Public Storage Earnings Rise 23%

Public Storage Inc., the largest owner of self-storage properties in the U.S., said its third-quarter earnings rose 23%, boosted by higher rents and a large acquisition. Separately, the Glendale-based real estate investment trust said it will pay a special dividend of either 65 cents a share in a new class of common stock, or 62 cents payable in cash. The dividend, which is necessary to meet REIT rules, is payable Jan. 14 to shareholders of record Nov. 15. Public Storage’s funds from operations increased to $76.8 million, or 70 cents a share, up from $62.3 million, or 60 cents, a year earlier. Per-share results reflect preferred dividend payments. Revenue rose to $179 million from $149.7 million. The results exceeded Wall Street’s expectations of 69 cents, according to a survey of analysts by First Call Corp. Shares of Public Storage fell 6 cents to close at $25.63 on the New York Stock Exchange. Public Storage owns or has a stake in 1,354 self-storage properties in 37 states, up 24% from a year ago. Much of the gain stems from the March purchase of rival Storage Realty Trust for about $600 million.