Core Viewpoint - National Storage Affiliates Trust (NYSE:NSA) is a real estate investment trust (REIT) focusing on self-storage properties across the United States, competing with other self-storage REITs like Public Storage and Extra Space Storage [1] Price Target Trends - The consensus price target for NSA has fluctuated over the past year, with the average price target recently increasing to $33, indicating a positive outlook from analysts [2][6] - Analyst Todd Stender from Wells Fargo has set a higher price target of $52 for NSA, reflecting significant optimism towards the company's future performance [2][6] - A year ago, the average price target was $32.17, showing a generally stable or slightly improving sentiment towards the stock [4] Recent Developments - In the last quarter, the average price target rose from $31.5 to $33, suggesting that analysts have become more optimistic about NSA's stock in the past month [3][6] - The upcoming fourth quarter 2025 earnings release and conference call will provide further insights into NSA's potential trajectory [5]

Core Viewpoint - Public Storage is relocating its headquarters from California to Texas as part of a leadership transition and long-term growth strategy, marking a significant shift for the company historically associated with California's business community [1][2]. Group 1: Headquarters Relocation - The new headquarters will be situated in the Dallas-Fort Worth metro area while maintaining a long-term presence in Glendale, California [2]. - The move highlights Texas's success in attracting major corporate relocations due to factors like no state income tax, lower operating costs, and a deep talent pool [7]. Group 2: Leadership Changes - Tom Boyle will succeed Joe Russell as CEO on April 1, with Russell retiring after a decade in the role [3]. - Shankh Mitra, CEO of Welltower, will be appointed as non-executive chairman [3]. Group 3: Strategic Overhaul - The leadership changes are part of the "PS4.0" initiative aimed at accelerating earnings growth, expanding margins, and enhancing long-term shareholder returns [6]. - The company is focusing on digital tools, data science, and artificial intelligence to improve pricing, marketing, and portfolio management [10]. Group 4: Investment and Growth Strategy - Public Storage has invested over $12 billion in deals and new projects over the past five years, with plans to accelerate this pace [12]. - The company is signaling a more aggressive approach to acquisitions and development in the self-storage industry [12]. Group 5: Executive Compensation - The company is revamping executive compensation to align more closely with shareholder returns, emphasizing stock performance and capital discipline [14].

Core Viewpoint - Public Storage (PSA) is identified as a high-quality and financially sound Real Estate Investment Trust (REIT) with a strong balance sheet, high asset quality, and an investment-grade credit rating. However, the current market valuations suggest that the common stock is more fairly valued, indicating limited upside potential at this time [1]. Group 1 - Public Storage maintains a strong balance sheet and high asset quality, which contributes to its reputation as a financially sound REIT [1]. - The company holds an investment-grade credit rating, reflecting its financial stability and reliability [1]. - Current market valuations indicate that the common stock of Public Storage appears to be fairly valued, suggesting that it may not present an attractive investment opportunity at this time [1].

Core Viewpoint - CubeSmart has underperformed compared to its peers and the market over the past decade, indicating a need for strategic changes to improve its competitive position in the self-storage industry [1][11]. Industry Overview - The self-storage industry has faced challenges due to increased supply from low interest rates post-pandemic, which has negatively impacted occupancy levels and rental rates [4]. - Recent signs indicate a potential recovery in the self-storage market, with CubeSmart reporting its first year-over-year increase in move-in rates since early 2022 [5]. Company Performance - CubeSmart is the third-largest self-storage REIT in the U.S., with a market share of 4.9%, significantly trailing behind Extra Space Storage (14.4%) and Public Storage (11.2%) [7][8]. - The company has struggled to differentiate itself from larger competitors, which have more effective growth strategies, such as Extra Space Storage's third-party management platform and Public Storage's in-house development program [8]. Growth Strategies - CubeSmart is exploring joint ventures to enhance growth, including a recent $250 million partnership with CBRE Investment Management aimed at high-growth markets [10]. - The company has $900 million invested across existing joint ventures, which could help accelerate its growth rate in the future [10].

