Public Storage

Greetings and welcome to Public Storage's third quarter 2025 earnings conference call. At this time, all participants are on a listen-only mode. A question and answer session will follow the formal presentation. To enter the question queue at that time, please press star 1. If anyone should require operator assistance during the conference, please press star 0 on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Mr. Ryan Burke. Thank you. You may begin.

Thank you, Rob. Hello, everyone. Thank you for joining us for a third quarter 2025 earnings call. I'm here with Joe Russell and Tom Boyle. Before we begin, we want to remind you that certain matters discussed during this call may constitute forward-looking statements within the meaning of the federal securities laws. These forward-looking statements are subject to certain economic risks and uncertainties. All forward-looking statements speak only as of today, October 30th, 2025, and we assume no obligation to update, revise, or supplement statements that become untrue because of subsequent events. A reconciliation to GAAP of the non-GAAP financial measures we provide on this call is included in our earnings release. You can find our press release, supplement report, SEC reports, and an audio replay of this conference call on our website, publicstorage.com. We do ask that you initially limit yourself to two questions. Of course, if you have more after that, please feel free to jump in queue. With that, I'll turn the call over to Joe.

Thank you, Ryan, and thank you all for joining us today. Public Storage's third quarter results reflect differentiated strategies that continue to drive our outperformance. In addition to encouraging industry trends, including operational stabilization, lower competition from new supply, and increasing acquisition activity. We are raising our 2025 outlook for the second consecutive quarter based on outperformance in same store and non-same store NOI growth, acquisition volume, and core FFO growth per share. Public Storage's industry leadership is proven by, among other things, the highest revenue generation per square foot, the most profitable operating platform, the strongest portfolio expansion through our best-in-class teams and backed by our growth-oriented balance sheet, the highest retained cash flow generation, which we utilize to invest back into our business to drive earnings, and FFO growth and excess of stabilized same-store growth driven by our compounding returns platform. We have been actively advancing the pillars of this platform, which include our leading operations, capital allocation, and capital access. Just a few of many examples in terms of our operating innovation include, first, we have the industry's leading omni-channel customer experience through which we offer digital options across their entire journey. The success is evident with customers now choosing digital paths and 85% of their interactions and transactions with us. Second, with this shift to digital, we are modernizing our field operations by utilizing AI to directly provide customer service and staff our properties more appropriately. The days of needing a property manager on site, all day, every day are behind us. Instead, we now have people onsite when and where customers need help. To date, this has reduced labor hours by more than 30%, while also increasing employee engagement and lowering turnover. And third, we are deploying new technology-based strategies across the entire organization, including customer search and generative engine optimization, unit pricing and revenue management, asset management, including security, vendors, and maintenance, identifying and executing development opportunities, and putting the right tools in our field and corporate teams' hands to even more effectively drive revenues and control expenses. Collectively, these initiatives are driving higher revenues, margins, and core FFO per share growth. Now I'll turn the call over to Tom.