Caitlin Burrows

if you could give any incremental color on the conversations you've been having recently timing expectations for an announcement

when does GAAP NOI start to be recognized? And when does capitalized interest come off

what kind of opportunities you're seeing?

can you give any insight on what you're seeing across the industry on new starts

wondering if you can give more details on your supply expectations, which markets are more versus less exposed, and also which data or source informs that view?

is there anything else you can comment on what's driving that? And is there a certain line item in your guidance that reflects that confidence?

wondering if you guys could talk about what you've seen recently on the reasons for storage use and if there's been any changes?

Wondering if you could give any detail on the initial and stabilized yields and how long you expect it will take to reach the stabilized yield

Should we extrapolate anything from that in terms of how the shoulder season might play out in the fall on the other side of the equation?

I was wondering if you could just comment on your supply outlook for the year.

it looks like actually post-quarter you guys did some buyback. So just wondering how you decided to do that

how do you expect to source those deals? Are there certain characteristics of the type of properties you're underwriting

Can you give some more details on what visibility you have to existing investments being repaid in '26?

Can you talk about what you're seeing in the industry in terms of new development?

it looks like the midpoint of your CapEx guidance for 2025 is lower than 2024 actual was. So wondering what's driving that

you've already met the net acquisition guidance. So are you just saying that from here, property acquisition volume would be offset by dispositions

I'm wondering if there's some new increased focus on the strategic capital business, are those coincidental timing? Or is there some bigger push kind of on the fund side?

if there was any update on that kind of 10 gigawatt outlook or trajectory

you mentioned that you believe one of the most compelling setups for logistics

any more details on that, kind of what's better than previously expected

How would you describe that renewal business now

Is the reason for no change to guidance simply that it is too soon with busy season ahead, or are there known offsets

How long do you think that takes to dissipate, and what makes you confident those headwinds do not reemerge?

other than, I guess, size, what do you think differentiates your strategy and ability to kind of get past all of those issues?

I was wondering if you could talk through your current expectations for supply and maybe how you expect the next 12 months will compare to the last 12 months

what benefits do you think the Shurgard exposure gives PSA overall

what you think it takes to get on -- like a stronger improvement and get on the same-store side, like positive growth

if you could talk a little bit more about what you're seeing on the ECRI side today, whether there's been any changes

how would you expect the portfolio to perform in a downturn where the customer might be constrained?

how much the PSA portfolio was impacted by other supply headwinds in 2024

if you could comment on kind of target leverage levels, where you are today. Would you look to keep leverage where it is, or what would make you maybe want to go lower or higher?

considering the leadership transition, do you expect any changes to Simon's strategy and execution

could you give some detail on what rents you're getting on new leases and renewal leases and how your pipeline today

Could you give any detail on how widespread that was? Did a couple of tenants drive numbers one way or the other

I was wondering if you could talk a little bit more about the upside you see at Brickell

if you could go through some of the OPI performance in 1Q kind of talk about what's going on there

how you're balancing perhaps buying those versus your stock versus more redevelopment versus increasing the dividend

there was a potential incremental $300 million of funding, which I feel like we haven't talked about in a while

you mentioned that you guys entered into forward interest rate swaps

you had placed a senior loan collateralized by golf development on nonaccrual status

if you could give any updates on what has been discussed, potential update -- potential outcomes and timing

Can you give any details on why you think they came to you for development funding?

I'm wondering how you think about that future opportunity with them. Are you thinking it would be more development? Are there still lease back opportunities

how do you think of that development funding that eventually gets paid back versus acquisitions and what that means for the future of the portfolio

can you go through over what time period you're required to settle those shares? Under what condition? Share price are assumed in guidance?