Financial Data and Key Metrics Changes - Same store NOI declined by 3.7% in the fourth quarter [12] - Same store revenue growth was negative 1.6% for the quarter, with occupancy levels dropping 120 basis points compared to last year [13] - FFO per share as adjusted was reported at $0.68 for the quarter, with a 2% increase in the quarterly dividend to an annualized $2.08 per share, representing a 4.9% dividend yield [14] Business Line Data and Key Metrics Changes - The year-over-year same store occupancy gap narrowed from negative 100 basis points at year-end 2024 to negative 50 basis points as of February [7] - Rents for new customer rentals improved their year-over-year negative gap from negative 10.3% in the fourth quarter to negative 7.4% recently [7] Market Data and Key Metrics Changes - Lower beta urban markets are outperforming the Sunbelt, with New York City expected to remain a bright spot [8] - The impact of new supply is expected to compete with approximately 24% of the same store portfolio, down from 27% last year [19] Company Strategy and Development Direction - The company is cautiously optimistic about the long-term health of the business, focusing on creative methods to grow externally [9] - The recent acquisition of an 80% interest in a joint venture is seen as a strategic move to bring properties onto the balance sheet [10][17] Management's Comments on Operating Environment and Future Outlook - Management noted that the last two years have been marked by overly optimistic forecasts regarding housing market improvements [9] - There is no near-term catalyst expected to sharply reaccelerate organic growth in 2025, with a focus on gradual improvements [8][9] Other Important Information - Real estate taxes grew by 17.5% in the fourth quarter compared to last year, influenced by significant refunds and tax reductions received in the previous year [13] - The company raised $85.6 million in net proceeds during the quarter through its ATM program to fund acquisitions [18] Q&A Session Summary Question: Inquiry about the JV transaction and future opportunities - Management indicated no imminent opportunities for other joint ventures, as the partner had a need-based motivation for selling [25][26] Question: Discussion on catalysts for demand acceleration - Management highlighted the need for clarity in mortgage rates and economic conditions to boost consumer confidence [32][34] Question: Concerns about potential street rate wars in 2025 - Management expressed cautious optimism, noting recent improvements in rates for new customers but emphasized the need for consistent trends [42][44] Question: Update on occupancy and performance trends - Management confirmed that occupancy levels have improved, with a negative gap of 50 basis points compared to last year [60] Question: Clarification on operating expenses and inflation - Management acknowledged that operating expenses are expected to run at inflationary levels, with no significant operational efficiencies anticipated [116]