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PSA · Public Storage

50 filings

10-Q

PSA 10-Q Quarterly Reports

Public Storage - 50 quarterly reports

Filing record · 2016–202610-K1110-Q328-K159

PSA filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 159 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Apr ’17Apr ’17
  2. Leadership change8-K · Jul ’19Jul ’19
  3. Material agreement8-K · Nov ’21Nov ’21
  4. Material agreement8-K · Oct ’25Oct ’25
  1. 2026-Q2

    Public Storage Quarterly Report for Q2 Ended Jun 30, 2026

    Public Storage (PSA) reported its second quarter and first half 2026 financial results, showcasing a notable increase in net income, driven significantly by foreign currency exchange gains and improved earnings from its equity investment in Shurgard. Total revenues saw a modest increase, with self-storage revenues up 1.9% year-over-year for the quarter, though Same Store Facilities revenue experienced a slight decline due to lower realized rent per occupied square foot. However, the company demonstrated strong growth in its Acquired and Developed/Expanded Facilities, indicating successful integration and lease-up of newer properties. A significant event for investors is the successful closing of the merger with National Storage Affiliates Trust (NSA) on July 22, 2026, which is expected to create a much larger, diversified portfolio. The company also announced an agreement to acquire PS Canada, further expanding its international presence. Financially, Public Storage maintained a strong liquidity position, with a substantial credit facility and no outstanding borrowings as of June 30, 2026. The company's commitment to shareholder returns is evident through consistent dividend payments. While Same Store Facilities revenue faced some pressure, the overall financial health, strategic acquisitions, and the transformative NSA merger position Public Storage for future growth and value creation. Investors should monitor the integration of NSA and the PS Canada acquisition closely, as well as the ongoing performance of the Same Store portfolio.

    Jul 29, 2026
  2. 2026-Q1

    Public Storage Quarterly Report for Q1 Ended Mar 31, 2026

    Public Storage (PSA) reported a solid first quarter for 2026, with net income allocable to common shareholders increasing by 33.1% to $476.8 million, or $2.71 per diluted share, compared to the same period in 2025. This growth was primarily driven by a significant foreign currency gain, largely from its Euro-denominated debt, and an increase in self-storage net operating income (NOI). The company continues to expand its portfolio through acquisitions and development, adding 286 facilities with 22.9 million net rentable square feet for $4.3 billion since the beginning of 2024. A significant development is the announced merger agreement to acquire National Storage Affiliates Trust (NSA), a transaction expected to close in the third quarter of 2026, subject to shareholder approval and other customary conditions. This strategic move aims to significantly expand PSA's footprint and market share.

    Apr 27, 2026
  3. 2025-Q3

    Public Storage Quarterly Report for Q3 Ended Sep 30, 2025

    Public Storage (PSA) reported its financial results for the third quarter and the first nine months of fiscal year 2025. For the third quarter, net income allocable to common shareholders increased by 21.2% to $461.4 million, or $2.62 per diluted share, compared to the same period in 2024. This growth was primarily driven by a significant foreign currency gain and an increase in self-storage Net Operating Income (NOI). For the nine-month period, net income allocable to common shareholders decreased by 13.7% to $1.1 billion, or $6.42 per diluted share. This decrease was largely attributed to substantial foreign currency exchange losses, partially offset by an increase in self-storage NOI. The company continues to execute its growth strategy through acquisitions and development. During the first nine months of 2025, PSA acquired 74 self-storage facilities for $814.6 million. Furthermore, the company is progressing with its solar energy initiative and a corporate transformation program aimed at improving efficiency. Liquidity remains strong, supported by substantial cash on hand, operating cash flow, and an undrawn credit facility, providing ample resources to fund ongoing operations, capital expenditures, and shareholder distributions.

    Oct 29, 2025
  4. 2025-Q2

    Public Storage Quarterly Report for Q2 Ended Jun 30, 2025

    Public Storage (PSA) reported its financial results for the quarter ending June 29, 2025. The company experienced a decrease in net income allocable to common shareholders compared to the prior year, primarily driven by significant foreign currency exchange losses on its Euro-denominated debt, which more than offset modest improvements in self-storage net operating income. Despite the decline in net income, the company's operational performance showed resilience, particularly in its non-same store facilities which contributed to overall NOI growth. PSA also announced a substantial new international acquisition in Australia and New Zealand, demonstrating its continued strategic expansion. Financially, PSA maintained a strong balance sheet with a substantial cash position and an undrawn credit facility. While debt levels remain significant, the company's leverage metrics are within covenants. The company continues to invest in its existing portfolio through capital expenditures and development projects, underscoring its commitment to long-term growth. Investors should monitor the impact of foreign currency fluctuations and the successful integration of new acquisitions on future profitability.

    Jul 30, 2025
  5. 2025-Q1

    Public Storage Quarterly Report for Q1 Ended Mar 31, 2025

    Public Storage (PSA) reported its first quarter 2025 financial results, showing a decrease in net income allocable to common shareholders to $358.2 million ($2.04 per diluted share) from $459.2 million ($2.60 per diluted share) in the prior year quarter. This decline was primarily driven by a significant increase in foreign currency exchange losses, largely attributed to fluctuations in the Euro against the U.S. Dollar impacting its Euro-denominated debt. Despite this, the company saw a modest increase in total revenues to $1.18 billion from $1.16 billion year-over-year, supported by growth in both self-storage and ancillary operations. Operationally, the self-storage segment demonstrated resilience, with total net operating income (NOI) increasing by 1.7% to $801.8 million. This growth was primarily fueled by the performance of Non-Same Store Facilities, which saw a 20.2% increase in NOI, offsetting a slight decrease in Same Store Facilities NOI. The company continues its strategic expansion, acquiring new facilities and investing in development projects, while also implementing cost-optimization measures such as dynamic staffing models, which led to a decrease in on-site property manager payroll expenses.

    Apr 30, 2025
  6. 2024-Q3

    Public Storage Quarterly Report for Q3 Ended Sep 30, 2024

    Public Storage (PSA) reported its third-quarter and year-to-date results for the period ending September 29, 2024. The company experienced a decline in net income and diluted earnings per share compared to the same periods in the prior year, primarily driven by increased depreciation and amortization expenses, higher interest expenses, and significant foreign currency exchange losses related to its Euro-denominated debt. While same-store revenues saw a slight decrease due to lower occupancy and rent per square foot, the company's non-same store facilities, including recent acquisitions and developments, demonstrated strong net operating income growth, signaling a positive contribution from its expansion strategy. Despite the decline in profitability, Public Storage maintains a strong liquidity position, with substantial cash reserves and an undrawn credit facility. The company continues to invest in growth through acquisitions and development, with significant capital commitments for new projects and ongoing property enhancements under its "Property of Tomorrow" and solar programs. Management expects demand to moderate but improve sequentially through the remainder of 2024, and is implementing strategies to manage costs and stimulate move-ins. Investors should note the ongoing investment in growth initiatives which, while contributing to future potential, currently weigh on short-term earnings due to increased expenses. The company's robust balance sheet, strong credit ratings, and strategic expansion efforts remain key strengths. However, the impact of fluctuating foreign currency exchange rates and rising interest expenses are key areas to monitor.

    Oct 30, 2024
  7. 2024-Q2

    Public Storage Quarterly Report for Q2 Ended Jun 30, 2024

    Public Storage (PSA) reported its financial results for the quarter and six months ended June 30, 2024. The company experienced a decrease in net income attributable to common shareholders, primarily due to a significant increase in depreciation and amortization and higher interest expenses. While Same Store Facilities revenue saw a slight decline driven by lower occupancy and realized rent per square foot, the company's growth through acquisitions and development of new facilities partially offset this impact, leading to a substantial increase in Net Operating Income (NOI) from these non-same store segments. Despite the dip in net income, the company's Funds from Operations (FFO) per diluted share saw a slight increase for the quarter and a more significant increase for the six-month period, indicating resilient operational performance. The company continues to invest in its "Property of Tomorrow" and solar programs to enhance its properties and reduce operating costs. Public Storage also actively managed its balance sheet, issuing new debt and repaying maturing notes, while repurchasing a notable amount of its common shares. The company maintains a strong liquidity position with substantial cash on hand and an undrawn credit facility, positioning it well to navigate current market conditions and pursue future growth opportunities.

