Public Storage July-Aug operating update: same-store occupancy 92.4%, move-in rents down 17.1% YoY

Public Storage

Same-store occupancy at Aug 31, 2023 was 92.4%, down from 93.3% a year ago.
Average annual move-in contract rent per sq ft was $16.36, down 17.1% from $19.73.
Average annual move-out contract rent per sq ft was $21.60, up 1.7% from $21.24.
Annual contract rent per occupied sq ft rose 3.4% to $23.45.
Update covers 2,344 same-store facilities (155.2M net rentable sq ft) for two months ended Aug 31, 2023.

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