Public Storage Inc. reported fourth quarter funds from operations on Thursday that beat analysts’ estimates, while falling short on revenue.
The Glendale real estate investment trust reported FFO of $367 million ($2.13 a share) for the quarter ended Dec. 31, compared to $319 million ($1.86) a year earlier. Revenue rose 5 percent to $432.5 million.
FFO is a key REIT metric that adds amortization and depreciation expenses back into net income to get a better picture of cash flow.
Analysts had expected FFO of $2.02 on revenue of $475 million, according to Thomson Financial.
The operator of storage facilities reported an 8 percent increase in self-storage net operating income to $332 million, which it attributes to the acquisition of 145 self-storage facilities since January 2012.
During the quarter, the company acquired 89 storage facilities with about 5.6 million net rentable square feet in California, Colorado, Florida, Georgia, North Carolina, South Carolina, Texas, and Virginia for about $765 million.
In the release, Public Storage also declared a quarterly dividend of $1.40 per share. The dividend will be payable on March 31 to shareholders of record as of March 14.
For the year, the company reported funds from operations of $1.3 billion ($7.53), compared to $1.1 billion ($6.31) in 2012. Revenue rose 5 percent to $1.7 billion.
Analysts on average expected FFO of $7.42 on revenue of $1.84 billion, according to Thomson Financial.
Shares closed up 7 cents, or a fraction of a percent, to $166.52 on the New York Stock Exchange.