Public Storage’s Operating Results Fall

Public Storage Inc. said third-quarter funds from operations slipped to $97.8 million, or 76 cents a share, after expenses from stock redemption and hurricane losses, compared with $99.8 million, or 79 cents, a year earlier.

The Glendale-based real estate investment trust, which rents out storage units in 37 states, said net income for the three months ended Sept. 30 rose 8.7% to $97.5 million.

Average occupancy in the firm’s facilities held steady at about 92%. Public Storage shares fell 45 cents to $53.35 on the NYSE.

Roger Vincent