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GLENDALE, CA-Co-founder B. Wayne Hughes is stepping down as CEO of Public Storage Inc., the company announced this morning in its third-quarter earnings report, which showed that net income and funds from operations (FFO) dipped slightly while revenue rose on a year-to-year basis.

Hughes, who co-founded Public Storage in 1972, will continue as chairman of the board of directors, the real estate investment trust said. Ronald L. Havner Jr., a longtime executive with the organization, will succeed him as CEO. Havner and Harvey Lenkin, president and chief operating officer, will lead the management team.The company reported net income of $83.351 million, or 32 cents per common share, for the three months ended Sept. 30, compared to $83.604 million, or 41 cents per share for the same period in 2001.

The company attributed the decrease to lower same store results, increased depreciation expenses, and special charges relating to closing some containerized storage facilities. Funds from operations decreased to $88.68 million, or 71 cents per share, compared with $95.22 million, or 78 cents per share in last year’s third quarter. The company reported revenue of $220.08 million for the quarter, compared with $204.27 million for the like period in 2001.

Public Storage issued its report after the close of trading Thursday. Its shares were trading at $29.53 late Friday morning, down 57 cents for the day and below their 52-week high of $39.29, achieved in April.

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