Public Storage: 2Q Earnings Snapshot
GLENDALE, Calif. (AP) _ Public Storage (PSA) on Wednesday reported a key measure of profitability in its second quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in Glendale, California, said it had funds from operations of $462.5 million, or $2.65 per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $2.61 per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $348.3 million, or $2 per share.
The self-storage facility real estate investment trust posted revenue of $685.5 million in the period, falling short of Street forecasts. Five analysts surveyed by Zacks expected $689 million.
The company’s shares have increased 4 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased 5 percent. In the final minutes of trading on Wednesday, shares hit $217.48, a climb of 7 percent in the last 12 months.