CubeSmart 5 Nov 212021 Q3 Earnings call transcript

Hello, and welcome to the CubeSmart Third Quarter 2021 Earnings Call. My name is Elliot, and I will be coordinating your call today. [Operator Instructions]. I will now hand over to our host, Josh Schutzer. Josh, please go ahead when you're ready.

Elliot. you, Thank everyone. Good morning, CubeSmart's Third Call. to XXXX Quarter Welcome Earnings Chris and Chief Chief Participants Officer. on Officer; President include call Martin, today's Executive Marr, and Financial Tim

Our session. a prepared followed remarks Q&A be will by

was Securities factors and and In our from forward-looking Exchange Form will the other we cause and data forward-looking and risks uncertainties the with at Commission, may our of available filed addition is materially provided include X-K together www.cubesmart.com. Factors strategy with statements X-K, the annual Form risks, actual this are section filed evening, to XX-K. the the the report in of and Relations company's release earnings which documents certain financial Investor to differ Risk under or that could the cause supplemental our section involve issued and that that to these on release, The operating earnings statements materially company's Form the differ to yesterday regarding earnings company specifically forward-looking actual factors website remarks company's furnishes morning, The results with statements. results the from filed

include turn GAAP the non-GAAP financial call over be now reference company's A Chris. reconciliation on measures. the between posted supplement the addition, in the In www.cubesmart.com. at and will I remarks can measures quarter non-GAAP to found third company's website to

Thank you, Josh, good and morning.

supported successful our wrap very to industry. up quarter to solid their fundamentals pleased a and consumer sophisticated maintain by the are trajectory for continue We Operating systems positive demand. self-storage

nonsame-store benefit the is recently Physical developed the solid maximizing rate income quarter. our exceeded during and in realized being that revenue and demand existing our positive leverage consumer our growing operating in for occupancy, net customers. development metrics. our properties. evident expectations able and impact properties same-store in the rent, is and and backdrop also nonsame-store been experienced The of occupancy well have operating environment to We demand both new of The by

revenue performance are the of growth considering challenges We we teeth positive the back particularly same-store pandemic. in produced pleased when the the and by experienced have the the of XXXX, we same-store created accelerating revenue half with had

growth our revenue full growth term. over of occupancy, outlook rental balancing the our revenue and long for produce sustainable same-store the quarter year Our the and strategy during rate discounting to reflect maximum the marketing,

Looking commentary. in get forward, will on detail we as bullish more into guidance, evidenced remain our which his by fundamentals with increased Tim

intact. supply Our thesis balance the on 'XX for remains 'XX and of

data peaked our our top supply current markets expectation in in supports Our XX that XXXX.

take further supply the to new experienced deliveries Bronx this XXXX to and expect boroughs to Queens will for X quarter of customer the over openings thank our dedication past decline resiliency next to face deliveries. what tremendous continue third to of our second the X teammates multiple opportunity We of contract in what dwindling across in store each Brooklyn, in outer Specific expected XXXX and one to after once-in-a-lifetime the next to and seems and we to first we their York, QX expect compared New I radar. on Currently, events. year the be data no and currently year, of service those in openings years. quarter from of our want to of suggests markets have new significantly the XXXX the

We the of our Bronx, at experienced intrusion Jersey navigate the team grace, to the in especially North water genuine Our storm, pandemic New I thank team for significant stores flexibility for through Westchester after County. to and their customer and tropical in MSA during several York customers. our service our continues care and want with Ida. Queens,

created flow is during kind by management metrics I and who another are challenges app, assisting positive management job in shining clients ahead outstanding SmartView investors' ways our on the also seamlessly deal remains future efforts may also Yet our wonderful environment owning This our Our as fast our environment we to an its impact of opportunities in serving quite recognize example in the self-storage. want and operating teams increased their teams The did pace the a change. so continue of the pipeline the introduced had acquisition our third-party the stores. impact of has technology for quarter. robust. collaborative our third-party customers on customers interest flooding. has innovative information management that solid. operational had our has to how first key is proprietary navigating of connect of keep SmartView to business mobile our performance of This our positive designed industry third-party we a to third-party spotlight in

our highest quality growth to our returns evaluate opportunities with achieving as position the external our in We portfolio on continue business. and maintaining attractive a focus risk-adjusted

well capitalize positioned opportunities. sheet is Our to balance on

I out Finally, that this our sustainability morning. published to inaugural report we point wish

