Public Storage 3Q Profits Fall Amid Foreign Exchange Losses
November 04 2020 - 4:44PM
Dow Jones News
By Adriano Marchese
Public Storage on Wednesday reported a fall in third-quarter
profit, largely due to foreign exchange losses.
For the period ended Sept. 30, the Glendale, Calif.-based
self-storage company earned a quarterly profit of $324.9 million,
or $1.41 a share, compared with $397.9 million, or $1.93 a share,
for the same period last year.
In particular, the company said it was hit with a $57.5 million
decrease due to foreign currency exchange gains and losses
associated with its euro-denominated debt.
Funds from operations fell to $2.63 a share from $2.76 a share
but beat analysts' projections of $2.59 a share, according to
FactSet.
Sales were $730.7 million, compared with $729.3 million.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
November 04, 2020 16:29 ET (21:29 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
Public Storage (NYSE:PSA)
Historical Stock Chart
From Mar 2024 to Apr 2024
Public Storage (NYSE:PSA)
Historical Stock Chart
From Apr 2023 to Apr 2024
