Q1 2022 National Storage Affiliates Trust Earnings Call
Greetings and welcome to the National storage affiliates first quarter 2022 conference call.
At this time all participants are in listen only mode. A brief question and answer session will follow the formal presentation.
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It is now my pleasure to introduce your host George Hoglund, Vice President of Investor Relations for National storage affiliates. Thank.
Thank you Mr. Hogan you may begin.
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, Alright, NSA CEO , Tamara Fischer CLO, Dave Cramer and CFO , Brandon <unk> following prepared remarks ma'am.
<unk> 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 national storage affiliates Dot 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 estimate as of today may five 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 call.
The company cautions that actual results may differ from those projected in any forward looking statements for additional detail concerning our forward looking statements. Please refer to our public filings with the SEC.
Also encourage listeners to review the definitions and reconciliations of non-GAAP financial measures such as F. F O or F O 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'll now turn the call over to Tammy.
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 and a rent payment it represents a relatively small.
Portion of our customers' disposable income.
The positive momentum we experienced in the first quarter and through April was substantially stronger than we anticipated.
This led to our fourth consecutive quarter of same store NOI growth north of 20%.
Growth in core <unk> per share approaching 40%.
And a meaningful increase to full year guidance.
We continue to benefit from our differentiated pro structure, the diversification of our portfolio and the strength and resilience of the self storage sector.
No given how favorable fundamentals continued to me, it's no surprise that investor demand for self storage properties remains elevated at unprecedented level, resulting in historically low cap rates.
However, while it's still too early to quantify in the past couple of weeks, we've started to see buyers pull back given the disconnect between seller expectations and today's rising interest rates and overall cost of capital we.
We'll see if this leads to an easing of the cap rate compression that we've experienced over the past couple of years.
On our last earnings call, we highlighted that we fully expected to slow down our acquisition volume this year compared to last year's record pace.
We recognized then and it's still true needs to focus on digesting the $2 $2 billion of assets, we acquired last year.
Half of which was acquired in the fourth quarter. So that we're able to fully recognize the embedded growth inherent in those assets.
We're also focused on the integration of the northwest self storage assets that transitioned into our corporate managed portfolio effective January 1st this year as a result of our northwest pro retirement.
In the quarter played out pretty much exactly as we expected we.
We acquired 12 stores valued at approximately $93 million cap rates on our first quarter acquisitions averaged five 3%. Meanwhile, our focus on realizing that embedded growth in our 2021 acquisition assets.
Debuted into our first quarter results and to our healthy upward revision to guidance guidance.
Subsequent to quarter end, we closed with one of our JV partners on the acquisition of a high quality seven property portfolio strategically located in the Houston, MSA and valued at $208 million.
This is a strategy we've discussed is enabling us to acquire high quality assets and grow even in a low cap rate environment. As a reminder, we are an acquisition and management fees as well as an incentive promote on our JV acquisitions, which boosts. The returned at NSA is invested capital.
This makes acquisitions within jv's and attractive option when faced with a low cap rate environment and is yet another benefit of our diversified capital platform.
Overall, I'll say it again, it's a great time to be in self storage as a result without surpassed even our own expectations and fundamentals remain strong.
Exceptional first quarter results and continued momentum into the second quarter furthered our conviction to meaningfully increase full year guidance, which Brendan will address in his comments.
I'll now turn the call over to Dave to provide color on what we're seeing on the ground and with new supply base.
Jeremy the positive momentum that we experienced in the fourth quarter continued into the first quarter and it has only gotten stronger as we progress into the spring leasing season.
We continue to be pleasantly surprised at the strength and durability of consumer demand and our ability to continue to work our revenue management practices.
We ended the first quarter with same store occupancy up 140 basis points over the prior year.
Occupancy is following normal seasonal trends and declined by 20 basis points from year end to 94, 8% at the end of the first quarter.
Occupancy at the end of April was 95, 1% consistent with the expected seasonal increase as we enter the spring leasing season.
We were able to hold discounting and concessions well below historical averages at two 2% of revenue.
We continue to have great success with our revenue management strategies.