continuous our We committed Thank efforts date value and and improvement long-term are to our to play creation. sustainability our on quarterly results you. outlook. I share And Tim? a comments Tim proud now work key as ask his are will of to role in

the support. to for Thanks, everyone continued Chris, call and your you and thank interest on

physical to and Same-store for XX.X% XX.X% guidance portfolio, reflect touched up XXX our of the we quarter is unseasonably again, of occupancy, led across continue averaging and which the another marketing was in increases of continued operating to of with efficiencies that growth stay rates estate offset lengths quarter, also line nonsame-store incredibly results but customers, across utility results customer the XX.X%. occupancy property quarter, power. all at on strong and in net representing Chris rent year. headline meaningful third-party leading the and with to taxes, fundamentals real last elongating to basis forward. continued growth, by strong be insurance we in performance levels Similar Same-store revenue. drove a personnel raise on, better points ended high physical the our FFO internal combining As occupancy Same-store growth year-over-year, NOI demand opportunistic share only were drivers quarter our in for yielding the evidenced third in contributed remained strong, same-store levels that lower of not X.X% quarter. third Higher Strong growth, management expense earnings to expectations growth driven and portfolio spend, XX% in pressure our going revenue of expectations, $X.XX our results by quarter than quarter effective results included in over X.X% costs. growth performance pricing of per existing at and on XX.X% and And all the growth reported as for to expense adjusted new business. XX.X%

per growth a in quarterly continued in $X.XX Our of an in cash and share. annualized up deals. flows dividend, previous remain meaningful opportunities external and this of of busy per from potential led our to be growth continue We our announcement in pursuit $X.XX rate the our resulting earlier that's XX.X% increase lot a share, active underwriting week of to

find find our that to investment select we fit continue attractive strategy. that We transactions disciplined

under and we X stores for another quarter, $XX just on acquired million. JVs million for the X $XX sheet stores in During balance

under joint venture million of million investments. We through $XX.X stores and contract on-balance have of sheet under $XX.X contract stores

sold in million have on During active we over selective X store We just another the for to contract stores for $XX.X and $X dispositions. quarter, the million. were sell

Additionally, from quarter we stores for to venture end, X million. subsequent sold $XX joint a

stores XXX and On third-party the the the in under management. third-party quarter management front, quarter ended we added with XX stores

a Our balance sheet as focus position with manner ratings. growth BBB/BaaX consistent we in strong continue to remains our conservative our funding credit that's on

continue proceeds $XX.X equity during the program capital We equity to at-the-market through raise raising million. quarter, net of our

expanded of revised based outlook guidance last leverage opportunities. range us XX.X% our to Details increase a related our included for the our growth year an well have pursue fundamentals XX.X% our in capacity of full were the at which we've conservative we've strong year, levels of by growth revised operating growth revolver on to earnings XXXX night. Based positioned share per Much that revenue levels. assumptions the guidance midpoint. range is discussed, same-store guidance and on increased Our over XXXX improved for release for and external FFO to X.X%

mentioned, teams all across functions maximizing continue the to is the of all Chris that like to as environment the work presenting. results our again, company CubeSmart to CubeSmart continue also hard opportunities I'd that strength validate current of we're they brand and platform. the thank of As ensure our the And and

time, call this the on At call this let's the us morning. questions. joining for open for some up Elliot, again thanks So

[Operator Instructions].

from from comes question first Our Smedes Citi. Rose

revised guidance? peak I you're in point, thinking just a and kind kind how your what's I bit, guess, wanted to occupancy this at about of the little to trough ask of about

can Yes, Welcome the it and Smedes, that pile this is I'll Chris. call. on. to take Tim

seeing and September we're the that August is vacates from as to normal returned demand there, its more in school students So schedule. were is there what certainly

So Day markets Labor return thesis. a the what we work, markets timeframe that type in as in as the post Boston. seeing of of to saw And student we're such as get our we some to into bit certain now return home

are to of the And then to we And where will I move don't return continue our consider towards would next So here, guide December in more industry we quite that by expectation envision or would to for where get typical broadly, levers, other that housing points then to basis a busy into up to will level of season timeframe relative And end March, again, a the last to as year's in to last until the that we time given the April we continue year the be we that gap next starting the few back the year. but gap robust ended or of envision move a we occupancies minus specific busy XXXX to plus in particular, rate again, And pattern last the continue physical in see to we would shrink. beginning typical to we the market, season. year. occupancy the we is occupancy. we year, think gradual would

Okay. was? what share you occupancy October Can

share can -- the of end October what of end October it occupancy The was. I had here. occupancy I

Chris, XX.X%.

