Public Storage Posts Higher Net Income; Beats Earnings Estimates; Raises Dividend (PSA)

Public Storage (PSA) announced its third quarter earnings after the bell on Thursday, posting an increase in net income and revenues.

PSA Earnings in Brief

-Public Storage announced total quarterly revenues of $419 million, which were up from last year’s $397 million, but below the average analyst estimate of $464.58 million.
-The company’s net income came in at $231.4 million, or $1.34 per share, which was up from last year’s Q3 net income of $202.5 million, or $1.18 per share.
-PSA’s core FFO per share was up from last year’s $1.76 to $1.92 for the most recent quarter; this beat analysts’ estimates of $1.89.

Dividend Raise

Public Storage announced that its board has approved to raise its dividend 12% to $1.40 per common share. This is a 15 cent raise from the company’s previous quarterly payout of $1.25 and brings the annualized payout to $5.60. The new dividend is payable on December 30 to all shareholders on record as of December 13.

Share Performance

PSA stock was down 66 cents, or 0.39%, on the day, but was up steeply in after-hours trading. YTD, the company’s stock is up 14.74%.