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Mar 31, 2024
Public Storage Q1 2024 Earnings Report
Public Storage's financial performance remained relatively stable with a slight decrease in net income, while same-store revenues experienced minimal growth and operating expenses increased.
Key Takeaways
Public Storage reported first quarter results with net income allocable to common shareholders of $2.60 per diluted share and core FFO of $4.03 per diluted share. The company saw a slight decrease in net income compared to the same period last year, driven by increased depreciation, amortization, and interest expenses, offset by gains in foreign currency exchange and self-storage net operating income. Same-store revenues increased slightly, but were offset by higher operating costs.
Net income allocable to common shareholders was reported at $2.60 per diluted share.
Core FFO allocable to common shareholders reached $4.03 per diluted share.
Same-store direct net operating income margin was 77.2%.
One new facility was opened and expansion projects were completed, adding 0.3 million net rentable square feet at a cost of $35.0 million.
Public Storage
Public Storage
Public Storage Revenue by Segment
Public Storage Revenue by Geographic Location
Revenue by Segment
Self Storage Revenue
CapyFin.comAncillary Operations Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.com Forward Guidance
Public Storage provided guidance for the year ending December 31, 2024, expecting Core FFO per share between $16.60 and $17.20. They also anticipate same-store revenue growth between -1.0% and 1.0%, expense growth between 2.0% and 3.5%, and net operating income growth between -2.4% and 0.7%.
Positive Outlook
- Same Store Revenue growth between -1.0% and 1.0%.
- Non-Same Store net operating income between $495 million and $515 million.
- Ancillary net operating income between $183 million and $186 million.
- Acquisitions of $500 million.
- Development openings of $450 million.
Challenges Ahead
- Same Store Net Operating Income growth between -2.4% and 0.7%.
- Core FFO per share growth from 2023 Core FFO per share between -1.7% and 1.8%.
- General and administrative expense between $84 million and $90 million.
- Interest expense of $289 million.
- Preferred dividends of $195 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income