Life Storage, Inc.

to normalize and level off from a tithe with same-store occupancy averaging 90.7% during the quarter, but remaining 80 basis points above pre-pandemic levels. We remain cautiously optimistic as we enter peak leasing season with asking rates and move-ins heading in the right direction. Our same-store operating expenses grew only 5.2% for the quarter versus the prior year, primarily driven by real estate taxes credit card fees, and payroll and benefits. The net effect of that same-store revenue and expense performance was 140 basis point expansion in quarterly same-store net operating income margin to 71.5%, resulting in year-over-year growth in same-store NOI of 12.8% for the first quarter. As Joe noted, this marks our eighth consecutive quarter of double-digit same-store NOI growth. Turning to the balance sheet, our net debt to recurring EBITDA ratio is a comfortable 4.9 times at quarter end, which is up very slightly from 4.8 times at the previous quarter end. Our debt service coverage is at a very healthy 5.2 times as of March 31st. We continue to have no significant debt maturities until April 2024 when $175 million becomes due with our average debt maturity of 5.3 years and our weighted average rate is 3.7% at quarter end. In addition, as of March 31st, 82% of our debt was fixed rate. Details of our 2023 earnings guidance and related assumptions were included in our release last night. Our forward guidance for the year remains consistent with the guidance we provided late February. Before we turn to the Q&A portion of the call, I'd ask that you please keep your questions focused on our first quarter results, as we will not be providing additional commentary regarding the pending transaction with extra space. With that, operator, please open the call for questions.

Thank you very much. At this time, the floor is open for questions. If you would like to ask a question, please press star one on your phone keypad. Confirmation tone will indicate your line is in the queue. You may press star two if you would like to remove your question from the queue. For anyone using speaker equipment, it may be necessary to pick up your handset before you press the keys. Please pause a moment whilst we poll for any questions. Thank you. Your first question is coming from Spencer Alloway of Green Street. Spencer, your line is live.

Thank you. As noted in your opening remarks, you had really impressive rental rate growth in the quarter. Can you just help us understand how move-in rates and ECRIs trended in one queue to arrive at that 13.6%? And then any color you can provide on how those two metrics trended through April would be helpful. Thank you.