LSI - Earnings call transcript Q2 2020 | Life Storage Inc

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Operator

Good day, and welcome to the Life Storage, Inc.

Second Quarter 2020 Earnings Call. All participants will be in a listen-only mode. [Operator Instructions] I would now like to turn the conference over to David Dodman, Senior Vice President of Investor Relations. Please go ahead.

David Dodman

to Quarter welcome Call. Earnings and morning, our XXXX Second Conference Good today's Saffire, Andy Storage; Officer. Joe will Gregoire, Executive Financial Leading be Life Chief discussion Officer of Chief and

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 may differ results those with

Instructions] found be at regarding our quarterly and press can the this on Investor SEC page found At be Relations the information [Operator turn Additional over factors filings. I'll company's lifestorage.com. release Joe. supplement in to these the A of time, may copy call

Joe Saffire

us. Good are hope morning. And thank you and safe you for families joining your I and healthy. that all

today second I late March as earlier results quarter’s as not and this early the April. can't we I year, that planned confident compared Although say to were more feel

As were business, and these employees proactive and stores business our felt we difficult our ensuring during remained safe conducting open customers times. an essential extremely

been a to down to spiking financial I It very only down quarter, enabling XX% our a Move-ins has I orders Rent and self-storage in favorably is contributor. which on rentals improve year-over-year, the And to environment. but proving from efficiency to the at years. reason straight than have the quarter with is once And days. store in had to benefits customers clearly sector. believe self-serve for Rent focus have seventh is will our for operating trend, Rent to the clear a an after of embrace only around again to so compares new hasn't X.X% much a height rate past in it that to decline. were several perspective, country, of do April, Now pre-COVID be of also XX% we and continue XX% payroll the been April. across higher pleased the as results. settled our differentiator that strategic during am XX% at evident key same-store important across customers in Our couple platform to difficult this been during that has were our Now, stay-at-home Now seems for underway margin, year-over-year us resilient macroeconomic continue us that initiatives of

We pent-up going hopeful initiatives with both have accelerated Since strong, is and program, XX.X% activity pressures in same-store for limited our indeed and be it to to spring many the have with for reliable accomplishment what which ECRI July. of momentum, July cost of exceptions market the and XXXX we be processes the current as year, trends, both of after we on of stronger that only and to anticipate second regards both remained on early in is would outstanding points we the as our for both said, that will that With move-ins and our with points up that at in after through control, to demonstrated more half an pulled certain an of recent us serve This lastly, Furthermore, July guidance. there last we platform know not based is of today be the we in demand remains, will month. of auctions more as XX.X% our our XX, second which have pandemic this details we last basis forward. although July than and turn March was pausing and resumed basis XX team. precise auction I'll XXXX. occupancy Considering lower we also to quarter. time relative to June, could occupancy to XX it difficult through customers as quarter. were XXX guidance, well states. the occupancy adjusting uncertainties those to this over points end continue And rate to the relates the is as make asking start year, the year-over-year same remain grew much clearer restore XXX funds Andy over basis the us year operations walk year-over-year of XX% same-store to And compared share. from performed, by XXXX important lever period occupancy now be And Even estimate of today adjusted July it when we per

Andy Gregoire

same-store time. that that line share despite quarter straight Joe. operating the period related for by was X.X% per for X.X% funds to of lower environment from property orders were item while challenging the and offsetting the lower curtailment Last was revenue, by evidenced reported equal operations expenses, believe was night, quarterly much the the overall, disruption. platforms comparative digital declining same-store quarter, and which down stay-at-home revenue macroeconomic excluding declined by taxes. Same-store again, and about and of adjusted free same-store fact marketing. the for street broad increases Once third of second $X.XX NOI every to same our of move-ins X.X%. Thanks, taxes in the lower property lower X.X%, lower impacted higher we for resiliency rates, Revenue despite of expense year, last country that move-ins, Partially COVID rent same-store quarter, lower only is We existing lower by rent, were significant X% across our customers. was except a