Our street rates averaged 22% higher than the first quarter this year compared to a year earlier, our rent roll up in the first quarter remain positive at about 1%. The fact that it remained positive in the Nonpeak season, when it would normally you see a rent roll down is impressive.
As we enter our peak season, the rent roll up is now widened slightly above 5% at the end of April .
Our contract grades continue to grow and were up about 14% for the first quarter.
As of year over year gap in occupancy narrows.
You need to offset it with steadily growing contract rates.
Turning to new supply, we continue to see improvement rising interest rates and increase your increased inflationary pressures are driving up construction costs and further restraining new supply.
<unk> of our stores, having a new competitor in a three and five mile radius declined a couple of hundred basis points to 27% and 45% respectively.
I'll now turn the call over to Brandon to discuss financial results and balance sheet activity.
Thank you Dave.
Yesterday afternoon, we reported core <unk> per share of <unk> 68 for the first quarter 2022.
Which represents an increase of 39% over the prior year period.
The impressive year over year growth was driven by a combination of record acquisition volume over the past four quarters.
And double digit same store growth bolt facilitated by our differentiated pro structure.
And supported by our focus on the Sunbelt in secondary markets.
Same store NOI increased by 22, 2% in the first quarter over prior year.
Driven by a 16, 6% revenue increase combined with a three 1% increase in property operating expenses.
Same store occupancy averaged 94, 7% during the quarter.
An increase of 250 basis points compared to last year.
Regarding opex same store growth came in better than expected due primarily to a 50 basis point decrease in payroll. The two 1% decrease in marketing costs, and just 3% growth in property taxes compared to first quarter 2021.
The decline in payroll was partially attributed to a longer time to backfill open positions and also reduced store hours on the margin.
Now moving onto guidance.
Results for the first quarter were better than expected, including our non same store pool performing ahead of expectations.
And the G. P acquisition that we announced further contributes to core <unk> per share growth.
All in all there were a handful of drivers that lead to the meaningful increase to our guidance.
We expect higher growth levels in the first half of the year the comps become more challenging in the second half.
Taking all of this into consideration we updated full year 2022 guidance with key highlights are as follows.
Or if a full per share $2 80 to $2 85, which at the midpoint represents a 4% increase from our previous guidance and 25% growth over prior year.
Same store revenue growth of 11% to 13% or 325 basis point increase from previous guidance at the midpoint.
And NOI growth of 14% to 16%.
500 basis point increase from previous guidance.
Additional assumptions are outlined in the earnings release.
Turning to the balance sheet, we remain strongly positioned.
During the quarter, we issued $17 million of Ot equity in conjunction with acquisitions.
Closed the remaining $125 million tranche of our previously announced private placement.
Subsequent to quarter end coal bond rating agencies upgraded the credit reading of our operating partnership to Triple B plus from Triple B flat.
Reflective of our conservative balance sheet multiple options for capital and strength of the self storage sector.
At quarter end, our leverage was five seven times net debt to EBITDA towards the low end of our targeted range of five five to six five times.
We are very comfortable with our balance sheet no maturities through 2022, just 18% of our principal debt subject to variable rate exposure.
And $185 million of availability on the revolver currently.
We're committed to maintaining a conservative leverage profile.
The access to multiple sources of capital.
Thanks again for joining our call today, let's now turn it back to the operator to take your questions operator.
Thank you ladies and gentlemen at this time, we will be conducting a question and answer session.
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In the interest of time, if you could please limit yourself to one question and one follow up and then re queue for additional questions.
Our first question comes from the line of Samir Khanal with Evercore. Please proceed with your question.
Yeah, Hi, good morning, everybody I guess my question, Brandon or Tammy is round the NOI guidance when you raised guidance by about 500 basis points.
Two months after I guess, providing initial guidance in February I guess, what's changed here.
Made you comfortable raised by that magnitude knowing that we're still going through the leasing season, you know through the summer here and then there's still of course, the uncertainty about the second half and macro pressures here. Thanks.
Hey, Sameer, it's Brandon Yeah. Thanks for the question so.
A couple of things first quarter, certainly was a little bit better than we thought.
But in February we had a we have a good read on that but it did come in a little bit better. So then really it is kind of what you hit on which is the pace of the deceleration for the remainder of the year.
