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    Jenny Li • Morgan Stanley

    Jenny Li's questions to Public Storage (PSA) leadership

    Jenny Li's questions to Public Storage (PSA) leadership • Q2 2025

    Question

    Jenny Li from Morgan Stanley, on behalf of Ronald Kamdem, asked for an update on constructive markets influencing capital allocation and inquired about the potential for further operational automation and margin expansion.

    Answer

    CEO Joseph Russell noted continued progression across most markets, with capital allocation decisions driven by submarket-level data rather than broad market trends. He confirmed there is significant room for more operational optimization through technology like analytics and solar investments, which enhances customer satisfaction, employee engagement, and profitability.

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    Jenny Li's questions to VICI Properties Inc (VICI) leadership

    Jenny Li's questions to VICI Properties Inc (VICI) leadership • Q2 2025

    Question

    Jenny Li of Morgan Stanley inquired about VICI's latest thoughts on its call option for the Caesars Forum Convention Center and its plans for the undeveloped land it owns on the Las Vegas Strip.

    Answer

    EVP & CFO David Kieske described the Caesars Forum as a very attractive asset given its location and VICI's conviction in Las Vegas, noting the company has a multi-year window to assess the option. CEO Edward Pitoniak characterized the undeveloped land as a 'land bank' with no current development plans, but which holds significant long-term value as Las Vegas continues to grow.

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