Public Storage.

Q1 performance: ahead of expectations but “no guidance change” due to busy season - Core FFO: $4.22/share, +2.4% YoY (+$0.10). - Same-store revenue/NOI: flat revenue (+0.4%) and positive NOI (+0.4%). - Move-ins: still negative but better than expected at -2.4% vs guidance assuming down mid-single digits. - Occupancy: +0.4% YoY, better than guidance (guidance assumed ~flat). - Expenses: -1.1% YoY in the quarter (notable property tax appeal wins ~ $3M, expected earlier in Q2).

The “good surprise” metric: churn/move-out improvements and why it matters - Material reduction in churn / move-outs vs last year, driven by: - Healthier existing-customer behavior (lower delinquency, good ability to pay ECRIs). - PS 4.0 “customer obsession” efforts improving service/product and supporting longer length of stay. - Affordability / pricing elasticity still healthy (no major shift in elasticity observed). - Impacts investors care about: fewer vacancies improve pricing power on new rentals and support occupancy/NOI stability; also indicates demand isn’t collapsing even in a mixed environment. - Through April: similar direction—lower move-out YoY, move-in rates flat to slightly positive, occupancy flat to slightly better.

Outlook & cadence: revenue growth headwinds later, expenses constrained, geography matters - Guidance not raised: company explicitly said they’re still early and will focus on how they finish the year (busy season ahead). - Revenue growth expectation: YoY revenue will soften midyear because it’s a lagging indicator; guided expectation remains that revenue growth worsens in 2Q/3Q vs Q1. - Geography risk/opportunity: - Sunbelt: new supply still weighs in some markets, but supply tapering is a key support. - Coastal/Midwest: stronger performance in many markets. - Los Angeles: still a negative drag due to state of emergency through May, and management assumed ~ -80 bps on full-year same-store performance tied to LA restrictions (with LA expected to be a tailwind after restrictions ease).