Public Storage (PSA) Q4 Rents Rise 11.8% Y/Y While Occupancy Rises 60bps - Morgan Stanley

Morgan Stanley analyst Ronald Kamdem reiterated an Overweight rating and $333.00 price target on Public Storage (NYSE: PSA) after the company published an investor presentation that included an operating update through the end of December.

The analyst stated "Occupancy was up +60bps YoY to 94.8% and was down -90bps QoQ. Rent per sq ft was up +11.8% YoY to $20.02 and was up +2.4% QoQ. The operating update increases our conviction in our 4Q same-store revenue growth estimate of 14.2% vs. 14.0% in 3Q. However tougher comps may lead to growth deceleration and our pricing data suggests March '22e is the first tough comp (see Dec Pricing Growth Stable). In addition, LA Price Gouging expiration is a positive for pricing power but we note the CA Governor proclaimed a new State of Emergency related to winter storms."

For an analyst ratings summary and ratings history on Public Storage click here. For more ratings news on Public Storage click here.

Shares of Public Storage closed at $361.77 yesterday.

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