National Storage Affiliates Trust (NYSE:NSA) Q2 2023 Earnings Call Transcript August 8, 2023 1:00 PM ET

Company Participants

George Hoglund - VP, IR

Dave Cramer - President and CEO

Brandon Togashi - CFO

Conference Call Participants

Michael Goldsmith - UBS

Jeff Spector - Bank of America

Smedes Rose - Citi

Steve Sakwa - Evercore ISI

Keegan Carl - Wolfe Research

Eric Luebchow - Wells Fargo

Wes Golladay - Baird

Ronald Kamdem - Morgan Stanley

Operator

Greetings, and welcome to the National Storage Affiliates Second Quarter 2023 Conference Call. At this time, all participants are on a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions]. As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, George Hoglund, Vice President of Investor Relations for National Storage Affiliates. Thank you. Mr. Hoglund, you may begin.

George Hoglund

We'd like to thank you for joining us today for the second quarter 2023 Earnings Conference Call of National Storage Affiliates Trust. On the line with me here today are NSA's President and CEO, Dave Cramer; and CFO, Brandon Togashi. Following prepared remarks, management will accept questions from registered financial analysts. Please limit your questions to one question and one follow-up and then return to the queue if you have more questions.

In addition to the press release distributed yesterday afternoon, we furnished our supplemental package with additional detail on our results, which may be found in the Investor Relations section on our website at nationalstorageaffiliates.com.

On today's call, management's prepared remarks and answers to your questions may contain forward-looking statements that are subject to risks and uncertainties and represent management's estimates as of today, August 8, 2023. The company assumes no obligation to revise or update any forward-looking statements because of changing market conditions or other circumstances after the date of this conference call. The company cautions that actual results may differ materially from those projected in any forward-looking statement.

For additional details concerning our forward-looking statements, please refer to our public filings with the SEC. We also encourage listeners to review the definitions and reconciliations of non-GAAP financial measures such as FFO, core FFO and net operating income contained in the supplemental information package available in the Investor Relations section on our website and in our SEC filings. I will now turn the call over to Dave.

Dave Cramer

Thanks, George, and thanks to everyone for joining our call today. I would like to start by acknowledging and thanking all of our team members here at NSA and our PROs for their continued dedication and hard work. It is the significant contributions from our team members to drive our success and we appreciate everyone's efforts. Our continued focus on people, process and platforms is allowing us to improve our performance as we navigate very challenging comps and unusual environment for our sector. Our teams did a good job balancing the changing demand environment by effectively using all levers available to create rental opportunities and drive conversions.