Public Storage Earnings: The Streak is Broken
S&P 500 (NYSE:SPY) component Public Storage (NYSE:PSA) reported its results for the third 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: Funds from operations or FFO for the REIT-equity trust/other rose to $296.6 million ($1.73 per share) vs. $220.2 million ($1.29 per share) in the same quarter a year earlier. This marks a rise of 34.7% from the year-earlier quarter.
Revenue: Rose 4.8% to $412.6 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Public Storage reported adjusted FFO of $1.76 per share. By that measure, the company beat the mean estimate of $1.68 per share. Analysts were expecting revenue of $410.5 million.
The company topped expectations last quarter after falling short of forecasts in the second quarter with net income of $1.38 versus a mean estimate of net income of $1.53 per share.
Looking Forward: Expectations for the company’s next-quarter performance are higher than they were ninety days ago. Over the past three months, the average estimate for the fourth quarter has risen to $1.77 per share from $1.76. At $6.20 per share, the average estimate for the fiscal year has fallen from $6.31 ninety days ago.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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