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Public Storage’s Core FFO Comfortably Covers Its Dividend

publication date: Nov 4, 2024
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Image: Public Storage is bouncing off lows hit in late 2023. 

Public Storage’s core FFO allocable to common shareholders in the quarter came in at $4.20, down 3% on a year-over-year basis, but in excess of its regular common quarterly dividend of $3.00. Looking to 2024, management is targeting revenue to fall 0.5%-1.3%, with expense growth in the range of 2%-3.5%, and net operating income to fall 1.3%-2.7%. Non-same store operating income is targeted in the range of $480-$495 million, while core FFO per share for 2024 is expected in the range of $16.50-$16.85, down 0.2%-2.3% from last year but comfortably above the $12.00 annual dividend per share run rate. Shares yield 3.7% at the time of this writing.


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