Public Storage raises forecast for full-year revenue growth on higher occupancy

Reuters | October 30, 2023

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(Reuters) – Public Storage on Monday raised its full-year outlook for revenue growth and core funds from operation (FFO) per share, on higher move-in volumes and improved occupancy in its self-storage facilities.

The Glendale, California-based real estate investment trust (REIT) leases out storage spaces on a monthly basis, for personal and business use.

The REIT, which has interests in 3,028 self-storage facilities in 40 U.S. states, now sees full-year revenue growth between 4.00% and 4.75%, the midpoint of which is above its prior expected range of 3.25% to 5.00%.

Public Storage also expects full-year core funds from operation per share to be in the range of $16.60 to $16.85, slightly higher to its prior forecast of $16.40 to $16.80.

In the quarter ended Sept. 30, the company added 137 self-storage facilities, or 10.1 million net rentable square feet, to its portfolio through acquisitions.

The company reported a third-quarter core FFO per share of $4.33, up from $4.10 per share last year.

Same portfolio revenue grew to $869,715 in the third quarter, compared to $848,596 last year.


(Reporting by Aatrayee Dasgupta and Ananta Agarwal in Bengaluru. Editing by Krishna Chandra Eluri)