Public Storage Releases 2Q 2010 Operating Results

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Public Storage, a self-storage real estate investment trust, reported operating results for the second quarter ending June 30, 2010. Highlights include:

  • Net income allocable to common shareholders was $60.8 million, or $0.36 per diluted common share, compared to $135.5 million, or $0.80 per diluted common share, for the same period in 2009, representing a decrease of $74.7 million, or $0.44 per common share.
  • Same-store revenue decreased 0.2 percent or $0.8 million in the quarter compared to the same period in 2009, primarily due to a 1.5 percent reduction in realized rent per occupied square foot, offset partially by a 1.1 percent increase in average occupancy.
  • Cost of operations for the same-store facilities increased 2.2 percent or $2.6 million compared to the same period in 2009.
  • Net operating income for same-store facilities decreased 1.5 percent or $3.4 million compared to the same period in 2009.
  • Funds from operations (FFO) were $0.92 per common share on a diluted basis as compared to $1.40 per common share for the same period in 2009, representing a decrease of $0.48 per common share or 34.3 percent.

Public Storage held its conference call to discuss the second-quarter reports Aug. 6. A replay of the call can be accessed through Aug. 20 on the company’s website or by calling 800.642.1687. International callers can call 706.645.9291. To view the information on the company’s website, look under "Company Info, Investor Relations Webcasts." All forms of replay use conference ID number 88441244.

Public Storage also owns a 49 percent equity interest in Shurgard Europe, with the remaining 51 percent equity interest owned by an institutional investor.

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