By Adriano Marchese

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 were $2.28 a share, compared with $2.76 a share a year earlier.

Sales were $730.7 million, compared with $729.3 million.

Write to Adriano Marchese at adriano.marchese@wsj.com

Corrections & Amplifications

This article was corrected on November 11, 2020 because the original had an incorrect FFO per share figure. Public Storage said third-quarter funds from operations were $2.28 a share, compared with $2.76 a share a year earlier.

(END) Dow Jones Newswires

11-04-20 1629ET