Q2 2022 Public Storage Earnings Call

Ammonia.

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.

Now five decades later, the public storage team and I are inspired to stay just as focused on entrepreneurial pursuits.

Expanding the iconic public storage brand and empowering the 5500, plus dedicated employees that cater to our $1 7 million customers on a daily basis.

We are appreciative of our shareholders, particularly those that are continue their commitment to public storage over our history.

Knowing we have the right culture to ensure an equally bright future.

Now to Q2 results.

<unk> year to date remains quite good with robust performance in both our same store and non same store portfolios.

New customer demand through the typical summer leasing season has been exceptional.

As well as growing length of stay with existing customers.

This against the backdrop of muted new property deliveries in most markets.

We have good pricing dynamics on both move ins and with existing customer rate increases leading to high leading to the highest rent levels, we have seen historically.

Arguably a number of the pandemic related drivers to our business are receding, but we are pleased to see elevated levels of demand new customer adoption and longevity of use.

Customers consumers and businesses alike are still in need of more space for a variety of reasons that include.