Public Storage Drops Despite Quarterly Results

Public Storage shares slumped Thursday despite better-than-expected results for the second quarter. The Glendale-headquartered self-storage REIT on Wednesday reported funds from operations of nearly $463 million, or $2.65 per share, compared to average analyst expectations of $2.61, according to Zacks Investment Research. Revenue for the second quarter was $686 million, a climb of 3.2 percent from the same quarter a year ago. Same-store revenues advanced 1.5 percent year over year to $559 million during the second quarter, primarily driven by a 2.4 percent rise in annual rent per occupied square foot to $17.35. However, shares of Public Storage (PSA) closed Thursday down $7.27 cents, or 3.3 percent, to $210.21 on the New York Stock Exchange.