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Launched the PS 4.0 era, a strategic pivot focused on combining platform scale, brand strength, and data analytics to accelerate per share growth.

Announced the acquisition of National Storage Affiliates (NSA) as a major milestone to deepen national presence and capture revenue and margin upside through the PSNext platform.

Attributed first quarter performance to a 'mixed' operating environment where lower move-in activity was offset by significantly lower move-out volume and better-than-expected rental rates.

Reported that existing customer health remains strong, with material reductions in churn and stable price elasticity supporting the company's ability to push rental increases.

Highlighted the PSNext operating platform as a key driver for improving customer experience and operational efficiency, particularly through digital and AI-driven interfaces.

Noted that while Sunbelt markets face pressure from new supply, coastal and Midwest markets are showing strong growth and high occupancy.

Established a strategic data science partnership with Welltower to enhance micro-market targeting and portfolio construction capabilities.

Maintained full-year guidance despite a strong Q1 start, citing the upcoming peak leasing season and the pending integration of the NSA portfolio as key variables.

Expects year-over-year revenue growth to soften mid-year as a lagging indicator of prior-year pricing pressures, despite positive sequential leading indicators.

Assumes the Los Angeles state of emergency remains in place for the full year, creating a negative 80 basis point impact on same-store performance while positioning the market as a future tailwind.

Projects the NSA acquisition to be earnings neutral in 2026, with stabilization by 2028โ€“2029 expected to contribute $0.35 to $0.50 in per share earnings growth.

Anticipates new supply will continue to taper nationwide due to rising economic barriers to entry, including higher financing costs and longer municipal approval timelines.

Achieved a 1.1% reduction in property expenses, driven by PSNext efficiencies in payroll, marketing, and utilities.

Realized a $3 million property tax appeal benefit in Q1 that was originally anticipated for the second quarter.

Structured the NSA transaction as a joint venture where Public Storage wholly owns 46% of the assets, preserving balance sheet strength and a 2.9x debt-to-EBITDA ratio.

Issued $500 million of 10-year unsecured notes at 5% post-quarter-end to improve liquidity and pay down revolving credit.

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Management attributed lower churn to a combination of macro factors, improved customer experience under PS 4.0, and the relative affordability of storage.

Lower move-out volume has increased pricing power for new move-ins by reducing available inventory to rent.

Revenue is expected to dip slightly in Q2 and Q3 across both Sunbelt and Coastal markets due to the flow-through of lower move-in rates and broader-based weakness seen in the third and fourth quarters of the prior year.

Sunbelt markets like Dallas and Atlanta are showing sequential improvement as new supply is absorbed, while coastal markets remain fundamentally strong.

The lending business is viewed as a holistic value driver that provides attractive risk-adjusted returns, feeds the acquisition pipeline, and secures third-party management contracts.

Management targets growing the platform to $500 million to $1 billion over time while maintaining disciplined underwriting standards.

Management noted that while they cannot currently send rental increases in LA, historical precedents suggest it takes 12โ€“24 months to return to market rates once restrictions lift.

The LA portfolio is described as irreplaceable with high occupancy, representing a significant latent growth opportunity.

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