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Public Storage 3Q results better than expected due to favorable currency exchange rates
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GLENDALE, Calif. - Public Storage on Thursday reported third-quarter results that were better than analysts had expected as it benefited from more favorable foreign exchange rates.
The storage company, based in Glendale, Calif., posted funds from operations of $1.44 per share, up from $1.08 per share a year earlier. Excluding a gain from currency comparisons, the company posted adjusted FFO of $1.30 per share, beating a consensus estimate of $1.25 per share from analysts polled by Thomson Reuters.
FFO is an important real estate measure that adds depreciation and amortization expenses, as well as other non-operating items, back to net income.
Public Storage reported quarterly net income of $273.3 million, or $1.03 per share, compared with $137.3 million, or 42 cents per share, for the same period last year. Revenue climbed 4 percent to $412.9 million from $431.2 million. Analysts had expected $405 million.
The company said revenue was hurt by lower rent per square foot and lower average occupancies.
Public Storage shares rose 34 cents to $77.03 in after-hours trading after closing Thursday at $76.69, up $2 from a day earlier.
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