Public Storage Q1 Profit Down, But FFO Rises

(RTTNews) - Public Storage (PSA) Tuesday reported first-quarter net income of $459.2 million or $2.60 per share, compared to $467.6 million or $2.65 per share last year.

Funds from operations for the quarter was $748.5 million or $4.24 per share as compared to $694.4 million or $3.94 for the same period in 2023.

Core FFO per share for the quarter was $4.03, down from $4.08 per share last year.

Revenues for the quarter rose to $913.1 million from $912.5 million last year.

Analysts polled by Thomson Reuters expected earnings of $2.47 per share on revenues of $1.15 billion for the quarter.