Public Storage (PSA) reported $1.19 billion in revenue for the quarter ended September 2024, representing a year-over-year increase of 3.8%. EPS of $4.20 for the same period compares to $3.20 a year ago. The reported revenue compares to the Zacks Consensus Estimate of $1.18 billion, representing a surprise of +0.39%. The company delivered an EPS surprise of -1.18%, with the consensus EPS estimate being $4.25. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wa ...

Core Insights - Public Storage (PSA) reported quarterly funds from operations (FFO) of $4.20 per share, missing the Zacks Consensus Estimate of $4.25 per share, and down from $4.33 per share a year ago, representing an FFO surprise of -1.18% [1] - The company posted revenues of $1.19 billion for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 0.39%, compared to $1.14 billion in the same quarter last year [2] - Public Storage shares have increased by approximately 8.6% since the beginning of the year, while the S&P 500 has gained 22.3% [3] Financial Performance - Over the last four quarters, Public Storage has surpassed consensus FFO estimates two times and topped consensus revenue estimates three times [2] - The current consensus FFO estimate for the upcoming quarter is $4.22 on revenues of $1.18 billion, and for the current fiscal year, it is $16.73 on revenues of $4.69 billion [7] Market Outlook - The sustainability of the stock's price movement will depend on management's commentary during the earnings call [3] - The estimate revisions trend for Public Storage is mixed, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] - The REIT and Equity Trust - Other industry is currently in the top 24% of Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8]

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 September 30, 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) | --- | |---------------------- ...

News Release Public Storage 701 Western Avenue Glendale, CA 91201-2349 www.publicstorage.com | --- | --- | --- | |-------|-------------|--------------------------------------| | | | | | | For Release | Immediately | | | | | | | Date | October 30, 2024 | | | Contact | Ryan Burke (818) 244-8080, Ext. 1141 | Public Storage Reports Results for the Three and Nine Months Ended September 30, 2024 GLENDALE, California – Public Storage (NYSE:PSA) announced today operating results for the three and nine months ended ...

Core Insights - Analysts project Public Storage (PSA) will report quarterly earnings of $4.25 per share, a decline of 1.9% year over year, with revenues expected to reach $1.18 billion, an increase of 3.4% from the same quarter last year [1] - The consensus EPS estimate has been revised downward by 0.2% in the past 30 days, indicating a reassessment of initial estimates by covering analysts [1] - There is a strong correlation between earnings estimate revisions and short-term stock price performance, making these revisions critical for predicting investor behavior [1] Revenue Estimates - Analysts estimate 'Revenues- Self-storage facilities' at $1.11 billion, reflecting a year-over-year change of +2.5% [2] - 'Revenues- Ancillary operations' are projected to be $72.42 million, indicating an increase of +11.3% from the prior-year quarter [2] Occupancy and Earnings Metrics - 'Square Foot Occupancy' is projected to reach 92.7%, up from 92.1% reported in the same quarter last year [2] - Analysts suggest 'Net Earnings Per Share (Diluted)' will likely be $2.61, down from $3.20 in the same quarter last year [3] - 'Depreciation and amortization' is expected to reach $284.75 million, compared to $238.75 million a year ago [3] Stock Performance - Public Storage shares have returned -5.1% over the past month, contrasting with the Zacks S&P 500 composite's +1.4% change [3] - PSA holds a Zacks Rank 3 (Hold), indicating expectations to mirror overall market performance in the near future [3]

