Public Storage (NYSE: PSA) company posted mixed results for the third quarter of FY 20 driven by foreign exchange losses. During the quarter, the company acquired four self-storage facilities (two in Minnesota and one in Colorado and Utah) with 0.2 million net rentable square feet for $29.1 million. Subsequent to September 30, 2020, the company has acquired or were under contract to acquire 54 self-storage facilities (six in Michigan, five each in Illinois, Oregon, Pennsylvania and Texas, four in Maryland, three each in Alabama, Georgia and Missouri, two each in Arizona, Colorado, Florida, Minnesota, Nevada and Ohio, and one each in Oklahoma, Virginia and Washington) with 4.9 million net rentable square feet for $686.9 million. A 36 property portfolio was included in the 54 self-storage facilities. Further, during the third quarter, the company opened various expansion projects (0.2 million net rentable square feet – 0.1 million each in Florida and Missouri) costing $27.4 million. At the end of September, 2020, the company had various facilities in development (1.2 million net rentable square feet) estimated to cost $217 million and various expansion projects (2.5 million net rentable square feet) estimated to cost $347 million. The company’s aggregate 3.7 million net rentable square foot pipeline of development and expansion facilities includes 1.5 million in California, 1.0 million in Florida, 0.2 million each in Missouri, New York, Texas, Virginia and Washington and 0.2 million in other states. The remaining $387 million of development costs for these projects is anticipated to be incurred mainly in the next 18 to 24 months.

PSA in the third quarter of FY 20 has reported the adjusted funds from operations per share of $2.28, missing the analysts’ estimates for the adjusted funds from operations per share of $2.60, according to the Zacks Consensus Estimate. In particular, the company got affected from a $57.5 million decrease due to foreign currency exchange gains and losses associated with its euro-denominated debt. The company had reported the adjusted revenue of $730.7 million in the third quarter of FY 20, beating the analysts’ estimates for revenue of $723 million.

Additionally, the company has declared a regular common quarterly dividend of $2.00 per common share, payable on December 30, 2020 to shareholders of record as of December 15, 2020.