Financial Data and Key Metrics Changes - Core FFO for Q4 was $4.26 per share, resulting in full-year core FFO of $16.97 per share, at the high end of guidance [22] - Same-store revenue and NOI growth for the quarter were -0.2% and -1.5% respectively, with declines in move-in rents offset by strong existing customer performance [22] - Non-same-store NOI growth was 20%, contributing to a 1.2% year-over-year increase in Core FFO per share [23] - The company has established an initial Core FFO range for 2026 of $16.35-$17, indicating a year-over-year decline of 1.7% [27] Business Line Data and Key Metrics Changes - The company has invested over $12 billion, expanding its portfolio by 763 assets, which are expected to deliver outsized growth [10] - The development pipeline at year-end was $610 million, with stabilized yields targeting 8% [24] - The lending platform has grown, with $131 million deployed in 2025, bringing the total outstanding lending business to $142 million [25] Market Data and Key Metrics Changes - 10% of the U.S. population currently uses storage, with increasing adoption among Generation Z, millennials, and the 65+ cohort [13] - Competitive supply is slowing as new development becomes harder and more expensive, with momentum building in the strongest markets [13] Company Strategy and Development Direction - The company is unveiling PS 4.0, a new strategic vision designed to drive accelerated performance and long-term value creation [5][14] - The strategy focuses on three core pillars: PS Next operating platform, a value creation engine, and an "Own It" culture [15][19] - The company aims to enhance customer experience through AI and data science, optimizing pricing and operational efficiency [16][70] Management's Comments on Operating Environment and Future Outlook - Management expects 2026 to be slightly better than 2025, with same-store revenue and NOI guidance at -1.1% and -2.2% respectively [27] - The company anticipates occupancy to remain stable, with new move-in rents expected to improve throughout the year [27][39] - Management is optimistic about the potential for organic growth and value creation through acquisitions and operational improvements [60] Other Important Information - The company has made significant leadership changes, including the promotion of Tom Boyle to CEO and the addition of Joe Fisher as President and CFO [6][7] - The headquarters is relocating to Frisco, Texas, which is expected to enhance operational efficiency and talent acquisition [62] Q&A Session Summary Question: What are the greatest near-term opportunities for external growth? - Management highlighted a variety of seller types and sizes, with a focus on single and double type opportunities, as well as small and medium-sized portfolios [32][33] Question: What is the expected cadence of same-store revenue growth throughout the year? - Management indicated that while there may be pressure on year-over-year revenue initially, they expect improvements by the fourth quarter of 2026 [36][39] Question: Can you provide an update on move-in rents thus far into Q1? - Move-in rents for January were down 7%, but occupancy increased by about 40 basis points, indicating a healthy start to the year [44] Question: What is the long-term growth profile of the company? - The company aims to build on past outperformance through organic growth and a strong focus on customer experience, with additional contributions from acquisitions and ancillary businesses [60]

