Public Storage (PSA) Q3 2022 Earnings Call Transcript

Public Storage (NYSE:PSA.PK) Q3 2022 Results Conference Call November 2, 2022 12:00 PM ET

Company Participants

Ryan Burke - VP, IR

Joe Russell - President and CEO

Tom Boyle - CFO

Conference Call Participants

Michael Goldsmith - UBS

Lizzy Doykan - Bank of America

Samir Khanal - Evercore

Smedes Rose - Citi

Ki Bin Kim - Truist

Juan Sanabria - BMO Capital Markets

Spenser Allaway - Green Street

Mike Mueller - JPMorgan

Todd Thomas - KeyBanc Capital

Ronald Kamden - Morgan Stanley

Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Public Storage Third Quarter 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. Ryan, you may begin.

Ryan Burke

Thank you, Katie. Hello, everyone. Thank you for joining us for our third 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, November 2, 2022, 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 release. You can find our press release, supplement report, 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 in with further questions and follow-ups.

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

Joe Russell

Thank you, Ryan. Good morning and thank you for joining us. I will highlight our view of 2022 as we head into the last two months of the year, and then Tom will cover more specifics in the quarter.

At the beginning of this year, our expectation was we were poised for exceptional earnings growth, which has clearly played through. With that, we raised our outlook on strong NOI performance in same-store and non-same-store assets, along with continued improvement in ancillary revenue. In total, core FFO is set to grow by over 20% for the second consecutive year.