For the quarterly period ended June 30, 2024 or 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 ☐ 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 | | --- | -- ...

| --- | --- | --- | |-------|-------------|--------------------------------------| | | | | | | For Release | Immediately | | | | | | | Date | July 30, 2024 | | | Contact | Ryan Burke (818) 244-8080, Ext. 1141 | News Release Public Storage 701 Western Avenue Glendale, CA 91201-2349 www.publicstorage.com GLENDALE, California – Public Storage (NYSE:PSA) announced today operating results for the three and six months ended June 30, 2024. Highlights for the Three Months Ended June 30, 2024 • Reported core FFO all ...

Public Storage (PSA) is slated to release second-quarter 2024 results on Jul 30 after market close. While its quarterly revenues are expected to witness a year-over-year increase, core funds from operations (FFO) per share might display a decline. In the last reported quarter, this self-storage real estate investment trust (REIT) delivered a negative surprise of 0.98% in terms of core FFO per share. Results reflected a rise in property tax expenses and marketing expenses, as well as higher interest expenses ...

Over the last 30 days, there has been an upward revision of 0.4% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of this timeframe. While investors usually depend on consensus earnings and revenue estimates to assess the business performance for the quarter, delving into analysts' forecasts for certain key metrics often provides a more comprehensive understanding. Based on ...

Core Viewpoint - Public Storage is a leading self-storage operator in the U.S., recognized for its brand and presence in major metropolitan markets, and is well-positioned for growth opportunities despite challenges in the self-storage industry [1][3][15]. Company Performance - Public Storage acquired 238 facilities with 16.8 million net rentable square feet for $3.4 billion from early 2022 to March 31, 2024, contributing $37.2 million in NOI during Q1 2024 [3]. - The company expects $500 million in acquisitions and $450 million in development openings in 2024, indicating strong growth potential [3]. - The stock price of Public Storage has increased by 19% over the past three months, outperforming the industry growth of 15.6% [8]. Financial Metrics - As of March 31, 2024, Public Storage had a total debt of approximately $9.1 billion, with a net debt and preferred equity to EBITDA ratio of 3.9X and an EBITDA to fixed charges ratio of 7.8X [5][10]. - The company maintains a strong credit profile with an "A" rating from S&P and an "A2" from Moody's, allowing access to capital at favorable rates [10][16]. Dividend Policy - Public Storage has consistently paid dividends, increasing its payout by 10.79% over the past five years, and is expected to maintain a sustainable dividend in the near future [4][10]. Market Conditions - The self-storage industry is experiencing a softening in demand, with new customer demand for storage space as of March 31, 2024, below the levels of March 31, 2023 [17]. - Management is focusing on lowering rental rates and increasing promotional discounts to attract tenants, which may impact same-store revenues, projected to increase by only 0.9% in 2024 [11][17]. Growth Opportunities - Public Storage holds a 35% stake in Shurgard Self Storage SA, which is expected to contribute to revenue growth, with total revenues estimated to increase by 4.6% year-over-year in 2024 [9].

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 ...

DigitalGrill/E+ via Getty Images Public Storage Inc. (NYSE:PSA) is a promising storage trust that passive income investors might want to consider now that the stock price has dropped a little. Public Storage, for instance, grew its funds from operations, which are most often used to evaluate the growth of real estate investment trusts, in the high single digits in 1Q24, by 7.8% YoY. This growth is due to growing demand for storage solutions in a very fragmented market as well as Public Storage's past acquis ...

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 ...