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Public Storage Impacted by California Wildfires

publication date: Feb 25, 2025
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Image Source: Public Storage. 

Looking to 2025, Public Storage expects revenue growth in the range of -1.3%-0.8%, with net operating income growth in the range of -2.9%-0.2%. On a consolidated basis, non-same store net operating income is expected to be between $444-$464 million, while ancillary net operating income is expected to be between $198-$203 million. Funds for development openings is targeted at $370 million with maintenance of real estate facilities and energy efficiencies expected at $150 million and $50 million, respectively. Core FFO per share is expected to be between $16.35-$17.00 (below the consensus forecast of $17.18), implying growth of -1.9%-2% on a year-over-year basis. The wildfires in Southern California in early 2025 will negatively impact core FFO for 2025 by $0.23 on both the low-end and high-end of its guidance range.


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