Public Storage 3Q Revenue Rises on Higher Rents
October 30 2023 - 5:04PM
Dow Jones News
By Ben Glickman
Public Storage's third-quarter revenue rose in line with
expectations as higher rents offset lower occupancy.
The Glendale, Calif.-based self-storage company posted a profit
of $563.2 million, or $3.20 a share, in the third quarter, compared
with $2.71 billion, or $15.38 a share, a year earlier. Analysts
polled by FactSet expected per-share earnings of $2.81.
The year-ago quarter's results benefited from the sale of an
equity investment in PS Business Park.
Revenue rose to $1.14 billion from $1.09 billion a year ago, in
line with the expectations of analysts polled by FactSet.
The company's revenue from same-store facilities rose 2.5% due
to higher realized annual rent, which was partially offset by lower
occupancy.
Funds from operations, a metric which strips out real estate
depreciation and amortization, was $4.58 a share, above the $4.19 a
share forecast by analysts, according to FactSet.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
October 30, 2023 16:49 ET (20:49 GMT)
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