    Jul 30, 2024
  8. 2024-Q1

    Public Storage Quarterly Report for Q1 Ended Mar 31, 2024

    Public Storage (PSA) reported its first quarter 2024 financial results, showcasing a slight increase in self-storage revenues driven by a modest rise in rental rates, though offset by a decrease in occupancy. Despite a dip in net income attributable to common shareholders compared to the prior year, largely due to higher depreciation and interest expenses, the company demonstrated resilience. Funds From Operations (FFO) per diluted share saw a healthy increase, highlighting operational efficiency and management's ability to navigate market dynamics. PSA's strategic investments in development and acquisitions continue, with significant capital allocated to its "Property of Tomorrow" and solar programs, aimed at enhancing property value and reducing operational costs. The company also maintained a strong liquidity position and accessed capital markets effectively to manage its debt obligations and fund growth initiatives.

    Apr 30, 2024
  9. 2023-Q3

    Public Storage Quarterly Report for Q3 Ended Sep 30, 2023

    Public Storage (PSA) reported its third-quarter and year-to-date results for the period ending September 29, 2023. The company saw a 5.0% increase in self-storage revenues for the quarter and a 8.5% increase for the nine-month period, primarily driven by Same Store Facilities and contributions from recently acquired and developed properties. A significant event during the quarter was the acquisition of BREIT Simply Storage LLC for $2.2 billion, which added 127 self-storage facilities. This acquisition was funded in part by a $2.2 billion senior notes offering. While revenues are growing, the company noted softening demand and moderating income growth trends compared to the exceptional performance in 2020-2021, with occupancy levels gradually declining from their peaks. Despite the revenue growth, net income allocable to common shareholders decreased significantly year-over-year due to the absence of a large gain on the sale of PS Business Parks in the prior year, partially offset by strong performance in self-storage NOI and interest income. The company also highlighted its strong liquidity position and commitment to returning capital to shareholders through dividends.

    Oct 30, 2023
  10. 2023-Q2

    Public Storage Quarterly Report for Q2 Ended Jun 30, 2023

    Public Storage (PSA) reported solid performance for the six months ended June 30, 2023, with revenues increasing across its self-storage and ancillary operations. Despite a decrease in net income allocable to common shareholders primarily due to reduced foreign currency exchange gains and the prior year's sale of its PSB investment, the company's core operations demonstrated resilience. Same-store net operating income (NOI) saw a healthy increase, driven by higher rental rates per occupied square foot, although occupancy levels experienced a slight decline from peak levels in late 2022. The company continues to expand its portfolio through strategic acquisitions and development, highlighted by the significant agreement to acquire BREIT Simply Storage LLC for $2.2 billion, expected to close in Q3 2023, and a recent public offering of senior notes to finance this acquisition. Furthermore, Public Storage announced its intention to implement an UPREIT structure, a tax-free reorganization expected to be completed in August 2023, aimed at enhancing its tax efficiency and providing greater financial flexibility.

    Aug 2, 2023
  11. 2023-Q1

    Public Storage Quarterly Report for Q1 Ended Mar 31, 2023

    Public Storage (PSA) reported solid financial results for the first quarter of 2023, with net income allocable to common shareholders increasing by 0.7% to $467.6 million, or $2.65 per diluted share. This performance was primarily driven by a significant 9.8% increase in revenue from Same Store Facilities, contributing to a 11.2% rise in Net Operating Income (NOI) for this segment. The company also saw strong growth in its Acquired and Newly Developed/Expanded Facilities, reflecting successful strategic expansion. Despite moderating demand and a return to more typical seasonal patterns compared to the pandemic-fueled surge, Public Storage maintained healthy occupancy rates and implemented strategies to manage inflationary pressures on operating costs. The company also demonstrated financial strength through its robust cash flow, ample liquidity, and strong credit ratings, allowing for continued investment in its "Property of Tomorrow" program aimed at enhancing customer experience and property value. Furthermore, Public Storage announced a substantial 50% increase in its regular common quarterly dividend, signaling confidence in its future performance and commitment to returning value to shareholders.

    May 3, 2023
  12. 2022-Q3

    Public Storage Quarterly Report for Q3 Ended Sep 30, 2022

    Public Storage (PSA) reported strong financial performance for the nine months ended September 30, 2022, driven by significant gains from the sale of its equity investment in PS Business Parks, Inc. (PSB) and robust growth in its same-store self-storage operations. Revenues from same-store facilities increased by 15.4%, reflecting higher rental rates and strong occupancy. The company also saw substantial growth in its acquired and newly developed facilities, indicating successful strategic expansion. Despite inflationary pressures on operating costs, PSA demonstrated effective cost management and implemented initiatives to mitigate these impacts. The company's balance sheet shows an increase in total assets, primarily due to growth in real estate facilities. Liabilities decreased due to a reduction in notes payable. PSA also repurchased shares and paid significant dividends, including a special dividend following the PSB sale, demonstrating a commitment to returning capital to shareholders. The company maintains a strong liquidity position and access to capital markets, positioning it well for continued growth and to navigate potential economic uncertainties.

    Nov 1, 2022
  13. 2022-Q2

    Public Storage Quarterly Report for Q2 Ended Jun 30, 2022

    Public Storage (PSA) reported strong financial results for the second quarter and first half of 2022, demonstrating robust revenue growth and improved profitability. The company saw a significant increase in net income allocable to common shareholders, driven by strong performance in its same-store facilities and contributions from acquired and newly developed properties. Rental income growth was particularly notable, reflecting higher realized annual rent per square foot due to rate increases and strong demand. The company also benefited from a substantial foreign currency exchange gain. The sale of its investment in PS Business Parks (PSB) was a major event, significantly boosting cash reserves and leading to a special dividend declaration. Operationally, Public Storage continues to execute on its growth strategy through acquisitions and development, while also focusing on enhancing customer experience through its "Property of Tomorrow" program. Despite facing inflationary pressures on operating costs, the company has implemented initiatives to mitigate these impacts. The company maintains a strong liquidity position and access to capital markets, positioning it well for continued growth and shareholder returns.

    Aug 4, 2022
  14. 2022-Q1

    Public Storage Quarterly Report for Q1 Ended Mar 31, 2022

    Public Storage (PSA) reported strong financial performance for the first quarter of 2022, with net income allocable to common shareholders increasing by 20.3% to $464.1 million, or $2.63 per diluted share, compared to $385.8 million, or $2.21 per diluted share, in the prior year. This growth was primarily driven by a significant increase in self-storage net operating income (NOI), up 33.2% to $671.5 million, fueled by a 15.8% revenue increase in same-store facilities and substantial growth in acquired and newly developed properties. A pivotal development highlighted in the filing is the pending acquisition of PS Business Parks (PSB) by Blackstone for $187.50 per share. This transaction is expected to yield approximately $2.7 billion in cash for Public Storage and generate a significant gain, part of which will be distributed to shareholders. Despite this pending liquidity event, Public Storage continues to actively pursue growth through strategic acquisitions and development, demonstrating a commitment to expanding its real estate portfolio.

    May 3, 2022
  15. 2021-Q3

    Public Storage Quarterly Report for Q3 Ended Sep 30, 2021

    Public Storage (PSA) reported strong financial results for the nine months ended September 30, 2021, showcasing significant growth in revenue and net income. The company experienced a substantial increase in net income allocable to common shareholders, rising to $1.174 billion from $806.2 million in the prior year period, translating to diluted EPS of $6.70 compared to $4.62. This growth was primarily driven by a $316.7 million increase in self-storage net operating income, bolstered by a 9.4% revenue increase from Same Store Facilities and strong performance in acquired and newly developed properties. The company also highlighted a robust cash flow from operations, increasing to $1.81 billion for the nine months ended September 30, 2021. This strong operational performance, combined with strategic capital raises, positions PSA well for continued growth. Management's focus on maximizing cash flows from existing facilities while pursuing strategic acquisitions and development remains a key theme.

    Nov 1, 2021
  16. 2021-Q2

    Public Storage Quarterly Report for Q2 Ended Jun 30, 2021

    Public Storage (PSA) reported strong financial performance for the quarter and six months ended June 30, 2021. Revenue from self-storage facilities saw significant growth, driven by both increased rental rates and occupancy. The company also demonstrated effective cost management, leading to improved operating margins. Significant investments in acquisitions and development indicate a strategy focused on expansion and long-term growth. Financially, PSA reported robust net income and Funds from Operations (FFO), highlighting operational efficiency and a healthy balance sheet. The company successfully raised capital through debt and preferred equity offerings to support its growth initiatives. Management expressed confidence in continued revenue growth and operational strength in the latter half of the year, supported by strong demand in the self-storage market.

