Public Storage
 (PSA)

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  • Aug. 20, 2015, 1:41 PM
    • Searching for green as the averages get routed, one finds a few pockets of only modest strength in some of the beaten-down REIT names as the 10-year Treasury yield slips to 2.08% and rate hike expectations move from September to December, or even 2016.
    • Sticking with a September rate hike is the team at Citigroup, which continues to believe only a "bunker buster" will prevent the Fed from hiking next month. The group notes an overlooked line in yesterday's FOMC minutes in which the committee talked about managing the risks resulting from prolonged low rates. It's a "smoking gun," says Citi, meaning a rate hike is coming sooner rather than later.
    • Annaly Capital (NLY +0.2%), American Capital Agency (AGNC +0.6%), Realty Income (O +0.8%), Omega Healthcare (OHI +0.9%), Public Storage (PSA -0.1%).
    | Aug. 20, 2015, 1:41 PM | 37 Comments
  • Jul. 30, 2015, 7:47 AM
    • Q2 core FFO of $2.17 per share up 10.2% from $1.97 one year ago.
    • Same store revenue of $487.2M up 6.8% Y/Y. Operating costs of $129M up 1.1%. NOI of $358.1M up 9%. Gross margin of 73.5% up 150 basis points.
    • Occupancy of 95.4% up 70 basis points. Annual rental income of $15.44 per occupied square foot, up 6.3%; per available square foot of $14.73, up 7%.
    • Conference call at 2 ET
    • Previously: Public Storage beats by $0.03, beats on revenue (July 29)
    • PSA flat premarket
    | Jul. 30, 2015, 7:47 AM
  • Jul. 29, 2015, 6:16 PM
    • Public Storage (NYSE:PSA): Q2 FFO of $2.17 beats by $0.03.
    • Revenue of $551.03M (+10.0% Y/Y) beats by $6.34M.
    | Jul. 29, 2015, 6:16 PM
  • Jul. 7, 2015, 11:46 AM
    • It's not just Greece, where that country's government officials arrived in Brussels today with no new proposal to save its EMU membership (one is now promised for tomorrow), but China's stock market bubble is in the midst of a spectacular collapse. This even as Beijing's efforts to prop up share prices make the Federal Reserve look like the Ayn Rand Institute.
    • The 10-year U.S. Treasury yield is lower by nine basis points to 2.20%, the U.K. 10-year yield is down 16 bps to 1.86%, and the German 10-year yield is down 12 bps to 0.65%. Copper is leading across the board declines in commodity prices.
    • European stocks closed down another 2.1%, and the S&P 500 is down 1%. The Utilities SPDR (NYSEARCA:XLU), however, is up 1.6%, and the iShares Real Estate ETF (NYSEARCA:IYR) is up 0.7%. A mortgage REIT ETF (NYSEARCA:REM) is up 0.7%.
    • Realty Income (O +0.6%), Omega Healthcare (OHI +1.3%), HCP (HCP +1.7%), Equity Residential (EQR +1.4%), Simon Property (SPG +1.2%), Kimco (KIM +1.3%), Public Storage (PSA +1.5%), Boston Properties (BXP +1.6%), Strategic Hotels (BEE +1.2%), First Industrial Realty (FR +1.1%).
    • ETFs: IYR, VNQ, DRN, URE, RQI, SCHH, ICF, SRS, RWR, RNP, JRS, KBWY, RFI, NRO, DRV, RIT, REK, RIF, FRI, FTY, PSR, DRA, FREL, WREI, IARAX
    • ETFs: XLU, UTG, IDU, VPU, GUT, BUI, FUTY, RYU, UPW, FXU, PUI, SDP, PSCU, FUGAX
    | Jul. 7, 2015, 11:46 AM | 16 Comments
  • Jun. 22, 2015, 3:31 PM
    • The major averages are having a solid day, with nearly all S&P sectors lit up green, but the REITs - eyeing a ten basis point pop higher in the 10-year Treasury yield - are lower across the board. Boosting rates is good news on Greek debt negotiations and a 4% rally in European stocks.
