NSA - Earnings call transcript Q3 2020 | National Storage Affiliates Trust

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Operator

Greetings, and welcome to the National Storage Affiliates Third Quarter 2020 Earnings Analyst Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note this conference is being recorded. I will now turn the conference over to our host, George Hoglund, Vice President, Investor Relations. begin. may you you, Thank

George Hoglund

We'd like the National us for for Affiliates thank quarter XXXX you third of joining earnings Trust. today to conference Storage call

of you with over, worth which Now we signs Biden/Harris those those on call, Junior questions and answers scope, or risks another in years. to to like campaigning actual maybe ever the duration T-shirts four X-K the for SEC the filed is storing yesterday, differ is in if release our that section contain to and distributed statement. cautions the to Presidential Investor sign our remind may and Relations related that from on are actions prepared today's results Trump and found And uncertainties, In to supplemental addition that direct the run management's and the impact. our forward-looking subject away save your the pursues press Company website the statements economic projected On detail an those forward-looking self-storage available package that nationalstorageaffiliates.com. the uncertainty severity may indirect campaign, we'd Donald the materially mitigate to containing to The additional including pandemic remarks in too. contain at any with be results, a may COVID-XX taken and

our refer detail filings additional For to the public SEC. our please statements, forward-looking with concerning

the on and supplemental SEC information as We contained the operating core available net also our of in FFO, income and reconciliations non-GAAP financial encourage to FFO, in Investor measures, our such definitions listeners filings. review section the in website Relations package and

with NSA's and Fischer; here me Dave Togashi. CEO, line Kramer; Tamara are the On CFO, Brandon COO, today

financial will prepared I remarks, turn questions over call Tammy. will analysts. now the to from registered management accept Following

Tamara Fischer

and provide diligently our many for to thank members who and George, everyone, and so our sector, in continued begin improvement after the self-storage worked negative provide you, to for strong of results structure. A us solid strength resilience and just third team of our quarter acknowledging I'll well and PROs the of momentum PRO call our the to to the joining XXXX. as portfolio growth, us slightly deliver into same-store as fourth to today. our attest quick NOI Thanks, by one quarter both positive quarter our – rebound

into We on spending our timing parent's pandemic-related time storage. movement year, items the from given of household season demand in and home the which A to office a earlier on and increased and pandemic move increased are later for in clear from the driving their people benefiting is home to include causing to to Remote variety a storage, room and including including more other handful restrictions back of recession-related learning home, circumstances, out projects up the or customer peak result is driven people work hardship space double in of demand a are for likely which for by classrooms. financial needs, home, placing causing of need to leasing factors, general. shifted as a furniture the a customer year clear

course secondary finally, benefited of as seeing is that our they open third social a store and over heavily We And the which October are continues and throughout markets inventory those certain This portfolio, also increased for shift has demand distancing tertiary migration the into furniture, quarter in businesses, purposes. space and weighted create accelerated suburban, November. markets. extra to

the growth to quarter ongoing is compared of by internalization quarter in volume, accretive robust April share is SecurCare last This per of in FFO XXXX. XX% core to our our which year. acquisition and a share of consistently increased third Our driven third primarily PRO the the FFO combination per

analyst's outstanding and reinstated reinstated third saw range a the as growth XXXX. dividend represents X% of of core confidence guidance. guidance context our to our performance top-end turbulence top-end we is increase will the X.X% pre-COVID economic per a us of related XXXX the midpoint the address I'd over our core In point also above The Brandon year-over-year. consensus in the $X.XX our share of our detail. FFO in full-year pandemic $X.XX per and pandemic And the and to guidance sector guidance, share, more to strength markets. recession, you XXXX and and our PRO of out that representing of quarter and gave despite both in But share the secondary surge FFO which release, as and the Our same growth of to on is the of fundamental exposure tertiary structure remind differentiated analysts self-storage the benefits of investors our the

