Public Storage’s Earnings Jump 34%

Public Storage Inc., the largest owner of self-storage properties in the U.S., said second-quarter earnings rose 34%, boosted by higher rents and a large acquisition. The Glendale-based real estate investment trust posted funds from operations of $86.3 million, or 67 cents a share, up from $64.2 million, or 55 cents, a year earlier. Per-share results reflect preferred dividend payments. Revenue rose 22%, to $172.5 million from $141 million. The results exceeded Wall Street’s expectations of 66 cents, according to a survey of analysts by First Call Corp. Shares of Public Storage fell 13 cents to close at $25.25 on the New York Stock Exchange.