Public Storage Q1 Results Miss Wall Street Estimates, But Reflect Strong Year-To-Year Growth
Public Storage, the largest self-storage operator in the country, announced Q1 operating results that revealed strong year-over-year growth, but still missed Wall Street estimates.
The self-storage real estate investment trust posted net income of $2.34 a share, missing the Zacks Consensus Estimate of $2.43, Zacks reports. The company also fell short of analyst revenue estimates, bringing in $645.5M for the quarter instead of an estimated $655.8M.
Despite the miss, both profits and revenues are up year-over-year, with net income gains rising 11.4% and revenues up 5.5% compared to the year-ago quarter. As of March 31, the REIT had interests in 2,354 self-storage facilities in 38 states. The self-storage industry continues to benefit from robust growth in urban metros. As populations grow more dense, the demand for these facilities grows.