EXR - Earnings call transcript Q3 2018 | Extra Space Storage Inc.

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Operator

Good day, ladies and gentlemen. And welcome to the Q3 2018 Extra Space Storage Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will be given at that time [Operator Instructions].

As a reminder, this conference call is being recorded. to conference like to now would turn over the Mr. I Norman. Jeff may Sir, you begin.

Jeff Norman

Welcome Storage’s Extra earnings you, to Thank Lisa. Space call. third XXXX quarter

and uncertainties supplemental statements from by prepared Act. differ remarks statement In risks have answers Litigation we materially to Web press Reform our may and in review. Please in financial contain to stated due These filings business. which the by or questions unaudited the latest our Securities forward-looking the site. with contained qualified management’s addition with forward-looking could our associated forward-looking our defined those implied statements information Actual the that release, are Company’s Company’s listeners remember encourage results SEC, your the on to statements as to furnished cautionary we Private

Forward-looking estimates statements I the or of like XXXX. Joe turn circumstances or Wednesday, The to October to would any other assumes today, Margolis, changing forward-looking to XX, call of revise conference no the Officer. call. statements, of because this Executive obligation conditions update represent Company Chief over now as market date management’s after

Joe Margolis

occupancy continues expectations. is benefited XX end and be Thank you start basis NOI and us our This your we the Revenue, last move for XXXX’s quarter couple months within ending Occupancy everyone. above morning, last for of mark. playing hurricanes. for you, Storage. of because interest the especially year. call we joining and XXXX year’s to all Space the FFO expected growth at as Good third Extra is Jeff. points as are strong from Thank guidance encouraging, quarter out quarter XX.X%, into remained the

also growth by revenue the project growth, taper X.X%. quarter. which was in have of strong off should External in to The fourth revenue increased same-store growth. solid offset we higher quarter. continue We same-store impact in year-over-year discounts discounts, the expected resulting from but growth partially was rate And

to acquisitions be we and have Between $X and in billion selective we have $XXX over Space By XXX primarily our approximately third-party to but expect disciplined acceptable find acquisition adjusted with relationships. continue returns, million. properties efforts, Extra able stores investing acquisitions with end, acquired existing added We risk year management to the have contracts, been through in quarter. through

have of XXX including joint We and total third-party ventures. XXX more than a properties stores,

report new Our related remains generally to unchanged. supply

We are sub-markets, seeing location. impact impact and an varies certain in new by from supply its

markets and be yield. to in MSAs migrating is be to there stars activity new New down where a many may development appear saturated better already with

We continue to see delays see in abandoned. many proposed being deliveries and projects

year, was minimal. properties. with Southeast experienced any now to to employees, Our the supply, last employees highly and the time our but reduces immune our report turn not were over I prepared customers time our to our I the to ever diversified have sophisticated would was respond before. or portfolio, on than customers, and impact is At new am of this Scott. properties Unfortunately, the to hurricanes portfolio had platform effects unscathed. better And competition material not again, volatility. certainly relatively that to reporting We did disruption our while severe we damage weather our to like happy

Scott Stubbs

the customers X% Thanks, rate approximately up rental solid. Joe, share. per and happy of rates Throughout we the Rental Halloween, be FFO X% quarter, year-over-year. $X.XX continue everyone. quarter achieve to our Last reported new core night, for to to was

a revenue as As last our call, as of also expected partially percentage offsetting were up, growth. on and revenue discounts discussed

increase quarter, We resulting were and in third in in growth were was Joe in successful in elevated, quarter, same-store while to hurricane. caused discounts taxes, Property As not we year's surprise expenses. the last elevated expectations. a controllable we decrease claims of The our from insurance by growth. increase revenue level the normalize line premiums property mentioned, our in anticipate to the expense minimizing increases in due fourth saw impact in with an the

marketing rates heading invest into allowing We and the us more stores also and to full grow our in in keep the quarter, winter. chose to fall

We execute sheet our continue to balance leverage neutral strategy.

