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Public Storage Increases Full-Year FFO Guidance as It Reports a Strong Set of Numbers in Q2

Suryansh Sharma Equity Analyst

Analyst Note

| Suryansh Sharma |

No-moat-rated Public Storage reported a strong set of numbers in the second quarter. The firm reported core funds from operations, or FFO, of $3.99 per share, 27% higher than the $3.15 in FFO during the second quarter of 2021. The company also increased its full-year 2022 FFO guidance to $15.00-15.70 per share from $14.75-15.65 per share. After adjusting for the corresponding $0.22 per share impact from the sale of PS business parks, the updated guidance represented an increase of around 2.4% at the midpoint. We are maintaining our $326 fair value estimate for the company after incorporating the second-quarter results and the impact of PS business park divestment.

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Key Statistics PSA

Company Profile PSA

Business Description

Public Storage is the largest owner of self-storage facilities in the U.S. with more than 2,800 self-storage facilities in 39 states and approximately 200 million square feet of rentable space. Through equity interests, it also has exposure to the European self-storage market through Shurgard Self Storage and to an additional 28 million net rentable square feet of industrial space in the United States through PS Business Parks.

701 Western Avenue
Glendale, CA, 91201-2349
T +1 818 244-8080
Industry REIT - Industrial
Most Recent Earnings Jun 30, 2022
Fiscal Year End Dec 31, 2022
Stock Type Hard Assets
Employees 5,800

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