Group 1 - Public Storage (NYSE: PSA) has been operating for over 52 years and is considered a well-run business, but it may face challenges in maintaining its previous growth rates [1] Group 2 - The author emphasizes the importance of long-term investing and believes that informed and disciplined investors can outperform the S&P 500 over time [2]

I find Public Storage (NYSE: PSA ) to be one of the more interesting REITs out there, given its focus storage unit properties. As the biggest player in the American storage unit market, I believe it distinguishes itself asMy articles are written with a mind to owning a stock for years, not trying to predict price movements in a few months. I don't do target prices; I do valuations.I first entered investing in 2020 as an individual value investor, keen to understand the fundamentals of businesses and buy the ...

Core Insights - Public Storage (PSA) reported third-quarter 2024 core funds from operations (FFO) per share of $4.20, missing the Zacks Consensus Estimate of $4.25 and reflecting a 3% year-over-year decline [1] - The company's shares fell by 0.69% in after-hours trading following the earnings release [1] Financial Performance - Quarterly revenues reached $1.19 billion, marking a 3.8% increase year over year and surpassing the Zacks Consensus Estimate of $1.18 billion [2] - Same-store revenues decreased by 1.3% year over year to $926.3 million, attributed to lower realized annual rent per occupied square foot and a decline in occupancy [3] - Realized annual rental income per occupied square foot dropped by 0.8% to $22.71, with a weighted average square foot occupancy of 92.7%, down 0.5% year over year [3] - Same-store net operating income (NOI) decreased by 2.5% to $699.6 million, while NOI growth from non-same-store facilities was $29.8 million due to acquisitions in 2023 [4] Cost and Expenses - The cost of operations for same-store facilities increased by 2.6% year over year, driven by higher direct property costs, repairs, maintenance, and marketing expenses [4] - Interest expenses rose to $74.3 million, up 27.3% from the previous year [5] Balance Sheet and Cash Position - As of the end of the third quarter, Public Storage had $599 million in cash and equivalents, an increase from $370 million at the end of 2023 [6] Portfolio Activity - In the third quarter, Public Storage acquired three self-storage facilities for $24.3 million, adding 0.2 million net rentable square feet [7] - Post-September 30, 2024, the company is under contract to acquire 14 additional self-storage facilities for $181.2 million, totaling 1.2 million net rentable square feet [7] - The company opened one newly developed facility and completed expansion projects, adding 0.5 million net rentable square feet at a cost of $142.6 million [8] - Future developments are expected to add 4 million net rentable square feet at an estimated cost of $712.4 million, with $401.9 million in remaining development costs projected over the next 18 to 24 months [8] Guidance - Public Storage projects 2024 core FFO per share in the range of $16.50-$16.85, consistent with previous guidance, and the Zacks Consensus Estimate of $16.73 falls within this range [9] - The company anticipates a decline of 1.3%-0.5% in same-store revenues, 2%-3.5% growth in same-store expenses, and a decrease of 2.7%-1.3% in same-store NOI for the year [9]

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 ...