Profits Rise at Public Storage

Funds from operations beat estimates.
Author:
Publish date:

Public Storage

(PSA) - Get Report

said profits for the fourth quarter grew 15% from a year ago thanks to strong sales from new and existing storage facilities.

The Glendale, Calif.-based real estate investment trust earned $123.37 million, or 51 cents a share, in the quarter, compared with $107.27 million, or 46 cents a share, a year ago. Thomson First Call consensus stood at 48 cents a share for the recent quarter.

Funds from operations grew 17.1% to 96 cents a share from a year ago. Adjusted for items, FFO was $1.02 a share. Analysts had forecast FFO of 89 cents a share.

Fourth-quarter revenue rose 10.57% from a year ago to $273.56 million. Analysts were expecting revenue of $255.29 million in the most recent quarter.

The company said that same-store sales were $206.29 million, compared with $196.42 million in the year ago period. Net operating income at comparable stores grew 9.4% due to the 5% improvement in revenue combined with a 3.4% reduction in costs.

This story was created through a joint venture between TheStreet.com and IRIS.