- Earnings call transcript Q3 2022

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Operator

Good day and thank you for standing by. Welcome to the Extra Space Storage Third Quarter 2022 Earnings Call. [Operator Instructions] Please be advised that this call is being recorded. I will now turn it over to Jeff Norman, Senior Vice President of Capital Markets. Please go ahead.

Jeff Norman

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

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

as circumstances November company today, of represent the Forward-looking Chief over statements X, revise update to estimates Executive other statements Joe no Margolis, this assumes call. to of that, any management’s or after it The because conditions or I’d turn forward-looking to Officer. like obligation With now date conference market XXXX. changing of

Joe Margolis

you offset and occupancy. felt call. driven and same-store resulting items, expense expense of strong NOI Thanks, across same-store XX.X%, growth We growth, growth thank strong year-over-year XX.X% quarter same-store Jeff joining with for had of revenue rate rental line many by by of everyone lower partially another today’s pressure We XX.X%. in total growth

notably acquire in platform. front, loans the the most Express. managed with an growth integrate attractive smaller closing to on that remotely be only adding not stores Extra number themselves remote but acquire million continue channel lend model. properties will unlock We additional management to opportunity Express view busy this believe a a an Storage Storage Space operational for to portfolio and We upside, growth a strategic a of of storage in our bridge external platform, as We gross XX to over purchase $XXX closing acquisitions, to third-party

add-back per Our strong tenant growth growth for $X.XX of estimated XX.X%. external in property to claims insurance includes property Ian. and Core Hurricane core efforts NOI resulted share plus our FFO an related of FFO damage

seasonality, happy the Core are team of around our quarter which people slightly we our ahead the FFO our our In offset stronger-than-anticipated has modestly the that driven expectations of of our quarter occupancy NOI. cleanup forecast. some our new we putting Florida efforts. proud storm customer with during customers to and rates, partially of experience are on income in by and lower-than-expected started way and employees September, to We rallied NOI lower same-store remain interest pressure to return Southwest report third and in assist than non-same-store them was all restoration a both and by were safe

we typically measure XXXX. see metrics demand, evaluate in not fall As did that to expected moderation standard have we we the our the occur in

lower strong, strong is demand traffic Fundamentals six last with they as in is as line levels. have in year-over-year, quarters. the chart just the While been not off pre-COVID remain

careful our the outlook, idea of revision also the scenarios end do that believe well NOI a basis have the only to not seasonality liked same-store bare guidance eliminating $X.XX we perspective. This top range. assumed but in the XX core result, point our tightened we a to are we at materialize. results a revenue, which FFO range FFO will As more minor never maintain ranges, scenarios, of or decrease of We having our midpoint on as and as reduce

revenue was growth history the our revenue implied in year. the company. our XXXX highest second XXXX, Our of same-store growth highest of back And on this is which the is

is growth FFO XXXX Our implied the XX%. midpoint at

Our sheet balance is healthy.

basis. our to and on positioned asset-light to an platforms access are grow external growth have capital We

we recession, contemplate and platform. we solid economic team diversified As future best-in-class additional due to and our and/or potential continue class, need-based including results portfolio resilient to produce asset are inflation to well-positioned landscapes,

a turn the look would over finishing we I having time to year fourth to We are forward great and to strong Scott. like the now in quarter.

Scott Stubbs

hello $X.XX internal ahead quarter, We and everyone. our a had strong projections. Joe FFO Thanks, third own of

same-store some auction And payroll expense buyer’s for line year-over-year growth auctioned I We ability annual context. was negative same-store total total our which by on XXXX, changed primarily auctions. X.X%, and pay If of property we of and higher may appear a had doesn’t XXXX While average helpful for negative debt – the much expectations tax most as storage provide pay quarter, expense. to expected In did and have grew for of X-year in think In total in of expense quarter X.X%, collections expense goods. X.X%, expenses line the growth expense revenue have we our increase was we drove generally from experienced of evaluate words, willingness customers’ items. as average approximately a stack, growth quarter additional was outsized detail to X%. our property to than X% average bad an debt our other QX third bad same-store X.X% tax year. driven growth with The payroll was negative growth third expense lower expense

