Public Storage: 3Q Earnings Snapshot
{{#rendered}} {{/rendered}}GLENDALE, Calif. (AP) _ Public Storage (PSA) on Tuesday reported a key measure of profitability in its third quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in Glendale, California, said it had funds from operations of $470.7 million, or $2.70 per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $2.68 per share.
{{#rendered}} {{/rendered}}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 $322.7 million, or $1.85 per share.
The self-storage facility real estate investment trust posted revenue of $706.4 million in the period, also exceeding Street forecasts. Four analysts surveyed by Zacks expected $704.5 million.
{{#rendered}} {{/rendered}}The company's shares have declined roughly 1 percent since the beginning of the year, while the Standard & Poor's 500 index has stayed nearly flat. In the final minutes of trading on Tuesday, shares hit $207.62, climbing slightly in the last 12 months.
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This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on PSA at https://www.zacks.com/ap/PSA