April 30 (Reuters) - Public Storage PSA.N forecast full-year funds from operations (FFO) marginally below Wall Street estimates on Wednesday, as lower occupancy and higher expenses weighed on the Real Estate Investment Trust $(REIT)$.
The California-based company expects its 2025 annual core FFO between $16.35 and $17 per share compared to analysts' average estimate of FFO of $16.78 per share, according to data compiled by LSEG.
The total direct cost of operations for same-store facilities rose by $800,000 compared to a year ago, while square foot occupancy fell to 91.5% from 91.8%.
The company, which leases out storage spaces for both personal and business use on a monthly basis, reported a revenue of $934.5 million for the quarter ended March 31, below analysts' estimates of $1.17 billion.
Core FFO for the quarter came in at $4.12 per share, compared to Wall Street estimates of $4.06 per share.
(Reporting by Abhinav Parmar in Bengaluru; Editing by Tasim Zahid)
((Abhinav.Parmar@thomsonreuters.com;))
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