SmartStop Self Storage REIT Inc (SMA) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Colby, and I'll be your conference operator today. At this time, I would like to welcome you to the SmartStop Self Storage REIT third quarter earnings call. (Operator Instructions) I would now like to turn the call over to David Corak. Please go ahead.

女士們、先生們，感謝你們的耐心等待。我叫科爾比，今天我將擔任你們的會議接線生。現在，我謹代表 SmartStop Self Storage REIT 宣布第三季財報，歡迎各位參加。（操作員指示）現在我想把電話轉給大衛·科拉克。請繼續。

Thank you, operator. Before we begin, I would like to remind everyone that certain statements made during today's call, including statements about our future plans, prospects, and expectations, may be considered forward-looking statements within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act.

謝謝接線生。在開始之前，我想提醒大家，今天電話會議中所做的某些陳述，包括關於我們未來計劃、前景和預期的陳述，可能被視為《私人證券訴訟改革法案》安全港條款意義上的前瞻性陳述。

These forward-looking statements are subject to numerous risks and uncertainties, as described in our filings with the Securities and Exchange Commission, and these risks could cause our actual results to differ materially from those expressed in or implied by our comments.

這些前瞻性聲明受到許多風險和不確定性的影響，正如我們在提交給美國證券交易委員會的文件中所述，這些風險可能導致我們的實際結果與我們在評論中明示或暗示的結果有重大差異。

Forward-looking statements in our earnings release that we issued last night, along with the comments on this call, are made only as of today. The company assumes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise. In addition, we will also refer to certain non-GAAP financial measures.

我們在昨晚發布的獲利報告中所作的前瞻性陳述，以及本次電話會議中的評論，僅代表截至今日的觀點。本公司不承擔因新資訊、未來事件或其他原因而更新任何前瞻性聲明的義務。此外，我們也會參考一些非GAAP財務指標。

Information regarding our use of these measures and the reconciliation of these measures to GAAP measures can be found in our earnings release and supplemental disclosure that were issued last night and are available for download on our website at investors.smartstopselfstorage.com.

有關我們使用這些措施以及這些措施與 GAAP 措施的調節的信息，請參閱我們昨晚發布的盈利報告和補充披露文件，這些文件可在我們的網站 investors.smartstopselfstorage.com 上下載。

In addition to myself, today we have H. Michael Schwartz, founder, chairman, and CEO, as well as James Barry, our CFO. Now, I'll turn it over to Michael.

除了我之外，今天我們還有創辦人、董事長兼執行長 H. Michael Schwartz，以及財務長 James Barry。現在，我把麥克風交給麥可。

Thank you, David, and thank you for joining us today for our third-quarter earnings call to discuss our first full quarter as a New York Stock Exchange-listed company. I'll start with some introductory remarks on SmartStop, the Argus transaction, and the industry before I hand it over to James to discuss the quarter.

謝謝大衛，也謝謝您今天參加我們的第三季財報電話會議，討論我們作為紐約證券交易所上市公司的第一個完整季度業績。我先就 SmartStop、Argus 交易和行業情況做一些介紹性說明，然後再把發言權交給 James，讓他來討論本季的情況。

After that, we'll open it up to Q&A with James, David, and myself. Before we dive into the high-level remarks, a few highlights of our third-quarter results. We posted a strong third quarter with sector-leading same-store revenue growth of 2.5% and average occupancy of 92.6%, both largely in line with our expectations. We reported FFO as adjusted per share of $0.47, which was about $0.02 below our expectations for the quarter.

之後，我們將進行問答環節，詹姆斯、大衛和我都會參與。在深入探討高層觀點之前，先來看看我們第三季業績的幾個亮點。我們第三季業績強勁，同店營收成長2.5%，平均入住率達到92.6%，均處於業界領先水平，這兩項指標都基本符合我們的預期。我們公佈的經調整後的每股FFO為0.47美元，比我們對該季度的預期低了約0.02美元。

This was entirely driven by two events that we noted in last night's earnings release: an unexpected vacate of our only notable industrial tenant and the recognition of a one-time equity-based compensation expense related to performance units issued in 2023. James will elaborate on these items later in the call.

這完全是由我們在昨晚的收益報告中提到的兩件事造成的：我們唯一重要的工業租戶意外搬離，以及確認與 2023 年發行的業績單位相關的一次性股權激勵費用。詹姆斯稍後將在通話中詳細說明這些內容。

With these pieces in mind and our Q3 strong operating results, we maintained the midpoint of our full year 2025 FFO as adjusted per share guidance. We had another robust quarter, both in terms of performance and activity.

考慮到這些因素以及我們第三季強勁的經營業績，我們維持了 2025 年全年經調整後每股 FFO 指引的中位數。本季業績及業務活動均表現強勁。

First, we opportunistically returned to the Canadian maple bond market, raising CAD200 million at a 3.89% coupon, this time with a five-year maturity. During the quarter, we acquired approximately $86 million of Class A storage properties on balance sheet in both the US and Canada. We also acquired one property subsequent to the quarter end for $15.3 million.

首先，我們抓住機會重返加拿大楓糖債券市場，以 3.89% 的票面利率籌集了 2 億加元，這次的期限為五年。本季度，我們在美國和加拿大的資產負債表上收購了價值約 8,600 萬美元的 A 級倉儲資產。季度末之後，我們還以 1530 萬美元的價格收購了一處房產。

These on-balance sheet acquisitions are primarily Class A properties located in top markets, consistent with our communicated acquisition strategy. We also increased our loans and preferred investments to the managed REITs by approximately $20 million.

這些資產負債表內的收購主要集中在頂級市場的甲級物業，這與我們已公佈的收購策略一致。我們還增加了對受管理房地產投資信託基金的貸款和優先投資約 2000 萬美元。

Between these loans and our on-balance sheet acquisitions, we deployed about $106 million of accretive capital during the quarter. Additionally, we are proud of SmartStop's inclusion as a member of the MSCI US REIT Index, more commonly known as the RMZ.

本季度，我們透過這些貸款和資產負債表內的收購，投入了約 1.06 億美元的增值資本。此外，我們為 SmartStop 被納入 MSCI 美國 REIT 指數（更廣為人知的名稱是 RMZ）而感到自豪。

Lastly, but certainly not least, we entered into a contribution agreement with Argus Professional Storage Management. Needless to say, it was another very active quarter. Before turning to the industry, I just want to spend a minute on the Argus transaction, which we closed on October 1, 2025.

最後，但同樣重要的是，我們與 Argus 專業儲存管理公司簽訂了出資協議。毋庸置疑，這又是一個非常繁忙的季度。在談到產業之前，我只想花一分鐘時間談談我們在 2025 年 10 月 1 日完成的 Argus 交易。

Since the IPO roadshow, we have been communicating to the street that we intended to enter the third-party management business and were actively exploring either developing a platform of our own or acquiring an existing pure-play platform.

自IPO路演以來，我們一直在向外界傳達我們打算進入第三方管理業務的訊息，並且正在積極探索是開發我們自己的平台還是收購現有的純粹平台。

After thoroughly studying the merits of both paths, we decided that if we could find the right partner, the latter would be the most beneficial to our shareholders. We've known the principals of Argus for almost two decades and have the utmost respect for what they've built.

在仔細研究了兩種方案的優劣之後，我們認為，如果能找到合適的合作夥伴，後一種方案對我們的股東來說將是最有利的。我們認識 Argus 的負責人已經近二十年了，我們對他們所取得的成就無比敬佩。

So we had tremendous confidence that we'd identified the right partner: one with a robust third-party management platform, a top-notch team of professionals, strong relationships across the United States, and a managed portfolio that strongly overlapped with ours. With approximately 230 stores under management across 26 states, Argus was the second-largest independent third-party storage manager in the US.

因此，我們非常有信心找到了合適的合作夥伴：一個擁有強大的第三方管理平台、一流的專業團隊、在美國各地擁有強大的關係網絡，以及與我們高度重合的管理投資組合的合作夥伴。Argus 在 26 個州管理約 230 家門市，是美國第二大獨立第三方倉儲管理公司。

Together, we now operate more than 460 self-storage properties in North America, nearly doubling our store count and increasing our overall owned and managed net rental square feet to over 35 million. This deal immediately jump-starts our third-party management strategy in a creative manner rather than a dilutive and lengthy process of developing one ourselves.

目前，我們在北美共同經營 460 多個自助倉儲物業，門市數量幾乎翻了一番，自有和管理的淨租賃面積總計超過 3,500 萬平方英尺。這項交易立即以一種富有創意的方式啟動了我們的第三方管理策略，而不是透過我們自己制定策略的漫長而稀釋成本的過程。

A few highlights of the deal. Given the size of the managed portfolio, this essentially doubles our data sets, enabling better revenue management across both existing and new geographies. We get immediate property clustering in 12 current SmartStop markets, which in time should lead to margin expansion for both managed and owned properties.

此次交易的幾個亮點。鑑於所管理投資組合的規模，這實際上使我們的數據集翻了一番，從而能夠在現有和新的地區更好地進行收入管理。我們目前在 SmartStop 的 12 個市場中實現了物業集群化，隨著時間的推移，這將導致託管物業和自有物業的利潤率擴大。

This provides SmartStop with direct access to a captive pipeline of potential acquisition targets, including off-market deals. It also opens the door to bridge lending to current or potential owners, which is something that no other independent third-party manager can provide.

這使得 SmartStop 可以直接接觸到大量潛在收購目標，包括非公開交易。它還為現有或潛在業主提供過渡性貸款，這是其他任何獨立第三方管理機構都無法提供的。

And lastly, this deal paves the way for SmartStop to expand third-party management in Canada, a vastly underserved management market. As for an update, as of today, we have not experienced any attrition or indications of attrition beyond what we had already known in our underwriting.

最後，這項交易為 SmartStop 在加拿大拓展第三方管理業務鋪平了道路，而加拿大的管理市場服務嚴重不足。至於最新情況，截至今日，除我們核保部門已知的情況外，我們沒有遇到任何人員流失或人員流失的跡象。

The integration is going very well, and we've had no turnover of Argus employees. Finally, I'll note that we've closed our first lending opportunity with a $4.8 million preferred investment related to a five-property portfolio that just onboarded onto our platform last week.

