PSA - Public Storage reiterates 2022 guidance as Q1 earnings mixed

Public Storage (NYSE:PSA) on Tuesday has restated its full-year guidance as Q1 results came in mixed but helped by strong rental income growth. Q1 core FFO of $3.65 per share beat the average analyst estimate of $3.59 and jumped from $2.82 in the year-ago period. Q1 rental income of $725.4M climbed from $627.2M in Q1 a year ago. Net operating income was $561.3M in Q1 vs. $465.8M in Q1 of last year. On the other hand, Q1 revenue of $749.27M fell short of the consensus of $985.58M, but gained from $647.2M in Q1 2021. Square foot occupancy at the end of March was 95.1% compared with 95.9% in Q1 2021. Conference call on May 4 at 9:00 AM ET. Towards the end of April, Public Storage had planned to distribute to shareholders a $2.3B tax gain from the sale of PS Business Parks.

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Public Storage reiterates 2022 guidance as Q1 earnings mixed