Public Storage: Q3 Earnings Snapshot
GLENDALE, Calif. (AP) — GLENDALE, Calif. (AP) — Public Storage (PSA) on Monday reported a key measure of profitability in its third quarter. The results topped Wall Street expectations.
GLENDALE, Calif. (AP) — GLENDALE, Calif. (AP) — Public Storage (PSA) on Monday reported a key measure of profitability in its third quarter. The results topped Wall Street expectations.
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The real estate investment trust, based in Glendale, California, said it had funds from operations of $762.9 million, or $4.33 per share, in the period.
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The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of $4.21 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 $563.2 million, or $3.20 per share.
The self-storage facility real estate investment trust, based in Glendale, California, posted revenue of $1.14 billion in the period, which matched Street forecasts.
Public Storage expects full-year funds from operations in the range of $16.60 to $16.85 per share.
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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