Public Storage, a self-storage real estate investment trust, released its operating results for the second quarter ending June 30. Highlights include:
- Net income allocable to common shareholders was $131.5 million, or $0.77 per diluted common share, compared to $60.8 million for the same period in 2010, representing an increase of $70.7 million. This increase is due to a foreign currency exchange gain of $10.5 million, improved operations of same-store facilities and increased equity in earnings and interest and other income from Shurgard Europe.
- Revenue for same-store facilities increased 4 percent, or $14.2 million, in the quarter compared to the same period in 2010, primarily due to a 1.4 percent increase in average occupancy and a 2.2 percent increase in realized rent per occupied square foot.
- Cost of operations for the same-store facilities remained flat, while net operating income increased 6.2 percent.
- Funds from operations was $1.39 per common share on a diluted basis as compared to $0.92 per diluted common share for the same period in 2010, representing an increase of $0.47 per diluted common share or 51.1 percent.
Public Storage held its conference call to discuss the second-quarter reports Aug. 5. A replay of the call can be accessed through Aug. 12 on the company’s website or by calling 855.859.2056. International callers can call 404.537.3406. To view the information on the company’s website, look under "Company Info, Investor Relations Webcasts." All forms of replay use conference ID number 82231381.
Headquartered in Glendale, Calif., Public Storage has interests in 2,054 self-storage facilities in 38 states with approximately 130 million net rentable square feet in the United States. The company also has 189 storage facilities in seven Western European nations totaling 10 million net rentable square feet and operating under the Shurgard brand.