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Public Storage PSA

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Morningstar’s Analysis

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Public Storage Reports Solid Q4 Results As Coronavirus Pandemic Backdrop Provides Some Tailwinds

Yousuf Hafuda Equity Analyst

Analyst Note

| Yousuf Hafuda |

Public Storage reported decent fourth-quarter results with the coronavirus crisis counterintuitively boosting demand for the firm’s self-storage facilities. This development is in contrast with concerns at the early part of the crisis as the industry was being adversely affected by muted move-ins and higher customer delinquencies. During the fourth quarter, core funds from operations, or FFOs, were $2.93 per share, a 3.2% increase compared with $2.84 during the fourth quarter of 2019. Same-store net operating income, or NOI, was $479 million, a slight 1.3% year-over-year increase compared with $472 million for the fourth quarter of 2019. Full-year 2020 results were less positive due to a tumultuous year, with core FFOs decreasing 1.3%, while same-store NOI decreased by 2.1%. With these results providing few surprises, we are maintaining our $198 per-share fair value estimate for no-moat Public Storage.

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Company Profile

Business Description

Public Storage owns and operates approximately 2,300 self-storage facilities in 38 states, with over 150 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 Dec 31, 2020
Fiscal Year End Dec 31, 2020
Stock Type Hard Assets
Employees 5,400