- Earnings call transcript Q3 2022

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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 opened for questions and comments after the presentation. It is now my pleasure to turn the floor over to your host, Alex Gress. Sir, the floor is yours.

Alex Gress

Good morning, and thank you for joining us today for our third quarter 2022 earnings conference call of Life Storage. be Andy Chief Gregoire, will Life Officer discussion and Storage; Chief today's Joe Executive Saffire, of Leading Financial Officer.

management remarks, analysts. prepared will from questions Following registered accept financial

conditions questions discussion As to the uncertainties revise other no forward-looking this X, and or as any subject and XXXX. contain estimates and forward-looking statements management or the today, call. answers to a conference update the risks statements following changing after because obligation to date of reminder, represent The are that assumes market your circumstances of November company of

be Additional in information regarding these factors company's can SEC found filings. public the

relations In the at lifestorage.com. on to our furnished detail our yesterday, we on our investor supplemental results, which addition found section release with be additional press website package may distributed the on

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

Joseph Saffire

hard to and all by Thanks, recognizing start-off to Ian. by company to first everyone. throughout both continued wanted support impacted Florida I and our who the morning, Storage provide and our thanking in our Life of customer's good teammates, work Hurricane Alex

our have Storage. of the for the a reflection award storage team that This the Customer of we are All teammates. we from centers is for Best that without Service I our to would Award also how us business tremendous awarded year the here open in thrilled for the would America Florida in are not efforts stores fifth and row Life in possible have been Newsweek say a true like at world-class category.

quarter. report the am to company. all across outstanding another segments turning of our to quarter pleased Now I

XXXX. a a revenue the as year. and seeing To normal seasonal are into more are we XX.X% We than return remain well-positioned strong growth pre-pandemic from higher our few the and quarter notable very operating same-store believe achieved of results and we we last head fundamentals to trends metrics highlight over we a levels. trends, While quarter, for

and We across entire of a quarters achieving revenue revenue balanced quarterly growth see row. continue portfolio to five for double-digit with markets major in strong our our XX% performance

rate a this year. was in row per Our realized rental quarters quarter last five higher greater growth the in square rental than realized square-foot is per XX.X% of quarter also This foot same is store a than greater. us ago. XX%. a XX.X% NOI quarter same year Same-store puts NOI same of row growth That with XX% growth in the quarters five this quarter or than higher rates at

These the stores us complementary of with to joint management remaining venture the for the XX stores will of end investment in management coming off-market ventures of with which strategic subsequent are properties operations regard quarter. a result and per the a a subsequent owned growing seven that XX provide last of and for over stores capital million our portfolio with year About for last stores XX wholly for third-party of $XX.X thirds enabled third in existing portfolio these joint growth end, drives million. funds these as as As our from over $X.XX this strong pillar a moderate a our a in lease-up, we wholly and and XX% year. years. of strong We stores adjusted third joint future we properties party opportunities. operations with in million. puts external more the quarter supports ventures, platform. acquisition to quarter in quarters these in share upside third fundamentals, stabilized Outside upside us invested third-party owned two acquisitions investment the venture wholly us party the operating funds acquisitions, which we is to through future owned Year-to-date quality $XXX view than view October XX.X% from $XX.X platform. Including joint and of wholly fee from to to participate quarter quarter, than quarter quarter, for at for to addition adjusted also management that are million with our the seven consolidated added management In the income at in increase We XX XX%. markets acquired properties row growth, top acquisitions six surpassed greater provide achieved portfolio our we and That of our came our platform third we owned XXX four acquired facilities end $XXX.X strong from

we and guidance of would positive future quarter As Life of behind and strong team, in I'll finance his full-year, with him adjusted to detail continue team all before the Life behalf I dedication very Andy, for we towards and wish to the more hand to for the Andy. the We now from you on it to funds hand success. that for thank midpoint a entire XX% want contributions that year, from our and which for be our updates. per share Storage the us a the I walk Storage last-time, increase XX myself, it over XXXX. over Andy And him operations look will through estimate nearly But will to $X.XX invaluable Board to for one leaving best to growth in position thank years. Andy retirement,

Andrew Gregoire

congratulatory I've messages It's look-forward to interactions with my and everyone here my Thanks I'm course, for to received. going time enjoyed moment all But, the of kind of you. thank for and words Joe. I've bittersweet retirement. certainly the And you for

over will room the Gress, the Alex early opportunity with Alex remains you through and half assisting As good the him us in had of to work hands. that year transition here the XXXX. confident has last I'm and I Life know, in the for joining excited the ahead and Alex chance I've closely of is Storage be

gone So I'm not yet.

