Public Storage FFO Rises

(RTTNews) - Public Storage (PSA), a real estate investment trust, Thursday reported first-quarter funds from operations, or FFO to common stockholders of $301.5 million or $1.74 per share. This compares with FFO of $270.8 million or $1.57 per share last year.

Excluding items, core FFO for the quarter was $ million or $1.80 per share compared with $ million or $1.65 per share a year ago.

On average, 18 analysts polled by Thomson Reuters estimated earnings of $1.86 per share for the quarter. Analysts' estimates typically exclude special items.

Net income to common shareholders for the quarter was $174 million or $1.01 per share, compared with $162 million or $0.94 per share in the prior year. This was due to higher operating income partly offset by depreciation and amortization costs.

Total revenues for the quarter were $519.6 million compared with $417.9 million in the prior year.

Revenue from self-storage facilities were $485.6 million compared with $439.7 million last year. Analysts projected revenues of $482.8 million for the quarter.

The company declared a quarterly dividend of $1.40 per common share as well as dividends with respect to various series of preferred shares.