NSA - Earnings call transcript Q1 2022 | National Storage Affiliates Trust

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Operator

Greetings, and welcome to the National Storage Affiliates First Quarter 2022 Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, George Hoglund, Vice President of Investor Relations for National Storage Affiliates. Thank you. Mr. begin. may you Hoglund,

George Hoglund

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

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

assumes Relations forward-looking accept other will results, circumstances in press are call. [Operator that that with changing the management's today's of from X, statements registered distributed The or additional no on estimates statement forward-looking supplemental forward-looking market revise cautions which package yesterday may found afternoon, conditions section detail management Instructions] as any remarks, company to May financial Investor remarks projected obligation at addition differ our update In your or may website prepared be this nationalstorageaffiliates.com. because to and the to contain management's risks of conference questions in company may call, Following of from our results statement. and on those any to and uncertainties release answers today, after represent The subject analysts. our the we date the actual questions XXXX. furnished On prepared

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

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

Tamara Fischer

a their is positive. focus to a great joining adjust our rates dynamically inflationary of in April through outlook per sector led record But excellent consecutive monthly and for momentum small needs-based that business including disposable before remain like growth a and today. our team, quarter environment first payment our drives because was XX%, well allow for the first that, substantially self-storage core exceptional increase and anticipated. relatively service we continued and to quarter leases I'd and share in north portion positioned experienced to had first Overall, an approaching and FFO as we with This to same-store positive The our get thanks, acknowledge thank in at income. rent We stronger George, represents that is everyone, Thanks, our XX%. their a we than operators quarter, all-time customers' and of levels. effort that The is Growth our a performance. fourth guidance. very our of full-year it's really XXXX meaningful NOI fundamentals and teams PROs at call to

our PRO sector. of and We structure, self-storage continue the to differentiated benefit the of the and resilience strength portfolio our from diversification

Now given no levels, in continue how demand cap that investor remains favorable historically for surprise it's to self-storage at properties rates. unprecedented resulting be, fundamentals low elevated

we're fully as of the and growth January And couple rate fourth last However, pull while see capital. year, to call, was quarter of into Storage Northwest X year cap contributed able earnings this and the a $X.X portfolio, assets the this played and low last we our $XX the This so we've on partners guidance. on rates in acquired highlighted also focused $XXX quarter overall our too those between acquisition enabling we result embedded record strategy expectations that discussed property the Cap rates the closed which we at need managed acquisitions our and PRO to quarter inherent Meanwhile, rising even today's realizing high-quality XX year's million. the quantify, on effective to focus quarter a acquired results we've one X.X%. Northwest in our recognize of to our assets. the our of half integration first fully growth environment. end, focus to started valued and and transitions in the to digesting it's our seller disconnect of past corporate on buyers billion exactly in our it's back, early we've expected expected. weeks, about to of the our We're million. strategically assets this compared acquisition true, our We to interest slow still if averaged given grow Xst down stores on MSA the of upward year then Self first pace. as at retirement. of net located acquisition volume over in out We recognized we healthy portfolio that is cost JV we in approximately acquired much embedded valued assets experienced to pretty We'll that to assets past On last of with cap compression see the easing years. an couple to is us leads quarter revision rate to the that Houston of Subsequent a still a high-quality acquire XXXX

surpassed invested it and our another cap we acquisition well rate within JVs management results Overall, is option acquisitions, low fundamentals capital. of attractive This own strong. when in great a and reminder, the fees, be JV earn expectations our with as benefit which boosts as return I'll as say diversified on the promote on an makes a and an it's a As incentive faced NSA's platform. even to again, our capital remain self-storage yet environment time acquisitions

on conviction ground second which will I'll now momentum his guidance, to comments. in quarter continued color address and Brandon the turn over the results with call the what to Dave full-year provide quarter Dave? first our furthered new increase exceptional seeing on supply. to meaningfully Our we're into and

