Public Storage (PSA) Q1 2025 Earnings Call Transcript


Public Storage (NYSE:PSA) Q1 2025 Results Conference Call May 1, 2025 12:00 PM ET

Company Participants

Ryan Burke – Vice President, Investor Relations and Strategic Partnerships
Joe Russell – President and Chief Executive Officer
Tom Boyle – Chief Financial Officer

Conference Call Participants

Daniel Tricarico – Scotiabank
Ron Kamdem – Morgan Stanley
Todd Thomas – KeyBanc Capital Markets
Salil Mehta – Green Street
Michael Goldsmith – UBS
Michael Griffin – Evercore
Juan Sanabria – BMO Capital Markets
Eric Wolfe – Citi
Caitlin Burrows – Goldman Sachs
Ravi Vaidya – Mizuho
Ki Bin Kim – Truist Securities
Jeff Spector – Bank of America
Eric Luebchow – Wells Fargo
Tayo Okusanya – Deutsche Bank
Mike Mueller – JPMorgan

Operator

Greetings and welcome to Public Storage First 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. [Operator Instructions] As a reminder, this conference is being recorded.

I would now like to turn the conference over to your host, Ryan Burke, Vice President, Investor Relations and Strategic Partnerships.

Ryan Burke

Thank you, Rob. Hello, everyone. Thank you for joining us for our first 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, May 1, 2025, and we assume no obligation to update, revise or supplement statements to 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, SEC reports and an



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