Public StorageNYSE: PSA

Public Storage's results for the third quarter show a decrease in the annual rent earned per occupied square foot and a drop in occupancy rates.

While the revenue and earnings per share (EPS) for Public Storage (PSA) provide insight into its performance for the quarter ending September 2024, it could be helpful to look at how these important figures stack up against Wall Street predictions and last year's results.

Public Storage (PSA) reported quarterly funds from operations (FFO) of $4.20 per share, which is lower than the Zacks Consensus Estimate of $4.25 per share. This is also a decrease from last year's FFO of $4.33 per share.

In addition to Wall Street's predictions for Public Storage's (PSA) earnings, take a look at forecasts for some important metrics to better understand how the company performed in the quarter that ended in September 2024.

PSA's results for the third quarter are expected to show benefits from strong brand value and a good presence in important cities. However, there are still worries about low demand and high interest costs.

GLENDALE, Calif.--(BUSINESS WIRE)--Public Storage (NYSE:PSA; the “Company”) has announced that Chris Sambar is now the Chief Operating Officer. He has a wealth of leadership experience, having most recently been the President of AT&T Communications, where he managed around 27,000 employees in network operations. Before this, he held several leadership roles in sales, operations, and corporate strategy at AT&T.

PSA is set to benefit from its strong brand reputation, smart acquisitions, and a solid presence in important cities. However, there are worries about low demand and a surge in development.

In March 2024, I wrote a positive article about Public Storage because it had strong fundamentals and a low valuation compared to its history. Since then, PSA has achieved total returns of 25%. However, the growth rate of its earnings has remained negative during this time.

Public Storage has recently bought back $200 million of its own shares. This stock repurchase shows that the REIT is optimistic about its future growth.