Public Storage (PSA) reported $1.12 billion in revenue for the quarter ended June 2023, representing a year-over-year increase of 8.5%. EPS of $4.28 for the same period compares to $3.42 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $1.12 billion, representing a surprise of +0.16%. The company delivered an EPS surprise of +1.90%, with the consensus EPS estimate being $4.20.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Public Storage performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Rent per Occupied Square Foot: $23.34 million compared to the $22.85 million average estimate based on two analysts.
- Square Foot Occupancy: 93.2% versus 93.3% estimated by two analysts on average.
- Revenues- Self-storage facilities: $1.06 billion versus the five-analyst average estimate of $1.05 billion. The reported number represents a year-over-year change of +8.5%.
- Revenues- Ancillary operations: $63.65 million versus the four-analyst average estimate of $62.57 million. The reported number represents a year-over-year change of +8.3%.
- Net Earnings Per Share (Diluted): $3 versus the five-analyst average estimate of $2.90.
- Equity in earnings of unconsolidated real estate entities: $9.57 million compared to the $11.52 million average estimate based on four analysts.
- Interest and other income: $18.45 million compared to the $17.22 million average estimate based on three analysts.
Shares of Public Storage have returned -4.7% over the past month versus the Zacks S&P 500 composite's +3% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
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