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.
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