LSI - Earnings call transcript Q3 2021 | Life Storage Inc

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Operator

Good day, ladies and gentlemen and welcome to the Life Storage Third Quarter Earnings Release Conference Call. At this time, all participants have been placed on a listen-only mode and the floor will be open for questions and comments after the presentation. It is now my pleasure to turn the floor over to your host, Dave Dodman. Sir, the floor is yours.

David Dodman

Good morning, and welcome to our third quarter 2021 earnings conference call. be Andy Chief Gregoire, will Life Officer discussion and Storage; Chief today’s Joe Executive Saffire, of Leading Financial Officer.

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

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

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

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

Joseph Saffire

has of morning on I report and been pleased fronts. good very Dave Thanks, active a everyone. quarter quarter. number am to a It another outstanding

am I quarter the threshold. we First, celebrated we to that milestone pleased a XXXX during significant crossed store the when announce

the either one-third wholly-owned in approximately our nice maturity with $X.X represents in am and XXX recognized This record acquisitions are lease-up we year-end. exceptionally this still Sun external with and consecutive contract perform power. that this proud of year And Belt pricing XX% third, of in and record for continue Second, for to These acquisitions, announce growth of year we amongst time mix over by close to centers. and for strong With fourth markets on Service represent with levels, acquisition closed additional wholly-owned team billion growth, Customer pace our or achieve roughly to at record regards states. the expected XX% to store I has occupancy to both currently under Newsweek portfolio. nearly and a stores volume year Best

be one Despite FFO in as still to year such accretive Miami, opportunities. the expect continue as range, we New City. blended San the on York and Atlanta, remain finding markets Tampa, expand key in and cap in Phoenix, strategic one-third lease-up, Diego, focused We Seattle, Austin, rate greater to mid-four we both

stores proven And we it's Our managed be anticipated. portfolio robust totaled XXX pipeline third-party the at that acquisition quarter-end. to

Specifically managed alone, volume this representing we additional developers our far as were year. of and year Storage, in continue a quarter acquired to operating XX our and XX by XX% managed platforms. -- acquisition owners so to XX% rapid And closed innovative at stores the stores pace, technology including are attracted this third performance onboard Life

a of grow. guidance year, opportunities are evaluated has continues once we team number to again performance, With this managing increasing strong record this Our the our pipeline and XXXX. for

raised the have which midpoint per funds We XX% year, would adjusted estimated a this share growth operations over be of to $X.XX XXXX. from our

nearly $X lastly, doubled $X handing I Inaugural published this Report sustainability and investor available including ESG morning. This solar, engagement acquisition to Sustainability And is community our the Andy, pleased report page am many programs. end guidance over upper to report on billion. also our have relations from website. of and inclusion, our initiatives, We nearly announce a billion our The diversity of expanded our highlights to before we that

So, guidance. with our over to further that, and quarter to I revisions will details on Andy to the hand provide it

Andrew Gregoire

per the same share Last over last of Joe. reported funds night XX.X% quarter, of operations quarterly an we Thanks from the adjusted $X.XX increase for quarter third year.

XXX square increase compared in continue in months, foot, couple occupancy remain has accelerated customers, begun to which last new in a quarter Same-store aggressive for in in revenue to the in quarter. up of acceleration increases internet for rates the normal XX.X%, result basis largest operating operating X% driven and lower has we've maintenance the us allowed which quarter slightly quarter. basis from the elevated more same existing income the expense substantial only net from year-over-year up XX.X% taxes. in last same-store year-over-year second occupied net quarter. first up estate same-store representing X.X% negative offset by margin per with quarter. third in was XX.X% the on to of expenses point NOI to marketing quarter, a occurred grew and same-store The in past and significantly the again be second the expenses effect quarter the Third decrease third XX.X% the performance revenue seasonal partially average we real X% year's see return of benefits. third variances to somewhat expansion Though and were payroll were quarter repairs and and XXX the highly to in trends significant with and same-store year-over-year, to year. This a again occupancy growth our X% XX% The versus rates The in-place a points

