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Public Storage (PSA) reported first-quarter 2025 core funds from operations (FFO) per share of $4.12, which surpassed the Zacks Consensus Estimate of $4.06. Also, the figure increased 2.2% year over year from $4.03.Results were backed by top-line growth, with the company experiencing higher realized annual rent per occupied square foot, though a fall in occupancy partly offset the positive. PSA also reaffirmed its 2025 guidance.Quarterly revenues of $1.18 billion exceeded the Zacks Consensus Estimate of $1. ...

Financial Data and Key Metrics Changes - The company reported a core FFO per share growth of more than 2% for the quarter, with a 200 basis point improvement sequentially compared to the previous quarter [6][15]. - Same store occupancy gap improved from down 80 basis points at the end of December to down 30 basis points by the end of March [6]. - Revenue growth in the same store pool turned positive after two years of deceleration, while revenue growth in the non-same store pool accelerated to nearly 11% [6][14]. Business Line Data and Key Metrics Changes - Move-in volumes increased over 2%, indicating stronger customer conversion and engagement [5]. - Same store revenues turned positive after three consecutive quarters of declines, driven by higher rental rates [14]. - Same store expenses were well controlled, with only 30 basis points of growth, attributed to operational initiatives and moderated advertising spend [14]. Market Data and Key Metrics Changes - The company noted favorable industry dynamics, stating that self-storage is resilient to changing economic conditions due to its needs-based nature [9][10]. - Move-in rents have declined significantly, aligning with levels not seen since February 2013, which positions the company to benefit from rising rents and occupancy in an improving demand environment [11]. Company Strategy and Development Direction - The company is focused on digital transformation, with 85% of customer interactions now digital, and is utilizing AI to optimize staffing [7]. - The acquisition strategy is active, with $184 million in properties acquired or under contract, significantly ahead of the previous year's $35 million [8][12]. - The company is exploring international growth opportunities, exemplified by the proposal to acquire Abacus Storage King in Australia and New Zealand [8][12]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the self-storage industry, noting strong consumer trends and good payment patterns despite macroeconomic uncertainties [21][70]. - The company anticipates a 100 basis point impact on same store revenue growth due to fire-related pricing restrictions in Los Angeles, which will be back half weighted [15][48]. - Management is closely monitoring customer behavior and market conditions, indicating a cautious but optimistic outlook for the remainder of the year [70][71]. Other Important Information - The company expects retained cash flow to increase by 50% to approximately $600 million, which will be reinvested into development and acquisitions [13][108]. - The company is committed to maintaining operational efficiency through payroll optimizations and investments in solar power generation [88]. Q&A Session Summary Question: Level of conservatism in guidance - Management indicated that the guidance reflects a cautious outlook, with move-in rates down approximately 5% year-to-date, but positive trends in occupancy and move-in volumes were noted [20][22]. Question: Private capital raising environment for storage - Management acknowledged increased institutional interest in the sector, despite light transaction volumes in 2024 and early 2025 [25][26]. Question: Revenue indicators and advertising trends - Consistent positive trends in search and advertising indicators were reported, with year-over-year improvements in web visits and sales calls [31]. Question: Move-in rate strategy - Management explained that fluctuations in move-in rates are expected by market and month, with a focus on optimizing revenue [39][40]. Question: Development landscape and cost increases - The company noted a continued deceleration in national development completions, which is seen as healthy for the industry [42]. Question: Rent restrictions in LA - Management confirmed that the fire-related state of emergencies will last until early 2026, impacting revenue growth [47][48]. Question: Peak leasing season expectations - The company does not anticipate a significant uptick in peak leasing activity compared to previous years, given the current market conditions [50]. Question: ECRI program performance - The ECRI program is performing well, with stable price sensitivity and replacement costs observed [92]. Question: Business customer trends - Business customers make up approximately 15% of the portfolio, with no significant changes noted in their behavior [112][115].

Public Storage (PSA) Q1 2025 Earnings Call May 01, 2025 12:00 PM ET Company Participants Ryan Burke - VP, IRJoe Russell - President and CEOTom Boyle - CFORonald Kamdem - Managing Director & Head of US REITs and CRE ResearchSalil Mehta - Equity Research AssociateMichael Griffin - DirectorJuan Sanabria - Managing DirectorEric Wolfe - DirectorCaitlin Burrows - Vice PresidentKi Bin Kim - Managing DirectorJeffrey Spector - Managing DirectorOmotayo Okusanya - Managing Director Conference Call Participants None - ...