the taxes period last disruption. the COVID marketing As to Joe market our increased Same-store XX.X% initiatives the same efficiency mentioned, quarter year. same-store track, remained X.X% on compared for total firmly property and were up despite related

strong. At end, Importantly, $X.X million of quarter of line sheet credit. cash had and liquidity our remained balance hand on and available our on we $XXX.X million

available We also line million option. on should feature that add would additional $XXX credit, have of that our exercise an an accordion available we

debt coverage our times was Our was and a at XX. times six X.X service net debt-to-recurring healthy EBITDA June ratio

due of million again XXXX $XXX August not roughly until maturities debt and with million XXXX with $XXX no due. then have We until

June debt rate fixed was average of maturity XX% years that and debt is the total at XX. Our was X.X percent our

And We continue the days income quarter of very monitor remains second we XXXX over onset compared although to of to in elevated our XX the as collected accounts levels. rental of receivables since pandemic, XX% receivable the pre-COVID-XX closely.

vast We our markets, reserved have adequately in resumed accounts receivable. auction activity and majority the that of have we for believe elevating

the levels, presented was quarterly liquidity. bad a managing has financial diligent historical $X debt million than statements. as As higher for in result, our quarter remain net which reduced revenues extremely We expense approximately our

discretionary. comfortable of with ability when are funding maintain to capital will we completely We are Our through and a operator, our almost with availability commitments And have commitments make And balance that we now a to sheet. the period disruption. questions. we only liquidity strong open call sustained manage adequate such we for believe

Operator

question-and-answer our come will first will question session. Bank now [inaudible] the ahead. [Operator today we go begin Instructions] of with from Please America. And And

Unidentified Analyst

Hi, everyone. Thanks for taking today. the questions

like like, premium more, the few the more I And quick you now questions in Do rates data about So system. terms thumb, certain is maybe is rule tiered with and for guys tiers? in from something for there line around street that? pricing? then more a pricing standard Like just to the is what have of XX% new customers preference certain have of XX% is the

JoeSaffire

early want as it of more it’s takes to Hi, saw the Thanks is this sort really It's to still for provide real details choose getting. Rent ultimately more have any And was customer Now our able a the they provide of picking to think it type behavior. choice, little that too bit we the question. to up. they're want better offering But this goal believe level. was want, really Joe. We to [El], the of to space customers be over Yeah. I they a to next control and what customers,

we But yet But and and pretty are. some much we rate three have we’re right, differentials options, behavior the learn much closely customer we standard and the pretty So their more of adjusting don't about is you're the rate, what street watch it preferences that the between pricing percent as there's discount, great, premium it's which, customers of convenient take spot who to lot which value just five there's will hard because a is spot, believe a we we'll give trying we're for the a that's slight been a spot rent. obviously, plus then to move, spot. a if detail. And

space their pharmaceutical You of and were business, conscious a getting price because location. they and so forth, know, they're want that and those who rep not as great

of So right the for give you a early it's But behaviors. the as of kind customer to sort to any idea still thanks little now, question.

Unidentified Analyst

Got it.

are quickly then that up Okay, just the in? markets there on thank are concentrated for certain auction, you. those units And

Andy Gregoire

-- Yeah, there are. New There's California, York,

JoeSaffire

Nevada.

Andy Gregoire

we, where not there's Austin, could the auction Texas, areas begin. process Nevada, some certain

it. that So those driving the are ones are

JoeSaffire

go the lengthy. at moving which some for process California, the able started well. the ahead to and think have process start those that York But gotten it's those, we on sign to and quite we've be New markets we're start And Yeah. you good know, of a I as okay, least can

Unidentified Analyst

it. guys. Got you, Thank

Operator

Smedes And go ahead. Citi. with will from come Rose Please question the next

JoeSaffire

Smedes, can hear Operator? you?

