Public Storage (NYSE:PSA) Q3 2023 Earnings Conference Call October 31, 2023 12:00 PM ET
Company Participants
Ryan Burke - Vice President, Investor Relations
Joe Russell - President and Chief Executive Officer
Tom Boyle - Senior Vice President, Chief Financial Officer, and Chief Investment Officer
Conference Call Participants
Michael Goldsmith - UBS
Steve Sakwa - Evercore ISI
Spenser Allaway - Green Street Advisors
Juan Sanabria - BMO Capital Markets
Jeff Spector - Bank of America
Todd Thomas - KeyBanc Capital Markets
Smedes Rose - Citi
Eric Luebchow - Wells Fargo
Keegan Carl - Wolfe Research
Ron Kamdem - Morgan Stanley
Caitlin Burrows - Goldman Sachs
Ki Bin Kim - Truist Securities
Mike Mueller - JPMorgan
Operator
Greetings and welcome to the Public Storage Third Quarter 2023 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Ryan Burke, Vice President of Investor Relations for Public Storage. Thank you. Mr. Burke, you may begin.
Ryan Burke
Thank you, Ron. Hello, everyone. Thank you for joining us for our third quarter 2023 earnings call. I am 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, October 31, 2023 and we assume no obligation to update, revise or supplement statements to 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, supplemental report, SEC reports and an audio replay of this conference call on our website at publicstorage.com. We do ask that you initially keep your questions to two. Of course, after that, feel free to jump back in the queue.
With that, I will turn the call over to Joe.
Joe Russell
Thank you, Ryan and thank you all for joining us today. Tom and I will walk you through a few highlights for Q3 and then open up the call for questions. Each team at Public Storage is successfully exercising our platform-wide advantages in a more competitive environment as demonstrated by third quarter performance and our raised outlook for the remainder of 2023. As we entered this year and expectedly, we saw new move-in customer demand for the sector shift lower, particularly with softening existing home sales due to the rapid rise in home mortgage rates.