Based on the last two months and what we're seeing currently we just have a lot more conviction about how the balance of the year may play out obviously within those ranges that we've given.
Dave hit on some of those fundamentals most recently Youre right Theres certainly the critical leasing season that we have in front of us.
But when you think about for example, the in place rate changes that were processing to existing customers.
We've kind of made those decisions for a good chunk of the second quarter. So that gives us a good read on how we can expect that to play through subject the customer response.
So that I mean, that's the biggest factor is just that pace of deceleration on the list.
Same store growth.
Yeah.
And then as a follow up like are you getting any sort of pushback just trying to get an idea of customer behavior here right, but again that's the.
Pressure points really consumer with inflation and higher gas prices at this time.
Yeah. Good questions merits, Dave you know, we haven't had any you know everything we're monitoring and the responses were getting the other feedback surveys you know you always get a little bit of noise around rate increases, but nothing that has changed our opinion on our revenue management strategies and everything we're doing seems to be you know being accepted fine. So you noticed we're at high occupancy levels.
We're in a current rent roll ups situation with our street rates versus contract rate.
Given us a lot of confidence to continue forward with our strategies.
We're not getting a lot of pushback or a lot of feedback.
Yeah.
Thank you.
Thank you thanks Amir.
Our next question comes from the line of David Lager with Green Street. Please proceed with your question.
Good morning, just wanted to touch on the occupancy.
Amongst your peers they seem to be the only one that had increased average occupancy and ending occupancy compared to prior year, just wanted to get a better idea of what you're anticipating for the remainder of the year.
Based on how occupancy has trended should we be thinking of this as roughly flat till we get late in the year and see maybe more seasonal patterns.
Good question. This is Dave you know, we feel like we're back into really more of a seasonal trend right. Now we came off a nonpeak seasons in the winter months and we saw just a little bit of decrease in occupancy and we saw April pick right back up.
So we feel like we're going to go into the summer months and see that normal spike in occupancy, which should allow us to drive some degree of growth and continue to work on contract rents and then there's a back half of the year comes back we see more of a normal seasonal pattern as we finish out the fourth quarter, where you'll see us come off you know 202 hundred 50 basis points off our high in the summer months by the time we have.
Finish the end of the year.
And David This is Brandon the 95, 1% end of month occupancy that Dave gave earlier for April that's up 40 basis point spread positive over prior year. So it was it was 140 basis points at the end of March. So we're already seeing that compression and that just has to do with the fact that last.
Last year in the first quarter, our same store pool grew occupancy from 92% to start the year or two.
Peak of 96, plus close to 97 in the summer months. So everything is playing out as we expected where we have positive spread to start the year and then going forward as Dave mentioned.
It could be flat or even negative in the back half.
Got it that's helpful and just flipping to the inflation side, obviously been dominating headlines recently.
Given your market exposure generally lower household income markets compared to some of the others and the aggressive nature of inflation.
Are there any markets, where you have some concern on inflation impact to sort of your ability to continue pushing rents or given the lower price nature of those markets is there no real relative difference.
This is David again. Good question, we don't have any markets that are really concerning at this point in time, you know one thing about self storage as you know it's month to month leases, we can be dynamic on how we price our street and how we what we do with contract rates, but it's really a low cost. If you think about overall ranking of a self storage compared to.
Your rent charges and some of the other things that are in the household budget and were very affordable option for folks you know, whether they're expanding or are decreasing their footprint or size of what they have in their apartments housing and I think what's really offsetting some of these inflationary things is theres a lot of other factors going on out there in the economy right now there's still a lot of transition there's a lot of movement of houses a lot of them.
Movement of people moving around and rentals transition around the country I think all those things continue to support our sector and certainly support the markets, we're in and where we're positioned very well through the Sun belt States and some of these markets that are seeing transition. So at this point in time, we don't have any fear around the inflationary pressures that we're seeing in the country.
Got it thank you.
Thank you thanks, David.
Our next question comes from the line of Jeff Spector with Bank of America. Please proceed with your question.
Great. Good morning, I have one follow up on the comment that buyers are pulling back in recent weeks.