Now an last over quarter, result the increase share turning quarter reported continued of quarterly year, to The same same quarter-over XX.X% the and was increase last quarter from night the $X.XX operations high-end above well for FFO store acquisitions adjusted adjusted excellent of in of back guidance. the quarter, we funds our of per the performance. and

remain return increased Third XXXX. our quarter quarter. the third for quarter trends, over occupancy of occupied, the same-store rental And increasing primarily same-store more seasonal third by revenue when for XX.X% are same-store XX.X% rates, compared of pre-pandemic quarter normal seeing to during we to averaged we driven especially the although reference, levels, highly XXXX, XX.X% averages a occupancy

in achieved to in by quarter, same that growth led rates continue rate per significant from over the of primarily our strategies rate benefit foot strong increased We increase a one driven the our XX.X% square store same in-place quarter year-ago. to from

continuation for this the quarters. last of noted, the double-digit five Joe is rate growth As

same-store rate increased weighted-average quarter customer be and card year effective the by strategies at same of continue resulting XX.X% quarter in expense. a revenue to of quarter. quarterly Payroll and expenses norms. point last store maintenance our same-store same-store operating driven existing basis. the than growth Our and NOI X.X% primarily the effect net same historical benefits third XXXX The for were year-over-year increases in increase expansion basis less quarter and X% to over XX.X%, that for XXX was the above and in operating versus a with income third of expense grew utilities fees, repairs performance net margin Same-store credit

during equity our Turning securities facility by balance activity the quarter. we utilizing sheet, to and credit the supported issuing acquisition our

XXXX. of Specifically, the our the we drew from quarter, and a ATM in we of on stock quarter, $XX.X refinancing during of March credit our at share. At our per closed million a $XXX.XX the million credit facility $XXX program common mature to additional was an facility weighted-average scheduled the that start existing of price via issued of

million the This capital refinancing, or $X.XX from billion. we the to January credit liquidity facility through increased facility. With we comparable from of existing terms with $XXX with available provides improved terms available to committed the million facility quarter our Life significant of At the end XXXX $XXX facility. have Storage on new to

Our balance and plenty sheet low remains leverage. capacity strong with of very

in X.X exactly previous Our is quarter-end at net the debt quarter. at to recurring and EBITDA times with line ratio

Our X.X September at times at XX. is coverage healthy service a very debt

debt maturity is continue debt until pro-forma April have average X.X our XXXX, maturities to of end. no significant interest quarter when average years X.X% weighted due, our at We and is becomes $XXX million rate

In addition, at was September XX, rate. XX% our debt of fixed

.The now grow same outlook be for increased questions. driven a improved by growth expected are be same core Based revenue greater greater that improved XX% of the the $X.XX than will this that, we result prior now which between be We now We XX% expect increase growth store to same or cost should store performance XXXX capital. offset and be rental to open between guidance to XX.XX%, rates. between XX% is our the partially we at will per past XX.XX% call This to in With operator, to NOI over we FFO XXXX the to our updating store $X.XXand anticipate now on midpoint. year share guidance. for with expect

Operator

open line and is go Michael morning this Goldsmith floor is you. question Instructions] UBS. Please Michael, questions. coming the live. now the Thank is your for first gentlemen from [Operator from Ladies ahead. And

Michael Goldsmith

was first acceleration XX% taking for implies X% on Congratulations, question and Thanks in at My The my expenses. an it growth fourth between quarter quarter. guidance, which a lot maybe X.X% your during Andy. -- with the morning. implies Good Congrats you're Year-to-date, question. range. the X.X%, the expense is Alex.

you much lot kind reduce opportunity a next given do how this think expenses, of So How or rising expense you expense but this great your is do further done comparison of, you've much of the difficult heading I expenses function how how the into maybe question function already guess year have? a kind an more easier a you on then And is side? of things much just manage is of of environment? to a

