LSI - Earnings call transcript Q2 2018 | Life Storage Inc

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Greetings and welcome to the Life Storage Second Quarter 2018 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Diane Piegza, Vice President, Investor Relations. Thank you.

You may begin.

Diane Piegza

to quarter welcome conference and morning our XXXX second call. Good Rogers, discussion Andy Officer Officer. will today’s Chief Gregoire, be Financial with Leading along David Executive Storage of Chief Life

questions discussion answers following the reminder, statements. a to As your contain forward-looking and

projected actual and to uncertainties Our business. risks company’s due from the maybe different results those with

found be at regarding our quarterly and press can the on Investor SEC page found be Relations the information Additional factors filings. company’s lifestorage.com. release supplement in these A of may copy

question-and-answer today’s to time, during any As we allow ask for over yourself reminder, a At wishes I with limit you session, the call Please to two time this that turn follow-up questions. re-queue to Dave. questions will to everyone who participate.

David Rogers

we by of quarter Thanks, the second same for strong reported FFO and Diane everyone Last and welcome NOI driven $X.XX top to store line our growth. night, call.

relatively we XQ, results. admitted from we benefited very we pleased are year’s While comp these with a over last easy

busy rates are season We the to existing push through and grow customers. taking to volume call increases advantage of higher street

seeing steady residential we all so boosts. markets, to the are been with in demand able intangible our high have of retain almost rate occupancy customer levels We

residential sector. additional us. was demand augmented into the penetration business also have last summer We The that that transition behind brand with completed is

business included the same-store same-store programs Sacramento web portfolio the as and is second nice are impact around of and to contribution Life of beamed several Florida, the of Life is later the advertising a in success the the successful slippage York should the the anticipating that Los are XQ New Vegas, regard where reflects our some pre-Harvey been be it Angeles, trend, year our performance on with and brand. much our was Our Houston growth, but and Orlando. great well. had presence some last double-digit including performance, has our quarter. NOI Storage Most that good we quarter are markets in experiencing there Storage Texas, Beaumont Las of Northeast posted performing implication Upstate of model. XXXX results This legacy With we

markets, Austin Antonio, fight quarters. through launch about we few to where have less their growth, and the Dallas our those over than we the San continue supply average way portfolio Regarding issues forecast talked past

While Chicago has take specific properties again them markets. to in on their due keeping don’t we supply We Miami and least that punch issues. are holding though the those our the to are list to expect Texas these relating at own, two nearly

bid see the at transaction past asset market, Looking movement little the few we in prices quarters. over

interest of properties through we which being the minority and to are whereby the this As and process or sale, both maybe there in group will sale all private Self a continued non-core venture public secondary strong contribution working witnessed in for pricing of offered stake. interactive in a markets, joint a our to holding a assets consider we are the by perhaps assets advantage sector Storage recent interest denominations. from is for Taking Simply the of storage

New million into that We trigger. the of to achieve quarter in markets, no is phase $XX the and we are Since either totaling endeavors target early end, or in need pull opportunity York assurance three we the have there we Atlanta. and to the these pricing entered acquire stores Boston, will contracts

We prefer segment online. put really process and concept our attractive properties we able due that we out to of completely the the still found growing announcing press can’t are a customers a our rental complete about. in diligence would Tuesday, like to to On and our add but Rent we we self-serve release process will Now these are to finalize portfolio. initiative, guarantee purchases, We be the excited that

XX top our app is tested engage popular makes it Now of this possible. with Rent at for the We our make priorities Rent Now customers our us easy of to and to integrated we stores revenue adoption and and slowly for with management Storage’s operating, Life are outcome, especially and the real systems management. and security very happy the with It’s allows sales rate. time with inventory One

We are XXX stores and our beyond month markets, initiative expanding Greater the Buffalo stores St. to in New Texas most area, all of Richmond markets. this York City Louis this Florida in in and

