Joe Russell
President and Chief Executive Officer at Public Storage
Thank you, Ryan, and thank you all for joining us today. Tom and I will walk you through our recent performance and updated industry views. Then we'll open it up for Q&A. Our first quarter performance was in line with our expectations. As we anticipated, the new move-in customer environment remains challenging. However, we are encouraged by positive trends across our business, which include industry-wide customer demand improved sequentially through the quarter. The ability to raise our move-in rates as we enter the peak leasing season. Strong in-place customer behavior, including longer-than-normal length of stay and lower delinquency rates, moderating move-out volume, improving occupancy and waning development of new competitive supply, a trend we expect will continue.
As mentioned on last quarter's call, we were encouraged by month-over-month revenue growth reacceleration in certain markets, including Washington, D.C., Baltimore and Seattle. That momentum has continued. And additionally, we see accelerating trends in markets, including San Francisco, New York, Chicago, Philadelphia, Detroit and Minneapolis. We anticipate more markets will be added to this list across our portfolio over the next few quarters. These bottoming-to-improving trends are particularly important for two reasons. First, they are in stark contrast to 2023 when all markets were decelerating as we normalize from record performance in 2021 and 2022.
And second, they put us on track for improving company-wide financial performance in the back half of this year as embedded in our guidance. Additionally, our high-growth non-same-store pool assets comprises 538 properties and 22% of our overall portfolio square footage. With NOI growth approaching nearly 50% during the first quarter, these properties remain a strong engine of growth. Overall, we are encouraged by what we are seeing on the ground. The team is very focused on capturing new customer activity as we approach the busy season, which will help drive our performance for the remainder of 2024 and into 2025.
With that, I'll turn the call over to Tom to provide additional detail.