Public Storage's Quarterly Results Beat Expectations

   By Maria Armental 
 

Higher rents and foreign-currency gains helped Public Storage beat Wall Street financial targets in the latest period.

The California-based real-estate investment trust, which built its first self-storage facility in 1972, has more than 2,500 storage facilities in the U.S. and Europe.

In the latest period, the company recorded a $23 million currency-translation gain from its euro-denominated debt.

Over all, Public Storage's fourth-quarter profit rose 14% to $413.7 million, or $2.03 a share, while revenue rose 7% to $651.4 million.

Funds from operations, a key measure used by REITs to assess performance, rose to $2.77 a share from $2.46.

Core FFO--which further excludes the effect of foreign currency exchange rates and other items, such as legal settlements--rose to $2.65 a share from $2.45 a share.

Analysts surveyed by Thomson Reuters had projected $1.89 a share in profit and FFO of $2.64 on $619.1 million in revenue.

Shares closed Wednesday at $226.24, down 11% over the past 12 months.

Write to Maria Armental at [e-mail]

(END) Dow Jones Newswires

February 22, 2017 19:59 ET (00:59 GMT)

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