By Katherine Hamilton
$Public Storage(PSA-N)$ posted a larger profit in the fourth quarter, but its revenue-growth expectations for 2025 fell short of Wall Street estimates.
The self-storage real-estate investment trust posted a profit allocable to common shareholders of $564.4 million, or $3.21 a share, in the three months ended Dec. 31, compared with $389.7 million, or $2.21 a share, a year earlier.
Income increased primarily due to a $193.9 million increase in foreign-currency gains, Public Storage said.
Same-store facility revenue decreased 0.6%, to $5.3 million, mainly due to a decline in occupancy, it said.
In 2025, Public Storage expects same-store revenue to range from a 1.3% decline to a 0.8% increase. Analysts polled by FactSet are expecting a 1% increase this year.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
February 24, 2025 16:39 ET (21:39 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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