Public Storage: 2Q Earnings Snapshot
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.