This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Public Storage Management Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: PSA

In Q2, Denver and Charlotte markets led the country with revenue growth of 8.7%, followed by Miami and Detroit at 6.6%. Los Angeles, our largest market, grew 4.4%; and San Francisco, our second largest market, grew -- revenues increased by 6.2%.

Given the trends in our occupancies and rates, we expect our Q3 media spend will be comparable to last year. In Europe, same-store NOI improved by 2% despite a challenging operating environment.

We recently completed the purchase of 5 facilities with about 377,000 square feet for $52 million. We're currently under contract to acquire 2 more facilities for about $30 million.

With that, operator, let's open it up for questions.

Question-and-Answer Session

Operator

[Operator Instructions] Your first question comes from the line of Christy McElroy of UBS.

Christy McElroy - UBS Investment Bank, Research Division

Just in regards to Europe, your occupancy has slipped a little bit overall even from Q1, but you've still been able to see some decent growth in realized rents. I'm wondering if you could talk a little bit about your overall revenue management strategy there, and what makes sense, sort of given the different environment you're operating in versus the U.S.

Edward John Reyes

Christy, last year, we had some really aggressive promotional discounts in a couple of markets, which we did not do this year because the -- we kind of didn't get the benefit in terms of rate and promotional discounts versus move-in volume, so we've moderated those this year. So you've seen some degradation in occupancy and an uptick in the in-place rents and the rental revenue and lowered promotional discounts. And that varies by market, and the operating results, vary greatly by market, were on a revenue-growth basis. France was down 1.6% on same-store basis, whereas the U.K. was up 3.5% and Belgium was up almost 7%. So it varies by market. So what you're seeing is a blend, but the big picture is better pricing and reduced discounts this year with some impact on move-in volume.

Read the rest of this transcript for free on seekingalpha.com

3 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs