Public Storage

PSA: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Public Storage Earnings: Move-In Rents Are Still Weak but Incremental Supply Is Moderating

Suryansh Sharma

May 1, 2025

Public Storage's first-quarter results were in line with our expectations, as the firm reported a core funds from operations of $4.12 per share in the first quarter, 2.2% higher than the previous year. Demand continues to be relatively weak but moderating incremental supply should support rents.

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Public Storage

Public Storage Earnings: Move-In Rents Are Still Weak but Incremental Supply Is Moderating

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