Yes, Thank XX.X%. you.

Great.

the up ask then one year. for sort question. Okay. wanted bigger mean public overall the I acquisitions other just I of to significantly picture of all outlook storage reads their And

is may maintained was hesitant wondering, of more overall kind your be pricing? You maybe what external just why are Or a And guys -- yours. a function to it at expectations? just of growth I little you

transactions will that speak growth and expect are can't that should consistent to is have doing. grown you external continue incredibly I focus can I we strategy, Smedes, likely you tell to in What what remain to others expect and our enhance or high-quality stores complement long-term risk-adjusted quality. And portfolio, that create do in strategically in market both that at and fit that value to opportunities continue shareholder quality our on our returns view. asset we find

acquired you growth estate. quarters, real of about billion think over our past the X about If $X we've rolling

transacted So on strategy. we've and that pretty things fit been busy have our

As is we mentioned our well balance opening sheet the in positioned. remarks,

our We in this that we continue to point. What us. opportunity guidance of sense provided lot is we've for what a at underwrite makes found

Our from Elvis next comes America. from Rodriguez of question Bank

Tim, side? versus you Cube for at increased And if spend. on are look decreased. the doing spend others year-over-year from? marketing you coming And you're about benefits the opportunistic the a what you marketing little while peers, just mentioned bit talk it where Can same-store marketing

to your to wants really do question, love it. would and address but answer Chris I

to it. I'm So going him let do

it. I take do really to want

when are Yes. some folks discounting. investment we is question. the the that entirely we price in of we channels, to marketing rates and search mean, levers I paid at look almost take in And relative thinking there that which balancing are at are our relative look obviously, I'll incremental our able get. spend, to differences about to So incremental then spend how the

rates X% higher that view, XXX% to looking And length and generate look look And say, between timeframe. so what spend. incremental of from over at getting who we at it revenue that at we're that based the on somewhere in the is over our will will we're if the long you to and projected XX% say stay in it term came for incremental over that spend, of customers return double-digit to produce low investment XXX% those a

very believe will over longer attractive that data next to on we're returns those we the us we're So be, what that that and is creating which term like over appreciate quarter-to-quarter, continue that rate produce this we'll at look -- hard that -- rental of believe to The revenue we getting it that a higher is marketing the but we really issue the again, rates, and say longer that that's to perspective spend is, customers the quarters. couple return it assuming from we giving look higher at and over you it's compile, if the getting. timeframe, our

little you months? And a you here over specifically you X only you mentioned then -- supply you speak one to then believe what's the next expectations mentioned on and Can XQ specifically touched in more and store in your the bit to to 'XX. going speak boroughs. Can happen none after. I

Yes.

again, in one of then that store only So we see and to my clarify, thereafter. was XXXX, no commentary stores QX

coming are, now, So if that at Queens, year. reality later. now they we the store and are may stores, on openings see, in third happen these quarter is X you is thereafter. have as there I X next second are again, that in year Brooklyn at Brooklyn. sooner, they first and look let's may next of then in the would in where of we X expectations X, and in think But right based it One X happen projected quarter supply in the looking or

next Todd KeyBanc Our with question comes Capital Markets. from Thomas

New First in the during growth and and the the York, you're City you but your quarter, decelerate York speak supply question, in portfolio? seeing I that mentioned it the to just sticking New at Can was New markets mentioned just revenue MSA guess, wanted what you with a some -- rains that boroughs the the the of basis well about the York the I few within in quarter. of XXX in Chris, floods occurred you performed on saw City quarter points in one basis. to

Sure. Thanks the question. for

So let's look at quarter. hood New do the the take a during MSA performance under the York

MSA of a and to our made impact there factors consumer touched as demand it the back year. of got performed then new outsized evaluate. picture. supply, the other York and in well, to So exceptionally nonsame-store half are difficult which generate pool growth you performance last more New of And year, Ida few this We've on, the the

that of If the with water that rain, Unfortunately, had and Westchester a you in X of of water the source it to much stores the X in rain We rain Jersey. Brooklyn largely storm in absorbing quickly. nature Bronx, X in our North in County X the each of the led of result that in at start and as isolated and Ida. from the heavy intrusion, MSA: X Queens, was systems pockets capability damage

did many really no experienced a demand because or So the month we about the resulting were new cleaned those sadly, a we loss. X as stores, during customers' so experience up, of at possessions but vacates we total

