Public Storage Falls 6% Following 3Q Results

Date : 10/30/2019 @ 4:34PM
Source : Dow Jones News
Stock : Public Storage (PSA)
Quote : 225.77  3.39 (1.52%) @ 1:00AM
After Hours
Last Trade
Last $ 225.77 ◊ 0.00 (0.00%)

Public Storage Falls 6% Following 3Q Results

Public Storage (NYSE:PSA)
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   By Maria Armental 
 

Public Storage (PSA) shares fell 6% Wednesday, a day after the real-estate investment trust reported third-quarter results that showed improved profit, but revenue and a key metric for REITs fell short of Wall Street targets.

The Glendale, Calif.-based self-storage company reported a profit of $397.9 million, or $1.93 a share, compared with $378 million, or $1.85 a share, a year earlier.

Revenue rose 3% to $729.3 million, below the $737 million expected by analysts, according to FactSet.

Funds from operations, a key measure used for REITs, rose to $2.76 a share from $2.66, ahead of analysts' projected $2.75 a share, according to FactSet.

Core FFO rose to $2.73 a share from $2.70 a share. Analysts had expected $2.74 a share.

 

Write to Maria Armental at maria.armental@wsj.com

 

(END) Dow Jones Newswires

October 30, 2019 12:19 ET (16:19 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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