Public Storage FFO Rises

(RTTNews) - Public Storage (PSA), a REIT engaged in the self storage business, on Thursday reported first-quarter funds from operations of $331 million or $1.91 per share compared with $301.5 million or $1.74 per share in the prior year quarter.

Core FFO for the quarter grew to $1.94 per share from $1.80 per share last year.

Analysts polled by Thomson Reuters estimated FFO of $1.93 per share for the quarter. Analysts' estimates typically exclude special items.

Net earnings for the quarter were $212.6 million or $1.23 per share compared with $174.1 million or $1.01 per share last year.

Total revenues for the quarter were up at $569.4 million compared with $519.6 million in the prior year.

Self-storage revenues for the quarter rose to $530.6 million from $485.6 million a year ago. Analysts estimated revenues of $530.5 million.

Gross margin rose to 69.8% from 68.3% last year.