Public Storage (PSA) came out with quarterly funds from operations (FFO) of $4.20 per share, missing the Zacks Consensus Estimate of $4.25 per share. This compares to FFO of $4.33 per share a year ago.
Besides Wall Street's top -and-bottom-line estimates for Public Storage (PSA), review projections for some of its key metrics to gain a deeper understanding of how the company might have fared during the quarter ended September 2024.
PSA's Q3 results are likely to reflect gains from high brand value and solid presence in key cities, though low demand and high interest expenses remain concerns.
PSA is poised to gain from high brand value, strategic acquisitions and a robust presence in key cities, though soft demand and development boom are concerns.
In March 2024, I published a bullish piece on Public Storage as it had robust fundamentals and a historically depressed valuation in place. Since then, PSA has generated total returns of 25%. In the meantime, the organic earnings growth rate has still been negative.
Public Storage recently repurchased $200 million of its stock. The buyback reflected the REIT's confidence in its growth prospects.
Public Storage (NYSE:PSA ) Q2 2024 Earnings Conference Call July 31, 2024 12:00 PM ET Company Participants Ryan Burke - VP, IR and Strategic Partnerships Joe Russell - President and CEO Tom Boyle - CFO Conference Call Participants Steve Sakwa - Evercore ISI Juan Sanabria - BMO Capital Markets Nick Yulico - Scotiabank Jeff Spector - Bank of America Ronald Kamdem - Morgan Stanley Michael Goldsmith - UBS Nick Joseph - Citi Keegan Carl - Wolfe Research Todd Thomas - KeyBanc Capital Markets Ki Bin Kim - Truist Securities Eric Luebchow - Wells Fargo Jonathan Hughes - Raymond James Mike Mueller - JPMorgan Spenser Allaway - Green Street Advisors Operator Greetings and welcome to Public Storage Second Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode.
Public Storage's (PSA) Q2 results reflect lower realized annual rent per occupied square foot and a decline in occupancy.
While the top- and bottom-line numbers for Public Storage (PSA) give a sense of how the business performed in the quarter ended June 2024, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.
Public Storage (PSA) came out with quarterly funds from operations (FFO) of $4.23 per share, beating the Zacks Consensus Estimate of $4.20 per share. This compares to FFO of $4.28 per share a year ago.
Public Storage's (PSA) Q2 results are likely to reflect gains from high brand value and solid presence in key cities, though softening in demand and high interest expenses remain concerns.
Looking beyond Wall Street's top -and-bottom-line estimate forecasts for Public Storage (PSA), delve into some of its key metrics to gain a deeper insight into the company's potential performance for the quarter ended June 2024.