Public Storage

Latest Results (17.12.2024):

Net Income

For the third quarter of 2024, Public Storage reported net income allocable to common shareholders of $380.7 million, or $2.16 per diluted share. This represents a decrease from the $563.2 million, or $3.20 per diluted share, reported in the same quarter of 2023. The decline was primarily due to increased foreign currency losses, depreciation and amortization expenses, and interest expenses, partially offset by an increase in self-storage net operating income.

Core FFO

Public Storage's Core Funds from Operations (Core FFO) for the third quarter of 2024 was $4.20 per diluted share. This measure excludes the impact of foreign currency exchange losses and other non-cash or nonrecurring items. Core FFO is a key performance metric for REITs, providing insight into the company's ongoing operating performance.

Same Store Performance

During the third quarter of 2024, Public Storage's Same Store facilities experienced a 1.3% decrease in revenues, primarily due to lower realized annual rent per occupied square foot and a decline in occupancy. The cost of operations for these facilities increased by 2.6%, driven by higher direct property costs, repairs, maintenance, and marketing expenses.

Non-Same Store Facilities

Public Storage's Non-Same Store facilities contributed to a $29.8 million increase in net operating income for the third quarter of 2024. This growth was largely attributed to the impact of facilities acquired in 2023, highlighting the company's strategic expansion efforts in the self-storage market.

Development and Acquisitions

In the third quarter of 2024, Public Storage acquired three self-storage facilities totaling 0.2 million net rentable square feet for $24.3 million. Additionally, the company opened a newly developed facility and completed expansion projects, adding 0.5 million net rentable square feet at a cost of $142.6 million. These efforts are part of a broader strategy to enhance the company's portfolio and drive future growth.