Public Storage Reports Solid Quarter, Adds Board Member

Public Storage, the Glendale self-storage-focused real estate investment trust, reported earnings, a quarterly dividend and a new board member in its most recent financials report. The company said its quarterly funds from operations, a metric used by REITs, was $481 million ($2.77 a share) on revenue of $651 million. Analysts estimated fourth-quarter earnings of $1.89 a share. Public Storage reported full-year funds from operations of $1.7 billion, ($9.70 a share) compared to $1.5 billion ($8.79 a share) compared to a year ago. Analysts estimated $6.69 a share. Public Storage’s annual revenue was $2.56 billion, up from $2.38 billion from a year ago, and exceeded the $2.41 billion analysts expected. On Feb. 22, the board of trustees declared a regular common quarterly dividend of $2 a share. It also announced recently that it appointed Leslie Heisz, 56, as an independent board member, increasing its member count to nine. Public Storage (PSA) reported earnings late Wednesday. On Thursday, shares closed up 83 cents, or less than a percent, to $227.07 on the New York Stock Exchange.