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Investing.com -- Public Storage (NYSE:PSA) reported first quarter earnings and revenue that fell short of analyst expectations, sending shares down 2.5% in after-hours trading.
The self-storage real estate investment trust posted adjusted earnings per share of $2.04 for Q1 2025, missing the consensus estimate of $2.42. Revenue came in at $934.54 million, below analysts’ projections of $1.18 billion.
Same-store revenue edged up just 0.1% YoY to $934.5 million, as higher realized annual rent per occupied square foot was largely offset by a decline in occupancy. Same-store net operating income was flat at $691.5 million compared to the year-ago quarter.
"Public Storage’s first quarter performance was in-line with our expectations and reflected broad operational stabilization across the portfolio," said CEO Joe Russell in a statement.
The company acquired nine self-storage facilities for $141 million during the quarter. It also opened three newly developed facilities and completed expansion projects, adding 0.7 million net rentable square feet at a cost of $144.4 million.
For full-year 2025, Public Storage expects same-store revenue growth between -1.3% and 0.8%, with net operating income growth ranging from -2.9% to 0.2%. The company forecasts Core FFO per share of $16.35 to $17.00 for the year.
Public Storage shares are down 2.5% following the earnings release, as investors react to the revenue and earnings misses compared to Wall Street estimates.
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