Public Storage.

Quarterly Performance: Public Storage reported core FFO per share growth of 2.2% in Q1 2025, reaching $4.12 per share, marking a 200 basis point improvement from the previous quarter. Move-in volumes increased by over 2%, contributing to improved same-store occupancy, which narrowed the gap to -30 basis points compared to the previous year.

Guidance and Revenue Impact: The company's guidance for 2025 remains unchanged despite strong Q1 results, with expectations of a 100 basis point headwind from fire-related pricing restrictions in Los Angeles. This suggests a cautious approach, as the negative impact is anticipated to increase in the second half of the year.

Cost Management and Efficiency: Same-store expenses grew only 30 basis points, reflecting effective cost management strategies, including a decrease in labor hours by approximately 12%. Continued focus on operational efficiencies and digital transformation are expected to maintain low expense growth moving forward.