Andrew Gregoire

quarter the quarter, In It's big inflationary for had pressures $X quarter property and there of our in you the benefit the to property the the tune we almost a and When fourth that on think million. fourth quarters. the The three great the tax good taxes. at question, of look fourth I XXXX, first you compliment. a Michael, difference through saw is line is thanks

change be growth for that's from a XX% And have item and quarter the will to expenses. tough comparable. the driving the we in fourth So QX the just what's quarter. in That QX over line very probably

growth we what's is the controls that's have other comfortable lines. doing place payroll NOI Dave's the the we've technology the with some and in, a controlled we inflationary We've comparable have in Everything will pressures, more and inflationary and well. than property team year. them R&M, the line in we're seen else. investing thing and still else, driving it's line the on fourth So fourth but those job quarter, biggest throughout but nicking in do, tough be the great anything the the we're the to tax pressures quarter. work a

Michael Goldsmith

of the fourth growth kind maybe rate true to So expenses quarter? . the your in of rather run than implied year-to-date what's closer

Andrew Gregoire

Well, the NOI it's would to probably very that, property without it property less we comparable the property impact. in the taxes, can -- yes. obviously, fourth in tax similar. grow NOI have XX% that you see But be our in if the guidance, XX%. from Yes, it's the tax didn't than would quarter,

Michael Goldsmith

of -- up on And played terms to the can like, over we last or look year was of the back versus kind of last less -- Got widen. of through quarter given started I up year deeper like kind kind similar cadence of to quarter of third like of then year, topic seasonal narrows kind a that little did kind a any bit as what just like gap how kind early But seasonal returning year this bit trends, of just to the out of quarter expect like the and we was quarter, kind seasonality. different? last this gap probably how of guess? dig it since lift a the year there that again? to in the kind normal of kind Like is the sets next later, what half The And there get wasn't we would was sets seasonal that that fourth was seasonal little like going do it. obviously

Andrew Gregoire

forecasted. revenue, thought, normal about what we we're seasonality at trending what we When to occupancy, a the bit the the is maximize and we're is think occupancy we look little we is seasonality again, and I what the decline expected. seeing, higher trying but that's than as

mean it through I some had really in has saw negative. they rent I the the roll-up in surprise coming for think August, straight we been flat, In We and saw deceleration pretty during then XX was the quarter, the quarter. where months upside to rates. down we hung well September. slightly roll rent

So much our I acquisitions better. our have underwriting, our than platform better And XXXX performed also expected. are side. expected we rates we just from than put thought. we than have acquisitions, better acquisitions and Once about that's an think The rate the on the better platforms. much talking performing acquisitions occupancy a to they're Compared from performing we're you performed side,

is So normal our it's seasonality but things a expectations. than a little it's trends, that been different combination of true, above

Joseph Saffire

Obviously, little than Joe. Andy were bit It’s but wasn't higher add that Michael. that a I'll that. seasonality, Hey, declines mentioned occupancy the unexpected.

that rate continued through with aggressive very you increases we've this third we've As year, and the been quarter. know, the

and And demand X% there. surprised has the third so move-outs, were was encouraging move-ins the What's by which is expected Actually that, year, been last quarter, them. were an higher not very than we year. we excellent our in been

going that think be we able we occupancy at season, the is there. as demand level be start through And we upon to demand good go start season. good year is that's through and to build the we the feel an So which going to and off year, spring think a to the spring feel we'll that we'll continue

Michael Goldsmith

luck again fourth Congrats in quarter. you. Thank guys. the Good

Joseph Saffire

Thanks.

Andrew Gregoire

Thanks.

Operator

you. Thank

is live, ahead. from Rose Your next your line coming go question Smedes Citi. is Smedes, please from

Unidentified Participant

Smedes. Hey, good Matty is on for morning. This

add damages recouped? to damage? had be to includes a if if uninsured interested reimbursement any property those it's that the costs if core or to We're FFO. claims about know back to question more Just are of tenant expected related And

Andrew Gregoire

things combination trends. was right? claims weren't It's customer were self-insured Hi, insurance We fires. normal Matty. about that whether claims. had Those claims customer Harvey happen every in customer every million We time hurricane happen the it's two our month. month, a from This items. was is from insurance we our back event. added floods or The first very of of $X uninsured back in hit $X.X a that It's damage insurance above unusual. Things claims when 'XX customer hurricane paid storage, million.

other The damages from properties the million $X.X our uninsured. is that is

So portion the it's are that And ongoing. damage a incurred. deductible of those repairs

repairs. properties and going are open our through All of the

That any will no expect million those don't not of there. be we There continuing So any recouped. is recoupment on though. costs $X.X

Unidentified Participant

as you you. just could third Thank year, management, think to on pipeline And a what about is you do adds speak look Great. the Okay. party sense what looking we have like? net of like? next And could

Joseph Saffire

Matty, team. party continue of with our the efforts pleased really to management be third we

year. of remain quarter the opening new we're Storage we're of Our to several reputation Life industry, the in through the looks through out going new is potential there the getting The owners. brand and stores is a putting lot the fourth from be end to on strong, pipeline going and stores

very that's to about think that we're excited going next through year. continue we So pipeline, and

Unidentified Participant

Congrats and Andy. Great. to Alex Thank you.