we This dividend year. FFO to shareholders. growth the continue our Additionally, and in in follows last growth this XX% January, dividend we as October, our our increase dividend share with past our X% increased X% bump in

supported Our equity a during the offering pricing liquidity acquisition balance bond quarter. third We and and strong. our activity securities sheet remains issuing position by

additional operating issued Specifically, we stock preferred via The part million of an program. as roughly issued units the ATM consideration quarter. public our the during stock, partnership also underwritten $XX $XXX company of common approximately million generating of portfolio acquisition $XXX of million our for completed offering an and common

that in October. $XXX issued X.X% senior million XX-year, unsecured early in closed of September priced we and notes late Finally,

Our ratio offering of to EBITDA October. and debt recurring X.X the completion notes times was following at in quarter-end net X.X the times

million service our at at and XXth, healthy debt quarter-end. $XXX September times available coverage line had we on Our credit X.X of to a increased

XXXX, $XXX is no debt maturities significant becomes our due. average until of April And when have X.X We million maturity years. debt

continue with that growing opportunities returns. shareholders risk asset our our We have substantial adjusted with available base liquidity provide to attractive investment

expense expectations. and same-store reduced again, Regarding We slightly higher XXXX guidance. forecast increased by expected primarily our driven revenues

between same-store expect to revenue XX.X%. we Specifically, XX.X% and grow

X.XX%. other X.XX% expect increase we taxes, property Excluding expenses and between to

increase these X.XX%. effect XX% property to cumulative of to to The are should X.XX% same-store While assumptions in result expected NOI. XX% in growth taxes

between million billion FFO open operator, billion. changes, and share between anticipated to will we be We $X.XX that on call by now for $X.XX. have per adjusted $X.X also to assumption $X.X increased anticipated with And for these we the XXXX our $XXX and acquisitions questions. Based

Operator

and pose coming Ladies then Your for Please for is announce question. is Instructions] gentlemen, Juan the your now questions. open today Sanabria. [Operator floor first affiliation, question your from

Juan Sanabria

team. morning Hi. from Good Sanabria Juan BMO.

Just hoping under contract. you bit completed the about you've little what's more a acquisitions speak could and

so one -- what curious funding how as assumptions guys stabilized I the active think then should part Joe, equity debt think you that on what's been year leverage mentioned of yield. or you for that, goes? funding on left from the about forma should a the just [ph] come that. think going And and of in we expectation have and yield for to behind perspective, I'm the pro the we the where midpoint the front,

Joseph Saffire

Sure. Hi, Juan. also Funding, capital obviously some and our we raise issued did debts.

there's X% cap so geography talk probably feel all range in current in closed. comfortable the we really rate, very lower locations it. stories pipeline of year that we're about for X.X% one cap range rate average terms yeah, about, but some the on have on that of and the And deals -- but but and the there So, forth, and many was blended set X% X.X%, the we underwriting of we rate, good an around and to definitely the depends so the depending is and forth, the so stabilized of cap the feel some deals,

so in its that closed real we meeting that deals of to contract. year year we the the sense should us think of gives expect in the under a all are I our first all stores exceeding good for underwriting, as half one what or

good it. So, about very feel

Juan Sanabria

curious Great. of kind And you intro. on the just that the in highlighted story, margin

You more maybe markets. higher seemed to be buying growth Belt Sun and

margins about curious your think through here pretty we uplift on got and on you the square as how per you it how maybe foot. to significantly Just And portfolio. the that going forward evolved should maybe portfolio rate think

Joseph Saffire

for few mean, one our that's I pillars been Sure. strategic last years, definitely the Juan. of

our always We've last years takes buying, going the our average not three you but square move And can foot have rates vast needle, in see to majority the we've to we per average. to kind portfolio rate stores, newer been where better per been for it better of square stores. of has been time And entering than situations, we're with be up. stores, back going but look per going. deals the that of been those acquire foot. been you think bigger tended stores the It's more has everything obviously, would revenue If they've markets I

highlights the continue. the Diego, well. to So, been cities expect about expanding a of in they are our year we we all lot trend has are some and Seattle, for Florida remarks very of doing this us I spoke markets, that San a in, great that

the about portfolio excited years the very are six transformation five began ago. We or that of really

Juan Sanabria

Thanks, Joe.

