Public Storage Reports 2Q Results; Maintaining FVE
Public Storage reported second-quarter funds from operations of $2.31 per share compared with $2.34 a year ago, with an increase in same-store net operating income of 2.6% for the same period. The company’s results exhibited the continuation of a slowdown affecting the industry as a whole. While comparatively unimpressive, it’s important for investors to put these results into context. Storage has recorded some record numbers in recent years, so it comes as no surprise that low-single-digit grow...Public Storage is a real estate investment trust. The company's business activities include: Self-storage Operations, which acquires, develops, owns and operates self-storage facilities that provide storage spaces for lease on a month-to-month basis, for personal and business use; Ancillary Operations, which reinsures policies against losses to goods stored by customers in the company's self-storage facilities and sells merchandise, mainly locks and cardboard boxes, at its self-storage facilities; and Investment in PS Business Parks Inc. (PSB), in which the company has an equity interest in PSB that owns, operates, acquires and develops commercial properties, mainly multi-tenant flex, office, and industrial parks.
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