Public Storage Q4 2024 Earnings Report
Key Takeaways
Public Storage reported net income of $564.4 million, with revenue reaching $1.18 billion. Core FFO per share stood at $4.21. The company expanded its portfolio with acquisitions and developments, while the overall same-store revenue showed a slight decline due to occupancy challenges.
Net income increased to $564.4 million, up from $389.7 million in Q4 2023.
Revenue reached $1.18 billion, with self-storage contributing $1.1 billion.
Core FFO per share stood at $4.21, reflecting stable financial performance.
Acquired 17 self-storage facilities, adding 1.3 million net rentable square feet.
Public Storage Revenue
Public Storage EPS
Public Storage Revenue by Segment
Public Storage Revenue by Geographic Location
Forward Guidance
Public Storage expects stable financial performance in 2025, with slight revenue growth but continued operational challenges in certain regions.
Positive Outlook
- Projected revenue growth between -1.3% and 0.8% for Same Store Facilities.
- Expansion continues with additional facilities under development.
- Strong balance sheet supports future acquisitions and investments.
- Ancillary net operating income expected to grow up to $203 million.
- Continued optimization efforts expected to enhance operational efficiency.
Challenges Ahead
- Same Store revenue growth could be negatively impacted by pricing restrictions in Los Angeles County.
- Net operating income growth may decline slightly due to increased costs.
- Higher interest expenses anticipated for 2025.
- Increased property tax and operational expenses could pressure margins.
- Uncertainty around macroeconomic conditions may impact demand.
Revenue & Expenses
Visualization of income flow from segment revenue to net income