Extra Space Storage Inc

conference call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call, you require immediate assistance, please press star zero for the operator. These calls may be recorded on Wednesday, April 30, 2025. I would now like to turn the conference over to Jared Conde. Please go ahead.

Thank you, John, and welcome to Extra Space Storage's first quarter 2025 earnings call. In addition to our press release, we have furnished unaudited supplemental financial information on our website. Please remember that management's prepared remarks and answers to your questions may contain forward-looking statements as defined in the Private Securities Litigation Reform Act. Actual results could differ materially from those stated or implied by our forward-looking statements due to risk and uncertainties associated with the company's business. These forward-looking statements are qualified by the cautionary statements contained in the company's latest filings with the SEC, which we encourage our listeners to review. Forward-looking statements represent management's estimates as of today, April 30th, 2025. The company assumes no obligation to revise or update any forward-looking statements because of the changing market conditions or other circumstances after the date of this conference call. I would now like to turn the call over to Joe Margolis, Chief Executive Officer.

Thank you for joining us today. I am pleased to report a solid first quarter with performance exceeding our internal projections across several key metrics. Our core FFO of $2 per share represents a 2% increase year over year. Same store occupancy remained at historically high levels ending the quarter at 93.4%. This represents an improvement of 100 basis points from the first quarter 2024 and 10 basis points from the previous quarter and drove positive same-store revenue growth of 0.3%. Our positive revenue growth demonstrates the continued resilience of our portfolio and effective revenue management, customer acquisition, and operational strategy. We also expect to see additional benefit from the performance of the former life storage assets, which continue to see leasing and pricing improvements since being unified under the extra space storage brand. Our external growth initiatives demonstrated strong momentum in the first quarter. We completed 153.8 million in wholly owned acquisitions, adding 12 high quality stores to our portfolio. We also dissolved a 23 property joint venture and realized an embedded promote of $1.7 million. In this transaction, we exchanged our 25% ownership interest in 17 properties for a 100% ownership interest in six properties. Our bridge loan program remained active with the team closing 53.2 million in loans during the quarter. We sold $27.7 million in bridge loans as part of our capital allocation strategy and ended the quarter with approximately $1.4 billion in loans on our balance sheet. This program continues to provide attractive risk-adjusted returns while building and enhancing valuable relationships with owners across the storage sector. Our management Our Management Plus platform showed remarkable growth, adding 113 stores gross and achieving a net addition of 100 properties. This brings our third-party managed portfolio to 1,675 stores, reinforcing our position as the leading third-party management provider in the industry. Our multi-channel approach to external growth, combining wholly-owned acquisitions joint ventures, bridge lending, and third-party management continues to provide us with numerous opportunities to expand our footprint and enhance shareholder value. As we evaluate the current macro environment, we understand why investors across asset classes are concerned. We share the concerns about interest rates, volatility, and economic uncertainty. However, we all are also encouraged by many attributes of our sector portfolio and platform which have led us to maintain our 2025 guidance first the self-storage sector has historically demonstrated resilience during economic downturns due to its need-based demand drivers and broad customer base second We have a highly diversified portfolio with exposure to markets in all stages of development and economic cycles, removing much of the market volatility experienced in smaller and more concentrated portfolios. And finally, our sophisticated systems, experienced team, economies of scale, and strong balance sheet position us well to optimize performance. and to outperform the storage sector as a whole in the long run, regardless of market conditions. We are encouraged by the strength of many key current operational metrics and have not seen any change in customer health or behavior to date. We have high same-store occupancy, improvement in new customer rates, low move-out activity, and stable delinquency. which all position us well for future growth. We remain confident in our ability to execute our diversified investment strategy as opportunities arise across our multiple growth channels. We remain focused on maximizing FFO by executing our proven operational strategies and maintaining our industry-leading platform. I will now turn the time over to Scott.