Public Storage Q1 core FFO fall short as expenses drive up

seekingalpha05-01

$Public Storage(PSA-N)$ (NYSE:PSA) posted on Tuesday Q1 core funds from operations that missed Wall Street expectations as expenses climbed and same-store direct net operating income margin drifted ...

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Expenses totaled $702.5M, up from $614.7M in Q4 2023 and $568.5M in Q1 2023. “With first quarter performance in-line with our expectations, the Public Storage team is encouraged as we approach the busy season,” said President and CEO Joe Russell. “Our view is supported by positive trends in customer behavior and waning deliveries of competitive new supply across the country.\" The self-storage REIT saw its same-store direct NOI margin retreat to 77.2% from 79.7% in Q4 2023. During the quarter, Public Storage (PSA) opened one newly developed facility and completed various expansion projects, which together added 0.3M net rentable square feet at a cost of $35.0M. 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