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.