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Morningstar's Public Storage Stock Analysis

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Rent Growth Combined With Prior Acquisitions Drive Significant FFO Growth for Public Storage in Q1

Kevin Brown, CFA Equity Analyst

Analyst Note

| Kevin Brown, CFA |

Public Storage reported first-quarter results that were relatively in line with our expectations, leading us to reaffirm our $340 fair value estimate for the no-moat company. Same-store occupancy fell 30 basis points to 95.6%, and while that is slightly better than our estimate, the company reported that occupancy ended the quarter at 95.1%, which is more in line with our estimate. Rent growth remains strong as Public Storage averaged $20.29 rent per occupied square foot in the first quarter for the same-store portfolio, which is 15.7% higher than the first quarter of 2021. Meanwhile, same-store operating expenses only grew 4.4% in the first quarter, leading to same-store net operating income growth of 19.3%. The same-store growth combined with additional revenue generated from the $5.1 billion in properties acquired in 2021 resulted in Public Storage reporting core funds from operations growing 29.4% year over year to $3.65 per share.

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Public Storage's Company Profile

Business Description

Public Storage owns and operates over 2,700 self-storage facilities in 39 states, with over 190 million net rentable square feet of storage space. Through equity interests, it also has exposure to the European self-storage market through Shurgard Europe and to an additional 29 million net rentable square feet of commercial space in the United States through PS Business Parks.

701 Western Avenue
Glendale, CA, 91201-2349
T +1 818 244-8080
Sector Real Estate
Industry REIT - Industrial
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Hard Assets
Employees 5,800

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