Subsequent our floating swapped of we to of rate to facility. remainder price close. on share $XXX sheet, accordion tranches. a end the facility, million in range from $XXX.XX, million X.Xx drawn to exposure approximately XX% XX%. to with debt without debt We two of adding units of rate interest across end. EBITDA revolver debt of the during average draws EBITDA reduce debt per of our Express an the caused total quarter million $XXX typical net at $XXX benefit variable transaction XX% variable given the the unsecured quarter quarter, balance in Storage Express revolving The of the we exceed the the additional at credit the the an OP This resulted to the debt end our quarter, at in our quarter completed to late with transaction our of capitalized credit Turning the of rate to Storage

bridge against our provide effectively increases percentage of balances to hedge the approximately loan variable rate XX% reducing a debt total debt. in Additionally,

to We will our rate debt steps to take further. reduce variable continue

commitment Our to changed and investment we not grade again has market this to conditions expect bond market utilize the once normalize.

XXXX As Joe tightened mentioned, we guidance. our

all Given guidance customer the possible. past to have the trends the had the unique years, year and range were scenarios a have outsized growth that we experienced over we capture we believe different wider-than-normal X of throughout

we more high As moved have fall, than we projected pronounced end. the the moderation has been at through the

rates the the is in bridge in higher-than-expected reduction However, same-store range. due well modification an tighter and it larger higher resulting investment. of later to was guidance low also NOI not as The balances expected date offset as on by partially end, the income as interest NexPoint loan severe interest preferred

income. increased an We management our estimates fees and associated other to have increase acquisitions, rates. Interest have expense in other forecast for with debt loans due Express, bridge benchmark and Storage increased also additional

dilution approximately estimate. $X.XX and last $X.XX C implied O in in total have range, we guidance XX% between from of which have of stores investment of per be acquisition value-add anticipate to of we investment contract. $X.XX core year-to-date, which or these our activity quarter’s to Given year-over-year. increased is increase adjustments, is FFO acquisitions $X.XX After and line We under still tightened estimated now our our share closed with billion, all

questions. and for a great open growth we see let’s We our in fundamentals are historical Question-and-Answer to operator, be to having XXXX that, ability we continue up it normalizing maintain about to With year optimistic as healthy storage levels. Session

Operator

Jeff, your you. Thank Instructions] Jeff Our [Operator Bank is of line open. question comes from first Spector America. with

Jeff Spector

Good Great. you. Thank afternoon.

the details comfort question on really normally just again First given are to provide give right, investors or forecast right? on your that this just is Joe, is other comments you I seasonality, some team can seasonality, stats any other normal any well. especially of you guess,

the is the market somewhat end of decrease by the the clearly, surprised at guidance? So top

Joe Margolis

Sure. you forecast. do for We compliment. in Well, take normally our thank pride the

is think where customer an were different. understand in environment I important it’s very to behavior we

rates, wider-than-normal a less What because have ability in therefore, data predict coming customers ranges, We history fundamentals though, had of look the we six at see state you or in other last how of numbers, quarters of so. to out and perform. if confidence would customers the slowing see no in we business. very look on strong to with in things the we very about pandemic and do how gave we we metrics pre-pandemic react, compared But comfortable exactly demand our are

Scott Stubbs

our and very Maybe on one with on that just Jeff. clear that in is the are clarify pre-pandemic our at a it good still the the at very of we consistent year calls It’s was in monthly year-over-year. basis. is as of receiving it time terms this historical as slowing Yes, norms stores and demand searches website point, to rentals

Jeff Spector

October? And is this to confirm through

Scott Stubbs

just update maybe of we give October, for what So to a have bit October. in an

is so steady the bps different from our have down XX rates the month September been Our and of from October. October about numbers, of our through September, not occupancy end significantly

Jeff Spector

which signposts your enter Thanks. And any by or seeing as you change then comment? ‘XX stand that ‘XX is are do that comment are you would well that confirm, question still you bodes ending my again, second negative strong, we to

Joe Margolis

storage is will long-term we that No, Anywhere I of guidance think averages. of will at if give XXXX. the look an end you range range that believe where you our than we indication range historical in better

and strong set believe So well going be for end year up the we we’re XXXX. still to

Jeff Spector

Thank Great. you.

