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Public Storage (PSA)
NYSE:PSA
Earnings Data
Report Date
Feb 24, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
2.57Last Year’s EPS
2.21Same Quarter Last Year
Moderate Buy
Based on 10 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Feb 24, 2025
|% Change Since: 0.31%
|Next Earnings Date:May 06, 2025
Earnings Call Sentiment|Neutral
The earnings call reflects a mixed sentiment. While there are significant achievements such as operational stabilization, digital transformation, and increased acquisition activity, challenges remain in the form of revenue declines, competitive pressures, and impacts from the Los Angeles fires.Company Guidance
In the recent earnings call for Public Storage, the company presented its guidance for 2025, highlighting several key financial and operational metrics. The company achieved core FFO of $4.21 per share in Q4 2024, marking a 20 basis point increase year-over-year, despite a 60 basis point year-over-year decline in same-store revenues. For 2025, Public Storage provided core FFO per share guidance of $16.35 to $17, with an estimated $0.23 per share impact due to pricing restrictions from a state of emergency in California. They anticipate a 3.25% same-store expense growth, mainly driven by property taxes, and expect same-store NOI to decline by 1.4% at the midpoint. The company also noted that it completed the "Property of Tomorrow" program, a $600 million investment, which is expected to boost annual retained cash flow from $400 million in 2024 to $600 million in 2025. Additionally, they reported a reduction in property labor hours by nearly 30% due to digital transformation efforts, contributing to improved customer satisfaction and operational efficiencies. Public Storage plans to enhance its growth through a $740 million development pipeline and anticipates higher acquisition volumes in 2025 compared to 2024.Positive Year-End Results
The company ended 2024 with broad operational stabilization, with nearly all markets having improved. Same-store revenue growth improved sequentially for the first time in over two years, and core FFO per share growth turned positive.
Successful Completion of Property of Tomorrow Program
The multi-year, $600 million investment into rebranding has been completed, positioning the company for increased annual retained cash flow from $400 million in 2024 to approximately $600 million in 2025.
Digital Transformation and Operational Efficiency
The company's digital transformation has led to a 30% reduction in on-property labor hours, while also increasing customer satisfaction and reducing utility use by 30%.
Acquisition Activity and Strong Capital Position
Acquisition activity increased with 26 properties acquired or under contract for $361 million in the fourth quarter. The company maintains strong leverage and balance sheet capacity.
Improving Market Conditions
Markets like Miami and Orlando showed positive trends, and overall, the supply of new storage facilities is expected to decline further in 2025.
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PSA Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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PSA Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Feb 24, 2025 | $303.35 | $308.60 | +1.73% |
| Oct 30, 2024 | $332.69 | $325.98 | -2.02% |
| Jul 30, 2024 | $299.00 | $290.70 | -2.78% |
| Apr 30, 2024 | $252.09 | $252.77 | +0.27% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Public Storage (PSA) report earnings?
Public Storage (PSA) is schdueled to report earning on Feb 24, 2025, TBA Not Confirmed.
What is Public Storage (PSA) earnings time?
Public Storage (PSA) earnings time is at Feb 24, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is PSA EPS forecast?
PSA EPS forecast for the fiscal quarter 2024 (Q4) is 2.57.
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