and Alex. Storage acquisition on Board's publicly Board Directors unanimously decision February Last by a review legal advisers. consultation independent Public with the announced Life that Thanks, of proposal X, we XXXX. week, the announced followed comprehensive rejected unsolicited in of proposal Storage The financial
so the this Brent proposal filed and want to a the we of of in why we undervalues Storage value through and walking that presentation believe his company. into our creation. time significantly this some reflect the growth dive and opening, presentation our why that to appropriately sight As on line deeper future clear in our color more Public that confident Board's upside does providing not a continued that morning Life led the to in the provides are embedded determination noted factors I Storage's the proposal spend we and morning, value
start new Slide of on investor morning. I'll the X presentation posted this we
diversified it SEC. The over haven't If file of was the presentation seen differentiated grounded decision yet, we significant IR a creating in Board's you past a made progress our grown the XX in Life believe the is the X available footprint and in years, platform this truly website section have with the stores time, on is growth In X,XXX the XX unique we nearly XXX key value Sunbelt. states what creation states, stores markets from to across Storage have and across of primarily the across opportunity. we
As have provide building we customers. and our have our platform enhanced service grown, our operating than to we pioneering best-in-class more on XXX,XXX our innovating technology to model,
I deliver by pillars industry-leading XXXX since to our focus accelerate was shareholder has CEO focusing when on appointed My to progress been returns. our and profitable strategic growth
strategy past is the and our demonstrates several Our performance that working. financial operational years over
We have robust platform building a momentum. to on this continue
Public and undervalues Slide unanimously prospects. the the X. Storage Board significantly The company's to proposal Life that Turning determined Storage's
past and through we including the than the peers. Life significant next believe several of walk over unique the the industry-leading The the are record. Over Storage's decision, more our our scaling by efficiently drive several years to track extend superior faster have and platform to will continued you positioned outperformance growth slides, we reasons we I key Board's elements opportunity our
value poised Storage's Life opportunistically company's does does Storage the Our we leading provide enhanced creation for significant and and that reasons proposal not margin that future was value I'll for growth begin timed to Life expansion with belief is the continued the and value to that the reflect prospects Public initiatives creation. not Storage and believe adequate realize. the which profitability are proposal
translated see can superior years growth and we Slide financial strong our since over significant into the you XXXX, of on performance As our and shareholders. for have past X, March returns X
returns XXX% since this our has the continue over and track to financial in record. past strong our and confidence nearly we XXX% today reflect announced nearly of results team Our March XXXX outlook X of ability The delivered years. industry-leading that
shareholders only is dividend an have our something proven X Slide growth. not we and underscores embraced commitment to growing recently. exceptional our Providing for dividend attractive
quarters fact, March over of continue have do X as have outperformance. financial a is drive has driven that we years. our substantial In for and the been total a several since we and coming Growing focus shareholders our raised past dividend of The over key our enhanced significant growth so years period. times for XXXX the over value to we by our FFO we intend increase XX% underpinned dividend to
that Life quarter XXXX, met analyst of see can per in since exception beginning FFO you the for Storage has share On every the quarter start the beat of X, X Slide XXXX. or consensus of COVID at with
has 'XX guidance and time We for and achieved hold team over including have our in also FFO build our substantial this or we exceeded standards our again our our high team financial and confidence own outlook for in reflects that on XXXX announced to every period, the have today and ability long-term. to delivered. We in substantial XXXX. outperformance in time momentum The team's that 'XX, year
In group. On Life the see you include in top at at list Storage share consistently can to if forecasted outperformed we we group you XXXX This growth. peer And is at on compares [ph] XX.X%. the FFO peer Since addition per CAGR X.X%. that. expectations, highest the to results X, XXXX, of outperformance Storage our near our Public share or our FFO are have Slide per
in we growth mentioned industry-leading I earlier, and Alex XXXX. As anticipate