    Aug 3, 2021
  17. 2021-Q1

    Public Storage Quarterly Report for Q1 Ended Mar 31, 2021

    Public Storage (PSA) reported strong financial performance for the first quarter of 2021, demonstrating resilience and growth in the self-storage sector. Total revenues increased by 6.3% year-over-year to $767.3 million, driven primarily by a 6.3% increase in self-storage facility revenues. Net income allocable to common shareholders saw a significant rise of 23.3% to $385.8 million, or $2.21 per diluted share, up from $1.79 per diluted share in the prior year period. The company's Same Store Facilities showed robust growth, with revenues up 3.4% and net operating income (NOI) increasing by 6.7%. This performance was supported by higher occupancy rates and a modest increase in realized rent per occupied square foot, despite some COVID-19 related restrictions on rate increases. Significant expansion activities are underway, with substantial acquisitions and development projects contributing to future growth potential. The company also highlighted its strong financial position, with ample liquidity and access to capital markets to fund its strategic initiatives.

    Apr 28, 2021
  18. 2020-Q3

    Public Storage Quarterly Report for Q3 Ended Sep 30, 2020

    Public Storage (PSA) reported its third-quarter 2020 financial results, showing a decrease in net income attributable to common shareholders for both the three and nine-month periods ended September 30, 2020, compared to the same periods in 2019. This decrease was primarily influenced by foreign currency exchange losses related to Euro-denominated debt and an increase in depreciation and amortization expense. Despite these headwinds, the company's core self-storage operations demonstrated resilience, particularly in Same Store Facilities, which saw a slight revenue decrease of 2.7% and 1.5% for the respective periods, driven by improvements in occupancy trends and a resumption of rental rate increases for existing tenants, partially offset by reduced late fees and administrative charges. The company also highlighted its active development and acquisition pipeline, underscoring a commitment to growth despite the ongoing economic uncertainties presented by the COVID-19 pandemic.

    Nov 4, 2020
  19. 2020-Q2

    Public Storage Quarterly Report for Q2 Ended Jun 30, 2020

    Public Storage (PSA) reported its financial results for the second quarter and first half of 2020. The company experienced a decline in net income allocable to common shareholders, primarily due to decreased self-storage net operating income, foreign currency exchange losses, and increased depreciation and amortization expenses. Revenues from same-store facilities decreased by 3.0% for the quarter and 0.9% for the half-year, driven by lower rental income and a significant reduction in late fees and administrative charges. The company's operating costs, particularly for same-store facilities, saw an increase due to higher property manager payroll and marketing expenses. Despite these challenges, Public Storage maintained strong occupancy levels and demonstrated resilience in managing bad debt, partly attributed to government stimulus measures. The company's liquidity remains strong, with substantial cash reserves and available borrowing capacity, positioning it to navigate the ongoing economic uncertainties and pursue strategic growth initiatives. The COVID-19 pandemic continued to impact operations, leading to curtailed rate increases, reduced fee collections, and increased operating expenses. However, self-storage facilities were classified as essential businesses, allowing them to remain operational. The company is actively monitoring the situation and has implemented safety measures for employees and customers. Looking ahead, Public Storage anticipates continued revenue pressure in the latter half of 2020, with a focus on cautiously reinstituting modest tenant rate increases and managing acquisition and development pipelines amidst ongoing economic uncertainty.

    Aug 5, 2020
  20. 2020-Q1

    Public Storage Quarterly Report for Q1 Ended Mar 31, 2020

    Public Storage (PSA) reported its first quarter 2020 financial results, which were largely stable despite the emerging impacts of the COVID-19 pandemic. Revenue for the quarter saw a modest increase, driven by both same-store and non-same-store facilities, though the company noted anticipated headwinds for the remainder of the year due to the pandemic. Management highlighted that their self-storage facilities were deemed essential and remained operational. However, they observed reduced demand, lower move-in rates, and a temporary halt to existing tenant rent increases. The company is implementing operational adjustments, including temporary wage increases for property managers and enhanced safety measures. Despite these challenges, rent collections remained largely stable, though bad debt is a potential concern. Liquidity remains strong, with ample cash and available credit. Looking ahead, Public Storage anticipates potential reductions in year-over-year same-store rental income and net operating income for the rest of 2020. The company continues to monitor development projects and acquisition opportunities, with flexibility to adjust plans based on market conditions and capital availability. The overall financial position appears solid, but the near-term outlook is subject to the evolving impact of the COVID-19 pandemic.

    Apr 30, 2020
  21. 2019-Q3

    Public Storage Quarterly Report for Q3 Ended Sep 30, 2019

    Public Storage (PSA) reported its third quarter 2019 results, showcasing continued revenue growth and solid operational performance. Total revenues for the nine months ended September 30, 2019, increased by 3.3% to $2.13 billion, driven by a 3.2% rise in self-storage facility revenues. Net income attributable to common shareholders for the nine months was $945.5 million, or $5.42 per diluted share, a slight decrease from the prior year primarily due to a substantial equity share of gains recorded by PS Business Parks in the prior year and preferred share redemption activities. However, Funds From Operations (FFO) per diluted share increased to $7.86 from $7.68, indicating robust operational cash flow generation. The company's balance sheet remains strong, with total assets growing to $11.41 billion. Cash and equivalents significantly increased to $541.4 million, providing ample liquidity. The company continued its strategic growth through acquisitions and development, adding new facilities and expanding existing ones. Management highlighted increased marketing expenses and property taxes as key drivers for the rise in operating costs for same-store facilities. The company reiterated its commitment to returning capital to shareholders through consistent dividends and authorized share repurchase programs.

    Oct 30, 2019
  22. 2019-Q2

    Public Storage Quarterly Report for Q2 Ended Jun 30, 2019

    Public Storage (PSA) reported its second-quarter 2019 financial results, showcasing continued revenue growth in its core self-storage operations. For the three months ended June 30, 2019, revenue increased by 3.7% year-over-year to $710.95 million, driven by a 1.9% rise in same-store revenue, attributed to higher rental rates. Net income allocable to common shareholders decreased to $306.4 million ($1.76 per diluted share) from $348.3 million ($2.00 per diluted share) in the prior year's quarter, impacted by foreign currency fluctuations and equity share of gains from an investment. For the six months ended June 30, 2019, revenue grew 3.4% to $1.4 billion, while net income allocable to common shareholders decreased to $608.2 million ($3.49 per diluted share) from $636.1 million ($3.65 per diluted share), primarily due to a significant equity share of gains on sale of assets by PS Business Parks in the prior year. The company's balance sheet showed total assets of $11.11 billion at June 30, 2019, with real estate facilities representing the largest component. Liabilities increased, notably notes payable rising to $1.91 billion from $1.41 billion at year-end 2018, partly due to new senior note issuances. Despite the decrease in net income, the company maintained a strong liquidity position with approximately $1.1 billion in expected capital resources for the next year, exceeding identified capital needs of $415.1 million. Management highlighted strategic investments in development and acquisitions, alongside effective management of operating costs and a focus on maintaining strong credit metrics.

    Jul 30, 2019
  23. 2019-Q1

    Public Storage Quarterly Report for Q1 Ended Mar 31, 2019

    Public Storage (PSA) reported solid financial results for the first quarter of 2019, demonstrating continued operational strength and strategic execution. Total revenues increased to $689.0 million from $669.9 million in the prior year's comparable quarter, driven primarily by growth in self-storage operations. Net income allocable to common shareholders rose to $301.7 million, or $1.73 per diluted share, compared to $287.8 million, or $1.65 per diluted share, in Q1 2018. This growth reflects effective management of same-store facilities, strategic acquisitions, and disciplined cost control, partially offset by foreign currency impacts and preferred share redemption activities. The company maintained a strong balance sheet with total assets of $10.88 billion and total liabilities of $1.78 billion. Liquidity remains robust, with significant cash on hand and available borrowing capacity under its credit facility. Public Storage continues to invest in growth through development and acquisitions, signaling confidence in the long-term outlook for the self-storage sector. The company also highlighted its consistent dividend policy and strong credit ratings, reinforcing its appeal to income-focused investors.