Andrew Gregoire

you. Thank

Operator

you. Thank

is Bank America. Lucy line is go next your from of from question coming ahead. Doikin Please Lucy, live. Your

Lucy Doikin

of an hear for would could data if Good end Thanks how occupancy wondering October through some you trends give I kind like through of how on my morning. you update taking here. around to have on trended I question. color To was can been extent October. rate. that the points demand the give

Joseph Saffire

same October in much were move-ins Yes, top of Sure. last in on Lucy, pretty -- the store October. move-ins

look continue higher. to those So be Move-outs good.

September to seasonality points So -- basis a it's we normal much occupancy. October, in drop saw pretty XX from

do rates they October downward, in the although September. they in this but down that's So much It were were go typical. level year of the same time south. street we Rates XX.X%, ended the as any pretty typically didn't trend pretty October at further

with see there. happy what we're we So

Lucy Doikin

October anything you Okay. you. different wondering you're or late Great. trended Thank on pickup if well? into as And how the comment and through I debt seeing any fees was bad anything, quarter could if

Andrew Gregoire

actually normal X.X% fees their we X% saw obviously. to last are to good which have aren't not it to sheets back the as delinquencies what is normal, and balance we but years, of returned we good back to debt had levels all pre-pandemic pre-pandemic, not fees revenue. customers, late for saw -- the at X%. strong revenue, of Similar and does revenue last what That is few about for in levels year-over-year. down trended They're saw our the quarter, about late way Bad during pandemic the as -- is to

So as don't 'XX at, a we long we in what and to looks as It customers our comfortable. very significant rise saw we're acting we're where similar are 'XX. see from

Lucy Doikin

the color. transition. the on for thanks Andy Okay, Alex and congrats And

Andrew Gregoire

you. Thank

Operator

Thank you.

next Liang, is your Zhang Hong from question line Liang live. is Your JP coming from Morgan. Hong

Hong Liang Zhang

Hey Yes. guys.

First rents a talk they about you could move congrats where ability like higher? of your was all, considering. than but both outs still lower to bit, I stabilized this street you. sounds of and are to be little a were wondering little if continued year bit have to are expected rates grow probably to It continue

Andrew Gregoire

Yes.

I But customer what growing have it's right, program. how think The And rents we're come is increase rate whole we're be with continue you're the our street ECRI down. we rates, customers we've aggressive tells been current our customers. we normal the existing the differently current doing our until very data us increase, above can year, we levels. to the think continue aggressive to really,

that's in our think driver rate of the I seeing you're big in-place So growth. what

Hong Liang Zhang

Got And -- it.

Joseph Saffire

And on. too but of we that coming a talk been supply rates in because get obviously, construction muted. new see the and obviously about good any think rise the pretty don't street supply, again, feel soon. rates, I pressure, has happening new we We of the time it monitor supply. -- when with cost And is we lot the interest the too some and just there's don't it high, Also much about

Hong Liang Zhang

Got it.

So it's higher historical say low? still your fair to trending than ECRIs are

Joseph Saffire

Yes.

Hong Liang Zhang

sneak one it. one Got And in. could if then I last

acquisition so seeing active a far little bit rates far? been year. what -- about the so trend You've market on this cap you're pretty how you talk Could

Joseph Saffire

there we probably to Class be markets, We've obviously lease year. year. and the some Sure. up some some very a active fully Yes, very our stores, great some of stores, had stores. for hit added we'll guidance, stabilized rest A we've the But

probably us beginning in XXX to didn't you if there. to allowed But the of good rates cap think XX has lot market just recently seeing basis there's capital in to to about of what situation, at more now, points look find -- continue the Phoenix, market change basis deals. or points, which we're trade. the product the that It's I we year has been close didn't out given a back deals to come right closed

I think but right be of the beginning on year, buyers part now, there they'll most in the I are pause. think

Hong Liang Zhang

Thanks. Great quarter.

Joseph Saffire

Thank you.

Operator

Thank you.