Slide of XX double-digit in per a of shows XX%. our expectation with share midpoint growth FFO low XXXX,
recent projections impact Our and joint positive including on continued lease-up in fee growth ventures of of from growth, requisitions, contributions revenue from assets, third-party different number growth redevelopments. a based factors, and same-store management the are
expect continue leading We growth. the to of industry terms in
allowed strategy across record have us deliver execution portfolio. and track of Moving now best-in-class which our to performance to our operating
to Slide turn XX. Let's
top accelerating by Our line bottom performance best-in-class operating driven growth. and is
X years, Through same-store outperformance. disciplined growth. past the our operating we control, strong driven translated this and we top NOI expense growth revenue have line Over into have leading fundamentals same-store
our by growing bolstered is you as see XX. position leadership on Slides and rapidly markets, in can XX footprint Our
expanding by footprint from markets is reshaped on peers. strong future ventures, tailwinds. and demographic to existing our supported to critical we higher a years, in projected to X we have key believe growth past portfolio continue growing the through benefit our Sunbelt and built-in than right our relationships and third-party where growth. joint markets Over focus markets attractive demographics have our the our pipeline Between We in management we
a proposal. in rejecting Our the advantaged factor clearly geographic is footprint
and trends on to our of and opposite region. I strong the over in growth new our creation component our in our are totaling slide, acquired demand approximately in that expanding prior offers demographics. has and this focus properties of to underexposed Since demographics competitive in significant a particularly the value population employment projected our represents demand, population on footprint XX% companies superior growth California, have where continue Though compelling population are we remain A XXXX, which Sunbelt been in Sunbelt, on period. portfolio the in strategy We the focused mentioned Sunbelt have portfolios the the drive key direction. relative to strong Sunbelt trends acquisitions XXX peers' believe to advantage, trending our the
our states, in in of third-party as markets, the focused continued XX% in growth. outstanding to Storage continued we in-migration today, of planning above-market assets we the considerable and roughly and have from California Thanks is XX% expect is count our positioning Life the store better execution, venture region. to for we located region trends. excluding in With in approximately growth us and Sunbelt joint total drive benefit to the Sunbelt, superior also expand Today, opportunities
to the more us base, to asset with operating now size our our which, of allows grow together and efficiently peers. faster our than Turning platform.
portfolio At superior to a we allows drive turn built scale to us model have Life that Let's Slide Storage, XX. earnings. our and
embedded potential of opportunities. in off-market an acquisitions joint ventures us vast the are Our with leading provide majority and of markets, key pool which platform management third-party
redevelopment Further, have been by avoid profitability record and strong attractive we have opportunities at these historically we to these enhanced track bids from We able into process. a on translating identifying on of open capitalize rates as executing competing market an activities. acquisitions
I've faster about been growth. our talking
show you what me like. Let that looks
see increasing our unique external XX, since footprint can on accelerated levers, count store XXXX, time. have Slide As that you growth our we overall by over XX% by leveraging growth our
off-market faster This We XX% approximately of joint a in assets, at XX% have management comprises joint overall of of Sunbelt. a of which third-party about driver stands pipeline venture platform rate and acquisition scaled increasing our Today, $X currently assets, are of primary which $XXX billion of in acquisition than at approximately the our opportunities. which an is portfolio in creating our managed asset are our portfolio opportunities. and million number venture portfolio,
continue on to build we our continue and as bolster third-party out venture to foundation profitable our relationships, enhance strengthen our expect joint We pipeline for and allowing to our growth. continued us portfolio to
is our We Life key likely year. expect Growth Public the store Storage increase over approximately by coming valuable a is count and pursuing reason XXX Storage. to
strategy. growth scale The Referring more relative acquisition us positions size of proven asset portfolio peers, than efficiently our XX. now our to deliver us allowing to higher Slide base through to our rates
XXXX both cannot the larger-scale is match their this of year-end value wholly Our rate volume of our acquisition percentage as the Public owned and deals. XX%. portfolio because size enterprise of in growth XXXX, overall the lack total of since at portfolio a Storage