    May 1, 2019
  24. 2018-Q3

    Public Storage Quarterly Report for Q3 Ended Sep 30, 2018

    Public Storage (PSA) reported its third-quarter and nine-month results for the period ending September 30, 2018. The company demonstrated steady revenue growth in its core self-storage operations, driven by both same-store and non-same-store facilities. Net income allocable to common shareholders saw a notable increase year-over-year, reflecting improved operational performance and favorable foreign currency exchange impacts. Management highlighted a strategic focus on maximizing cash flows from existing facilities and continuing disciplined growth through acquisitions and development. The company maintained a strong balance sheet with significant liquidity and a conservative leverage profile, supported by a robust credit rating. While facing some market headwinds such as increased competition and a softer demand environment in certain markets, PSA's diversified portfolio and strategic initiatives position it to navigate these challenges. The ongoing development pipeline and strategic investments in entities like PS Business Parks and Shurgard Europe are key components of its long-term growth strategy.

    Oct 30, 2018
  25. 2018-Q2

    Public Storage Quarterly Report for Q2 Ended Jun 30, 2018

    Public Storage (PSA) reported solid financial performance for the second quarter and first half of 2018. Net income allocable to common shareholders increased significantly, driven by growth in self-storage operations and favorable foreign currency exchange movements. The company demonstrated strong operational execution, with increasing revenues and net operating income in its core self-storage segment, supported by higher rental rates and a growing portfolio of "Non Same Store" facilities. Financially, PSA maintained a strong liquidity position with substantial cash reserves and available borrowing capacity, exceeding its planned capital needs for the upcoming year. The company also continues to actively manage its capital structure, with strategic plans for future development, acquisitions, and potential debt refinancing. Overall, the report indicates a healthy and well-managed REIT with a positive outlook.

    Aug 1, 2018
  26. 2018-Q1

    Public Storage Quarterly Report for Q1 Ended Mar 31, 2018

    Public Storage (PSA) reported solid performance for the first quarter ended March 31, 2018. The company demonstrated revenue growth, driven primarily by increases in rental income from its self-storage facilities, both from stabilized (Same Store Facilities) and newly acquired/developed properties (Non Same Store Facilities). While occupancy rates remained strong, growth in same-store revenues showed a slight deceleration compared to previous periods, attributed to softer demand and increased competition in some markets. The company also reported an increase in operating expenses, particularly property taxes and payroll, impacting margins slightly. Financially, Public Storage maintained a strong balance sheet with substantial liquidity, including significant cash on hand and available credit. The company continued its development and acquisition strategy, with a substantial pipeline of new projects underway. Despite some foreign currency headwinds impacting reported net income, the underlying operational performance remained robust, leading to an increase in diluted earnings per share and Funds from Operations (FFO).

    May 3, 2018
  27. 2017-Q3

    Public Storage Quarterly Report for Q3 Ended Sep 30, 2017

    Public Storage (PSA) reported its third-quarter and nine-month results for the period ending September 30, 2017. For the nine months, net income allocable to common shareholders increased slightly to $837.5 million ($4.81 per diluted share) from $831.1 million ($4.78 per diluted share) in the prior year. This growth was driven by a $53.1 million increase in self-storage net operating income, partly offset by higher foreign exchange losses and the impact of Hurricanes Harvey and Irma. The company also saw an increase in FFO per share to $7.00 from $6.94, reflecting solid operational performance despite challenging market conditions. The balance sheet shows a significant increase in cash and cash equivalents, rising to $694.2 million from $183.7 million at year-end 2016, primarily due to new debt issuance. The company continued its development and acquisition strategy, adding 14 self-storage facilities in the nine-month period and having further projects underway. Despite a slight decrease in diluted earnings per share for the three-month period compared to the prior year, largely due to increased preferred dividend allocations and hurricane-related losses, the overall financial health remains robust. The company's strong balance sheet, ample liquidity, and consistent operational performance in its core self-storage business position it well for continued growth. Investors should note the ongoing strategic investments in development and acquisitions, as well as the company's proactive debt management, including a substantial new unsecured note issuance.

    Nov 1, 2017
  28. 2017-Q2

    Public Storage Quarterly Report for Q2 Ended Jun 30, 2017

    Public Storage (PSA) reported its financial results for the quarter and six months ended June 30, 2017. For the quarter, net income attributable to common shareholders decreased slightly to $276.7 million ($1.59 per diluted share) from $280.8 million ($1.61 per diluted share) in the prior year period, primarily due to increased foreign exchange losses on Euro-denominated debt. However, for the six-month period, net income attributable to common shareholders increased to $557.8 million ($3.20 per diluted share) from $522.1 million ($3.00 per diluted share) in the prior year, driven by higher self-storage net operating income and increased equity in earnings from unconsolidated real estate entities. The company's core self-storage operations demonstrated resilience, with same-store revenues increasing by 3.3% for the quarter and 3.7% for the six months, driven by higher realized rental income per occupied square foot. While occupancy slightly decreased year-over-year, management attributed this to market softness and increased competition in some areas. The company continued to invest in growth, with ongoing development projects and strategic acquisitions, though short-term dilution from these activities was noted. PSA maintained a strong liquidity position with significant cash reserves and available borrowing capacity.

    Jul 31, 2017
  29. 2017-Q1

    Public Storage Quarterly Report for Q1 Ended Mar 31, 2017

    Public Storage (PSA) reported solid financial results for the first quarter of 2017, demonstrating continued revenue growth and operational efficiency. Total revenues increased by 5.8% to $645.5 million, driven primarily by a 5.1% increase in net operating income from self-storage operations. This growth was fueled by both same-store and non-same-store facilities, indicating effective management of both established and newly acquired/developed properties. The company's financial health remains robust, with strong cash flows from operations. While the company experienced a decrease in cash and cash equivalents compared to the previous quarter, this is likely due to strategic capital allocation for acquisitions and development. The company's ability to access capital markets remains strong, supported by its credit ratings, providing flexibility for future growth initiatives. Key metrics like Funds From Operations (FFO) per share saw a significant increase, reflecting the company's ability to generate value for shareholders. The company continues to focus on expanding its portfolio through both acquisitions and development, positioning itself for sustained growth in the self-storage sector.

    May 4, 2017
  30. 2016-Q3

    Public Storage Quarterly Report for Q3 Ended Sep 30, 2016

    Public Storage's Q3 2016 results show steady, high-quality earnings growth driven by its same-store portfolio. Net income allocable to common shareholders was $309.0 million, or $1.78 per diluted share, up from $1.58 a year earlier. Core FFO per share rose 8.6% to $2.53 for the quarter, and nine-month Core FFO per share rose 10.9% to $7.14. Same-store revenue grew 5.1% in the quarter on higher realized rent per occupied square foot, while same-store cost of operations rose 6.4%, led by property taxes and payroll, so same-store NOI grew 4.7%. The balance sheet remains conservative. Debt totaled about $430.9 million, or roughly 4.8% of equity book value, and the $500 million credit facility was undrawn. The company raised $798 million of new preferred equity in 2016 and redeemed $862.5 million of higher-coupon preferred shares, lowering its preferred cost of capital. A $350 million Series E preferred issuance on October 14, 2016 is expected to fund near-term development and acquisitions. Management flagged softer demand in several major markets, including Houston, Denver, Chicago, New York, and Washington D.C., and said promotional discounts and marketing spend will weigh on revenue trends near term. It expects same-store revenue growth to moderate through the rest of 2016. For investors, the key questions are whether rent growth can hold up as new-tenant pricing softens and whether development returns justify the dilution from unstabilized facilities. The filing shows strong cash generation and a fortress balance sheet, but growth is decelerating at the margin.

