National Storage Affiliates Trust (NYSE:NSA) Q1 2022 Earnings Conference Call May 5, 2022 11:00 AM ET

Company Participants

George Hoglund - Vice President of Investor Relations

Tamara Fischer - President, CEO and Trustee

David Cramer - Executive VP, COO and Member of Pro Advisory Committee

Brandon Togashi - Executive VP, CFO, CAO and Treasurer

Conference Call Participants

Samir Khanal - Evercore

David Balaguer - Green Street

Jeff Spector - Bank of America

Ki Bin Kim - Truist

Todd Thomas - KeyBanc Capital Markets

Ronald Kamdem - Morgan Stanley

Wes Golladay - Robert W. Baird

Operator

Greetings, and welcome to the National Storage Affiliates First Quarter 2022 Conference Call. [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 first quarter 2022 earnings conference call of National Storage Affiliates Trust. On the line with me here today are NSA's CEO, Tamara Fischer; COO, Dave Cramer; and CFO, Brandon Togashi.

Following prepared remarks, management will accept questions from registered financial analysts. [Operator Instructions] 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 the answers to your questions may contain forward-looking statements that are subject to risks and uncertainties and represent management's estimates as of today, May 5, 2022. The company assumes no obligation to revise or update any forward-looking statement because of changing market conditions or other circumstances after the date of this conference call.

The company cautions that actual results may differ from those projected in any forward-looking statement. For additional detail 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 Tammy.

Tamara Fischer

Thanks, George, and thanks, everyone, for joining our call today. We had a great first quarter, and our outlook for 2022 is very positive. But before we get to that, I'd like to first acknowledge and thank our team, including our PROs and their teams because it's really their effort and focus that drives our continued exceptional performance. Overall, business is excellent and self-storage fundamentals remain at all-time record levels. The sector is well positioned in an inflationary environment as a needs-based service with monthly leases that allow operators to adjust rates dynamically at a rent payment that represents a relatively small portion of our customers' disposable income.