PSA - Public Storage beats Q3 expectations on higher rent occupancy

Public Storage's (NYSE:PSA) net operating income of $540.44M rises more than 21% from $444.22M in the year-ago quarter, as same store revenues increase while costs decline, according to its Q3 earnings report. Q3 same store direct net operating income of 79.1% increases from 74.6% in Q3 2020. Q3 core funds from operation per share of $3.42 beats the consensus estimate of $3.22, compared with $2.63 in the year-ago quarter; revenues of $894.93M also beat the consensus of $858.76M. Q3 rental income of $694.6M increases from $609.2M in Q3 a year ago. Q3 self-storage facilities of $840.51M gains from $683.95M in Q3 2020. Late charges and administrative fees of $21.5M in Q3 also rises from $19.14M in the year-ago quarter. Realized annual rental income per occupied square foot of $19.30 vs. $17.16 in Q3 2020. Q3 interest expense of $23.74M rises from $14.3M in the year-ago quarter. Conference call starts on

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Public Storage beats Q3 expectations on higher rent, occupancy