Public Storage (NYSE:PSA) Q2 2024 Earnings Conference Call July 31, 2024 12:00 PM ET
Company Participants
Ryan Burke - VP, IR and Strategic Partnerships
Joe Russell - President and CEO
Tom Boyle - CFO
Conference Call Participants
Steve Sakwa - Evercore ISI
Juan Sanabria - BMO Capital Markets
Nick Yulico - Scotiabank
Jeff Spector - Bank of America
Ronald Kamdem - Morgan Stanley
Michael Goldsmith - UBS
Nick Joseph - Citi
Keegan Carl - Wolfe Research
Todd Thomas - KeyBanc Capital Markets
Ki Bin Kim - Truist Securities
Eric Luebchow - Wells Fargo
Jonathan Hughes - Raymond James
Mike Mueller - JPMorgan
Spenser Allaway - Green Street Advisors
Operator
Greetings and welcome to Public Storage Second Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference call is being recorded.
I would now like to turn the conference over to your host, Ryan Burke. Thank you. You may begin.
Ryan Burke
Thank you, Rob. Hello everyone. Thank you for joining us for our second quarter 2024 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, July 31st, 2024, 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 queue with more.
With that, I'll 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 our recent performance and updated views. Then we'll open it up for Q&A. Our second quarter performance exceeded our expectations regarding existing customer behavior and occupancy levels, but fell short on rents charged to new move-in customers.
Move-in rents were down 14% with competitive pricing dynamics in many markets. That compares to down 6% in our original forecast. Accordingly, we have adjusted our guidance ranges to reflect more competitive market move-in rent conditions for the remainder of the year, which Tom will cover in a moment.