整合進展非常順利，Argus員工沒有任何人員流失。最後，我要指出，我們已經完成了第一筆貸款交易，這是一筆 480 萬美元的優先投資，涉及一個上週剛加入我們平台的五處房產組合。

Turning to the industry, on the operations front, we continue to believe that 2025 will be an incrementally better year than 2024, but not as strong as a more normalized year in storage. Accordingly, we saw a more normalized rental season as compared to the past two years, but again, still not quite a typical rental season.

就產業營運而言，我們仍然認為 2025 年將比 2024 年略好一些，但不如倉儲業更正常化的年份那麼強勁。因此，與過去兩年相比，我們看到租賃季更加正常化，但仍然不是典型的租賃季。

The recovery in storage is happening, but the choppiness in customer demand continues. During the quarter, we saw a healthy July and August to close out busy season, but a weaker-than-anticipated September.

儲存需求正在復甦，但客戶需求的波動性仍然存在。本季度，7 月和 8 月業績良好，為旺季畫上了圓滿的句號，但 9 月業績低於預期。

Industry move-in rates continue to stabilize but are still negative year-over-year, though significantly less negative than the previous two years. However, our strategy is working. Website visits are up significantly, reservations remain strong, and the third quarter we posted the highest-ever lead conversion statistics in our company's history.

產業搬遷率持續趨於穩定，但年比仍為負值，不過比前兩年負值幅度明顯小。然而，我們的策略奏效了。網站流量大幅成長，預訂量依然強勁，第三季我們取得了公司史上最高的潛在客戶轉換率。

We also posted the highest hit rate on tenant protection in our company's history. Our customers' health remains strong. Delinquencies remain at below-average levels and, in fact, are down year-over-year. 25% of our new rentals utilize our SmartPay feature for payment, and nearly 50,000 customers have downloaded our mobile app. ECRIs remain healthy without any change in attrition.

我們也創下了公司歷史上租戶保護的最高命中率。我們客戶的健康狀況依然良好。拖欠率仍低於平均水平，實際上比去年同期有所下降。 25% 的新租賃訂單使用我們的 SmartPay 功能進行支付，近 5 萬名客戶已下載我們的行動應用程式。ECRI 維持健康狀態，人員流失率沒有改變。

Customers citing their rental rates as a reason for leaving our properties is down year-over-year on our exit surveys. With our year-to-date results through busy season paired with an improved supply picture, we remain optimistic on the sector's slow and steady recovery, creating momentum as we head into 2026.

根據我們的離店調查，以租金過高為由而搬離我們房產的客戶數量同比下降。憑藉今年迄今在旺季取得的業績，以及供應情況的改善，我們對該行業緩慢而穩定的復甦保持樂觀，這將為我們邁向 2026 年創造動力。

I do want to quickly touch on the retail shareholder lockup expiration. On October 1, our six month post-lockup of our existing retail shareholders expired. Over the course of the next two weeks, as expected, we saw elevated volume and volatility in our stock price.

我想簡單談談零售股東禁售期到期的問題。10 月 1 日，我們現有零售股東的六個月鎖定期結束。接下來的兩週，正如預期的那樣，我們的股票交易量和價格波動性都顯著增加。

Since then, both volume and volatility have normalized. While we aren't able to calculate the exact turnover of our retail shareholder base, we want to once again thank our retail shareholders who have been such an important part of SmartStop.

此後，交易量和波動性均已恢復正常。雖然我們無法計算零售股東的確切換手率，但我們想再次感謝我們的零售股東，他們一直是 SmartStop 的重要組成部分。

Taking a step back, we have accomplished a tremendous amount in a short period of time as a publicly traded company. We believe we're off to a strong start and are executing on the story that we laid out on our IPO roadshow in March.

回顧過去，作為一家上市公司，我們在短時間內取得了巨大的成就。我們相信我們已經取得了強勁的開局，並且正在執行我們在3月份IPO路演中闡述的故事。

2025 will certainly be known as a transformational year for SmartStop. We had a successful IPO raising $931.5 million in some of the most difficult capital markets and tariff concerns, a.k.a. Liberation Day. We raised $700 million in maple bonds at a sub-4% rate.

2025年必將成為SmartStop的改變之年。我們在資本市場和關稅問題最為嚴峻的時期（也就是所謂的「解放日」）成功進行了首次公開募股，籌集了 9.315 億美元。我們以低於 4% 的利率發行了 7 億美元的楓樹債券。

We had more than $500 million in accretive acquisitions over the past 12 months, including the acquisition of Argus Professional Storage Management. Sector-leading same-store revenue growth, even with the backdrop of the single largest self-storage supply wave in our sector's history, and expected strong FFO growth that should further accelerate in the fourth quarter.

在過去的 12 個月裡，我們進行了超過 5 億美元的加值收購，其中包括收購 Argus Professional Storage Management。即使在我們行業歷史上規模最大的自助倉儲供應浪潮的背景下，同店收入仍實現了行業領先的增長，預計第四季度 FFO 也將強勁增長，並有望進一步加速。

Without a doubt, we're in a choppy self-storage market with volatile capital markets and plenty of uncertainty in the broader economic environment. However, through all this choppiness, SmartStop's accomplishments over the past seven months have positioned this company to achieve solid forward growth and take advantage of the better days ahead in self-storage.

毫無疑問，我們正處於一個動盪的自助倉儲市場，資本市場波動不定，更廣泛的經濟環境也存在著許多不確定性。然而，儘管經歷了種種波折，SmartStop 在過去七個月裡取得的成就使該公司能夠實現穩健的未來成長，並抓住自助倉儲行業未來更好的發展機會。

We are a small-cap company with a large-cap platform built for continued growth in the US and Canada. With that, I'll turn it over to James to discuss the quarter.

我們是一家市值較小的公司，但擁有一個大型平台，旨在為在美國和加拿大的持續成長做好準備。接下來，我將把發言權交給詹姆斯，讓他來討論本季的情況。

Thank you, Michael. Starting with our operating performance, we are pleased to report that our same-store pool posted year-over-year revenue growth of 2.5%, with operating expense growth of 4.5%, leading to an NOI increase of 1.5%. These were all in line with our expectations.

謝謝你，麥可。首先來看我們的經營業績，我們很高興地報告，我們的同店銷售額年增 2.5%，營運支出成長 4.5%，淨營業收入成長 1.5%。這些都符合我們的預期。

The FX impact from our 13 Canadian same-store assets was a headwind of approximately 10 basis points to our overall same-store pool, as we posted constant currency revenue growth of 2.6%, expense growth of 4.6%, and NOI growth of 1.6%.

由於我們 13 家加拿大同店資產的匯率影響，我們的整體同店銷售額出現了約 10 個基點的逆風，以固定匯率計算，我們的收入增長了 2.6%，支出增長了 4.6%，淨營業收入增長了 1.6%。

Revenue growth was in line for the third quarter, and we accomplished best-in-class same-store revenue growth utilizing less concessions and limited marketing dollars, while maintaining strong occupancy of over 92%.

第三季營收成長符合預期，我們在減少特許經營和有限行銷支出的情況下，實現了同店營收成長，同時維持了超過 92% 的強勁入住率。

On the operating expense front, property taxes were up 4.8%, and marketing expense was up only 1.8%. We saw muted or negative expense growth in payroll, utilities, professional, and administrative expenses. Notably, our property insurance was down 4.5% this quarter as we finally started to see pressure alleviate in that market.

在營運支出方面，房產稅上漲了 4.8%，而行銷支出僅上漲了 1.8%。我們看到薪資、水電費、專業服務費和行政管理費的成長較為緩慢甚至出現負成長。值得注意的是，本季我們的財產保險業務下降了 4.5%，因為我們終於開始看到該市場的壓力有所緩解。

The result was that same-store operating expenses were up 4.5% year-over-year. Our same-store pool ended the quarter at 92.4% occupancy, up 10 basis points year-over-year, while average occupancy was 92.6%, up 40 basis points year-over-year. Our web rates were down about 3.9% year-over-year for the third quarter, while our achieved move-in rates were down 8.5% on average as the stabilization of the rate environment slowly but surely continues.

結果顯示，同店營運費用較去年同期成長 4.5%。本季末，我們的同店入住率達 92.4%，年增 10 個基點；平均入住率為 92.6%，較去年同期成長 40 個基點。第三季度，我們的網路房價年減約 3.9%，而實際入住率平均下降 8.5%，房價環境的穩定正在緩慢但穩定地持續進行。

As we moved into October, we put a strong emphasis on maintaining occupancy headed into slow season. In doing so, we actually grew our average and ending occupancy over September by about 10 basis points. October ended occupancy at 92.5%, up 20 basis points year-over-year.

進入十月後，我們非常重視在淡季來臨前保持入住率。這樣一來，我們9月份的平均入住率和期末入住率實際上提高了約10個基點。10 月入住率為 92.5%，年增 20 個基點。

In-place rates were up 50 basis points year-over-year and flat versus September, and we are positive on a year-over-year basis for rentals in the month of October by 9%. On the external growth front, we acquired six properties for $83 million and a piece of land within a joint venture for $1 million during the quarter, leading to full year acquisitions of $318 million through the end of September.

現有利率年增 50 個基點，與 9 月持平，我們預計 10 月租金將年增 9%。在外部成長方面，本季我們以 8,300 萬美元收購了六處房產，並以 100 萬美元的價格透過合資企業收購了一塊土地，截至 9 月底，全年收購總額達到 3.18 億美元。

Subsequent to quarter end, we acquired Argus as well as one property in the Orlando MSA for $15.3 million. I'll note that as of September 30, we have acquired nearly $500 million on balance sheet over the last 12 months.

