Public Storage Profit Rise

The REIT's funds from operations grew 19% in the first quarter.
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Public Storage

(PSA) - Get Report

said Thursday profits for the first quarter grew 18.5% from a year ago thanks to improved operations from new and existing storage facilities.

The Glendale, Calif.-based real estate investment trust earned $114.2 million, or 48 cents a share, in the quarter, compared with $96.41 million, or 38 cents a share, a year ago. Thomson First Call consensus stood at 46 cents a share for the recent quarter.

Funds from operations, a common REIT performance metric, grew 19% to 94 cents a share from a year ago. Adjusted for items, FFO was 95 cents a share. Analysts had forecast FFO of 95 cents a share.

First-quarter revenue rose 9.8% from a year ago to $275.61 million. Analysts were expecting revenue of $265.2 million in the most recent quarter.

The company said that same-store sales were $208.23 million, compared with $198.06 million in the year-ago period. Net operating income at comparable stores grew 6.3% due to the 5.1% improvement in revenue partially offset by a 2.9% increase in costs.

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