The company has embarked on a solar program under which it plans to install solar panels on over 1,400 of its self-storage facilities. It spent approximately $13 million on the program in the three months ended March 31, 2025 and expects to spend approximately $50 million over 2025 on this effort.

Ki Corporation and Public Storage submitted a non-binding indicative offer to acquire all of the outstanding stapled securities of Abacus Storage King. Public Storage's share of the total estimated cost is approximately $586 million (A$970 million).

During the three months ended March 31, 2025, the company acquired nine self-storage facilities (0.7 million net rentable square feet of storage space), for a total cost of $141.0 million in cash.

On-site property manager payroll expense decreased 12.4% due to reduction in labor hours driven by the implementation of dynamic staffing models based on customer activity levels.

The company has a strategic corporate transformation initiative to modernize the workforce for corporate functions and relocate certain employees of corporate functions from Glendale, California, to Dallas, Texas.

Revenues generated by Same Store Facilities increased 0.1% due primarily to a 0.6% increase in realized annual rent per occupied square foot offset by a 0.6% decrease in average occupancy.

The company recorded foreign currency losses of $68.7 million, representing primarily the changes in the U.S. Dollar equivalent of its Euro-denominated unsecured notes due to fluctuations in exchange rates.

The company expects industry-wide demand from new customers in 2025 to improve as compared to 2024, subject to potential adverse effects from evolving political and macroeconomic uncertainty including changes in trade policy and new tariffs.

Following recent wildfires in southern California, the company anticipates an adverse impact on revenue growth at its self-storage facilities located in Los Angeles County and Ventura County, where a temporary governmental pricing limitation is in place.

Public Storage would share its expertise and wide-ranging competitive advantages to help enhance Abacus Storage King's customer experience, operating performance, ancillary businesses, and portfolio growth.

Our ability to add projects to maintain and increase our robust pipeline continues to be challenged by various constraints such as difficulty in finding projects that meet our risk-adjusted yield expectations and challenges in obtaining building permits for self-storage facilities in certain municipalities.

Demand for our self-storage space is also impacted by new supply of self-storage space and alternatives to self-storage.

On-site property manager payroll expense decreased 12.4% in the three months ended March 31, 2025, as compared to the same period in 2024, primarily due to reduction in labor hours driven by the implementation of dynamic staffing models based on customer activity levels.

We expect on-site property manager payroll expense to decrease moderately in 2025 as compared to 2024 as we continue to enhance operational processes.

We believe the capital spent to install solar panels and LED lights will significantly reduce electric utility usage resulting in lower property operating costs.

We have embarked on a solar program under which we plan to install solar panels on over 1,400 of our self-storage facilities. We spent approximately $13 million on the program in the three months ended March 31, 2025 and expect to spend approximately $50 million over 2025 on this effort.

On-site property manager payroll expense decreased 12.4% in the three months ended March 31, 2025, as compared to the same period in 2024, primarily due to reduction in labor hours driven by the implementation of dynamic staffing models based on customer activity levels.

The company has a strategic corporate transformation initiative to modernize the workforce for corporate functions and relocate certain employees of corporate functions from Glendale, California, to Dallas, Texas.

For our proposed joint acquisition of Abacus Storage King, if consummated, we plan to fund our share of the estimated cost, excluding direct transaction costs, of approximately $586 million (A$970 million) with Australian dollar denominated unsecured debt.

We have $400 million of our U.S. Dollar denominated unsecured notes that mature on July 25, 2025, €242 million of our Euro denominated unsecured notes that mature on November 3, 2025, and $500 million of our U.S. Dollar denominated unsecured notes that mature on February 15, 2026. We plan to refinance these unsecured notes as they come due.

In May 2008, our Board authorized a share repurchase program of up to 35,000,000 of our common shares. During the three months ended March 31, 2025, we did not repurchase any of our common shares.

We have embarked on a solar program under which we plan to install solar panels on over 1,400 of our self-storage facilities. We spent approximately $13 million on the program in the three months ended March 31, 2025 and expect to spend approximately $50 million over 2025 on this effort.

We believe the capital spent to install solar panels and LED lights will significantly reduce electric utility usage resulting in lower property operating costs.

We expect on-site property manager payroll expense to decrease moderately in 2025 as compared to 2024 as we continue to enhance operational processes.

Our ability to add projects to maintain and increase our robust pipeline continues to be challenged by various constraints such as difficulty in finding projects that meet our risk-adjusted yield expectations and challenges in obtaining building permits for self-storage facilities in certain municipalities.

Demand for our self-storage space is also impacted by new supply of self-storage space and alternatives to self-storage.

The company expects industry-wide demand from new customers in 2025 to improve as compared to 2024, subject to potential adverse effects from evolving political and macroeconomic uncertainty including changes in trade policy and new tariffs.