季度末之後，我們以 1530 萬美元的價格收購了 Argus 以及奧蘭多都會區的房產。需要指出的是，截至 9 月 30 日，在過去 12 個月裡，我們的資產負債表上增加了近 5 億美元。

Turning to the managed REIT platform, our three managed REIT funds, inclusive of 1031 eligible DST programs, ended the quarter with assets under management of $972 million. We recognize gross fees of $3.6 million, and the managed REITs have a combined portfolio of 48 operating properties and approximately 4 million net rentable sq ft at quarter end.

再來看管理型 REIT 平台，我們的三支管理型 REIT 基金（包括 1031 個符合資格的 DST 專案）在本季末的管理資產規模為 9.72 億美元。我們確認的總費用為 360 萬美元，截至季末，所管理的 REITs 共有 48 處營運物業，淨可出租面積約為 400 萬平方英尺。

We also increased our loans and preferred investments to the managed REITs by approximately $20 million, all of which happened in September. As a result, we recognize interest income of $1.5 million during the quarter.

9 月份，我們還增加了受管 REIT 的貸款和優先投資約 2,000 萬美元。因此，本季我們確認利息收入為 150 萬美元。

The DST programs continue to successfully raise equity, and we are excited that SST10 has closed its first property subsequent to quarter end as that program gets up and running. The result of all of this is that for the third quarter of 2025, we posted fully diluted FFO as adjusted per share and unit of $0.47. As Michael mentioned, this was a few cents below our expectations driven by two main items.

DST 專案繼續成功籌集資金，我們很高興 SST10 在季度末之後完成了其第一個房產交易，該專案也已步入正軌。綜上所述，2025年第三季度，我們公佈的經調整後的完全稀釋後每股及每單位FFO為0.47美元。正如邁克爾所提到的，這比我們的預期低了幾美分，主要原因有兩個。

First, we recorded an approximate $825,000 expense due to performance-based equity compensation in G&A from the expectation that legacy performance units issued in 2023 will vest at 200% of target. These units were tied to same-store operating performance relative to our peer group.

首先，由於預期 2023 年發行的遺留績效單位將按目標的 200% 歸屬，我們在 G&A 中記錄了約 825,000 美元的績效股權激勵費用。這些單位與同店經營績效相對於同業的績效掛鉤。

The midpoint of our previous guidance for G&A expenses issued in August 2025 did not contemplate the recognition of this expense on the midpoint for the full year 2025. The impact of this expense to our FFO as adjusted per share and OP unit outstanding is about a penny and a half for the full year 2025.

我們先前於 2025 年 8 月發布的 G&A 費用指引的中點並未考慮在 2025 年全年中點確認該項費用。這項支出對我們 2025 年全年經調整後的每股 FFO 和已發行 OP 單位的影響約為 1.5 便士。

Second, during the quarter, a tenant renting industrial space at one of our non-same-store properties unexpectedly defaulted on their lease and vacated the space. This tenant accounted for approximately $730,000 of annual NOI.

第二，本季度，我們非同店物業中的一家工業空間的租戶意外違約，搬離了該空間。該租戶每年貢獻約 73 萬美元的淨營業收入。

We believe the impact to our FFO as adjusted per share to be just under a penny for the full year 2025. We are in the process of finding a replacement tenant while simultaneously evaluating a redevelopment of that space into traditional self-storage.

我們認為，2025 年全年調整後每股 FFO 的影響將略低於 1 便士。我們正在尋找新的租戶，同時也評估將該空間改建為傳統自助倉儲的可能性。

And just to preempt the question, this was our only industrial space in the owned portfolio. Even in the face of those two items, the third quarter was a much cleaner quarter from a transaction standpoint as compared to the second quarter.

先說明一下，這是我們自有資產組合中唯一的工業地產。即使考慮到這兩個因素，從交易角度來看，第三季也比第二季乾淨得多。

There are a few more moving pieces to keep in mind headed into the fourth quarter on the capital side. These include the September maple bond, which was completed on September 26, the coupon step-down of our US private placement, which occurred on October 1, and the refinance of our joint venture-level debt, which was completed last week.

進入第四季度，資本方面還有一些需要注意的變動因素。其中包括 9 月 26 日完成的 9 月楓葉債券、10 月 1 日進行的美國私募債券票息遞減，以及上週完成的合資企業級債務再融資。

Looking out to the remainder of 2025, we updated our guidance for the full year last night. We are now expecting same-store revenue growth in the 1.9% to 2.3% range, with operating expense growth in the 4.0% to 4.4% range, resulting in NOI growth of 0.9% to 1.1%.

展望 2025 年剩餘時間，我們昨晚更新了全年業績指引。我們現在預計同店營收成長在 1.9% 至 2.3% 之間，營運費用成長在 4.0% 至 4.4% 之間，從而導致淨營業收入成長 0.9% 至 1.1%。

The other moving pieces, as compared to our previous guidance, were as follows: better than expected execution on the Canadian maple bond, better than expected managed REIT EBITDA, higher G&A primarily driven by the previously mentioned performance units, reduction of our same-store NOI guidance by 10 basis points at the midpoint, and a reduction to our non-same-store NOI due to the aforementioned industrial tenant. We also narrowed our acquisitions guidance to $365 million to $385 million.

與我們先前的指導相比，其他變動因素如下：加拿大楓糖債券的執行情況好於預期，管理型 REIT EBITDA 好於預期，G&A 增加主要由前面提到的業績單位推動，同店 NOI 指導值中點下調 10 個基點，以及由於上述工業租戶，非同店 NOI 有所下降。我們也將收購預期規模縮小至 3.65 億美元至 3.85 億美元。

The result of all of these updates is that we are tightening our FFO as adjusted per share range to $1.87 to $1.91 for the full year 2025. Lastly, turning to the balance sheet, in September, we priced our second maple bond, raising CAD200 million or approximately USD144 million, the notes have a five-year maturity and bearer coupon of 3.888%.

所有這些更新的結果就是，我們將 2025 年全年經調整後的每股 FFO 範圍收窄至 1.87 美元至 1.91 美元。最後，我們來看看資產負債表。 9 月份，我們發行了第二筆楓葉債券，籌集了 2 億加元，約 1.44 億美元。該債券期限為五年，票面利率為 3.888%。

We were extremely pleased with this execution, which, coming off the back of our June offering, was multiple times oversubscribed. In October, we closed on a CAD160 million term loan within our SmartCentres joint ventures, of which we are 50% owners.

我們對此次發行非常滿意，繼六月的發行之後，此次發行獲得了數倍超額認購。10 月份，我們完成了一筆 1.6 億加元的定期貸款，這筆貸款屬於我們在 SmartCentres 合資企業中的股份，我們持有該合資企業 50% 的股份。

The loan is a five-year term and bears a fixed interest rate of 3.87%. We used the proceeds to pay off all the existing JV level debt, which had a weighted average cost of 5.7%. The joint venture was also able to raise excess proceeds of approximately CAD27 million as a result of this refinance.

貸款期限為五年，固定利率為3.87%。我們利用所得款項償還了所有現有的合資企業債務，其加權平均成本為 5.7%。透過此次再融資，合資企業也籌集了約 2,700 萬加元的超額資金。

With the maple bond and the JV level debt issued in October, we have fully hedged our Canadian FX exposure from a cash flow standpoint naturally. Additionally, over 99% of our outstanding debt was fixed as of quarter end and pro forma for the JV refinance.

憑藉 10 月發行的楓葉債券和合資企業級別的債務，我們自然而然地從現金流的角度完全對沖了我們的加元外匯風險敞口。此外，截至季度末，我們超過 99% 的未償債務已根據合資企業再融資情況進行了調整。

While our work on the balance sheet is continuous, we are very happy with the transformation of the debt stack that we've been able to accomplish since April. And with that, operator, we will open it up to questions.

雖然我們對資產負債表的調整工作仍在繼續，但我們對自 4 月以來所取得的債務結構轉型成果感到非常滿意。操作員，接下來我們將開始接受提問。

(Operator Instructions) Todd Thomas, KeyBanc Capital Markets.

（操作員說明）托德·托馬斯，KeyBanc Capital Markets。

Yeah, hi, thanks. James, I wanted to ask about acquisitions. You touched on investments that you've completed. I think it was over the last 12 months, targeting $375 million this calendar year. How are you thinking about acquisitions from here with a view into 2026? Do you pause given sort of some of the volatility in capital costs and with leverage in the high fives, or do you stay. Do you maintain this pace moving ahead?

嗨，謝謝。詹姆斯，我想問收購方面的問題。您提到了您已經完成的投資項目。我認為是在過去 12 個月裡，目標是在今年達到 3.75 億美元。展望2026年，您如何考慮目前的收購計畫？考慮到資本成本的波動性和高達 5 倍的槓桿率，你是選擇暫停還是繼續持有？你打算保持這個速度繼續前進嗎？

Hey, Todd, it's Corak. I'll start and then hand it over to the rest of the team here. What we've said from the get-go is that we've got this target leverage range in the 5 to 6 time range, and we intend to stay in there. Obviously, there's going to be periods where we are below it, as we were right after the IPO, and there's going to be periods that we opportunistically look to take that up a little bit.

嘿，托德，我是科拉克。我先開始，然後交給團隊其他成員。我們從一開始就說過，我們的目標槓桿範圍是 5 到 6 倍的時間範圍，我們打算保持在這個範圍內。顯然，有些時候我們的股價會低於目標價，就像IPO之後；也有些時候，我們會把握機會，爭取把股價稍微提振一些。

We do want to maintain that as our target range on a go-forward basis. When you think about the pace of acquisitions, right, this year, $375 million is the midpoint of the range, which entails just over 10% growth of the asset base overall. We'd love to be able to grow the portfolio by 10% or more in a given year.

我們希望在未來繼續保持這一目標範圍。如果你考慮一下收購的速度，那麼今年的收購額為 3.75 億美元，這是該範圍的中點，這意味著資產基礎整體成長略高於 10%。我們希望能夠在一年內實現投資組合 10% 或以上的成長。

Realistically, when you just do the math. If we wanted to do that next year, that would require some common equity to help keep us in that target leverage range. And so what we've said from the beginning is we're not going to go out and issue common equity at a 6.5% cap to go buy 5.5% cap assets on a go-forward basis. The math just doesn't make sense to us. I think what I would say is when we look out, we're going to be really prudent with how we deploy capital and be opportunistic on a go-forward basis.