of total value. Public example, period Storage's volume over For is XX% acquisition that their enterprise only
public period, to achieved needed our would that over For to they approximately Storage acquisitions. $XX growth billion have more spend on have
important and smaller an significant and can to means and deliver Public Storage. growth. That's have more Life easily differentiator exciting we Our upside Storage more runway base significant compared for
our growth pipeline program now Slide leading attribute We joint establish relationships. Turning venture of continued management robust to strong XX. our much third-party to acquisition and and rate
stores, adding remarkable program growth Our third-party new net other XXXX, from managed including REITs. XX seen has transfers management XXX since
of partners. markets relationships our pool These to top investment. capital in leaned us institutional leading in We acquisition to fuel provide increasingly assets also years. quality that and continue our relationships JV participate portfolio equity a through our and XXX We've stores properties upside enable private with future managed of develop recent and pipeline JV to with on moderate
start acquisition properties. from total XX% In of since the volume of our has come XXXX fact, these
annual of annual source in through believe fee alternative million and These delivering markets themselves. on have attractive stream, of valuable We public relationships reduce an capital. these provide the approximately $XX relationships we are our pipelines fee the an in built as assets also reliance income and
and rely brand. kind of trust and hard This Life it's we partners our platform day. Life not differentiator Our a Storage and leading trust built is our something on overnight. they operating Storage through for is work every It earned
continuing company Storage We to their have relationship if heard reservations partners from about Storage. serious Life these many and the they were acquired be by Public have with of
valuable. In and are venture third-party management relationships short, our unique and joint
initiatives profitability been quality able ROI of significant We enhanced through into and and our improve external strong drive assets redevelopment our margins. to growth to the our enhance have translate
relentless for in efforts possible best our investments our owned are the our We customers through to deliver in assets. experience ongoing
Slide see on ROIs XX, completed increase and of since $XXX can our to of have have million you XXXX, NOI XXX-basis-point yielded As we attractive translated which margin. redevelopments in a over XX% stable,
portfolio initiatives a across future and are strong they which positioned are completed. pipeline as to growth have of these flows our We underway drive cash
all control. this our is in Importantly,
we and on platform both and As drive operating to and internal proven capabilities external shareholders. Life has dynamic execute growth continue for the opportunities, value profitability enhanced to Storage
beginning to progress say profitability, of focus of improvement our we substantial of to this one deeper trajectory will I'm we provide and our the and XXXX, underway into so have I our margins have initiatives of a momentum. has dive to key margin improve now sustain far. Since Speaking been the areas made pleased
and our best-in-class rates XXX maintaining improve while margin XX service. of this execution on to The reduce operating in we of disciplined through approximately our points. achieved speaks delivered NOI stores sector-leading expansion We have chart initiatives rental volumes. expenses Since basis XXXX,
of uplift initiatives, at over advance X years. additional points these margin to the we XX least we expect to next As basis deliver continue
point Storage Public proposal differences. its One been margin in its has around up his has that relative discussions brought
as is suggest. you look However, surface, not great gap margin may beneath the they as when the
Storage differences. direct has able companies' ignores been comparison meaningful to several margin margins Public While total impact variables with margins, key reported a achieve of our NOI higher X on
a breakdown of these Slide see can on You XX. factors
In in to markets which rates of and Moreover, Proposition a the basis Public the noncontrollable their potential difference. a approximately of risk basis from benefits basis portfolios. particular, XX from key remove expect margin Storage tax could California XXX Storage, basis higher Their you XX in primarily X would from points in When margins Life points reflecting different due These years, inherent approximately repeal geographies we Public rent shrink are significantly. the the our account than the for Proposition spread uplift factors Storage's tax the next lower regional eliminate margins. margins of XX have XXX points between consider over California.
