Public Storage Announces 4Q Results, Leadership Changes for 2019
There was little in no-moat-rated Public Storage’s fourth-quarter results that would alter our long-term view of the company, and we are maintaining our $223 fair value estimate. Amid the slowdown in storage, results for the fourth quarter were similar to what we’ve seen in recent periods, with same-store revenue growth of 2.1% and same-store net operating income growth of 2.0% year over year. Core funds from operations came in at $2.75 for the quarter, a 3.8% increase from 2016. Public Storage ...
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