NYSE$PSA
Public Storage · Q2 2022 earnings
Q2 2022 earnings · · Investor relations
Briefing
Operating strength was evident, with strong performance across the same store and non-same store portfolios driving an increase in outlook for the back half of the year.
Public Storage reported strong operating results for the three months ended June 30, 2022, with net income allocable to common shareholders of $3.42 per diluted share and Core FFO of $3.99 per diluted share, driven by strong performance across same-store and non-same store portfolios.
- Net income allocable to common shareholders was $3.42 per diluted share.
- Core FFO allocable to common shareholders was $3.99 per diluted share, an increase of 26.7% relative to the same period in 2021.
- Same Store direct net operating income increased by 17.8%, resulting from a 15.9% increase in Same Store revenues.
- Acquired ten self-storage facilities with 0.7 million net rentable square feet for $123.6 million.
Headline financials
Revenue & EPS history
Public Storage · Revenue · Quarterly
$1.03B
Revenue by segment
Public Storage · $58.8M total across 1 segment · Q2 2022
- Ancillary Operations$58.8M+12.3%100.0%
Forward guidance
The company provided guidance for the year ending December 31, 2022, including estimates for the impact of the sale of their investment in PSB to Blackstone on July 20, 2022.
Tailwinds
- Revenue growth between 12.00% and 15.00%.
- Net operating income growth between 13.40% and 18.00%.
- Acquisitions of $1,000,000.
- Development openings of $250,000.
- Ancillary net operating income between $155,000 and $160,000.
Headwinds
- Expense growth between 6.00% and 8.00%.
- General and administrative expense between $105,000 and $111,000.
- Interest expense of $133,000.
- Preferred dividends of $195,000.
- Capital expenditures of $300,000.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2022
-0.5%
Avg return
Earnings day
-0.7%
Avg return
5 days after
+0.6%
Avg return
30 days after
45%
33 / 73 earnings
Positive
+5.4%
Q4 2015
Best reaction
-8.6%
Q3 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +1.2% | -1.3% | +1.0% | |
| Q4 2025 | +2.7% | +2.3% | +1.8% | |
| Q3 2025 | -2.8% | -4.6% | -5.1% | |
| Q2 2025 | -5.8% | -2.4% | +2.1% | |
| Q1 2025 | -0.1% | -0.8% | +2.7% | |
| Q4 2024 | +1.7% | +0.1% | -3.8% | |
| Q3 2024 | -0.7% | +0.4% | +5.1% | |
| Q2 2024 | -2.3% | +3.0% | +12.9% | |
| Q1 2024 | -1.1% | +1.1% | +2.0% | |
| Q4 2023 | +2.5% | +1.2% | +0.1% | |
| Q3 2023 | +0.1% | +6.2% | +8.1% | |
| Q2 2023 | +2.7% | +1.3% | -1.3% | |
| Q1 2023 | +1.2% | +3.7% | +0.6% | |
| Q4 2022 | -2.2% | -1.9% | -5.6% | |
| Q3 2022 | -8.6% | -10.3% | -4.6% | |
| Q2 2022 | +0.9% | +4.4% | +1.4% | |
| Q1 2022 | -1.4% | -6.4% | -7.5% | |
| Q4 2021 | +2.9% | +5.6% | +8.6% | |
| Q3 2021 | +1.7% | -2.8% | -2.0% | |
| Q2 2021 | -1.4% | -2.0% | +6.4% | |
| Q1 2021 | +1.6% | +1.1% | +2.7% | |
| Q4 2020 | +0.4% | -4.3% | +0.9% | |
| Q3 2020 | -2.0% | -5.7% | -4.7% | |
| Q2 2020 | -2.6% | +0.6% | +5.3% | |
| Q1 2020 | -1.3% | -3.9% | +8.6% | |
| Q4 2019 | +0.8% | -7.7% | -17.1% | |
| Q3 2019 | -4.0% | -5.7% | -8.8% | |
| Q2 2019 | +0.0% | +2.8% | +8.0% | |
| Q1 2019 | +2.6% | +2.5% | +7.6% | |
| Q4 2018 | +4.1% | +5.3% | +8.7% | |
| Q3 2018 | -0.3% | -3.3% | +2.8% | |
| Q2 2018 | -3.5% | -0.9% | -2.4% | |
| Q1 2018 | +3.1% | +4.1% | +7.6% | |
| Q4 2017 | +1.1% | +3.7% | +3.7% | |
| Q3 2017 | -2.8% | -0.6% | +1.3% | |
| Q2 2017 | -4.5% | -1.0% | -1.9% | |
| Q1 2017 | -5.6% | -8.1% | -4.1% | |
| Q4 2016 | -0.3% | +0.1% | -2.1% | |
| Q3 2016 | -4.8% | +0.6% | -3.1% | |
| Q2 2016 | -4.7% | -4.6% | -10.6% | |
| Q1 2016 | -4.0% | — | — | |
| Q4 2015 | +5.4% | — | — | |
| Q3 2015 | -1.7% | — | — | |
| Q2 2015 | -0.2% | — | — | |
| Q1 2015 | +0.8% | — | — | |
| Q4 2014 | -1.5% | — | — | |
| Q3 2014 | +2.9% | — | — | |
| Q2 2014 | -1.5% | — | — | |
| Q1 2014 | -2.8% | — | — | |
| Q4 2013 | -0.0% | — | — | |
| Q3 2013 | +0.8% | — | — | |
| Q2 2013 | +0.9% | — | — | |
| Q1 2013 | -0.8% | — | — | |
| Q4 2012 | -0.0% | — | — | |
| Q3 2012 | +1.6% | — | — | |
| Q2 2012 | -1.7% | — | — | |
| Q1 2012 | -3.4% | — | — | |
| Q4 2011 | -1.5% | — | — | |
| Q3 2011 | +1.5% | — | — | |
| Q2 2011 | +2.2% | — | — | |
| Q1 2011 | +0.6% | — | — | |
| Q4 2010 | -2.8% | — | — | |
| Q3 2010 | -3.3% | — | — | |
| Q2 2010 | +1.2% | — | — | |
| Q1 2009 | +5.3% | — | — | |
| Q1 2010 | -0.8% | — | — | |
| Q4 2009 | +3.6% | — | — | |
| Q4 2007 | +3.6% | — | — | |
| Q3 2008 | +3.6% | — | — | |
| Q3 2009 | +3.6% | — | — | |
| Q2 2009 | -6.1% | — | — | |
| Q2 2008 | -6.1% | — | — | |
| Q4 2008 | -6.1% | — | — |
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