Public Storage: 2Q Earnings Snapshot
Posted August 5, 2020 4:31 pm.
Last Updated August 5, 2020 4:38 pm.
This article is more than 5 years old.
GLENDALE, Calif. (AP) _ Public Storage (PSA) on Wednesday reported a key measure of profitability in its second quarter. The results missed Wall Street expectations.
The Glendale, California-based real estate investment trust said it had funds from operations of $429.5 million, or $2.46 per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of $2.52 per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $246.1 million, or $1.41 per share.
The self-storage facility real estate investment trust posted revenue of $709.3 million in the period, which topped Street forecasts. Five analysts surveyed by Zacks expected $704.9 million.
The company’s shares have dropped 7.5% since the beginning of the year, while the Standard & Poor’s 500 index has climbed 3%. In the final minutes of trading on Wednesday, shares hit $196.97, a drop of 20% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PSA at https://www.zacks.com/ap/PSA
The Associated Press
