Public Storage Reports Lower 2Q Results Amid Pandemic -- Earnings Review
August 05 2020 - 4:40PM
Dow Jones News
By Maria Armental
Public Storage reported on Wednesday that net income and revenue
fell in the second quarter, showing the impact from the coronavirus
pandemic. Here's what you need to know.
PROFIT: Net income fell to $314.9 million, or $1.41 a share,
from $370.1 million, or $1.76 a share, a year earlier. Analysts
surveyed by FactSet expected $1.64 a share.
FFO: Funds from operations, a key measure for REITs, fell to
$2.28 a share from $2.57 a share a year earlier. Core FFO fell to
$2.46 a share. Analysts expected FFO of $2.57 a share and core FFO
of $2.54 a share.
REVENUE: Revenue fell to $709.3 million, from $711 million a
year earlier. Analysts expected $711.9 million.
PANDEMIC: Company officials had said they saw a significant drop
in demand for self-storage space since late March, which led to
lower move-in volumes despite lower move-in rental rates. The
company temporarily curtailed its existing tenant rate increase
program.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
August 05, 2020 16:25 ET (20:25 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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