Public Storage, a self-storage real estate investment trust, released its operating results for the fourth quarter and year ending Dec. 31, 2010.
Highlights include:
- Net income allocable to common shareholders was $121.4 million, compared to $117.5 million for the same period in 2009, representing an increase of $3.9 million or $0.01 per diluted common share.
- Same-store revenue increased 2.4 percent or $8.5 million in the quarter compared to the same period in 2009, primarily due to a 1.7 percent increase in average occupancy and a 0.3 percent increase in realized rent per occupied square foot.
- Cost of operations for same-store facilities decreased 2.1 percent or $2.1 million as compared to the same period in 2009.
- Net operating income for same-store facilities increased 4.2 percent or $10.6 million compared to the same period in 2009.
- Funds from operations was $1.33 per common share on a diluted basis as compared to $1.27 per diluted common share for the same period in 2009, representing an increase of $0.06 per diluted common share or 4.7 percent.
Public Storage is a fully integrated, self-administered and self-managed real estate investment trust that primarily acquires, develops, owns and operates self-storage facilities. Headquartered in Glendale, Calif., the company has interests in 2,044 self-storage facilities in 38 states with approximately 129 million net rentable square feet in the United States, and 189 storage facilities in seven Western European nations operating under the Shurgard brand.