to increasing we through momentum in are store the Given close margin continue we a can we as efficiency our confident have company. the stand-alone technology and rollout, profitability that initiatives gap
our The and profitability proposal to and to and that capabilities the reject decision to fails continue growth Board's superior determined outlook in compelling Public creation. trends The the and value growth strong our was drive Storage's were to and in also opportunistic Board for exposure key business proposal. ability factors leading our geographic and account
is the timed and covered explain proposal we was let So Slides me on which XX. XX why think opportunistically
temporary. dislocation Storage Life historical history, is been price in on stock believe First, compared however, that averages. this we undervalued Based has to our recent
during results outlook future Storage before which account average below implied reflects In not strong great X-year Life for does our an proposal announced our other for clearly inadequate company's 'XX it XX.Xx. of words, quiet our is period Public which Public made XXXX, for the of In was but we currently is fact, it's XX.Xx growth FFO a the well prospects. and multiple shareholders. through proposal Storage proposal only Storage's
in our Let see ratio, here moment a calculates defined show yield. over XXXX multiple, to which ratio price-to-earnings explain XX. for FFO PEG The rate me and is the our the XXXX the take expected peers period the on you adjusted earnings as growth dividend ratio growth and graph divided Page PEG our a of time. we What by for us is
a Storage in the of we on understand ratio. when X-year multiple growth, multiple multiple. at multiple deliver growth our discussed, is expected just over years. While FFO is below viewed Life in When Storage closest is are undervalued to is basis, significant it context peers our even well we more our next poised better PEG as our as looking undervalued anticipate a improvement We the the trading markets the X our superior Life FFO
significant a understand as Let account seems Storage's over improvement X years. Storage's deliver multiple better Public Life transfer to the Life fails value to be this to Storage. and opportunistically me repeat Public Storage the growth that. We proposal superior timed next instead industry-leading our is markets to the poised for anticipate growth upside to in
our than strategy a Board evaluation FFO track this growth Life conclusion, for delivering higher-than-expected The transaction. and Now number with rates NOI strong Storage current leading process. be reaching to or I pipeline, Storage's the driving is to better Public robust considered would proposed turning this and positioned things, and through whether a better value conducted Among factors growth Board returns of was revenue, reviewed shareholders of proposals. enhancing by improvement. considered Storage the Board value Slide margin XX. growth and robust deliver total our our today, its In of is shareholder evaluation record executing conclusion positioned Life to the continue other it unanimous. stand-alone The
growth attractive evaluation Board that the Public Further, The can believe we our reflect that Storage assets portfolio storage Board's of indicated Life potential. does the do proposal determined inadequate, and for not performance is public newer, markets primed and in Storage's is best-in-class value not opportunistic higher-quality match. that
are bring shareholders. Board. our expertise Life Board interests. is shareholders' objectives the board for members in to to acting relevant experience to Storage diverse, This committed a I and creation the want clearly significant and value regularly that refreshed independence in mention is briefly business of closing focused ultimately best on
their and record We response have to are to proud shareholders in feedback. engaging of with action strong taking a
delivering not a the temporary margin Life to peers faster timed of is Turning advantage take at price than to opportunistically Public We the sector-leading growing valuable, Storage and in higher-growth in improvement. stock believe proposal rate and dislocation uniquely Storage's slide. properties is to on does final drive a is Board Life plan execute to review as bright we proven creation. continued continued to growth value. for Storage's Life opportunities performance our open-minded value will and and further Storage value reflect The prospects recent and superior continue shareholder enhance
today. all for us hope ahead for future share our we Storage. the for you Thank in you Life joining I see excitement bright
the to performance, you decision Q&A, turn and all business around today. that we further ask matter. I'm our provided keep a intend comment I'd of that We proposal do on shared that As Board's questions the can and reject quite focused not appreciate strong to you bit sure on our Storage's we outlook the detail to we Public the
will open for that, operator, we And call now the with questions.