we've forward pipeline. completions supply project increase decline front, trending down basis, reducing is steadily the seen will deliveries that forecast through On Yardi year-over-year the total in abandoned while on XXXX. a an

we think from to in will Dallas certain West in Portland, Florida. new we However, supplies face and continue submarkets headwinds Phoenix,

demand though, Portland. that alleviating boost in of the is some Fortunately, current in pressure, especially

front, On strong a currently and solid the activity we have of $XXX under or about pipeline is contract acquisitions LOI. properties million of transitional

noting pre-COVID by our acquisitions guidance. half the near original it's We pending put expect acquisition And to somewhere these end. will worth close that year us of middle nearly also

opportunities quarter, owned of During $X two and our at were future. acquired these acquired of the stores from additional we for for assets wholly million, properties $XX a total investment quarter remains the strong Three which million. to valued four captive pipeline, we end, source third subsequent acquisition of a

We opportunities serves our revolver, equity $XXX of pending of our private our to million with additional following advantage forward proceeds currency. are placement on positioned acquisition and offering acquisition from capacity of as OP take attractive full equity extremely well that

to XXXX activity. XXXX. gives I'll us in optimism turn our to by We balance quarter. fourth also which third confidence reinstate Things heading early sheet over encouraged for quarter clearly the felt the into the operating Brandon momentum the full-year now and in call we direction, are us to moved our discuss right have results guidance results the and gives and

Brandon Togashi

FFO Yesterday the we per afternoon, core year which increase $X.XX, represents an reported Tammy. XX% of prior you, Thank period. over of share

As Tammy fueled past growth of from acquisition by and over a internalization accretion strong was the SecurCare. of the mentioned, year combination volume this

the nuance offset with an point XXX property XXXX. metric that is quarter, third revenue to XX.X% same-store rental revenue increase measures and average from X.X% the For occupancy year, and the driven averaged by declines. accounted third control NOI expenses. increased per diligent X.X% across to out auction, same growth points points, rental late revenues by admin XX rental in period same-store decreased Same-store attributable the an by which compared improvement Board. per foot the was cost This approximately square remainder square during to over benefited quarter, of of basis occupied that One occupancy for flat the decline in last decline, prior OpEx rate a foot Similar year-over-year. to quarter, that basis includes X.X% same-store fees, operating

partially maintenance our benefits controls that X.X% taxes initiative. costs the favorable Utilities Specifically, grew the hours to personnel staffing normalize X.X%, offset prior to year with costs from expenses the declined And of quarter, by These and attributable the as were we toward those from X%, decreased partially declined quarter. repairs the early end optimized starting in property LED period. lighting expense X.X%.

let trends This be continued of the volume XXX XXXX, to is same-store move-outs which continued October. for October me the of end higher give to September. points October up which occupancy at while drove level from to our the Next, that XX up high basis be compared XX.X%, positive of year-over-year, an on portfolio. sequentially is all-time in basis points continued the end occupancy color and lower, Move-in some of same-store to end

for just X% QX. under they October turned down positive rates, As X% versus year-over-year a street in in about

we Our capturing proving customer discounts. disciplined starting are at and rate while clearly effective on remain acquisition strategies demand,

noted, Now, our as one quarter and in which for with both of guidance, XXXX Tammy revenue reinstated the pool. NOI remaining, same-store year we've positive growth full-year includes only

growth X.X% of expect the to and prior million $X.XX, $XXX full-year the X.XX% of X%, million. For midpoint, to over growth core of of wholly to X.XX%, of revenue acquisitions at $XXX X.XX% to year same-store $X.XX growth X%, to XXXX, share we or growth owned per FFO NOI OpEx X.X% following:

