Public Storage Earnings Cheat Sheet: FFO Surges 53% Higher

S&P 500 (NYSE:SPY) component Public Storage (NYSE:PSA) reported its results for the second quarter. Public Storage is a real estate investment trust (REIT) with a focus on the acquisition, development, ownership and operation of self-storage facilities. The company provides individuals and businesses with storage spaces for lease, generally on a month-to-month basis.

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Public Storage Earnings Cheat Sheet for the Second Quarter

Results: The company’s funds from operations (FFO) rose 53% to $237.6 million or FFO of $1.39 per share from the year earlier quarter figure of $155.7 million or FFO of 92 cents per share. FFO, a measure of performance of a real estate investment trust (REIT), removes the profit-reducing effect that depreciation has on earnings. It beat the consensus estimate of $1.38 per share.

Competitors to Watch: Extra Space Storage, Inc. (NYSE:EXR), U-Store-It Trust (NYSE:YSI), Sovran Self Storage, Inc. (NYSE:SSS), PS Business Parks, Inc. (NYSE:PSB).

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(Source: Xignite Financials)