Operator

ahead. be muted. capital Sorry, Please response, no Key from moving your and the question, next Bank Hearing with go that come Smedes, line might markets. Thomas Todd to will

Todd Thomas

thanks. forward? the normalize morning, should you expense Are debt for third bad in any or Good the on additional quarter going the Hi, in Thanks reserves Andy. quarter. detail expecting the that

Andy Gregoire

right? about that us You have should They should been July. at if know with those been June think end in Todd; the there reserves, will August. of have be still They're auctioned, additional or you customers auctioned

month's post, additional pre-current for rent So month no but reserve. reserve another that so we'll

it above to to gone XX so reserve. those to those been grow been XX reserved that pretty the the of will continue auctioned, in we has that to XX levels. typical back uncollectible. The through was June days. we'll relate to everything typical, greater did days, days, that But have spaces have we So continue Most than thought grow, should under XX

us, additional we're revenue that So month. month, that us we month person they're each they're each recording paying with reserve in effect, additional not that not just that

Todd Thomas

average continue to in you quarter the or normalize $X will Okay, million third so quarter? I more third recorded in the to in that'll increase understand that just actually second quarter, so the reserves that of begin it'll above the --

Andy Gregoire

as start great all normalize in job. through the a June, those, did go had Like we normal we should we process. It auctions auctions we

Our those we get teams typical. July, did did done. auctions,

October. through all way through So states to some these we've of get the got

of California through most York and October, should XX. September New done will be other states by So the go

gone the reserving So should as customer away if should then completed, are customer that for go well. auctions and the that needed be

Todd Thomas

Okay, then got wondering comment can all at I August. on was it. And you if

full comment the saw activity at August August we're that and here, weekend on all? you as demand continued you the in that described July. know, pent-up a Has that You in you can

JoeSaffire

July but obviously slow July early August, a to it bit in, was come volume. the part it's, of of started actually, calls month, the Yeah, the actually, a end seeing little towards we're great

So, I better yeah, the it’s weekend call Early up July. -- been up. busy, some than there, pleased, but extent July the year, -- centers very there's volume, very not some web last demand, traffic. demand of still X the We're still was maybe been the incredible, the call it's July pent out believe

So yeah, demand. momentum, some up seeing we're nice continued pent

of you there's Todd, think to think try a of our because room. remodeling a make in reasons COVID, new storages I cooking there use home I lot was homes, offices, kitchens just People doing of their because there’s, to new lot. demand

this lot on. long as new well. be interesting that might a of there's So, longer customer see be going demand sticks. to a It’ll And things how interesting

Todd Thomas

typically has move-out, think been, August and a Okay, I month. net

JoeSaffire

Yeah.

Todd Thomas

leasing are bit could of for a a and you environment the know, elongated little leasing see we more this stronger, an seasonal peak might extended that season impression I You this a -- period time? bit of be under like little guess, that

JoeSaffire

It’s interesting, Yeah. Todd.

try so -- are why of know? that’s many unknowns, we and unusual, waters, rate time know, things difficult There had to it You happening so August to is you unchartered so in years. reinstate guidance. We're it’s doing this previous making so than provide more increases year in

there's hopefully So will moving back gauge. is making move-outs going college going to be happen. school, are to will lot are they But parts, to think, I Like, also the probably students, will gauge the it So, it's they better they what few move-ins months, hard than really not be given last and better. last a are school, hard back the just which of vacating? to year

of not net-net, we're positive a to back it's looks the spot complaining, who've all again, reported, coming So, all But good demand the good. in in we're but occupancy the ones with predict. -- hard and the of

-- So it's for it's a a sector. sign good our

Todd Thomas

Okay, thank you.

