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Sep 30, 2023
Public Storage Q3 2023 Earnings Report
Public Storage's Q3 2023 earnings reflect higher move-in volumes, improved occupancy, and better-than-expected NOI growth.
Key Takeaways
Public Storage reported net income allocable to common shareholders of $3.20 per diluted share and core FFO of $4.33 per diluted share for the three months ended September 30, 2023. The company's industry-leading platform drove higher move-in volumes, improved occupancy, and better-than-expected NOI growth.
Net income allocable to common shareholders was $3.20 per diluted share.
Core FFO was $4.33 per diluted share, a 4.8% increase year-over-year.
Same Store direct net operating income increased by 1.9%, driven by a 2.5% increase in Same Store revenues.
The company closed the Simply Self Storage portfolio acquisition for $2.2 billion.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Public Storage provided guidance for the year ending December 31, 2023, with Core FFO per share expected to be between $16.60 and $16.85.
Positive Outlook
- Same Store revenue growth between 4.00% and 4.75%.
- Non-Same Store net operating income between $555 million and $565 million.
- Ancillary net operating income between $169 million and $172 million.
- Core FFO per share growth from 2022 Core FFO per share between 4.3% and 5.8%.
- Incremental Non-Same Store NOI to stabilization (2024 and beyond) of $190 million.
Challenges Ahead
- Expense growth between 5.00% and 6.50%.
- General and administrative expense between $100 million and $106 million.
- Interest expense of $200 million.
- Preferred dividends of $195 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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