Public Storage Inc. reported rising income and revenue in the third quarter, as the company enjoyed strong occupancy and rental rates.
The Glendale operator of storage facilities reported funds from operations of $2.08 a share for the quarter ended Sept. 30, compared to $2 a share for the same period a year earlier.
FFO is a key REIT metric that adds amortization and depreciation expenses back into net income to get a better picture of cash flow. Revenue rose more than 11 percent to nearly $571 million.
Analyst had expected FFO of $2.06 on revenue of nearly $518 million, according to Thomson Financial.
The company’s net income was $231.8 million ($1.34), compared to $231.4 million (($1.34) in the same period a year earlier.
During the quarter, the company reported a $24.7 million increase in revenue at same- store facilities, which it attributed to higher rent and average occupancy.
Public Storage also completed two new facilities and one expansion project adding 335,000 net rentable square feet at a cost of about $40 million. The company has projects underway that will add about 1.9 million net rentable square feet of storage at a cost of roughly $195 million. A total of $38 million in costs were incurred during the quarter.
Also, the company declared a quarterly dividend of $1.40 a common share, payable on Dec. 30 to shareholders of record as of Dec. 15.
Public Storage had interests in 2,234 self-storage facilities in 38 states with 144 million net rentable square feet as of Sept. 30. In addition, the company has a 42 percent equity interest in PS Business Parks Inc., which owns and operates primarily flex, multitenant office and industrial space.
Earnings were reported after markets closed on Thursday.
Shares closed up $4.56, or 2.5 percent, to $184.34 on the New York Stock Exchange.
Bank of Santa Clarita reported net income of $341,000 (15 cents a share) for the quarter ended Sept. 30, compared with $316,000 million (14 cents) from the same period last year. Total assets increased 12 percent to $280 million.
The Valencia bank reported an 8 percent increase in loans to nearly $165 million, while nonaccruals were 0.52 percent of total loans.
“The bank’s growth in loans and core deposits are positive indicators. We believe our controlled growth strategy has allowed us to continue to produce consistent earnings, while maintaining sound asset quality,” said Chairman and Chief Executive Frank Di Tomaso, in a statement.
Shares were unchanged Friday at $9 with no over-the-counter trades.