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Sunday, Mar 16, 2025

Higher Rents Boost Public Storage Income

Benefitting from higher rents and recent acquisitions, Public Storage Inc. reported increased revenue and profits in the second quarter. The Glendale real estate investment trust reported net income rose nearly 21 percent to $264 million ($1.52 a share) for the quarter ended June 30, compared to $218 million ($1.26) a year earlier. Revenue rose 10 percent to $593 million. Funds from operations – a closely watched REIT metric that adds depreciation and amortization back into net income – hit $2.15, beating analysts’ expectations of $2.14, according to Thomson Financial Network. As of June 30, the company owned 2,262 self-storage facilities located in 38 U.S. states and 216 storage facilities in seven Western European countries. Since January 2013, it has acquired 173 facilities, leading to the increase in its net operating income. But higher property taxes led to a 1.1 percent increase in the company’s costs in the second quarter. The company reported its quarterly performance late Wednesday. Shares closed Thursday up 6 cents or a fraction of a percent to $202.99 on the New York Stock Exchange.

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