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.