Joseph Saffire

Yeah.

Operator

next then Your Todd Thomas. Please your announce coming affiliation, is pose your from question question.

Todd Thomas

good Hi, Yeah. of It's KeyBanc. Thomas morning. Todd

Joseph Saffire

Hi.

Todd Thomas

Hi.

midpoint guidance relative us this if maybe the $X.XX about to the help Andy quarter. First to of see range bit, just per you wanted reported talk FFO at quarter fourth I could $X.XX, you a question, the that the share implied the bridge and to

Andrew Gregoire

see Sure, fourth we occupancy in the to Todd. returns normally decline When the that would at normal what some quarter, we look expect we seasonality.

another December. peak basis XX decline at Look that probably probably -- down occupancy. XXX October. down basis was points here to in So, probably points was October to it we very would -- from think from XXX, I July and September, similar was occupancy

basis good spread XXX So, still very last we're year. was points. October up to

what Todd, quarter gets We we comp, delayed came the did last amount same-store, when during first tougher early quarter. equity with debt have tougher quarter. there, December. in debt, it Most be So, equity at of FFO, are and So, the bridge a acquisitions the a to of but look The you fourth it right? the until decent fourth on comp we'll to a year, right? raised

where stack some we in like So, have is. capital but our shape. from we're good We'd those drag raises,

that our in offering the place. the to the FFO shares. will is And acquisitions Our at in what really cause that million funding acquisitions delay quarter of bond show. set from for additional and fourth those X.XX is causes the midpoint And that $XXX be

Todd Thomas

notes think times year-end? Is by up forma ticked leverage you helpful. X.X leverage offering what's the said pro expect the sort the offering. that to that near And your end and quarter acquisitions target. of third X.X at after And to then That's I of the for you leverage from notes term Okay. complete times

Andrew Gregoire

in pro does quarters to forma between keep where like but leverage and six That we range. Yeah. and it's it target, say five our when we acquisitions, that in the the

wouldn't expect change I any So, from that.

Todd Thomas

California and around one I the primarily, sneak one the did years previously to here, Got in And expand -- in Coast just effort think leading last California some to West Okay. there there up If could an in company it. Joe, just to the properties add, was portfolio. pandemic. the acquisitions. I

a of the the and but West to, about today. of talked exposure with growth and some adding on what's the markets the guess, Sun Belt position you're You that California lot acquisitions here, Coast I the higher

Joseph Saffire

Yeah. to Todd, the a not lot obviously not of market typically buy. There's it's easiest sellers.

continue think in we a we to to. if We XX opportunities opportunistic. good very as find to might ever California years the in gates, But open look few like the they that I flood the changes adding it's at up definitely exposure Diego, over feel terrific. We've and about a would are up. managed which And very come our Prop we'll long-term. been increase that is market to San we to Sacramento but

Todd Thomas

you. Thank Okay.

Joseph Saffire

Okay. Todd. Thanks,

Operator

Your pose Rodriguez. Please Elvis announce question. your affiliation, then next is coming question from your

Elvis Rodriguez

what mover congrats perhaps Bank of Joe, you and where you the today, and platform gives Elvis advantage think America, us thank you morning. question micro from you quarter. for first think on go on business. could with and business? Number taking your of this Good long-term can Rodriguez this fulfillment you update stores the the

Joseph Saffire

Hi, We're excited it. about Sure. Elvis.

