Public Storage Posts 9.9% Drop in Profit
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Public Storage Inc. said first-quarter profit fell 9.9% primarily because of the restructuring of preferred partnership interests. The Glendale-based real estate investment trust, which rents out storage units in 31 states, earned $69 million, or 17 cents a share, in the three months ended March 31, compared with $76.6 million, or 26 cents, in the same period a year earlier.
Average occupancy in the firm’s facilities rose to 89.6% from 84.9% a year earlier.
Public Storage shares rose 3 cents to $43.33 on the NYSE. The results were announced after the market closed.
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