Public Storage (PSA) CEO Joe Russell on Q2 2022 Results - Earnings Call Transcript

Public Storage (NYSE:PSA) Q2 2022 Results Conference Call August 5, 2022 12:00 PM ET

Company Participants

Ryan Burke - VP, IR

Joe Russell - President and CEO

Tom Boyle - CFO

Conference Call Participants

Jeff Spector - Bank of America

Michael Goldsmith - UBS

Ki Bin Kim - Truist

Ronald Kamdem - Morgan Stanley

Steve Sakwa - Evercore ISI

Michael Mueller - JPMorgan

Spenser Allaway - Green Street

Juan Sanabria - BMO Capital Markets

Keegan Carl - Berenberg

Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Public Storage Second 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, Chelsea. Hello, everyone. Thank you for joining us for our second 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 speak only as of today, August 5, 2022, and we assume no obligation to update, revise or supplement statements 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 at publicstorage.com. We do ask that you initially limit yourselves to two questions. Of course, if you have an additional question, feel free to jump back in queue.

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

Joe Russell

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

Tom and I will cover second quarter highlights as we achieved a number of record performance metrics and milestones. Now that we are past the midpoint of the year, we are happy to share our view of the next six months, which has resulted in our guidance raise.

Before I go to those details, I would like to take a brief moment and acknowledge a significant milestone for Public Storage that takes place this month. On August 14, 1972, Public Storage was launched by two creative and determined entrepreneurs, Wayne Hughes and Ken Volk, opening the first Public Storage facility in El Cajon, California. The concept of paying to store stuff was new. But the simple name, a great location and roll up doors painted the color of orange created a powerful formula to grow the Company, so much so that our brand quickly became synonymous with the self-storage industry.