Public Storage (NYSE:PSA) stock fell 1.48% (As on May 4, 11:38:36 AM UTC-4, Source: Google Finance) after the company posted mixed result for the first quarter of FY 22. For the quarter ended March 31, 2022, net income allocable to the common shareholders was $464.1 million, compared to $385.8 million in 2021, representing an increase of $78.3 million. The increase is due primarily to (i) a $167.3 million increase in self-storage net operating income and (ii) the $23.6 million equity share of gains on sale of real estate recorded by PS Business Parks, Inc. (“PSB”) in 2022, partially offset by (iii) a $75.3 million increase in depreciation and amortization expense, (iv) a $17.9 million increase in interest expense, (v) a $10.0 million decrease in foreign currency exchange gains associated with the Euro denominated notes payable, and (vi) a $9.4 million gain on sale of real estate recognized in the three months ended March 31, 2021. For the three months ended March 31, 2022, funds from operations (“FFO”) was $3.83 per diluted common share as compared to $3.08 in the same period in 2021, representing an increase of 24.4%.

In addition to the 2,282 Same Store Facilities, the company has 515 facilities that were not stabilized with respect to occupancies, revenues, or cost of operations since January 1, 2020 or that the company did not own as of January 1, 2020, including 304 facilities that were acquired, 54 newly developed facilities, 91 facilities that have been expanded or are targeted for expansion, and 66 facilities that are unstabilized because they are under fill-up or were damaged in casualty events.

PSA in the first quarter of FY 22 has reported the adjusted earnings per share of $2.63, beating the analysts’ estimates for the adjusted earnings per share of $2.32. The company had reported the adjusted revenue growth of 26.9 percent to $973.45 million in the first quarter of FY 22, missing the analysts’ estimates for revenue of $974.37 million.

Moreover, during the quarter, the company had acquired ten self-storage facilities (three in Texas and one each in Arizona, Indiana, Maryland, Minnesota, North Carolina, Nevada, and Pennsylvania) with 0.8 million net rentable square feet for $127.7 million. Subsequent to March 31, 2022, the company acquired or were under contract to acquire eleven self-storage facilities across nine states with 0.9 million net rentable square feet, for $147.2 million.