XXXX. fully Now integrated Life We by stores Rent at to all be expect the Storage early

Most had platform, management of only ramp with pipeline into us up. that were third-party so while this owners Life properties, continues entered have in of And its stores but dates later Our track XX fluid, to Storage X program commencement we exact a a net this to up contracts a add for on development year. starts remain we Solutions stores the added the quarter, of are year. to these new the bit are

over looking halfway are we we So XX the we the the at made season, are and point pleased busy forward us. progress months of have we with have opportunities before last the Andy? this to

Andy Gregoire

Dave. Thanks,

continues mentioned for as estimates. share As in to up $X.XX same store operations our same-store FFO from the Dave compared last adjusted funds period by better lease than exceed of expected These performance results our as XXXX. we to growth driven high-end quarterly above of $X.XX per the forecast were that reported night well of per share

of we I this which our increased strong have guidance, result As annual shortly. a review will performance,

growth by taxes. and improved excluding growth Our same-store estate expenses, performance is real both revenue of lower highlighted achieved X.X%, by NOI

basis realized was Specifically, by X.X%. gains last up points revenue up Same-store the improvement rates. were over and occupancy period same both quarterly in rental rates rose year, X% and XX driven average occupancy

decreasing property X.XX%. same-store were by of controlled, expenses, outside well taxes, quarter Second

second Storage in web gained the and marketing first on As us the reduce of presence we versus XX% by quarter the XXXX. brand internet significant noted has the Life quarter, allowed approximately to spend

teams In job stores a the are improving years. store at in the in we addition, phenomenal few efficiency our doing acquired last

certain Houston, with this increases quarter, Florida in the X% markets. in second expected and anticipated, property significant year we As Louis St. taxes increased Austin,

of of by Average early occupancy very improved to quarter we XXXX portfolio, have consistent in grow. performance average purchased stage. properties the to the our lease-up stores trends these are same-store growth the see at to occupancy continue to at addition that of March With we In XXX lease-up for significant June basis XX, room XX.X%, points stores lease-up XX, occupancy these from XXXX. increased certificate

gain overall of also Our fee continues million with reflected management as Storage increase to brand revenue the owners. the XX% quarter second $X.X increase in to a independent strength income traction Life

when hand and and of Our $XXX quarter million At million continue flexibility cash significant our meet remains to investment we credit. balance on had $X.X sheet line available on of requirements. to solid attractive on have opportunities they return our we capitalize end,

We until December of have XXXX. no debt maturities

recurring Our ratio EBITDA and improved debt healthy net debt ratio our X.Xx coverage service to to X.Xx. was a

issued quarter, expired. program this flexibility by were our No the shares new that we to program. the During filing quarter $XXX our a previous equity under had increased million financial ATM replace during program

QX raised revenue Regarding ranges are annual encouraged expected annual guidance and guidance, guidance. same-store we FFO our by and than in have the our better results

by and Specifically, significantly the we our of increased our growth per revenue both FFO of XXXX midpoint XXXX share $X.XXX. NOI the and guidance midpoint same-store

the year expect As of the Houston last as and and normalization comps half Florida tougher new of do we supply quarter, in a the certain the markets. discussed result of we second

As starting demand of quarter recall, in XXXX. late experienced third and you Houston hurricane-driven portions Florida significant of

X.XX% X.XX% internet the fourth be And Storage resulting a XXXX quarter for Same-store range. our In on the relevancy brand revenue Life to more comparable was improved in spend to reduced the is this X.XX% at as growth growth for is in to expected in year difficult revenue QX web, year. now the X.XX%. addition, expected

Our also was expense reduced slightly. guidance

that As $X.XX full XXXX between and changes to from $X.XX $X.XX the a call be for result between $X.XX we operator open of And can share same-store XXXX. the the forecasting guidance, funds third we per share of adjusted for operations and to per our quarter questions. the for year are and with

Operator

Thank this with line question. Our of with coming Metz we At be question-and-answer question is Markets. Please from first [Operator Jeremy Capital you. your will BMO the session. Instructions] conducting a time proceed

