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Public Storage 1st-Quarter Profit Up 2.6% As Rents, Occupancy Rise

Public Storage's (PSA) first-quarter profit rose 2.6% as the real-estate investment trust saw higher rents and occupancy.The REIT, which owns self-storage facilities, has benefited from industry consolidation, giving it an advantage advertising-wise and allowing it to gain market share. The company's bottom-line has grown over the past three quarters, after four prior consecutive quarters of weaker earnings.Fitch Ratings in March lifted Public Storage's credit rating to A-plus, four rungs short of the highest possible rating, citing the REIT's minimal debt.Public Storage reported income of $211.2 million, or 94 cents a share, up from $205.9 million, or 73 cents a share, a year earlier. Per-share earnings reflect effects from preferred and restricted shares.Excluding foreign currency exchange impacts and other items, funds from operations--a key performance benchmark in the REIT sector--improved to $1.65 a share from $1.44.Rental revenue increased 5.5% to $389.1 million.Analysts surveye...

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