Public Storage (PSA) Q4 2022 Earnings Call Transcript

Public Storage (NYSE:PSA.PK) Q4 2022 Results Conference Call February 22, 2023 12:00 PM ET

Company Participants

Ryan Burke - VP, IR

Joe Russell - President and CEO

Tom Boyle - SVP, CFO and CIO

Conference Call Participants

Steve Sakwa - Evercore ISI

Michael Goldsmith - UBS

Jeff Spector - Bank of America

Juan Sanabria - BMO

Todd Thomas - KeyBanc Capital Markets

Spenser Allaway - Green Street

Ki Bin Kim - Truist

Ronald Kamdem - Morgan Stanley

Smedes Rose - Citi

Keegan Carl - Wolfe Research

Michael Mueller - JP Morgan

Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Public Storage Fourth Quarter and Full Year 2022 Earnings Call. At this time, all participants have been placed in a listen-only mode and the floor will be opened for your questions following the presentation. [Operator Instructions]

It is now my pleasure to turn the floor over to Ryan Burke, Vice President of Investor Relations. Sir, you may begin.

Ryan Burke

Thank you, Chelsea. Hello, everyone. Thank you for joining us for our fourth quarter 2022 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, February 22, 2022 (sic) [2023], and we assume no obligation to update, revise or supplement statements that may 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 release. You can find our press release, subsequent reports, SEC reports and an audio replay of this conference call on our website, publicstorage.com. We do ask that you initially limit yourself to two questions. Of course, after that, feel free to jump back in queue with additional questions.

With that, I’ll turn the call over to Joe.

Joe Russell

Thank you, Ryan, and thank you for joining us.

I’m going to begin by providing color on two recent announcements. We’ll then move on to our performance in 2022 and outlook for 2023.

First, on February 5th, we announced a 50% increase to our quarterly common dividend, a raise from $8 to $12 per share on an annualized basis. It is a result of a great effort by the team that has produced record performance over the last few years and a validation of our ongoing confidence in the strength of our platform. Second, as announced separately, we made a proposal to acquire Life Storage at a substantial premium after several attempts to engage in negotiations privately.