Can I guess is there any particular type of buyer you're seeing in particular, that's pulling back or is it just kind of across the board.
A good question Jeff.
I would say that there's not a particular type of buyer and I would also say that my comment was somewhat anecdotal. So it's a little bit based on our own experience and what we're hearing from brokers and some some direct conversations with other potential buyers.
So I don't think I have much more color on it than that to be perfectly honest with you.
Okay. Thank you.
Then.
I was just another follow up I guess on a supply, but Dave's comments, we're very interesting decline up a couple of hundred basis points is this just delays or or projects getting cancelled like it's pretty amazing that.
You know youre seeing a decline in your markets.
Yeah. That's a good question this is Dave again.
I think two things are going on so we certainly hit the peak of new supply and we hit that you know last year, a couple of years ago honestly, and we had a declining amount of new supply hitting our markets to begin with and the pandemic certainly accelerated the fill up of that supply in those markets are now benefiting from this new amount of demand and our ability to.
Dry performance in those markets and so as we see it do you have note the new amount of supply that's coming has diminished southern Nevada, new starts are less than they were and that's from under a multiple of factors it's pressures around.
Getting projects approved its pressures around you know affording product you know, we talked about construction costs going up and delays in getting approvals from cities.
So we think it slowed the amount of new supply that's coming our way and we're also taking off the piece and so if you think about it most who terms our markets would see less new supply and you know.
The length of time without new supply that that's now built up is really not the pressures that we would have seen two years ago and even last year, we do think supply will come we.
We think it'll be tempered versus maybe previous last write ups for a lot of the factors we talked about it's harder now to buy land. It's harder now to get projects approved it's more expensive to get them completed and so I think those pressures will continue to you know with headwinds in front of new supply.
Thank you.
Hey, Thank you.
Yeah.
Our next question comes from the line of Smedes Rose with Citi. Please proceed with your question.
Hi, Good morning. This is Scott on for me with respect to your same store NOI guidance increase are.
Are you seeing that play out in your in the geographies like versus your prior expectations are you seeing.
Better performance in sunbelt market or coastal urban markets or vice versa.
Yes. This is Brandon I mean, we're seeing the growth.
Well distributed across the entire portfolio.
Now that also includes the new stores that were added to the pool the legacy pools for last year and the year before that we report in the documents were seeing it just kind of pervasive way certainly to the comment that I made in the opening about our focus on secondary and Sunbelt markets. We as we've seen the last few years on a relative basis those are certainly outperforming Atlanta.
For example has been particularly strong.
Florida markets, the West Coast of Florida.
Having some concern about.
Supply inventory coming eventually continue to perform really strongly so the storyline with with our portfolio you've heard from us over the past several quarters continues to hold true in play out.
Okay, and then just a follow up on the earlier supply comment with rates, increasing and have you seen any changes from banks in terms of what they're willing to lend to developers.
You know it might be penciling out with different return expectations, given rising interest rate.
There is certainly this is Dave good question, there's certainly more and more pressure on underwriting too.
See if the project will pencil.
Everything is more expensive so we've seen rate increases as far as the.
Consumer rates and our ability to have good success with the rising interest rate is certainly putting pressure on all types of deals new deals to families point earlier I think it's also putting pressure on levered buyers because it certainly changing the dynamic of what the returns look like and so are we.
You know I don't have a specific example for you, but we do know that rising interest rates will put pressure along with all the other things we mentioned earlier on new supply and the only thing I would add to that David is.
Theres still a willingness of lenders to lend on these projects. So so long as they pencil.
So.
And I don't necessarily think that's slowing things down too much other than as Dave mentioned, the increasing rate environment.
Okay, great. Thank you.
Our next question comes from the line of keeping Kim with Truest. Please proceed with your question with your question.
Thank you and good morning.
Just wanted to go back to your comments about April pricing just curious if.
You're having to spend more marketing or promotions are two achieved street rate or are things holding pretty steady.
Good morning, Kevin It's Dave Good question.
Fortunately we've had good success on not having to really deploy more marketing dollars. Our marketing dollars are really in line with what normal trends would be and so.
If you think about last year, we had really good success with less and so no I think they've returned to what a normal marketing dollar spend would look like and discounts are still below our historical averages at two 2% versus you know typically 3% to 4% of discounting. So we're having great success on both fronts.