    • The IYR is down 0.6%, bringing its  loss YTD to 3%, about 600 basis points worse than the S&P 500.
    • National Retail Properties (NNN -1.5%), Omega Healthcare (OHI -1.2%), Healthcare Trust of America (HTA -1.6%), Gramercy Property Trust (GPT -1.9%), W.P. Carey (WPC -1.4%), Simon Property (SPG -1%), Retail Properties of America (RPAI -1%), Public Storage (PSA -1%), Equity Commonwealth (EQC -1.6%), Strategic Hotels (BEE -1.4%), STAG Industrial (STAG -1.4%), Education Realty Trust (EDR -1.5%).
    • ETFs: IYR, VNQ, DRN, URE, RQI, SCHH, ICF, SRS, RWR, RNP, JRS, KBWY, RFI, NRO, DRV, RIT, REK, RIF, FRI, FTY, PSR, DRA, FREL, WREI, IARAX
    | Jun. 22, 2015, 3:31 PM | 16 Comments
  • Jun. 19, 2015, 10:28 AM
    • Alongside the earlier-reported upgrade to Buy of Sovran Self Storage, Cantor Fitzgerald downgrades Public Storage (PSA -0.2%) to Hold from Buy.
    • A check of the scorecard finds both higher by about 4% YTD, but SSS is up 16% year-over-year, outperforming by about 400 basis points.
    • Previously: Sovran Self Storage upgraded at Cantor Fitzgerald (June 19)
    | Jun. 19, 2015, 10:28 AM
  • Jun. 3, 2015, 10:25 AM
    • There's a bit of a selling panic going on in fixed income, with the 10-year Treasury yield up another nine basis points on this session to 2.35%, and now up 25 bps this week. The carnage across the pond is worse.
    • The IYR is lower by 0.9%.
    • Individual equity REITs: Realty Income (O -1.2%), Ventas (VTR -2.5%), Omega Healthcare (OHI -0.9%), HCP (HCP -1.5%), Equity Residential (EQR -2.1%), AvalonBay (AVB -1.8%), Simon Property (SPG -1.3%), General Growth (GGP -1.5%), Kimco (KIM -1.2%),  Public Storage (PSA -1%), Boston Properties (BXP -1.1%), Hospitality Properties (HPT -1.2%), Liberty Property (LPT -1%), Campus Crest (CCG -2.2%).
    • Mortgage REITs: Annaly (NLY -1.2%), American Capital Agency (AGNC -0.9%), Invesco (IVR -1.1%), Hatteras (HTS -1%), Ellington Residential (EARN -1%).
    • ETFs: IYR, VNQ, MORL, REM, MORT, DRN, URE, RQI, SCHH, ICF, SRS, RWR, RNP, JRS, KBWY, RFI, NRO, DRV, RIT, REK, RIF, FRI, FTY, PSR, DRA, FREL, WREI, LMBS, IARAX
    | Jun. 3, 2015, 10:25 AM | 74 Comments
  • May 12, 2015, 9:51 AM
    • "We believe the underlying fundamentals of storage are outstanding and that Public Storgage's (PSA -0.6%) large pool of non-same store assets could provide greater revenue growth than the market anticipates," says analyst Andrew Rosivach, upgrading to Buy with price target of $220 from Neutral and $201.
    • Slow recent earnings growth looks to be the result of temporary balance sheet dislocation which should subside, he says. Best of all, the stock has experienced a "meaningful multiple contraction" relative to peers just at the time when earnings growth is set to accelerate.
    | May 12, 2015, 9:51 AM | 1 Comment
  • May 1, 2015, 7:47 AM
    • Q1 core FFO per share of $1.94 vs. $1.80 one year ago, and against expectations for $1.93.
    • Same store revenue of $472.3M up 6.1% Y/Y. Operating costs of $142.5M up 1.1%. Operating income of $329.8M up 8.4%. Gross margin of 69.8% up 220 basis points.
