Strengthening Financial Performance: Public Storage reported a 1.2% increase in core FFO for Q2 2025, with same-store revenue growth projected between -1.3% to 0.8% for the remainder of the year. Year-to-date performance has exceeded expectations, encouraging a raise in FFO guidance to $16.35-$16.45 per share.

Acquisitions and Development Pipeline: The company has accelerated its expansion with $785 million in acquisitions closed or under contract and an additional $648 million development pipeline over the next two years. Non-same-store NOI is expected to generate approximately $470 million in 2025, indicating strong growth potential.

Impact of California Regulations: Los Angeles is experiencing pricing restrictions due to fire-related emergencies, expected to negatively impact revenue growth (forecasted at -6% in H2) but anticipated to rebound post-expiration. The market is deemed a long-term growth opportunity as restrictions are lifted.