Public Storage (PSA) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

To access the queue, please press star 1 on your telephone keypad. If anyone should require operator assistance during the conference, please press star 0 on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Mr. Ryan Burke. Thank you. You may begin. Thank you, Rob. Hello, everyone. Thank you for joining us for our second quarter 2025 earnings call. I'm here with Joe Russell and Tom Boyle. 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, July 31st, 2025, 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 news release, supplement report, SEC reports, and an audio replay of this conference call on our website at publicstorage.com. We do ask that you initially limit yourself to two questions. After that, of course, feel free to jump back in queue. With that, I'll turn the call over to Joe. Thank you, Ryan, and thank you all for joining us today. Tom and I will walk you through our performance, industry views, and outlook. Then we'll open it up for Q&A. We are raising our outlook for 2025 based on stabilizing operations and accelerated acquisitions, which reached 785 million closed or under contract year to date. Public storage's industry leadership is proven by, among other things, the highest revenue generation per...