I in for the which our recovery the for a comp assumptions guidance our range to infections continued for like well favorable performance outlined should business due last fourth current implies resurgence X% impacts a But expense midpoint will These in are assuming the or derailed economic set in from growth COVID of recession. release. us highlight importantly, year, growth property is expectations earnings material would quarter, to XXXX, positive of same-store our adjustments that Additional NOI quarter. on the year-over-year primarily we not challenging have the fourth over revenue up tax strong by of fundamental quarter. mute

balance we to agreement the Now sheet. September, sale proceeds an equity $XXX to X.X of for common million turning approximately shares issue forward entered In million. into

quarter, settle access time the fund price XXX,XXX acquisitions. we six plan of to share program issued average of at million. agreement forward, the to proceeds our third have shares of the from We our gross use during ATM months for stock primarily we evidencing per the and $X.X $XX.XX of to proceeds sources capital, of to Further, common through multiple an

we with funded on six our the revolver. units acquisition of previously capacity our average announced weighted million private to $X.X which $XXX borrowing and rate million issued end, years, our activity. cost in Subsequent placement, also We lowers $XXX extends SP quarter maturity average OP our our fixed million to replenishes connection and

with quarter, maturing of the sheet capital of The second the multiple from X.Xx and $X net end access debt-to-EBITDA only the and of positioned end is balance of XXXX, an acquisitions. sheet debt joining at million the quarter. through to activity advantage We to X.Xx at ratio sources stable cash growth well strength the our healthy with from Our seeing. our of Thanks a third committed well down flexibility for combined of type, in again of pick-up to call delivering our are disciplined investors flow take outstanding remain we property accretive today. external balance us positions acquisition through

turn operator the now back to to Let's your questions. take it Operator?

Operator

Capital conduct your Thank you. Malkin question. question-and-answer we will state session. time, Please from first [Operator Neil our Securities. this One At Our question with comes Instructions]

Neil Malkin

Hey morning. everyone. Good

George Hoglund

Neil. morning, Good

Neil Malkin

any missing George, comment there. first ballots should the about off, mail-in in if you see there's storage check with maybe to facilities, your

George Hoglund

we’ve been Yes. something focused on. That’s

Tamara Fischer

People worry vacancy. that about creating some

Neil Malkin

hear Yes. I you.

X% will you the fourth in that be would one, if little wondering bit Brandon the that for assuming great. assumptions things, mentioned, first full I maybe And force, higher are. the if a elaborate just could of growth I'm just you street the I'm think walk any it's I So about what year-over-year rate quarter. accelerating imagine, through, help. those occupancy growth, renewals could that being you implied about

Brandon Togashi

I all and that pretty negative it Neil, of to try color. I as add the start were went quarter we that to you growth. we mean, then flat well the but Yes. was some growth captured mean, positive through I'll give hit to you cadence there, such revenue QX

at trajectory sequentially occupancy point so for the And time have spoke I an we the and It's QX. the which typically the solid peak end occupancy going is XXXX all of very for in in high. certainly game. at about this into the we're October, declining month

just in it's things, we're slightly you summarized, I'm I positive I turned seeing. really mentioned, reinforcing as it Street So rates, think here those that which October. but

lockstep just not velocity signs any of leasing. And right now So it we're with of seeing that's the abating. in

anything QX about to Dave, and very XXXX. So add? optimistic heading we're into

David Cramer

No, I would agree.

is I as happy well. we're move-outs what velocities. on muted and The remain touched rental with think you've important

street we in-place we with do changes that's a rates. what positive and rate Neil, sign. the focused So very on is at can think looking team

Brandon Togashi

one very where thing geographies across talked I the restricted. there Neil, I'd on we're various is we've portfolio, ways we about quarter by other But our is things. and restricted And, last that guess, that, the been say large few

have gouging rate restrictions some predominantly still California. You or in price and caps

of Oregon, fees the ability those The late activities into So also and color that process. we're with plays our can still QX, dealing the in so resume to charge had on that. forward. and But run starting October of on entirety the we for some and auction going State restrictions commentary of QX,

