Public Storage 4Q Funds From Operations a Bit Below Forecasts
February 25 2020 - 4:43PM
Dow Jones News
By Micah Maidenberg
Public Storage missed Wall Street forecasts for a key earnings
metric for the fourth quarter.
The storage unit-property company on Tuesday reported net income
attributable to Public Storage shareholders of $386 million, down
from $586 million the year earlier, when the company reported a
gain tied to the public offering a storage company in Europe.
Profit available to common shareholders fell to $1.87 a share
from $3.04 a share, Public Storage said.
The company reported $2.84 a share in funds from operations,
after adjusting for currency fluctuations and other items, a
performance that was two cents weaker than forecasts from analysts
polled by FactSet.
FFO is a profit measurement used by real estate investment
trusts that excludes costs like depreciation.
Total revenue rose to $717.5 million from $692.5 million. The
consensus estimate for the quarter was $724 million.
Write to Micah Maidenberg at micah.maidenberg@wsj.com
(END) Dow Jones Newswires
February 25, 2020 16:28 ET (21:28 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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