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Dec 31, 2022
Public Storage Q4 2022 Earnings Report
Public Storage reported Q4 2022 earnings, achieving record financial results driven by its industry-leading platform.
Key Takeaways
Public Storage reported strong Q4 2022 results, with core FFO per diluted share increasing by 17.5% and same-store direct net operating income rising by 15.0%. The company's strategic focus on digital transformation, operating model enhancements, and a strong balance sheet positions it for continued growth and value creation.
Net income allocable to common shareholders was $2.06 per diluted share.
Core FFO allocable to common shareholders increased 17.5% to $4.16 per diluted share.
Same Store direct net operating income increased by 15.0%, driven by a 13.0% increase in Same Store revenues.
Acquired 30 self-storage facilities with 1.6 million net rentable square feet for $228.6 million.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Public Storage provided guidance for the year ending December 31, 2023, with expectations for Same Store revenue growth between 2.50% and 5.00% and Core FFO per share between $16.10 and $16.80.
Positive Outlook
- Same Store revenue growth is expected to be between 2.50% and 5.00%.
- Non-Same Store net operating income is projected to be between $510 million and $530 million.
- Ancillary net operating income is anticipated to be between $169 million and $174 million.
- Development openings are planned for $375 million.
- Core FFO per share is expected to grow between 1.1% and 5.5% from 2022 Core FFO per share.
Challenges Ahead
- Expense growth is projected to be between 4.75% and 6.75%.
- Capital expenditures are estimated at $450 million.
- Interest expense is expected to be $177 million.
- Preferred dividends are projected to be $195 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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