By Ben Glickman

Public Storage's third-quarter revenue rose in line with expectations as higher rents offset lower occupancy.

The Glendale, Calif.-based self-storage company posted a profit of $563.2 million, or $3.20 a share, in the third quarter, compared with $2.71 billion, or $15.38 a share, a year earlier. Analysts polled by FactSet expected per-share earnings of $2.81.

The year-ago quarter's results benefited from the sale of an equity investment in PS Business Park.

Revenue rose to $1.14 billion from $1.09 billion a year ago, in line with the expectations of analysts polled by FactSet.

The company's revenue from same-store facilities rose 2.5% due to higher realized annual rent, which was partially offset by lower occupancy.

Funds from operations, a metric which strips out real estate depreciation and amortization, was $4.58 a share, above the $4.19 a share forecast by analysts, according to FactSet.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

October 30, 2023 16:49 ET (20:49 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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