ATM size quarter, we process extending in the unsecured for maturities. debt and average increased $XX.XX $XX we the percentage of our per During at the sold increasing and quarter, our We're In our price also on and facility. further unencumbered pool million credit the the of laddered share. or an of

large same or same consistent with store from projects annual XXXX. and XXX other our definition, off we an -- in with total expansions below for assumptions market updated guidance were properties. for California our the guide We’ve million. a higher well three our use as was at removed proceeds disposed produce pool, our store property a also to one store as reinvested for yield. We redevelopment significantly with same and anticipate alternative stores sold rate This cap $XX.X The will property store our number changing

Our to $X.XX to growth for of of stores dilution underwriting expectations O additional exceed an our of C dilution the dilution basis tightened lease-up will at and by guidance let’s by Q&A. end core start XX portfolio We’ve same expense total basis FFO our both top of as our of the from With shareholders. same remains a and and FFO increased $X.XX properties the value-add bottom unchanged. midpoint We these at increased XX points. same of growth includes guidance long-term NOI the to generate store store for unchanged. back We’ve store midpoint. turn $X.XX points continues the $X.XX. guidance from range our with revenue that, bottom the by acquisitions Jeff end of guidance over The call

Jeff Norman

that, order allows, initial questions, questions questions With question. that to everyone opportunity ask ensure once adequate we ask their an has time Thank your Q&A. you, In will follow-on Lisa, that everyone's If address will start Scott. would to our everyone address time we to brief. initial had keep we’ve I

Operator

of that’s Metz Jeremy have Thank Instructions]. coming BMO from first Capital. question you [Operator I

open. line is Your

Jeremy Metz

Joe, change you no to front deliveries mentioned being opening the expectations. your supply on remarks, noted projects abandoned, and also your some delays in you and but

to trying reconcile deals it lead to the are about pointing sounds better of to the like just supply feeling year items some for to outlook you’re out? if So there arguably fall would starting Because next those.

Joe Margolis

So some impact I I I would supply There’s think is and moderately be unchanged pushed new that in development generally our stores. having down XXXX, in into cycle, our to say supply is out. said thought a we’re I cycle asked and subject it’s operations added some But that in being -- there's falling said about a deliveries. view that we and flat for new XXXX XXXX last would scheduled what getting quarter, XXXX to was we on I

have we we're XXXX going what would Now to now based and is seeing, be down. on say data I the

still it's So, -- change. from we’re we slowing are a I cycle development seeing mean, but not to impact a material in operations on and in our have going the XXXX. supply new

effect of I cumulative delivery the the delivered being see slowing. have do but what's You

Jeremy Metz

deliveries And feel where it getting terms just just maybe your worse some abating that into ones maybe more maybe can pressures in you tie others more from see even of of and supply you bigger than of see you better? where measures

Joe Margolis

going they market better. get get are worse; the it worse where we’re So to seen other Dallas, worse; to is before a the the that’s the We’ve may seeing markets, end DC, Florida going spectrum some get get Chicago I think in Portland, acceleration on think Washington it's of improvement. I

Jeremy Metz

me. for the one in Last that Scott, you rates achieved holding mentioned mid-single-digit range.

you drag, X% this Discounting which said noted. a has been quarter. you think X% to I

been if trending? So where that your you rates factor has effective all net how in, that are and

Scott Stubbs

achieved quarter So rates were X% our for to X%. the

impact If revenue you basis by the discounts look XX in the points our at of in quarter, decreased the discounts quarter. about

been our revenue been would points flat revenue have would have higher. had -- discussed been year-over-year, discounts, without XX basis So our

Operator

is Next question Todd from Markets. Capital of KeyBanc Thomas coming

line is open. Your

Todd Thomas

you those more quarter discounts context provide the was dynamic. a provide being being revenue heading over couple would around some year could XXXX? the difficult. next overall your of growth Joe, factors like insight Scott, the maybe comment additional seems understand quarters, some that be some and little But XQ I fourth just and comments I discounting and late into year-over-year the last around hoping the beginning bit comps in It the in higher. hurricanes lower about

Joe Margolis

Yes.

strategy. strategy of part overall discounting just the our maximization is revenue So

So versus last we year difference the have the is that year third lever And year. discounts chosen year, did this are the to not quarter. we pull heavily last this in as discount

we and discounts were chose to So low. during rate of use the as high last year, summer keep year months This our were discount. they

than it comparable overall. a was from a change what more So last doing of we’re year in

So, comparable year. we pretty discounts last this expect to year’s

quarter. our impact portion of we about that XX basis basis -- discounts a this we’re points points last So that revenue by XX saw

that quarter. of portion the big there a not to expect in We to fourth be

of get or the revenue while tougher, less rate growth revenue -- the to overall year-over-year the So impact than fourth of discounts quarter. -- in continues sequentially slows

Todd Thomas

And that? in of how into insight in think shows we should versus think being anticipating maybe fourth then your setting expectations? about XXXX we higher model here. the Any you’re growth third So just the how revenue quarter about quarter should terms

Joe Margolis

the give So, we’ll obviously first to we’re give quarter. that ready XXXX on not guidance,

expect go the any with I things that expect to to we mean. don’t cycle, moderate. think think we to by supply I continue negative But things

our next quarter of give we’ll in guidance this So first year.