    Nov 3, 2016
  31. 2016-Q2

    Public Storage Quarterly Report for Q2 Ended Jun 30, 2016

    Public Storage's second-quarter 2016 10-Q shows a business that continues to grow earnings despite heavier capital activity. Net income allocable to common shareholders rose 6.4% to $280.8 million ($1.61 per diluted share) for the quarter, and six-month diluted EPS reached $3.00 versus $2.75 a year earlier. Core FFO per diluted share grew 10.6% to $2.40 for the quarter and 12.2% to $4.61 for the six months, while FFO per share rose 8.8% and 9.1%, respectively. Growth is driven primarily by same-store revenue, which rose 6.0% in the quarter on higher realized rent per occupied square foot (up 6.1%), with same-store NOI up 6.6%. Occupancy was essentially flat at 95.3%. The balance sheet shifted notably during the period. Total assets grew to $9.997 billion, cash rose to $260.1 million, and the company issued $483.7 million of Series B and C preferred shares while redeeming $862.5 million of higher-coupon preferreds (Series Q, and Series R called for July 2016). Preferred shares called for redemption of $487.5 million were reclassified to liabilities. Debt remains very light at $436.8 million, about 5% of book equity, and the $500 million credit facility was undrawn. Euro-denominated notes were increased by €100 million at 1.54%, lowering the weighted average coupon on new issuance. Management flagged some caution. Demand softness is evident in Houston, Denver, Chicago, New York and Washington D.C., and management expects same-store revenue growth to moderate through the year. It also expects advertising spend to increase significantly in the third quarter, which will pressure operating trends in the near term. Development dilution is expected to grow as the 4.9 million square foot pipeline (about $630.7 million total cost, $402.6 million remaining) fills up over three to four years.

    Aug 5, 2016
  32. 2016-Q1

    Public Storage Quarterly Report for Q1 Ended Mar 31, 2016

    Public Storage's first-quarter 2016 10-Q shows a business that continues to grow its core self-storage platform while managing a capital structure that is shifting toward debt. Net income allocable to common shareholders rose to $241.3 million, or $1.39 per diluted share, versus $1.23 a year earlier. Self-storage net operating income grew 12.3% to $414.7 million, driven by a 6.5% increase in same-store revenue (largely from higher realized rent per occupied square foot, up 6.1%) and a 2.6% decline in same-store cost of operations. Core FFO per share rose 13.9% to $2.21, a figure that excludes the $11.0 million foreign exchange loss on euro-denominated debt and EITF D-42 preferred redemption charges. Reported GAAP EPS was held back by that FX loss and by redemption-related allocations to preferred holders. The balance sheet grew to $10.06 billion in total assets, funded in part by a $300 million Series B preferred issuance in January and a euro-denominated senior note. The $375 million Series Q preferred was reclassified to liabilities at quarter-end ahead of its April 15, 2016 redemption, which is why total liabilities nearly doubled to $986.8 million. Management sized its capital resources at roughly $830 million against planned needs including $332 million of remaining development spend, $100 million of acquisitions under contract, and the Series Q redemption. Liquidity is strong, with $306 million of cash and $485 million of available revolver capacity, and total debt is only about $337 million, or 3.7% of book equity. Investors should watch the development pipeline, which is expected to add 4.6 million square feet at a cost of about $607 million, because management acknowledges that development will dilute earnings in the near term. Also watch the Series R preferred, which becomes callable in July 2016, and the company's growing reliance on low-cost euro debt, which exposes results to currency swings. Overall, the quarter reflects solid same-store pricing power and a conservatively capitalized balance sheet.

    May 6, 2016
  33. 2015-Q3

    Public Storage Quarterly Report for Q3 Ended Sep 30, 2015

    Public Storage's Q3 2015 10-Q shows a strong quarter driven by its core self-storage platform. Net income allocable to common shareholders rose to $273.5 million, or $1.58 per diluted share, versus $1.34 a year earlier, and nine-month diluted EPS reached $4.32 versus $3.61. Self-storage net operating income grew 10.8% in the quarter and 11.8% for the nine months, with Same Store revenue up 6.7% (quarter) on a 6.0% gain in realized rent per occupied square foot and occupancy of 95.3%. FFO per diluted share was $2.27 for the quarter (up 9.1%) and Core FFO was $2.33 (up 10.4%), with nine-month Core FFO at $6.44 (up 9.5%). Management continues to flag rising development dilution, property tax growth of about 5.5%, and higher legal costs as watch items. Balance sheet activity was focused on preferred equity reduction and funding. Preferred shares outstanding fell from 173,000 to 162,200 after the redemption of Series O and Series P shares, and $125 million of Series P was classified as a liability pending its October 8, 2015 payment. Cash fell sharply to $35.7 million from $187.7 million at year-end, and total assets declined to $9.65 billion. Notes payable are minimal at $55.7 million, and the company had $485 million of available credit facility capacity. Management states capital resources exceed $1 billion against planned needs of about $577 million over the next year. Subsequent to quarter-end, Public Storage issued €242 million of 2.175% ten-year Euro senior notes on November 3, 2015, which were not hedged. The filing also highlights the company's large non-operating investments: a 42% stake in PS Business Parks, with a market value of roughly $1.1 billion at September 30, 2015, and a 49% stake in Shurgard Europe, where equity earnings fell sharply because of a weaker Euro (average rate down about 17.8% over nine months). Investors should weigh the strong operating momentum against the currency exposure from the Euro debt and Shurgard investment, rising development spending of about $507 million on projects still in process, and continued heavy distributions relative to retained cash flow.

    Nov 5, 2015
  34. 2015-Q2

    Public Storage Quarterly Report for Q2 Ended Jun 30, 2015

    Public Storage's second-quarter 2015 Form 10-Q shows a company with steady operating momentum and a balance sheet that is shifting toward returning capital and funding development. Revenue for the three months ended June 30, 2015 rose 10.1% to $592.6 million, and net income allocable to common shareholders grew to $263.9 million, or $1.52 per diluted share, versus $1.26 a year earlier. The company's FFO per diluted share was $2.15 for the quarter (up 8.0%), and Core FFO per share was $2.17 (up 10.2%). The primary driver was self-storage operations: Same Store revenue grew 6.8% and Same Store NOI grew 9.0%, supported by a 6.3% increase in realized rent per occupied square foot and a 0.7% gain in occupancy to 95.4%. The balance sheet remains conservative. Total assets were $9.63 billion, debt was roughly $58.7 million (including the $11.0 million revolver balance that was repaid on July 2, 2015), and the company had no outstanding borrowings on its $500 million credit facility as of August 4, 2015. Cash fell sharply to $20.3 million from $187.7 million at year-end 2014, reflecting $661.6 million in distributions paid, $145 million used to redeem Series O preferred shares, and $100 million in construction spending. Management states it has more than $700 million in liquidity against planned needs of about $450 million over the next year, which include $334 million remaining on the development pipeline. Investors should weigh several watch items. Development and expansion projects total about $479 million, of which $145 million has been spent, and management notes that development dilutes near-term earnings while facilities fill up over three to four years. Equity earnings from Shurgard Europe fell sharply, from $18.3 million to $7.1 million for the six months, largely because of a weaker euro. Legal costs rose to $8.9 million for the six months, from $1.8 million, and the company expects them to stay elevated. Management has also flagged that occupancy gains are narrowing as the year-over-year gap closes.

    Aug 5, 2015
  35. 2015-Q1

    Public Storage Quarterly Report for Q1 Ended Mar 31, 2015

    Public Storage's first-quarter 2015 10-Q shows a business generating strong operating results while managing a heavier capital and development agenda. Net income rose to $283.3 million from $228.3 million, and net income allocable to common shareholders grew to $212.6 million, or $1.23 per diluted share, versus $1.01 a year earlier. The increase was driven mainly by a 18.8% rise in self-storage operating income, with same-store revenue up 6.1%, same-store NOI up 8.4%, and same-store occupancy at 93.4% versus 92.6%. Realized rent per occupied square foot rose 5.6%. FFO per diluted share was $1.91, up 9.8%, and Core FFO per share was $1.94, up 7.8%. The company also declared a common dividend of $1.70 per quarter, a 21% increase over the prior $1.40 quarterly rate, which it attributed to improved property operations. The balance sheet and capital allocation picture is more mixed. Total assets were $9.77 billion, and cash fell to $153 million from $188 million as operating cash flow of $369 million was outweighed by $94 million of investing outflows and $310 million of financing outflows, including distributions. Total liabilities rose to $468 million because $145 million of Series O preferred shares were reclassified as a liability ahead of their April 15, 2015 redemption at par. Commitments are substantial: roughly $552 million over the next twelve months, including $300 million of development spend, the $145 million Series O redemption, and $95 million for acquisitions and a lease buyout. Management also flagged that development dilution to earnings will grow through 2015 and beyond as new facilities fill up, and that Shurgard Europe earnings will be pressured by a weaker euro, with the average rate falling to 1.127 from 1.370. For investors, the key takeaways are robust same-store growth and pricing power, a sharply higher common dividend, and a rising pipeline of development and acquisition spending that will weigh on near-term earnings. Liquidity remains solid, with about $848 million of capital resources, a $500 million Credit Facility that was undrawn at quarter end, and debt of only $58.7 million.

