Todd Thomas

Fisher explicitly declined to give public targets but confirmed accelerated growth across all three and described the lending flywheel benefits.

Boyle said the company is comfortable with near-term dilution for longer-term growth but gave no threshold on how much lease-up product it would add.

Management confirmed immediate PSNext integration and rebranding plan for Q3 closing with $110-130M synergies and $0.35-0.50 accretion by 2028-2029

Management acknowledged revenue growth will soften in Q2-Q3 across both coastal and Sunbelt markets due to prior-year comps

Boyle identified buyer-seller expectation gaps as the biggest constraint. Not about lowering hurdles, about being better, faster, more data-driven and getting more off-market opportunities.

Russell described active Board succession planning. Boyle highlighted new investment committee chaired by Ron Spogli. Fisher detailed balance sheet at 4.2x debt-to-EBITDA with ~$1.5B capacity, $600M annual free cash flow, and potential for JV/dispositions.

Russell emphasized they've 'only just begun' on technology investments, noting 85% digital customer transactions from essentially 0% five years ago. Declined to quantify margin upside but said 'confident we're not done.'

Boyle expressed strong appetite for increased deal volume, noting improving debt markets support more active transactions. Russell added the balance sheet is well positioned.

Tom confirmed recent development vintages tracking ahead of plan with 8% target yield on cost consistently hit or exceeded. Expects $300-$400M annual delivery pace going forward.

Joe identified Atlanta as most challenged; Dallas, Phoenix, Charlotte also watched closely. Florida markets showing good stabilization with revenue growth trends turning favorable.

Ryan noted national delivery growth at ~2% vs ~5% in 2019. PSA uniquely positioned to find opportunities in a challenging development environment with fewer competitors.

Tom explained month-to-month variability in move-in rates is normal; the goal is to optimize revenue combining rate and volume.

Joe and Tom highlighted Seattle, San Francisco, D.C. as improving markets, with Florida markets starting to inflect positively in Q4.

Tom clarified the 100bps impact is primarily from rent restrictions on existing customers, not occupancy loss. Impact accumulates through the year.

Margolis redirected to the broader lever set rather than answering whether move-in rents turn positive in the back half.

Margolis sized the settlement, disputed the underlying claims, and said licensing requirements will apply industry-wide on an even playing field.

Joe said it varies: Atlanta, Austin, Dallas, Miami, Phoenix significantly improved. SW Florida, Tampa, Houston still facing headwinds. LSI store performance now akin to EXR stores. Jeff added still relatively price-sensitive new customers in Sunbelt, not yet pushing double-digit rate growth.

Jeff cited Chicago, DC, Midwest and coastal markets as strongest, less supply pressure earlier = pricing power earlier = now flowing to revenue. Sunbelt markets also getting more traction. No specific tailwind beyond supply-driven fundamental improvement.

Joe attributed 2025 performance differences primarily to supply dynamics. Market performance is cyclical, broadly diversified portfolio smooths returns. Atlanta cited as example: years of double-digit growth now cycling to the other side.

Jeff characterized growth as gradual/steady with only 10-20bp seasonal variation. Cautioned against reading too much into H1/H2 cadence. High end is only 1.5% so the range is narrow.

Joe positioned discounting as routine testing for long-term optimization, not Q3-specific reaction. Jeff noted gross ~6% and net ~5% in October (gap tightened significantly from Q3).

Jeff declined specifics citing competitive advantage but offered quantification: Q3 gross 6% net 3% (300bp gap); October gross 6%+ net 5%+ (much tighter). Joe added discounting wasn't sole reason for revenue guide change, rate flow-through also slower than expected.

Jeff explained net rental income was actually +20bp but offset by lower admin fees (lower rental volume due to high occupancy) and lower late fees (lower bad debt = healthy customer). These offsets are actually positive indicators.

Joe was clear on discipline: won't do sub-5 caps stabilizing in 5s. Meanwhile using bridge loans, JV restructuring, preferred investments as accretive alternatives.

Scott declined to give specific rate/occupancy splits, noting they model month-over-month improvements. Confirmed 120bp occupancy advantage expected to burn off through the year.

Scott explained reassessments lag revenue growth over past 5 years; hoping this is the tail end. Also noted LSI properties being reassessed contributed to higher property taxes.

Palmer corrected the premise, noting the analyst had confused Ahold's Giant with Albertsons; Roth said the only market overlap is Columbus, Ohio and called it de minimis.

Nick emphasized starts will be lumpy and back-end weighted this year due to de-risking process (entitlements, pre-leasing, bids). Mike added spend guidance is ratable; starts growth sets up 2027+ deliveries. Yields firmly at 7%+ with no change in eyesight.

Nick acknowledged growing competition and demand but emphasized it's coming off a very low base. Regency doing large portion of national development. Expects upward trajectory but still very limited vs overall supply.

Mike confirmed 200 bps leased-commenced gap will compress in 2026. Redevelopment contribution of 100+ bps expected to repeat. Full details in February.

Nick confirmed they acquired all existing retail in the master plan. Growth rate expected north of 3% from mark-to-market and small redevelopments (Rite Aid, CVS vacancies).

Alan provided hard data showing April 2025 new leasing activity exceeded April 2024, with no translation from macro volatility into leasing metrics.

Alan highlighted new leasing GAAP spreads above 30% in Q4 and retention historically at 70-75%, with deliberate cycling of underperformers.

Arndt explained the low going-in cap rate as below-market in-place rent in SoCal and South Florida; Letter reiterated a total-return focus.

Chris emphasized stability over growth, said too early for broad-based sustained rent growth. Dan reinforced SoCal's 24M consumer base and supply constraints, expects it to trail by 2-3 quarters.

Arndt said stabilization pipeline detailed in supplemental by year but not by quarter. Spec business typically leasing up between seven and nine months with long term average seven. Recent years slightly longer with expectation to tighten as market conditions improve. Build-to-suits come online immediately at project completion. On speculative side timing subject to when leasing achieved.

Pitoniak declined a timetable, pointing to the roughly 12-month completion window signalled for the Caesars transaction as the gating factor.

Wasserman gave the size (3% of the loan portfolio), the concessions granted and received, and confirmed it is separate from the Q4 2025 nonaccrual loan.