Public Storage 4Q Funds From Operations a Bit Below Forecasts

   By Micah Maidenberg

Public Storage missed Wall Street forecasts for a key earnings metric for the fourth quarter.

The storage unit-property company on Tuesday reported net income attributable to Public Storage shareholders of $386 million, down from $586 million the year earlier, when the company reported a gain tied to the public offering a storage company in Europe.

Profit available to common shareholders fell to $1.87 a share from $3.04 a share, Public Storage said.

The company reported $2.84 a share in funds from operations, after adjusting for currency fluctuations and other items, a performance that was two cents weaker than forecasts from analysts polled by FactSet.

FFO is a profit measurement used by real estate investment trusts that excludes costs like depreciation.

Total revenue rose to $717.5 million from $692.5 million. The consensus estimate for the quarter was $724 million.

Write to Micah Maidenberg at micah.maidenberg@wsj.com

(END) Dow Jones Newswires

February 25, 2020 16:28 ET (21:28 GMT)

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