Q2 2024 Public Storage Earnings Call Transcript
Key Points
- Occupancy trends outpaced expectations with positive net move-ins year-to-date.
- High-growth non-same-store pool, comprising 22% of total portfolio square footage, is leasing up quickly with NOI growing nearly 50% during the second quarter.
- Several markets within the portfolio are seeing month-over-month revenue growth improvement.
- Waning development of new competitive supply, which will be supportive to accelerating operating fundamentals.
- Repurchased $200 million in Public Storage common shares during the quarter, reflecting strong capital position.
- Move-in rents were down 14% due to competitive pricing dynamics in many markets.
- Second quarter core FFO of $4.23 per share represented a 1.2% decline compared to the same period in 2023.
- Same-store revenues declined 1% compared to the second quarter of 2023, driven by lower occupancy and rents.
- Same-store cost of operations were up 90 basis points in the second quarter.
- Revised core FFO guidance to a range of $16.50 to $16.85 per share, an approximate 1% reduction compared to the midpoint of prior guidance.
Greetings and welcome to Public Storage second-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded.
I would now like to turn the conference over to your host, Ryan Burke. Thank you. You may begin.
Thank you, Rob. Hello, everyone. Thank you for joining us for our second-quarter 2024 earnings call. I'm here with Joe Russell and Tom Boyle. Before we begin, we want to remind you that certain matters discussed during this call may constitute forward-looking statements within the meaning of the federal securities laws.
These forward-looking statements are subject to certain economic risks and uncertainties. All forward-looking statements speak only as of today, July 31, 2024, and we assume no obligation to update, revise, or supplement statements that become untrue because of subsequent events.
A reconciliation to GAAP of the non-GAAP financial measures we provide on this call is included in our earnings
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