    • Occupancy as of March 31 of 93.9% up 90 basis points. Annual contract rent per occupied square foot of $15.80 up 5.3%.
    • Quarterly dividend is lifted to $1.70 per share from $1.40 previously.
    • Conference call at 12 ET
    • Previously: Public Storage declares $1.70 dividend (April 30)
    • PSA flat premarket
    | May 1, 2015, 7:47 AM
  • Apr. 30, 2015, 5:39 PM
    • Public Storage (NYSE:PSA) declares $1.70/share quarterly dividend, 21.4% increase from prior dividend of $1.40.
    • Forward yield 3.62%
    • Payable June 30; for shareholders of record June 15; ex-div June 11.
    | Apr. 30, 2015, 5:39 PM | 3 Comments
  • Apr. 30, 2015, 5:39 PM
    • Public Storage (NYSE:PSA): Q1 FFO of $1.91 misses by $0.02.
    • Revenue of $530.64M (+9.3% Y/Y) in-line.
    | Apr. 30, 2015, 5:39 PM
  • Apr. 7, 2015, 12:08 PM
    • The FTSE NAREIT All REITs Index had a total return of 4.05% in Q1, more than quadruple the S&P 500's 0.95% total return. The dividend yields of REITs remain nicely higher at quarter's end than the broader market, averaging 3.80% vs. the S&P 500's 2.02%.
    • Further, the compounded annual return of the All REITs Index has outperformed the S&P 500 over the past 1-, 5-, 10-, 20-, and 40-year periods.
    • Leading the way in Q1 were the self-storage REITs (PSA, SSS, CUBE, EXR) with a total return of 9.16%. Lagging the most after strong outperformance over the past two years were the lodging REITs, falling 4.42% on a total return basis.
    • The FTSE NAREIT Mortgage REITs Index delivered a total return of 2.35%, with a dividend yield of 10.56% on March 31.
    • The FTSE EPRA/NAREIT Global Real Estate Index had a total return of 4.04% in Q1, with a dividend yield of 3.21% on March 31.
    • ETFs: IYR, VNQ, WPS, VNQI, DRN, RWX, URE, SRS, ICF, SCHH, RWR, RWO, IFGL, KBWY, DRV, DRW, REK, FRI, GRI, FTY, FFR, RWXL, PSR, WREI, REET, FREL, SRET
    | Apr. 7, 2015, 12:08 PM | 1 Comment
  • Mar. 18, 2015, 3:28 PM
    • The Fed earlier cuts its forecasts for GDP growth, inflation, and the pace of rate hikes. Alongside, it also lowered NAIRU - the level at which unemployment threatens accelerating inflation.
    • The 10-year Treasury yield is lower by 13 basis points to 1.92% following the news, sending the board averages to near-1.5% gains, but the strongest names are the equity REITs.
    • IYR +2.3%
    • National Retail Properties (NNN +3%), Spirit Realty (SRC +3.1%), Senior Housing Properties (SNH +2.1%), Healthcare Trust of America (HTA +2.9%), Equity Commonwealth (EQC +2.7%), Gramercy Property (GPT +3.2%), Post Properties (PPS +3.9%), Aimco (AIV +2.6%), Kimco (KIM +2.8%), DDR Corp (DDR +2.4%), Public Storage (PSA +2%), Government Properties (GOV +1.9%), First Potomac Realty (FPO +3%), Digital Realty Trust (DLR +1.5%), Sunstone Hotel (SHO +2%), Liberty Property (LPT +2.4%), American Campus (ACC +2.5%)
    • Previously: Day's biggest news: Fed sharply cuts "normal" unemployment rate (March 18)
    • Previously: FOMC drops "patient," but sends dovish signal (March 18)
    • ETFs: IYR, VNQ, DRN, URE, SRS, ICF, SCHH, RWR, KBWY, DRV, REK, FRI, FTY, PSR, WREI, FREL
    | Mar. 18, 2015, 3:28 PM
  • Mar. 16, 2015, 9:56 AM
    • The 10-year Treasury yield is lower by five basis points to 2.07% in early action as crude oil takes out new multi-year lows, industrial production falls for the third straight month, and capacity utilization declines to its lowest level in a year.
