JHVEPhoto Last month, I wrote an article on my three favorite REITs. If I had made the list longer, I would have included Public Storage (NYSE:PSA) as well, which is the first REIT I added to my long-term dividend growth portfolio after the pandemic. Although Public Storage has failed to beat Extra Space Storage's impressive total return and somewhat neglected consistently growing its dividend, I believe it is one of the best REITs on the market and a company that comes with a terrific valuation - especiall ...

Public Storage (PSA) is well-positioned to expand in the self-storage market with its presence in key cities and high brand recognition. Moreover, PSA's technological advancements and healthy balance sheet are commendable. Its sustainable dividend payouts make it an attractive investment option. What's Aiding PSA? In addition, Public Storage has been capitalizing on growth opportunities. In September 2023, it acquired Simply Self Storage from BREIT for $2.2 billion. The 127 wholly owned facilities are geogr ...

Core Viewpoint - Public Storage Inc. is a well-managed and fast-growing storage real estate investment trust (REIT) that offers a compelling value proposition for passive income investors, particularly after a recent drop in stock price [1][2][3]. Company Overview - Public Storage operates over 3,000 self-storage properties, covering a total lease area of 218 million square feet across 40 states in the U.S. as of March 31, 2024 [4][6]. - The company also holds a 35% equity interest in Shurgard Self Storage Limited, which has 279 facilities in Europe, contributing to its diversified portfolio [5]. Financial Performance - In Q1 2024, Public Storage reported a 7.8% year-over-year growth in funds from operations (FFO), driven by increasing demand for storage solutions and strategic acquisitions [7][9]. - The net income allocable to common shareholders was $459.209 million, with FFO allocable to common shares reaching $748.462 million, reflecting a 7.8% increase [8]. Dividend and Payout Ratio - The company maintains a low dividend payout ratio of 74% in Q1 2024, allowing for potential dividend growth and reinvestment in expansion [12][13]. - Public Storage raised its dividend by 50% in the previous year, indicating strong cash flow management and growth potential [13]. Growth Strategy - Acquisitions are central to Public Storage's growth strategy, with the company actively entering new markets and enhancing its national lease platform [9][11]. - The anticipated core FFO per share for 2024 is projected to be between $16.60 and $17.20, with a potential FFO multiple of 16.1x [14][16]. Market Position - Compared to peers like Extra Space Storage and CubeSmart, Public Storage's FFO multiple is competitive, with the potential for stock value appreciation if growth continues [17][18]. - The company is positioned to benefit from a fragmented market, which supports its growth trajectory in the storage sector [7][19].

umum iantfoto Public Storage (NYSE:PSA) is one of the most popular REITs in the world, and it is easy to understand why: ● Individual investors see their self-storage properties all over the place, giving them a sense of familiarity with their real estate. ● It has a very strong balance sheet, which is a clear advantage in today's environment. • Self storage properties have historically generated consistently high returns in all market environments, including even recessions. • The REIT has a very large sca ...

Healthy Industry Fundamentals: The self-storage asset category is basically need-based and recession- resilient in nature. This asset class has low capital expenditure requirements and generates high operating margins. Additionally, the self-storage industry continues to benefit from favorable demographic changes. Specifically, migration and downsizing trends and an increase in the number of people renting homes have escalated the need for consumers to rent space at a storage facility to park their possessi ...

Public Storage (NYSE:PSA) Q1 2024 Results Conference Call May 1, 2024 12:00 PM ET Company Participants Ryan Burke - VP, IR and Strategic Partnerships Joe Russell - President and CEO Tom Boyle - CFO Conference Call Participants Samir Khanal - Evercore ISI Keegan Carl - Wolfe Research Eric Wolfe - Citibank Jeff Spector - Bank of America Todd Thomas - KeyBanc Capital Markets Eric Luebchow - Wells Fargo Michael Goldsmith - UBS Spenser Allaway - Green Street Advisors Daniel Tricarico - Scotiabank Juan Sanabria - ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2024 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ____________ to ____________. Commission File Number: 001-33519 Public Storage (Exact name of registrant as specified in its charter) | Maryland | 93-2834996 | | --- | - ...

News Release Public Storage 701 Western Avenue Glendale, CA 91201-2349 www.publicstorage.com | For Release | Immediately | | --- | --- | | Date | April 30, 2024 | | Contact | Ryan Burke | | | (818) 244-8080, Ext. 1141 | Public Storage Reports Results for the Three Months Ended March 31, 2024 GLENDALE, California – Public Storage (NYSE:PSA) announced today operating results for the three months ended March 31, 2024. "With first quarter performance in-line with our expectations, the Public Storage team is enc ...

Public Storage (NYSE:PSA) Q4 2023 Results Conference Call February 21, 2024 12:00 PM ET Company Participants Ryan Burke - Vice President, Investor Relations Joe Russell - President and Chief Executive Officer Tom Boyle - Senior Vice President, Chief Financial Officer, and Chief Investment Officer Conference Call Participants Steve Sakwa - Evercore ISI Michael Goldsmith - UBS Juan Sanabria - BMO Capital Markets Jeff Spector - Bank of America Keegan Carl - Wolfe Research Spenser Allaway - Green Street Advisor ...