Todd Thomas

prepared don’t how know decrease the number? was But And missed that's if question is that remarks. to hurricane income, non-recurring, in what And in in just expense was I the insurance for expenses much this else? me, something your that last or not tenant that I attributable net

JoeMargolis

the year. during not water significantly the attributable to tough past from was from was winter of actually months the to not hurricanes. It but due We some weather higher. hurricanes this claims had claims It the some primarily

Todd Thomas

the quarter? was how And in much that

JoeMargolis

In of the -- that were and was high, $X processed some of to quarter, made million claims those were $X some late we late. million

the get winter they didn't quarter. they months, or while in third happened So until adjusted processed

Operator

of Evercore. Next from question Samir comes Khanal

open. Your line is

Samir Khanal

views I especially the or higher you and you look half at property on on this Joe, where in I for mean, where had I if your guess, first -- primarily XQ. today? do sit based year stand numbers, 'XX taxes your had you on Scott of taxes, in you

'XX. be taxes, some So repeat, repeat. to half of other may but comps could with be in if they onetime like the and universe, higher items companies better one-time it's first easier, of feels continue coverage then they the that It doesn't growth our say especially of these in NOI

about want view as I here? your to growth we So, get think 'XX

Scott Stubbs

relatively are aggressive. growth. is I Texas pretty property quite reassess fixed quite frequently like tax mean states are certain So California fixed. Other and states in Florida or

approach typically slow As are things reassessments. those what for, their in values trading they

expenses comps become year-over-year states think as as in flow biggest potentially I of in taxes expenses your and property easier risk So, potentially these on are their biggest or benefit down the reassessment. some

Samir Khanal

is question second that looking at maturing your will got roughly $XXX think my maturity, How you address that? 'XX. guess I debt of just debt that's in How between million And you've should about know I and now piece? we

Scott Stubbs

do more We'll 'XX. unsecured continue debts move as to in things we forward

extensions, terms amount you with at pretty If it's look low have. of of it the we in maturities actually

then with of to we portion a move towards sheet. debt balance extend unsecured fund we'll that unsecured So as primarily and we'll an things continue more

Operator

comes question of Smedes from Next Rose Citi.

Your line is open.

Smedes Rose

for through? lingering you this you any fourth the you I there And how seeing adjusting maybe acquisitions not second impact should a long And a given ago. sense Do hurricanes what as private of impact, in wanted was the of interest just any have front you pricing changes bias think and then a that if rates? year? and the in the my question, I be on occupancies takes upper yet, wanted higher you're just follow you're sense year if just for have due you do to we to the to -- ask to market quarter what ask to

Scott Stubbs

acquisitions a provided address lot of Houston XX a month year of Houston hurricanes. really fairly different. those saw benefit. we question then days benefit last us people no upside the Houston saw bit and will I'll for out Smedes, and take What was people the from moved in, free Florida in later. then first moved is moved little Joe terms the the Florida one. in most of we

occupancy Our than is quite of less jumped our Houston portfolio. X% quickly. But

Houston it quarter, the end significantly. ahead were are you So of overall last I wouldn’t look the third points where though impact is if tell a at the our a at going XXX you year, be year. come Houston income. Florida like to of slightly our as September. for And basis XX to we comp as October Even of of the end of our occupancy, portfolio basis expect we occupancy we market behind but in points tough a of back Florida occupancy. behind But percentage actually is in in a will terms small it’s

JoeMargolis

material pricing. We on really not acquisition change any have seen Smedes, the question. in

not have seen increasing. We cap rates

I go expect to interest as go that little on you a Although, guess up, made can't rates them bit would forever. difference. tightened go the lenders up. up interest as rates spreads But started to that

if are expect some So, at point, increases there yet. year, you several we to cap react next rate it rates haven’t seen but would

Smedes Rose

you as of third-party on this acquisitions, managed growth guys do I stand potential do you guess your mean I external So guess pipeline primarily remain or at a I where on point? focused

