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:
http://protraderdaily.com/register/
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:
http://protraderdaily.com/optin/'symbol=PSA
http://protraderdaily.com/optin/'symbol=DCT
Earnings Reviewed
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.
Property Operations
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.
Distributions Declared
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.
Stock Performance
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.
Pro-Trader Daily:
Pro-Trader Daily (Pro-TD) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. PRO-TD has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles, and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.
PRO-TD has not been compensated; directly or indirectly; for producing or publishing this document.
PRESS RELEASE PROCEDURES:
The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email contact@protraderdaily.com. Rohit Tuli, a CFA® charter-holder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by PRO-TD. PRO-TD is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.
NO WARRANTY
PRO-TD, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. PRO-TD, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, PRO-TD, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.
NOT AN OFFERING
This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither PRO-TD nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://protraderdaily.com/disclaimer/.
CONTACT
For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:
Email: contact@protraderdaily.com
Phone number: (917) 341.4653
Office Address: Mainzer Landstrasse 50 Frankfurt am Main, Germany 60325
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
SOURCE: Pro-Trader Daily
