Real estate investment trust Public Storage (PSA) on Thursday reported a 29 percent increase in profit for the first quarter from last year, reflecting higher rents and occupancy. Funds from operations or FFO increased 17 percent, but missed analysts' estimates.
The company's first-quarter FFO was $270.83 million or $1.57 per share, up from $230.77 million or $1.35 per share in the year-ago period. On average, nineteen analysts polled by Thomson Reuters expected the company report FFO of $1.62 per share for the quarter. Analysts' estimates typically exclude special items.
The higher FFO in the quarter was due primarily to a $30.3 million increase in self-storage net operating income and a $27.1 million increase from reduced allocations of net income to preferred shareholders. These were partly offset by a $24.9 million reduction from foreign currency exchange gains and losses incurred primarily in translating the value of the company's Euro-denominated loan receivable from Shurgard Europe into U.S. dollars.
Core FFO per share for the quarter was $1.65, compared to $1.44 in the same period last year.
Revenues for the same store facilities increased 5.4 percent in the quarter to $409.60 million, reflecting higher realized annual rent per occupied square foot and higher average occupancy. Annual contract rent per occupied square foot rose 3 percent to $14.38.
The company's net income for the quarter increased to $161.94 million or $0.94 per share from $125.34 million or $0.73 per share in the previous-year quarter.
Total operating revenues for the quarter rose 7 percent to $470.90 million from $439.84 million in the same period last year. Analysts had a consensus revenue estimate for the quarter of $429.43 million.
On May 9, 2013, Public Storage's board of trustees declared a regular common quarterly dividend of $1.25 per common share. The board also declared dividends with respect to various series of preferred shares. All the dividends are payable on June 27 to shareholders of record as of June 12.
PSA closed Thursday's regular trading session at $164.62, down $0.91 or 0.55 percent on a volume of 494,195 shares.
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