Public Storage's (PSA) Q2 FFO And Revenues Miss Estimates
Zacks Investment Research | Jul 26, 2017 09:17PM ET
Public Storage’s (NYSE:PSA) second-quarter 2017 funds from operations (“FFO”) per share of $2.31 missed the Zacks Consensus Estimate of $2.56. The figure was also down 1.3% from the year-ago tally of $2.34.
Quarterly revenues of $664.3 million also fell short of the Zacks Consensus Estimate of $674.2 million. Nevertheless, revenues managed to grow 4.8% from the year-ago period.
Results reflect a fall in weighted-average square foot occupancy in the same-store portfolio for the reported quarter. However, higher realized annual rent per occupied square foot supported its results. Also, the company benefited from its expansion efforts.
Public Storage Price, Consensus and EPS Surprise
Let us now look forward to the earnings releases of AvalonBay Communities, Inc. (NYSE:AVB) , Alexandria Real Estate Equities, Inc. (NYSE:ARE) and Extra Space Storage Inc. (NYSE:EXR) , all of which are expected to report quarterly figures in the next week.
Note: FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.
More Stock News: Tech Opportunity Worth $386 Billion in 2017
From driverless cars to artificial intelligence, we've seen an unsurpassed growth of high-tech products in recent months. Yesterday's science-fiction is becoming today's reality. Despite all the innovation, there is a single component no tech company can survive without. Demand for this critical device will reach $387 billion this year alone, and it's likely to grow even faster in the future.
Zacks has released a brand-new Special Report to help you take advantage of this exciting investment opportunity. Most importantly, it reveals 4 stocks with massive profit potential. Original post
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.