Neil Malkin

accelerating on looking working at your higher-priced All you. based right. that widely accepted? info point that to just card to those people very maybe Thanks. now maybe or of then home great. in from Got another who migration about the work does I That'd anything some people And when you've anything question cities is how, moving credit in, are are or commentary just had where coastal is moving? trends the discerned Any from that be see

Brandon Togashi

in heard our seen you've at says, really amount. states, But inward card but – the are those Tammy opinion, in scales material. put some nothing into tremendous that certainly this going Florida, we're comments. things seeing of you the studying. of from my There materialize. I stories uptick credit and in credit pandemic We the story the the some all seen. the really those Nevada, the nothing a It card anecdotally, Again, and we're exists with places, seen through we've certainly we've mean, prepared substantial that that's, like some all Phoenix, in is on migration tip factors that her we've of data look lines

Neil Malkin

in pricing all acquisitions that then the of you appreciate pricing, good sorry have things? sounds I that. terms in you up. about and portfolio can the Okay. that Thanks. LOIs, queued those about composition Maybe one-offs, the the the – Last of around one, portfolios, it talk

Tamara Fischer

This Hi, is Sure. Neil. Tammy. Yes.

about in continues. little We activity activity. under or the the of moving a deals the forward contract law, changes of it do either tax a have pipeline, with saw under in we potential of million have but flurry LOI might $XXX We bit So to thought contract.

we're So that. encouraged by

to There read it's hits And portfolios. couple opportunity around market. cap – smaller are us, of look pricing six one-off think do But have the I that mostly is I For say. portfolio range, we the at deals. I'd any a an

a pipeline and when little that bit than it's especially one-offs, than come portfolios, little lower for Some that. bit of that the higher out captive a assets

of it. of kind short the long that's and So

Neil Malkin

Thanks.

Brandon Togashi

Neil. Thanks,

Operator

comes Rose Smedes Our Please with next Citi. question. your state from question

Smedes Rose

more slowdown Hi. it you about see did occupancy quarter wanted get or you that to in more percentage little just move-outs. should a Thanks. sounds maybe as do a a the And Or how and normalizing we the normal about you back saw And sort did I in going to of world? maybe move-in ask see changes on like – move-out we you activity. think think forward? about you

Brandon Togashi

and normal. great out coming it's rental moving saw starting high. do move The It's more. normal has question a we of third to muted. It's activity the far, more is October, little move-out is bit encouraging toward little velocity more agree, toward still stayed thus in I very a quarter, a But as thing

so And nice that's trend. think I a

bit year. this agree, through the toward move-outs think I will normal I rental velocity next we the into will move a But little and as stay high. quarter go do of fourth more end

Smedes Rose

then you for And guidance put in this year. Okay. the

will So forward? you guidance reinstituting now going be

Tamara Fischer

IPO. something I don't have earnings for we any with since year-end reason February. to think that would we wouldn't. put everything have now, I mean, our we'll that expect guidance our that right XXXX we the that's on fully in I out based And know release done Smedes,

Smedes Rose

contemplate? had recently like – earlier. Okay. purchased much say, that traded would And I then, you nice how just complement portfolio Fine. been a it you deal you that of to to know was for I kind to don't matter be – just wanted don't have you kind Tammy, a I pricing? to ask can thoughts too can assets of to interested on seems it simply that but of a the the know self-storage that? the just Was company maybe Or large hear I'd what scope Or just your of

Tamara Fischer

the matter me accretive our shareholders. The and a that portfolio long-term And say certainly, pricing, remaining opportunity Not are an portfolio. at safe great to us, aggressive. looked it look to think that was at portfolios it's that all. hits looked I assets mean, acquiring and we I And market. any for that have to for quite of disciplined it's the a like over

Smedes Rose

is get sort smaller portfolio transactions? deals? the kind to Or larger in you coming to see type about these done. people when institutional mostly are thinking you're table in as of Just you're of looking Do it at capital who acquisitions coming trying

Tamara Fischer

institutional We're really more seeing capital, transaction-to-transaction.

advantage appealing question gives the I our it. focused is markets institutional others no us in of think certain us not the see. some definitely opportunities structure the probably are some been market. see to that years extent, where PRO that That competitive. as that to capital And gives to don't about acquisitions the deals There it's an a we've but over may

Smedes Rose

Appreciate you. it. Thank Okay.

