Since the beginning of 2022, the company acquired 260 facilities with 18.5 million net rentable square feet for $3.7 billion. This demonstrates a continued focus on external growth through acquisitions.

The company has a pipeline of development projects totaling $741.6 million, indicating a continued commitment to expanding its footprint through new construction.

The multi-year Property of Tomorrow program, aimed at rebranding properties and upgrading customer zones, was completed in 2024, enhancing the competitive position of existing facilities.

The company has implemented various initiatives to manage inflationary impacts, such as enhancements in operational processes and investments in technology to reduce payroll hours.

The solar program continues, with installations completed on 772 facilities through December 31, 2024. This is expected to lower utility usage.

Chris C. Sambar was appointed as Chief Operating Officer in October 2024, bringing experience from AT&T to enhance operational effectiveness.

The company acknowledges risks from climate change, including severe weather events, increased costs, and potential damage to facilities.

The company acknowledges the risk of increased property taxes, especially in California, due to potential changes in valuation approaches or new laws.

The company acknowledges the increasing sophistication of cyberattacks and the potential for confidential information to be compromised.

The report acknowledges significant competition among self-storage operators and from other storage alternatives, which may impact the company's ability to attract and retain customers.

The company relies heavily on Google for customer acquisition, making it vulnerable to changes in Google's algorithms or increased competition for search terms.

Significantly lower logistics costs could introduce new competitors, such as valet-style storage services, which may reduce the demand for traditional self-storage.

The company implemented dynamic staffing models based on customer activity levels, leading to a decrease in on-site property manager payroll expense.

Centralized management costs decreased due to economies of scale from recent acquisitions, with supervisory payroll and centralized management costs allocated over a broader number of facilities.

Utility expense decreased due to investments in energy-saving technology such as solar power and LED lights.

The company is expanding the use of in-store kiosks to give customers the options of a full self-service experience or a two-way video assisted service via our existing customer care center.

The company offers our eRental® process whereby prospective tenants can execute their rental agreement from their smartphone or computer and then go directly to their space on the move-in date.

The company is subject to increasing regulations related to our use of these technologies, including regulations related to privacy, data security, and intellectual property rights, which could expose us to legal risks.

The company repurchased 726,865 common shares for $200.0 million, driven by expected improvement in operating fundamentals and growth.

The company sold 184,390 of our common shares on the open market through our "at the market" offering program for aggregate net proceeds of approximately $60.3 million in cash.

PSOC completed a public offering of $1.0 billion aggregate principal amount of unsecured senior notes in various tranches and maturities and issued €150 million of senior notes to institutional investors. PSOC also repaid at maturity $700 million aggregate principal amount of floating rate senior notes and €100 million aggregate principal amount of senior notes.

The company is committed to managing climate-related risks and opportunities, with a goal to operate in a responsible and sustainable manner.

The company has established a combined scope 1 and 2 greenhouse gas reduction goal, targeting a 45% reduction in utility-based emissions by 2032, based on a 2022 baseline.

The company is addressing potential heat stress risks through initiatives such as solar power generation installation.

Multiple wildfires erupted in southern California and caused significant destruction of business and residential structures. A temporary governmental pricing limitation is in place for our self-storage facilities located in these counties.

The company experiences minor seasonal fluctuations in the demand for self-storage space, with demand and rental rates generally higher in the summer months than in the winter months.

Interest rates remain elevated compared to recent years and may increase. As a result, if we issued new debt or preferred shares or refinanced our indebtedness, our debt service costs or preferred share dividend yields would likely be, based on current interest rates, significantly higher than current financing costs.