Financial Data and Key Metrics Changes - Core FFO for Q4 was $4.26 per share, resulting in full-year core FFO of $16.97 per share, at the high end of guidance [23] - Same-store revenue and NOI growth for the quarter were -0.2% and -1.5% respectively, with declines in move-in rents offset by strong existing customer performance [23] - Outside the same-store pool, NOI growth of 20% in the non-same-store pool contributed to a 1.2% year-over-year increase in Core FFO per share [24] - The company ended the year with available liquidity of $1.8 billion and a debt plus preferred equity to EBITDA ratio of 4.2x [26] Business Line Data and Key Metrics Changes - The company acquired $131 million in new acquisitions during the quarter, bringing the total for 2025 to $953 million [25] - Development openings totaled $409 million for the year, with a total development pipeline of $610 million targeting stabilized yields of 8% [25] - The lending platform grew with $131 million deployed in 2025, bringing the total outstanding lending business to $142 million [25] Market Data and Key Metrics Changes - 10% of the U.S. population currently uses storage, with self-storage adoption increasing among Generation Z, millennials, and the 65+ cohort [12] - Competitive supply is slowing as new development becomes harder and more expensive, with momentum building in the strongest markets [13] Company Strategy and Development Direction - The company is unveiling PS 4.0, a new strategic vision designed to drive accelerated performance and long-term value creation [5][14] - The strategic vision focuses on three core pillars: PS Next operating platform, value creation engine, and an "own it" culture [15][19] - The company aims to enhance customer experience through AI and data science, optimizing pricing and operational efficiency [16][70] Management's Comments on Operating Environment and Future Outlook - Management expects 2026 to show slight improvement over 2025, with same-store revenue and NOI guidance at -1.1% and -2.2% respectively [27] - The company anticipates occupancy to remain stable, with new move-in rents expected to improve throughout the year [40] - Management is optimistic about the potential for organic growth driven by strong customer performance and decreasing supply [60] Other Important Information - The company has undergone significant leadership changes, with Tom Boyle promoted to CEO and Joe Fisher appointed as President and CFO [6][7] - The headquarters is relocating to Frisco, Texas, which is expected to enhance operational efficiency and talent acquisition [62] Q&A Session Summary Question: What are the greatest near-term opportunities for growth? - Management highlighted a variety of seller types and sizes, with a focus on single and double opportunities, as well as small and medium-sized portfolios [32] Question: What is the expected cadence of same-store revenue growth? - Management indicated that while there may be pressure on year-over-year revenue initially, they expect improvements by the fourth quarter of the year [40] Question: Can you provide an update on move-in rents? - Move-in rents for January were down 7%, but occupancy remained stable, indicating a healthy start to the year [44] Question: What is the long-term growth profile of the company? - The company aims to build on past outperformance through organic growth and a strong focus on customer experience, supported by a value creation engine [60]

Financial Data and Key Metrics Changes - Core FFO per share for Q4 was $4.26, resulting in full-year core FFO of $16.97 per share, at the high end of guidance [23] - Same-store revenue and NOI growth for the quarter were -0.2% and -1.5% respectively, with declines in move-in rents offset by strong existing customer performance [23] - Non-same-store NOI growth was 20%, contributing to a 1.2% year-over-year increase in Core FFO per share [24] Business Line Data and Key Metrics Changes - The company acquired $131 million in new acquisitions during the quarter, bringing the total for 2025 to $953 million [25] - Development openings totaled $409 million for the year, with a total development pipeline of $610 million targeting stabilized yields of 8% [25] - The lending platform grew with $131 million deployed in 2025, totaling $142 million at a current rate of approximately 7.9% [25] Market Data and Key Metrics Changes - 10% of the U.S. population currently uses storage, with increasing adoption among Generation Z, millennials, and the 65+ cohort [12] - Competitive supply is slowing as new development becomes harder and more expensive, with momentum building in the strongest markets [12] - The company expects occupancy to remain stable, with new move-in rents projected to improve throughout the year [27] Company Strategy and Development Direction - The company unveiled PS 4.0, focusing on customer experience, strong capital allocation, and a winning culture to drive performance [4][15] - The strategic vision includes three core pillars: PS Next operating platform, value creation engine, and an "own it" culture [15][19] - The company is investing in AI and data science to enhance customer interactions and operational efficiency [16][69] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the team's ability to drive outperformance and revenue growth despite recent challenges [24] - The economic backdrop for 2026 is expected to be slightly better than 2025, with same-store revenue and NOI guidance at -1.1% and -2.2% respectively [27] - Management highlighted the importance of investing in the platform to control outcomes and prepare for future improvements [86] Other Important Information - The company is relocating its headquarters to Frisco, Texas, to consolidate operations and leverage talent [62] - The transition in leadership includes Tom Boyle as CEO and Joe Fisher as President and CFO, with a focus on succession planning [4][5] Q&A Session Summary Question: What are the greatest near-term opportunities for growth? - Management noted a variety of seller types and sizes, with a focus on single and double opportunities, as well as small and medium-sized portfolios [32] Question: What is the expected cadence of same-store revenue growth throughout the year? - Management indicated that year-over-year revenue is a backward-looking indicator, with expectations for improvement in the fourth quarter of 2026 [36][40] Question: Can you provide an update on move-in rents thus far into Q1? - Move-in rents for January were down 7%, but occupancy remained stable, indicating a healthy start to the year [44] Question: What is the long-term growth profile of the company with PS Next? - The company aims to build on past outperformance through organic growth and a strong focus on customer experience, with additional contributions from acquisitions and ancillary businesses [58] Question: What are the operational or financial benefits of relocating the headquarters? - The relocation is expected to enhance operational efficiency and talent acquisition, with some associated costs already factored into corporate transformation expenses [62][64]