Jeremy Metz

guys. morning. Hey, Good

revenue improved quarter that search this the improvement I benefited tweaked maybe the follow-on anyway for You how search on on and spend can dissect in the growth there am customer existing feeling operating your increases results, is give revenue that a a strategy. of noted increase you not organic update letters your may from as And system but to rate of you the to can front? if comment sure simply Internet and lower versus kind be if X% any you much there, and can us

David Rogers

bps and sure it. I think a with know We metrics hi to bps question, your same-store revenue year. regard was all of it we We part I last was first that it of am to lost of tried we measure Jeremy, XX bunch to basis. between with think somewhere difficult a what got on the XX – back.

as there. we as – So can about it but good do that’s

So bit we I of many this We way lost it all got moving platforms last have say parts, improved a and last more year. back a certainly across would that the year. the over the we maybe lot little year.

Andy Gregoire

in-place increase Jeremy, the that rent on And letters out. went

same-store did about be we and QX ‘XX did We ‘XX QX aggressive we on $XX,XXX a about $XX,XXX. to last of basis in year continue that. of

the like number So ahead because the we to busy go so as we we a letters continue through to now with out do of those although season year be of letters. aggressive, we significantly get

them. replace can we out move do that those So

Jeremy Metz

then about of it have trajectory? points at are the XXX,XXX if you in Got for look or can XX to additions it. same-store and imply is about last second what’s square a get so basis I for months the the into this expansions the these same-store but occupancy XX,XXX it I XX just mean pull one they revenue asked the these revenue seem bunch the footage to then small you fill And pool talk which XX,XXX, or occupancy typical bit I stabilization, and at square zero about a about additions, up feet. been me feet, in quarter, know is increases little I X,XXX, But out trajectory typical of revenue doing, results

Andy Gregoire

yes of that play remember couple One things a space, are we the Jeremy. is down to is add There space. knocking add do but in we spaces there

constantly are knocking we non-climate So storey, climate single control. to put down some up

But occupancy discounted it the XX year-over-year holds so of down physical store, we it it’s different are rate them in does spaces does a spaces, usually they holdback We new at as growth because see occupancy our physically on on take come come then are back And So with rate, so in space growth to occupancy. we it our those we up. up, zero XX same-store. additions do the months months. sell putting –

that sword usually fill months, XX months rate growth take rate. our and edged of back double a it’s those putting them and is place after there improving to And there up customers start because quickly. the in will some we it XX increases holds we to street So on in then then that incentives –

David Rogers

percentage of avoid XX [ph]. stores about looking been that, XX this to impact got pretty XX in are we So of say the We last that stores X we contribution increase to or let’s Jeremy of of the here small draconian. years given we XX think year, the XX down seems growth, fact last on have same-store that a small out XX whole same-store found say, we top bps has year, bps results are additions dollars for – line this – addition at to adding to that stores play tearing very years take X

and an by do push, lot get a E&Es. benefit going is worth million So any one If we our don’t that. don’t got do anything have offset guess any for the Where pot an the we had is to year. see to queue $XX stuff a go is we busy If year next to were if this starting year and outside yes next not season. continue through outsized We in for question. I would next do slowdown. would we lot of we plans are I there get did expansions push, to we start. would of – we we in no enhancements a the see and that you It’s stuff

ever machinations I what, make is enhancements just by basis or pool due comes, be doesn’t of in we and offset stores XX take bring that not stores So for impact of hey anything. our going growth when the same-store we you bps But think bps top just great, we otherwise and don’t do or a sense. will given and and say but know the raise the to line have XX of stop points that day expansions XXX to been is benefit the out same-store then flag XX XX to if

Jeremy Metz

go the based and last on it $XX year million so you $XX actually next does the months from year, million because months coming more about if to a million to million have boost right this see that up bit even to to year XX to should to on this just in, that’s you just now the little higher going like $XX – are margin? increased that – XX $XX we way just sound the And versus year, spend spend think

David Rogers

million is a $XX way would we yes year that’s a unless do offsetting lot year. do think It If this but good next million, about of $XX course next it. be more to it we –

Jeremy Metz

guys. Got it. Thanks

Operator

with coming your the question next Smedes is Please The from with line of you. question. proceed Rose Thank Citi.