Brandon Togashi

you. Thank

Operator

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

Juan Sanabria

for time. Thanks Hi. the

Just to given funding thinking sheet you're how curious willingness on your and kind and/or about of today this that acquisition at lever balance the effectuate the up to funding, your equity where is use transaction. this point

Brandon Togashi

Brandon. it's Juan, Hey, question. for the Thanks

fourth mentioned in to year funding we're on going placement XXXX So private exactly did, what ourselves ready into I remarks, today. seeing completely as we've takes be and revolver balance throughout to the with get our volume. the transaction, in this positioned which pickup this acquisition opening undrawn quarter down We for

So $XXX million we have on revolver. the

to million and $XXX deal we that to have equity We have March down. take fund yet through

the to it relation about the activity, revolver. we half $XXX Tammy in then a certainly about, we've into through will be acquisition spoke We've range putting million going net that expect equity run So of going be We by will XXXX, the will strategy that X.Xx same debt-to-EBITDA And use X.Xx. and that to same and then stated. within funded forward. that year this it been of

Juan Sanabria

sourced. $XXX you on then million a And referenced? the you the structure, the to that Thanks. Great. deals have Were question PRO those just

Tamara Fischer

and that coming board sourced spread it's team. and captive by of a a by extent, to starts looking of our portfolios lot standpoint at and assets the obviously take assets are the you're were pipeline to out assets space. a of And evenly It's acquisitions combination our the that relatively identified corporate volume up underwritten from that across PROs

Juan Sanabria

just customers. to the finally, on just then bumps And existing rent

up push aggressive, kind of higher high could you boundary that people be maybe likely quicker street time or become there even a and to all just maybe levels, kind on at to you With or if of your thoughts more are appreciated. would the occupancy see taking being more

David Cramer

good a That's question.

evaluating all We those scenarios. are

being We We good like second have as did much it's job use opportunity where of the really I that's a all pushing we're and we're pretty We some feel for those certainly quarter. the work bit coming fourth out at carrying looking pieces are the as programs test that to a third we the But in can. maximize increases trying quarter. caught a quarter good get aggressive. no us We to think at little then yes, can. in to and we hard up

Juan Sanabria

Thank you.

Operator

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

Todd Thomas

afternoon. Thanks. Good Hi.

close following first, is terms just used or be investments. up look the dollar-for-dollar back those I'm sort so Just of that the – those you to acquisitions, the months? you on forward of to Is the of in end curious $XXX sort funding next over about of how million several should before or to those the first think unevenly that will expect year. equity of funding the we settle with

Brandon Togashi

Todd, mentioned with seeing, largely volume I that about XXXX, there law so to this it million. tell is this is potential that the in motivated kind are tax in match, of that Tammy changes. Yes, it Brandon. think $XXX the XX% a million more close we're $XXX you I sits with that would like will sellers nicely that to definitely due

through that can our provided, we're so obviously, to diligence working get normal process. And accommodate we

of funding versus - by of January. the in that of closing some that end could of depend some expected of creep on how successful December that some we are the forward will in So into

Todd Thomas

for some difference you deal for to seeing on X% you're compression still and like And the the the seems. all now buying pricing starting portfolio What's it you you've single Are do in range, premium pricing at think been today? then time it see a look what where rate in cap is assets Okay. like? about some which stabilized is sounds

