PSA Public Storage

   By Josh Beckerman 
 

Public Storage (PSA) reported an 11% increase in funds from operations per share, with rent increasing as occupancy rates remained high.

The real-estate investment trust also increased its quarterly dividend to $2 from $1.80.

The Glendale, Calif., company had interests in 2,319 U.S. facilities and 218 Europe sites as of Sept. 30.

Over all, Public Storage had net income of $367.3 million, or $1.78 a share, compared with $339.6 million, or $1.58 a share, a year earlier. Revenue rose 7.2% to $663.1 million.

Funds from operations rose to $2.51 a share from $2.27.

In after-hours trading, shares rose 71 cents to $213.99.

Earlier Wednesday, rival Extra Space Storage Inc. (EXR) reported higher funds from operations as it saw strong rate growth.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

October 26, 2016 20:52 ET (00:52 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.