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 ...

Analysts on Wall Street project that Public Storage (PSA) will announce quarterly earnings of $4.25 per share in its forthcoming report, representing a decline of 1.9% year over year. Revenues are projected to reach $1.18 billion, increasing 3.4% from the same quarter last year. The consensus EPS estimate for the quarter has undergone a downward revision of 0.2% in the past 30 days, bringing it to its present level. This represents how the covering analysts, as a whole, have reassessed their initial estimat ...

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 ...

Public Storage has been buying back its attractively valued stock. Public Storage (PSA 3.94%) is one of the top companies in the real estate investment trust (REIT) space. It's the industry leader in the self-storage sector, with 3,369 properties comprising 243 million square feet of rentable space across 40 states. Like most REITs, Public Storage is known more for using its free cash flow to pay dividends (it currently yields 4%, well above the S&P 500's 1.3% average). However, the top self-storage REIT be ...

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 ...

The reported revenue represents a surprise of -0.61% over the Zacks Consensus Estimate of $1.18 billion. With the consensus EPS estimate being $4.20, the EPS surprise was +0.71%. Here is how Public Storage performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Revenues- Ancillary operations Square Foot Occupancy : $73.48 million compared to the $69.71 million average estimate based on four analysts. The reported number represents a change ...

Public Storage (PSA) came out with quarterly funds from operations (FFO) of $4.23 per share, beating the Zacks Consensus Estimate of $4.20 per share. This compares to FFO of $4.28 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an FFO surprise of 0.71%. A quarter ago, it was expected that this self-storage facility real estate investment trust would post FFO of $4.07 per share when it actually produced FFO of $4.03, delivering a surprise of -0.98%. ...