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Public Storage Reports Results For The Fourth Quarter And Year Ended December 31, 2010

Stocks in this article: PSA

Public Storage (NYSE:PSA) announced today operating results for the fourth quarter and year ended December 31, 2010.

Operating Results for the Three Months Ended December 31, 2010

For the three months ended December 31, 2010, net income allocable to our common shareholders was $121.4 million or $0.71 per diluted common share, compared to $117.5 million or $0.70 per diluted common share for the same period in 2009, representing an increase of $3.9 million or $0.01 per diluted common share. This increase is due to (i) improved operations of our Same Store Facilities (discussed below), (ii) the operating results of facilities acquired during 2010, partially offset by (iii) increased depreciation and amortization expense and (iv) a foreign currency exchange loss of $13.7 million during the quarter ended December 31, 2010 as compared to a loss of $10.2 million for the same period in 2009.

Revenues for the Same Store Facilities (see table below) increased 2.4% or $8.5 million in the quarter ended December 31, 2010 as compared to the same period in 2009, primarily due to a 1.7% increase in average occupancy and a 0.3% increase in realized rent per occupied square foot. Cost of operations for the Same Store Facilities decreased 2.1% or $2.1 million in the quarter ended December 31, 2010 as compared to the same period in 2009. Net operating income for our Same Store Facilities increased 4.2% or $10.6 million in the quarter ended December 31, 2010 as compared to the same period in 2009.

Operating Results for the Year Ended December 31, 2010

For the year ended December 31, 2010, net income allocable to our common shareholders was $399.2 million or $2.35 per diluted common share, compared to $586.0 million or $3.47 per diluted common share for the same period in 2009, representing a decrease of $186.8 million or $1.12 per diluted common share. This decrease is primarily due to (i) a foreign currency exchange loss of $42.3 million during the year ended December 31, 2010 compared to a $9.7 million gain during the same period in 2009, (ii) an aggregate $35.8 million increase in income allocated to the shareholders of redeemed securities, (including our equity share of PS Business Park’s (“PSB”) redemptions) in applying EITF D-42 to the redemption of securities in the year ended December 31, 2010, as compared to a $94.5 million decrease in income allocated to shareholders of redeemed securities (including our equity share of PSB’s redemptions), in applying EITF D-42 to the redemption of securities in the same period in 2009 and (iii) a gain on disposition of real estate assets of $30.3 million related to an equity offering by PSB recorded in the year ended December 31, 2009.

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