PSA - Public Storage stock pares drop as management outlines growth plan

Public Storage ([[PSA]] -0.9%) shares pare their decline after management outlines plans to boost same-store net operating income margins by 2%+ over the next three years, according to its Investor Day presentation.Earlier in the trading session, PSA stock fell as much as 1.8%.Those margin increases will be driven by an expected 25% payroll cost savings from its operating model transformation and a 30% utility cost savings from solar power and LED light returns.PSA targets long-term annual same-store NOI growth of 3.0%.Targets long-term FFO growth of 6.7%-9.2% with a midpoint of 8.0%. That's made up of 3.0% from same-store growth, 0.5%-1.0% from operating initiatives, 2.2%-3.7% from portfolio growth, 0.5%-1.0% from increasing the scale of its business and 0.5% from financial leverage and other line items.Dividend yield of 3.0% is expected to bring annual total return of 9.7%-12.2% with a midpoint of 11.0%.

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Public Storage stock pares drop as management outlines growth plan