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Public Storage Q4'17 core FFO per share rises 3.8% YOY

Self-storage real estate investment trust Public Storage reported funds from operations allocable to common shares for the 2017 fourth quarter of $470.7 million, or $2.70 per share, a decline in the aggregate from $480.7 million, or $2.77 per share, in the 2016 fourth quarter.

Core FFO for the quarter rose 3.8% to $2.75 per share from $2.65 per share in the fourth quarter of 2016. For the quarter, total revenues amounted to $551.7 million, a gain of 2.1% from $540.1 million in the comparable 2016 period.

For the 2017 full year, the company disclosed a 0.1% year-over-year gain in FFO allocable to common shares. In the aggregate, results totaled $1.69 billion, or $9.70 per share, compared with $1.69 billion, or $9.70 per share. Core FFO per share for the year jumped 4.5% to $10.23 from $9.79 in 2016, while total revenues increased 3.0% to $2.20 billion from $2.13 billion a year earlier.

The S&P Capital IQ consensus FFO estimate for the 2017 fourth quarter was $2.73 per share and $10.21 per share for the full year.

During the quarter, Public Storage purchased eight self-storage facilities covering 500,000 net rentable square feet in Texas, Alabama and Kentucky for $68.1 million. Subsequent to quarter-end, it bought or was under contract to buy two self-storage facilities spanning 200,000 net rentable square feet in Nebraska and Tennessee for $18 million.