Public Storage

Ladies and gentlemen, thank you for standing by and welcome to the public storage first quarter 2023 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 telephone keypad. If you wish to remove yourself from the queue, please press star 2. It is now my pleasure to turn the floor over to Ryan Burke, Vice President of Investor Relations, Ryan, you may begin.

Thank you, Brittany. Hello, everyone. Thank you for joining us for our first quarter 2023 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 meeting 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 4th, 2023. 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 keep your questions limited to two. Of course, if you have additional questions, feel free to jump back in queue. With that, I'll turn the call over to Joe.

Thank you Ryan, and thank you for joining us today public storage had a very good start to 2023 we remain focused on leading the self storage industries digital evolution transforming our own operating model and enhancing and growing the portfolio. In the quarter we achieve new milestones on several of our key initiatives which included. Exceeding 60% of customers choosing to move in through our eRental online lease. Eclipsing 2 million downloads of the public storage mobile app. Reaching 400 properties on our customer demand driven digital operating platform. Installing solar at more than 200 properties, putting us on track to complete at least 1000 property installations within the next three years. completion of over 70% of the Property of Tomorrow enhancement program, growing NOI by 29% across the 529 acquisition and development properties in our non-same store pool, and driving the industry's largest development pipeline to an excess of $1 billion to be delivered over the next 24 months. We had a strong operating performance in the first quarter, particularly with existing customers performing well and same store move in volume up nearly 13%. Length of stays are strong and same store revenues were up nearly 10% year over year. Our exceptionally large non-same store acquisition and development pool, now nearly 25% of the overall portfolio, continues to outperform as well. Fundamentally, self-storage is a needs-based business with demand drivers that are multi-dimensional and fluid throughout economic cycles. We also continue to benefit from people spending more time at home, which has increasing permanence with remote and hybrid work here to stay. Additionally, with the return to more seasonal patterns of demand, we are currently also seeing an uptick in movement activity that has continued into the second quarter. We also continue to find good opportunity in development and redevelopment as well, with a vibrant pipeline poised to generate growth for years to come. Our unique ability to weather economic cycles serves us well, particularly while other developers have slowed their activity due to higher interest rates, cost pressures, difficult municipal processes, and concern over the near macro term landscape. Now I'll turn the call over to Tom to discuss acquisition market and financial performance.