David Cramer

quarter positive we we only The quarter progress the spring that leasing stronger into Thanks, gotten in experienced has fourth momentum first the and Tammy. the continued season. as into

our the We practices. first durability basis XXX ended prior the strength up and continue ability with of pleasantly revenue consumer to management our surprised the same-store and be occupancy quarter year. to continue over demand We work points with to

from trends the the end declined XX.X%, averages XX seasonal and concessions by of year-end first seasonal basis Occupancy the at points and Our revenue. spring to quarter. at increase consisted occupancy was we as April leasing season. XX.X% following historical enter with is discounting of hold of the were expected to at X.X% end the normal below well We able

our success We continue revenue with to have strategies. management great

first Street Our year the quarter to compared earlier. a higher XX% averaged this year rates in

is positive in it rent roll-up about at the non-peak rent X%. it fact positive first would impressive. when the Our that remained see a remained roll-down in season quarter The normally

rent enter the widened to peak slightly our roll-up end has season, April. the now X% above we at As of

were rates contract grow Our to and quarter. continue about the first for XX% up

in we contract with continue gap year-over-year rates. As narrows, to it the steadily offset occupancy growing

Turning to supply. new

of respectively. sheet to now percentage financial X- construction and We radius to I'll driving call restraining The continue to see over the Rising results and having hundred XX%, and competitor new our pressures basis points inflationary a declined and balance improvement. supply. up costs rates turn in X-mile new are further couple stores Brandon interest and of increased activity. XX% a a to discuss

Brandon Togashi

a increase the over markets. and revenue occupancy by year, Same-store the of a points double-digit increase focus operating increase, afternoon, prior Sunbelt reported structure increased in was secondary the acquisition both on and the basis core of differentiated property prior of period. the impressive the expenses. first XX.X% last our of XX.X% PRO X Thank volume quarter by of by an The driven year same-store we an by by supported FFO which and combination record XX% for with Same-store XX.X% you, driven represents X.X% past combined during Yesterday to quarter $X.XX a over share quarter, year-over-year our increase averaged NOI compared quarters of XXX XXXX, year. growth, Dave. first in per growth facilitated

better open taxes quarter in to point payroll OpEx, XX also property in Regarding in to to a on A marketing compared and first store margin. in just due hours and attributed XXXX. primarily a backfill decline decrease X% same-store partially to basis than growth the time positions a decrease longer was expected came X.X% reduced payroll, costs in growth

expected, Results ahead first further performing of better announced that per to increase the drivers Now growth. meaningful handful to All acquisition that JV FFO guidance. our for lead were moving we pool than contributes non-same-store our core and to guidance. expectations share on the a in the there including of were quarter all, to

comps and all of XX%, $X.XX, as to growth higher more point to expect consideration, follows: and levels XX% in year. $X.XX we into previous X% second with basis XXXX the year increase of of share guidance update this We a growth increase core prior highlights guidance XXX represents the XX% previous point Taking in a which full-year a FFO challenging growth the half. half per from to increase midpoint of the at Same-store key the first of growth NOI as XXX XX% previous at midpoint from guidance from revenue guidance. over basis our XX%, become

release. Additional in earnings the outlined assumptions are

remain the we sheet, balance Turning where to positioned. strongly

the our of placement. the to we credit conjunction quarter tranche leverage balance strength self-storage Kroll X.Xx reflective rating in upgraded capital partnership the sheet, of and debt-to-EBITDA BBB of conservative equity our X.Xx. quarter Rating announced During towards from flat, options of range Subsequent previously low of Bond the end, end At operating targeted quarter, X.Xx of million to issued OP for closed our acquisitions remaining private multiple of $XX BBB+ the million with our and net was $XXX our end, sector. to Agency

just conservative revolver our $XXX and our principal availability sources with comfortable capital. on a of Thanks XXXX, to of We We're access again leverage to joining sheet committed for currently. exposure are maturities call very of rate with through the debt, profile today. XX% maintaining million healthy no our subject balance multiple and to variable

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

Operator

Evercore. [Operator the question of Samir Khanal with line Instructions] Our comes first from

Samir Khanal

mean, Brandon that guess, you that after, leasing knowing half I magnitude, made of initial guess is season, around then February. still, through I about question, I uncertainty through about the here months or that Tammy, X just macro NOI you guidance by XXX there's guidance. NOI summer going the here? course, raised guidance changed pressures what's comfortable points, in and the I still and we're the by providing here guess raise second the basis my

