Extra Space Storage Inc

Hello everyone. Thank you for joining us and welcome to the Extra Space Storage Inc. Q4 2025 and year-end earnings call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. To withdraw your question, press star 1 again. I will now hand the call over to Jared Conley, VP of Investor Relations. Please go ahead.

Thank you, Miriam. Welcome to Extra Space Storage's fourth 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 statements due to risks 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, February 20th, 2026. The company assumes no obligation to revise or update any forward-looking statements because of 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, Jared. And thank you, everyone, for joining today's call. We delivered positive core FFO in the fourth quarter of 2.5% and full year core FFO growth of 1.1% despite challenging but improving operating and supply environments. Operationally, we continue to experience the trend of increasing new customer move-in rates while maintaining strong occupancy levels. In fact, In the fourth quarter, 16 of our top 20 markets experienced positive year-over-year move-in rates to new customers and sequential improvement in revenue growth, contributing to same-store revenue growth returning to positive 0.4% in the quarter. Only two of our top 20 markets reached this metric in the fourth quarter of 2024. In the quarter, we also deployed capital strategically in a number of our investment and external growth channels. First, we took advantage of an opportunity to repurchase approximately $141 million of our common shares at an average price of around $129. Second, we closed on 27 operating stores for $305 million. bringing our full year total to 69 stores for $826 million. Third, we executed several high-value JV-related transactions, acquiring seven stores for $107 million gross while selling our interest in nine JV properties and unlocking a $37 million promote. Fourth, We originated $80 million in bridge loans, growing the portfolio to approximately $1.5 billion at year end. And finally, we added 78 third-party managed stores with net growth of 45 stores in the quarter. For the full year, we added 379 stores and 281 net new stores to the program, bringing our total managed portfolio to 1,856 stores. Our diversified external growth platform continues to provide us with opportunities across various channels, which we believe gives us an external growth advantage over all other industry participants. Overall, it was another solid year for extra space storage. We generated positive same-store revenue and FFO growth, and our external growth platform is firing on all cylinders. While only incremental, we are pleased to see progress in most of our markets as they absorb the new supply that was delivered in the last few years. We feel better with regard to our positioning going into 2026 than we did heading into 2025. and in our ability to gradually accelerate performance as fundamentals continue to improve through 2026. I will now turn the time over to Jeff Norman.