Joe Margolis

Jeff. you, Thank

Operator

open. comes Our your from next Michael Goldsmith UBS. Michael, line question with is

Michael Goldsmith

rates, a pressure our the questions. your of much web had same others. street or work, Good year-over-year quarter. your maybe as morning. have occupancy asking the rate for At lot Thanks afternoon, through rates been down good hasn’t exercise taking our and as From time,

think that of ECRIs? pieces, how maximize So into revenues this the allow about position seasonality how rates clearly, and next goal does you year? And your here do you the to kind maximize revenue. to current looking But managing you’re and occupancy, street normal strategy through is

Joe Margolis

all So each size the reserve, and levers basis, a in not correct, trying to do using occupancy right? your maximize market to are We’re days expense, on a revenue the we a rate, by available, basis. tools whether store on done marketing basis can portfolio all that’s different it’s or discount, statements unit

roll onto are and trying have that giving the of particular unit together type whatever the occupancy you a rate. at of we portfolio So to favoring store. When that whatever we’re maximize on up revenue certainly expense data type for the basis, performance we now and in all unit store

up occupancy of the because the we in have higher to So portfolio. a growth rate a create long-term the will believe revenue long-term that we’re for little bit giving little best

Michael Goldsmith

long-term the them mean into you Is bring the creating on growth, and program. system revenue by in, ECRI get that And people them get correct?

Joe Margolis

going who’s also very it’s maybe a customer have attract Certainly, factor higher out lifetime to and but many at in trying as spin important there, X come than ECRI rate, is months. a value or who customers to longer-term a after longer a X

Michael Goldsmith

turnover kind during much pressure peak have people market? any That’s my reasons. Were in been season different of then leasing number the Is interest have you when And the of of will – helpful. or of your an the follow-up as housing renters? impact impact now housing that of does impact question, housing the of moving has market that results? in Thanks. from kind of that a for up as And a again? on increase Did under larger then impact see start does housing turnover kind

Joe Margolis

is market. Overall, That prefer for that see for bad arguably solid a in and than beneficial market housing because to self much the is of storage, was we from the being demand of had and housing we market in of housing and in housing And the best didn’t of there crisis a would example a than strong housing markets. slowdown different transitions. the demand now, drivers any and said, where good demand shape storage, is we it up other other weak during lots financial in movements transitions, demand great see types worse housing that drop is we market made strong

Michael Goldsmith

Good much. luck very in quarter. fourth you the Thank

Joe Margolis

Michael. Thanks,

Operator

comes question your is Markets. open. next Capital Todd KeyBanc Thomas line with Our from Todd,

Todd Thomas

thank Hi, you.

to to on follow-up typical increased which seasonally. about Can occupancy here had to outlook what you that First, short previously. you for XQ the the balance the third talk reforecast I wanted in like fell year. from budgeted a occupancy of average sounded it It the and relative the think I just quarter looked XQ, like decrease, the

quarter, where when I guess, of And to start So experiencing softness fell that the then short what specifically, see? you’re the you shortfall starting of the within was budget? did some

Scott Stubbs

Scott. Yes, Todd, it’s

was Labor the seasonal we’ve good Day, I what August we’ve I were Day, us for for later more forecast. in been think the last is Certainly, years. tell that I in third than possibility So back norm saying would of our you the quarter. Post post seen saw this you occupancy X go changed it’s think July years. and And Labor to X a what

it than expecting were quicker think little did rates. it a when come, I impacted as a and we came it result,

that’s thing impact the rate that we to customers quarter. think I and us impacted charge is So most are new fourth on the the going the

occupancy but rate coming there bit in necessarily new and a rate. seeing deceleration not So, customer of much of in more terms our little

Todd Thomas

has And relative still still that rates back – of in order or to in focus some of of stabilized? and terms are heightened increasing Okay. then sort promotions sort occupancy of you rate, to there the on is demand throttling on stimulate move-in

Scott Stubbs

And used quarter, as slightly up were tool. third our We’ve not promotions rates were were in rate to in actually right and using from they we’re more So year-over-year promotions September. conversion slightly now. our October where the flat in the down

be So September. we’re what continues to in seeing

Todd Thomas

you through if guess of Okay. portfolio we a of Express growth potential then couple remote frame something investments? model, out – just in about through on you begin see And we what’s do as roll new think much EXR’s storage and that capitalizing on you that how One, across? the Is growth capitalize to platform. that about expect see near-term? by the making questions. opportunity might you helpful. to acquisitions – And that That’s to today the see then it that ask time the I could I way of the What’s that Storage