JoeMargolis

competing We than in $X the billion we’ll and continue. management joint allows And acquisitions situations that do partners a or we're came fifth very of So external situation these deals have to had venture continue market. us relationships, in fortunate that find little few over from third-party some to a this brokered XX% relationships, brokered that bidder I and gross are of the the proprietary going to can think were high very where we’ve lucky our relationships we’re great of be pipeline we and less that's year where growth. either

Operator

Next James. of question Hughes from Jonathan Raymond is

line Your open. is

Jonathan Hughes

what just those to said about, when Are markets wanted suburbs to you earlier with yields. new or migrating activity, talking markets? better tertiary seeing are you mentioned you clarify Joe, primary and secondary supply markets

JoeMargolis

market suburbs say secondary tertiary would I the A secondary think are too. lot of markets. of primary markets I

markets excerpts moving downtown to include would the of maiden other of type main or I suburbs those. out primary So, and secondary of But these markets. all moving the or

Jonathan Hughes

that growth, And back assets. about of external maybe out a XX% going of underwriting managed question those was acquisitions platform, then bought party years third percentage Smedes's you said assets your to are perfect And on or few it the XX% ago. get already

pool your out can stores And platform So of go of not pretty of integration try assuming the fair the you is properties more to and impressive. going lower why forward at into these mean more upside. in a assets I course, managed them. because the future, assessment? looking store not that buy strength just am lower operational same I the Is third-party there -- much third-party risk. and But that’s going your be to non-managed growth with is upside? buy

JoeMargolis

yes. For part, the most

So, not all that of XX% were manage.

don’t actually we the the is have with and people Some truly properties of relationships it at from manage we time.

world, and the would under to and a properties to buy pops it. more of want in of from do I though get of opportunity we’re year In stores do proceeds to not we even more because joint they management and the out we or from have this pay than ventures, investing more buying but been from many the are we’ve a earn which get because insurance Secondly, fee, a outsized ever we mom maximized managed before the we perfect management these XXX% capital I standpoint we get the returns, but get manage for them, juice them deals, promote. and love

we we’ll when pricing to isn’t the right. And that patient. when right, and pricing disciplined remain need is the So, do

Jonathan Hughes

stores? And Thanks. give paid and acquisition any the more market you details off. but But this you then one the for couple quarter could curious you us operating scheduled maybe to by I’ll those store on seen transactions jump what hasn’t close yields change year-end? on I said know just just

JoeMargolis

was the get So other stabilization stabilization. stabilized XX we stages between stores different the stores to Lauderdale were months XX with the fully Fort of store the in and underwrote and

the stabilized first the you Xs together, the was if was So mid-Xs. them average -- initial stabilized low they’re yield the in yield. was year not in and not so always But all

Jonathan Hughes

the stabilized that the fully on was occupied? yield if maybe And was Lauderdale one acquisition what

JoeMargolis

X.X…

Operator

from question Green is next Advisors. The of Frankel coming Street Eric

is line open. Your

Eric Frankel

attentive little Joe, could you supply comment the a of some decreases bit the in or on cause of drops the starts?

JoeMargolis

providers a is of one good that putting is there some together out market thing that, today there than years pretty third-party a better information. in doing now job was ago, So couple the there are is there information

fairly North store not equity thing it’s a door a to at Dallas, is the developer already. may be build next And an source that next see when or North Dallas. in build to So looking in the easy the smartest or lot proposal bank there a there’s to

up, up. land Secondly, about labor are talked rates is costs is up; up; is that; are up; we interest material pricing certainly

have growth. increased not you So you X% underwrite other an then a rent someone cost. side, If projections. And honestly operating the to underwrites have they’re moderating going deal,

that difficulty more costs moderating you few have that are your increased a loans. have projections getting development so And little more And yield. and where somewhat that then you have bit cautious a you squeezes lenders

factors those next the to all ground. days these the it think in I make shovel So harder stick

Eric Frankel

it is a lease is of be up of turned a developers which fair time two it lot say a years, to to been years. Is what most, couple three that's were say common range? or year maybe of that five to underwriting historically has years three a But out

JoeMargolis

developers job and if up the deal a can the But and that I and we gets goes And an actually is which and work not, time lease to they developer aggressive And realistic see maximize not it to pro sometimes if the rate sure an the up providers shelf. the that try too, equity up in mix market. are financed if it aggressive mix unit optimists the was on forma may lease has create typically the the but frequently don’t time revenue, meant or make get pro lenders has manager's forward. then operators, put to is rate. in unit that lease aggressive what and and period, general, will where know an forma

Eric Frankel

you public take loan of strategy more do if construction acquisitions, of available. Whereas, to financing you of a mezzanine business. what peers, as well those when question, certificate in developing lending some as of occupancy type the it peers on you're led the the I consider I your think underwriting investment opportunities? being Would are and related another business Just more think

JoeMargolis

we development not that's reason make lending is project. primary And be to project to for have to in you do own want where to willing the a we're for to already development we own obviously completion, risk So to wanted brokered And loan, the have business problems, continue a that deal a we take. not be that because if development. there's the to willing don't you take

We on willing managed be to own. that buildings to to completed loans are we want and willing make

Operator

comes question from Jefferies. Okusanya Tayo Next from

Your line is open.