    May 6, 2015
  36. 2014-Q3

    Public Storage Quarterly Report for Q3 Ended Sep 30, 2014

    Public Storage's Q3 2014 10-Q shows a strong quarter driven by its self-storage core. Revenue rose 11.6% to $571.6 million for the three months ended September 30, 2014, and self-storage net operating income grew 13.5% to $387.3 million. Same Store Facilities (1,982 properties) grew revenue 5.5%, with realized rent per occupied square foot up 5.3% and occupancy up 0.3 points to 94.7%. Net income allocable to common shareholders was $231.8 million, or $1.34 per diluted share, flat year over year, because a $19.1 million swing in foreign currency results and higher preferred dividends offset the operating gains. Nine-month diluted EPS of $3.61 rose from $3.48, and FFO per diluted share was $2.08 for the quarter (up 4.0%) and $5.81 for the nine months (up 7.6%). Core FFO per share was $2.11 for the quarter, up 9.9%. The balance sheet was significantly de-levered during the period. Debt fell to $71.6 million at September 30, 2014, from roughly $839 million at year-end 2013, after the company repaid its $700 million term loan and the $50.1 million credit facility balance. The company received $204.9 million from the July repayment of the Shurgard Europe shareholder loan, and total equity rose to $9.29 billion, largely from $555 million of new preferred stock issuance. Cash on hand was $98 million, and management cites roughly $519 million in capital resources including available credit. Management expects continued revenue growth in the remainder of 2014, though it flagged rising property tax costs (about 4% growth expected), snow removal costs from severe winter weather, and planned advertising spend to narrow the year-over-year occupancy gap. Investors should note a few watch items. Earnings from the Shurgard Europe loan are gone following its repayment, which reduces interest income and removes foreign exchange volatility from that loan. The company's preferred dividends are now about $60.8 million per quarter, a growing claim on earnings that absorbs much of the net income growth. Acquisitions continued, with 31 facilities bought for $276.3 million year to date and additional deals of about $98 million closed after quarter end, with $63 million more under contract. Management also declared a $1.40 quarterly common dividend, unchanged from the prior quarter.

    Nov 4, 2014
  37. 2014-Q2

    Public Storage Quarterly Report for Q2 Ended Jun 30, 2014

    Public Storage's 10-Q for the quarter ended June 30, 2014 shows a company performing strongly on its core self-storage business while its balance sheet changed meaningfully. Net income allocable to common shareholders was $218.4 million, or $1.26 per diluted share, for the quarter, up from $1.20 a year earlier. Self-storage revenue rose 10.9% to $500.8 million, and total net operating income increased 12.2%. Same Store Facilities revenue grew 5.3%, driven by a 0.7-point gain in occupancy to 94.7% and a 4.6% increase in realized rent per occupied square foot. Core FFO per diluted share was $1.97 for the quarter, up 9.4%, and FFO per share was $1.99. The balance sheet was reshaped by financing and disposition activity. Cash rose to $388.0 million from $19.2 million, and the Term Loan fell to $322.0 million from $700.0 million. Preferred shares outstanding increased to $4.135 billion of liquidation preference after issuing $572.5 million of Series Y and Z preferreds. In January 2014 a joint venture partner bought 51% of the Shurgard Europe shareholder loan, and in July 2014 Shurgard Europe repaid the full loan, returning $205.0 million to Public Storage. Subsequent events included the July 1 acquisition of 25 properties for about $240 million and the repayment of $200 million of the Term Loan. Management cites roughly $763 million of capital resources, and the company's debt is small relative to equity. Investors should weigh the strong same-store growth and modest leverage against the ongoing reliance on preferred equity as financing, rising property taxes (expected to grow about 4.5%), a $7.8 million legal settlement accrual in tenant reinsurance, and the expected decline in Shurgard Europe equity earnings of roughly $1.4 million per quarter after its new third-party financing. Acquisitions and development remain the main growth engine, and the company still has about $679 million of estimated 2014 capital commitments.

    Aug 5, 2014
  38. 2014-Q1

    Public Storage Quarterly Report for Q1 Ended Mar 31, 2014

    Public Storage's first-quarter 2014 results were strong, with net income allocable to common shareholders of $174.1 million, or $1.01 per diluted share, up from $0.94 a year earlier. The increase was driven mainly by a $30.8 million rise in self-storage net operating income, which reflected 5.1% same-store revenue growth, a 5.6% gain in same-store NOI, and contributions from 121 facilities acquired in 2013. FFO per diluted share rose 10.8% to $1.74, and Core FFO per share rose 9.1% to $1.80 after excluding a $7.8 million tenant-reinsurance legal settlement accrual and foreign exchange losses. Depreciation and amortization grew 20% to $109.0 million, reflecting the acquisitions, and the company declared a $1.40 quarterly common dividend. The balance sheet strengthened notably in the quarter. The company raised $235 million of Series Y preferred shares (with a further $50 million issued in April) and used the proceeds, along with a partial sale of its Shurgard Europe loan to its joint venture partner for $216 million, to reduce bank and term loan borrowings. Total debt fell to about $460 million, and the $700 million term loan was paid down to $372 million, with $322 million outstanding as of May 2. Cash rose to $101 million, and the company had roughly $285 million of available revolver capacity. Management identified about $586 million of remaining 2014 capital commitments, including the term loan repayment, and noted that its preferred-heavy capital structure carries no maturity or refinancing risk on the preferred shares themselves. Key watch items include the $372 million term loan maturing December 2, 2014, the remaining development pipeline of roughly $195 million, and continued exposure to Euro exchange rates through the Shurgard Europe investment and loan. Same-store occupancy rose to 92.6% and realized rent per occupied square foot rose 4.3%, but management expects the year-over-year occupancy spread to narrow over the remainder of 2014 because of tougher comparisons.

    May 5, 2014
  39. 2013-Q3

    Public Storage Quarterly Report for Q3 Ended Sep 30, 2013

    Public Storage's Q3 2013 10-Q shows a strong operating quarter driven by same-store growth and acquisitions. Net income allocable to common shareholders rose to $231.4 million, or $1.34 per diluted share, versus $1.18 a year earlier, and nine-month diluted EPS reached $3.48 versus $2.68. The increase reflects a $27.7 million rise in self-storage net operating income for the quarter and a $12.9 million reduction in income allocated to preferred holders from 2012 redemptions. Same-store revenue grew 5.5% in the quarter on a 1.5% occupancy gain and a 4.0% rise in realized rent per occupied square foot. FFO per diluted share was $2.00 for the quarter, up 15.6%, and Core FFO per share was $1.92, up 9.1%. The balance sheet remains conservative. Notes payable fell to $100.1 million from $335.8 million, the bank credit facility was fully repaid, and the company held $57 million in cash against an undrawn $300 million line. Growth is being funded aggressively, however. Management has committed to roughly $754 million of acquisitions in Q4 2013, with $324 million closed by November 5. Management stated that current liquidity is not sufficient to fund that spending, and that it does not expect to issue preferred stock at current market rates of about 6.5%, versus 5.2% earlier in 2013. The company drew $135 million on the credit line by November 5 and expects to raise capital through common equity, debt, or a mix. Shurgard Europe's loan sale to its partner, which would bring about $214 million, is subject to contingencies. Key risks for investors include the planned debt-funded acquisition pace, the pending sale of the Shurgard Europe loan, foreign currency exposure to the Euro (the Shurgard loan and investment), and reliance on continued rate growth as occupancy gains narrow. Management expects the year-over-year occupancy spread to narrow in Q4 2013 and anticipates lower advertising expense declines. The company also declared a higher quarterly common dividend of $1.40 per share on October 31, 2013.

