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Public Storage (NYSE:PSA) on Wednesday reported Q1 FFO above Street estimates, and slightly narrowed its 2023 guidance ranges for FFO and revenue.
The self-storage company now expects 2023 core FFO per share of $16.15-$16.80 vs. prior outlook of $16.10-$16.80 and $16.74 consensus.
Same store revenue growth is projected to be 2.75%-5% vs. prior forecast of 2.50%-5%. Same store net operating income is estimated to grow 1.50%-5.10% vs. earlier guidance of 1.20%-5.10%.
Public Storage (PSA) reported Q1 FFO per share of $4.08 vs. $3.65 in Q1 2022. Revenue increased 9.8% Y/Y to $848.7M, driven by higher realized annual rent per occupied square foot. Annual contract rent per occupied sq. ft. increased 10.8% Y/Y to $22.94.
“Public Storage’s (PSA) Q1 was robust, with move-in volumes up nearly 13%, same store NOI up more than 11%, and non-same store acquisition and development NOI up nearly 30%,” said CEO Joe Russell.
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