Public Storage reports Q1 core FFO $2.53, consensus $2.52.
Reports Q1 revenue $689M, consensus $690.29M. Revenues for the Same Store Facilities increased 1.5% or $8.7M in the three months ended March 31, 2019 as compared to 2018, due primarily to higher realized annual rent per occupied square foot. Cost of operations for the Same Store Facilities increased by 3.9% or $6.3M in the three months ended March 31, 2019 as compared to 2018, due primarily to increased property taxes and higher marketing expenses. The increase in net operating income of $5.1M for the Non Same Store Facilities is due primarily to the impact of facilities acquired in 2018 and 2019, and the fill up of recently developed and expanded facilities.