that The corporates corporates. supports enterprise One business that geared really to large business micro our on. It Our and about because inventory the contract needs, desire their had working talked really more and involve two of enterprise, them the Self nicely. for we're products. tracking that and another Storage different business real summer It we there's can targets large we've is We seen fulfillment over a warehouse for RFP is mature. technology. much very consists doesn't use that's two we anywhere inventory grow their centers. provide And large product --

Chicago, be we again, a And fulfillment space So, opportunity obviously us. think startup be and lot as that's real Lightspeed product newer -- in I ourselves we're of good space. for a the think forth. of the building lot close market. estate Columbus, work-from-home untapped of techs for have And Vegas. so and in product to need We to that Currently, to continue Ohio micro that's from one the fulfillment going Angeles Atlanta, and a think, to more opened differentiate more and The quite in is an a Dallas. we centers There's know-how. for we micro us. a the that's to service a product, us that up larger I homes, nicely hub investment people we companies are closer Los currently, and But we in and center, have opening kind have

feel So good nice really we'll have And about we a very business. across the the country. spread

more business, think and we and continue out the ago soon. I we think do signed And think leverage estate, I more player our opened we obviously, the infrastructure technology, helps up are customers. we that of be our on to on business. can already more going not not see going our Columbus chain we and is XX terms issues away in in we'll how about couple we And real attracting the build it real a anytime But build learn customers. away. our of Supply go months to e-commerce a us

Elvis Rodriguez

this for just this XX% year particular then think in going they a Andy. in benefit XQ, line follow-up repair in anything you be next that from XQ, expenses, could close And and maintenance item? a that's went at Thanks. XX% up On so to year on

Andrew Gregoire

I there was in few a unusual Elvis. think there, items

-- from some came the that were was them the of of storm there One some damage storms through.

not was it we that expansion but expansion And through on the have number. needle it could had moved We minor, write-off to also that that one to that that costs municipality. have committed and had we pursuing been those relatively get the we

find two some year last do where So, Otherwise, we those were contractors the unusual it's just work. of the comp couldn't items. to a tough to

a had we there's so much year items, tougher outside comp, And we're a year. of last this wouldn't I it's difference just that and expect year next reduction but few usual -- but a

Elvis Rodriguez

Thank you.

Operator

your Khanal. announce affiliation, next from question coming is pose Samir Your Please then your question.

Samir Khanal

Khanal from prior Hey, Samir ISI. Andy. the morning. expanding Good Evercore Maybe question. on

items spoke of next You for of maintenance, payrolls little property various need which bit just to expenses. can guidance but XXXX, haven't about given walk maybe I maybe I know the you and and kind about for what us through year. sort tax maybe a for line other repairs we through, is and line items think

Andrew Gregoire

Yeah.

will the some -- us cost. we have pressure at technologies some pressure an I help have FTEs a and the think, We're in hourly that we're that's a wage we wage store, good do in looking half I but through help could level. place about one items industry per there, that at could store see on. and control that different we us that think rate But -- hourly

higher So Still going have be see timely, we'll March. tough that some different an and line. that will there's pans internet expect I over line. Right the couple year are on ESG much to insurance help comp bringing a year as line but that be we've a been a normal wage contractors think other that Internet holds, next little and be or and year on maintenance advertising, in of to I X% through. the be cost last our get much some the that well go to as over easier see taxes, I than or more one see with and internally think think we're changes pressure -- controlling we'll we ways it we there, levers lot Repairs a investments on years. better how year. investment, -- Utilities marketing and now, the use I find our done controlled I don't revenue through how right? don't that maintenance, it'd I on pressure shape see solar we're If is would they down keeping line. expect knows think Property Who us occupancy so control we and that those. pull. this in than in-house improve We'll pressure of year. what in controlled, relatively we the to out. we tax see more to we And of We'll been flows have a declines next

good out shape. be occupancy going XXXX Going to at And higher we're in be than into well. turned started year, we pretty We'll XXXX. the

that how can that see see we'll goes line and we'll controlled how be. So,

Samir Khanal

then And any this months in pickup or provide recent sort to I us supply with your current over of what's should shifting seeing here. you're at we and Joe, tracking for supply maybe that. sort of be in guess, point, on of a Thanks sort just supply markets view in the