Brandon Togashi

question. thanks Yes, for the Brandon. Samir, it's

So a couple things. of

a February, first quarter bit a little But than better. in did in we that, bit come we a but better little it good read have on was certainly thought. The

recently. conviction that obviously, within kind is on have of Dave out, remainder the year Based what and is play the the of just we year. which it seeing what those on we're months fundamentals really, ranges on, how for a then you most about X the hit So the more those may last given. deceleration currently, of lot hit of the the of balance we've some pace

leasing the of certainly about, right. quarter. good You're processing you in There's the those to the But changes that for made for chunk decisions front critical in-place customers, rate we kind have example, we've existing we're think of of second season when a us. that

a gives how us to expect play to So, on response. good the subject customer that read can through we that

So growth. that same-store the I There -- pace the on is fact. biggest just that's mean, that of deceleration

Samir Khanal

And here, getting with a get the right? gas you sort any consumer points of behavior I are this customer inflation for pushback? pressure at prices then again, mean, trying an idea it's time? of the higher Just as follow-up, and to

David Cramer

It's Samir. Dave. question, Good

our everything feedback monitoring responses had on getting any haven't -- We and we're surveys. the we're

of bit but You to And has opinion around revenue our seems little changed management always strategies. be we're get our rate accepted doing fine. everything a noise on nothing increases, being

a feedback. a It's So, our rate. in rates We're not we're and you at lot occupancy rent lot high Street to versus given current levels. situation of getting of pushback forward we're or of with our confidence a contract with us roll-up continue a strategies, notice lot

Operator

next comes Balaguer of from with the Green question David line Street. Our

David Balaguer

only to to be touch you on one wanted occupancy compared prior and had to occupancy Just Amongst your average that seem peers, year. occupancy. ending the increased

be flat occupancies how get get see the roughly of until what you're better Should more of a we of for patterns? we to remainder in this maybe seasonal as thinking the year want based Just anticipating trended. late on year idea and the

David Cramer

us into spike and winter back occupancy we're right question. of like normal right non-peak back and in seasonal saw and feel a the the We tick in saw months, off season decrease really little came trend in which the we're on a seasonal just Good us This work the of we to finish the We Street summer quarter, of April We and see the continue comes drive the more back, to normal bit to is see come half occupancy, go you'll growth up. fourth like months of rents. see we we basis XXX a should finish summer Dave. feel basis going allow now. off that into where points, the pattern points months end as the contract rate high of back out more by And some we we off the in year. then or XXX as year time

Brandon Togashi

Brandon. that's point for gave spread April, The is that XX Dave earlier this David, And prior basis end-of-month XX.X% positive a over year. occupancy

it XXX at basis So March. points was end of the

XX% to with at And in start already grew from of occupancy quarter, in we're the peak compressed. that or do So, year fact the that year, seeing pool the a has last the to months. plus that first XX% XX% our just summer to of close same-store the

we the be have expected, going mentioned, as it negative even then or flat we out And half. forward, So, back where to everything as year. spreads playing in the could start positive Dave is

David Balaguer

to That's And dominating recently. you've just Got inflation it. headlines been helpful. Obviously, flipping side. the

given on the generally the is rents? any you others concern to income markets some of impact Just pushing lower to and markets, are the inflation relative household there your sort in difference? of some nature no inflation, nature your market ability where markets of there aggressive real compared exposure, to have given Or those price continue lower

David Cramer

what their decreasing how of month, inflationary things housing. what factors economy that This time. price have Street be this any is can David at question. is really and month Good of very their going I in of around the We thing dynamic leases. for our in on don't we movement lot people is And they things concerning about self-storage folks, there's apartments in self-storage right again. what's We markets it's lot of a moving the contract it's One point are other transition. now. in lot of rentals, we're these you houses, cost, think movement the the but budget. about we rent low overall out a some around that your if of household size expanding other affordable still in really they're do transition rates, on country. offsetting a charges and or with think to there option a ramping of a a whether really of of And footprint compared are There's lot the have of of There's some

markets sector all those Sunbelt we're and very continue things of states and in seeing the transition. think support we're certainly support and markets our I to are positioned these where the well that through some

don't this at inflationary pressures we're the in So the around time, seeing in country. that point fear we have any

Operator

the question next of America. Spector Jeff comes Bank Our of from with line

Jeff Spector

kind pulling of there that had seeing just pulling I are I one it type recent the particular of across on buyers back follow-up is guess, comment in weeks. any particular buyer the you're board? Or that's is in back?