JoeSaffire

Todd. Thank you,

Operator

Please Advisors. from Green Street And the Spenser next question Allaway will go with ahead. come

Spenser Allaway

you. Thank

able to compares on been these would You increases magnitude pre-COVID? to remarks, rate you prepared the you mentioned out, rates accelerate Can comment increases your just in have you've been of in July. how

JoeSaffire

like I is unchartered it's, earlier so to question we in waters. Yeah, it -- Todd, said

an We year. are time at of unusual doing this rate increases

to want that but the you're strong. the the peak typically beginning lost ringing more And because You move-outs it's not do so and we're catch season worried the revenue. demand best obviously, are these on the doing been our has up of about when to phones

I got it, volume, haven’t, I you Andy? think we've, in of terms

Andy Gregoire

Yeah, I do.

So July, and Spenser a last rent we to existing customers. in one did July, what half we for times did increase

say, But times So that one X% we send did last the letters X%, about did volume Rate rate we the high same customer. a just and wise, July this July. out rate, half a about versus to and half. increase one

JoeSaffire

this in August August, did of are in volume already more for and September August August, more increases. as amount in year putting for the times volume as well, well And I letters and we two than think,

So all year. than months, higher much three last the

we And XX% volume can at the think of quarter. third last year end that did I of so, the hopefully achieve we can by the we least

Spenser Allaway

Okay, great. the Thanks color. for

JoeSaffire

Thanks, Spenser.

Operator

from with Please Rose Citi. Smedes go And question will next the ahead. come

JoeSaffire

Smedes. Hi,

Smedes Rose

about technical Hi, difficulty sorry there. earlier, okay, that

JoeSaffire

Okay.

Smedes Rose

are front sort of if you I pretty it's fast? on on of comment interesting, seeing potential terms prior pretty little if of all as was in that expectations? hoping, on holding could things -- a anything, side acquisition in becoming portfolio, well, if pre-COVID more the seen you've or of your at changes what, terms in pricing, any about you're bit maybe just sort And moved anything, supply people

JoeSaffire

Smedes. Yeah, thanks

three-mile had supply, yeah, top largest the they to we've new to I XXX we markets the months That XXXX XXXX two supply our felt was about probably peak XX think in and last for we So XXXX. year of XXXX, the stores that's last XX, Houston -- what Obviously radius. XX number on, Taking were from stores. markets open compares Chicago June a about XX coming our the XX our and had experienced. and markets, June within and from

for were our talking So etc. year, probably we maybe COVID because that's XX dozen only about this or so first markets, it, what’s encouraging. of year, stores. in in part a just fact, open And of top this the We have

So that bodes for well new supply.

the a been dealing some still, good into with So XXXX that rates years, we're were several encouraged supply over Obviously, felt but we -- new that's and we the the built by sign is supply. and is now coming that, spot occupancy you're a hopefully good it us we're in up it last follow. with all for starting of will to improve, see

encouraged by we're So that.

do norm? the especially to marketed do I there's picking there's bit I and little up. forma? it's clearly bit they've think on. think being I start not to, the acquisitions, willing in deals And In markets, you or obviously not and you quite were Street the how on down during up difficult where pick uncertainty so little -- May, what's it’s April or new more of diligence visibility terms may into sector kind should but pulled. pro your to going what's the, are -- Sellers activity quieted with rates again, how uncertainty think due things being going were do sell be to going more how a a of that you some were

the subside position seen of any haven't rate distressed take sort advantage of in distress a opportunities. but sets, assets, we're to great any We but

of to see the I So expect what happens things second would pick half but we'll the up. year

Smedes Rose

you. thank Okay,

JoeSaffire

Smedes. Thanks,

Operator

Markets. follow KeyBanc Instructions] -- Todd this Capital a will ahead. And Please go [Operator Thomas question have up we

JoeSaffire

Okay.

