Public Storage

NYSE:PSAUnited States

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• DJ Public Storage to Keep Expanding Reach Amid Flat Rental Income -- Market Talk, from 1 hour ago by Dow Jones

  1 hour ago by Dow Jones
  Companies Mentioned: PSA
  
  1850 ET - Public Storage is encouraged despite reporting flat rental income in the March quarter, and it's working on opening more facilities. The company's seeing positive trends in customer behavior and waning deliveries of competitive new supply across the country, CEO Joe Russell says. Public Storage opened one newly developed facility and completed various expansion projects during 1Q. As of March 31, the company also had various facilities in development set to cost $432.9 million and various expansion projects to cost $350.1 million. (sabela.ojea@wsj.com; @sabelaojeaguix)
  

• Public Storage Q1 Core FFO Drops, Revenue Rises; 2024 Core FFO Guidance Maintained -- Shares Up After Hours, from 3 hours ago by MT Newswires

  3 hours ago by MT Newswires
  Companies Mentioned: PSA
  04:59 PM EDT, 04/30/2024 (MT Newswires) -- Public Storage (PSA) reported Q1 core funds from operations late Tuesday of $4.03 per diluted share, down from $4.08 a year earlier. Analysts polled by Capital IQ expected an adjusted FFO of $3.54. Revenue...

• Public Storage Reports Results for the Three Months Ended March 31, 2024, from 4 hours ago by Business Wire

  4 hours ago by Business Wire
  Companies Mentioned: PSA

  Public Storage (NYSE:PSA) announced today operating results for the three months ended March 31, 2024.

  "With first quarter performance in-line with our expectations, the Public Storage team is encouraged as we approach the busy season," said Joe Russell, President and Chief Executive Officer. "Our view is supported by positive trends in customer behavior and waning deliveries of competitive new supply across the country. The Public Storage team continues to deploy the powerful combination and competitive advantages tied to our brand, platform, and balance sheet. As a result, we are driving stabilizing trends in our portfolio, including re-accelerating revenue growth month-over-month in an increasing number of our markets."

• Public Storage Reports Results for the Three Months Ended March 31, 2024, from 4 hours ago by Dow Jones

  4 hours ago by Dow Jones
  Companies Mentioned: PSA
  Newly developed and expanded facilities 18,249 15,571 Other non-same store facilities 22,210 22,499 ------------ ----------- Self-storage cost of operations 297,414 268,615 Self-storage NOI for: Same Store Facilities 677,412 687,721 Acquired facilities 37,171 6,228 Newly developed and expanded facilities 34,617 33,064 Other non-same store facilities 39,431 36,556 ------------ ----------- Self-storage NOI (a) 788,631 763,569 Ancillary revenues 71,175 62,048 Ancillary cost of operations (27,069) (19,676) Depreciation and amortization (285,203) (221,650) Real estate acquisition and development expense (3,717) (5,481) General and administrative expense (21,336) (16,958) Interest and other income 13,966 18,634 Interest expense (67,778) (36,101) Equity in earnings of unconsolidated real estate entities 6,090 5,995 Gain on sale of real estate 874 -- Foreign currency exchange gain (loss) 37,543 (26,860) Income tax expense (1,479) (3,105) ------------ ----------- Net income on our income statement $ 511,697 $ 520,415 ============ =========== (a) Net operating income or "NOI" is a non-GAAP financial measure that excludes the impact of depreciation and amortization expense, which is based upon historical costs and assumes that building values diminish ratably over time, while we believe that real estate values fluctuate due to market conditions. We utilize NOI in determining current property values, evaluating property performance, and evaluating operating trends. We believe that investors and analysts utilize NOI in a similar manner. NOI is not a substitute for net income, operating cash flow, or other related GAAP financial measures, in evaluating our operating results. This table reconciles from NOI for our self-storage facilities to the net income presented on our income statement.
  

• *DJ Public Storage 1Q FFO $4.24/Shr >PSA, from 4 hours ago by Dow Jones

  4 hours ago by Dow Jones
  Companies Mentioned: PSA