Public Storage, a self-storage company based in Glendale, Calif., has reported impressive third-quarter results with revenue in line with expectations. Despite lower occupancy, higher rents have helped drive the company’s growth.
In the third quarter, Public Storage recorded a profit of $563.2 million, or $3.20 per share, compared to $2.71 billion, or $15.38 per share, in the same period last year. The company’s per-share earnings of $3.20 exceeded analysts’ expectations of $2.81, according to FactSet.
The revenue for the quarter reached $1.14 billion, matching analysts’ predictions and marking a slight increase from $1.09 billion in the previous year. The rise in revenue was primarily driven by higher realized annual rent from same-store facilities.
Same-Store Revenue Growth
Public Storage experienced a 2.5% increase in revenue from its same-store facilities. This growth can be attributed to higher realized annual rent, although it was partially offset by lower occupancy rates.
Overall, Public Storage’s financial performance for the third quarter exceeded expectations. The company’s funds from operations were $4.58 per share, surpassing the forecast of $4.19 per share by analysts surveyed by FactSet.
Public Storage remains hopeful for continued growth and success in the self-storage industry.