實際上，只要你算算就知道了。如果我們明年想做到這一點，就需要一些普通股來幫助我們保持在目標槓桿範圍內。因此，我們從一開始就說過，我們不會發行上限為 6.5% 的普通股，然後去購買上限為 5.5% 的資產。我們實在無法理解其中的數學原理。我認為，展望未來，我們將非常謹慎地部署資本，並在未來抓住機會。

And Todd, this is Michael Schwartz. I would add also is that as many are aware, we've had some significant structural changes to our balance sheet, which we're starting to see kind of that kind of flow through with respect to kind of our FFO for the third quarter, moving in potentially the fourth quarter, and then 2026.

托德，這位是邁克爾·施瓦茨。我還想補充一點，正如許多人所知，我們的資產負債表發生了一些重大的結構性變化，我們開始看到這種變化對我們的第三季度 FFO 產生了影響，並可能在第四季度以及 2026 年繼續顯現。

And so as we look at our levers of growth, clearly, external growth is one that we'd like to capitalize on. But we obviously need to be careful where we're trading. But we do have other levers of growth. We do have our same-store pool.

因此，當我們審視自身的成長槓桿時，很顯然，外在成長是我們希望利用的槓桿之一。但我們顯然需要謹慎選擇交易地點。但我們還有其他成長動力。我們店內設有游泳池。

We do have our non-same-store pool. We have our joint venture pool. And we have our third-party management platform with Argus, which obviously we're spending a lot of attention. And last but not least, we do have our managed REIT platform, which we think will add some additional contribution as we move forward. And then finally, at this point, we do not have a joint venture partner. At some point in the future, we will have a joint venture partner, and we think that, that will create additional lever for growth.

我們確實有自己的非同店購物池。我們有合資資金池。我們也有與 Argus 合作的第三方管理平台，顯然我們對此投入了大量精力。最後，我們還有我們管理的 REIT 平台，我們認為隨著我們不斷前進，它將做出一些額外的貢獻。最後，目前我們還沒有合資夥伴。在未來的某個時候，我們將有一個合資夥伴，我們認為這將為成長創造額外的槓桿。

Just to frame one more thing, Michael mentioned the acquisition of Argus, which obviously closed subsequent to quarter end. And some of the consideration there was in the form of equity for tax planning purposes, actually, that transaction should bring down our leverage on a net basis when you roll from 9/30 to 10/1 just from that transaction alone.

最後補充一點，邁克爾提到了對 Argus 的收購，這筆交易顯然是在季度末之後完成的。其中一些考慮因素是以股權形式存在的，用於稅務規劃。實際上，僅憑這筆交易，從 9 月 30 日滾動到 10 月 1 日，我們的淨槓桿率就會下降。

Okay, that's helpful. One or two on Argus, actually. First, can you talk about the integration of that platform, the timeline for SmartStop to fully integrate leasing, revenue management, financial reporting, whatever else?

好的，這很有幫助。實際上，Argus 上有一兩個。首先，您能否談談該平台的整合情況，SmartStop全面整合租賃、收益管理、財務報告等功能的時間表？

And Michael, you talked about the scale benefits that you might expect to achieve in some of the overlapping markets. Any early update or insights on that and sort of the timeline to begin to see some of those benefits?

邁克爾，你談到了在一些重疊市場中可能實現的規模經濟。關於這方面是否有任何早期進展或見解，以及大概何時才能開始看到一些好處？

Todd, thank you. The good news here is that with the acquisition of Argus, there's not this integration within SmartStop, okay? And so let me step back. When we decided to acquire Argus, we spent a lot of time understanding what Argus had built.

托德，謝謝你。好消息是，隨著 Argus 的收購，SmartStop 內部並沒有進行這種整合，好嗎？所以，讓我退後一步。當我們決定收購 Argus 時，我們花了很多時間了解 Argus 已經建立了什麼。

They had built this entrepreneurial third-party management platform that was developed for entrepreneurial self-storage owners that were fiercely independent. And so some want full service, but some actually want to stay in the overall aggregate operations.

他們打造了這個面向創業型第三方管理平台，專為那些極具獨立精神的自助倉儲業主而開發。因此，有些人想要全方位服務，但有些人實際上只想參與整體的聚合業務。

And so we recognize that we have to respect the entrepreneurial owners within that. And so what our strategy has been, and we've been making this clear, is that we want to provide the services that these owners want. And so what we stepped back and said, how do we do that?

因此，我們認識到必須尊重其中的企業家所有者。因此，我們的策略一直是，而且我們已經明確表示，那就是我們希望提供這些業主想要的服務。於是我們退後一步，思考：我們該如何做到這一點？

Well, one, we didn't think it was prudent to go in there and say to these owners that you now all have to be pushed onto the SmartStop platform. That's not very entrepreneurial whatsoever. And being an entrepreneur, I'm very sensitive to that.

首先，我們認為貿然告訴這些車主，你們現在都必須使用 SmartStop 平台，是不明智的。這完全沒有創業精神。作為一名創業者，我對這一點非常敏感。

And so we put together a menu, a menu of options that gives us a differentiated experience versus some of the third-party platforms out there. One, if you want to be on the SmartStop platform, hey, great, we will brand you, sign a couple-year agreement, and we will kick in some dollars to change signs out and brand and honorary marks.

因此，我們制定了一份菜單，一份包含各種選項的菜單，使我們與一些第三方平台相比，能夠提供不同的體驗。第一，如果您想加入 SmartStop 平台，太好了，我們會為您建立品牌，簽署為期幾年的協議，我們還會投入一些資金來更換標牌、品牌標識和榮譽標誌。

Or if you like your brand, we love your brand too. You can keep your brand. You can move to the SmartStop platform. We'll create a page within the SmartStop environment, and you're utilizing all the benefits. However, if you really want to maintain your independence through a private label solution, we're going to allow that.

如果您喜歡您的品牌，我們也同樣喜歡您的品牌。你可以保留你的品牌。您可以遷移到 SmartStop 平台。我們將在 SmartStop 環境中建立一個頁面，您將享受所有優勢。但是，如果您真的想透過自有品牌解決方案來保持獨立性，我們將允許這樣做。

Now, do we think that the properties will perform better on the SmartStop platform? Absolutely, yes. However, we think there's some significant amount of enhancements that we're going to be able to offer the current owners.

那麼，我們認為這些物業在 SmartStop 平台上的表現會更好嗎？當然，沒錯。不過，我們認為我們能夠為現有用戶提供一些重要的改進。

And so for an example, from an accounting perspective, from a reporting perspective, and in addition, consultation perspective on things that they're seeing, how we look at it. One of the big items that we're doing, we're having a very large operator meeting at the end of January.

舉例來說，從會計角度、報告角度，以及諮詢角度來看，他們所看到的情況，我們是如何看待的。我們正在做的一件大事是，我們將在1月底召開一次非常大型的營運商會議。

We need to get out and meet these operators one-on-one. We need to introduce ourselves to them. And so from that perspective, I think next year, we will start to see, I think, some of the choices that they will exercise.

我們需要走出去，與這些業者進行一對一的會面。我們需要向他們自我介紹。因此從這個角度來看，我認為明年我們將開始看到他們將要做出的一些選擇。

And so that's how we kind of look at the transaction, and that's how we're handling the transaction. We do believe over time, at minimum, people will probably be choosing the SmartStop legacy brand at minimum. We're engaging a lot of the owners right now, and a lot of them are very intrigued.

所以，這就是我們看待這筆交易的方式，也是我們處理這筆交易的方式。我們相信，從長遠來看，人們至少會選擇 SmartStop 這個傳統品牌。我們目前正在與許多業主接洽，他們中的許多人都非常感興趣。

But I think in January, it would be a great opportunity to introduce ourselves. I think at that point, we will get a better sense of who's going to be transitioning to the SmartStop platform.

但我認為一月將是一個自我介紹的好機會。我認為到那時，我們就能更清楚地了解哪些用戶將過渡到 SmartStop 平台。

Yeah. Todd, and just to add on in terms of kind of timelines and lead flows that we've seen thus far, I would say we've seen interest across owners, across the spectrum of menus, right? We've had people that want to engage with a SmartStop branded location, some that want SmartStop legacy, and some want to continue on and then learn more about the platform. And so overall, the reception from the owners has been positive and definitely curious about the upgrades that are going to.

是的。Todd，就我們目前看到的進度和潛在客戶轉換情況而言，我想補充一點，我們已經看到各個餐廳老闆、各種菜單都對此表現出了興趣，對吧？有些人想與 SmartStop 品牌門市合作，有些人想體驗 SmartStop 的傳統服務，有些人想繼續使用 SmartStop 平台並了解更多資訊。總的來說，業主們的反應是正面的，並且對即將進行的升級改造非常好奇。

And I will add that obviously, they're running on a separate operating system. We've received a separate data card, and we're about three to four weeks into being able to provide some similar aspects that we have at SmartStop. That takes a little bit of time. It's probably a 60 to 90 days just from a technology perspective.

我還要補充一點，很顯然，它們運行在不同的作業系統上。我們已經收到了一張單獨的資料卡，大約三到四週後，我們就能提供一些與 SmartStop 類似的服務了。這需要一點時間。從技術角度來看，可能需要 60 到 90 天。

And lastly, one of the strategies we had in this transaction is we could actually bring our balance sheet to bear to help out owners. As we mentioned in our opening remarks, we've already closed on one of those transactions in a highly accretive manner, double-digit coupon and a preferred investment. And so again, that's servicing our customers from an owner perspective.

最後，我們在此次交易中採取的策略之一是，我們可以利用我們的資產負債表來幫助所有者。正如我們在開場白中提到的，我們已經以極具增值的方式完成了其中一筆交易，獲得了兩位數的票息和優先投資。所以，這再次體現了我們從所有者的角度為客戶服務。

Okay, great. Thank you.

