Public Storage on Wednesday reported a fall in third-quarter profit, largely due to foreign exchange losses.
For the period ended Sept. 30, the Glendale, Calif.-based self-storage company earned a quarterly profit of $324.9 million, or $1.41 a share, compared with $397.9 million, or $1.93 a share, for the same period last year.
In particular, the company said it was hit with a $57.5 million decrease due to foreign currency exchange gains and losses associated with its euro-denominated debt.
Funds from operations fell to $2.63 a share from $2.76 a share but beat analysts’ projections of $2.59 a share, according to FactSet.
Sales were $730.7 million, compared with $729.3 million.