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%. ...

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].