Public Storage's Quarterly Results Beat Expectations
February 22 2017 - 8:14PM
Dow Jones News
By Maria Armental
Higher rents and foreign-currency gains helped Public Storage
beat Wall Street financial targets in the latest period.
The California-based real-estate investment trust, which built
its first self-storage facility in 1972, has more than 2,500
storage facilities in the U.S. and Europe.
In the latest period, the company recorded a $23 million
currency-translation gain from its euro-denominated debt.
Over all, Public Storage's fourth-quarter profit rose 14% to
$413.7 million, or $2.03 a share, while revenue rose 7% to $651.4
million.
Funds from operations, a key measure used by REITs to assess
performance, rose to $2.77 a share from $2.46.
Core FFO--which further excludes the effect of foreign currency
exchange rates and other items, such as legal settlements--rose to
$2.65 a share from $2.45 a share.
Analysts surveyed by Thomson Reuters had projected $1.89 a share
in profit and FFO of $2.64 on $619.1 million in revenue.
Shares closed Wednesday at $226.24, down 11% over the past 12
months.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
February 22, 2017 19:59 ET (00:59 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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