Public Storage Posts Higher Funds From Operations, Boosts Dividend
October 26 2016 - 9:07PM
Dow Jones News
By Josh Beckerman
Public Storage (PSA) reported an 11% increase in funds from
operations per share, with rent increasing as occupancy rates
remained high.
The real-estate investment trust also increased its quarterly
dividend to $2 from $1.80.
The Glendale, Calif., company had interests in 2,319 U.S.
facilities and 218 Europe sites as of Sept. 30.
Over all, Public Storage had net income of $367.3 million, or
$1.78 a share, compared with $339.6 million, or $1.58 a share, a
year earlier. Revenue rose 7.2% to $663.1 million.
Funds from operations rose to $2.51 a share from $2.27.
In after-hours trading, shares rose 71 cents to $213.99.
Earlier Wednesday, rival Extra Space Storage Inc. (EXR) reported
higher funds from operations as it saw strong rate growth.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
October 26, 2016 20:52 ET (00:52 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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