Public Storage of Glendale shares jumped more than 3 percent after the company reported healthy boosts in fourth-quarter and year-end earnings led by an increase in self-storage facilities the company buys, develops, owns and operates.
For the fourth quarter of 2015 that ended Dec. 31, the real estate investment trust reported net income of $303 million ($1.74 per share), up 6.7 percent compared to $284 million ($1.64 per share) from the same period a year ago. Revenue for the quarter rose 6.6 percent to $503 million.
Public Storage also reported funds from operations, a metric used by REITs to define cash flow from operations, jumped to $2.46 per share, a 13 percent increase from $2.17 for the prior-year period.
The company attributed the growth to having a greater number of locations, which drove up its net operating income.
For the year ended Dec. 31, net income soared 21 percent to $1.1 billion, ($6.07 per share), compared to $908 million, ($5.25 per share) for the prior year. Revenue was $1.97 billion, a 6.5 percent increase from the prior year.
Funds from operations were up 10 percent to $8.79 per share, compared to $7.98 per share for 2014.
Public Storage reported financials late Tuesday. Shares closed Wednesday up $7.93 or 3.3 percent to $246.11 on the New York Stock Exchange.