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Spencer Glimcher

Managing Director and sector head of Self-Storage and Net Lease research at Green Street Advisors

Spenser Glimcher is a Managing Director and sector head of Self-Storage and Net Lease research at Green Street Advisors. She covers specific companies including Agree Realty, W. P. Carey, and has initiated coverage on 10 public REITs, contributing to Green Street's strong historical performance where BUY recommendations have achieved far higher total returns than HOLDs and SELLS. Glimcher leads efforts in these sectors, with prior experience covering Malls, establishing Market Grades for Outlets, and launching Gaming sector coverage, and previously worked in REIT research at Citibank. She holds a B.S. in Finance, summa cum laude, from Fairfield University, has been quoted in the Wall Street Journal and CNBC, and as of 2023 was the most senior female on Green Street’s equity REIT research team.

Spencer Glimcher's questions to Public Storage (PSA) leadership

Question · Q4 2025

Spencer Glimcher asked for an update on Public Storage's move-in rents in Q1 2026 and how the company's pricing strategy has evolved with the increasing use of AI, including the frequency of rent resets.

Answer

Tom Boyle, CFO and CIO, reported that January move-in rents were down 7%, indicating sequential improvement from Q4 2025, with occupancy up about 40 basis points year-over-year in January. Regarding pricing strategy, Boyle explained the continuous evolution with data science and revenue management teams, focusing on attracting the right customers, understanding their length of stay and price elasticities, and dynamically adjusting pricing, promotions, and advertising to maximize NOI. He mentioned a new leader, Aayush Basu, is taking this effort forward.

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