Public Storage (PSA) reported earnings 30 days ago. What's next for the stock?
Public Storage's preferred equity offers a well-covered 6.1% yield, making it attractive for income-focused investors given the low payout ratio versus FFO. The REIT's preferred dividends are well-covered, needing only 6.3% of Core FFO, with a substantial common equity cushion of over $5 billion. Series F preferred shares, trading at $20.99, offer a 6.13% yield with potential for capital gains if interest rates decrease.
Public Storage (NYSE:PSA ) Q1 2025 Results Conference Call May 1, 2025 12:00 PM ET Company Participants Ryan Burke - Vice President, Investor Relations and Strategic Partnerships Joe Russell - President and Chief Executive Officer Tom Boyle - Chief Financial Officer Conference Call Participants Daniel Tricarico - Scotiabank Ron Kamdem - Morgan Stanley Todd Thomas - KeyBanc Capital Markets Salil Mehta - Green Street Michael Goldsmith - UBS Michael Griffin - Evercore Juan Sanabria - BMO Capital Markets Eric Wolfe - Citi Caitlin Burrows - Goldman Sachs Ravi Vaidya - Mizuho Ki Bin Kim - Truist Securities Jeff Spector - Bank of America Eric Luebchow - Wells Fargo Tayo Okusanya - Deutsche Bank Mike Mueller - JPMorgan Operator Greetings and welcome to Public Storage First Quarter 2025 Earnings Call At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation.
Public Storage's Q1 results reflect higher realized annual rent per occupied square foot, offset by a decline in occupancy.
Although the revenue and EPS for Public Storage (PSA) give a sense of how its business performed in the quarter ended March 2025, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.
Public Storage (PSA) came out with quarterly funds from operations (FFO) of $4.12 per share, beating the Zacks Consensus Estimate of $4.06 per share. This compares to FFO of $4.03 per share a year ago.
Beyond analysts' top -and-bottom-line estimates for Public Storage (PSA), evaluate projections for some of its key metrics to gain a better insight into how the business might have performed for the quarter ended March 2025.
PSA's Q1 results are likely to reflect gains from high brand value, solid presence in key cities and expansion efforts, though choppiness in demand is a key concern.
PSA's plan for international expansion appears strategically aligned, as Australia and New Zealand offer an established, fast-growing self-storage market.
Public Storage (PSA) reported earnings 30 days ago. What's next for the stock?
Public Storage is the world's largest self-storage REIT, with a rising dividend and opportunity for capital appreciation. Q4 2024 results showed good performance but highlighted challenges in revenue growth post-Covid, making PSA expensive compared to peers. Despite the current premium valuation, the Company's proven business model and consistent dividend growth make it a viable long-term hold for income and capital appreciation.
PSA's Q4 results reflect lower same-store revenues on the back of lower occupancy, partially offset by higher realized annual rent per occupied square foot.