Public Storage reports May 2024 operating update: move-in rents down 15.6% YoY

Public Storage

Same-store move-in average annual rent per sq ft fell to $14.05 from $16.65 (-15.6% YoY).
Contract rents lost from move-outs declined 4.7% to $67.45M; occupied sq ft fell 3.2%.
Same-store occupancy at May 31 was 92.8%, down 10 bps from 92.9% a year earlier.
Annual contract rent per occupied sq ft slipped 1.1% to $22.64 from $22.89.
Investor presentation with the update posted on company website under Item 7.01.

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