Research Desk Line-up: DCT Industrial Trust Post Earnings Coverage
LONDON, UK / ACCESSWIRE / November 13, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Public Storage (NYSE: PSA), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=PSA, following the Company's release of its third quarter fiscal 2017 operating results on October 25, 2017. The self-storage facility real estate investment trust outperformed top- and bottom-line expectations. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
Get more of our free earnings reports coverage from other constituents of the REIT - Industrial industry. Pro-TD has currently selected DCT Industrial Trust Inc. (NYSE: DCT) for due-diligence and potential coverage as the Company announced on November 02, 2017, its financial results for Q3 2017 which ended on September 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on DCT Industrial Trust when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on PSA; also brushing on DCT. With the links below you can directly download the report of your stock of interest free of charge at:
For the three months ended September 30, 2017, Public Storage's revenue totaled $686.36 million compared to $663.15 million in Q3 2016, ahead of analysts' estimates of $684.3 million. The Company's Self-Storage revenue advanced to $646.24 million in the reported quarter versus $623.16 million in the year-earlier comparable quarter.
For Q3 2017, Public Storage's net income allocable to its common shareholders was $279.7 million, or $1.61 per diluted common share, compared to $309.0 million, or $1.78, in Q3 2016, representing a decrease of $29.3 million, or $0.17. The decrease was primarily due to a $14.7 million increase in allocation to the Company's preferred shareholders as a result of redemption activities in the reported quarter, a $7.8 million casualty loss and $5.2 million in incremental tenant reinsurance losses related to Hurricanes Harvey and Irma, and a $9.8 million increase in foreign exchange translation losses associated with Public Storage's euro-denominated debt.
For Q3 2017, Public Storage's funds from operations (FFO) was $2.35 per diluted common share compared to $2.51 in 2016, representing a decrease of 6.4%. The Company's Core FFO per share totaled $2.61 per share, up 3.2% compared to Core FFO of $2.53 in the year-ago corresponding period and came in ahead of Wall Street's estimates of $2.60 per share.
Public Storage's Same-Store pool decreased from 2,055 facilities at June 30, 2017, to 2,042 facilities at September 30, 2017, as a result of disruptions caused by Hurricanes Harvey and Irma.
For Q3 2017, Public Storage's revenues for the Same-Store-Facilities increased 2.4% to $564.39 million on a y-o-y basis primarily due to higher realized annual rent per occupied square foot. Cost of operations for the Same-Store-Facilities increased by 1.6% to $147.50 million on a y-o-y basis, primarily due to increased property taxes, repairs and maintenance and payroll. The segment's net operating income (NOI) grew to $416.90 million versus $406.27 million in the year-earlier same quarter.
Public Storage's Non-Same-Store-Facilities at September 30, 2017, represented 321 facilities that were not stabilized with respect to occupancies or rental rates since January 01, 2015, or that the Company did not own as of January 01, 2015.
For Q3 2017, Public Storage's total revenue came in at $81.84 million compared to revenue of $71.74 million in Q3 2016. The segment's NOI totaled $56.03 million in the reported quarter as compared to $50.98 million in the year-earlier quarter. The increase in NOI for the Non-Same-Store-Facilities was primarily due to the impact of 321 self-storage facilities acquired, developed, or expanded since January 2015.
Investing and Capital Markets Activities
During Q3 2017, Public Storage acquired seven self-storage facilities with 0.4 million net rentable square feet for $47.3 million. During the nine months ended September 30, 2017, the Company acquired 14 self-storage facilities with 0.8 million net rentable square feet for $81.7 million. Subsequent to September 30, 2017, the Company acquired or were under contract to acquire eight self-storage facilities with 0.5 million net rentable square feet for $67.8 million.
During Q3 2017, Public Storage completed nine newly developed facilities and various expansion projects for a total of 1.4 million net rentable square feet costing $144.5 million. For the nine months ended September 30, 2017, the Company completed 12 newly developed facilities and various expansion projects, totaling 2.1 million net rentable square feet costing $255.3 million.
At September 30, 2017, Public Storage had various facilities in development for a total of 2.8 million net rentable square feet estimated to cost $365 million and various expansion projects for a total of 1.9 million net rentable square feet estimated to cost $235 million. The remaining $378 million of development costs for these projects is expected to be incurred primarily in the next 18 months.
On October 25, 2017, Public Storage's Board of Trustees declared a regular common quarterly dividend of $2.00 per common share, payable on December 28, 2017, to shareholders of record as of December 13, 2017.
Public Storage's share price finished last Friday's trading session at $211.52, marginally advancing 0.07%. A total volume of 736.59 thousand shares have exchanged hands. The Company's stock price advanced 5.48% in the last three months and 0.85% in the past six months. Shares of the Company have a PE ratio of 30.92 and have a dividend yield of 3.78%. The stock currently has a market cap of $36.79 billion.
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