Smedes Rose

Thanks. Hi.

maybe not current maybe contemplated about JV or call as road thinking and you in there you that could further a that this – bit potential and little of number can guidance? you I well, the as how I assume talked on so JV talked putting your a with you about are some the selling You NOI is you potentially much think first into assets and properties or quarter that sale non-core down maybe about quantify

David Rogers

not probably It’s contemplated XXXX. won’t current an have on in guidance. It impact

not identified a have We partner.

few have talked a to people. We

talking got sell. to process, be XX stores from be fluid a we outright We that more. to stores will that the It’s willing sense XX means our few would a to we contribute in anywhere have

very, or will open the two over up. past more less the probably near much don’t we to exclusively have We see If in months. three very parties future, progress talked we it

the execute, impacts a probably it in fish such the be in process we don’t XXXX But that a it So don’t queue. to the but is partner expect have a on and line. we We place have time won’t results. fully

Smedes Rose

of about? of NOI the sort properties properties XX for XX range what And to that are thinking you

Andy Gregoire

buyers. be million But could a That $XX to potential very speak change would these again million $XX through from fluid. Anywhere good as we that’s different range.

Smedes Rose

bit to quarter pretty and fourth just have guidance that just then the better decline, trajectory Okay. the talk or you conservative was for Houston what of or could the third related reported I relative a that guidance, And ask the to wondering quarter kind are that looking just I wanted you you a about are seems kind and maybe you being just little implied or…? about at if you more for of just steep given the year-to-date like is

Andy Gregoire

few a play that is there things Sure, there Smedes.

pleased platforms with the mean that added life of I are first same-store. the the legacy especially the First, were we year, the performance in obviously, half of to the

Texas. markets, have we benefited year and from So But hurricanes very QX the right, Florida QX seen. our with pleased last we what are biggest two in and

So we are going there. comps difficult to the revenue have on side

the the in supply New short-term is concern. still

online online the affecting it would was see properties come but months We during delayed. few here entire expect and end did again the improved – them thought And hurts at sector. rent in that we are last year, we will year. the delays our that free They mostly, short-term. some is still in this We the in year fact of but the search organic still come happened

So on down, Internet last as to side. we that’s be expense our a spend tough year-over-year the was compare going comp QX

David Rogers

a but comp pretty where we summary XQ are given right we now. have tough in a easy comp, think pretty I XQ

Smedes Rose

appreciate you. I thank Okay, it.

Operator

of coming Thank proceed of you. Lynch. line The from next with question your Sanabria with question. Juan is the America/Merrill Please Bank

Shirley Wu

to capture we benefit initiative, same-store discuss Rent rates impact great and and process forward? Sanabria, so you can on this in moving coming Shirley your on this the Now on Hi, that I is about a quarter. revenue And with congrats customer how automated think wanted how in Wu should your the ask to actually Juan occupancy

David Rogers

context. do everybody this of in and wants big touch we counter, companies, and First people of all, car the habits a skip do hotels personal to way. in this are seeing rental all saw Amazon the The industries, as focus – skip its shift we the customer many main in of less many was pretty

process, are part that we of the we do So, it. thought consumer let’s

so of go, for we in a working rate better last as far to it to X months XX economic see terms on been metrics And impact, certainly. we capture the and have expect as

just for test staffing the store difference probably good We with was the stores. XXX our XX another, very seen shifting from line support, to expect now be the down penetration to we days will have in to needs – a market, there more one see we way a customer rollout right in call center service been it. XX maybe the but doing have Yesterday

think, talk than industry. a other impact economic the be expect I to about leader So we early it’s to this in

in people we our website, a and We to are can when tell expect this be lose leader them. don’t on process we

have capture the We rate.

