By Maria Armental 
 

Public Storage reported higher profit and revenue in the latest period, helped by what company officials have said are favorable trends for the self-storage industry in part driven by the pandemic.

"We saw customers coming to us at a higher frequency when they ran out of space in their home, things like work from home, learn from home, et cetera," Chief Financial Officer Tom Boyle said at the company's investor day in May. "And those tend to be longer length of stay, good customers."

On Tuesday, Public Storage reported second-quarter profit rose to $410.4 million from $314.9 million a year earlier. On a per-share basis, profit was $1.97.

Funds from operations, a key measure for REITs, rose to $2.99 a share from $2.28 a share a year earlier. Core FFO rose to $3.15 a share.

Revenue rose to $829.3 million from $712.9 million a year earlier.

Analysts surveyed by FactSet expected FFO of $2.91 a share, $2.93 a share in core FFO and $804 million in revenue.

The company said it acquired 84 self-storage facilities during the quarter with 7 million net rentable square feet for $2.3 billion and had since acquired or was under contract to acquire 36 self-storage facilities with 3 million net rentable square feet for $466.6 million.

 

Write to Maria Armental at maria.armental@wsj.com

 

(END) Dow Jones Newswires

August 03, 2021 16:29 ET (20:29 GMT)

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