PSA - Public Storage execs say demand-supply dynamic diverging from norm

2023-06-07 11:52:55 ET

Demand in the public-storage space is generally stronger in the summer and weaker in the winter, but this season has diverged from the norm as development activity has tapered  executives of Public Storage ( NYSE: PSA ) said at the Nareit REITweek conference Wednesday.

As of May 31, the company's square foot occupancy of 93.1% rose from 92.8% at March 31 and fell from 95.0% in the year-earlier period, according to an SEC filing dated Monday.

Also, contract rents gained from move-ins came in at $53.4M for the two months ended May 31, down from $54.9M a year before, amid tough Y/Y comps. Contract rents lost from move-outs, meantime, of $65.6M accelerated from $56.0M last year.

Management pointed out that its streamlined move-in process has been a boon for the business and will continue do act as such, with some 60% of its customers using the so-called eRental process last year.

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