Spencer, question go line next coming is from your ahead. Spenser live. Street. Your Green Allaway is from Please

Spenser Allaway

Thank to you dynamic a on down an roll you. earlier that update I provide what that roll guys guys rent today? September. I like just you believe hoping was saw rent you looks mentioned in

Andrew Gregoire

as right? the parts about slight, in a was but was when less it the roll not quarter, Spenser, the atypical was It whole, Yes, you roll looked it very quarter September, That's later than down. to as year. get X% X% of that in you down at

I to X%. XXXX, I and went back and was X% to that think maybe XXXX in

we over of saw had typical go through last So the year, up. than different atypical the what months, the roll we slow right, where XX rent as it but it's season is not we

back definitely more high off it's normal of very rates. . some So coming trends to

Spenser Allaway

magnitude or circling on provide quarter? sent maybe -- update to what maybe you then back And Are out to able -- average the you commentary comments. ECRI you the that an provide around in actually the Okay. the on just

Joseph Saffire

significant -- Spencer, teens. do XXXX. Right we the we're it's We'll going of I been year, as the isn't year. would earlier consistent do as high the evaluate volume on what what to throughout now, in in early increases

. feel we those with comfortable still high-teens. So

Spenser Allaway

you, Okay. Great. guys. Thank

Operator

Capital the from And next BMO your go is Juan, you. Markets. Thank live, please coming is Juan from question line Sanabria ahead.

Juan Sanabria

you side, a do just just given Maybe Joe, in or you stabilized expect to active? the today? sense help currently of of you. you thanks get capital remain on Okay, cost the the us would acquisition change where expect And are maybe for deals underwriting could

Joseph Saffire

seeing be Yes. the I too active to we cap move don't owned probably the wholly continue probably mean, which for think rates of side to will not going higher, we're year, remainder the I on happen. unless start

we our X%, willing with to is have the think partners, option X.X% partners, a close will our going this to be seller and that our in to deals. we'll I comfortable probably to And continue wholly-owned range leverage but we JV that $X.X year, we've highest and active the very been JV to party if we're the trade, continue platform. grow billion obviously, with don't deals to feel use doing third work

are think a the year, probably the Juan. buyers of of on the remainder through I sidelines lot

front capital be So are I the on both. owned markets we'll dictate front JV heading into XXXX. think of we'll -- that how the see active where of kind obviously kind on will the And we'll or or wholly

Juan Sanabria

have you acquisitive here. pretty good for a And stretch guys been

Just us revenues the curious next give benefit quantum year for you pool for if same-store what could presumably of changes? the sense of any be would if

Andrew Gregoire

tell have I into grown you tremendously, Yes. that analysis better acquisitions the this will the the of we pool. expected. have they I do Juan, come year XXXX didn't than

of even our the QX that double to revenue just grew think XXXX pool what grew. QX, -- same-store from acquisitions, from quarter-to-quarter like I those

year So half a that's platform. on we in just year, the them power first do of and they and put that our what when platforms the

give think little they're to I It's would change. to a haven't So tough bump. well. quantified. just I us performing it's going

significant whole a from be to go they can think our a And store groupings. not time you see years by hasn't pool three last the impacted into increase. XXXX, same It we would lot. it's I showed analysis, As it the going

Juan Sanabria

curious exposure think guess, that (ph) line that? What's some Can rates, and You've got the unsecured plan your how on views about manage just end. I here point? of of the in? as at I Should on more credit? we your a line part [XXX] plan raise Or like to on you sneak one of as quarter an

Andrew Gregoire

Yes.

comfortable think that we're now have really matching we very flexibility aren't markets up. with I right the with line. Capital

I comfortable line. on leaving portion debt. small of So think we're total a our things It's that

what the there. in of At is the rate point as As future, open you would XX% debt look got But end typically there's true hurry yes, flexibility our those the do, That's at and as now. can term the you We've some of needs, fixed some needs. quarter. it's out. we but capital when comfortable pause And our Joe see, back we're up, When no we that on that. said, no on of markets great really a driven by acquisitions. there's

Joseph Saffire

in got Yes, flexibility. it. And lend it willing in because much that with that billion is our some We to we're great our prior and we've of and some at the when a pretty of banks to new and of it terms today happy, really, line than great doing us were revolver. window provided greater availability our summer execution stuck $X.X kind the the Juan, there was

Juan Sanabria

Thanks congratulations Andy and Great. and Alex.

Andrew Gregoire

Thanks, Juan.

