Public Storage (PSA) Q1 FFO Misses Estimates, Occupancy Falls [Yahoo! Finance]
Public Storage (PSA)
Last public storage earnings: 4/30 04:00 pm
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Source: Yahoo! Finance
While this self-storage REIT came up with a better-than-anticipated top line, aided by an improvement in the realized annual rent per occupied square foot in the reported quarter, a rise in property tax expenses and marketing expenses, as well as higher interest expenses, acted as spoilsports. Quarterly revenues of $1.16 billion exceeded the Zacks Consensus Estimate by 0.4%. Moreover, revenues increased 5.8% year over year. Behind the Headlines Public Storage's same-store revenues rose marginally year over year to $913.1 million in the first quarter, highlighting higher realized annual rent per occupied square foot, partly offset by a decline in occupancy. This storage REIT witnessed a 0.8% increase in realized annual rental income per occupied square foot to $22.53. However, the weighted average square foot occupancy of 92.1% was down 0.8% year over year. Our estimate was 92.2%. The cost of operations for same-store facilities increased 4.8% year over year, mainly due to a r
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PSA
Earnings
- 4/30/24 - Beat
PSA
Sec Filings
- 5/9/24 - Form 4
- 5/9/24 - Form 4
- 5/9/24 - Form 4
- PSA's page on the SEC website