Financial Performance - In 2023, net income allocable to common shareholders was $1.9 billion or $11.06 per diluted common share, a decrease of $2.2 billion or $12.44 per diluted common share compared to 2022[161]. - Net income allocable to common shareholders decreased by 53.0% to $1,948,741 in 2023 from $4,142,288 in 2022[170]. - Total net income increased by 7.2% to $2,227,607 in 2023 from $2,077,673 in 2022[174]. - FFO allocable to common shares increased by 0.8% to $2,924,288 in 2023 compared to $2,900,815 in 2022[170]. - Core FFO allocable to common shares rose by 6.0% to $2,975,932 in 2023 from $2,806,980 in 2022[170]. - Total revenues for 2023 reached $3,427.867 million, a 4.7% increase from 2022[199]. - Total revenues for 2022 reached $3,273.8 million, a 15.2% increase from $2,841.6 million in 2021[203]. - Net operating income for 2023 was $2,625.598 million, reflecting a 4.7% growth compared to the previous year[199]. - Net operating income for 2022 was $2,507.4 million, reflecting an 18.5% growth compared to $2,116.9 million in 2021[203]. Revenue Sources - Revenues from Same Store Facilities increased by 4.7% ($154.0 million) in 2023, while Same Store cost of operations also increased by 4.7% ($35.9 million)[155]. - Same Store Facilities revenue increased by 4.7% to $3,427,867 in 2023 from $3,273,823 in 2022[174]. - Acquired Facilities revenue surged by 37.7% to $450,653 in 2023 compared to $327,245 in 2022[174]. - Total revenues from ancillary operations rose to $258.1 million in 2023, up from $236.1 million in 2022, reflecting a growth of $21.9 million[232]. Operational Metrics - The average square foot occupancy for Same Store Facilities was 93.3% in 2023, a decrease of 1.6% compared to 2022[184]. - Realized annual rent per occupied square foot increased by 6.3% to $22.93 in 2023 compared to $21.58 in 2022[182]. - Move-in volumes increased by 8.8% in 2023, which helped offset a 5.9% increase in move-out volumes[184]. - The average annual contract rent per square foot for tenants moving in was $18.12 in 2023, a decrease of 13.9% compared to 2022[190]. - Average occupancy across same store facilities was 93.3% in 2023, a slight decrease of 1.6% from 2022[198]. Acquisitions and Expansions - The company acquired BREIT Simply Storage LLC for $2.2 billion, adding 127 self-storage facilities (9.4 million square feet) to its portfolio[157]. - The company has acquired a total of 470 facilities since the beginning of 2021 for $8.5 billion, totaling 38.8 million net rentable square feet[156]. - The company completed expansion projects on four properties from the ezStorage portfolio, adding 169,000 net rentable square feet at a cost of $26.5 million[210]. - The company expects to add 1.3 million net rentable square feet of storage space through ongoing expansions at a direct development cost of $304.8 million[225]. Cost Management - The company experienced inflationary impacts on operations, including labor and utilities, and has implemented initiatives to manage these costs[159]. - Cost of operations (excluding depreciation and amortization) increased by 4.7% in 2023 compared to the previous year, driven primarily by higher property tax, marketing, and direct property costs[192]. - Property tax expense rose by 3.4% in 2023, attributed to higher assessed values[193]. - Marketing expenses surged by 44.5% in 2023, utilizing more online paid search programs to attract new tenants[194]. Debt and Financing - As of December 31, 2023, the company had $9.1 billion in notes payable outstanding, with a weighted average interest rate of approximately 3.1%[246]. - Interest expense for 2023 was $210.4 million, up from $142.4 million in 2022, primarily due to the issuance of $2.2 billion in notes payable[246]. - The company plans to refinance $810 million in scheduled principal repayments on unsecured notes due in April 2024[261]. - The company has a revolving line of credit with a borrowing capacity of $1.5 billion, with no outstanding borrowings as of February 20, 2024[255]. Risks and Challenges - The company faces risks from public health crises, economic downturns, and regulatory changes that could adversely impact demand for self-storage[83][86]. - Cybersecurity threats pose risks to the company's confidential information, potentially damaging its reputation and financial condition[94][98]. - High interest rates and challenging market conditions could limit the company's ability to raise capital at attractive terms[81]. - The company may incur adverse tax consequences if it fails to qualify as a REIT, which could lead to substantial U.S. federal corporate income taxes[109]. Future Outlook - The company anticipates that same store revenues in 2024 will be similar to those earned in 2023 due to stabilizing demand and fewer new self-storage completions[187]. - The company plans to continue leveraging internet advertising and other channels to support move-in volumes in 2024[194].