Public Storage Reports 3Q Operating Results

Public Storage, a real estate investment trust, reported its operating results for the third quarter ended Sept. 30, 2009. The company reported:

Net income for the three months ended Sept. 30 was $244 million compared to $147.9 million for the same period in 2008, representing an increase of $96.1 million. This increase is primarily due to a foreign currency exchange gain totaling $21.4 million and a gain on disposition of $30.3 million related to an equity offering by PS Business Parks Inc.

Revenues for the Same Store Facilities decreased 4.6 percent, or $16.9 million, in the third quarter compared to the same period in 2008, due to a 4.2 percent reduction in realized rent per occupied square foot, combined with a 1 percent reduction in average occupancies.

Cost of operations for the Same Store Facilities declined 0.6 percent, or $0.7 million, compared to the same period in 2008.
Net operating income for Same Store Facilities decreased 6.3 percent, or $16.2 million, compared to the same period in 2008.

Net income allocable to common shareholders (after allocating net income to non-controlling interests, preferred and equity stock shareholders, and holders of restricted stock units) was $173.5 million compared to $71.5 million for the same period in 2008, representing an increase of $102.0 million or $0.61 per common share on a diluted basis. These increases are primarily due to the net impact of the factors described above.

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