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Public Storage Raises Full-Year Outlook for Revenue Growth and FFO

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Public Storage,Revenue Growth,FFO

Public Storage, a real estate investment trust (REIT) based in Glendale, California, has increased its full-year revenue growth and core funds from operation (FFO) per share outlook. The company attributes this to higher move-in volumes and improved occupancy in its self-storage facilities. Public Storage now expects a revenue growth between 4.00% and 4.75% for the year, and a core FFO per share in the range of $16.60 to $16.85.

- Public Storage on Monday raised its full-year outlook for revenue growth and core funds from operation per share, on higher move-in volumes and improved occupancy in its self-storage facilities.

The Glendale, California-based real estate investment trust leases out storage spaces on a monthly basis, for personal and business use. The REIT, which has interests in 3,028 self-storage facilities in 40 U.S. states, now sees full-year revenue growth between 4.00% and 4.75%, the midpoint of which is above its prior expected range of 3.25% to 5.00%.

Public Storage also expects full-year core funds from operation per share to be in the range of $16.60 to $16.85, slightly higher to its prior forecast of $16.40 to $16.80. In the quarter ended Sept. 30, the company added 137 self-storage facilities, or 10.1 million net rentable square feet, to its portfolio through acquisitions.Same portfolio revenue grew to $869,715 in the third quarter, compared to $848,596 last year.

 

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