Public Storage (PSA) Q4 2024 Earnings Call Transcript

For the period ending December 31, 2024

February 25, 2025 12:00 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Greetings, and welcome to Public Storage Fourth Quarter 2024 Earnings Conference 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, Mr. Ryan Burke. Thank you. You may begin.

Ryan Burke

Thank you, Rob. Hello, everyone. Thank you for joining us for our fourth quarter 2024 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 February 25, 2025 and we assume no obligation to update, revise, or supplement statements that 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 audio replay of this conference call on our website, publicstorage.com. We do ask that you initially limit yourselves to two questions. After that if you have more, of course please jump back in queue.

With that, I'll turn the call over to Joe.

Joe Russell

Thank you, Ryan and thank you all for joining us today. Tom and I will walk you through our performance, industry views and outlook. Then we'll open it up for Q&A.

I will focus on three key themes. First, we ended 2024 on a positive note with results that reflected the stabilization we are driving across our business. We began 2024 by pointing out that a handful of markets were improving sequentially and that we expected more would follow suit. They did and we ended the year with nearly all markets having inflected and we are seeing broad operational stabilization.

As a result, our quarterly same-store revenue growth improved sequentially for the first time in more than two years. This, coupled with strong performance in our sizable non-same store pool and ancillary businesses helped drive core FFO per share growth positive. Similar to same-store revenues, this is the first sequential improvement in more than two years. Simply put, industry and portfolio fundamentals are steadily heading in the right direction.