Public Storage beats fourth-quarter FFO estimates on higher rent income
Reuters
Published Feb 20, 2024 05:46PM ET
Updated Feb 20, 2024 06:38PM ET
(Reuters) - Public Storage (NYSE:PSA) on Tuesday reported fourth-quarter funds from operations above Wall Street estimates, as higher rent for its storage units offset falling occupancy.
The company reported fourth-quarter core FFO of $4.20 per share, above analysts' estimates of $4.14, according to LSEG data.
Demand for storage space has waned from the heights of the pandemic, as people return to offices. However, Public Storage was able to pad its margins with higher rent.
The company reported an about 6% rise in its quarterly revenue to $1.16 billion, above estimates of $1.14 billion.
The real estate investment trust, which leases out storage spaces on a monthly basis for personal and business use, reported fourth-quarter profit of $2.21 per share, below analysts' estimates of $2.73 per share.
Shares of the company were down 1.5% in after-hours trading.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.