Public Storage reports Q1 FFO $4.08, consensus $4.07

Reports Q1 revenue $1.09B, consensus $1.09B. Increased Q1 Same Store direct net operating income by 10.2%, resulting from a 9.8% increase in Same Store revenues and achieved 78.9% Same Store direct net operating income margin, an increase of 0.4% relative to the same period in 2022. "Public Storage’s first quarter was robust, with move-in volumes up nearly 13%, same store NOI up more than 11%, and non-same store acquisition and development NOI up nearly 30%," said Joe Russell, CEO. "We are focused on operations, leading the self-storage industry’s digital evolution, transforming our operating model, and enhancing and growing our portfolio. We see opportunity across our business and are uniquely positioned to execute on delivering growth and value to our stakeholders."