Upcoming AWS Coverage on Prologis Post-Earnings Results

LONDON, UK / ACCESSWIRE / May 2, 2017 / Active Wall St. announces its post-earnings coverage on Public Storage (NYSE: PSA). The Company reported its first quarter fiscal 2017 results on April 26, 2017. The self-storage facility real estate investment trust missed top- and bottom-line expectations. Register with us now for your free membership at:

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One of Public Storage's competitors within the REIT - Industrial space, Prologis, Inc. (NYSE: PLD), reported on April 18, 2017, financial results for Q1 2017. AWS will be initiating a research report on Prologis in the coming days.

Today, AWS is promoting its earnings coverage on PSA; touching on PLD. Get our free coverage by signing up to:

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Earnings Reviewed

For the three months ended March 31, 2017, Public Storage's revenue increased to $645.55 million compared to $611.79 million in Q1 2016. The Company's revenue numbers came in below analysts' consensus of $655.8 million.

For Q1 2017, Public Storage's same-store facilities revenues totaled $538.3 million up 4% on a y-o-y basis, primarily driven by a 4.9% rise in realized annual rental income per occupied square feet to $16.81, while the Company's NOI climbed 4.1% to $388.9 million primarily due to the impact of 283 self-storage facilities acquired, developed or expanded since January 2015. However, the weighted-average square foot occupancy of 93.1% contracted 50 basis points compared to the year ago same period. Cost of operations for the Same Store Facilities increased by 3.9%, or $5.7 million, in Q1 2017 compared to 2016, primarily due to increased property taxes, repairs and maintenance, and advertising and selling costs.

During Q1 2017, Public Storage's net income allocable to common shareholders was $281.1 million, or $1.62 per diluted common share, compared to $241.3 million, or $1.39, in Q1 2016; representing an increase of $39.8 million, or $0.23. The increase was attributable to a $21.1 million increase in self-storage net operating income, a $5.4 million decrease in foreign exchange translation losses associated with the Company denominated debt, and an $11.3 million decrease in EITF D-42 charges as a result of its preferred redemption activities in 2016.

For the three months ended March 31, 2017, Public Storage's funds from operations ("FFO") were $2.34 per diluted common share compared to $2.10 in 2016; representing an increase of 11.4%. The Company's FFO numbers were below Wall Street's estimates of $2.43 per share.

Investing and Capital Markets Activities

During the three months ended March 31, 2017, Public Storage acquired four self-storage facilities (one each in Minnesota, New York, North Carolina, and Ohio) with 0.2 million net rentable square feet for $23 million. Subsequent to March 31, 2017, the Company acquired or were under contract to acquire five self-storage facilities (two each in Indiana and South Carolina and one in Ohio) with 0.3 million net rentable square feet for $25 million.

During Q1 2017, Public Storage completed two newly developed facilities and various expansion projects of 0.5 million net rentable square feet for an approximate cost of $89 million. At March 31, 2017, the Company had various facilities in development totaling 4.0 million net rentable square feet estimated to cost $470 million and various expansion projects of 1.2 million net rentable square feet estimated to cost $148 million. The remaining $413 million of development costs for these projects is expected to be incurred primarily in the next 18 months.

Cash Balance

As of March 31, 2017, Public Storage had cash and cash equivalents worth $120.86 million compared to $183.69 million as on December 31, 2016.

Distributions Declared

On April 26, 2017, Public Storage's Board of Trustees declared a regular common quarterly dividend of $2.00 per common share. The Board also declared dividends with respect to the Company's various series of preferred shares. All the dividends are payable on June 29, 2017, to shareholders of record as of June 14, 2017.

Stock Performance

On Monday, May 01, 2017, the stock closed the trading session at $207.23, declining 1.03% from its previous closing price of $209.38. A total volume of 1.15 million shares have exchanged hands, which was higher than the 3-month average volume of 744.86 thousand shares. Public Storage's stock price advanced 4.35% the past six months. The stock is trading at a PE ratio of 29.45 and has a dividend yield of 3.86%.

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SOURCE: Active Wall Street