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Thursday, Aug 18, 2022
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Public Storage Reports Improved Profitability

Shares of Public Storage Inc. rose on Friday after the operator of storage units released third quarter results that beat analyst forecasts. The Glendale real estate investment trust reported adjusted net income of $265 million ($1.76 a share) compared to $195 million ($1.29) in the same period a year earlier. Revenue rose 4.8 percent to $413 million. Analysts expected income of $1.68 per share on revenue of $411 million, according to Zacks Investment Research. The company attributed its performance to better foreign exchange rates for Euro-denominated loan payments from Shurgard, a European company in which it owns a 49 percent stake. Also, same-facility revenue increased 4.8 percent because of higher rental rates. The company reported its third-quarter results after the market closed on Friday. Shares of Public Storage gained $3.78, or 3 percent, on Friday to close at $145.70 on the New York Stock Exchange.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.
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