GLENDALE, Calif. (AP) — Public Storage (PSA) on Wednesday reported a key measure of profitability for its third quarter, surpassing Wall Street expectations.
The real estate investment trust, based in Glendale, California, reported funds from operations (FFO) of $758.7 million, or $4.31 per share, for the period. This exceeded the average estimate of eight analysts surveyed by Zacks Investment Research, who had forecasted FFO of $4.24 per share.
Funds from operations is a closely watched metric in the REIT industry. It is calculated by taking net income and adding back items such as depreciation and amortization.
The company also posted net income of $461.4 million, or $2.62 per share. Additionally, Public Storage reported revenue of $1.22 billion for the quarter, beating the Street’s forecast of $1.21 billion based on six analysts’ estimates.
Looking ahead, Public Storage expects full-year funds from operations to be in the range of $16.70 to $17.00 per share.
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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 [Zacks Investment Research website].
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