Tamara Fischer

And buyer. particular Good comment of anecdotal. somewhat type that was would would is say I there that question, I say a my not Jeff. also

from on potential bit experience buyers. and we're and our it's a with hearing conversations what some direct other brokers own little So based

perfectly than to I more have So, you. I with think color don't it honest much that, on be

Jeff Spector

pretty Okay. And amazing points. just was on markets? decline a canceled very of projects follow-up, another a in getting But delays then that hundred just like? I It's couple comments Dave's this supply. seeing basis interesting, your -- I or a you're guess, Is decline of were

David Cramer

good a that's again. Yes, Dave question. is This

think going I things are X on.

supply And certainly that hit a to declining of ago, supply, amount year we a we of last had peak years our we've now drive markets. the markets and new the those So, fill-up benefiting and supply, new and hitting -- certainly demand of couple honestly. this of And of from those to that amount in pandemic hit accelerated begin ability our are performance new really the markets with.

have you diminished. amount And coming so as has of the the we supply it, new -- that's see no

getting It's projects and So talk the around starts cities. they going pressures about delays We than pressures amount new product. construction around costs of multiple and factors. from that's approvals getting less from and are approved. affording up It's were,

supply also amount and that's way, think it's off we're peaks. we coming our slowed the of new the cycling So,

terms, It's it less new lot We maybe about. would year. pressures to now think so is the harder will those now even time It's them of to you we think have talked X be of that's supply if of come. would the do filled seen will a really more completed. think projects up few run-ups for that factors it a We markets length our And harder about in expensive and versus last now buy get that approved. new previous to see supply not we years and land. ago It's supply last get tempered the

And will to front pressures those supply. put so I headwinds continue new think of in

Operator

Rose question Citi. of Smedes comes line next from Our the with

Unidentified Analyst

Smedes. This are that same-store play versus -- in geographies performance you the or is prior increase, your respect [Stefan] like Sunbelt out expectations? for to -- coastal With markets on or seeing NOI guidance markets Are in better you your versa? urban in your vice seeing

Brandon Togashi

really -- secondary Florida for those in relative been Atlanta, strongly. supply on opening of Sunbelt eventually, certainly Brandon. the Yes. just entire legacy We're about inventory the pool, the seeing having Coast concern the distributed as markets, the seen year well for stores despite the that Florida, growth mean, comment perform across to we've This pervasively. made outperforming. last I portfolio. the in some documents. a few we're on West focus were kind last that pools report also strong. it basis, year we includes we continues that of before has That markets, and the in the I the added the example, and seeing about is to Certainly our years, to are particularly new coming,

portfolio past to So the from over quarters the play out. and with that us several heard you've hold our storyline true continues

Unidentified Analyst

Okay. a supply the And then just earlier follow-up comments. on

what banks to interest increasing, rates lend penciling out the seen in of from rates? changes willing to have you they're different developers? expectations terms With be return might rising giving any You

David Cramer

on to Everything -- certainly is Good see will certainly and pressure question. underwriting Dave. more the this more out. There's There's expensive. is more if project pencil

far pressure also ability new think rate good returns is earlier, and changing it's but consumer the to like. deals, point because pressure of of certainly putting rising rate buyers on rates Tammy's interest So, certainly types it's have seen dynamic To the our the what increases we've on look deals. putting all as success, I as levered

And a know that we you, so I all pressure put along the interest don't have for earlier do with will example on supply. new specific rates but we other mentioned things rising

Tamara Fischer

I add only a I of they And that, to long thing pencil. Dave, on is the these so to there's as would lenders lend still think willingness projects

So, down too I think other as than, the slowing mentioned, that's environment. increasing things don't much necessarily rate Dave

Operator

Kim Bin question next the Our Ki line from Truist. with comes of

Ki Bin Kim

comments Just want back go pricing. to about to your April

Street steady? Just on to are curious promotions more marketing things or having to spend holding if you're or rate pretty achieve that

David Cramer

Dave. Bin, it's Good question. Ki

success more had not good we've marketing really to Fortunately, dollars. on having deploy

in dollars with marketing normal be. really would trends line what are Our

so with you we if really And success think about good last year, had less.