Joseph Saffire

Sure. Hi, there's delays lower looking sure but to from Obviously, And can obviously, this there's lot be a lot There's on of Samir. I there's different I'm what material then a then, costs but XXXX. Not going developers I on year, explained with increase think last build, still going that Obviously, supply with demand than quite more lot a it's Yeah. a work. subcontract in and of the there's significant. XXXX, supply. quarter. ton

planning. in our So, can, monitor that deliveries, a XXXX idea to to of to of as XXXX We're stores. really an not go. so, XXXX we us where to maybe big we And new will still or terms think XXX around affect -- we best is in XXXX maybe try increase similar give going seeing planning be that

or real a pretty that thing, we markets which feel good and stand would out, XX is no good I next guess. So, about months so, the

that and the in region maybe in in York your it get supply. so good a little about summary, we suspects XXXX, a that Las seeing Vegas. as better of the But and bit we'll then -- try still I think year we forth that, think enter absorbing Nashville, of I new for to Raleigh think I goes that how some see and feel New pretty Other than we XXXX. to feeling then are usual we

Samir Khanal

everybody. Thanks,

Andrew Gregoire

You are welcome.

Joseph Saffire

Thanks, Samir.

Operator

Your your Rose. then your from coming affiliation, Smedes is pose next Please question. announce question

Unidentified Analyst

just October Hi, XXXX, on XXXX. into you going us I for numbers Smedes on good give you higher some you with Rose then then [indiscernible] think morning. is going Citi. occupancy spot Can mentioned And were remains This occupancy? just elevated, as into

Even as you've just increases you talk around of customer on on permanent to can pandemic able occupancy customer length a been and when updated would rates, impact have to increase about expect the stay the behavior? thoughts or as you an impact had rate

Andrew Gregoire

October was that occupancy Hi, over last October, of the occupancy. points up Smedes. was end October basis year's XXX XX.X at

So, from well. up of point are an things holding occupancy view,

basis We points December. occupancy expect of the year's last to over XX probably end in year

So for like I off nicely Year. the us say, that New does start

Joseph Saffire

Length of stay?

Andrew Gregoire

we of an Length stay, throughout saw the haven't pandemic. uptick -- we've

Our median length stay of increased.

of on measured months. -- has length has average XX stay move-out, only been is plus Our

So, those up. are both crept

also year of customers one up. two of number and crept over Our year

how percentage we're does with So, return our We've and been letters. sticky. How we seeing been increase good seen. do trends they've That's them there. And aggressive high normal? they When often are be wise? to it rent to

So, data until I that tells think continues otherwise. us the

Unidentified Analyst

Do expect your to another remain peers acquisition raised you elevated And guidance. we guess thought acquisition volumes Thanks. in you and then one, XXXX? I just

Joseph Saffire

we as the some some tax think will if year, sellers large there's sure year of and to We to was And job portfolios. owners, I as look good The of the and twosies, some previous probably that though, XXXX from the this singles we And were like changes But that than highly hard. given control. a seen Well, next the the sorry, I'm we've work portfolio. -- very great are get our pricing can of with. of portfolios in our Obviously, more out little some deals. don't it But will in than size again, question. work acquisition and Not whether that's would be happy more we laws. again, there onesie at that be third-party debate potential of a typically a due much managed partners marketed to go buying large we do our doubles, after these years. do still some there really

to continue try able been and on. we've Obviously, we'll last it to to goes. going we to have and that been on, to larger we're able focus. portfolio we'll earlier years, our going like how been So, with we've couple demographics And and we're markets what's of strategy our The continue to see find Juan's get to deals. with very good to better continued into question add

than expansions. it how goes, ready expand through to we're but see to more we'll continue So,

Unidentified Analyst

Thank you.

