Public Storage Announces 1Q 2009 Financials

Last week, real estate investment trust Public Storage reported first-quarter 2009 financial results including net income, funds from operations, expenses and more.
 
Net income for the fourth quarter was reported at $151.7 million, down from $167.9 million for the same quarter one year earlier. The company attributed the decline to a $13.2 million foreign-exchange loss.
 
Net income allocable to common shareholders increased to $121.7 million or $0.72 per share from $102.2 million or $0.60 per share in the prior-year quarter, while funds from operations (FFO) grew to $250.72 million or $1.49 per share, from $237.28 million or $1.40 per share a year ago.
 
Total revenue for the quarter decreased to $421.82 million from $464.53 million in the same quarter last year. Self-storage rental income dropped to $381.81 million from $425.08 million. Revenue for ancillary operations totaled $29.19 million, down from $34.38 million. Interest and other income declined to $10.81 million from $5.08 million.
 
Total expenses for the quarter also dropped, from $310.77 million in the prior-year quarter to $246.95 million.
 
The company said it also received net proceeds of about $344.7 million in connection with the disposition of a 51 percent interest in Shurgard Europe in March 2008.
 
Public Storage of Glendale, Calif., is a fully integrated, self-administered and self-managed REIT whose principal business activities include the acquisition, development, ownership and operation of self-storage facilities.
 
Source: TradingMarkets.com, Public Storage Q4 Profit Declines On Foreign Exchange Losses - Update