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Wednesday, Jun 7, 2023

Public Storage Drops Despite Quarterly Results

Public Storage shares slumped Thursday despite better-than-expected results for the second quarter. The Glendale-headquartered self-storage REIT on Wednesday reported funds from operations of nearly $463 million, or $2.65 per share, compared to average analyst expectations of $2.61, according to Zacks Investment Research. Revenue for the second quarter was $686 million, a climb of 3.2 percent from the same quarter a year ago. Same-store revenues advanced 1.5 percent year over year to $559 million during the second quarter, primarily driven by a 2.4 percent rise in annual rent per occupied square foot to $17.35. However, shares of Public Storage (PSA) closed Thursday down $7.27 cents, or 3.3 percent, to $210.21 on the New York Stock Exchange.

Michael Aushenker
Michael Aushenker
A graduate of Cornell University, Michael covers commercial real estate for the San Fernando Valley Business Journal. Prior to the Business Journal, Michael covered the community and entertainment beats as a staff writer for various newspapers, including the Jewish Journal of Greater Los Angeles, The Palisadian-Post, The Argonaut and Acorn Newspapers. He has also freelanced for the Santa Barbara Independent, VC Reporter, Malibu Times and Los Feliz Ledger.

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