Summary
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.
Financial Highlights
35 data points| Revenue | $689.04M |
| Cost of Revenue | $204.20M |
| Gross Profit | $484.84M |
| Operating Expenses | $353.79M |
| Interest Expense | $8.14M |
| Net Income | $366.52M |
| EPS (Basic) | $1.73 |
| EPS (Diluted) | $1.73 |
| Shares Outstanding (Basic) | 174.18M |
| Shares Outstanding (Diluted) | 174.38M |
Key Highlights
- 1Total revenues increased by 2.8% to $689.0 million for the three months ended March 31, 2019, compared to $669.9 million for the same period in 2018.
- 2Net income allocable to common shareholders increased by 4.8% to $301.7 million, or $1.73 per diluted share, for the first quarter of 2019, up from $287.8 million, or $1.65 per diluted share, in the first quarter of 2018.
- 3Self-Storage Operations remain the primary revenue driver, with Net Operating Income (NOI) for this segment increasing by 1.6% to $456.8 million.
- 4The company acquired 12 self-storage facilities during the quarter for $81.3 million and completed development and expansion projects adding 1.6 million net rentable square feet.
- 5Funds From Operations (FFO) per diluted common share increased by 6.3% to $2.52 for the first quarter of 2019, compared to $2.37 for the same period in 2018.
- 6Public Storage maintained strong liquidity, ending the quarter with $218.0 million in cash and cash equivalents, and had $484.1 million of available borrowing capacity on its revolving credit facility.
- 7The company declared a regular quarterly common dividend of $2.00 per common share, demonstrating its commitment to returning capital to shareholders.