PSA - Public Storage guides for better year core FFO after Q3 beat

Public Storage ( NYSE: PSA ) stock advanced 2.7% in Tuesday after-hours trading after the REIT improved its full-year core FFO outlook and raised the lower end of its target range for revenue growth and net operating income growth. That comes after PSA's Q3 bottom-line figure came in stronger than expected.

It expects core FFO to be $15.35-15.75 a share for 2022, compared with $15.00-15.75 in the prior view and the $15.70 consensus. 2022 revenue growth is expected to be 13.50%-15.00% vs. 12.00%-15.00% in the previous guidance. And NOI growth is targeted at 15.40%-18.00% vs. the prior target range of 13.40%-18.00%.

Looking at third-quarter results , core FFO of $4.13 a share exceeded the average analyst estimate of $4.04 and climbed from $3.42 at Sept. 30, 2021.

Revenue of $822.5M, though, fell short of the $1.07B consensus but gained from $717.11M in the year-ago quarter.

Rental income was $795.7M, up from $695.56M in Q3 of last year.

Net operating income came in at $632.57M compared with $540.67M in Q3 2021.

Square foot occupancy slid to 94.5% from 96.8% a year earlier.

The company also declared a quarterly dividend of $2.00 a share, matching the previous payout.

Conference call on Wednesday at 9:00 a.m. ET.

Earlier, Public Storage FFO of $4.13 beats by $0.09, revenue of $822.53M misses by $247.47M .

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