    Nov 6, 2013
  40. 2013-Q2

    Public Storage Quarterly Report for Q2 Ended Jun 30, 2013

    Public Storage (PSA) reported a strong second quarter of 2013, with net income allocable to common shareholders of $207.7 million, or $1.20 per diluted share, versus $0.77 in the prior-year quarter. Management attributes the increase mainly to a $29.6 million swing in foreign currency gains and losses (tied to the Euro-denominated loan to Shurgard Europe), a $28.5 million increase in self-storage net operating income, and a $16.8 million reduction in preferred share allocations under EITF D-42 tied to prior-year preferred redemptions. For the six months, diluted EPS was $2.14 versus $1.50. Core FFO per diluted share, which strips out currency effects and D-42 charges, rose 11.1% to $1.80 for the quarter and 12.7% to $3.45 for the half year, making it the cleaner measure of operating momentum. The core self-storage business is performing well. Same Store revenue grew 5.1% in the quarter, driven by a 1.7% increase in average occupancy (to 94.0%) and a 3.4% increase in realized rent per occupied square foot. Same Store NOI rose 8.4%, and gross margin expanded to 70.8%. Promotional discounts fell, and management expects continued but more moderate revenue growth for the rest of 2013. Non Same Store facilities also grew strongly as recent acquisitions and developments ramped up. Investors should note that Shurgard Europe same-store NOI declined 6.9% because of a UK value-added tax, and that management expects further revenue declines there. The balance sheet is conservative and getting stronger. Cash rose to $410.9 million, the $133 million credit facility was repaid, and notes payable fell to $111.7 million, roughly 1.3% of equity book value. The company raised $725 million of new preferred stock at about 5.2%, although management says current market coupons are closer to 6%. Growth plans are ambitious: 29 acquisitions costing about $374 million are expected in the third quarter, with $101 million already closed as of August 2, 2013. Shareholders should watch whether these acquisitions and the preferred issuance keep earnings accretive, since the preferred stock makes up most of the capital structure.

    Aug 5, 2013
  41. 2013-Q1

    Public Storage Quarterly Report for Q1 Ended Mar 31, 2013

    Public Storage's first-quarter 2013 results show a strong operating quarter with a balance sheet that was rebuilt through preferred equity issuance. Net income allocable to common shareholders was $161.9 million, or $0.94 per diluted share, up from $0.73 a year earlier. Management attributes the $36.6 million increase mainly to a $30.3 million rise in self-storage net operating income and a $31.4 million drop in preferred allocations, partly offset by a $24.9 million swing in foreign currency results. FFO per diluted share rose 16.3% to $1.57, and Core FFO per share rose 14.6% to $1.65. Same-store revenue grew 5.4%, driven by a 1.8% gain in occupancy and a 3.7% gain in realized rent per occupied square foot, and same-store NOI grew 9.5%. The balance sheet changed meaningfully during the quarter. The company issued $725 million of new Series W and X preferred shares and used the proceeds to repay the $133 million credit facility balance and $193 million of notes payable, including a $186 million unsecured note that matured in March. Cash rose to $398 million, and total notes payable fell to $142 million, roughly 1.6% of book equity. Preferred shares now account for $3.56 billion of the equity base. Management says it does not depend on capital markets to fund operations, and it characterizes the preferred-heavy capital structure as deliberate leverage with no maturity or refinancing risk. Investors should weigh several watch items. Foreign currency swings on the €311 million loan to Shurgard Europe produced a $12.7 million loss this quarter, and Shurgard Europe's cash flows are constrained until its bank loan is repaid, so the company does not expect cash distributions from that investment. Management also expects the year-over-year occupancy spread to narrow over the rest of 2013, and it expects rental growth to rely increasingly on rate increases. Finally, the company has a $169 million development pipeline and a limited acquisition pace, with one $8 million acquisition under contract as of May 9.

    May 10, 2013
  42. 2012-Q3

    Public Storage Quarterly Report for Q3 Ended Sep 30, 2012

    Public Storage (PSA) reported solid financial performance for the nine months ended September 30, 2012, demonstrating continued growth in its core self-storage operations. The company saw an increase in net income allocable to common shareholders to $460.2 million, up from $397.5 million in the prior year period, translating to $2.68 per diluted share. This growth was driven by improved property operations, reflecting effective rent increases and controlled operating expenses, particularly within the Same Store Facilities segment, which showed a 4.9% revenue increase. The company also managed its capital structure actively, with significant preferred stock issuances and redemptions throughout the period. As of September 30, 2012, Public Storage held substantial cash reserves of $535.8 million, providing ample liquidity for ongoing operations, capital expenditures, and strategic initiatives such as property acquisitions and planned preferred stock redemptions. The company's strong balance sheet and consistent operational performance position it favorably amidst economic conditions.

    Nov 9, 2012
  43. 2012-Q2

    Public Storage Quarterly Report for Q2 Ended Jun 30, 2012

    Public Storage (PSA) reported its financial results for the quarter and six months ended June 30, 2012. The company demonstrated revenue growth in its core self-storage operations, driven by increases in rental rates and occupancy. "Same store" facilities, which provide a stable performance comparison, showed a 5.1% revenue increase for the quarter and 4.9% for the six months, attributed to higher realized rents per occupied square foot. The company also saw growth in its "non-same store" facilities, reflecting successful integration of recent acquisitions. However, net income allocable to common shareholders saw a slight decrease for the quarter and a more significant decrease for the six-month period compared to the prior year. This was largely due to substantial foreign currency exchange losses related to its Euro-denominated loan receivable from Shurgard Europe, which negatively impacted earnings. Despite this, Public Storage maintained a strong liquidity position with substantial cash reserves and an undrawn credit facility, allowing it to continue its strategy of selective acquisitions and capital allocation.

    Aug 6, 2012
  44. 2012-Q1

    Public Storage Quarterly Report for Q1 Ended Mar 31, 2012

    Public Storage (PSA) reported its first quarter 2012 results, showcasing continued strength in its core self-storage operations. Revenue from self-storage facilities saw a notable increase, driven by both higher occupancy rates and increased rental rates across its stabilized properties. The company also demonstrated effective cost management, with operating expenses growing at a slower pace than revenues, leading to improved net operating income. Financially, the company maintained a strong liquidity position with substantial cash reserves and an undrawn credit facility. PSA continued its strategic approach to capital structure by issuing new preferred shares and redeeming older, higher-cost series, indicating a focus on optimizing its cost of capital. While foreign currency fluctuations presented a headwind, particularly related to its European operations, the company's overall performance remained robust, supported by its significant market presence and operational efficiency.

    May 7, 2012
  45. 2011-Q3

    Public Storage Quarterly Report for Q3 Ended Sep 30, 2011

    Public Storage's Q3 2011 10-Q shows a company with a strong core self-storage business and a balance sheet that has been significantly reshaped during the first nine months of 2011. Net income allocable to common shareholders rose to $397.5 million ($2.33 diluted EPS) for the nine months, up from $277.8 million ($1.64) a year earlier, and FFO per diluted share was $4.17 versus $3.39. Same Store revenue grew 4.4% for the nine months and 5.8% for the quarter, driven by a 1.6% gain in occupancy and a 2.4% rise in realized rent per occupied square foot. Net operating income from Same Store facilities rose 6.8% for the nine months, which points to improving demand fundamentals after the recession-era declines of 2009. The quarter was weaker on a reported basis. Q3 common EPS fell to $0.69 from $1.07, largely because of a $28.3 million foreign currency loss on the Euro-denominated loan to Shurgard Europe (versus a $55.5 million gain a year earlier) and $16.2 million of EITF D-42 charges tied to preferred share redemptions. Investors should treat the foreign currency swings and D-42 allocations as non-operating noise that can distort reported EPS in any given period. Capital structure moved meaningfully toward lower-cost preferred equity. The company issued $862.5 million of new preferred shares (Series Q and R) and redeemed about $1.04 billion of higher-coupon preferred shares (Series I, K and G), while also buying out noncontrolling interests for about $169 million. Notes payable fell to $418.9 million from $568.4 million, and debt is only 5.0% of total book equity. Cash of $160.7 million, an undrawn $300 million credit line, and a planned $105 million redemption of Series H preferred shares support liquidity, though the $300 million facility expires in March 2012 and the company's investments in Shurgard Europe and PS Business Parks carry FX and concentration exposure.