好的，太好了。謝謝。

Jonathan Hughes, Raymond James.

喬納森·休斯，雷蒙德·詹姆斯。

Hey, good afternoon. Thanks for the prepared remarks and commentary. I appreciate you adding the earnings bridge. I find it very helpful. I think some who see that might be inclined to annualize that implied fourth-quarter figure to get a sense of next year's earnings.

嘿，下午好。感謝您事先準備好的發言稿和評論。感謝您添加了收益橋樑。我覺得它很有幫助。我認為有些人看到這種情況後，可能會傾向於將隱含的第四季資料年化，以了解明年的收益。

But what are some considerations we should be aware of as we look at that implied fourth-quarter FFO and think ahead to next year? I mean, I know there is overall seasonality in the business. Is there also maybe some G&A seasonality? Just some more color there would be great. Thanks.

但是，在分析隱含的第四季 FFO 並展望明年時，我們應該注意哪些因素呢？我的意思是，我知道這個行業整體上有季節性波動。是否也可能存在一些一般及行政費用季節性波動？如果能再多一些色彩就更好了。謝謝。

Thanks, Jonathan. It's Corak. I will try not to be long-winded here, but I will probably fail because there's a lot to unpack. Yeah, we gave the quarterly bridge just given the step-up in FFO from 3Q to 4Q. It's $0.56 for 4Q on the midpoint.

謝謝你，喬納森。是科拉克。我盡量不長篇大論，但我可能做不到，因為需要解釋的內容很多。是的，鑑於第三季到第四季 FFO 的成長，我們提供了季度過渡期調整。第四季中間價為 0.56 美元。

I'll note, just to be clear, that that $0.56 is on the 4Q share count of about 59.2 million shares, not the full-year weighted average share count of 51 million shares. And so that $0.56, is that a good run rate in 2026 to your question? And I'll try to answer that as best I can without going into actual guidance, which we will give in February.

需要說明的是，這 0.56 美元是基於第四季度約 5,920 萬股的股票數量計算的，而不是基於全年加權平均股票數量 5,100 萬股計算的。那麼，你問的2026年0.56美元的運行率算好嗎？我會盡我所能回答這個問題，但不會涉及具體的指導意見，這些意見我們將在二月給出。

And so 4Q is the first quarter that reflects all of the various financing activities that we've done this year, from the IPO to the maple bonds to the JV refi to the private placement coupon step-down. It's not quite a full year of the JV, but that's the least impactful piece there.

因此，第四季是第一個反映我們今年所進行的各種融資活動的季度，從首次公開募股到楓葉債券，再到合資企業再融資，以及私募配售票息遞減。雖然合資企業成立不到一年，但這卻是其中影響最小的部分。

From a financing standpoint, it's a pretty darn good run rate, right? From a G&A standpoint, the implied guide for 4Q is about $7 million of clean G&A. That 3Q number was $9 million. So in addition to the $825,000 of performance units, which all hit in the third quarter, there's some seasonality in G&A whereby 4Q is naturally less than 3Q. My point being that $7 million is probably not the right number, but also $9 million is probably not the right number. And so somewhere in the middle.

從融資角度來看，這是一個相當不錯的運作率，對吧？從一般及行政費用的角度來看，第四季的隱含指導價約為 700 萬美元的清潔一般及行政費用。第三季的數字是900萬美元。因此，除了第三季全部計入的 825,000 美元的業績單位外，一般及行政費用也存在一些季節性因素，第四季自然低於第三季。我的意思是，700萬美元可能不是正確的數字，但900萬美元也可能不是正確的數字。所以，介於兩者之間。

Those are the two sort of pieces I would call out on that front. And everything else is sort of an assumption into next year. And so I do not want to get in the same store necessarily, just given the fact that we will guide to that as we get into February.

在這方面，我主要想指出這兩點。其他一切都算是對明年的假設。因此，我並不一定想去同一家店，因為我們會在二月引導大家去那裡。

For the non-same store pool, we have 28 properties and another 10 that are in the JV. The non-same store properties are obviously classified as such because they are non-stabilized and, or they are recent acquisitions or both. Inherently, in those, we would expect the NOI generated by the properties to be higher next year, offset, of course, by the property with the industrial tenant that we discussed.

對於非同店物業池，我們有 28 個物業，另有 10 個物業在合資企業中。非同店物業顯然被歸類為非同店物業，因為它們尚未穩定運營，或者它們是近期收購的，或者兩者兼而有之。從本質上講，我們預計這些物業明年產生的淨營業收入會更高，當然，我們討論過的擁有工業租戶的物業的影響將被抵消。

On the JVs, 4 of those 10 properties are non-stabilized. And six that are stabilized are putting up better NOI growth than the same store GTA properties. And so two of those three pools of our properties, in theory, would put up better NOI growth than this year.

在這些合資項目中，這 10 處房產中有 4 處尚未穩定。其中六家營運穩定的門市的淨營業收入成長優於大多倫多地區同類型門市。因此，理論上，我們這三處房產中的兩處，其淨營業收入成長將比今年更好。

On the 3PM front, the third-party management front, obviously, we completed that transaction in October. And so the accretion for the full year is not quite recognized. But if you pair that, and that should be pretty good growth for us. It was an accretive transaction.

關於 3PM 和第三方管理方面，很顯然，我們已經在 10 月完成了那筆交易。因此，全年的累積量並未完全確認。但如果把這些結合起來，這對我們來說應該會有相當不錯的成長。這是一筆增值交易。

We still feel really good about the yields that we gave on those numbers. And then on the managed REIT side, the natural growth and the fees from the revenue growth of those unstabilized portfolios paired with potential future AOM growth could benefit us into 2026. And so a lot there, but those are some of the big pieces I'd point to, Jonathan.

我們仍然對當時給予的收益率感到非常滿意。而在管理型 REIT 方面，這些不穩定投資組合的自然成長和收入成長所帶來的費用，再加上未來潛在的 AOM 成長，可能會使我們受益到 2026 年。所以有很多方面值得關注，但喬納森，這些是我要重點指出的一些方面。

Very helpful. I appreciate it. Just one more for me on just the acquisitions front. And guidance for the year there was tightened. Can you talk about how you source investment opportunities? Maybe what percent are brokered versus sourced via relationships? And maybe how much do you look at on a monthly basis versus what is acquired? Effectively like a conversion rate.

很有幫助。謝謝。關於收購方面，我還有一點要補充。該年度的業績指引也相應收緊。您能談談您是如何尋找投資機會的嗎？或許可以探討一下，透過經紀人促成的交易和透過人脈關係促成的交易分別佔多少比例？或許您每個月會關注多少支出，以及實際獲得的支出是多少？實際上就像轉換率一樣。

Yes, that's a good question. Obviously, we believe we see, I think, most acquisitions out there in the US and also Canada. And so we've got a team of about six people that are just tearing through acquisitions on both sides of the overall aggregate border.

是的，這是個好問題。顯然，我們認為，大多數收購案都發生在美國和加拿大。因此，我們有一個大約六人的團隊，正在大舉收購各領域的公司。

Many acquisitions are not institutional quality. I think they're discarded from at minimum. And I think overall, the acquisition flow and quality has been pretty consistent from our perspective, that I think sellers are willing to trade. Not all of them, but they are willing to trade.

許多收購項目並不具備機構級品質。我認為它們至少會被丟棄。而且我認為，從我們的角度來看，整體收購流程和品質都相當穩定，我認為賣家也願意進行交易。雖然不是全部，但他們都願意進行交易。

I think it's been evidenced by our $0.5 billion we found -- I think we found the right acquisitions at the right pricing, and I think, at the right time. And so we feel pretty comfortable with respect to the flow. From where we get these, I mean, look, this is my 21st year as well. Wayne's been with me for 17 years.

我認為我們已經找到了價值 5 億美元的投資項目，這證明了這一點——我認為我們以合適的價格在合適的時間找到了合適的收購目標。因此，我們對目前的流程感到相當滿意。我們從哪裡得到這些？我的意思是，你看，今年也是我的第 21 年了。韋恩和我在一起已經17年了。

Between the two of us, we're getting from the traditional brokers, we're getting traditional from owners, developers, third parties. I mean, we get a lot of calls from a variety of different people that have self-storage properties, and so they can be on or off market.

我們倆從傳統經紀人那裡獲得信息，從業主、開發商和第三方那裡獲得信息。我的意思是，我們接到很多來自不同人士的電話，他們擁有自助倉儲物業，這些物業可能在市場上出售，也可能不在市場上出售。

And so I think that has been very consistent. And obviously, Bliss in Canada has a tremendous amount of relationships within Canada. So she's hearing and seeing all those deals and starting to pitch those to us. I think with respect to kind of a hit rate, I can't say I give you a number from a hit rate. But what I can say, the ones we want, there's enough out there that we can transact.

所以我認為這一點一直都很一致。顯然，Bliss in Canada 在加拿大擁有廣泛的人脈關係。所以她聽到了、看到了所有這些交易，並開始向我們推銷這些交易。至於命中率之類的概念，我無法給出一個具體的命中率數字。但我可以肯定的是，我們想要的那些，市面上有很多，我們可以進行交易。

All right. That's great. Thank you for the time.

好的。那太棒了。感謝您抽出時間。

Nicholas Yulico, Scotiabank.

Nicholas Yulico，加拿大豐業銀行。

Hello, this is Viktor Fediv with Nic. As we are getting closer to the end of this year, just trying to understand your framework of thinking about 2026. Kind of what is your base macro expectation for 2026 and how are you thinking about moving rents and occupancy dynamics kind of in the next 12 months versus the last 12 months?

大家好，我是 Viktor Fediv，我是 Nic。隨著今年即將結束，我想了解您對 2026 年的思考框架。您對 2026 年的宏觀經濟基本預期是什麼？您認為未來 12 個月與過去 12 個月相比，租金和入住率的動態變化會如何？

Hey, thanks for the question. And so I will once again be careful here on sort of the 2026 outlook. I think from a macro standpoint, there's a lot at play, both -- a lot of moving pieces, both in the US and Canada, right?

