Public Storage

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

Hello, everyone, and thank you for joining us for our fourth quarter 2025 earnings call. I'm here with the public storage leadership team, Joe Russell, Tom Boyle, and Joe Fisher. 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, February 13, 2026, 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, earnings presentation, of which we will refer to during this call, SEC reports, and an audio replay of this conference call at our investor relations website, investors.publicstorage.com. We ask that you initially limit yourself to two questions. However, if you have any additional questions, please feel free to jump back into queue. With that, I'll turn the call over to Joe Russell.

Thanks, Brandon. Good morning and thank you for joining us. Today is a significant day for public storage. We're here to discuss our fourth quarter and full year results, but more importantly, we're unveiling PS 4.0, the next era of public storage leadership and strategy. Tom, Joe, and I will walk you through the full range of changes we're making to drive accelerated performance and long-term value creation. Then we'll open it up for your questions. Let me start with the leadership transitions and additions we announced yesterday. Succession planning has always been a top priority for our board, and the objective has been crystal clear. Place exceptional talent in every single leadership position at public storage. I'm pleased to say we've met that objective. On the management side, I'm thrilled to announce Tom Boyle's promotion to CEO and trustee. Tom and I have been partners for nearly a decade since we both joined Public Storage in 2016. As you know, Tom has proven to be an exceptional leader in both his CFO and CIO roles, with outstanding accomplishments across capital allocation, operations, and financial strategy. Tom is more than ready to lead public storage into PS 4.0. Our board, management team, and I could not be more confident in his skill, drive, and vision. Congratulations, Tom. I'm also pleased to welcome Joe Fisher to the executive team as president and CFO. Joe's tenure at UDR as president, CFO, and CIO along with his stature in the read industry, made him an exceptional fit for our senior leadership team. Joe joins public storage at a great time and adds outstanding depth to our leadership ranks. Welcome, Joe. Tom will cover other significant leadership changes in a moment. At the board level, Ron Havner is stepping down as chairman after 15 years of iconic leadership and will continue as a trustee. Ron is a legend in our industry and has been a tremendous mentor to me and the management team at Public Storage. I can't thank him enough for his dedication and insight. John Reyes, our former CFO and current trustee, is retiring from the board. John has guided Public Storage with nearly three decades of financial acumen and discipline. His impact on this company is immeasurable. And I'm excited to announce that Shak Mitra, CEO of Welltower and an independent public storage trustee for the last five years, will now take the role of chairman. Shak brings a proven track record of value creation, strategic clarity, and leadership. We're excited to have him guide and mentor the management team in his new role. And as noted in our press release, Donk Mitra and Ron Havner have purchased $25 million and $5 million, respectively, of out-of-the-money 10-year options with a six-year lockout, demonstrating their commitment and confidence of what PS4.0 will deliver to shareholders. Now let's go to page four of the earnings presentation and briefly step back to reflect on our financial performance and highlight how we've built the platform to drive value. From 2023 to 2025, Public Storage has led the sector in same-store revenue growth, NOI growth, and NOI margins. Our core FFO per share growth leads the sector. And our total shareholder returns of 18.6% outperformed our peers over that timeframe. Over the last five years, we've built a platform designed to win. Here are a few significant accomplishments. First, deployment of the most robust omni-channel digital ecosystem in the industry, where over 85% of our customers engage with us using self-help tools and we're infusing AI to optimize conversion and cost. Second, completion of the Property of Tomorrow program, a $600 million investment to rebrand and modernize all 3,400 plus properties with solar on nearly half of the portfolio by the end of 2026. Third, executing accretive growth at scale. We've invested over $12 billion expanding our portfolio by 763 assets, which are delivering outsized growth with more to come in the future. And fourth, inspiring the team through our winning culture and also being named best place to work for four consecutive years. I'm proud of what we've built, and I'm even more excited about what's next. On a personal note, as I retire from public storage, I want to thank the investor and analyst community for the opportunity to work with you over the last decade. I've enjoyed our relationships and the healthy respect we've developed. I've lived by a philosophy of telling it like it is, and I know Tom and the team will continue to communicate with you under that same doctrine. And to my public storage colleagues, thank you for the tenacity, fellowship, and commitment to success. Public storage has a strong and vibrant culture and has always been a team of winners. I've been humbled to lead you over the last 10 years. I could not be more excited to hand the reins over to Tom and the team and cheer them on as they take public storage into its next era. Now I'll pass the call over to Tom.