So occupancy a those at decline of we bit stores. impacted an had

And factor so that quarter. the one for was

factored Brooklyn in in regarding expectations. On our we've as been side, the our in and messaging impact, which Queens, consistent supply especially expected and the was

seeing markets, Nashville supply. rate new in not results outperforming that MSA, and like are same-store and on revenue expectations our they're while not we're with Washington, experiencing D.C. headwinds the So Brooklyn Queens occupancy our dealing much

I new particularly Brooklyn in expectations. stores ahead the continue in our think then up the Queens, those upshot to markets, of development well this to lease and is that

can't them So stores stores occupied the highly the physical are higher occupancy customers accommodate that boroughs, at same and at getting revenue we those lease-up than stores, in planned. the our we're experiencing

Our well acquisition the same-store our the in quarter are Those outpacing underwriting. the pool. year Storage Deluxe of last are in fourth assets

remains this at high you holistically. solid. got at have picture, obviously And So the to physical look I very looking consumer demand occupancy. think all-time demand then We

would people a positive. XX.X% city. at in of the population on as immediately side York and that on long-term store long-term seeing actually We particularly as from some adjacent the to We that I have seeing view see we're then the term, pandemic our vacates we're what stores. long stored term, New beginning in the some to the who think of return rate returning City returning impact side, positive we do it's outer multifamily Near and on a view people side, as multifamily the the the basically in vacate the boroughs. population Manhattan

by the So we're I overall the I exogenous and year-to-date. factor think quarter and the results factors, encouraged when you then in described the endogenous that factors for

gives So hopefully, Todd, some context. helpful that you

helpful. Are early any seeing and your ECRI rebound in that's New near in in in-place resistance New bit increases occupancy region? customers within November? has revised to to to City growth then, Or any change to York October the anticipate you term? that And been you has Yes, a to do there there City rent program? the And continue in in York Tim, guidance, moderate been

So I'll part take the first that. of

boroughs occupancy think the when in again, XX.X% whole, you So trends, full. a about as we're at

the issue. of we're have for occupancy been XXX points open are fell return seeing we Again, damage And I the as the the damage as stores I And business stores, and been as the basis not Ida. in those think, has result said, there. and they're of about that's demand cleaned a recovering that So water again, from -- repaired. wide

Island the Manhattan outer On then are occupancies lower mentioned, with at well. returning, store the balancing certainly, the Again, and to you Park increased physical pool, couple New which stores. And there. stores and as return I boroughs York. City same-store a The factor Long in real and has of think, the on the in by the to Brooklyn they not most seeing those Slope, unaffected that at are vacate supply perform population I that and continue clearly as stores -- those is

are the So at our stores. existing of issues I'll New we the we specifically, get move as outside any not is relative experiencing experiencing it a basis year. more increases of are in customer Tim stores the we answer from I into we on to are we pushback specifically. anything continued going And any relates normal be, through the perspective, not solid any as to City that don't know specific, York growth also pushback but for of expecting speak rate and And then

just Do an And and just against growth emphasis in either or think to potential next upside growth of term on not not or the outsized Are running in acquisitions. I up of disciplined. and you I like you right. be acquisitions. question the of your comments factoring sort because sort opportunity? stabilization that when hear less there's the -- of that sounds investments? outsized around in might suppose. Both, It then seeing All ahead, same over in years others occupancy relative you're one think -- investments upside remaining on just of rates. same expectations seeing on underwriting Okay. back opportunity to are going on potential yields been folks Do you years couple you what when you in near the

and given returns tough what always we as mean, others speak into we others what I that's -- I Yes, to a question we know on answer, in bake are on basis. underwriting. focused risk-adjusted We're see a their certainly that can't what see. for all-in

question we've layers I and we sense the others at is, done What and things others to what that of those and result efforts are to a and on where of of and have all to multilayered really strategy are thinking, we with us is makes basis. landed our and what risk-adjusted So our have contract on under can't have many you'd ask have do unfortunately, them. what doing are to your that, speak

from Juan Our Sanabria Markets. question from next BMO Capital comes

were incremental the Deluxe? of stuff Ida? benefit Just second think wanted will quarter what first 'XX the we part talking same-store about. pool. Storage the to you have that any impact And from revenues guys once question, enters should Do same-store sense that in of inclusion you the I of on from York eventual happen a City the to was New the follow up expect

that part first the take one. I'll of

cleanup. accept accept to to Certainly, were terms we was on down could had In impact a difficult lost again, stores to customers time. it points We just could unable to short period of was happened have closed with for and negative. those occupancy. new the at hard to It's not or basis the new broadly, and put of not customers what have not deal

