Public Storage, a real estate investment trust, announced operating results for the fourth quarter ended Dec. 31, 2009.
Net income for the three months ended Dec. 31, 2009, was $187.7 million compared to $162 million for the same period in 2008, representing an increase of $25.7 million. This increase is primarily due to a $25.6 million aggregate reduction in depreciation and amortization and equity share of depreciation expense.
Revenue for the same store facilities decreased 3.9 percent, or $13.8 million in the fourth quarter ended as compared to the same period in 2008, due to a 3.8 percent reduction in realized rent per occupied square foot, combined with a 0.5 percent reduction in average occupancies.
Net income allocable to the common shareholders for the fourth quarter was $117.5 million or $0.70 per common share on a diluted basis compared to $121.5 million or $0.72 per common share for the same period in 2008, representing a decrease of $4 million or $0.02 per common share on a diluted basis.
This decrease is primarily due to a $33.9 million reduction in earnings allocated to preferred shareholders in the quarter associated with the repurchase of preferred securities, offset partially by the net impact of the factors described above.
Source: MarketWatch, Public Storage Reports Results for the Fourth Quarter
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