On July 30, Public Storage fell 3.69% in regular trading, trading at $312.595/share, with turnover of $83.28 million. The decline was triggered by the company's second-quarter earnings report, in which core FFO of $4.17 per diluted share missed analyst expectations of approximately $4.24-$4.25, representing a 2.57% year-over-year decline.
Revenue for the quarter ended June 30 came in at $1.233 billion, up 2.5% year-over-year and largely in line with consensus estimates. The company raised its full-year core FFO guidance to $16.75-$17.05 per share from the prior range of $16.35-$17.00, compared to the FactSet estimate of $16.94. Despite the improved outlook, the Q2 FFO shortfall raised concerns about near-term earnings pressure, particularly as the company completed its $10.5 billion acquisition of National Storage Affiliates Trust on July 23. Integration-related expenses from the deal are expected to weigh on short-term profitability.
Within the Self-Storage REITs sector, peers also declined broadly: Extra Space Storage down 2.2%, CubeSmart down 2.55%, Smartstop Self Storage REIT down 3.26%, and Global Self Storage down 0.39%.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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