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Mar 31, 2022
Public Storage Q1 2022 Earnings Report
Public Storage's operating strength was pronounced with revenue growth accelerating during the first quarter.
Key Takeaways
Public Storage reported a strong first quarter in 2022, with a significant increase in net income and core FFO per share, driven by growth in same-store and non-same-store facilities and equity share of gains from PS Business Parks, Inc.
Net income allocable to common shareholders was $2.63 per diluted share.
Core FFO allocable to common shareholders increased by 29.4% to $3.65 per diluted share.
Same Store direct net operating income increased by 19.3%, driven by a 15.8% increase in Same Store revenues.
The company acquired ten self-storage facilities with 0.8 million net rentable square feet for $127.7 million.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Public Storage provided guidance for the year ending December 31, 2022, excluding the impact of the potential sale of its investment in PSB. The company anticipates same-store revenue growth between 12.00% and 15.00%, same-store expense growth between 6.00% and 8.00%, and same-store net operating income growth between 13.40% and 18.00%. Core FFO per share is projected to be between $14.75 and $15.65.
Positive Outlook
- Same Store Revenue growth between 12.00% and 15.00%.
- Non-Same Store net operating income between $430,000 and $470,000.
- Ancillary net operating income between $150,000 and $155,000.
- Development openings of $250,000.
- Acquisitions of $1,000,000.
Challenges Ahead
- Expense growth between 6.00% and 8.00%.
- General and administrative expense between $105,000 and $111,000.
- Interest expense between $152,000 and $160,000.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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