AP NEWS
Click to copy
Click to copy

Public Storage: 2Q Earnings Snapshot

July 30, 2019

GLENDALE, Calif. (AP) _ Public Storage (PSA) on Tuesday reported a key measure of profitability in its second quarter. The results beat Wall Street expectations.

The Glendale, California-based real estate investment trust said it had funds from operations of $460.8 million, or $2.64 per share, in the period.

The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of $2.63 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 $306.4 million, or $1.76 per share.

The self-storage facility real estate investment trust posted revenue of $711 million in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $705.1 million.

The company’s shares have risen 20% since the beginning of the year, while the Standard & Poor’s 500 index has increased 20%. In the final minutes of trading on Tuesday, shares hit $243.10, a rise of 13% in the last 12 months.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PSA at https://www.zacks.com/ap/PSA

All contents © copyright 2019 The Associated Press. All rights reserved.