I point the amongst impact quarter. poor-performing know basis how to So to were quantify the They don't certainly stores for the it.

when guidance And next come our in of out on pool same-store the mean, same-store pool to things going stuff I not impact year, of they the we're in. XXXX related into to or are get into that stuff come coming stable

some next quarter So on happy guidance. try get when 'XX color into to to provide we that

see look Okay. then for one on have And you forward? net what churn forward just you you the what's on expect to that in either 'XX? that of market third-party business. of could growth your coming based more sale management for kind Do today discussions be a level sense continued follow-up Or question out expect, we'll and going do as or have to

I I XXXX, been -- Great and a as our know, lot active that transaction on We and owners lot as we've robust question. a I create a you our said than that value think, on for platform. monetized others them seen of helped environment. earlier we've XXXX, calls to an certainly expect seen of would mean, has platform, obviously, the lot to we've on ours, a many expect have stores incredibly as of of trend. come come have stores our off And

our were manage Many not are newly of developed owners of are a X, I X-year that the that platform on Many stores that we stores forever the it's years not are ago. for think, holders. trend. X

to when right is I reality somebody to monetize So to a landscape management us the sell of comes them to time continued take and business else, trend just and sell and the for for are that for is think it. market the in others us who potentially it third-party that or the

We work attract inbound contraction. to development from on the there interested new our So who or net difficult hard on to still standpoint seeing activity predict customers folks new platform. a be growth We're great to are whether business would continuing net in platform.

part we that so And control. can

they markets, create owners helping job, leased the good value the The in a is and our up what again, other part and the for and on stores doing that monetize, them candidly to is capitalizing which are getting really hired do. we're we're us opportunities that

predict So hard point. to this at

from from comes question Dempsey Truist. next Our Joab

year. prepared supply terms Chris, going But process anything the being of supply some on Clearly, disruption, or making you to keeping in you to is there start construction strong, the fundamentals chain so next manageable materials it online. the that being remarks, your coming into you spoke a think supply harder entitlement whether about source lid new supply? it's see in are

Yes. Thanks for the question.

So a to challenging continued And which wish to you at I have say to are we particularly fundamentals think trends, that balance where industry. think nice fairly and via operating reasons least, it be about offsetting is of moment to in and the product, who a in muted, spectacular, host you've and in the folks whole that markets, some this would It continue will expect is inevitably be therefore, new for to fairly will muted. development, our participating California. seen attract several western develop you're incredibly folks it with

our Obviously, changes the up in tax at to we've that there. length City that, develop again, much makes You the hard that outlined issues. I've law York have in time with drives talked over expectations New there. And it

of very, meaning think, you think inability material, as described, of I raw you've I environment. material new inability and constructive, and continued labor to labor, raw a the source have cost rational of lending issues, to cost get

to on, environment how you and the and and I factors development take decision forecast do X around think to years X, run I then going is new now look try what like think, and rate more X, from a fabulous another we're those a given perspective certainly, is challenge. today's from occupancy an make difficult trying

And returns you being for of until That that to you're patient of find chain if to -- out. So in many will a it's I tend and out, things that I or while I some start right lead if manageable. think mid have that you end markets basis. if I way the then land issues think or a themselves work owned those and you and supply of the piece attractive still can quite next reasonable these of generate year balance 'XX if said, all supply think 'XX. Again, in to you've think see potentially land

is you absorb sector tells not demonstrated a the that think just can it, industry we and And think it's that we'll I be I scenario as and a quite performing fine. we've well. doomsday

So will but it all I -- things of equal, the continue, think manageable. will there will being be be supply supply

Okay. opportunities. quarter. focused cap on compression like sold of particularly structures further about putting X assets it capital do you other then joint looks across work rate industry, Great. you're venture and properties where And this the possibly think recycling areas, to in With how you that lease-up

some capital next or opportunities really XX return we've not better a Yes. I And portfolio mean maximizing over time. that high-quality to recycling years, if a and did a of just those lot that could assemble We hard had don't other thought get on worked the has was redeploy we find. here assets, on to playbook. risk-adjusted they're X into we and a of have because part we to that. of return easy what We capital and opportunities the about when appropriate always assets do that been recently term, longer think you

particular on of disposition that of looking handful to as on where we And when So sell we're we situations not tens a capital, we ventures. can mentioned, that, properties, in of to out the we X a our end, structure, then or under joint we well, similar to one of closed of and contract where on opportunities stores sheet, think a I co-investment but we're recycle had -- actually, do we're quarter we find did anxious so. subsequent balance approach

