Public Storage late Friday reported higher profit in the fourth quarter, mostly driven by higher revenue from existing self-storage facilities and new rent from recent acquisitions.

After the markets closed, the Glendale real estate investment trust reported net income of more than $121 million (71 cents per share), compared with more than $117 million (70 cents) a year earlier. Revenue rose 4 percent to more than $418 million, as the company benefitted from higher occupancy rates.

Funds from operations, a key REIT metric that adds depreciation and amortization expenses back into earnings to get a better picture of cash performance, rose to nearly $227 million ($1.33), compared with less than $214 million ($1.27) a year earlier

FFO adjusted for currency fluctuations and other charges was $1.45 per share. Analysts surveyed by Thomson Reuters on average expected adjusted per-share FFO of $1.37 on revenue of more than $382 million.

Shares earlier closed up $1.61, or 1.5 percent, to $110.57 on the New York Stock Exchange and were unchanged in after-market trading.