Tamara Fischer

definitely I cap I would seeing is rate that no the it's So – think pricing about some very compression. specific. There question we're But say that. market

we're to some markets, plus six basis we're tertiary about the XXX are are still And more range. seeing And probably it point markets, points and rates basis cap That's how thinking it secondary and in of rates little the lower. the now. the bit seeing premiums so bigger in in XX range. a right cap in markets, Portfolio dense

Todd Thomas

you in question then guess, and mix acquisitions, bit think the becomes last do I the There it Okay. several But years. a transaction, And all compete have the just space for many for of self-storage. over entrant buyer in sort been that a sort sort of in you the Do space. of think Blackstone Quite there new the now? more a changes on the in a landscape Simply of at entrants the capital coming here? new with and being you competitive to are platform

Tamara Fischer

couple has a acquiring in now. capital So been years assets and to Blackstone of for trying deploy self-storage

– like that we're used with new think ultimately, so to And maybe They this aggressive. of they them I platform the seeing more certainly they've acquired. rest they are us. But buyers

focus they kidding PRO combines have more I think and our advantage. the us leverage markets. using they advantage of be But on to ourselves. That I that structure honestly secondary will an not aggressive. and think continue will with Now, tertiary We're the – our our that give

focused. stay we'll So

So I their answer to sure deploying months. I in close they're year able before of guess, I quarter, to see better next end that I be a But on going the will the of happens couple think over it. terms and strategy next for guess, of don't you be what try as know understood capital. the to I've we'll what give maybe

beginning off the next is maybe those so to And with year face guys. start of when we

Todd Thomas

you. Thank Great. right. All

Brandon Togashi

Todd. Thanks,

Operator

next [Operator Morgan question. from Our you. Instructions] Thank comes Ronald state Kamdem with Please question your Stanley.

Ronald Kamdem

quick Hey. Two ones from me.

this a bit look million, what to little more million sort competitive? like changed a looked at the $XXX going stabilized assets lease that maybe on you in a few your sort beating forward know, acquisitions, environment up. opportunity But guess. of year of that there pipeline? markets a Or talk assets? dead bit at every can little all? horse, only mostly has just And keep gets I $XXX could sort historically, with more that What about that stabilized as I maybe of do is on you've But the is staying Just mix?

Tamara Fischer

Well, if runway we there we there XX,XXX XX%, the lot still – have are to $XXX United and by there. still round good acquire States top Using call to acquire assets are four I or of in assets numbers, that $XXX the in million facilities a XX% to have operators, a range. out five are million controlled self-storage it, think pretty

And yes, so not from our on deals only captive are strategy. other include assets. seeing is, perspective, non-stabilized pipeline. been stabilized We've one thing is acquiring core And focused out our and we we open always the acquiring. open to factor are are to would assets that we guess, just I our them. I point And, about It's differentiating NSA

at if you valued said, time we those have believe acquire around billion, And assets an have opportunity we over assets. $X we'll so to XXX

and I wrap strategy $XXX range. to million said out growth between external targets we to We're for another in we add in with $XXX I team. couple of to that and I I a we private the we'll timing room three opportunity operators. PROs, unpredictable. very the acquisition like pipeline, to third-party join through to And our that, have million think always operators conversations our deals do pointing want hit think up And, through is for one guess, that more So to captive a also of handful have without be an able don't our

strategy. growth So I think in us to that external does our ourselves allow differentiate

Ronald Kamdem

demand from think, just what's small a have as sort we circling forth. helpful a away? we helpful. question and in which think again maybe of other color is comments, all a really of And that of some that And home of the about about, normalize, so or some My about potential thematically maybe when vaccine could and provides things that next your we've to is or is, just of be driving then thinking the of demand work leaving businesses the Thanks. opening driver whether a one-time what's seen, sort people thinking cities Great. the go drivers more market really, environment? back which strength Company piece That's I not demand normalized versus could are the presumably, of year, how sort in those