Todd Thomas

Yeah, thanks.

schools be, self-storage you that or for you of in the you from you or open? see leasing in that start bad customer it And good we've mentioned -- -- for stay? mentioned, around move-out back your would if lengthen just Do activity their schools. talked You from it uncertainty students March. space don't to some about the that the you've saw increase the Would be does

JoeSaffire

like, normal stay Yeah, it's longer a than already Todd. it's

significant, hitting, smaller that again, that even extra a Not maybe they're it's but could than normal, Typically You focus not hurt. that smaller at longer clearly supply. to have and stay for something that rent that little positive spaces. be COVID a which know, It's spaces that's bit basic or eligible it customer wouldn't when was on. for increase. month we they're was they harder to two, it price an a But would us, Then typically anyway.

Todd Thomas

but is what in mentioned rates at then customers? I with the quarter you you then spread if all, the talk and where rates today Okay, move-in about this and between and don't move-in know where are July for where rates can move-out throughout

Andy Gregoire

street They like seeing, down ended down like in quarter down. August, this XX%, were started we’re So July XX.X%, it's the so even it moved direction. the so? was quarter the the little down right single in but still average. our on into digits bit in or rates better down Todd, moving actually XX% we’re We XX.X% trend a quarter

So which we're shape are going. in good rates way

Todd Thomas

the And moving customers spread move-outs -- what about out? to relative to

Andy Gregoire

During move-ins so X.X% with that down X.X% were the in or than paying X.X%, our percent July, roll improved our down meaning rent to meaning X.X quarter, July. in less move-outs,

more but than seen significant historically. roll not So, down we've

Todd Thomas

about, lot second elevated which put question. press the uncertainty, the growth stimulus And seeing half around also adjusted -- but sort of language the to virus was fundamentals, the improve release, of and Joe, uncertainty trends second right. expecting but I We're then, of of one just that above in ’XX. you that still a you're Okay. just half there's the noted, where last be you've FFO the talked and

can the with bit, are you that something missing you in walk you outlook think and if are curious investment community a little that through and LSI? the confident markets there's the So or that how I'm whether just decision,

JoeSaffire

Yeah, our based we account the takes a know really I that a a happen. obviously, look are take how doesn't we There earnings collections pullback. Todd, call, don't be where economy going in making shelter do do know we'll But going We continually what today. could to place second today. more we in see lot could is We We if of last if going that if it were uncertainty. we're Were today they there's on be? but at know we to today last doing In get know or to did any worse? statement if know we lot didn't increase. We demand. major we could didn't that where an call. auctions. than there's a our I didn't It think was didn't and know think a earnings rate

the So of of a so a some as even more the half we a in that we're of months August good. give We to lot floor to pretty it's we today, finished second if goalposts looks The do way, we've five got expect to of year. trying go. just in July; know sort should what start

pretty in we've July, that those in, at in least we've feel We're August. done we rate June, confident there. started put putting to increases started we So,

So waters. a risk. year, we react its will have a are don't year, how uncharted view different it's some on of where time move-outs there's again, know, going, move-outs We this

because, we again, up. move-outs it's full we're So difficult give part guidance, going of a could season. slower pick the And into typically to see

we've very controls, we we felt and lost what And recapture quarter that July, expense it's control. there second And try we done the with So have with some is doing to good expense comfortable for very through job risk through to best are it's of revenue. there but low and a budgeted our a gotten expenses. then

of we could the And so part where feel end that's we a year. big

position, we of -- terms consideration, of we things to a continue it's don't to the March. are in to the into investors. see reinstate. little And trying compared to a are lot all and -- appreciated. We we the better if transparency our It's clearly guidance, which something little obviously just, what quarter, a different lot a a try that taking we're a know, hope is in not to we little full provide we late would at obviously but So improve end things

Todd Thomas

helpful. Okay, you. Thank that's

JoeSaffire

Thanks, Todd.

Operator

question from next the And with Please Petersen Jon will ahead. come Jefferies. go

Jon Petersen

couple from Great, questions just a me.

