Release Date: May 02, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Q: Can you expand on the solid demand you mentioned in the first quarter? What are the drivers of this demand? A: The resilience of our business is due to our diverse customer base. Despite the housing market challenges, demand is driven by everyday life events and business customers needing storage solutions. Our business remains resilient with a diverse set of needs from our customers. - Christopher Marr, President, Chief Executive Officer, Trustee
Q: What was the occupancy rate in April, and did you lower rates to achieve higher occupancy? A: We ended April with an occupancy rate of 89.9%. Move-in rates improved from a 10% year-over-year decline in Q4 to a 2% decline in April, reflecting a strategic adjustment to maintain occupancy. - Christopher Marr, President, Chief Executive Officer, Trustee
Q: Given the strong start to the year, why hasn't guidance been adjusted more significantly? A: Despite a strong first quarter, we remain cautious due to macroeconomic volatility and the early stage of the leasing season. Our expectations for the year remain conservative, anticipating gradual improvement without a sharp reacceleration. - Timothy Martin, Chief Financial Officer, Treasurer
Q: How are the Texas markets performing, and what are your expectations for the rest of the year? A: Austin shows signs of recovery, while Houston remains solid. Dallas faces challenges due to supply and competitive pricing. Overall, we are optimistic about stabilization and improvement in these markets. - Christopher Marr, President, Chief Executive Officer, Trustee
Q: Are there any acquisition opportunities, particularly in buying out joint ventures or wholly owned acquisitions? A: We are open to acquisitions if the pricing aligns with our expectations. Current market volatility has affected buyer-seller convergence on valuations, but we maintain a healthy balance sheet to capitalize on opportunities when they arise. - Timothy Martin, Chief Financial Officer, Treasurer
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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