other material
confidence high
sentiment negative
materiality 0.60
Public Storage Q3 operating update: move-in rents down 9.4% YoY, occupancy slips to 91.6%
Public Storage
- Average annual contract rent per sq ft for move-ins fell 9.4% to $14.82 from $16.36 YoY.
- Move-out average contract rent decreased 2.8% to $20.85 per sq ft versus $21.44 last year.
- Same-store square foot occupancy at August 31, 2024 was 91.6%, down 60 bps from 92.2%.
- Contract rents gained from move-ins dropped 11.0% to $50.8M; move-out rents lost $77.6M (-2.9%).
- Same-store facilities count remains 2,507 with 170.0M net rentable sq ft since Jan 1, 2022.