PSA - Public Storage posts stronger-than-expected quarterly profit delivers 2023 guide

Public Storage ( NYSE: PSA ) turned in Q4 FFO that exceeded the average analyst estimate and rose during the quarter as higher realized annual rent per occupied square foot drove same-store revenues higher.

For 2023, though, same-store revenue growth is expected to be 2.50%-5.00%, compared with the Visible Alpha consensus of 5.52%. Likewise, the REIT sees same-store net operating income growth of 1.20%-5.10%, down from the 5.49% Visible Alpha consensus.

Full-year core FFO per share is expected to be $16.10-$16.80 versus $16.83 consensus.

Q4 core FFO per share of $4.16, beating the $3.97 consensus, rose from $4.13 in Q3 and from $3.54 in the year-earlier quarter.

Revenue of $818.92M, falling short of the $1.07B consensus, slid from $822.5M in Q3 and climbed from $724.50M n Q4 2021.

NOI stood at $637.51M compared with $632.57M in the prior quarter and $550.31M a year ago.

Square foot occupancy came in at 93.4%, down from 94.5% in Q3 and from 95.9% in Q4 2021.

Conference call on Feb. 22 at 9:00 a.m. ET.

Earlier, Public Storage FFO beats, revenue misses, CEO appointed .

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