Public Storage 1Q Earnings Top Analysts' Estimates

By Stephen Nakrosis

Public Storage (PSA) on Wednesday reported first-quarter earnings that beat analysts' estimates.

The company, a real estate investment trust that primarily operates self-storage facilities, posted a net income of $366.5 million, or $1.73 a share. Analysts polled by FactSet expected a profit of $308 million, or $1.71 a share.

Public Storage reported funds from operation of $2.52 a share and core FFO of $2.53 a share. Analysts targeted reported FFO of $2.51 a share and core FFO of $2.52, per FactSet.

Revenue was $689 million, Public Storage said, falling short of the $692 million analysts were expecting.

Part of the increase in net income came from a $7.4 million increase in self-storage net operating income and a $19.6 million increase from the impact of foreign currency exchange gains and losses associated with euro denominated debt, the company said.

--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

May 01, 2019 17:44 ET (21:44 GMT)

Public Storage (NYSE:PSA)
Historical Stock Chart
From Mar 2024 to Apr 2024