Public Storage misses quarterly FFO estimates on soft demand

July 29(Reuters) - Real estate investment trust Public Storage PSA.N reported first-quarter core funds from operations (FFO) below Wall Street estimates on Monday, signaling softer demand for its self-storage units.

The company, which leases storage spaces on a monthly basis for personal and business use, has struggled this year as a slowdown in the U.S. housing market limits moving activity, weighing on demand for new storage rentals.

Here are some details:

• The Glendale, California-based company reported core FFO of $4.17 per share, down 2.6% from last year and below analysts' expectation of $4.24 apiece, according to data compiled by LSEG.
• It posted a revenue of roughly $1 billion for the quarter ended June 30, below analysts' estimates of $1.23 billion.
• It now expects 2026 same-store revenue growth in the range of a 0.7% decline to 0.3% increase, compared with an earlier forecast range of 2.2% fall to no growth.
• Shares of the company fell about 1% in after-hours trading.