I want to drive rate drive occupancy and keep marketing and discounting down.
So let me actually rephrase that question from a marketing spend standpoint going back to normal but does that still imply.
Year over year declines or.
That's normal mean year over year increases.
In the first quarter, we saw a decline we would expect as we go through the year, we'll see more normal and you'll see normal increase in marketing spend according to our budget parameters, we don't see it going way out of control, but we will start to return to where you were saline increases compared to last year over marketing.
Okay, and just a question on E C O or I can just.
Summarizing what the program looks like today, and how we should expect that to progress throughout the year, especially in light of the comments you made about rent roll ups, which is pretty unique.
Yeah.
We're sticking to what we really outlined in the first quarter I mean, we're keeping the same frequency.
We're keeping our rate changes on our existing tenant base in that low to mid teens and everything just seems to be working very well. So we don't see any real change in neuro outlook typically in the summer months, you know, we'll get Fuller and we May look at maybe how you know how we look at a few things in the summer months, but right now we're just keeping things as we'd have a model and it's working well.
Okay. Thank you.
Thank you.
As a reminder, it is star one to ask a question. Our next question comes from the line of Todd Thomas with Keybanc Capital markets. Please proceed with your question.
Hi, Thanks, Good morning, guys.
You commented that you the company you know clients to pause a little bit slowdown on acquisitions in 'twenty two as you digest the $2.2 billion.
Other investments completed in 'twenty one.
How are those acquisitions are trending relative to underwriting.
Yes, good question.
I think that was really how those assets are performing really contributed to our conviction around our revised guidance to be honest with you. The assets are performing well and I must say maybe.
5% to 10% above our expectations in terms of our underwriting and so we're very pleased with how the integration of those assets are selling.
Okay, and then can.
Can you talk a little bit about well has the REIT changed its return hurdles or criteria for new deals that pros are bringing to the table and and I guess how does.
The change in Msas cost of capital and in currency in the form of O. P. N S. P equity here impact our acquisition efforts.
Well, so I don't think our hurdles have the type of metric that we look at which is typically a levered and unlevered IRR have not changed we certainly re visited.
That hurdle, which is now a little bit higher in light of the fact that our cost of capital has gone up.
I would say that the <unk> S. P. At what he does not affect that our cost of equity is cause.
Taking into account and it always has been taken into consideration as we think through whether a transaction is accretive to NSA or not.
But what I will say that the the changing cost of capital is.
Incremental to our view of of what we wanted to acquire and how much we want to invest.
But I think that the story of the strategy is unchanged I think all we're trying to say is that we will remain disciplined and that we will not grow for the sake of growth.
Okay.
Can you just describe a little bit more about that what your your return hurdle you know what that change looks like and and I'm assuming that's.
So if that's sort of the initial yield that you're targeting or I guess, if it's more IRR focus.
But can you talk about that a little bit.
When we look at both but we you know and and really tied our herbal change on a regular basis and I don't I don't necessarily think that we disclosed our hurdle.
Historically and I don't really want to go there today, we look at cap rates, we looked at Levered IRR and we look at Unlevered IRR.
Yeah.
Okay, Alright, great. Thank you.
Youre welcome.
Our next question comes from the line of Ronald Camden with Morgan Stanley . Please proceed with your question.
Hey, just one quick one on L. A and I know, it's only four 5% but.
There are some some price gouging sort of exploration in that in that market. Just can you remind us did that has that impacted you guys. In your numbers. This year if at all and this is L. A specifically thanks.
Thanks, Ron and good questions Dave.
We didn't have anything really in the city of L. A and that's really the last one that burned off we had some county of L. A and we only had two stores and so it's just really not significant to us.
And so you know that's really all I have to ask or as we now that everything is burned off and gone we've gone back to normal business practices, but the impact is just very very minimal in the where the restrictions were and the good news is we also didn't get hit as hard by when the restrictions are in place. So.
Okay great.
That makes sense.
And you know I hate to sort of.
Moving on thinking about the entire portfolio are there any markets that are left that are still restricted or is everything pretty much. You know you can price. It is as U S and so forth.
