Q1 2025 Public Storage Earnings Call Transcript
Key Points
- Public Storage (PSA) reported a 2% increase in move-in volumes, driven by enhanced digital engagement and customer conversion.
- Revenue growth in the non-same-store pool accelerated to nearly 11%, contributing significantly to overall growth.
- Core FFO per share grew by more than 2% for the quarter, marking a 200 basis point improvement sequentially.
- The company is advancing a comprehensive digital transformation, with 85% of customer interactions now digital.
- Public Storage (PSA) has a strong acquisition pipeline, with $184 million in acquisitions or contracts, significantly higher than the previous year.
- Move-in rents have declined significantly, with new customers moving in at rates not seen since 2013.
- The company anticipates a 100 basis point impact on same-store revenue growth due to fire-related pricing restrictions in Los Angeles.
- The overall acquisition environment remains challenging, with transaction volumes being abnormally light.
- Move-in rates were down 8% in April, indicating potential pricing pressure.
- The self-storage industry is experiencing a multiyear deceleration in development completions, which could impact future growth opportunities.
Greetings and welcome to Public Storage first quarter 2025 earnings call.
(Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Ryan Burke, Vice President, Investor Relations and Strategic Partnerships.
Thank you, Rob. Hello, everyone. Thank you for joining us for our first quarter 2025 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, May 1, 2025, and we assume no obligation to update, revise or supplement statements to 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
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