So more up forefront guys I mentioned been you on I'm little as it to your of do quantitative, contact list the anything before quarter? pulled product? April, -- rents the much at kind of bit a made of trying a I in you went Whether been thing. or second just Rent Can was like it in obviously XX% think for the leases was higher or I was of contact you quarter this looks guess on. guess, that understanding upselling differentiator leasing any of it the that back to lease have that like a Now give But with business, how you that you've able us

JoeSaffire

very thanks years. promote are out we it comfortable some, to and restraints. And to weren't been scrambling at We’ve the launched of last we've figure with question. listen, how Jon -- to team And try had two contactless it. the proud We rentals, for was for Well it. almost team the minute

other providers forwarded various providing expected the for that options. so. a and last figured many and do our to rolled we then our great value storage we than sort we obviously, processes But job spaces we out option months of areas had wouldn’t to out XX in rush the the We fast it. customers. of place, of So option improve or Now quicker X.X, And over Rent did

I our -- with our So Did it a were in that. I the job job. We Maybe, May, a think great we in did move-ins did leading think us? help sector. obviously great

Rent Now, share occupancy that's So we And of improving. of it, is close our fair than maybe our rate has move-ins. a I our But more really improved. part been the think got

It's and phones much us get great where is auctions, in So saw this put the position, to today through we improved re-ring ringing Now for think are end pre-COVID, July. all than the but it factors. occupancy without, our of discount Rent of number to a I the customers. of our if better you as there the had a clearly, can't more year. not starting anticipated so has we piece is even And auction we it Even do occupancy

So pleased make very we've it Now platform very better that. for customers. look done our we're team for the of of very to we And proud continue a am proud I with very, to Rent with and what ways and

So thanks the question. for

Jon Petersen

That's great. to there, If I think allowing component understand mean, And closer an to right? customers correctly, facility. of there's Now Rent X.X I it's Be the choose elevator? their kind about, obviously upsell I

JoeSaffire

Yeah.

Jon Petersen

wherever give Be signing they choosing a customers, up want us ended sense price to after of be. I a higher you mean, unit can up? percent of what initially

JoeSaffire

to was the you provide of tell behaviors. Jon, Yeah, customer all it's still really that going available; our because a of -- but the That's going unusual have it. you to it's even choosing inventory. period spot all time with obviously, It’s to be are can't not on question fluid, we And what's three may to have options. no, available don't offering asked we depend it's, value is an I customers have may is. it early COVID earlier, try sort not

at for that adjust it they'll said I sensitive, monitor premium But say. pricing, are price no there our how and stuck And it's and providing options. needed, doesn't it's where earlier, those goes. want not they to it. to in we'll show premium unit if early not are up just So we're something a They're with particular, one continue have to if space customers. But for that option still monitoring we'll it But where spaces, see And we're who particular like don't least the option. customers, is. know

Jon Petersen

all one Okay, just right. last helpful That's and question. then

you but quarters few mentioned that opportunities? the Are little third-party more you the a think COVID environment, next there given changing, guys anticipate the management I bit, business opportunities, are guess over less recession? how I do of kind there

JoeSaffire

or bullish It’s management third so the we're revenue very experience, management. more becoming great a managing. and job Now expertise Rent do Even smaller things REITs to SEO on like party for compete. difficult Obviously, of operators and platforms right -- forth. Yeah, we're

Typically to of stores new is I that XX% more may it lot shift. will new may typically to your mean harder getting third So management, construction. that stabilized and turn a the that XX-XX, XX% spend party of and contracts, think that's,

Our clearly year. excited the new been pipeline coming the of will about as have be very rest better, which We construction stores piece. the to has never the visibility online,

sure, We’ll, optimistic hit goal. our name getting very we're obviously, our there. -- is So, out we’re And about for XXXX.

Our of, performance that's that what behind perform market? terms at, tool and do in have Now stellar look has great for So we owners been in marketing how been Rent us. you a the has us

rest about platform for So our and very prospects good year we feel the the beyond. the of and

Jon Petersen

Okay, that's great. All right, thanks.

