PSA - Public Storage 2022 guidance exceeds consensus after Q4 earnings beat

Public Storage (NYSE:PSA) stock jumps 4.3% in after-hours trading after the self-storage REIT issued guidance for 2022 core FFO per share of $14.75-$15.65, topping the average analyst estimate of $14.51. Guidance assumes same-store net operating income (NOI) growth of 13.4%-18.0%, same-store revenue growth of 12%-15%, and $1.0B in acquisitions. Q4 core FFO allocable to common shareholders of $3.54 per share topped the $3.45 consensus and climbed from $3.42 in Q3 and $2.93 in Q4 2020. Q4 same-store direct net operating income increase 12.2% Y/Y, resulting from a 13.7% increase in same-store revenue. Same-store direct NOI margin of 79.9% rose from 79.1% in Q3. Q4 total revenue of $924.7M surpassed the $916.7M consensus and grew from $716.1M in Q3 and $748.5M in the year-ago quarter. "Our momentum continues with customers enjoying end-to-end digital experience options, high-growth properties in our non-same store pool comprising 25% of the portfolio, and broad opportunity for continued growth across

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Public Storage 2022 guidance exceeds consensus after Q4 earnings beat