Public Storage Q2 net income $2.66/sh; core FFO $4.23; cuts 2024 outlook

Public Storage

2024-Q2 EPS reported $5.26 revenue$2,330,431,000

Net income $468.4M ($2.66/diluted) vs $528.3M ($3.00) YoY; core FFO $4.23 vs $4.28.
Same-store revenue -1.0%, NOI -1.6%; occupancy 93.0% vs 93.5%; realized rent per occ. sq ft $22.54.
Repurchased $200M common shares at avg $275/sh; issued €150M notes (4.080%) and $1B senior notes.
2024 guidance lowered: same-store NOI growth now (3.0)-(1.3)% from prior (2.4)-0.7%; non-same store NOI cut.
CEO cites industry-wide competition impacting move-in rents; signs of stabilization noted.

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