Operator

[Operator announce your coming Please question. Instructions] Your David next pose affiliation, from question is Balaguer. your then

David Balaguer

disruption wanted David from warehouse Green seen on inbound potentially to mean, a the that I morning. sort of supply is this enterprise Good Balaguer we've anywhere. led that lot of to go I that Street. more side? to back chain just year,

Andrew Gregoire

Say that question again, enterprise. the about

David Balaguer

and some Yes. of the national we've out a issues retailers the led chain With more enterprise just-in-case portion that inventory needs to nationally business? of Has of for volume there. warehouse heard say, the for that inbound anywhere one that of lot supply

Andrew Gregoire

figure really really the supply seeing not out about Sure. employees. their The fulfillment, enterprise definitely closer on much getting to logistic to more but micro so smaller SMEs The is trying side. product Enterprise, chain, unique we're product, needs. it's Lightspeed about a

that device service but cars, like medical who are remote. companies we a manufacture example, dealers, technicians ATM have for tech to So, the they have close have need industries, providers, product their service companies, don't to working lot of

to So, they equipment techs, getting just-in-time closer and that so so their can do service really repairs forth. it's

Lightspeed chains to same of for their internet with buying, for -- those Amazon and more e-commerce and to business. a day delivery. now get our logistics through on are the or trying selling are are and to customers, we supply the product seeing who really the calls likes significant companies through So, that the who inbound who product are get trying compete we lot that haven't are rise a is seen But the the

is but much product. -- that really of so supply because that's enterprise chain So opportunity growing our not concerns,

David Balaguer

have then at we Got obviously growth are be roughly expecting increases out rents been with street you And your But sort of the side, existing year? positive parody rate year. trends rates more extremely this it. just there, rate looking should on at in Or throughout revenue portfolio? the the existing

Joseph Saffire

it's No, got room. some

current rate, Our -- are the XX% customer of still our below street David. customers

So, we've some there. got room nice

up So, side. I in be think customer sets XXXX increased it in-place to us an run nicely again from aggressive

David Balaguer

Great. you. Thank

Andrew Gregoire

are You welcome.

Operator

You do have a follow-up question coming from Elvis Rodriguez. Elvis, your line is live.

Elvis Rodriguez

quick Just guys. ones a couple

On more the in on you are that and JV Brooklyn, details asset to that able share investment?

Joseph Saffire

a that joint smaller That's over investment, Elvis, the venture an years. we've a had partial, ownership and

One of the partners wanted out.

purchased the partner down we'd that then have remaining the on part. we Avenue. in, and share. We That's still buy maybe So, McDonald another road, partner's

Andrew Gregoire

Yeah.

typically the a our partner would for, of We'd it's second do don't with opportunities do purchased own. relationship. I boroughs. been that from We our on idea store it's a developer and in good it development them to and that a pretty JV the lease-up. it, at we've like great like We relationship in ground expect And this great And up similar have future. point that market buying a is we've a in with partner, some managing there, off the

Elvis Rodriguez

out on you management expenses a And the you aggressively to And platform platform, of one Joe you Great. -- today? quick commented or is platform achieve some believe then and that Thank do, on to for your third-party don't grow wanting profitable split platform to you. revenue and one profitably, but trying share you you'll the able if peers not, as profitability? are that when of sort do Andy,

Andrew Gregoire

on expenses -- in other the and the There's but break in that profitable. It margin group grouped XX% our warehouse Yeah. on revenue. the That platform about plot is a back anywhere item that's separate out a business. some line is supplement the We with profitable. items,

managed is more we'll that there's G&A, So, of would it, is in a break profitable you your to out arbitrary. what continue grow you kind these some don't to it we there, do but be scale platform and as management lot G&A it right? of It profitable obviously becomes of relatively the do of and with it grow our and allocate So, stores.

not that, simple but your and it's take Some to store. managed a split wholly-owned and it between do store a G&A