    • Outperforming the averages is the iShares U.S. Real Estate ETF (IYR +1.2%).
    • Among some individual players: Kimco (KIM +1.6%), Federal Realty (FRT +1.5%), Realty Income (O +1.3%), Omega Healthcare (OHI +1.3%), HCP (HCP +1.4%), Equity Residential (EQR +1.6%), General Growth Properties (GGP +1.4%), Public Storage (PSA +1%), Boston Properties (BXP +1.5%), Hospitality Properties (HPT +1.2%), Liberty Property Trust (LPT +0.8%), American Campus Communities (ACC +1.2%).
    • ETFs: IYR, VNQ, DRN, URE, SRS, ICF, SCHH, RWR, KBWY, DRV, REK, FRI, FTY, PSR, WREI, FREL
    | Mar. 16, 2015, 9:56 AM | 11 Comments
  • Mar. 6, 2015, 10:31 AM
    • Equity REITs are facing some competition as the 10-year Treasury yield has popped all the way to 2.24% (up 11 bps on the session) following the strong jobs report which saw 295K jobs added in February and the unemployment rate dropping to 5.5%.
    • Checking short-term interest rate futures, they're falling (meaning higher rates), but still not pricing in a rate hike until late summer.
    • The iShares U.S. Real Estate ETF (IYR -2.3%).
    • Realty Income (O -3.7%), National Retail Properties (NNN -3.9%), Agree Realty (ADC -3.1%), Omega Heathcare (OHI -4.5%), Health Care REIT (HCN -3.5%), Ventas(VTR -3.7%), HCP (HCP -3.6%), Medical Properties (MPW -4%), Healthcare Trust (HTA -4%), AvalonBay (AVB -2.7%), Essex Property (ESS -2.3%), Simon Property (SPG -2.3%), General Growth (GGP -2.2%), Kimco (KIM -2.9%), Inland Real Estate (IRC -2.9%), DDR (DDR -2.7%), Federal Realty Investment (FRT -2.6%), Public Storage (PSA -2%), Sovran Self Storage (SSS -2.7%), Boston Properties (BXP -2.8%), First Potomac (FPO -3.2%), Digital Realty Trust (DLR -1.9%), Hospitality Properties (HT -2.1%), Ashford (AHT -2.7%), STAG Industrial (STAG -3%), American Campus (ACC -2.9%).
    • ETFs: IYR, VNQ, DRN, URE, SRS, ICF, SCHH, RWR, KBWY, DRV, REK, FRI, FTY, PSR, WREI, FREL
    • Previously: Dollar and Treasury yields spike after strong jobs print (March 6)
    | Mar. 6, 2015, 10:31 AM | 62 Comments
  • Feb. 20, 2015, 7:54 AM
    • Q4 FFO of per share of $2.17 includes $0.03 per share of "other items." Core FFO of $2.20 is actually an earnings beat of one penny. Full-year FFO per share of $7.98 vs. $7.53 in 2013.
    • Same-store rental income of $445.8M up 5.8% Y/Y. Cost of operations of $103.7M up 1.6%. Gross margin of 77.8% up 80 basis points. Square foot occupancy of 93.5% up 50 basis points.
    • Realized annual rental income per square foot of $15.20 up 5.2%.
    • Conference call at 12 ET
    • Previously: Public Storage misses by $0.02, beats on revenue (Feb. 19)
    • PSA flat premarket
    | Feb. 20, 2015, 7:54 AM
Company Description
Public Storage is engaged in the acquisition, development, ownership and operation of self-storage facilities which offers storage spaces for lease, generally on a month-to-month basis, for personal and business use.
Sector: Financial
Country: United States