other material
confidence high
sentiment negative
materiality 0.60
Public Storage same-store occupancy 91.3%; move-in rents down 7.9% YoY; 74 facilities acquired/under contract for $811M
Public Storage
- Same-store occupancy at 91.3% vs 91.6% a year ago; move-in rents fell 7.9% YoY to $13.57/sq ft.
- Move-out rents declined 2.3% to $20.26/sq ft; contract rents lost totaled $76.4M in two months.
- Acquired or under contract to buy 74 self-storage facilities (5.1M sq ft) for $811.0M YTD.
- Eight-month move-in rent per sq ft down 5.7% to $13.16; total contract rents gained fell 5.0%.
- Annual contract rent per occupied sq ft at August 31 was $22.79, down 0.1% from prior year.