Public Storage 1Q Earnings Top Analysts' Estimates
May 01 2019 - 4:59PM
Dow Jones News
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)
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