1 4Q25 Earnings & 2026 Guidance Presentation including Leadership Announcements and PS4.0 Introduction Public Storage Executive Speakers Tom Boyle CEO Effective April 1st Joe Fisher President & CFO Effective February 16th 2 Joe Russell President & CEO Retiring March 31st Key Takeaways | Looking Back on Our Success | Industry leadership in Operations, Core FFO growth, and Total Shareholder return – A great foundation for future success | | --- | --- | | Self-Storage Industry Outlook | Strong long-term outloo ...

Core Insights - Public Storage (PSA) reported Q4 2025 core funds from operations (FFO) per share of $4.26, exceeding the Zacks Consensus Estimate of $4.21, marking a 1.2% year-over-year increase [1] - The company announced its 2026 outlook, projecting core FFO per share in the range of $16.35-$17.00, with expectations of modest same-store softness offset by contributions from acquisitions and development [11][12] Financial Performance - Q4 revenues reached $1.22 billion, surpassing the Zacks Consensus Estimate of $1.21 billion, and increased by 3.3% year over year [2] - For the full year 2025, PSA reported core FFO per share of $16.97, up 1.8% from $16.67 in 2024, with total revenues of $4.82 billion, reflecting a 2.7% year-over-year increase [2] Operational Highlights - Same-store revenues slightly declined by 0.2% year over year to $936.2 million in Q4, with a 0.2% increase in realized annual rental income per occupied square foot to $22.53, while occupancy decreased [4] - PSA's same-store net operating income (NOI) fell by 1.5% year over year to $703.7 million, with a same-store NOI margin of 78.4%, down 0.8% from the previous year [5] Strategic Initiatives - PSA launched PS4.0, a strategic initiative aimed at leadership transition and long-term value creation, with Tom Boyle set to succeed Joe Russell as CEO on April 1, 2026 [3] - The PS4.0 strategy focuses on enhancing customer experience, improving margins, and driving sustainable shareholder value [3] Portfolio Activity - In Q4, PSA acquired 13 self-storage facilities for $131 million, adding 0.9 million net rentable square feet, and completed development projects adding approximately 1.0 million net rentable square feet at a cost of around $140 million [6] - As of December 31, 2025, PSA had 606 acquisition, development, and expansion properties totaling 54.1 million rentable square feet, accounting for about 24% of its total portfolio space [5] Balance Sheet and Liquidity - PSA ended Q4 2025 with a strong liquidity position of $2.4 billion, with total indebtedness of $10.3 billion and a weighted average interest rate on total debt of approximately 3.2% [10] 2026 Guidance - The company anticipates a 2.2% decline to flat same-store revenue growth and a same-store expense increase of 1.5%-2.8% for 2026, with same-store NOI expected to fall by 3.9% to 0.5% [11][12]

Core Insights - Public Storage (PSA) reported a revenue of $1.22 billion for the quarter ended December 2025, marking a year-over-year increase of 3.3% and exceeding the Zacks Consensus Estimate of $1.21 billion by 0.57% [1] - The earnings per share (EPS) for the same period was $4.26, up from $3.21 a year ago, and also surpassed the consensus EPS estimate of $4.21 by 1.18% [1] Financial Performance Metrics - Square foot occupancy was reported at 91%, slightly below the estimated 92.1% by analysts [4] - Annual contract rent per occupied square foot was $22.55 million, slightly above the estimated $22.5 million [4] - Revenues from ancillary operations reached $86.87 million, exceeding the average estimate of $84.12 million, representing a year-over-year change of 12.3% [4] - Revenues from self-storage facilities were $1.13 billion, matching the four-analyst average estimate and reflecting a year-over-year increase of 2.6% [4] - Net earnings per share (diluted) were reported at $2.60, surpassing the average estimate of $2.52 [4] Stock Performance - Shares of Public Storage have returned 2.1% over the past month, in contrast to the Zacks S&P 500 composite's decline of 0.3% [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]