Earnings Call Excerpt
U-Store-It Trust (YSI)
Q2 2008 Earnings Call
August 8, 2008 11:00 am ET
Executives
Dean Jernigan - President and Chief Executive Officer
Christopher Marr - Chief Financial Officer
Analysts
David Toti - Citigroup
Paul Adornato - BMO Capital Markets
Jordan Sandler - KeyBanc Capital Markets
Presentation
Operator
Welcome to the U-Store-It Trust second quarter 2008 earnings conference call. (Operator Instructions) Now, I would like to turn the conference over to Chief Executive Officer, Dean Jernigan.
Dean Jernigan
Good morning to all, it’s my pleasure to read this cautionary statement for you. The company's remarks will include certain forward-looking statements regarding earnings and strategy that involve risks, uncertainties and other factors that may cause the actual results to differ materially from these forward-looking statements.
The risk and factors have cause our actual results to differ materially from forward-looking statements are provided in the documents that the company files with the SEC, specifically, the 8-K along with our earnings release in the Business Risk Factor section of the company's annual report. In addition, the company's remarks include reference to non-GAAP measures, reconciliation between GAAP and non-GAAP can be found on the company's website.
Chris is going to start of this morning with few comments and then I will make my comments and will open it up for Q-and-A.
Christopher Marr
Second quarter was a good one for U-Store-It both compare to our internal goals and expectations as well as compare to the self storage industry. We remain very encouraged with consumer demand, our rentals were up over the second quarter of last year on a same-store basis and new supply remains firmly in check.
We have read reports of folks discussing a disappointing June, obviously we are not sure of what the basis of the comparison is, but we want to make sure as we assumed. Everyone realizes that there were five Saturdays in May of 2008 and the month ended on a Saturday which is very positive for our business, as compared to four Saturdays in May of last year. June of this year only had four Saturdays and the month ended on a Monday as compare to June of 2007 when there were five Saturdays including the last day of the month.
So, if you take the quarter as a whole, to factor out the monthly differences in the number of Saturdays.
We’ve increased our rentals for the quarter at 2.2% over the second quarter of last year. May and June were very positive for us and that momentum continued into July with a 55 basis point increase in same-store occupancy sequentially.
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