Tayo Okusanya

question My with earlier that the made about again keep wouldn't to the why just wondering maximize still in to supply confidence first there, has do how and the I'm comment of given just to XQ. discounts have level are discounts you issues that revenue? declining try some you out in

Scott Stubbs

don't on discounts. we're I more comp a cutting necessarily back So, It's think issue.

discounted So, discount is December. October, the but year will last November, we also as December, in October, in we November, difference

So the summer month. just discounts discounts seasonally, in in the than increase fall year, more summer you you winter our whereas do typically have the this in we

more this our strategy year. much So is year-over-year similar

Tayo Okusanya

And then second question. the

San to as your XXXX. as and some prop exposure given meaningful talks XX, the Francisco in L.A., ballot Just around well of happening hitting potentially the

homework that? could what Just wondering impact that thinking what done you've any that, you're you're And about hearing if EXR? on have about what about

Scott Stubbs

that obviously we a risk. it recognize So as

every our had the are while for that just raises of have a legacy Some year. we've properties quite X% that properties owned

simple compared bit and today some you're a We in. if where if math. passed; pretty what assessed that gets impact. it's done little at comparing math that It they to on; it taxes were basically then how Clearly, an paying they full one, have value. in phase you’re depend We understand will is. It's two, what

comment on So, we’re impact a the very it's risk monitoring. but point, difficult really at this to

is I that. Self aware think of Storage the Association

some efforts I think around probably that see you'll there that. lobbying

Tayo Okusanya

Is in if there you’ve like shows straightaway? worst done regards all the just up analysis anything case at

Scott Stubbs

want We to have, call but it’s today. would probably the not we on something disclose

Operator

Markets. Wes comes question Golladay RBC of next Capital The from

is open. line Your

Wes Golladay

more get the goes? point C And those to in Will might next as O this there any $X.XX year? year deals. next have this I to, but roll dilution been in, from still as for timing of want you comp back year? no to I dilution C far some dilutive acquisitions a go just Will just guess, set you stabilization and be of O know I here. has change of deals

JoeMargolis

supplement. O So continue we’ll you of deals, can that add to C our see in

lease-up, So, $X.XX that and C/O the that have the added others value-add pool. deals causing are into as we'll

Scott Stubbs

depends a little bit at And what it their in terms lease-up. of they’re on stage

this So this dilutive not of year, year, acquisition was a property we in it be that dilutive bought XX% next and year. is clearly, they opened full it likely fourth that And we January bought of will next year. quarter

next I a that overall, of year $X.XX continues So would it's a different into but pool, group. part you, tell different

Wes Golladay

And one was all? then to I'd up is what changed one-and-a-half-years. that years, were but and underwriting three before typical maybe Has stabilizing they still to the what at recall

JoeMargolis

months, we in. XX underwriting get So of economic getting better doing to and size it's the to C/O we’re that. earlier stabilization maybe XX are XX occupancy to and economic in achieve months property to than market the stabilization that than the deals months the XX on XX And between we’re stabilization, depending maybe slightly currently

Operator

from Next question Todd of comes Wells Fargo. Stender

open. is line Your

Todd Stender

up? going Are little want slowdown. get duration, just on for you're owned. It yield might upfront, the coming in Probably a for yield -- thoughts a the incorporating your that wanted how acquired underwriting on within it's maybe just depends potentially upfront I forward wholly sense and some C more portfolio lease-up just get O venture leverage expect Joe to being joint these of NOI color strain your just there I expectations to you’re maybe higher of assumed deals going risk a last Is your to assumptions. -- because coming around up?