Core Insights - Public Storage (PSA) reported revenue of $1.18 billion for Q1 2025, a 2.2% year-over-year increase, with an EPS of $4.12 compared to $2.60 a year ago, indicating strong financial performance [1] - The revenue exceeded the Zacks Consensus Estimate by 1.01%, while the EPS also surpassed expectations by 1.48% [1] Financial Performance Metrics - Square Foot Occupancy was reported at 91.5%, slightly above the three-analyst average estimate of 91% [4] - Rent per Occupied Square Foot was $22.58 million, marginally below the two-analyst average estimate of $22.61 million [4] - Revenue from self-storage facilities reached $1.10 billion, exceeding the $1.09 billion average estimate from five analysts, reflecting a year-over-year increase of 1.6% [4] - Revenue from ancillary operations was $80.19 million, surpassing the four-analyst average estimate of $78.36 million, with a year-over-year change of 12.7% [4] - Net Earnings Per Share (Diluted) was reported at $2.04, below the six-analyst average estimate of $2.41 [4] Stock Performance - Public Storage shares have returned -2% over the past month, compared to a -0.2% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 4 (Sell), suggesting potential underperformance relative to the broader market in the near term [3]

分组1 - Public Storage reported quarterly funds from operations (FFO) of $4.12 per share, exceeding the Zacks Consensus Estimate of $4.06 per share, and showing an increase from $4.03 per share a year ago, resulting in an FFO surprise of 1.48% [1] - The company achieved revenues of $1.18 billion for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 1.01%, compared to $1.16 billion in the same quarter last year [2] - Public Storage has outperformed the market with a 2.2% loss since the beginning of the year, compared to the S&P 500's decline of 5.5% [3] 分组2 - The current consensus FFO estimate for the upcoming quarter is $4.22 on revenues of $1.19 billion, and for the current fiscal year, it is $16.79 on revenues of $4.78 billion [7] - The Zacks Industry Rank for REIT and Equity Trust - Other is in the bottom 36% of over 250 Zacks industries, indicating potential challenges for the sector [8] - Public Storage's estimate revisions trend is currently unfavorable, resulting in a Zacks Rank 4 (Sell) for the stock, suggesting it may underperform the market in the near future [6]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Exact name of registrant as specified in its charter) | Maryland | 93-2834996 | | --- | --- | | (State or other jurisdiction of | (I.R.S. Employer Identification Number) | | incorporation or organization) | | | 701 Western Avenue, Glendale, California | 91201-2349 | | (Address of principal executive offices) | (Zip Code) | Registrant's telephone number, including area code: (818) 244-8080. Former name, former address and form ...

| For Release | Immediately | | --- | --- | | Date | April 30, 2025 | | Contact | Ryan Burke | | | (818) 244-8080, Ext. 1141 | Public Storage Reports Results for the Three Months Ended March 31, 2025 GLENDALE, California – Public Storage (NYSE:PSA) announced today operating results for the three months ended March 31, 2025. "Public Storage's first quarter performance was in-line with our expectations and reflected broad operational stabilization across the portfolio," said Joe Russell, President and Chief E ...

Wall Street analysts expect Public Storage (PSA) to post quarterly earnings of $4.07 per share in its upcoming report, which indicates a year-over-year increase of 1%. Revenues are expected to be $1.17 billion, up 1.5% from the year-ago quarter.Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted downward by 0.4% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.Prior to a company's earnings a ...

Core Viewpoint - Public Storage (PSA) is expected to report an increase in revenues and core funds from operations (FFO) per share for the first quarter of 2025, with results to be released on April 30, after market close [1]. Financial Performance - In the last reported quarter, PSA had a core FFO per share of $4.21, which was below the Zacks Consensus Estimate of $4.23, attributed to lower same-store revenues and move-in rental rates due to decreased occupancy [2]. - Over the past four quarters, PSA has surpassed the Zacks Consensus Estimate once and missed in the other three instances, with an average miss of 0.48% [3]. Factors Influencing Upcoming Results - PSA is likely to benefit from its strong presence in major metropolitan markets, established brand, and technological advantages, maintaining a solid financial position with one of the strongest balance sheets in the industry [4]. - The self-storage industry faced softer demand and lower operating trends in 2024, with occupancy expected to remain under pressure in the first quarter [5]. Revenue Projections - The Zacks Consensus Estimate for first-quarter revenues from self-storage facilities is $1.092 billion, indicating a slight increase from $1.086 billion in the previous year [6]. - The consensus for quarterly revenues from ancillary operations is projected at $78.36 million, up from $71.18 million year-over-year [6]. - Overall, the Zacks Consensus Estimate for quarterly revenues stands at $1.17 billion, reflecting a 1.5% year-over-year increase [6]. Expense and Income Expectations - A 0.3% year-over-year increase in same-store facilities revenues is estimated, while same-store facilities expenses are expected to rise by 3.3%, leading to a 0.8% decline in same-store facilities net operating income [7]. - Interest expenses are anticipated to see a marginal year-over-year increase in the first quarter [7]. Analyst Sentiment - The Zacks Consensus Estimate for first-quarter core FFO per share has been revised down by two cents to $4.07, although it still represents a nearly 1% year-over-year increase [8]. - PSA currently holds a Zacks Rank of 3 and an Earnings ESP of +0.49%, indicating a potential surprise in FFO per share for the upcoming quarter [9][10].