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研究快讯:Public Storage:第一季度营收和FFO均超预期,同店净营业收入增长转正

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-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师的观点总结如下:PSA公布的第一季度营收为12.1亿美元,较2025年第一季度的11.8亿美元增长2.9%,超出市场普遍预期700万美元。同店业绩持续企稳,营收持平于10亿美元,而净营业收入(NOI)增长0.4%至7.39亿美元,标志着一个积极的转折点。维修和维护成本(-5.8%)以及营销费用(-4.5%)的下降,为第一季度同店净营业收入的积极增长提供了显著的利好,体现了有效的成本控制。 尽管第一季度同店收入和净营业收入有所改善,PSA仍维持此前对2026财年同店净营业收入增长的预期,即下降3.9%至0.5%。公司严格的成本控制措施似乎正在支撑利润率的提升,即便其整体业务收入增长依然温和。我们认为,维持预期表明,尽管关键指标在第一季度呈现令人鼓舞的企稳趋势,但管理层对整体经营环境仍保持着适当的谨慎态度。

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