Michael Griffin

Margolis answered plainly that demand is flat and credited supply reduction plus system optimization rather than a larger customer pool.

Springer characterised broker pricing and the shift to proprietary pipelines but gave no cap rate or IRR for the closed deals.

Jeff said first half has easier property tax comps; H2 will be harder comps but similar performance expected. Insurance (Q1 over 10%) renews end of May, favorable market expected, potentially flat or better. Weather-related items were only expense surprise in Q1.

Joe reiterated algorithmic pricing: 2.8 million units priced nightly based on dozens of factors per unit type per building. Data scientists check for environmental factors algorithms may miss. Jeff added scale allows faster recalibration, significant advantage for large operators.

Joe contextualized NYC complaint: 117 complaints over 3 years across 60 properties with 100,000+ customers (0.1% rate). Will defend vigorously. Broader trend is disclosure legislation (welcomed by EXR) not price caps.

Joe rejected the framing entirely, pricing decisions are algorithmic at the unit-type level in every building every night. Not a macro lever that management turns.

Joe reframed: rising street rates actually expand ECRI headroom by bringing more customers into eligible pool. As rates declined, more customers became ineligible; now reversing.

Joe distinguished open market (still too expensive) from relationship-driven off-market deals via JV partners, bridge loans (22% conversion rate by dollar), and 1,800+ managed properties creating proprietary pipeline.

Joe stated housing recovery not necessary but would accelerate slope. Plenty of demand exists; already reacquiring pricing power and believes company is past the trough.

Jeff clarified NYC weakness is Northern NJ/Long Island (new supply), not boroughs. Chicago actually saw Q1-to-Q2 acceleration, positive trends there.

Joe detailed both JV buyouts: partner-driven exits, 2019 venture (11 stores, $100M at 7.7% yield, $3.1M promote) and 2021 venture (16 stores, $55M at 7.4%, $4.2M promote).

Scott attributed to tough comp from strong prior year; emphasized occupancy and revenue growth are on track, which are the more important metrics.

Boyle kept the US as the priority but named Sydney, Melbourne and Brisbane as markets where the company is looking for platforms.

Fisher attributed the roughly 35bps increase entirely to incentive compensation from the PS4.0 rollout and flagged Q3 as the toughest expense comp.

Management described data-driven lifetime value estimation for dynamic pricing and targeted Google customer acquisition

Management confirmed post-quarter deals were pre-existing pipeline, not yet benefiting from Welltower partnership

Russell described PS4.0 as an organic outgrowth of ongoing strategic planning, similar to the 3.0 transition a decade ago. Emphasized continuous reinvention as PSA's DNA.

Boyle emphasized working with trade associations to educate regulators on storage affordability, and noted PS4.0's customer focus includes improving the overall customer experience including pricing.

Boyle highlighted tough property tax comps and growing LA pricing restriction impact as Q4 headwinds.

Boyle redirected away from move-in rents specifically, emphasizing total revenue as the key metric including volumes, move-outs, and ECRIs.

Tom provided July color: move-in rents down mid-single digits, occupancy gap down ~30bps. Back-half deceleration driven by LA restrictions accumulating, not demand weakening.

Joe reported national transaction volumes up 10-15% YoY. Still few larger portfolios. PSA unlocked off-market and one-off deals. Acquisitions concentrated mid to East Coast.

Tom noted lower end of guidance range captures macro weakness scenarios including softer demand, more move-outs, and softer ECRI contribution.

Joe highlighted labor hours down ~12% in Q1 2025 with good runway for further optimization. Digital adoption at 85% of interactions is customer-directed.

Pressed on cap-rate compression from high-6% to low-6% deals. Management attributed it to more capital chasing retail and said returns still pencil above 8% IRR despite lower going-in yields.

Kingstowne and Congressional acquisitions and pipeline mix

Investment pipeline outlook and acquisition targets for 2026

CIO explained larger centers command higher yields due to complexity and less institutional capital. FRT sees competitive advantage in leasing expertise and tenant relationships to earn superior risk-adjusted returns on these assets.

COO outlined 3-quarter execution timeline with 12-month typical opening lag for box space, meaning rent commencements in fall 2026 and spring 2027.

CFO attributed elevated TIs to the Lifetime Fitness deal at Santana Row. CEO teased an unannounced companion deal he called one of the best ever done. Comparable pool TIs inside $20 were among the best results in a while.

Dave expects a steady SNO spread through the back half, compressing later as tenants open, and stressed cash-flow conversion and 20% to 25% anchor mark-to-market.

Jamieson outlined both leased and economic occupancy have room to run. 110bp below all-time high in anchor occupancy. Economic occupancy at 92.2% vs 94.5% high watermark. Goal is to see both grow rather than just compression. Flynn noted retention rates ticked up to all-time highs in Q1.

Jamieson identified 110bp of anchor occupancy upside from all-time high representing $12-15M in potential SNO value. Chronic vacancy initiative targeting spaces vacant 3+ years yielding results. Normalized SNO spread historically around 180bp.

Jamieson reported Q4 quarter-to-date GLA 30% higher year-over-year. Retailer confidence unchanged through tariff period. Over 25 active grocery redevelopment projects. Already discussing 2027 pipeline. Small shop occupancy at 92.5% with room to run.

Cooper reported healthy demand across all tenant sizes. Over 75% of trailing 4-quarter deals service-related. QSR activity up 30-40% with Shake Shack, Raising Cane's, In-N-Out, Chick-fil-A expanding. Flynn noted 155 small shop deals vs typical 115 run rate.

Flynn outlined decision criteria: complement to center merchandising mix, economics of recapture vs assignment, opportunity to combine with adjacent space for grocery, and long-term site value.

Palmer answered the health question head-on and framed grocery competitiveness as a long-running constant, though she did not address occupancy cost specifically.

Alan: 90% of new shop leasing at 3%+ steps, 25% at 4%+. Anchor leverage improving via work letters and TIs but not dramatic shift in embedded steps. Pipeline includes Publix, PGA Superstore, TESO Life (first Virginia project), Ross, TJX, Burlington, Ulta. Lisa noted pricing power will grow as occupancy approaches peak.

Alan identified 50 bps runway to anchor peak. Pipeline includes PGA Superstore, Arhaus, Pottery Barn, Total Wine. Leverage includes lower capital contributions and work letters. Emphasized quality selection as primary lever.

Nick cited relationships (decades with top grocers), capital readiness, and deep pro forma expertise. Projects like Stonebridge and Jordan Ranch already 90%+ leased pre-anchor opening.

Nick confirmed comfortable going-in yield with high single-digit IRR target over 10-year hold, with additional mark-to-market opportunities beyond that period.

Eli cautioned that not all expiring $60-$65 inline leases reset to $78 because many strong tenants renew in the mid-single digits, but pointed to the positive trajectory of new lease signings and merchandise mix upgrades.

Renewals holding at mid-single-digit increases. New deals 20-25% above last year, with new business brands outperforming by another 10%+. Could push occupancy to 97%+ but focused on NOI growth.

David said tariff pressure is real, especially for smaller retailers. Catalyst losing couple hundred million EBITDA. Some bankruptcies surfaced in 2026 but kept guidance range. More cautious.

David highlighted Meta, Google, Netflix, Pop Mart, Formula 1, new Apple stores, and high-end restaurants. Brian confirmed 30% is new leases reflecting merchandising mix improvement and unabated demand.

David said mom-and-pop segment beating their plans despite earlier tariff concerns. More optimistic than last quarter but still watching closely.