Public Storage

Ladies and gentlemen, thank you for standing by, and welcome to the Public Storage second quarter 2020 earnings call. At this time, all participants have been placed in a listen-only mode, and the floor will be open for your questions following the presentation. If you have a question at that time, please press star 1 on your touchtone phone. If you wish to remove yourself from the queue, press the pound key. It is now my pleasure to turn the floor over to Ryan Burke, Vice President of Investor Relations. Ryan, you may begin.

Thank you, Maria, and thanks to all of you for joining us for our second quarter 2020 earnings call. I'm here with Joe Russell and Tom Boyle. Before we begin, we want to remind you that all statements other than statements of historical fact included on this call are forward-looking statements that are subject to a number of risks and uncertainties that could cause actual results to differ materially from those projected by the statements. These risks and other factors could adversely affect our business and future results that are described in yesterday's earnings release and in our reports filed with the SEC. All forward-looking statements speak only as of today, August 6, 2020. We assume no obligation to update or revise any of these statements, whether as a result of new information, future events, or otherwise. A reconciliation to GAAP of the non-GAAP financial measures we provide in the call is included in our earnings release. You can find our press release, SEC reports, and an audio replay of this conference call on our website at publicstorage.com. As usual, we do ask that you keep your questions limited to two. After you ask two, please feel free to jump back in queue. With that, I'll turn it over to Joe.

Thank you, Ryan, and thanks for joining us today. Before I open the call for questions, I would first like to acknowledge and thank the full public storage team along with our customers and business partners as we have come together to ensure a safe environment. In the last four months during this pandemic, We have moved in over 400,000 new customers as we continue to operate our entire 2,500 property portfolio. Clearly, this volume of activity has been a validation of the strength of our platform and the resiliency of self-storage. With that, I would now like to open the call for questions.