嘿，謝謝你的提問。因此，對於 2026 年的展望，我仍會保持謹慎。我認為從宏觀角度來看，美國和加拿大都有很多因素在起作用，對吧？

And so I don't want to get too bogged down in the macro because honestly, I don't know. With that said, from a storage perspective, there is one thing I do know, and it's that the supply picture in self-storage in the US is improving, right?

所以我不想在宏觀層面上花費太多精力，因為說實話，我也不知道。也就是說，從倉儲的角度來看，有一件事我確實知道，那就是美國自助倉儲的供應正在改善，對吧？

And the impact from that new supply will be less in 2026 than it will be in 2025. And so from the demand side, I think there's a lot of moving pieces, and it's too early to really tell. And so from the supply side, which is a good half of the total equation, we feel better in about 2026 than 2025.

而2026年新增供應的影響將小於2025年的影響。因此，從需求方面來看，我認為有很多變數，現在下結論還為時過早。因此，從供應方面來看（這佔了整個等式的一半），我們感覺 2026 年的情況會比 2025 年好。

Yeah. I think if you step back also, I think that you are seeing additional listings out there. Listings are up year-over-year. You're not seeing things trade. I think you're still probably seeing the prices maybe come down to 5%, 10% to 15%. I think that sets us up for 2026, and that in concert with the reduction in interest rates, I think could create some mobility. I do not want to overplay that.

是的。我認為，如果你退後一步，你會發現市場上還有更多的房源。房源數量較去年同期增加。你沒看到交易。我認為價格可能還會下降 5%、10% 到 15%。我認為這為 2026 年奠定了基礎，再加上利率的降低，我認為這可能會帶來一些流動性。我不想過度誇大這一點。

But the listing for housing, I think, is a good indicator of future transactions. And so you're seeing a lot of markets where listings are increasing, and people are talking about that. I think we're cautiously optimistic with respect to that.

但我認為，房屋掛牌資訊是未來交易狀況的良好指標。因此，你會看到很多市場的房源數量都在增加，人們都在談論這件事。我認為我們對此持謹慎樂觀態度。

But in addition, I will add that what I'm seeing, even with all the choppiness we've talked about, you're seeing natural absorption in the storage market. And I think that's incredibly important. But I know that I'm a broken record on supply, and we've talked about supply, but I think that natural absorption is going to carry over into 2026.

此外，我還想補充一點，儘管我們之前討論過市場波動較大，但我看到的是儲存市場出現了自然吸收。我認為這極為重要。但我知道我在供應問題上老生常談，我們也討論過供應問題，但我認為自然吸收將會持續到 2026 年。

Understood. And then the second small one for me. Now that you added this third-party managed platform and have access to much more data across several markets, where should we expect to see this first synergies in terms of improved pricing strategies and expense control?

明白了。然後是我的第二個小禮物。既然你們已經引入了這個第三方管理平台，並且可以訪問多個市場的更多數據，那麼我們應該期待在改進定價策略和費用控制方面看到哪些方面的首批協同效應呢？

Yeah, this is James. I'll jump in on specifically the margin expansion story. We've always said whenever we get to sort of 10 properties or so in an MSA, that's sort of our benchmark for getting to economies of scale, within the next 12 months, we start to see that margin improvement in those economies of scale start to come in.

是的，這是詹姆斯。我主要想談談利潤率擴張方面的情況。我們一直都說，當我們在一個大都會統計區擁有大約 10 處房產時，這算是我們實現規模經濟的基準，在接下來的 12 個月內，我們就會開始看到規模經濟帶來的利潤率提升。

Clearly, we just closed on this Argus transaction on October 1, 2025. I will note there are four more markets that the Argus property overlap tips us into that 10 property mark, right? We were previously at six, and we've added four more as a result of that transaction.

顯然，我們已在 2025 年 10 月 1 日完成了 Argus 的這筆交易。我注意到，Argus 房產重疊數據還涉及另外四個市場，使我們達到了 10 處房產的里程碑，對吧？我們之前有六名員工，由於那筆交易，我們又增加了四名員工。

Again, it's going to take, call it a 12 month period before we start to see the economies of scale really chip in there. And from a revenue management perspective, I mean, clearly, that's our mousetrap, and our algorithms are continuing to incorporate that data and then further enhance their overall pricing synergies to maximize revenue, right? And that's an ongoing process, whether it's our data or the newly integrated Argus data as well.

同樣，我們需要大約 12 個月的時間才能真正看到規模經濟發揮作用。從收益管理的角度來看，很明顯，這就是我們的致勝法寶，我們的演算法會不斷整合這些數據，並進一步增強其整體定價協同效應，從而最大限度地提高收益，對吧？這是一個持續的過程，無論是我們自己的數據還是新整合的 Argus 數據。

Got it. Thank you.

知道了。謝謝。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

Thank you. This is Robin Handel. I'm sitting in for Juan. I was curious on Toronto, what your preliminary thoughts are on the market's performance heading into 2026. And if you can provide some data points on expected new supply this year and 2026, specifically for Toronto.

謝謝。這是羅賓漢德爾。我代替胡安上場。我對多倫多市場很好奇，您對該市場在 2026 年的表現有何初步看法？如果您能提供一些關於今年和 2026 年預期新增供應量的具體數據，特別是針對多倫多的，那就更好了。

Yeah. Hi, it's Michael Schwartz. Why don't I talk about supply, and then I'll kick it over to David to talk about some of the KPIs. From a supply perspective, there's been a lot of chatter out there, and we've heard it with respect to additional supply in Canada and in Toronto.

是的。大家好，我是麥可‧施瓦茲。我先談談供應情況，然後把話題交給大衛，讓他談談一些關鍵績效指標。從供應角度來看，外界有很多傳言，我們也聽到了關於加拿大和多倫多增加供應的說法。

And the answer is yes. And we've been very clear in communicating that. On previous calls, there is a good amount of supply in Toronto right now. Now, a lot of the supply that is from us. We have delivered seven properties in the GTA in the past 36 months.

答案是肯定的。我們已非常明確地傳達了這一點。根據先前的電話會議記錄，目前多倫多的房源供應充足。現在，許多供應都來自我們。在過去 36 個月裡，我們在大多倫多地區交付了 7 處房產。

We have a pipeline of about a dozen identified properties that we'll look to deliver over the next five years and an additional pipeline behind that. Today, about half of our properties are being impacted by new supply.

我們已經確定了大約十幾個待開發項目，計劃在未來五年內交付，此外還有更多項目正在籌備中。目前，我們約有一半的房產受到新增供應的影響。

Now, the square foot under construction is approximately 10% from our estimation of existing stock. Now, those stats are pretty consistent with what we've seen for the past five years or so. But when we look out, we expect to see that drop to 5% to 6% next year.

目前，在建建築面積約為現有建築面積的 10%。現在，這些統計數據與我們過去五年左右看到的情況基本一致。但展望未來，我們預計明年這一比例將下降至 5% 至 6%。

That said, there are isolated trade areas, as there always will be, particularly where multiple projects are being delivered at once, and we will see temporary softness. But we -- this is not a structural or Toronto-wide issue.

也就是說，總是會有一些孤立的貿易區域，尤其是在多個專案同時進行的情況下，我們會看到暫時的疲軟。但我們——這不是結構性問題，也不是多倫多全市性問題。

And so for example, Leaside, which is one of the most competitive, I think, markets within the GTA, we have eight properties in a 0.5 mile ring of competition. And we're still experiencing very high overall occupancy and $35 plus rents per square foot.

例如，利賽德（Leaside）是大多倫多地區競爭最激烈的市場之一，我認為，在方圓 0.5 英里的範圍內，我們有 8 處房產處於競爭狀態。我們目前的整體入住率仍然非常高，每平方英尺的租金超過 35 美元。

I think the answer is we can compete, specifically from a technology perspective. At scale, the GTA in Canada in general remains dramatically undersupplied relative to the population. Urban densification continues. Living spaces are shrinking.

我認為答案是我們可以參與競爭，尤其是在技術方面。從整體來看，加拿大大多倫多地區的住房供應相對於人口而言仍然嚴重不足。城市密集化進程仍在持續。居住空間正在縮小。

And new supply, they face significant barriers. In some areas, the development charges just for the privilege to develop self-storage is approximately $45 a square foot. In a lot of cases, the math simply does not support a national regional oversupply narrative. And so we do not think that will be for the foreseeable future. David?

對於新的供應方而言，他們面臨著巨大的障礙。在某些地區，光是開發自助倉儲設施的開發費用就高達每平方英尺約 45 美元。很多情況下，數學計算根本不支持國家或地區供應過剩的說法。因此，我們認為在可預見的未來不會發生這種情況。大衛？

Yeah. Just to talk about some of the metrics in Toronto right now. On a constant currency basis, same-store revenue growth was 1.4% in the third quarter. The comp in 3Q 2024 was 2.6%. So a much tougher comp than the US, which was actually net.

是的。簡單談談多倫多目前的一些指標。以固定匯率計算，第三季同店營收成長1.4%。2024 年第三季的比較值為 2.6%。所以，與美國相比，美國的競爭要激烈得多，而美國實際上已經取得了淨勝分。

If you look at our joint venture properties that would meet the definition of our same-store pool, they actually did even better at around 5.3% year-over-year revenue growth on a constant currency basis. As we sit here today or at the end of October, excuse me, the occupancy is 92.5%. That is up 80 basis points year-over-year. And so that gap has widened and is actually wider than the States.

如果看看我們符合同店銷售池定義的合資企業，它們的實際表現甚至更好，以固定匯率計算，年收入年增約 5.3%。截至今日，或十月底，入住率達 92.5%。年比上升80個基點。因此，這一差距已經擴大，實際上比各州之間的差距還要大。

And we have added another 20 basis points in the first six days of November. Moving rates were down about 9% in October, which was actually better than the States. I think our overall demand remains solid, right, in our trade areas.

