Public Storage

PSA: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$997.00	Whjx	Jpnpjdcq

Public Storage Earnings: Growth Starts to Slow After a Postpandemic Boom

Suryansh Sharma

Nov 1, 2023

No-moat-rated Public Storage reported third-quarter results that were largely in line with our expectations. The firm reported core funds from operations of $4.33 per share, 5.6% higher than the $4.10 per share FFO during the third quarter of 2022. The company has tightened the 2023 full-year core FFO guidance to $16.60-$16.85 per share, representing around 5% growth at the midpoint when compared with the 2022 core FFO of $15.92. The growth in the self-storage sector has started to moderate after two exceptionally strong years of pandemic-driven growth. We are maintaining our $317 per share fair value estimate for Public Storage after incorporating the third-quarter results.

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