For us Fortunately, we have really nothing in our portfolio. You know there are still a couple of areas in California, where they have wildfire you know some restrictions from wildfires, you know years and years ago that are still in place, but it doesn't affect our portfolio. So we're fortunate to have everything open.
Great and then my last one is I think this has been asked a couple of different ways, but I'll give it a shot too.
You know I think obviously, a very solid guide its increase April you know seeing the numbers you must be feeling pretty confident.
When you're thinking about how this year is playing out versus previous years is that basically is that you know.
The fact that you haven't really seen anything abnormal versus previous years that sort of gives you confidence that the the unprecedented demand that you're seeing is it's here to stay is that she is that sort of a takeaway why you feel confident enough to sort of raise the guidance here you know a month then to the peak earning season or.
Am I thinking about that incorrectly.
Good question and I think I think we've talked about a couple of points, but one of them. As you know we talk about supply new supply coming online is lessening right. So there's less of it coming.
We think demand is very very durable right now we think all the fundamentals around demand is very durable right now.
And if you look at where we're starting this particular spring leasing season with.
We've had consistent growth in contract rates, we've had month over month growth in street rate, we have a rollout situation going on where to high occupancy level.
It just gave us a lot of confidence in what we think we'll be able to accomplish particularly through the summer months that really peak months and then how the back half of the year really burns off right and it really settles into normal seasonality.
We're just we're very comfortable at this point in time with all the things that are going out there at this point in time that gave us really good confidence to raise our guidance.
And Ronald like for example, another point as the year over year move in volume is naturally down because of what I said earlier about how we were filling up.
So much last year, but the top of the funnel customer traffic and demand that we can see is right. There I mean, it is really strong. So that's an addition to what they've just remarked on.
Great. Thanks, so much.
Thank you thanks.
Our next question comes from the line of Wes Golladay with Robert W. Baird. Please proceed with your question.
Hey, good morning, everyone, but with the cap rates potentially bottoming or is there any more conversations picking up with the potential pros to join the platform.
Yeah.
Yeah.
Oh, Yeah, yeah yeah.
This is what I I'm sorry.
Apologies for being a little bit little bit off here, but I would I would say that we continue to have conversations with high quality private operators. There. They're really you know another half a dozen who may be qualified to join NSA.
And as we said in the past, it's along a long process. It's a big decision for the operator, it's a big decision for US I think that the current rate environment probably.
It might actually give us an advantage at some point at this stage of the game, we're not seeing it.
However, the coverage to continue so I think that that's a positive.
Okay, and then you know mortgage rates that it had quite a big run and would you expect much impact demand if new home sales were to slow materially.
This is Dave Good question I think you could see it still would cause transition where I mean by that is maybe people are renting longer until they have to stay in their apartments or they have to stay in their current conditions and they're not buying a new home.
Our base to our business being really around transition and around some of that need based up I don't know that a slowing housing economy would have a significant impact on that so I. Just think there are other factors that play along with it.
At this current conditions that rising interest rates rising costs of apartment cause we're pretty affordable option for a lot of folks and I think that will help us as we go forward.
Okay. Thanks, everyone.
Thank you thanks Ross.
We have a follow up from the line of Ronald Camden. Please proceed with your question.
Hey, sorry about that just was looking at my notes did you guys give the April sort of Randstad and an occupancy numbers by chance.
If you did.
That's fine Ronald we did give them the end to end of April months of 95, one, which I followed up and said that that's a 40 basis point year over year positive spread.
On the rates I mean, Dave remarked earlier that for the first quarter, our street rates were up over 20% year over year and that was pretty consistent for April .
Excellent. Thanks, so much.
Thank you.
There are no further questions in the queue I'd like to hand, the call back over to Tamara Fischer for closing remarks.
I'll wrap up today by again, recognizing and thanking our team for their commitment and focus on delivering outstanding results. We're certainly pleased with our Q1 results and we're very optimistic about our prospects for 2022.
I'd like to thank you again for joining our call and for your interest and support of NSA.
Ladies and gentlemen, this does conclude today's teleconference. Thank you for your participation.
Disconnect your lines at this time and have a wonderful day.