Public Storage Beats on Top and Bottom Lines
Self-storage REIT Public Storage reported third-quarter results today after the markets closed, showing that it posted funds from operations of $511.9 million, a 7% increase from the same period in the previous year, and ahead of the $496.4 million Capital IQ consensus estimate.
While allocable net income came in at $231.4 million, or $1.34 per share, some 14% better than the $202.5 million, or $1.18 per share, in the same period in 2012, it was $0.09-per-share better than the CapIQ estimates of $1.25 per share. Core FFO, which is a measure that takes FFO and strips out certain costs, such as currency fluctuations, came in at $1.92 per share, up 9% from the $1.76 posted in the year-ago period.
Public Storage also declared a dividend of $1.40 per share, up 12%, or $0.15, from the previous quarter's distribution.
The self-storage REIT didn't provide guidance for the coming quarter, but analysts anticipate Public Storage will post earnings of $1.34 per share in the fourth quarter on revenues of $500.6 million.
The article Public Storage Beats on Top and Bottom Lines originally appeared on Fool.com.Fool contributor Rich Duprey has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.