X.X% to our so a of normal to what X% they've and I X% are still at versus typically below spend And like, dollar would historical look think discounts discounting. returned averages now, marketing

great discounting down. fronts, and we're to and So, occupancy marketing on having rate, able success keep drive both drive

Ki Bin Kim

year-over-year Or going declines? marketing question. From normal So a to still that actually does imply year-over-year back that spend increases? mean rephrase but normal, let standpoint, does me

David Cramer

increase our start we normal In where decline. return see to see increases but expect a it control, as the marketing. normal more will through going see parameters. the We to of quarter, spend We year, out you you'll we'll way we year see to over will to first in budget according we and last compared marketing would don't saw go

Ki Bin Kim

And a the looks year, rent progress about ECRI. on that of the you today pretty Okay. summarize we the light especially roll-ups, comments what expect just should throughout question and made like unique? Can you is which program in how to

David Cramer

our in we and be to what frequency. that same quarter. really in on sticking everything we're to the outlined just We're We're mean mid-teens, seems our first keeping low existing rate working base keeping changes well. to tenant I very the Yes.

just few see we'll things months. it's may don't we Typically, But right So, outlook. summer any at working things have look we fuller months, in a we get change keeping and the real as a look how at maybe now, in we well. summer and model, our the in we're

Operator

question Markets. next comes Our Todd Thomas KeyBanc Capital with line from Instructions] [Operator the of

Todd Thomas

pause on those to underwriting? are you acquisitions Tammy, the and bit commented 'XX. trending 'XX digest completed $X.X in of plans to acquisitions slow you billion in relative that as a investments How the company little down

Tamara Fischer

question. Good

around I to think going The to that was and contributed our guidance, be assets to assets with maybe are honest of to performing our revised how really those really underwriting. XX% our terms I'm in It's say conviction above expectations our are performing. you. well, X%

of are And going. so pleased integration assets we're with very how those the

Todd Thomas

And then criteria And its the Okay. how deals or little can are capital to does hurdles the bit SP about of in -- efforts? OP you return in equity acquisition PROs form cost table? talk change changed and REIT impact guess the that for the currency of and NSA's has here bringing I a new

Tamara Fischer

fact a that cost our higher We and unlevered of not would that is which capital at, so affect of equity up. that is and not changed. the metric say little levered OP light typically does the now type have have our has gone that. the don't Well, I which certainly we bit IRR I in -- the hurdle, look think hurdles of SP revisited

-- through of strategy into our what story, the consideration unchanged. been much and But I a acquire the whether But is to invest. that NSA Our I want to is and incremental will accretive want to is view think we transaction we capital how to the changing say cost equity has cost always we is of or as taken not. into of think taken

growth. sake that we grow that to I will is remain think the not we're of and all for we trying will say disciplined

Todd Thomas

about looks just if And return like? know you that I -- more targeting? Or I hurdle, a little can that you're yield about sort talk Can IRR-focused. don't if what a that's I'm change more But assuming describe the bit you it's that's of Okay. initial that your bit? little guess

Tamara Fischer

both. on want basis. hurdles historically, don't We change at look necessarily we've We hurdles cap that IRR. And I at a go and Todd, unlevered levered And at really there to today. and I at don't our We our regular think we IRR, really, looked disclosed look look rates.

Operator

Our next question the Kamdem Stanley. with Morgan Ronald of comes from line

Ronald Kamdem

Just I price one one but there in market. know and some L.A., quick on it's that only X% is of or sort exploration X%, gouging

Just your impacted guys this can us, And you if is you year, remind specifically. has that in all? numbers L.A. this at

David Cramer

L.A. Ron. that's Dave. of anything the We burned didn't stores. and in that really It's we have had of off. county really X the last L.A., We city one some Thanks, Good really had question. and

And it's just us. really significance so none to

normal so the but business is in off back all burned just I to really and And is minimal restrictions impact that's we've very, have now practices, the gone, -- to the everything offer gone where very were. is that

Tamara Fischer

And we were the get is news didn't place. hit hard when by also restrictions in the that good

So...

