Todd Thomas

Where did you see the wins or the outperformance?

do you think the Sunbelt is sort of out of the woods here?

Do you expect to see those markets continue to perform or outperform in 2026?

Is the base case for guidance at the midpoint, is that currently sort of assuming a stronger first half and a moderating growth rate in the second half of the year

what percent of the portfolio had you rolled out or were you testing this discounting strategy on?

First, what exactly was the catalyst for offering these strategic discounts?

I'm just curious if you can elaborate a little bit on pricing and that comment, sort of what kind of pricing adjustments you would like to see

Is this a trend that you see becoming more widespread in other markets? And is there anything else in that 6% to 8% property tax budget outside of what you've mentioned

Can you just flesh that comment out a bit in terms of what the revenue growth forecast is including, you know, maybe at the high and low end of the range in terms of occupancy gains

Do you expect market rent growth to persist just given where conditions are at this point in the cycle? And then I know you touched on SoCal, but can you share a little bit more detail on that market

Can you talk about the cadence of stabilizations during the year

can you talk about measures to ensure NSA's operations during peak leasing season are intact—leasing, revenue management

Would the pressure you anticipate on same store revenue growth in 2Q and 3Q—absent LA—still be there

I'm just curious how the Board sees its oversight role evolving under 4.0 here, particularly with regard to capital deployment and capital allocation

what's been the biggest constraint for acquisitions as you kind of look back over the last several years?

Is there a lot more room there? Or do you feel you sort of rung out a lot of the efficiencies at this point

First, what's the outlook for that pace to continue into 2026?

I was wondering if you can discuss how the newer vintage projects are trending versus underwriting

Are you seeing any indication of stabilization in those more challenged markets?

what are you seeing in terms of development activity more broadly? And second, what does that mean for Public Storage

you mentioned move-in rate was down 8% in April. It seems like you picked up a little bit of occupancy though

Can you discuss trends across the Sunbelt and compare and contrast that to some of the coastal and more urban markets?

The impact that you're estimating there amounts to the 100 basis point negative impact on the same-store, on same-store revenue

can you talk about the cadence of starts during the balance of the year? And also discuss how yields are trending on new ground-up projects

is development activity poised to increase? Do you see the competitive landscape changing at all for new development starts more broadly

Do you expect a further contribution from the SNO pipeline in 2026?

Do you have any rights to participate in future developments or future acquisition opportunities with the sellers

has there been any change at all in the timeline to get lease deals done? Whether you're seeing any slowdown at all in the decision-making process?

do you see any material changes in spreads, either newer renewal spreads and perhaps you can provide you know, some color on how that that they might trend