Public Storage (NYSE:PSA) Q4 2019 Earnings Conference Call - Final Transcript

Feb 26, 2020 • 12:00 pm ET

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Public Storage (NYSE:PSA) Q4 2019 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Public Storage Fourth Quarter and Full Year 2019 Earnings Call. [Operator Instructions]

It is now my pleasure to turn the floor over to Ryan Burke, Vice President of Investor Relations. Ryan, you may begin.

Executive
Ryan C. Burke

Thank you, Maria. Good day, everyone. Thank you for joining us for our fourth quarter 2019 earnings call. I'm here with Joe Russell and Tom Boyle. Before we begin, we want to remind you that all statements, other than statements of historical fact, included on this call are forward-looking statements that are subject to a number of risks and uncertainties that could cause actual results to differ materially from those projected by the statements. These risks and other factors could adversely affect our business and future results that are described in yesterday's earnings release and in our reports filed with the SEC. All forward-looking statements speak only as of today, February 26, 2020.

We assume no obligation to update or revise any of these statements, whether as a result of new information, future events or otherwise. A reconciliation to GAAP of the non-GAAP financial measures we provide on this call is included in our earnings release. You can find that press release, our SEC reports and an audio replay of this call on our website at publicstorage.com. We do ask that you initially limit yourself to two questions. Of course, if you have additional questions after those, please feel free to jump back in queue.

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

Executive
Joseph D. Russell

Thank you, Ryan, and thank you for joining us. We had a good quarter, where we reported our 7th consecutive quarter with same-store revenue growth between 1% and 2%. As we previously disclosed in an 8-K filed on February 14, we submitted a nonbinding proposal to acquire 100% of the stapled securities of Australian-based national storage REIT and its controlled entities for AUD2.40 per share Australian dollars. Please refer to the 8-K, and we won't provide any updates on this call.

Now I'd like the call to be open for questions.