Life Storage, Inc.

and our debt service coverage was a healthy 4.3 times at September 30th. We have no significant debt maturities until April of 2024 with $175 million due. Our average debt maturity is now over seven years. We continue to monitor customer collections and are pleased with the return to pre-COVID levels. We have resumed auctions in almost all markets and would expect minimal impact on occupancy in future quarters. With that, operator, we will now open the call for questions.

We will now begin the question and answer session. To ask a question, you may press star, then 1 on your touchtone phone. If you're using a speakerphone, please pick up your handset before pressing the key. To withdraw your question, please press star, then 2. Our first question from Juan Sanabria with BMO Capital Markets.

Good morning. Thanks. Hopefully my kids won't be screaming in the background in a couple minutes here. Just on the payroll, you guys have done a fantastic job for several quarters now. Where do you expect that to go and how much further can you squeeze that lemon to continue to maintain those costs? And what's the most recent driver of kind of negative or decline that you've been able to post.