Public Storage (NYSE:PSA) stock fell 6.45% (As on November 2, 11:26:34 AM UTC-4, Source: Google Finance) after the company surpasses the analysts’ expectations for both topline & bottomline. For the three months ended September 30, 2022, net income allocable to the common shareholders was $2,712.2 million compared to $442.3 million in 2021, representing an increase of $2,269.9 million. The $148.4 million increase in self-storage net operating income in the three months ended September 30, 2022 as compared to the same period in 2021 is a result of a $91.9 million increase attributable to the Same Store Facilities and a $56.5 million increase attributable to our Non-Same Store Facilities. Revenues for the Same Store Facilities increased 14.7% or $105.4 million in the three months ended September 30, 2022 as compared to the same period in 2021, due primarily to higher realized annual rent per occupied square foot, partially offset by decline in occupancy.

During the three months ended September 30, 2022, the company had acquired 24 self-storage facilities (ten in Oklahoma, three in South Carolina, two each in Alabama and Texas, and one each in Arizona, Florida, Iowa, Nevada, New Jersey, North Carolina and Ohio) with 1.7 million net rentable square feet for $250.6 million. Further, on July 8, 2022, the company acquired from PSB the commercial interests in five properties at three sites jointly occupied with the self-storage facilities located in Maryland and Virginia, for $47.3 million. Subsequent to September 30, 2022, the company has acquired or were under contract to acquire 33 self-storage facilities across six states with 1.7 million net rentable square feet, for $262.6 million. During the three months ended September 30, 2022, the company has opened five newly developed facilities and completed various expansion projects (0.5 million net rentable square feet – 0.1 million each in Florida, Illinois, Kentucky, Michigan and Texas) costing $69.7 million

PSA in the third quarter of FY 22 has reported the adjusted funds from operations (FFO) per share of $4.13, beating the analysts’ estimates for the adjusted FFO per share of $4.05, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue of $1.09 billion in the third quarter of FY 22, beating the analysts’ estimates for revenue by 1.94%.

Additionally, the company has declared a regular common quarterly dividend of $2.00 per common share.