Joe Margolis

growth the So – I in growth getting them or Until improve Space, not opportunity performance. them onto internal external aggressively would can by in can get Express is growth. customer near-term. do and What’s Storage the growth in pricing near-term, the opportunity the say we think, I ECRI, That Storage think getting we platform, existing shouldn’t the I Express, say won’t is them acquisition on pursue assets we external the term. Extra platforms, that, we nearer is our

And that run mostly What second now. performance now stage. is don’t may to the may able So there a Space the stores improve to of that the using our that of number I that’s things small we that Extra interesting we more really model. ability look Storage footprint we be at a more look modest-sized is as at think within of Express be Annex Storage is existing

Todd Thomas

Okay. Great, thank you.

Joe Margolis

Sure.

Operator

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

Your open, line Juan. is

Juan Sanabria

that do seems Hi, opening what tertiary strategic thank your assets in on that remote have. wouldn’t acquire and manage the Maybe you. manage you for Todd’s can portfolio? talked more set like weaker your maybe do and guess, them on in widen But just but following so, weigh to existing operating secondary opportunity you are I question where you that overhead to extent, cut against demographics you’ve you maybe locations place up about the Storage Express, otherwise remarks to it definitely opportunity to

Joe Margolis

portfolio, So, markets. wouldn’t secondary growth, wouldn’t to amount to wouldn’t similar rate have We price have more the we per the or we weaker on the to for pay same demographic expect same pound tertiary than demographics our asset. in a expect expect but existing

it’s their that underwriting, We every at how getting very for the markets about XX-year they more look tertiary tertiary CAGRs market, returns. compare periods of portfolio, but at So, risk now. provide tertiary And be also primary, volatile, and performance proper we year. all the you’re can understand in secondary, rolling good can about over which XX% compensated our We understanding. is taking look markets

deal only underwriting that those REIT in markets, gives right which that properly, So be sure could operates, you – the of REIT understanding many that the only the about making basis it’s I you’re an think we each somewhat of investing you’re at advantage.

Scott Stubbs

be Juan, is markets. I some will our would these other thing emphasize of the assets core remote in

and it’s much efficiently. as an just in those strategy existing This today what So here. running is market not operate our of tertiary annex a expanding kind we footprint then more

Juan Sanabria

any year that coming Storage a next you’ve on would delivery I supply – some and in some And been what of some getting But and the from arguably tertiary outsized attention like on back the between – be hottest in the that of delays coming secondary may comments view, looks have maybe mean supply, How as I going well. is again, this maybe down then assume just what’s perspective? housing to markets just pipeline secondary year seen primary these or history? to reward markets cases risk relative tertiary a between the that and versus Express

Joe Margolis

Yes.

view moderating not have storage not or of don’t interest debt, the So and they that off that’s of moderating, the still data are there that rates we overall, availability or to and be in to the and but dropping part the going deliveries new is good first zero, terms cliff, information are and costs continuing for issues of entitlement the headwinds any question, going are industry.

not have markets a that we’re done supply the – in active. study we We

market not supply analysis. a yet have We tertiary done

We’re start stage markets. just we that we’re ready platform, not will at right to the find this When yet. growing

do we We the the they dollars we the will do, all guys into have that all dynamics investors’ research and market. understand our sure will our always make put before market of we

Juan Sanabria

And rate, one pace changed that what speed third changes If could the the quarter to customer the if what trend quick you us one I sneak can on kind new to how throughout the give Great. quarter? on just third and in where year-over-year did quarter? of throughout

Scott Stubbs

X% saw X% on in new and July, were X%, August then has They rentals. – digits low This we rates about double down achieved September. about in in rates down rates. So, or achieved

third the in negative quarter. XX% about just – negative about averaged we So,

Juan Sanabria

That’s great.

