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Mar 31, 2023
Public Storage Q1 2023 Earnings Report
Public Storage reported a robust first quarter with increased move-in volumes, same store NOI, and non-same store acquisition and development NOI.
Key Takeaways
Public Storage's first quarter was strong, marked by a nearly 13% increase in move-in volumes, over 11% growth in same-store NOI, and almost 30% rise in non-same store acquisition and development NOI. The company is focused on operations, digital evolution, operating model transformation, and portfolio growth, positioning it to deliver growth and value.
Net income allocable to common shareholders was $2.65 per diluted share.
Core FFO allocable to common shareholders increased by 11.8% to $4.08 per diluted share compared to the same period in 2022.
Same Store direct net operating income increased by 10.2%, driven by a 9.8% increase in Same Store revenues.
Five self-storage facilities were acquired for $46.8 million, with 0.3 million net rentable square feet.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Public Storage provided guidance for the year ending December 31, 2023, including revenue growth, expense growth, net operating income growth, acquisitions, development openings, non-same store net operating income, ancillary net operating income, general and administrative expense, interest expense, preferred dividends, capital expenditures, and core FFO per share.
Positive Outlook
- Same Store Revenue growth between 2.75% - 5.00%
- Same Store Net Operating Income growth between 1.50% - 5.10%
- Acquisitions of $750,000,000
- Development openings of $375,000,000
- Non-Same Store net operating income between $510,000,000 - $530,000,000
Challenges Ahead
- Same Store Expense growth between 4.75% - 6.75%
- General and administrative expense between $100,000,000 - $106,000,000
- Interest expense of $177,000,000
Historical Earnings Impact
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Avg. Return Before/After Earnings
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