Public Storage (PSA) Misses Q3 FFO Estimates

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]