Core Viewpoint - Public Storage (PSA) is expected to report third-quarter 2024 results on October 30, with anticipated revenue growth but a potential decline in core funds from operations (FFO) per share [1][2]. Group 1: Financial Performance - The last reported quarter showed PSA's quarterly revenues at $1.17 billion, reflecting a 4.8% year-over-year increase, while core FFO per share declined by 1.2% [1]. - The Zacks Consensus Estimate for the upcoming quarterly revenues is $1.18 billion, indicating a 3.44% year-over-year increase [3]. - The self-storage industry is experiencing a softening in demand, with same-store revenues likely affected and a projected weighted average square foot occupancy of 92.8%, down from 93% in the prior quarter [4][5]. Group 2: Market Position and Strategy - Public Storage benefits from a strong presence in major urban markets, a well-established brand, and technological advantages, which are expected to support its financial position [2]. - The company has acquired 240 facilities with 17 million net rentable square feet for $3.4 billion from early 2022 to June 30, 2024, and has ongoing developments expected to add 3.8 million net rentable square feet at an estimated cost of $738.7 million [3]. Group 3: Challenges and Outlook - High interest rates are anticipated to increase interest expenses by 20.5% year-over-year in the third quarter [5]. - The Zacks Consensus Estimate for core FFO per share has been revised down to $4.25, indicating a 1.85% year-over-year decline [5]. - Despite these challenges, the company holds a Zacks Rank of 3 and an Earnings ESP of +0.67%, suggesting a potential surprise in FFO per share [6].

Public Storage (PSA) is well-positioned to grow in the self-storage market with its presence in key cities and high brand recognition. Accretive buyouts, development and expansion activities, backed by a strong balance sheet, bode well for growth. Moreover, PSA's technological advancements and healthy balance sheet are commendable. Its sustainable dividend payouts make it an attractive investment option. However, softening in demand and operating trends is a concern. The development boom of self-storage uni ...

AJ_Watt My previous and also the first piece on Public Storage (NYSE:PSA) was issued back in March 2024, when I assigned a clear buy rating to address given the combination of historically depressed multiple and robust fundamentals. At that time, the FWD P/FO stood at 1 6x, which was below sector average and 2.5% below PSA's 3-year average. At the same time, PSA's capital structure remained in a great shape with an upper investment grade credit rating, which is not that common in the REIT space. While I rec ...

Core Viewpoint - Public Storage is actively repurchasing its stock, believing it is attractively valued compared to its peers in the self-storage REIT sector [2][8]. Company Overview - Public Storage is a leading company in the self-storage sector, operating 3,369 properties with 243 million square feet of rentable space across 40 states [1]. - The company has a strong dividend yield of 4%, significantly higher than the S&P 500 average of 1.3% [2]. Growth and Performance - The REIT has experienced a compound annual growth rate of 4.9% in same-store net operating income (NOI) since 2004, outperforming the commercial real estate sector average of 3% [3]. - Public Storage has invested $11 billion in acquisitions and developments since 2019, increasing its portfolio by 56 million square feet, a 35% increase [4]. - In the first half of the year, the company acquired two self-storage facilities for $22 million and agreed to purchase three more for $24.2 million [5]. Development Strategy - The company completed three development projects and several expansions in the first half of the year, investing approximately $120 million [6]. - Public Storage plans to invest nearly $740 million in various development and redevelopment projects over the next two years [6]. Financial Strength - The decision to repurchase $200 million of its stock reflects the company's confidence in its outlook [7]. - Public Storage trades at a discounted valuation compared to its rival Extra Space Storage, with a same-store NOI margin of 77.2%, higher than Extra Space's 74% [8]. - The company's leverage ratio is around 3.9 times, below its long-term target range of 4.0 to 5.0 times and lower than Extra Space's 4.9 times [10]. Investment Appeal - Public Storage offers an attractive dividend and is expected to continue growing at an above-average rate, making its stock a compelling investment opportunity [11].

Public Storage (PSA) reported a second-quarter 2024 core FFO per share of $4.23, which surpassed the Zacks Consensus Estimate of $4.20. However, the figure declined 1.2% year over year. Shares of Public Storage were down 4.96% in the after-hours trading on Tuesday following the release of its second-quarter results. Management noted that customer move-in rents were impacted by industry-wide competition and adjusted PSA's outlook for 2024 to reflect market move-in rent dynamics. Public Storage experienced lo ...