Public Storage (NYSE:PSA) stock fell 2.56% (As on February 22, 11:22:41 AM UTC-4, Source: Google Finance) after the company missed the analysts’ expectations for both topline and bottomline. For the three months ended December 31, 2022, net income allocable to the common shareholders was $362.6 million compared to $558.1 million in the same period in 2021, representing a decrease of $195.5 million. The company has acquired 30 self-storage facilities with 1.6 million net rentable square feet for $228.6 million. Subsequent to December 31, 2022, the company has acquired or were under contract to acquire eight self-storage facilities with 0.5 million net rentable square feet, for $70.5 million. The company has opened three newly developed facilities and completed various expansion projects with 0.5 million net rentable square feet costing $101.2 million. At December 31, 2022, the company had various facilities in development and expansion with 4.6 million net rentable square feet estimated to cost $979.6 million.

Moreover, the revenues for the Same Store Facilities increased 13.0% or $94.4 million in the three months ended December 31, 2022 as compared to the same period in 2021, due primarily to higher realized annual rent per occupied square foot, partially offset by a decline in occupancy. Cost of operations for the Same Store Facilities increased by 4.1% or $7.2 million in the three months ended December 31, 2022 as compared to the same period in 2021, due primarily to increased property tax expense, marketing expense, and other direct property costs, partially offset by a decrease in on-site property manager payroll expense. The increase in net operating income of $50.5 million for the Non-Same Store Facilities is due primarily to the impact of facilities acquired in 2021 and the fill-up of recently developed and expanded facilities.

Additionally, the Board of Trustees declared a 50% increase in the Company’s regular common quarterly dividend from $2.00 to $3.00 per common share.

PSA in the fourth quarter of FY 22 has reported the adjusted earnings per share of $2.06, missing the analysts’ estimates for the adjusted earnings per share of $2.65. The company had reported the adjusted revenue of $1.03 billion in the fourth quarter of FY 22, missing the analysts’ estimates for revenue of $1.08 billion.

Meanwhile, David Lee, the Chief Operating Officer, has been appointed as an executive officer of Public Storage to serve as the principal operating officer, effective immediately.