Public Storage (PSTO) Reports Q4 Profit Decline

Public Storage (PSTO) reported a 14% year-over-year decline in fourth-quarter net income to $28.4 million, ending a 12-month streak of gains. The REIT attributed the drop to higher interest and property taxes, as well as lower rental growth in its core markets. The company posted same-store rental growth of 2.3% for the quarter, up 1.8% year-over-year, but said supply chain disruptions and inflation outpaced its ability to pass increases to tenants. The stock closed at $19.42 on February 12, down 2.1% for the session.