Loading...
•
Jun 30, 2021
Public Storage Q2 2021 Earnings Report
Reported strong financial results driven by increased net operating income and strategic acquisitions.
Key Takeaways
Public Storage reported net income allocable to common shareholders of $346.2 million, or $1.97 per diluted share, for the three months ended June 30, 2021. Core FFO was $3.15 per diluted share, a 28.0% increase year-over-year. The company acquired 84 self-storage facilities for $2.3 billion and continued to expand its development pipeline.
Net income allocable to common shareholders was $1.97 per diluted share.
Core FFO allocable to common shareholders increased by 28.0% to $3.15 per diluted share.
Same Store direct net operating income increased by 20.8% due to revenue growth and cost reduction.
Acquired 84 self-storage facilities with 7.0 million net rentable square feet for $2.3 billion.
Public Storage
Public Storage
Public Storage Revenue by Segment
Public Storage Revenue by Geographic Location
Revenue by Segment
Ancillary Operations Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.com Forward Guidance
The Company provided guidance for the year ending December 31, 2021, with Core FFO per share estimated between $11.90 and $12.30.
Positive Outlook
- Same Store Revenue growth between 7.00% and 8.50%.
- Expense growth between 0.00% and 1.00%.
- Net operating income growth between 9.40% and 11.90%.
- Acquisitions of $3,100,000.
- Development openings of $215,000.
Challenges Ahead
- General and administrative expense between $96,000 and $99,000.
- Interest expense between $94,000 and $96,000.
- Preferred dividends of $182,000.
- Capital expenditures between $250,000 and $300,000.
- Forward-looking Core FFO per share measures exclude estimates for the impact of foreign currency exchange gains and losses.