October? quick quarter one and the could in in. one did How I sneak Okay. And rate trend final maybe throughout growth

year right over think, that Yes. in Rates October, over or continue effective to XXXX. over and XXXX. up XX% be very XX% solid about were is I last and And we over asking XXXX so

question Zhang comes next from Our from JPMorgan. Hong

tight I where to pressures just pretty reverse looking personnel expect do trend lid kind on this year, guess are? of towards that year. a and kept next expense wage you you've quarter so far up So given just fourth

been a in has challenge in not Thanks but industries. and across of only of side industry, that yet question. hiring Yes, talked certainly personnel our for the about other service everybody terms

have for see therefore, traditionally our the of We end always what been higher industry. at teammates the focused have bit on little of store and paid across total rest more the reward offered a benefits package that we the are and

we looking difficulty make -- So hiring trends at to adjustments but overall compensation, in had yet adjusting haven't any our and certainly and looking radical we're accordingly. we're to at

and of it on for transitory how while. we here retaining the then year, is challenges markets, as Again, sure think certain teammates hiring, making it to or next I be balance good our Is a it a continues progress. we're will get but specific those into inflation overall, to total market about how smart us in to stay folks to we And to the thinking we that have. rewards have. that then a with allows pushing offering them retain self-service, that efficiencies, we continued staff the that offsetting and continue high-quality meets staffing the levels people rental and package and

sense, And parameters just my short into we inevitably, answer we maintain that then what XXXX. be constrain expense to that. focused move So can on the personnel as growing we're has is within or

through that grow 'XX. inevitable I think it move we it's as will

still even guidance, And se, you were occupancy flat it. points I'm it, basis at into compared per just higher COVID. year-over-year end year you the Got looking call going than XXXX, a not but to where if for you be, XXX

through and are, XXXX? it of move move-out portion do to Or to give expect that of kind back? all you retain a kind trends where of you do expect given Just

occupancy a standpoint? From physical

physical standpoint. a Yes, from occupancy

talk with your get occupancies it's to -- is that sure continue hard answer that to into 'XX question. unseasonably be to that The you not Yes, preamble not occupancies high. question. are were trying boy, guidance, about to I'm Even reality how

We of or your of on since side underestimated us an of our been, pandemic. as that has demand of us the come the table and the table the I the industry, have the think, strength beginning quality have all of side the of to customer here the

customer our and conservative is. as how So we've to is to how all expectation date, that too been in demand robust sticky

they that's revenue a for we sure maybe levels. one would standpoint, couple I equation. of of future, some how you that know don't think the only at helpful quarters measured some next how occupancies occupancy have think, considerations trend I that other part the think our to historical will about again, if year. occupancies And towards we years, And in the than I than those all anything I ever think be there from higher months, is in about back at as Not directionally are have are particularly expectation, I for or least been. next think point projections of would the sector, it's

Green comes from question final Allaway Our Spenser from Street.

here? on existing reviews rates I catch up Amongst on is we've peers, some market you of to compared heard Or across up provide rates portfolio? just wondering there rates your room today. color kind your you've market still most if of was could with mixed caught to whether some

Spenser, is yes, this Chris.

in-place specifically customers are versus for pricing customer? So related new a to where we

Yes. Yes.

Yes.

kind So X% be range in X% the to move-in rate higher that customers. the to continues than in-place of

growth higher during revenue the that about? much of those how just by you Okay. us was rates the And then driven an you the speaking were quarter of move-in ECRIs versus can idea give

that's trying we is Everything historically of talking thing growth don't combination through mix that out. get in that, haven't to one broken as of a of see you're from you revenue but Spenser, how that don't get predictable things comes about, the it fairly we occupancy. else much can typically we into the --

questions. further remarks. back no now to have hand Christopher closing Marr will any We for I

has season, was All this in fortunate my just It been ago been I month. earnings least. a enough for call XX right. reflecting to Thanks, and that I our the industry. up one for participate spectacular season to third this It's quarter was the call, first our the wrapping everybody, years year us. spectacular earnings call, participating self-storage in with a say

move And so year to has the into as had been a I've I participate year. XX on the ever think over look we're it's perspective. next those best I back industry that that this safe in the bullish say as we And self-storage quite from fortune to years,

all enjoying of Be look to the thank you the So talking forward end with and with at for safe. you us, this year. we

This call. concludes today's

disconnect joining. now and we you may lines, You thank your for