we not they put we we and talk are even economic it are about here New are but certainly didn’t did impact, on are get It what it. that and that thing three want we customers just not didn’t So We advertise customers giving just about had on the they a the remarkable. in we we four in to idea excited or very talk their Buffalo, days ready was to website, do we it own. with

and giving great asset be it’s our tenants a what leader want. the for a So to consumers us in sector they and

Shirley Wu

Great.

what So a maybe? to your rolling shifting are on views relative XXXX on to ‘XX and X-year versus XXXX supply, basis

David Rogers

Yes.

due but has We right Mostly have think don’t been construction construction a especially just a Dallas markets we of increases construction to is say of that quarters. CBD heard we I case. in the last supply of outlook our even There where up. has or within a off have have few haven’t usually Anecdotally have fallen stores delays couple in is stores or changed little much the now. there different bit finally markets couple seen shift case much. XXX falling a that radius, off, cost are the particular a very In our really in X-mile Miami speed

by that’s just last think pretty I consistent. couple quarter, since changed stores of a

So no talking change about what X from so. or we’ve quarters last been the

‘XX. I think halfway only from we all can are indications you through – again at ‘XX

So a things of seeing necessarily not ‘XX, but in now, are are going much we not to an but uptick, either. right slowdown happen

what continue seen I to we think is going X see So we years X years. next for the are have what last the to

Shirley Wu

Great.

Operator

from Thomas with question line Markets. Capital question. Thank is with KeyBanc coming of you. Todd The proceed the your next Please

Todd Thomas

Hi, thanks. Good morning.

on question first follow-up venture a quick Just the joint disposition.

the pulled was previously guidance the earnings embedded in from So, the in last discussion guidance? language was quarter, release that

Andy Gregoire

No, it was not.

acquisitions never our or included dispositions have We guidance. in

Todd Thomas

the just you but the And guess in are the that experience so the balance Okay. based back circling fourth little your suggests that fourth quarter just then year, of maybe second a of otherwise. the doesn’t quarter on deceleration commentary a bit to guidance, the will like it the dramatic I quarter, third of half here, seem the primarily year anticipating deceleration,

you factors but maybe you spend, detail so provide might that and talked around whether specifically rental occupancy? some about other And fourth of additional rates the or some the discounts can quarter, Internet impact the

Andy Gregoire

Sure.

uptick of As last in year than because stat, year. XXX had we would to the lower this ‘XX in hurricane see expect fourth are occupancy Houston, to especially the in we going you from XXX bps quarter occupancy the

going the high. with comp we in Couple supply are other XQ. rent of one new expect heck rent, online, free in to we remain coming do to play, free of that’s have So, things

level, the uptick So, X% second was half of QX are I X.X% of rents might to think to about X% our we year. that concession in

so have on. tracking, come We that delayed. quite of in a some even And been saw it July far was supply bit we new

to was the expect So, continue whole and a affect it months just that few we industry. delayed to

Todd Thomas

what Okay. just you on or provide the In be just what’s Houston, growth are that market for comp, of specifically given the can in model you in fourth an you with revenue X.X% it’s update maybe occupancy negative you same-store, that the are expecting the specifically? expecting expecting quarter, are to

Andy Gregoire

expect pleased that GAAP, – X% in with that We Yes, X%, will towards growth Houston. we expect the – based the we the fact to think on – negative in revenue occupancy X% I push end. would have would are X.X% that did we the we very did

Todd Thomas

portfolio, remarks a last had your individual in have on one commercial customers, to – segment, power, they harder just users, provide little know thoughts And about to whether touched and there some if Dave level targeting of strong and some insurance on of drive you insight and increases relative of relative things question bargains can where negotiating around that of more how they that competitors nature? take just and talk rent commercial renters and saying me, segment you they effort am this a one in are view renters maybe on discussed and for commercial I curious Okay. the they they your or business prepared not that a I and you terms rates that have your individual

David Rogers

love We rates. our customer commercial

and We have into the effort some the years, providers entity, technology Warehouse call serious of under last worked X of put network a an Anywhere. and we built preferred platforms we some umbrella for

