Public Storage's Development Pipeline Delivered FFO Growth During the First Quarter
No-moat rated Public Storage reported a decent first quarter as it continues to extract value from its resilient business model. Funds from operations grew 6.3% to $2.52 per share, largely due to external growth from newly developed properties. We think that Public Storage’s focus on developing, rather than acquiring, new properties makes sense given the persistently low cap rate environment. That said, we would have liked to have seen more substantial evidence of internal growth. We are maintai...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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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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