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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.