Ronald Kamdem

Great. Okay.

so I moving any it markets I makes portfolio, and forth? US that restricted? pretty the are price thinking that are left much can sort are you And Or that sense. think of as is everything there on, entire think still about

David Cramer

affect some wildfire, doesn't are place, it us, in wildfires years fortunately, still couple are ago but our really of in that have years California restrictions our still and portfolio. we a nothing they from where portfolio. areas For There in have

So, we're have fortunate open. to everything

Ronald Kamdem

but one a like is, Great. I And think give then it ways, has my been a this shot I'll different couple of last too. asked

confident. playing out that seeing here here you how confidence stay? is feeling basically is confident you gives the peak a increase. be about versus solid incorrectly? numbers, anything previous the of must sort seen takeaway that month versus is I that abnormal the seeing guidance is to I think, unprecedented obviously, the years raise enough haven't very season? sort to that demand a really year that about fact sort you're the April When why previous Is you -- thinking that earnings a feel you of pretty Or am into thinking this of guidance years, you're that it

David Cramer

durable And them So, about Good coming of of But We around we're growth at We question. all I contract is rate. And with, very of right talk supply, growth think you the is we new couple very, consistent month-over-month leasing now. starting right there's we've durable about very rate. it supply is less had think where we've think particular if one in online in demand lessening, now. demand a fundamentals had points. is Street talked this spring We've coming. look right? season

time it off, really this our to seasonality. this point be We of out confidence we're roll-up year just guidance. gave have with just going really at that all And we'll the and time And to we at there a us how accomplish, We're the -- the peak very into good what back we're right? It through that able occupancy half raise things of months burns summer high comfortable in us situation are level. settles going in gave normal really think really a at lot in on. particularly a then confidence the months, point the

Brandon Togashi

top is for and about like, filling strong. I another customer Ronald, were earlier example, what move-in the point that is And of we But year. we much because naturally year-over-year really there. funnel, up can right so how it's that volume is the mean demand I last down of see said traffic

on. Dave to addition in just that's remarked So what

Operator

W. of from Golladay comes Wes Robert the next with question Our line Baird.

Wes Golladay

the platform? bottoming, With any rates potential more is potentially to cap conversations join there picking the up PROs with the

Tamara Fischer

have that sorry, I operators. I would But say for apologies half -- a what are little off is There being I'm really private here. with This conversations continue high-quality another bit we to long a a the said join It's operator. It's process. for we've as dozen decision big big past, the may be a for it's NSA. us. to a decision who qualified And in

the not game, that this at actually of advantage but it at give think might I current rate point, us probably we're seeing stage some environment the can it. an --

continue. However, the do conversations

positive. a that's think I So,

Wes Golladay

then rates you sales to had mortgage And new expect a run. slow much demand to home Okay. if Would impact were big materially? quite

David Cramer

question. Good Dave. is This

I -- that are cause longer. mean I still could think what by would you see renting is it maybe transition. people And

have their apartments. to stay so they And in

rising they So, our on new have of around stuff. need-based economy pretty I play that around business these other that I go We're know apartment home. will are costs. and significant that have buying some at as their folks. help forward. that that not factors don't a it, been us conditions affordable just to stay think a and with a of transition housing conditions option interest current would lot a impact think we in they're for a there really current rates, I us. along has costs slowing of And But rising

Operator

follow-up from line the a Ronald of have We Kamdem.

Ronald Kamdem

about Sorry that.

at looking the sort you if and guys April give occupancy chance? did of numbers rents by notes, my Apologies you Just did.

Brandon Togashi

April. the was April remarked that's and were That's rates, that point I quarter, give mean, said earlier over of up a fine, for which I that pretty our XX XX% the Street for up followed XX.X%, of on Dave end And rates the kind did and month of first Ronald. We positive consistent basis year-over-year spread. year-over-year

Operator

the There I'd further closing are questions Fischer no hand remarks. over Tamara to like the for queue. to call in back

Tamara Fischer

our and of team to we're thank And optimistic XXXX. your pleased for wrap again with up today and our delivering you and call joining QX recognizing certainly about by outstanding interest for thanking support their prospects commitment NSA. and on very I'll We're Thanks. like and again our results, for our results. focus for

Operator

today's conclude for Ladies and gentlemen, Thank does teleconference. your this participation. you

day. at You this your have a and may disconnect time, wonderful lines

National Storage Affiliates Trust (NSA) 6 May 222022 Q1 Earnings call transcript