Public Storage (NYSE: PSA) reported Q1 EPS of $2.21, $0.44 better than the analyst estimate of $1.77.

• Reported net income allocable to common shareholders of $2.21 per diluted share.
• Reported core FFO allocable to common shareholders (“Core FFO”) of $2.82 per diluted share, an increase of 9.3% relative to the same period in 2020.
• Increased same store direct net operating income by 6.5%, resulting from a 3.4% increase in same store revenues and a 5.7% decrease in same store direct cost of operations. Same store cost of operations was positively impacted by the timing of property tax expense.
• Achieved a 76.5% same store direct net operating income margin.
• Acquired fifteen self-storage facilities with 1.1 million net rentable square feet for $203.1 million. Subsequent to March 31, 2021, acquired or were under contract to acquire 87 self-storage facilities with 7.6 million net rentable square feet, for $2.3 billion.
• Opened one newly developed facility with 0.2 million net rentable square feet costing $45.4 million. At March 31, 2021, we had various facilities in development and expansion with 3.4 million net rentable square feet estimated to cost $510.3 million.
• Issued $500 million of unsecured senior notes bearing an annual rate of 0.875% and redeemed $300 million of preferred equity bearing an annual rate of 5.4%. In April 2021, issued $2.0 billion of unsecured senior notes in three, seven, and ten year tranches bearing annual rates of Compounded Secured Overnight Financing Rate (“SOFR”) plus 47 basis points, 1.85%, and 2.3%, respectively.
• Provided inaugural Core FFO guidance (refer to Outlook section below).
• Named top three for Best Operations Department among large companies, top five for Best Places to Work in Los Angeles, and top 25 for Best Company Outlook by Comparably.

“Public Storage’s focus on the customer experience, operating model innovation, and portfolio expansion funded with a growth-oriented balance sheet produced strong results during the quarter,” said Joe Russell, President and Chief Executive Officer. “Our momentum has accelerated into the second quarter as indicated by our inaugural Core FFO guidance and the acquisition of ezStorage, one of the highest quality self-storage portfolios in the United States. We are excited to discuss this momentum, our industry leadership, and outlook with investors and analysts at our upcoming Virtual Investor Day on May 3, 2021.”

For earnings history and earnings-related data on Public Storage (PSA) click here.