Operator

Then the ahead. Please with from Evercore. will next go come Steve question Sakwa

Steve Sakwa

that pandemic? of Thanks, a I just on two Warehouse questions. kind result any seeing updates of And On any new if as that you just in them, answered business the apologize. Anywhere, or kind of trends you're that

JoeSaffire

Hi, with storage. we businesses No us obviously it's to be getting important COVID, for asking. We're tool -- looking capture think to else that for an we love thanks And one more has that. more customer. for Steve. Yeah, Yeah. more business, and are going business

We tool. in out buy that. about you partners we're technology them two out to the as did a know, So excited very we had may business. of this we're we're minority, during a bought We quarter, excited about. have the which XXX% our, now, We excited own that

conducted. we put programs some for investment it to of get very us. that good. the had of pipeline pilot COVID, trying in every hiccups into kind is So is dollar The

to think so. months we I in with but to this it. And very and year, role we're the a to going more couple is a even And what play logistics. last it's delayed So again, think about excited we're expected of storage kind delivery mile continue I COVID think I

very the we're it. to forward own business and that excited growing XXX% now, So look we of

Steve Sakwa

assume sense any partners? of dollar of just your what you amounts? material, but I that was cost it's Could us buyout not tell

JoeSaffire

employee we relationship a have is it the end to was, continuing amicable. process opportunity a the with and not year great $X to an million do, very One have business. the buy at year very was a contributor this on accessing material. us an what Yeah, And them for other is formal who of work our the There was the partners. out. in retired more to agreement it as is earlier And to ways this with network. one and looking was

-- I them us, into good partners, for put relationship the it to very So, opportunity and both got opportunity liquidate to with there for an an we’ve was third it's and gear. a

Steve Sakwa

are online, know in And up kind you of a about, the with, third how to do of things. then a just you and get think think which sites. do freeing and said with to payroll people spend that the higher, third is X.X. probably about I I and over Okay, and your down you guess, What and folks benefits or you of efficiencies now what the other just Now onsite need quarter, rentals of of managers I amount sort personnel at Rent onsite the were sort by possibly time? do and of the sort moving so

JoeSaffire

store X% silver by the of to of of and Steve Yeah, up it slowly up, creeping going Obviously, for to that's is leverage that's we to to to XX%, the was our That's lot time it payroll. we right less the I -- counter. incredible. is nor. linings XX%, XX% to a spending to COVID, look now have going jump and that. of ended to at helping the maybe team's you it one end think from And, time. X% the year, XX%, has kind think was XX% new third of is ways is now to definitely a We're continue be It

by an how could the be you're to the the one showing about much time minutes you think XX-XX there time rental etc. takes is, at where space hour, If counter,

lot of it's to We've so. reduce already on early ways found continue a and time. to we'll So costs do

looking make efficient constantly big stores we're to a So at ways to is it. of And part costs. this the reduce more

be about to to So to to at but leverage a obviously that we're ways excited any that. continue without needs lot look There's person the done stores. at And it. XXX% not looking go we're we'll

Steve Sakwa

it That's thanks. Right, for me.

JoeSaffire

Steve. Thanks,

Operator

any back remarks. closing the turn to this the session. And conclude for over will like I'd question-and-answer Joe to conference

Joe Saffire

the enjoy joining continue forward wish keeping soon. we everyone, everyone again safe much thank the so this to to you and Thank talking rest Well, well, look be And the call morning. for I you. summer. of

Operator

concluded. for now conference is attending The you presentation. today's Thank

You may this now lines disconnect time. your at

David Dodman	VP of Investor Relations and Strategic Planning
Joe Saffire	Chief Executive Officer
Andy Gregoire	Chief Financial Officer
Todd Thomas	KeyBanc Capital Markets
Spenser Allaway	Green Street Advisors
Smedes Rose	Citi
Jonathan Petersen	Jefferies LLC
Steve SakwA	Evercore ISI

Life Storage Inc - Registered Shares (LSI) 7 Aug 202020 Q2 Earnings call transcript