Public Storage Earnings: Not Exactly a Win

S&P 500 (NYSE:SPY) component Public Storage (NYSE:PSA) reported its results for the second quarter. Public Storage is a real estate investment trust (REIT) with a focus on the acquisition, development, ownership, and operation of self-storage facilities.

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Public Storage Earnings Cheat Sheet

Results: Net income for the REIT-equity trust/other fell to $198.1 million (77 cents per share) vs. $206.4 million (77 cents per share) a year earlier. This is a decline of 4% from the year-earlier quarter.

Revenue: Rose 5.1% to $394.7 million from the year-earlier quarter.

Actual vs. Wall St. Expectations: Public Storage fell short of the mean analyst estimate of $1.42 per share. It fell short of the average revenue estimate of $410.5 million.

Key Stats:

The company’s net income has fallen for two quarters in a row. In the first quarter, net income fell 0.1% from the year-earlier quarter.

The company fell short of estimates last quarter after beating the mark the quarter before with net income of $1.66 versus a mean estimate of net income of $1.59 per share.

Looking Forward: Analysts appear increasingly negative about the company’s results for the next quarter. The average estimate for the third quarter has moved down from $1.58 a share to $1.57 over the last sixty days. For the fiscal year, the average estimate has moved up from $6.36 a share to $6.42 over the last ninety days.

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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

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