And need XX out vetted. we of Storage accounts So will it. they out we say our we to those locations, per got provider them. might If we and and we XXX, find preferred but Life only XXX other that XXX, the location, a reach we network feet reach through XXX service national have

have to the trade We shows. gone

We have lassoed in.

and for say, we or Allergan hey you or these spaces, [ph] Mr. stores got I Bull, we think you at or all rep or can them Kors it’s that you. operators, Red into tap Accountant X,XXX need NCR X,XXX almost D-Bolt Michael

a we worked downturn, which service but such we leader, And of fee, departments it’s not discounted help pay here did We departments fee. out actually loss these transportation as we your that to as premium handling not charge opportunity only XXX the accounts. bill, to saw have to not And coming downturn, it help of larger are the a of most going a and give all but you these us to national the the one you service, well logistics is get us at spaces. via during these

love the or we commercial national level. the So regional accounts, especially at

good and won’t deep an so good when contractors pretty up it forfeit, forth. for insurance to level rates. the opportunity as given this with these retailers that management years get far are fees as from Yes, in we aside pretty margins, at push pretty but handling our rates it. – guys, the far about to for drive as much national on to are the great. get I the the ability that and renewals, and we love see talking commercial next worked also into We accounts, process as But ramp the the accounts insured, and now local rates, mainly really think home are far as Warehouse get it’s We these typical we years to X these X and Anywhere high ability as we

Andy Gregoire

contracts. into is built annual Todd, national those there escalators And

for it very well So us. works

Todd Thomas

Thank Okay, you. great.

Operator

question Jefferies. next the proceed coming from your George question. The with you. with Thank of Please Hoglund is line

George Hoglund

Hey, wondering one if comment July terms occupancy good and – morning I just guys, guess have you can on discounting? two of can questions, you performance I in I was

Andy Gregoire

but Sure George. does was July. it higher than July it occupancy below last bps XX typically The as year’s June,

are but the slightly, the up comfortable. very nicely, we especially are up would overall are through occupancy push holding in would the are Rates go we expect against up year, we concessions that as occupancy, demand when but year had we shape. last So pretty good – go specials our below last hurricane year, we

George Hoglund

then in revenue what kind data how partnership that’s your their – has second management? the benefits And using you comment of there you the kind and from change just are real inputs to just union data on revenue Okay. management, of can noticeable data on any with their of then question, into out development seeing working been also terms your time, and

Andy Gregoire

we players. benefits more see non-big on The data non-REIT, are regional

got pops on have So real more us some the union data pull time mom into our system. helps we that and

before using than we started stores getting So them. had more we are we

On markets the and giving are in, both we forth, we had. they are which in in, not are data before. didn’t back in may had they want going be but we to giving data, supply the the giving markets data data are and we had not only them previously had they that that Not us have us data we

that our look adds So new some at go and to markets. ability to

George Hoglund

Thanks. color. Okay. I the appreciate

Operator

Instructions] next with Eric question line [Operator your Our is proceed from Advisors. coming with Please the of Frankel Street Green Thank question. you.

Eric Frankel

Life the XXX the market and/or efforts approximated? points affect Uncle that more you. the explain where I Storage Life Storage of Thank efforts Storage Thank the pools would look can legacy worth this pool wanted you. to I the just about why is when integration, re-branding NOI can want you Bob’s if the Life and negatively growth, discuss basis year better, maybe contribute portfolio you understand is the especially but so re-branding same-store properties guess same-store to that’s more you specific especially of they contribute portfolio,

Andy Gregoire

revenue revenue The that or up occupancy in Life was X.X% so months the purchased some XX on excluding that O come of Eric, this which matures portfolio and before It’s – up and the the the very portion Storage for properties. with mid-XXXX we mature C of the well lease it legacy that we had on that January. portfolio, NOI operated pool was significantly, up performing up portfolio same-store do X.X%. early

you an see years the an they X power play and after XX acquisition how the of So can acquisition. months, out, some even platforms on

our points and revenue that and happy basis XXX XX points to growth NOI. basis it’s with about are we to our So

