Public Storage Reports First-Quarter Earnings; Increases Ad Spending Heading Into Busy Season
Public Storage’s first-quarter results were reflective of a softer storage environment threatened by modest supply and cash-strapped consumers. The company reported first-quarter funds from operations of $2.34 per diluted share compared with $2.10 a year ago, with an increase in same-store net operating income of 4.1% for the same period. While same-store occupancy slipped 70 basis points to end the quarter lower at 93.1%, revenue per available square foot increased 4.3% from a year ago. The com...Public Storage is a real estate investment trust. The company's business activities include: Self-storage Operations, which acquires, develops, owns and operates self-storage facilities that provide storage spaces for lease on a month-to-month basis, for personal and business use; Ancillary Operations, which reinsures policies against losses to goods stored by customers in the company's self-storage facilities and sells merchandise, mainly locks and cardboard boxes, at its self-storage facilities; and Investment in PS Business Parks Inc. (PSB), in which the company has an equity interest in PSB that owns, operates, acquires and develops commercial properties, mainly multi-tenant flex, office, and industrial parks.
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