a there? risk the of Just getting sense

JoeMargolis

by And sense, everything it do to an basis. make unleveraged deal we make if -- doesn’t try We basis. sense don't an on it. we unleveraged on the needs So underwrite leverage adding to to

growth. months rental been rate underwriting at lease-up We’ve occupancy, XX and pretty an So to answer. XX that’s consistently easy X% XX%

and growth, And of see some -- -- numbers. rate But you where that’s right these the we way occupancy our those conservative those that’s maybe underwrite deals. of to current feel some revenue given

some Our another a C has temporary a we more is little location great time but little that’s on yield yield us in market where one we if us probably plus markets; minus, for stay for deals; taking and lease-up think the period; our bear X%, spreading target doing our compensates joint and stabilized bring target and dilution we been someone of and brings deal venture much target the have can equity we and less? O that we’re so we Yes, a so our can during and too and don’t dilution; so our partners; we we further; within in dilution them these of so, can out and more returns. de-risk take enhance

Todd Stender

And you then very huge property couldn’t just affluent the that refuse? high Menlo barrier Is but a Park sold, market. gain got also it’s offer an you lastly,

JoeMargolis

three So corporate cap. in around alternative sold an a -- to use that we we adjacent that and large wanted property for sold corporation the

Park, we can it’s take we through impossible yield XXXX though, dollars them those those double reinvesting from dollars we in even which the Menlo reverse them, can to exchange. have So done take probably storage build like and

property is money. us if someone sale So offers enough every for

Operator

of Next from question Bank of America. Juan is Sanabria

line Your is open.

Juan Sanabria

delta is going three back exposed to what a to of touch 'XX portfolio have to percentage percentage wanted to be extent? going if be that and versus rolling is on 'XX, and just that to what number that supply? a greater I supplier of what you Do So your sense year in is

JoeMargolis

own a yet looking facing third But of will had them our About not portfolio So delivered. stores, at in stores, almost those of be by of 'XX. of XXX new of half supply XXXX. been moved portfolio start let’s our --

construction. under of those So, some are

into are So be the proposed delivered, they there’ll pushed under will others list. And be but XXXX.

they that or less XXXX, may than that, we’ve -- identified. half Under in of what So not delivered. be of may number is

drop where answer I into the off XXXX. we that’s So question? see your Did

Juan Sanabria

if so is you that When less say Yes. than ’XX, XX% fair? half,

JoeMargolis

XX%...

Juan Sanabria

-- rolling But sense that new deliveries. of rolling window is do that what more year necessarily three less? you window, deliveries three Is a have on or not of year a

JoeMargolis

which off than because a it So up. number up number goes three the you're a XXXX, smaller X%, year XXXX, rolling was XXXX, actually XXXX. The dropping goes adding small relatively a than while which and number bigger by is

Juan Sanabria

X% of total And what that's up exposed get Just three portfolio or be base? basis? the to what year from to sense on

JoeMargolis

the that XX%. So, year to in Is you're XXXX, year the is ending in to ending in a three right XXXX. question? And then closer XX% three probably close

Juan Sanabria

you Thank is perfect. And should of the think How was you've the relative down stores about a gone? benefit added on then this which sir. much, pull had to Yes the that is year just very and perspective. year, we being benefit the from to same-store next new come as year

Scott Stubbs

So the that think I budgets. C stores the from But will into benefit XXXX we haven't come completed O that are less moving to of majority pool and from acquisitions.

enough that bringing the same-store it's properties going minimal. somewhat big not you're significant. that pool in It's is not going I think to tell number and to that -- that a you be would I be many

Juan Sanabria

question And me. one last for

comp points to quarter XX has issue. So about that a zero that any basis not were you easier XX a that same-store concessions mean third said fourth away given drag the goes you've revenues. delta an an And that Does year-over-year described in been basis? an the the terms quarter of to drag point on

Scott Stubbs

goes goes away. it sure portion of to a but Not significant zero, it

Operator

call There further the I like over for are back no turn would to questions. remaining remarks.

Joe Margolis

you Thank us you. for Thank today. joining

our with rental rates to and drive pleased our and to are team's occupancy. continue We ability platform

interest excited paying our well. external environment. and following your Extra forward great Thank the brand. in We're our thank NAREIT. you. the seeing for you about a outsized it growth we everyone our support people with is We our Have of competitive enhance and scale our speaking Space our and to our portfolio invested look as current have We you is expectations platform, in and Storage. day. is XXXX rest size, performing dividends of and We at in always and diversified portfolio

Operator

Ladies and in This gentlemen, today's today's program. for thank concludes conference. participating you

disconnect. You all Everyone, great a day. may have

Extra Space Storage (EXR) 31 Oct 182018 Q3 Earnings call transcript