Public Storage shares rose 6 percent on Friday, a day after the operator of self-storage facilities reported a mixed fourth quarter.
After the Thursday markets closed, the Glendale real estate investment trust reported net income of nearly $152 million (72 cents per share), compared with nearly $168 million (60 cents) a year ago. The company blamed most of the decline on a $13.2 million foreign exchange loss during the quarter.
Total revenue rose 1.6 percent to $333 million. Funds from operations rose nearly 6 percent to $251 million ($1.49). FFO, which includes such factors as amortization and depreciation, is considered a key measure of a REIT's financial strength.
The company earlier this month said it was cutting $113 million in debt by redeeming two senior unsecured notes early rather than continue to pay interest on the notes.
Shares closed up $3.05, or 6 percent, to $55.48 in Friday trading on the New York Stock Exchange.
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