Scott Stubbs

one. Next

Operator

Please standby for our next question.

line Allaway Street. comes question from Spenser Spenser, is next your Green with open. Our

Spenser Allaway

a topic wanted just to back the go Thank of demand to second. you. I for

work sector, levels. that than right is home given demand imply way? line less drivers with more traditional demand for demand or in the about average. the would pre-COVID that the a the that other is mentioned this that you seem thinking relatively new to But de-cluttering cohort Am from roughly I driver contributing are So,

Joe Margolis

of was kind the So, into that XXXX work-from-home more a experience. December of demand, de-cluttering – maybe XXXX XXXX,

– to demand are back to We more drivers new we back demand. more for are today, traditional

Spenser Allaway

return And historic correct, the time. some am would that, for that portfolios to just I is across right? right suggest it within closer not as thinking, contributing to just have we think customer yes. REIT right, So, trending, so seen to to occupancy demand. as that – their we to For the house, might new starting arguably am demand, within because But looking we occupancy see seem a at work-from-home are and we the that sector, user average that But your decided has about portfolio. I occupancy re-clutter be there is new understand where new base, I

the just demand, So, how I of different guys about guess wondering am think I kind you currently?

Joe Margolis

you think are I So, partially only right.

but at is sharp more X to a you in during in have think COVID, using customers can storage, years. increase of those where bit, have we than of see seen and decline use length-of-stay folks have we real work-from-home had for in a our our averages. them little cohort year, historic I I with us But that we more are stopped storage. who that that still been statistics, above a some a than continues think there Lately, stores

like of well. think percentage of us comes that as happened become those COVID customer customers customer. every of them or some small kind quasi-permanent some that of I during that permanent And in some telling that just is So, that

Spenser Allaway

cohort shouldn’t point be historic new What slightly right, moving we are think guys am the thing, which of us of perhaps average back if portion occupancy but elevated? is think historic that Yes. was most of would a that saying, that what using because that is work-from-home forward, than we the customer No, I am new guess. be average, staying, curious base, fall Then just saying that would your same I higher that agree I I saying somewhat And see your to agree my the is should case. that’s facilities? occupancy so I I that’s you

Joe Margolis

are am on the Sorry if good. I page. but saying we I are same misunderstood, you glad

operate So, there. the right. we I can We our think with And do metrics adjust we get or other can want, you. agree – I stores but to whatever occupancy

COVID stores operating we historically. during can learned we by have revenue that than higher think I at we maximize incrementally occupancy

Spenser Allaway

guys. Great. Thank you,

Joe Margolis

Sure. Thanks.

Operator

Please standby the next for question.

from comes Smedes Citi. question with next Our Rose

open. line Your is

Smedes Rose

mean Thanks. core Hurricane a more, Will associated just you added little maybe you in this, them? reinsurance you the wanted get or claim with $X.XX tenant claims, you or and turn, Hi. get $X.XX or little add to primarily paid sort like FFO, think of be Ian I basically uptick am back a earnings in to wanted core FFO? for I back bit I ask sorry, that that and where a misunderstood back claims. understand those I and won’t your I the your to I just in to better. there on is but is those recouping

Scott Stubbs

that million $X of So, tenant losses is from reinsurance.

out. So, are be will paying that by we our made claims customers those

are add digging had. We core those claims there. of back. down kind don’t are part And that’s People data on we number. of getting think again, out because been still an it not the have filed. we based estimate it back all not Obviously, the We it’s

$X.X the million, loss than we best again, our is those we – the and loss that loss, property think the of numbers of the net piece guess estimated are that because higher proceeds property receive. that ahead. insurance for is is other And the to-date. The that Go actually number will

Smedes Rose

that business? I subsequent from unusual, – But from just I really am I – get just you I I the include mean from right? guess mean include program, piece business? add-back of guess mean your isn’t don’t portion. that profits the I part you reinsurance I it’s claims why tenant would of the that the but wouldn’t the

Scott Stubbs

more We core. Just as non-recurring, it. We we we is the as viewed it it it. much didn’t view didn’t view viewed one-time way

Smedes Rose

guys but Have Express from contribution have about we the year’s leverage first earnings capitalized what about a skewed being just talked Storage you because that talked don’t expect transaction, you to the on then it. And the you acquisition? be like you Okay. have little

Scott Stubbs

publicly. We haven’t

was have rate lower. going cap around to We was million. obviously, $X a that a it be in market said lower than felt the but that, was million first $X We stabilized like around it and stabilizing that year, going

Smedes Rose

is the that years, what’s typical? or X to And stabilization years X like timeframe

Joe Margolis

etcetera, X between Because software, in for years X It’s obviously, etcetera, and one because and saying bought yield, the an for existing cost doing us. platform office all and We taking what it years. future that. it’s for trucks And platform, strategic the believe are stores can me produce of a interesting to And for it return is Yes. an conceptually try entire that. what we a buy right. growth that didn’t business people, on we understand reason we is produce to for buildings,

with came it a XXX, acquisition yield than those because of I building we we to how numbers. produces wouldn’t just that buildings. that’s So, really compare a XXX buying up the are more

Smedes Rose

you. Thank Okay.

