Public Storage (PSA) Q4 2025 Earnings Call

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Replay transcript excerpt

WEBVTT 00:00:00.031 -- 00:00:04.876 Greetings and welcome to the Public Storage fourth quarter 2025 earnings call. 00:00:04.876 -- 00:00:07.660 At this time, all participants are in a listen-only mode. 00:00:07.660 -- 00:00:11.003 A question and answer session will follow the formal presentation. 00:00:11.003 -- 00:00:15.589 To join the question queue, please press star 1 on your telephone keypad. 00:00:15.589 -- 00:00:19.513 If anyone should require operator assistance during the conference, please press star 00:00:19.513 -- 00:00:23.898 0. As a reminder, this conference is being recorded. 00:00:23.898 -- 00:00:26.701 I would now like to turn the conference over to your host, Mr. 00:00:26.701 -- 00:00:29.754 Brandon Regan. Director of Investor Relations. 00:00:29.754 -- 00:00:31.096 Thank you. You may begin. 00:00:31.096 -- 00:00:32.959 Hello, 00:00:32.959 -- 00:00:39.088 everyone, and thank you for joining us for our fourth quarter 2025 earnings call. 00:00:39.088 -- 00:00:44.356 I'm here with the public storage leadership team, Joe Russell, Tom Boyle, and Joe 00:00:44.356 -- 00:00:49.384 Fisher. Before we begin, we want to remind you that certain matters discussed 00:00:49.384 -- 00:00:53.651 during this call may constitute forward-looking statements within the meaning of the 00:00:53.651 -- 00:00:58.831 federal securities laws. These forward-looking statements are subject to certain 00:00:58.831 -- 00:01:01.894 economic risks and uncertainties. 00:01:01.894 -- 00:01:07.759 All forward-looking statements speak only as of today, February 13, 2026, 00:01:08.242 -- 00:01:13.388 and we assume no obligation to update, revise, or supplement statements that 00:01:13.388 -- 00:01:17.613 become untrue because of subsequent events. 00:01:17.613 -- 00:01:22.579 A reconciliat...