Public Storage 4Q Profit Declines

By Kathryn Hardison

Public Storage reported a decline in fourth-quarter profit despite logging higher revenue.

The real estate investment trust focused on self-storage facilities reported net income allocable to Public Storage shareholders of $412.4 million, compared with $619.7 million the year prior. Per-share earnings were $2.06, down from $3.17.

Public Storage said the decline in income was primarily due to a $177.2 million hit from foreign exchange impacts and due to the sale of its equity investment in PS Business Parks Inc.

Revenue was $818.9 million, up from $724.5 million. Analysts expected $1.08 billion.

During the quarter, the company said it acquired 30 self-storage facilities with 1.6 million net rentable square feet for $228.6 million.

Write to Kathryn Hardison at kathryn.hardison@wsj.com

(END) Dow Jones Newswires

February 21, 2023 16:34 ET (21:34 GMT)

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