Joe Margolis

Sure. Thanks Semdes.

Operator

for question. next standby the Please

Evercore. with Khanal your line Samir from open. is comes question Samir, next Our

Samir Khanal

about Hey if as in we sort that talk to here you. sorry the push may seeing changes this rates at you be about I of onto Thank the stay existing customers? think Scott, but point this, missed maybe of ability the length average

Scott Stubbs

storage of similar stay I saw length think what and operators longer. saw gotten our is that We to most average Yes. has

XX-ish are of that our customers there properties in months our XX If terms XX tenants today, today. in at months, you are you look – in

in of It’s been years, to have that If number over properties X XX%. you north tenants our that at continues the grow. look

stay continue longer. to people So,

Samir Khanal

IRRs to given about just then transaction it. have rates market, I think moved, And interest how the targets Okay. much unlevered rates? talk talked the shifting we cap maybe and maybe Thanks. of but don’t higher sort about Got have and

Joe Margolis

which transaction not expanding rates and rise, deals the lots certainly see including has There participants. lots Cap is interest natural. is that are market So, getting rates closed, changed. us. We as fewer of are

cap dependent. $XXX new what of cap had have precision over are, We expanded. that should pricing have on based thought any what with how say LOI really don’t any – under there rates million very way deals I it’s is be. we we think much deal new to walked rates We from

lot You need wait not clear. to of a the wait see out. just direction shakes We it to is how certainly, and for need occurring. But transaction

Samir Khanal

Okay. Thank you.

Joe Margolis

Samir. you, Thank

Operator

Instructions] question. [Operator Please for hold our next

Our question Kamdem with from comes Ronald, Stanley. open. Morgan line your next is Ronald

Ronald Kamdem

just two Hey, ones. quick

the the on love are about to ECRI. Are talked you sort of which been? aggressively was there? Maybe historically it can what forth, to Thanks. pushing has of pricing over achieved and as comment that the feedback you so still in guys helpful. You would what you seeing were you pricing move sort XQ I tenant as

Joe Margolis

COVID the created Street with what the large ability people largely made states have Street coupled paying. up on were increase what to And our rents, So, unusual restrictions rates the in gap and put between rates were we rise of that that situation an extra and gap.

forward. So, well, we will going not ECRI see – we attractive still see will

the over see or are outsized last year that increases experienced so. not We those to we going

Ronald Kamdem

get then helpful. That’s And back did you Sorry, going Great. – I all.

Joe Margolis

at not all. Nope,

Ronald Kamdem

so what to months table? off What to little changed, the of more Just about to that. three past to you there there were your forth? the ranges, trying would think for the specific guidance, over do pretty cause to table. changed bull numbers? helpful. back be you talked because anything the Was redoing off A think and sort it’s I the be unusual bit the case sort when figure guys case of Going comments, color the just I opening right, But bull out wondering you

Joe Margolis

saw that narrow behavior occur, at more think in to Scott we seasonality. comfort I the a that And seen customers wider-than-normal customer now will change to kind where about we that can earlier know begin how somewhat of referenced a assumptions occur. we our different Day, And top and we guidance Labor return behaving. after guidance had end, are bottom it with that have that end, of And at the

Ronald Kamdem

Thank for it That’s me. you. Right.

Joe Margolis

Thanks Ron.

Operator

it to At turn this Q&A would remarks. now to back Joe for CEO, time, closing I of Margolis, like End

Joe Margolis

be Thank that thoughts, Space. you revenue we than going If difficult couple future is time today another is you exceptional better slowing or as I XXXX to interest growth and slowdown thank you type be strong, solid to of with positioned to in and leave whatever test in Even everyone it economic growth for XXXX all very and very asset it’s face. and a if Storage could of inflation endure not rates most, with classes year. your expect your we Extra in comps, well. or is

confident and So, heading we are very excited it into ‘XX. about

Operator

Thank program. for today’s This does participation conference. conclude your you in the

now disconnect. may You

Extra Space Storage (EXR) 2 Nov 222022 Q3 Earnings call transcript