Public Storage Earnings: FFO Climbs
S&P 500 (NYSE:SPY) component Public Storage (NYSE:PSA) reported its results for the first quarter. Public Storage is a real estate investment trust (REIT) with a focus on the acquisition, development, ownership, and operation of self-storage facilities.
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Public Storage Earnings Cheat Sheet for the First Quarter
Results: The company’s funds from operations (FFO) rose 5.5% from the year-earlier quarter to $1.35. FFO, a measure of performance of a real estate investment trust (REIT), removes the profit-reducing effect that depreciation has on earnings. It fell short of the consensus estimate of $1.42 per share.
Looking Forward: Analysts appear increasingly negative about the company’s results for the next quarter. The average estimate for the second quarter has moved down from $1.58 a share to $1.57 over the last sixty days. The average estimate for the fiscal year is $6.42 per share, a rise from $6.36 ninety days ago.
Competitors to Watch: Extra Space Storage, Inc., U-Store-It Trust, Sovran Self Storage, Inc., PS Business Parks, Inc., Banyan Rail Services Inc., Boomerang Systems, Inc., Vortex Resources Corp., and American Business Corp.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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