11 月的前六天，我們又增加了 20 個基點。10月搬家率下降了約9%，實際上比美國的情況好。我認為在我們貿易區域內，整體需求依然強勁，對吧。

I think the platform continues to capture an outsized amount of that demand. And really, we have not seen any of the weakness from changes to immigration policy or macro environment. And it appears that the recently proposed budget could be a potential economic catalyst. And so given our operational advantages and everything I just said, our thesis on Canada and the GTA remains unchanged.

我認為該平台繼續滿足了其中相當大的一部分需求。事實上，我們還沒有看到移民政策或宏觀環境變化帶來的任何疲軟跡象。而最近提出的預算案似乎有可能成為經濟成長的催化劑。因此，鑑於我們的營運優勢以及我剛才所說的一切，我們關於加拿大和大多倫多地區的論點仍然不變。

Just curious if it's impacting your thoughts on deploying capital through the SmartCentres JV, if you'd like to take that elsewhere, or just curious on your thoughts here.

我只是好奇這是否會影響您透過 SmartCentres 合資企業部署資金的想法，您是否想將資金轉移到其他地方，或者只是好奇您對此有何看法。

Can you repeat that? You were a little choppy there.

你能再說一次嗎？你剛才有點磕磕絆絆的。

I was just curious on if that changes your view on deploying capital through the SmartCentres JV if you're thinking about taking some of that capital deployment in other markets.

我只是好奇，如果您正在考慮將部分資金投入其他市場，這是否會改變您對透過 SmartCentres 合資企業部署資金的看法。

No, no. I mean, it's actually, we're leaning into the SmartCentres joint venture. Part of the strength of that relationship is their access to their retail platform and a lot of underutilized land within some of their retail that we can leverage up and put a SmartStop self-storage next to a Walmart, next to a Home Depot.

不，不。我的意思是，實際上，我們正​​在大力推動 SmartCentres 合資企業。這種合作關係的優點之一在於，我們可以利用他們的零售平台，以及他們一些零售店內未充分利用的大量土地，我們可以利用這些土地在沃爾瑪旁邊、家得寶旁邊建造一個 SmartStop 自助倉儲設施。

And so the answer is no. I think we are interested in expanding, but not at the expense of that joint venture. I think we've talked about that we believe there's a tremendous opportunity in Canada, and that's why we've moved into developing on the island of Victoria, Vancouver, Calgary, Edmonton, and Montreal.

所以答案是否定的。我認為我們有興趣擴張，但不會以犧牲合資企業為代價。我認為我們已經討論過，我們相信加拿大蘊藏著巨大的機遇，這就是為什麼我們已經開始在維多利亞島、溫哥華、卡加利、埃德蒙頓和蒙特利爾進行開發的原因。

And so I think sitting and building out, I think, one of the nicest aggregate portfolio in the GTA is now going to benefit us with respect to our overall growth path throughout the top five metropolitan cities within Canada.

因此，我認為，坐鎮並逐步打造大多倫多地區最優質的綜合投資組合之一，將有利於我們在加拿大五個大都市的整體成長。

Thank you. And now that we're past the IPO lockup, can you maybe talk about what the potential recapture rate back into your managed REIT funds has been?

謝謝。現在IPO鎖定期已經過去，您能否談談您管理的REIT基金的潛在回收率是多少？

Well, one of the things when it comes to the kind of the managed REIT platform, we were going to talk about this, is that because we switched over to a new managing broker-dealer, we were effectively about six months behind with respect to be able to kind of launch new products.

嗯，說到我們即將討論的這種管理型 REIT 平台，其中一點是，由於我們更換了新的管理經紀交易商，我們在推出新產品方面實際上落後了大約六個月。

And so I think at this point, the recapture rate, we're going to have to look at 2026 from that perspective. And so right now, we don't have the proper product out in the marketplace right now.

所以我認為，就目前而言，關於再捕獲率，我們必須從這個角度來看待 2026 年的情況。所以目前，我們還沒有合適的產品推出市場。

Understood. And I was just also curious if you can maybe disclose the industrial tenant that went bankrupt.

明白了。我還想問一下，您能否透露一下破產的工業租戶的資訊？

Yeah. It's actually, we're a little bit limited in what we can say in terms of this particular matter because, obviously, we had a tenant that broke their lease prematurely. And so we're evaluating all of our options as it relates to that contract.

是的。實際上，就此事而言，我們能說的有點有限，因為很顯然，我們的租戶提前終止了租約。因此，我們正在評估與該合約相關的所有選項。

And so at this time, we're not at liberty. Just to talk about that particular property, just to note, this is a component of this non-same-store asset where the majority of the square footage is self-storage. And so if you think about it, there is a redevelopment opportunity. It could also just be a releasing opportunity. So we're looking at all those options.

所以，此時此刻，我們並不享有自由。就該物業而言，需要指出的是，它是該非同店資產的一部分，其中大部分面積是自助倉儲。所以仔細想想，這裡存在著重新開發的機會。這也可能只是一個釋放壓力的機會。所以我們正在考慮所有這些方案。

Got it. Thank you.

知道了。謝謝。

Michael Mueller, JPMorgan.

邁克爾·穆勒，摩根大通。

Yeah. Hi. I guess for the two questions. First, I guess, how much higher are the margins in the markets that you were talking about where you have at least 10 properties compared to the others? And then the second question, just going down the path of adding a JV, I guess, what hole do you see that needs to be filled by adding a JV or that you can fill by adding a JV, especially because it could, I guess, increase optically the complexity to the story overall? And so I guess, how do you think about that trade-off?

是的。你好。我想回答這兩個問題。首先，我想問的是，在你提到的那些擁有至少 10 處房產的市場中，利潤率比其他市場高出多少？那麼第二個問題，就沿著增加合資企業這條路走下去，我想，您認為需要透過增加合資企業來填補哪些空白，或者您可以透過增加合資企業來填補哪些空白，尤其是因為它可能會在視覺上增加整個故事的複雜性？所以我想問，您如何看待這種權衡取捨？

Yeah. Hey, I'll start with the margin question. When we look at our markets where we've consistently had 10-plus properties, we're generally about 300 basis points higher than our overall portfolio average. And if you look at a market like Toronto where we have 35 properties in that MSA, we're actually closer to 500 basis points higher relative to our portfolio average. And so that just gives you a sense of the scalability of the platform in all of these particular markets.

是的。嘿，我先來回答利潤率的問題。當我們審視那些我們一直擁有 10 處以上房產的市場時，我們的收益率通常會比我們整體投資組合的平均水平高出約 300 個基點。如果你看看像多倫多這樣的市場，我們在該都會區擁有 35 處房產，實際上我們的收益率比我們投資組合的平均收益率高出近 500 個基點。因此，這可以讓你感受到該平台在所有這些特定市場中的可擴展性。

Yeah. And so from a joint venture to your second question there, Mike, I'll be clear. We already have a joint venture, right, with SmartCentres. That is a pure development joint venture. I believe what you're referring to is if we added an institutional acquisitions joint venture. So I'll speak to that specifically. What we'd look for and the right. Thanks.

是的。所以，從合資企業到你的第二個問題，麥克，我明確一下。我們已經和 SmartCentres 成立了一家合資企業，對吧？那是一個純粹的開發合資企業。我認為你指的是如果我們增加一個機構收購合資企業。所以我會專門談談這一點。我們會尋找什麼，以及合適的人選。謝謝。

What we'd look for there and the gap, I guess, we would be trying to fill is given the size of our company, right, if we wanted to go out and acquire a billion dollar portfolio, right, and I'm making numbers up here, it would be tough for us to do that with the capital that we have right now, right?

我想，我們想要尋找的，以及我們想要填補的空白，考慮到我們公司的規模，如果我們想要收購一個價值十億美元的投資組合，我這裡只是舉個例子，以我們目前的資本來說，這是很難做到的，對吧？

But if we were able to partner with an institutional joint venture where we were a smaller part of the overall deal, ELP, and put 5%, 10%, 15%, 20% into a particular joint venture, that deal is all of a sudden a lot more achievable for SmartStop to take down.

但是，如果我們能夠與一家機構合資企業合作，而我們只是整個交易中較小的一部分，例如 ELP，並將 5%、10%、15%、20% 的股份投入到某個特定的合資企業中，那麼 SmartStop 就更容易拿下這筆交易了。

I think beyond that, portfolios that are maybe not pure stabilized, maybe there's a place in there. But I think the main goal would be to be able to compete for larger deals and make those deals accretive for SmartStop.

我認為除此之外，那些可能並非完全穩定的投資組合，或許也有一席之地。但我認為主要目標是能夠參與更大的交易競爭，並使這些交易為 SmartStop 帶來收益。

Okay, thank you.

好的，謝謝。

Wes Golladay, Baird.

韋斯·戈拉迪，貝爾德。

Hey, everyone. Question on the revenue management. Sometimes it's early to detect signs of weakness in the economy. I'm just curious if your revenue management is pivoting more to an occupancy mentality right now.

大家好。關於收益管理的問題。有時，及早發現經濟疲軟的跡象還為時過早。我只是好奇你們的收益管理目前是否更多地轉向以入住率為中心的策略。

I mean, our strategy is currently an occupancy strategy. So we think that best positions us for success. More importantly, best positions us in the slow seasons in the fourth quarter and the first quarter to maintain as high as occupancies as we can so that as we move into the busy season, we're only focusing on really economic overall aggregate occupancy.

我的意思是，我們目前的策略是入住率策略。所以我們認為這能讓我們處於最有利於成功的狀態。更重要的是，這使我們能夠在第四季度和第一季的淡季保持盡可能高的入住率，這樣，當我們進入旺季時，我們只需專注於真正經濟的整體入住率。

And so that, to us, has always been incredibly important. We focus on high occupancy, then we're focusing on rates and discounts, and then we're focusing on existing customer rent increases. That is kind of, has been our process.

