Public Storage Inc., a self-storage real estate investment trust, released its operating results for the second quarter of 2009, ended on June 30.
Net income to shareholders was $199.2 million, compared to $133.8 million for the same period in 2008. The company attributed the increase to a $33.2 million foreign-exchange gain, a $25.4 million reduction in general and administrative expenses, and an $11 million reduction in depreciation and amortization. This gain was offset by a reduction in same-store operation and an impairment charge included in discontinued operation with respect to intangible assets.
Same-store revenue decreased 3.5 percent, or $12.6 million, compared to the same quarter in 2008, due to a 2.9 percent reduction in realized rent per occupied square foot, combined with a 1.1 percent reduction in average occupancy. The cost of same-store operation declined 3.4 percent, or $4.1 million, compared to the same period in 2008, largely due to a $2.6 million reduction in media advertising and a $1.5 million reduction in repairs and maintenance, offset by a 4.3 percent ($1.5 million) increase in property-tax expense.
Net income allocable to common shareholders (after allocations to preferred and equity shareholders) was $135.5 million, or $0.80 per common share, on a diluted basis compared to $68 million, or $0.40 per common share, for the same period in 2008.
Funds from operations for the quarter increased to $1.40 per common share on a diluted basis as compared to $1.10 per common share for the same period in 2008, representing an increase of $0.30 per common share, or 27.3 percent.
The same-store group of facilities represents 1,899 facilities the company has owned and operated on a stabilized basis since Jan. 1, 2007.
To view the company’s detailed second-quarter operating results, visit http://www.publicstorage.com/CorporateInformation/pdf/press2009_Aug06.pdf.