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Tuesday, May 30, 2023

Public Storage Reports Higher Earnings

Public Storage Inc. on Thursday reported second quarter funds from operations that exceeded analysts’ estimates, despite missing on revenue. The Glendale operator of storage facilities reported funds from operations of $1.83 a share for the quarter ended June 30, compared to $1.38 a year earlier. FFO is a key REIT metric that adds amortization and depreciation expenses back into net income to get a better picture of cash flow. Revenue rose 5 percent to $420 million. Analyst had expected FFO of $1.77 on revenue of $452 million, according to Thomson Financial. The company’s net income was $208 million ($1.20 cents a share) in the quarter, compared to $132 million (77 cents) in the same period a year earlier. The company also declared a quarterly dividend of $1.25 a share on Thursday. It will be paid Sept. 30 to shareholders of record on Sept. 13. Shares closed down 50 cents Friday, or less than 1 percent, to $160.78 on the New York Stock Exchange.

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