Public Storage Inc. said its second quarter profit jumped 61 percent on higher occupancy and rents.
The Glendale operator of self-serve storage facilities around the world on Thursday reported net income of nearly $211 million (77 cents per share), compared with $131 million (36 cents) in the same period a year earlier. The year-earlier quarter included a foreign-exchange loss that hurt results.
Revenue rose 6.7 percent to nearly $435 million.
Analysts surveyed by Thomson Reuters on average expected per-share profit of 77 cents on revenue of $395 million.
Public Storage, which operates as real estate investment trust, said its funds from operations, excluding foreign currency fluctuations, was $1.43 per share compared with $1.27 a year earlier. FFO is a REIT metric that adds depreciation and amortization expenses back into earnings to get a better picture of cash performance.
Shares were down $1.14, or 1 percent, to $109.68 in Friday midday trading on the New York Stock Exchange.
