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 ...

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 | | --- | - ...