Public Storage (PSA) CEO Joe Russell on Q1 2022 Results - Earnings Call Transcript

Public Storage (NYSE:PSA) Q1 2022 Results Conference Call May 4, 2022 12:00 PM ET

Company Participants

Ryan Burke - VP, IR

Joe Russell - President and CEO

Tom Boyle - SVP and CFO

Conference Call Participants

Jeff Spector - Bank of America

Michael Goldsmith - UBS

Ki Bin Kim - Truist

Juan Sanabria - BMO Capital Markets

Samir Khanal - Evercore

Keegan Carl - Berenberg

Ron Kamdem - Morgan Stanley

Rob Simone - Hedgeye Risk

Smedes Rose - Citigroup

Todd Thomas - KeyBanc Capital

Spenser Allaway - Green Street

Caitlin Burrows - Goldman Sachs

Michael Mueller - JP Morgan

Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Public Storage First 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 first 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, May 4, 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 at publicstorage.com. We do ask that you initially limit yourself to two questions. After that, of course, please feel free to jump back in queue.

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

Joe Russell

Good morning, and thank you for joining us.

Before I hand the call over to Tom to discuss specific Q1 metrics, I will highlight five areas that are setting the stage for a robust 2022.

First, market-to-market business remains very strong. Now that we are four months into the year, we continue to see elevated demand from new customers across the portfolio. Existing customers are also extending average length of stay. We have healthy pricing dynamics, and with move-in rates up 15% and our existing customer rate increase program performing very well.