Public Storage's PSA fourth-quarter 2020 core funds from operations (FFO) per share of $2.93 surpassed the Zacks Consensus Estimate of $2.85. The figure also increased 3.2% year one year from $2.84.Quarterly revenues of $748.5 million exceeded the Zacks Consensus Estimate $726.8 million. Moreover, revenues increased 4% year on year.Results reflect an improvement in occupancy in the reported quarter. The company also benefited from its expansion efforts through acquisitions, development and extensions. In addition, it witnessed a decrease in on-site property manager payroll. However, the company was adversely impacted by lower realized annual rent per occupied square foot.For full-year 2020, the company reported core FFO per share of $10.61, representing a 1.3% decrease year on year. Yet, revenues came in at $2.9 billion, up 2.1% year on year.Behind the HeadlinesPublic Storage’s same-store revenues inched up 0.8% year over year to $619.5 million during the fourth quarter, highlighting improved occupancy. Particularly, weighted-average square foot occupancy of 95.2% expanded 2.3% year over year. Nonetheless, this upswing was partly offset by a 0.2% decrease in realized annual rental income per occupied square foot to $17.56.Same-store cost of operations edged down 1.1% year over year, mainly reflecting a 9.3% fall in on-site property manager payroll. Consequently, the company’s same-store net operating income (NOI) increased 1.3% to $478.6 million.Also, the REIT’s NOI increase from non-same store facilities was $10.2 million, on the back of the facilities acquired in 2019 and 2020, as well as the fill-up of the recently-developed and expanded facilities.Portfolio ActivityDuring the December-end quarter, Public Storage acquired 43 self-storage facilities, comprising 3.7 million net rentable square feet of area, for $513.7 million. These included five facilities each in Michigan and Pennsylvania, four each in Alabama, Illinois and Texas, three each in Georgia and Missouri, two each in Arizona, Colorado, Florida, Minnesota and Ohio and one each in Maryland, Nevada, Oklahoma, Oregon and Washington. Following Dec 31, 2021, the company acquired or was under contract to acquire 40 self-storage facilities, spanning 3.5 million net rentable square feet of space across 18 states, for $580.1 million.During the fourth quarter, the REIT opened one newly-developed facility and various expansion projects (0.4 million net rentable square feet) in Missouri, Florida and Texas costing $41.3 million.Finally, as of Dec 31, 2020, Public Storage had several facilities in development (1.4 million net rentable square feet), with an estimated cost of $235 million, as well as expansion projects (2.2 million net rentable square feet) worth $326 million. It expects to incur the remaining $373 million of development costs related to these projects, mainly over the next 18-24 months.Balance Sheet PositionPublic Storage exited 2020 with $257.6 million of cash and equivalents, down from the $409.7 million recorded at the end of 2019.Dividend UpdateOn Feb 16, the company announced a regular quarterly dividend of $2 per common share. The dividend will be paid on Mar 31, to shareholders of record as of Mar 16, 2021.Public Storage currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Public Storage Price, Consensus and EPS Surprise Public Storage price-consensus-eps-surprise-chart | Public Storage QuoteWe now look forward to the earnings releases of other REITs, including Outfront Media Inc. OUT, Lamar Advertising Company LAMR and Mack-Cali Realty Corporation CLI, which are slated to release results this week.Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.More Stock News: This Is Bigger than the iPhone!It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market.Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.Click here for the 4 trades >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Public Storage (PSA): Get Free Report Lamar Advertising Company (LAMR): Free Stock Analysis Report MackCali Realty Corporation (CLI): Free Stock Analysis Report OUTFRONT Media Inc. (OUT): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research