    Nov 7, 2011
  46. 2011-Q2

    Public Storage Quarterly Report for Q2 Ended Jun 30, 2011

    Public Storage's second-quarter 2011 Form 10-Q shows a company with a strong operating quarter, a fortress balance sheet, and a large amount of capital activity that is mostly preferred-share refinancing. Net income allocable to common shareholders was $131.5 million, or $0.77 per diluted share, for the three months ended June 30, 2011, versus $0.36 a year earlier. Much of that improvement came from a $10.5 million foreign currency gain on the Euro-denominated loan to Shurgard Europe, compared with a $49.2 million loss in the prior-year quarter. Excluding currency effects and EITF D-42 preferred redemption charges, the operating story is steadier: same-store revenue rose 4.0% for the quarter and 3.7% for six months, same-store NOI grew 6.2%, and occupancy and realized rents both improved year over year. Management reports FFO of $1.39 per diluted share for the quarter, up 51.1%, though a meaningful part of that growth reflects the currency swing. Balance sheet and liquidity remain conservative. Total assets were $9.27 billion and notes payable fell to $449.5 million from $568.4 million, leaving debt at about 5.2% of book equity. Cash declined to $144.5 million, but the company has a $300 million undrawn credit line, and it raised $487.5 million of new 6.35% Series R preferred shares in July 2011. Those proceeds, plus the cash on hand and roughly $116 million expected from a PS Business Parks loan repayment, are earmarked for about $608 million of commitments in the second half of 2011. These include redeeming the $424.8 million Series K preferred shares and buying out the Hughes family's interests in five affiliated partnerships for about $154 million. Investors should weigh several items. The Hughes-family partnership buyouts, which involve a related party, face a pending putative class action in California seeking to enjoin the mergers. Equity in earnings from the Shurgard Europe investment and the Euro loan adds exposure to currency movements, and the company does not hedge that exposure. The company also has no further significant debt maturities until 2013, when $266 million comes due. Overall, the filing reflects a REIT with strong same-store fundamentals, low leverage, and active management of its preferred capital structure.

    Aug 8, 2011
  47. 2011-Q1

    Public Storage Quarterly Report for Q1 Ended Mar 31, 2011

    Public Storage (PSA) reported a significant increase in net income for the first quarter of 2011 compared to the same period in 2010, primarily driven by a strong recovery in same-store rental income and a favorable foreign currency exchange gain. Total revenues saw a healthy increase, bolstered by both same-store and other facilities, indicating a positive operational trend. The company's balance sheet shows a decrease in cash and marketable securities, largely due to strategic investments and loan repayments, while assets related to real estate facilities remain robust. Liabilities have decreased primarily due to a reduction in notes payable, indicating improved debt management. The company continues to focus on operational efficiency and strategic growth, with plans for further acquisitions and potential redemptions of preferred securities. Investors can find reassurance in the continued growth of same-store rental income and the company's proactive approach to capital management.

    May 9, 2011
  48. 2010-Q3

    Public Storage Quarterly Report for Q3 Ended Sep 29, 2010

    Public Storage's Q3 2010 10-Q shows a company with strong liquidity and a conservative balance sheet, but with earnings pressure concentrated in non-operating items. Total assets were $9.65 billion at September 30, 2010, down from $9.81 billion at year-end 2009, and total liabilities were only $833 million, against total equity of $8.81 billion. Debt was $589.5 million, about 6.7% of book equity, and the company held $513.5 million in cash plus $102.1 million in marketable securities, with an undrawn $300 million credit line. Operationally, the picture is one of stabilization rather than growth. Same-store revenues rose 1.2% in the third quarter after declining 0.4% for the first nine months, and same-store occupancy improved to 91.0% from 89.6%, but realized rent per occupied square foot fell 0.5% in the quarter and 1.7% year-to-date. Nine-month net income allocable to common shareholders fell to $277.8 million ($1.64 per diluted share) from $468.5 million ($2.78) a year earlier, largely because of a $28.6 million foreign currency loss versus a $19.9 million gain in 2009, and the absence of the prior year's $72 million preferred repurchase benefit and PSB-related gains. Third-quarter EPS of $1.07 was up from $1.03, helped by a $55.5 million currency gain. Capital management was active. The company redeemed its Equity Shares, Series A for $205.4 million, retired Equity Shares AAA, issued $145 million of 6.875% Series O preferreds, and after the quarter issued $125 million of 6.500% Series P preferreds, called the Series B preferreds ($108.75 million), and repurchased Series J partnership units ($100.4 million). Key risks flagged include reliance on a EUR 378.7 million (about $515 million) loan to Shurgard Europe, currency exposure, the ongoing recovery in self-storage demand, and rising property tax and repair costs.

    Nov 8, 2010
  49. 2010-Q2

    Public Storage Quarterly Report for Q2 Ended Jun 30, 2010

    Public Storage's Q2 2010 10-Q shows a company with a conservative balance sheet and steady core self-storage operations, but reported GAAP earnings were pressured by a non-cash foreign currency loss. Net income allocable to common shareholders fell to $60.8 million ($0.36 per diluted share) in the quarter from $135.5 million ($0.80) a year earlier, and for the six months to $95.6 million ($0.56) from $295.0 million ($1.75). The main driver was a $49.2 million quarterly foreign exchange loss (six months: $84.0 million) on the Euro-denominated loan to Shurgard Europe, which reflects the weaker Euro at quarter end (1.221 USD/EUR versus 1.433 at year end). This loss is mark-to-market translation rather than an operating cash outflow, and it also compares against prior-year periods that included a large $72.0 million one-time allocation tied to preferred unit repurchases and $16.3 million of PSB preferred-repurchase benefit. Underlying operations showed stabilization. Same-store revenues declined only 0.2% in the quarter (down 1.2% for the six months), with occupancy up 1.1% to 91.0% while realized rent per square foot fell 1.5%. Management described improving trends for each of the prior three quarters, though rental rates have not yet recovered to prior-year levels. Same-store net operating income fell 1.5% in the quarter, and operating cash flow was $525.6 million for the six months, versus $542.2 million a year earlier. The company acquired 31 self-storage facilities for $198 million, mostly in Southern California, and it plans to acquire seven more for about $27 million. The balance sheet remains strong. Cash fell to $474.3 million, and the company added $94.9 million of marketable securities. Notes payable were $593.3 million, about 6.8% of total book equity, and the $300 million credit facility was undrawn. Management stated that the company has no significant capital commitments until 2013, and it redeemed Equity Shares Series A and the 7.5% Series V preferred shares in April and May. It also issued $145 million of 6.875% Series O preferred shares. Investors should expect continued GAAP earnings volatility from the Shurgard Europe currency exposure, along with gradual recovery in same-store rents.

    Aug 9, 2010
  50. 2010-Q1

    Public Storage Quarterly Report for Q1 Ended Mar 31, 2010

    Public Storage's first-quarter 2010 10-Q shows a company with a very strong balance sheet and continued pressure on core self-storage operating results. Total assets were $9.74 billion at March 31, 2010, versus $9.81 billion at year-end 2009, and debt was only $516 million, about 5.9% of total book equity. Cash of $720 million plus $95 million in marketable securities, together with an undrawn $300 million credit line, gives the company substantial liquidity. Net income allocable to common shareholders fell to $34.7 million ($0.21 per diluted share) from $159.5 million ($0.95) a year earlier. The decline is largely an accounting effect of EITF D-42, which charged $25.7 million to common holders for the redemption of Equity Shares, Series A, and reflects the absence of the large 2009 benefit from preferred repurchases. Excluding those items, underlying performance was weaker but stabilizing. Same Store revenues fell 2.2% year over year, driven by a 3.0% decline in realized rent per occupied square foot, partly offset by a 0.6% gain in occupancy to 88.4%. Same Store net operating income dropped 3.0%, and management said year-over-year revenue declines were the smallest since the first quarter of 2009 and expected the improved trend to continue into the second quarter. Shurgard Europe performed better, with revenue up 1.3% and interest income from the 9.0% Euro-denominated loan of $527 million. Foreign exchange losses of $34.8 million, however, depressed reported earnings. Management also disclosed a $189 million agreement to acquire 30 self-storage facilities, with eight already closed by May 7, 2010, and it expects tenant amortization and interest expense to rise as a result. Overall, the filing points to a financially conservative REIT with stabilizing but still-soft operating fundamentals.

    May 10, 2010