| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q2'26 | July 30, 2026 | 7/12 | 5 medium, 3 low flags | 3 | 1 | Call sheet → |
| Q1'26 | April 28, 2026 | 10/12 | 2 medium, 4 low flags | 5 | 0 | Call sheet → |
| Q4'25 | February 13, 2026 | 8/12 | 3 medium, 4 low flags | 4 | 2 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q2'26 | Missed | Continue momentum in third-party management Only 22 properties added, pace is slowing not accelerating |
| Q2'26 | Pending | Integrate NSA immediately onto PS Next platform Closed July 22, claimed overnight conversion but need Q3 to verify |
| Q2'26 | Delivered | Same-store expenses below inflation 4.4% expense growth with property tax timing, underlying ~2.5% |
| Q2'26 | Delivered | Development pipeline targeting 8% stabilized yields Maintained 8% target on expanded $692M pipeline |
| Q2'26 | Exceeded | NSA transaction neutral to 2026 FFO Now expecting 2 cents accretion from financing arbitrage |
| Q2'26 | Pending | 2Q and 3Q would be the low points for year-over-year same-store revenue growth Q2 at -0.6% was the low so far, need to see Q3 to confirm |
| Q1'26 | Pending | NSA transaction to close and integration planning progressing well On track for Q3 closing with integration workstreams moving as promised |
| Q1'26 | Exceeded | Non-same store NOI growth of 16% expected for 2026 Q1 delivered 27% non-same store NOI growth |
| Q1'26 | Exceeded | Expense growth to remain constrained with mid-single digit property tax offset by initiatives Q1 expenses down 1.1% vs. constrained positive growth guidance |
| Q1'26 | Exceeded | Occupancy to remain roughly stable for 2026 Q1 occupancy up 40bps YoY vs. stable guidance |
| Q1'26 | Delivered | Move-in rents negative mid-single digits for 2026, improving throughout year Q1 at -2.4% better than mid-single digit decline, showing improvement trend |
| Q1'26 | Delivered | Same-store revenue and NOI guidance of -1.1% and -2.2% at midpoint for 2026 Q1 same-store revenue flat (better) and NOI +0.4% (much better than guided trajectory) |
| Q4'25 | Exceeded | LA impact to moderate through year LA drag came in at 80 bps vs 100 bps expected |
| Q4'25 | Delivered | Non-same-store driving core FFO outperformance Non-same-store NOI up 20% in Q4, driving FFO growth above same-store |
| Q4'25 | Delivered | Expense control maintaining margin leadership Expenses controlled at 4.2% growth in Q4 |
| Q4'25 | Delivered | Continued strong acquisition activity Hit $953M vs prior year guidance, though Q4 was light |
| Q4'25 | Missed | Development pipeline of $650M Pipeline actually declined to $610M by year-end |
| Q4'25 | Missed | Same-store revenue stabilization by Q4 2025 Revenue was flat at -0.2% in Q4, and 2026 guide is worse at -1.1% |
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