Eric Frankel

just was into your Do think growth the it extra financial system? do you it think the all market integration specific you was or

Andy Gregoire

widespread. it’s is think I yes, it pretty

know we the operations, system. our we do as on our what what management, the they we it’s everybody really store doing call put doing time it’s do the these platforms center, it’s So can revenue It’s it’s day-to-day. over

David Rogers

than popped certainly too, Sacramento are Chicago have pool. our a stores Vegas and had bunch the – Houston, XX better XX some certainly, performing we have Texas I And big also of carry, which and but markets out to Dallas of there stores were think

So to with yes, it. platforms have do lot a

Eric Frankel

Okay. Thanks.

assets, of with pretty a of large JV final use chunk you planned question Just contemplated have sale of or do a this proceeds?

David Rogers

Well, degree. yes, to a

transactions lot We that a amount looking of properties. fair on are been properties the a or at There of market. has have come

We least have And partner, want to we the JV a way have the as more stay we to opportunity in this. E&Es to structure do. at

I exact And – not yes, tell will going the we I doing. can’t am you be so properties

announced, mainly park go will And acquisitions a we and some some XXXX properties as got JV do have We be it seated have got pretty well. to the some we it we into, so XX I our with think we beyond have that about got more soon. would But going power we very there. have yes, we probably not fire of to if would opportunities is happens that what excited other then would

looking we the little a that aren’t which smaller that to So out bigger to as of are growth rate or bit. deploy same of we basically similar last years. growth Good stores capital been properties, basically our X years for have and at but markets buying our the into roll have assets existing hindered the market X

Eric Frankel

much. Thank Okay, very great. you

Operator

of proceed line question. The Bin is Please from Kim Robinson Humphrey. Ki SunTrust next the with you. with Thank question your coming

Ki Bin Kim

in everyone. did in promotions morning July? Dave, the and saw what and the talk guys good spot about rate already quarter you Hey, you

David Rogers

I don’t quarter. on think we the touched

about I net Subsequent end, net Concessions brings about X% rates were X% we are street X%, up the to think were they effect effective. – up, during that quarter are to over take I that the X.X%. quarter.

Ki Bin Kim

Okay.

drop the a bit? was of concept what so effective little And to net

David Rogers

Don’t there, follow quite Ki Bin. you

Ki Bin Kim

and X% effective then said? said up You net is up what July, was you X.X% in in quarter that that the and –

David Rogers

X.X%, X%. but Up net Correct.

Andy Gregoire

effective. net and X% net Yes,

Ki Bin Kim

cost your make about able capital And things you do you perhaps how can that past significantly improved of ago deployment capital months over the Okay. weren’t that you a now? pretty few does think has few maybe and that pursue maybe that months, given to

David Rogers

with still and are our to as NAV share price. minds We not there

expect are from we We to or there, to not stores. sale but XX have proceeds there, we of getting XX but the considerable contribution are fairly

the in XX/XX possible, the period to $XXX to of challenging of talking million are would within be time. somewhere we there, range but $XXX which deploy So million

the happen. kinds don’t happened. been So you or sort there never some by not I but X to – of there’s what’s – of we stuff come years obviously, big we can are across, know displeased deals, X all have And that going are what’s last over

whole And different turn to the we around able have year our XX, years. legacy be think of ATM been is margin stores think some this don’t that higher I outlook we I market, we though capital – are last a we few to stores point, than thinking put are we at larger the even I just nonetheless, share the the alive we the don’t of at that equity going assets looking in when some generate from at into keep have beginning larger are and – did think our doing We got price to to issuance. was but really

Ki Bin Kim

thank you. Okay,

Operator

you. Thank

reached of question-and-answer the our We session. have end

additional comments. concluding would like the I So, for to any Rogers Mr. to pass over back floor

David Rogers

their in November. Enjoy support the look conferences up for September, August everyone company. we we and the nice thank and and Take at and forward seeing you to our their coming October you care. interest shows Well, in

Life Storage Inc - Registered Shares (LSI) 5 Aug 182018 Q2 Earnings call transcript