David Cramer

to we Hopefully, question. back vaccine might back great I start back new normal home may is, see to a there's classrooms come that Work normal. we goes any from think rushing That's stick. then go everybody get to what Certainly, to don't and the guarantee a work. you

see would small their back. Unlike the restaurant and diversity particularly to be some don't our businesses some able owners so items pull and think these of the we You in of portfolio, back we're at one market particular where we're have see we going you're because go located country. to that's occupancy drop a quickly of where going rushing the to significant or and in

think before, do introduced benefit it, self-storage positive. we it the people never long-term, which is think who's We understand there's some new long-term stickiness think convenience to we used here. So a have got to of understand the of it,

soon also quick us, you come. to look how positioned. how I housing come it's market, where know going with hard going were we to pretty at look long-term for so I favors move relocation I we're you the the And our But forward. in that's think as through and and helps that at it's it's at job think And you to market of and going think happy country, year, out us look portfolio of we next some its

Ronald Kamdem

you. Thank Helpful. Great.

Brandon Togashi

Thank you.

Operator

Thank you.

next Please state Ki Our from question. your Kim Bin with comes question Truist.

Ki Bin Kim

afternoon. Hi. Good

the any what the the Just are sticking year? PROs internalizing whole commentary, of PRO prospects next over with

Tamara Fischer

retired XX is years. of this talked about be of maybe would half the we within Bin, that at Back PROs IPO, Ki the notion our our Hi, time Tammy.

IPO other I with we have other to out out they the I any internalization play debt have of reason are would I opportunity. wrap could it guess, did some put than to that line the the sight would by PROs SecurCare the us it of say, might show how won't SecurCare time will can't that is that some But and Right that leadership internalization the to would tell today, largest when year, clear success planning XXXX. of today. will way call you again I they Maybe work indication I up So PROs be think PROs. at with predicting retire. happen. any back and it, of our any still but think it by XXXX, This But saying, no on I half thought of now, we the, what what of PRO, retired happen. don't how no demonstrated SecurCare, our

Ki Bin Kim

little Okay. if you it, but element, I it existing send could know reengaged away. right, it in got also the when out, on bit rate of a other some I customer wondering companies right And you increase doesn't click-ins. program, perspective. in timing put was just there's and terms of you It turn you have a

the third from the one one, I customers that cash flow? many that actually if of in have gotten actually how got So eligible converted should pool – quarter, to guess, and

David Cramer

Good question, Dave. It's Kim.

So the the and to testing and the latter the increases really rate we on in part it really quarter up. getting we third of place things our got time really the third happen. we July ramped waters. September, came going certainly gun in put August, in spent quarter. In was getting full

taken to takes start more typically rate fourth in XX into look it the we and quarter, fourth fully XX get and really play care will of increases the revenue to implement come to the of. into piece get as think to I it quarter and days days as the more

we so strong, because be have which push fourth and But levels of We've the of hasn't we typically a will in aggressive us continue quarter, is been the assertive. And historically in been we a quarter front big be think through seeing, in believe we're for also really occupancy the what's do – IPRC. quarter, been strong aggressive. to I fourth pretty metrics

that's we look at the so I And that's it. guess, – way

we think the we're looking still fourth certainly quarter opportunities. We testing, and has are

Ki Bin Kim

Okay. Thank you.

David Cramer

you. Thank

Brandon Togashi

Bin. Ki Thanks,

Operator

call time. further Thank Fischer you. There at are closing back this the will questions turn Tamara I remarks. Thank no you. for to

Tamara Fischer

now NSA. looking Bye. Thank the continues we're demonstrate the you. quarter And again self-storage our we're that to optimistic to healthy and face times. of safe fact the and and We're quarter fourth about everyone. resilience challenging forward XXXX. with has Be party in over. everyone, its that is pleased the the results thank, interest your like for I'd And reiterate, to bell to And third rung, in

Operator

This a conference. you. Thank parties good today’s day. All disconnect. concludes may Have

National Storage Affiliates Trust (NSA) 6 Nov 202020 Q3 Earnings call transcript