Elvis Rodriguez

very of quick you helpful. some platform sort from your platform. of And Do one creating one third-party that, clients deals you of mentioned this a onboard it. that XX% for do you in did just foresee, future? deals, that Joe, you pipeline the you being bigger -- deals a foresee on Got and the That's year that the pipeline as the then future odd pipeline in today, have you acquisition

Joseph Saffire

out I doubt, that relationships continue a a Without owners good buyers Yeah. we have the and terrific think, end reputation up with as as developing to grow portfolio, there. very you we

be able continue that We and have would repeat who to us quickly to to done deal fairly. And do to we we sellers have come expect going know because we forward. can get a

when to -- is one quantify product being it's is, So, you to profitable, third-party that's when that measure ask buy intangible. management the How out we do able of opportunity to much as market competition to continue expect you so grow hard that there's there's So, there portfolio. definitely value build continue intangible to some we that and marketed would for off deals?

Elvis Rodriguez

Great. Thank you.

Andrew Gregoire

Thanks.

Operator

Thomas. You have follow-up from your another question coming Todd, line Todd live. is

Todd Thomas

Thanks. Yeah.

Just overall are quickly to customers still you Did questions ECRIs. are then -- share in-places I where below couple of mentioned street. that had XX% you on And of Andy, street. I'm that the customers a many of portfolio as turn for in levels XX%, increases sort you of curious to the sort today how that eligible towards historical XXXX. rent just compares and how relative

Andrew Gregoire

is so rate be with increase, to right? customers But for every eligible us of a they one I months. Yeah. have Todd, our mean, many

just And is there's place. first go would -- odd the we year. above So, first one look good at street been below that to decline have it's We've uses you second together, blend rates time XX% XX% increase When street -- we've about first summer see in year. more when pool one all we it They'll aggressive it's that we've at as this And increase. this the slightly expect when -- goes we XX% we've been about a the more I the But when months point. of under next moment, beyond some rate that got year. next street and increase aggressive. rates on one obviously in them the portfolio got five to at through overall

it's out customers haven't some going it's whether on -- and to see next think current rates, seen got next story that. going are -- be significant nice I our continue going move fluctuations rates much, can't watch that be any So, rate. roll-up we've the in I to increase the and so to aggressive year. And be ability year. to We'll we but

Todd Thomas

XX% you've And as so -- increases above the that today, through rent portion that customer -- you've well. continued base in the -- of the to to been rates street push are

Andrew Gregoire

switch That street an or above But types whether is factors, eliminate they're increase. If will rate, they're does pool, much correct. the of below we below do year. they're Yes. It getting doesn't still of -- matter them time not from is we above may when one it street. in or it how a customers, those what just of but

Todd Thomas

in quarter, Okay. And the growth revenue XX.X%. the

related over was to XXX that little So basis a so occupancy. points,

breakout between move-in If -- the look the sort quarter? rents, at what's you XX% and achieved plus, in the in terms contribution the that higher look you of like other of ECRIs

Andrew Gregoire

it evenly. think pretty split, was I relatively

should mid the were, our your looking our quarter. a there's are our at teens, in the say, they teens. look were move-outs street first, move-in And and I XX%, upper you're at rates, You averages ECRI

So it's split. relatively

first Our rent roll so in-place, it's pretty up even.

Todd Thomas

Thank Great. you. Okay. All right.

Joseph Saffire

Todd. Thanks

Operator

floor time we to the for Ladies and to gentlemen, back closing that would over now I for like is any Joe have turn comments. today. the questions all

Joseph Saffire

of you thank today. next look for talking to of Well, a you forward many in everybody to happy the We and we weeks, dialing if couple speak, over don't Thanksgiving. have

Operator

Thank conclude today's conference you. Ladies gentlemen, call. and this does

You Thank and a participation. may disconnect lines at your phone you your for wonderful time day. have this

Life Storage Inc - Registered Shares (LSI) 3 Nov 212021 Q3 Earnings call transcript