HighGravityDataPublic Storage — Apr 30, 2025 release
Fiscal 2025 first-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0001393311-25-000068
Showing in the filing
Impact on the low-end and high-end of the estimated Core FFO per share
“negative $0.23 per share”
Period
FY2025
Measure
Company-defined measure
Source
Prose
All guidance in this release · 20
Remaining development costs expected to be i…
“$424.8 million”
Revenue growth (a)
“(1.3)%”
Expense growth (b)
“2.5%”
Net operating income growth (b)
“(2.9)%”
Non-Same Store net operating income
“$444,000”
Ancillary net operating income
“$198,000”
Core general and administrative expense (c)
“$91,000”
Interest expense for FY2025
“$285,000”
Preferred dividends for FY2025
“$195,000”
Development openings for FY2025
“$370,000”
Capital expenditures: Maintenance of real es… for FY2025
“$150,000”
Maintenance of real estate facilities
“$150,000”
Capital expenditures: Energy efficiencies for FY2025
“$50,000”
Energy efficiencies (d)
“$50,000”
Core FFO per share (a)
“$16.35”
Core FFO per share growth from 2024 Core FFO… for FY2024
“(1.9)%”
Incremental Non-Same Store NOI to stabilizat… for FY2026
“$80,000”
Incremental Non-Same Store NOI to stabilizat… for FY2026
“$80,000”
Impact of LA/Ventura County pricing limitati… for FY2025
“negative $0.23 per share impact on both the low-end and high-end”
Impact on the low-end and high-end of the es… for FY2025
“negative $0.23 per share”
Exhibit 99.1 · the passage around this item
… earlier in the release
2025 Guidance Low High (Dollar amounts in thousands, except per share data) Same Store: Revenue growth (a) (1.3)% 0.8% Expense growth (b) 2.5% 4.0% Net operating income growth (b) (2.9)% 0.2% Consolidated: Non-Same Store net operating income $444,000 $464,000 Ancillary net operating income $198,000 $203,000 Core general and administrative expense (c) $91,000 $97,000 Interest expense $285,000 Preferred dividends $195,000 Capital Activity: Development openings $370,000 Capital expenditures: Maintenance of real estate facilities $150,000 Energy efficiencies (d) $50,000 Core FFO per share (a): $16.35 $17.00 Core FFO per share growth from 2024 Core FFO per share (1.9)% 2.0% Non-Same Store Net Operating Income Beyond 2025: Incremental Non-Same Store NOI to stabilization (2026 and beyond) $80,000 (a) Both the low-end and high-end of the expected revenue growth from our Same Store Facilities in 2025 include a negative 1% estimated impact from the self-storage facilities located in Los Angeles County and Ventura County, where a temporary governmental pricing limitation is in place under the “State of Emergency” declarations following the wildfires in Southern California in early 2025. This leads to a negative $0.23 per share impact on both the low-end and high-end of the estimated Core FFO per share for 2025. (b) Based on total same store cost of operations and net operating income (i.e., not direct), as reflected in the summary table for Same Store Facilities above. (c) Excludes any significant non-recurring general and administrative expense items. (d) Energy efficiency initiatives primarily include solar panel installation. 6 First Quarter Conference Call A conference call is scheduled for May 1, 2025 at 9:00 a.m. (PT) to discuss the first quarter earnings results. The domestic dial-in number is (877) 407-9039, and the international dial-in number is (201) 689-8470. A simultaneous audio webcast may be accessed by using the link at www.publicstorage.com under “About Us, Investor Relations, News and Events, Event Calendar.” A replay of the conference call may be accessed through May 15, 2025 by calling (844) 512-2921 (domestic), (412) 317-6671 (international) (access ID number for either domestic or international is 13753195) or by using the link at www.publicstorage.com under “About Us, Investor Relations, News and Events, Event Calendar.” About Public Storage Public Storage, a member of the S&P 5
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.