Net income allocable to common shareholders was $182.2 million or $1.07 per diluted common share, compared to $173.5 million or $1.03 per diluted common share, for the same period in 2009, representing an increase of $8.7 million. This increase is due to improved operations of same-storage facilities, a foreign currency exchange gain of $55.5 million, and partially offset by a gain on disposition of $30.3 million related to an equity offering by PS Business Parks Inc.

Revenue for same-store facilities increased 1.2 percent or $4.3 million in the quarter compared to the same period in 2009, primarily due to a 1.6 percent increase in average occupancy offset partially by a 0.5 percent reduction in realized rent per occupied square foot.

Cost of operations for the same-storage facilities increased 3.2 percent or $3.7 million compared to the same period in 2009.

Net operating income for same-storage facilities increased 0.2 percent or $0.6 million compared to the same period in 2009.

Funds from operations (FFO) was $1.69 per common share on a diluted basis as compared to $1.44 per diluted common share for the same period in 2009, representing an increase of $0.25 per diluted common share or 17.4 percent.