因此，對我們來說，這一點一直都非常重要。我們首先關注高入住率，然後關注價格和折扣，最後關注現有客戶的租金上漲。這基本上就是我們一直以來的工作流程。

Yeah. If you think about the occupancy that we posted in the quarter, and then where we are in October, we're sitting here at the end of October at 92.5% occupancy. That's up 20 basis points year-over-year. And importantly, it's up 10 basis points over September, which is a really nice sequential move for us and really illustrates our strategy that Michael laid out to maintain occupancy into the fall. And so we're really happy with that.

是的。如果你回顧我們本季的入住率，再看看我們十月份的情況，截至十月底，我們的入住率達到了 92.5%。年比上升了20個基點。更重要的是，與 9 月相比，這一數字上升了 10 個基點，這對我們來說是一個非常好的連續增長，也真正體現了邁克爾制定的將入住率維持到秋季的策略。所以，我們對此非常滿意。

Okay. Maybe a quick follow-up on the fourth quarter. It looks like the guidance implies a small uptick in the fourth quarter on same-store revenue. Is that mainly going to be due to the occupancy build, or will that be potentially easy comps, rate? What's driving that?

好的。或許可以快速跟進一下第四季的狀況。這份指引似乎暗示第四季同店營收將小幅成長。這主要是由於入住率提升，還是可能很容易找到競爭對手或提高房價？是什麼原因導致這種情況？

Just doing the math, I think it actually it's a slight downtick versus the 2.5% in absolute on same-store revenue. It implies a further reduction of OpEx. So the OpEx is where the absolute NOI gain would be there. But we're assuming same-store revenue goes down in the fourth quarter versus the third quarter in terms of absolute dollars.

簡單計算一下，我認為實際上與同店收入絕對增長 2.5% 相比，略有下降。這意味著營運成本將進一步降低。因此，營運支出（OpEx）才是淨營業收入（NOI）絕對成長的來源。但我們假設第四季同店收入（以絕對美元計）將比第三季下降。

Okay, thank you.

好的，謝謝。

Eric Luebchow, Wells Fargo.

艾瑞克‧盧布喬，富國銀行。

Hi, great. Thanks for taking the question. I apologize if I missed this earlier, but it seems like your Q3 same-store came in largely in line with expectations. Q4, obviously, maybe the expectations are a touch lower. So Maybe you just touch on some of the moving parts and what you're seeing in October.

嗨，太好了。感謝您回答這個問題。如果我之前錯過了這條消息，我深表歉意，但看起來你們第三季的同店銷售額基本上符合預期。顯然，第四季的預期可能會略低一些。所以，也許你只是簡單談談一些動態因素以及你在十月看到的情況。

I know there are some difficult comps and a handful of hurricane or storm-impacted markets that you're going to lap. But maybe just give us kind of an update on how you're feeling in terms of exit rate going into 2026 versus last quarter.

我知道有一些比較困難的情況，還有一些受颶風或風暴影響的市場，你會領先很多。但或許您可以簡單介紹一下，您對 2026 年的退出率與上個季度相比有何看法。

Hey, thanks. And so I just went over the October occupancy numbers, so I'm not going to say that again. But we feel really good about where occupancy is sitting in the 92.5% range. When you think about moving rates during the quarter, the third quarter, James touched on this in his remarks, but they were down about 8.9%. In October, those were down about 18% year-over-year as the building occupancy strategy played out.

嘿，謝謝。我已經回顧了十月份的入住率數據，所以我就不再贅述了。但我們對目前92.5%左右的入住率感到非常滿意。當你考慮第三季的利率變動時，詹姆斯在他的演講中也提到了這一點，利率下降了約 8.9%。10 月份，隨著建築入住率策略的實施，這些數字比去年同期下降了約 18%。

You pointed this out, but I'll note that October 2024 was the most difficult move-in comp of the whole second half of 2024. Not too surprising to see that down year-over-year. As we moved into November, the trends have improved. We're still sitting at 92.5% occupancy, which is really, really happy with that.

您已經指出了這一點，但我還是要指出，2024 年 10 月是 2024 年下半年最難的入住比較期。同比下降並不令人意外。進入11月後，情況有所改善。我們目前的入住率仍維持在 92.5%，對此我們非常非常滿意。

And the move-in rates have actually improved sequentially by about 6-7% over the October numbers. And in-place rates have actually improved sequentially over the October numbers as well. And we're now up 40 basis points in occupancy year-over-year. Those stats have improved as we've gone into November.

入住率實際上比 10 月的數據環比提高了約 6-7%。而且，現有利率其實也比 10 月的數據較上季改善。目前我們的入住率比去年同期提高了 40 個基點。進入11月後，這些數據有所改善。

And then lastly, just to touch on ECRIs as they are a piece of the whole puzzle, we continue to pull that lever without changes to attrition there. Attrition is actually down year-over-year, as James and Michael mentioned.

最後，我想簡單談談 ECRI，因為它們是整個難題的一部分，我們繼續加強加強度，但那裡的人員流失率卻沒有改變。正如 James 和 Michael 所提到的，人員流失率實際上比去年同期下降了。

And without getting into specific numbers, because some of that is a bit proprietary, we gave ECRIs to more tenants in October than new rentals, right? That average ECRI was above the 18% in a really healthy place. And so we feel really good about all those pieces as we stand here right now.

我們不打算透露具體數字，因為其中一些數字屬於專有信息，但我們在 10 月份向租戶發放的 ECRI 比新出租的房屋數量還要多，對吧？平均 ECRI 值高於 18%，處於非常健康的水平。所以，就目前的情況來看，我們對所有這些方面都感到非常滿意。

Just to touch, because you brought up the hurricane-impacted markets, just to kind of recap those, obviously, Asheville was a hurricane-impacted market, as was the Gulf Coast of Florida. And we were effectively lapping the occupancy comp on Asheville, but remember, we did not do any sort of existing customer rate increases until the first quarter of 2025.

順便提一下，因為你提到了受颶風影響的市場，所以簡單回顧一下，顯然，阿什維爾是受颶風影響的市場，佛羅裡達州墨西哥灣沿岸地區也是如此。我們實際上已經超越了阿什維爾的入住率，但請記住，直到 2025 年第一季度，我們才對現有客戶進行任何形式的價格上漲。

So both the Asheville market as well as, for example, the Tampa market, while we are starting to lap the occupancy comp where we had elevated occupancy, we are coming in with a pretty healthy head of steam on the rate side.

因此，無論是阿什維爾市場還是坦帕市場，雖然我們的入住率開始落後於先前入住率較高的市場，但我們在房價方面仍然保持著相當強勁的成長動能。

Got it. Super helpful. Appreciate that. And maybe just one final question. I think, how are you guys thinking about, obviously, moving rates? There's a little bit of tough pressure in the back half of the year. Part of it is comp-based.

知道了。非常有用。謝謝。或許最後一個問題。我想問的是，你們對搬遷費用有什麼看法？下半年會面臨一些壓力。一部分是基於比較的。

We've heard of some of your larger peers kind of leaning in on discounts or promotions, kind of more short-term ways to bring people in the door. How are you seeing that competitive backdrop play out between discounted moving rates versus promotions or upfront discounts? And what do you think is kind of more effective in keeping that occupancy number up?

我們聽說你們的一些規模較大的同行正在傾向於使用折扣或促銷等短期方式來吸引顧客。您如何看待折扣搬家價格與促銷或預付折扣之間的競爭格局？那麼，你認為什麼方法更能有效維持入住率呢？

Yeah. If you look at what we've done this year versus last year, year to date, our concession numbers have been down pretty materially, like in the 20% to 30% range. And so we were able to drive rentals without using concessions nearly as much. That has paid off for us, I think, and you see it in the revenue growth numbers and the results overall.

是的。如果看看我們今年與去年同期相比，今年迄今為止，我們的特許經營數量已經大幅下降，降幅在 20% 到 30% 之間。因此，我們得以在幾乎沒有優惠的情況下駕駛租賃車輛。我認為，這對我們來說是值得的，從收入成長數據和整體績效中就能看出這一點。

As we stand here today, that's less so the case, right? We're utilizing concessions a little bit more than we were in the third quarter, especially as compared to last year, but not drastically differently. And so I'd say we're utilizing all of our tools to drive rentals right now.

就目前情況來看，情況並非如此，對吧？與第三季相比，我們更使用了優惠政策，尤其是與去年同期相比，但並沒有發生翻天覆地的變化。所以我覺得我們目前正在利用所有工具來推動租賃業務。

The one thing I would point out is that from a marketing spend perspective, we've been not utilizing that nearly as much as we were last year. I mean, in the second quarter, I think we were negative 4% or 5%. And in this quarter, the third quarter, we were only up like 1.5%-1.8%, something like that. And so not having to spend a lot to drive rentals.

我想指出的一點是，從行銷支出的角度來看，我們今年的使用率遠不如去年。我的意思是，第二季度，我認為我們的虧損是 4% 或 5%。而在這個季度，也就是第三季度，我們的成長率只有1.5%-1.8%左右。因此，無需花費大量金錢去租車。

Great. Thank you.

偉大的。謝謝。

Those rentals, for what it's worth, were up 3% in the third quarter and are up 8%, 8% or 9% into October. So the strategy is working.

根據統計，這些房屋的租金在第三季上漲了 3%，到 10 月上漲了 8%、8% 或 9%。所以這個策略奏效了。

Thank you.

謝謝。

Thank you. And with no further questions in queue, I'd like to turn the conference back over to Michael Schwartz for closing remarks.

謝謝。由於沒有其他問題需要提問，我想把會議交還給麥可‧施瓦茨，請他作閉幕致詞。

Thank you, operator. It's been amazing for seven months as a publicly traded company. We've accomplished a lot in just a short amount of time. We thank our investors, both retail and institution, for their support, and we look forward to the next quarter in 2026. Thank you for your time and interest in SmartStop Self Storage REIT, the smarter way to store. Have a great day.

謝謝接線生。作為一家上市公司，過去的七個月真是太棒了。我們在很短的時間內取得了很大的成就。我們感謝散戶和機構投資者的支持，並期待 2026 年的下一個季度。感謝您抽空關注 SmartStop Self Storage REIT，這是一種更聰明的儲存方式。祝你有美好的一天。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線了。