隨時間在該物件上尋找費用面的機會，以提升 NOI。反過來說，也有一些物件的入住率較低。因此很明顯，我們需要把那些拉升上來，但會以逐一物件、逐一微型市場為基礎，而不是一個總體性的策略。我想最後要強調的是我們在三月那通電話中提到的一點：這個投資組合與我們的投資組合其實高度互補。

And so there's the ability to add new geographies and new submarkets into what we're operating. And that gives us more degrees of freedom as we think about operating in those new marketplaces with those properties.

因此，我們有能力把新的地理區域與新的次級市場納入我們的營運版圖。這也讓我們在思考如何在這些新市場、以這些物件進行營運時，擁有更多的彈性與操作空間。

Mike Mueller, JPMorgan.

Mike Mueller，摩根大通。

I guess going back to the move-in rates being up 1.6% in 2Q and increasing to 4% in June. Was more of that improvement into June driven by kind of what's going on this year as opposed to what was happening with the comp last year?

我想回到入住租金（move-in rates）在第二季上升 1.6%，並在六月加速到 4% 這件事。這個改善更多是由今年的狀況所驅動，還是更多是因為去年同期比較基期（comp）的影響？

Yes. I mean the comps are certainly a component of this as you look at any given year, but I wouldn't highlight anything particularly in June. And as I noted, we used a pretty similar pricing and promotion strategy in this June compared to last June. So nothing comp related that I would highlight. And obviously, I'm highlighting that it's continued into July as well.

是的。我的意思是，當你看任何一年時，去年同期比較基期當然是其中一個因素，但我不會特別強調六月有什麼特別之處。而且如我所提到的，我們今年六月採用的定價與促銷策略，與去年六月相當類似。所以沒有什麼我會特別點出的、與比較基期相關的因素。而且很明顯地，我也強調這個趨勢在七月仍在延續。

But it doesn't mean that every month is going to be a consistent trend. One of the things we've seen over the last several years is that you do have some better months and some softer months that plays into comps as well as current year performance. I think the confidence that you're hearing from us is that the overall direction is headed there, but it doesn't mean that every month is going to be a step change move consistently.

但這不代表每個月都會呈現一致的趨勢。過去幾年我們看到的一點是：確實會有一些月份表現較好、一些月份較疲弱，這會同時影響比較基期以及當年度的表現。我想你從我們這裡聽到的信心在於整體方向正朝那個方向前進，但不代表每個月都會持續、穩定地出現階梯式的改善。

Got it. Okay. And I know you talked about acquisitions quite a bit, but are you seeing any significant opportunities in Canada already?

了解。好。我知道你們談了很多關於收購，但你們是否已經在加拿大看到任何顯著的機會？

We're just getting to a place where we're going to be putting the closing touches here on that portfolio, and we're excited to work with the team to do that. And as we do that, we'll certainly look at capital allocation opportunities alongside it. But the first focus is the integration efforts and building the team there to drive that performance over time. But you'll start to hear from us around international opportunities in Canada. I'm certain of that over the next several years.

我們正逐步走到一個階段，將對那個投資組合完成最後的收尾工作，我們也很期待與團隊一起完成這件事。在此同時，我們當然也會一併評估資本配置的機會。但首要重點仍是整合工作，以及在當地建立團隊，以隨時間推動績效表現。不過，接下來幾年你會開始聽到我們談到在加拿大的國際機會。我對此很有把握。

We have reached the end of the question-and-answer session. I would now like to turn the call back over to Tom Boyle for closing comments.

我們已到達問答環節的結束。現在我想把電話交回給 Tom Boyle 作結語。

Great. Thanks, Rob, and thanks, everybody, for joining today. Michael characterized it pretty well. We've got a combination of core leading indicators operationally that we're encouraged by as we move through '26. And we're putting the building blocks in place and have more of them in place today than we have in the past. And so we're looking forward to providing updates to this group as that execution takes place. Thanks very much for joining.

很好。謝謝你，Rob，也謝謝各位今天加入。Michael 的描述相當到位。隨著我們走過 2026 年，我們在營運面看到一系列核心領先指標的組合，讓我們感到鼓舞。我們正在把各項基礎建設到位，而且今天到位的比過去更多。因此，隨著執行落地，我們也期待向各位提供最新進展。非常感謝各位參與。

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

今天的電話會議到此結束。您現在可以掛斷電話線，並感謝您的參與。