Operator

Thank you.

next Flora is Evercore. ahead. from live. Your is line go Please Tong from Flora, coming your question

Flora Tong

Flora [indiscernible]. Evercore Team, it's from

transition levels great congratulations ‘XX by XXX is guess quarter year-over-year, I trending still question above the downward it's So sequentially is but on occupancy like my on and the the side. bps. roughly the

certain level? cautious you discounts more will bit maintain and at to level the a what be therefore a and the of emotional do So start advertising occupancy more occupancy to

Joseph Saffire

we new with lot still on. of levels, a is see pleased occupancy coming supply don't above where today. We're pre-pandemic very obviously We're and

great to be promotions as when heading that a comfortable needed. have our And into XXXX. and think with XXXX, the sizes occupancy very in lot in we're we've markets run it think where we'll now, too of levels. occupancy, unit do into want But XXXX We sense, it's we'll leasing we So a makes and build we availability. probably didn't can to I as almost spring right where very headed learned occupied that and be were to selective season. We spot we and

occupancy in heading of now levels in are spring think we're our a So the spot position good I and XXXX. into

Flora Tong

yes. really helpful. so much. Okay, That Thank is you

Andrew Gregoire

You’re welcome.

Joseph Saffire

you. Thank

Operator

go coming Instructions] is Ki Next please Kim is Bin live, from Truist. Bin, Thank you. from [Operator question today your line Ki ahead.

Ki Bin Kim

Thanks. and Good Andy Alex. Congratulations morning. on

question. lot the a average about tenants your is portfolio the X% times month-to-month. of I of every to know same basic X% month. space as But in First a turn turnover that your turns

So of portfolio actually a you when perspective, year how your full it turns? from like look at much

Andrew Gregoire

those I look you're some so true average at, of is you think about, it's if -- a it's are probably right, X% turn. the -- month about

if look about XX% it's of that, at changes So portfolio over. you somewhere the

Ki Bin Kim

about what Or your of program? year, altering your same? some are when to you happening next still of that the the keep you the mid-teens about thoughts high-teens. that on I given magnitude think with increase program the you Okay. thinking and And what's high-level ECRI mentioned the rate, program, it into when the is ability street at think rates that or occupancy, going look how But you are

Joseph Saffire

week, and look Ki I of over lot the it's we next the with have data demand. if each couple something -- of to Bin, have the don't to don't to. beauty that to It's The And come months balance at make to Fed have something a decision and we program, each today. we that's regards going economy consumer in of the there's a sheets, month,

So very that's what decisions, us great it be allows a smart make reactive and do. to we'll flexibility and

spot. a going I good think to in be we're

decide year? position I and going at early it this We'll as think the sure. as not than January, Will be what up. level be do a higher letters in to we'll start February when a good pre-pandemic. we to used probably I'm ECRIs do

Ki Bin Kim

this couple time which conservative, a quarter Okay. to the And quarter a deceleration, surprise, little that And but and guidance it's year, maybe four 'XX higher it realistic implied end say that calls into four we past your probably maybe XX%. point as it's same-store that revenue is points can over well? about bit we growth the by is decelerating, about so than that's has, it's is I not decelerating but quarters outstanding, the think fourth going each mean, about your for of

Andrew Gregoire

to 'XX yet, tough to and guiding not I think would say. we're be it

start the Like we I you we're going year in close if starting say, think to year we're spot. good at end that. to XX%, a the January

we as a through How strong year driving flows revenue the spot. a think ECRIs. of They I that So lot Joe it will are year started the on at the said. growth, depend

have occupancy that be We of That go somewhere done We'll we the attrition have little the Will a year. driver. between we'll rate season last a We we've have We'll this into We'll bit yet. pre-pandemic the in had see. year? occupancy, right? of haven't little the decision will we watch and next potential as be it than made do those what of more Maybe. ECRIs. busy -- to bit

there's it's combination to we few decisions tell there, see the but those make as as through going maybe months. the we tough now So say, next a data right

Ki Bin Kim

Okay. Thank guys. you,

Joseph Saffire

Thanks, Ki Bin.

Operator

you. And the turn call. Saffire for does this Q&A session conclude floor remarks. Thank to back to would for Joe today's like closing the I now

Joseph Saffire

joining in everybody of want a to call. just for I today's forward thank to many We you weeks look Francisco. of couple San in seeing

Operator

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

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

Life Storage Inc - Registered Shares (LSI) 3 Nov 222022 Q3 Earnings call transcript