Public Storage (PSA) has reported an 8.17 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $367.30 million, or $1.78 a share in the quarter, compared with $339.57 million, or $1.58 a share for the same period last year.
Revenue during the quarter grew 7.15 percent to $663.15 million from $618.87 million in the previous year period.
Cost of revenue rose 9.14 percent or $13.90 million during the quarter to $165.90 million. Gross margin for the quarter contracted 46 basis points over the previous year period to 74.98 percent.
Total expenses were $310.20 million for the quarter, up 5.39 percent or $15.86 million from year-ago period. Operating margin for the quarter expanded 78 basis points over the previous year period to 53.22 percent.
Operating income for the quarter was $352.95 million, compared with $324.53 million in the previous year period.
Revenue from real estate activities during the quarter increased 7.26 percent or $42.18 million to $623.16 million.
Other income during the quarter was $39.99 million, up 5.53 percent or $2.09 million from year-ago period.
Total assets went up marginally by 2.18 percent or $210.95 million to $9,865.77 million on Sep. 30, 2016. On the other hand, total liabilities were at $776.63 million as on Sep. 30, 2016, up 63.09 percent or $300.42 million from year-ago.
Return on assets moved up 22 basis points to 3.75 percent in the quarter. At the same time, return on equity moved up 42 basis points to 3.40 percent in the quarter.
Debt increases substantially
Total debt was at $430.89 million as on Sep. 30, 2016, up 673.25 percent or $375.17 million from year-ago. Shareholders equity stood at $9,089.14 million as on Sep. 30, 2016, down 0.97 percent or $89.47 million from year-ago. As a result, debt to equity ratio went up 4 basis points to 0.05 percent in the quarter.
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