Public Storage (PSA) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Greetings and welcome to the Public Storage fourth quarter 2025 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. To join the question queue, please press star 1 on your telephone keypad. If anyone should require operator assistance during the conference, please press star 0. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Mr. Brandon Regan. Director of Investor Relations. Thank you. You may begin. Hello, everyone, and thank you for joining us for our fourth quarter 2025 earnings call. I'm here with the public storage leadership team, Joe Russell, Tom Boyle, and Joe Fisher. 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, February 13, 2026, 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 press release, supplement report, earnings presentation, of which we will refer to during this call, SEC reports, and an audio replay of this conference call at our investor relations website, investors.publicstorage.com. We ask that you initially limit yourself to two questions. However, if you have any additional questions, please feel free to jump back into queue. With that, I'll turn the call over to Joe Russell. Thanks, Brandon. Good morning and thank y...