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Public Storage Reports Results For The Third Quarter Ended September 30, 2012

Stocks in this article: PSA

Revenues for the Same Store Facilities (see table below) increased 4.9% or $55.4 million in the nine months ended September 30, 2012 as compared to the same period in 2011, primarily due to higher realized annual rent per occupied square foot. Cost of operations for the Same Store Facilities decreased by 0.6% or $2.1 million in the nine months ended September 30, 2012 as compared to the same period in 2011 due primarily to lower media advertising. Net operating income for our Same Store Facilities increased 7.5% or $57.5 million in the nine months ended September 30, 2012 as compared to the same period in 2011. Net operating income for our non-Same Store facilities increased $14.0 million in the nine months ended September 30, 2012 as compared to the same period in 2011.

Funds from Operations

For the three months ended September 30, 2012, funds from operations (“FFO”) was $1.73 per diluted common share as compared to $1.29 for the same period in 2011, representing an increase of 34.1%.

For the three months ended September 30, 2012, FFO was impacted by a foreign currency exchange gain of $9.0 million (compared to a $28.3 million loss for the same period in 2011) and a $12.9 million charge in applying EITF D-42 due to redemptions of preferred securities, including our equity share of PSB (compared to a $16.2 million charge for the same period in 2011).

For the nine months ended September 30, 2012, FFO was $4.46 per diluted common share as compared to $4.17 for the same period in 2011, representing an increase of 7.0%.

For the nine months ended September 30, 2012, FFO was impacted by a foreign currency exchange loss of $2.5 million (compared to a $13.5 million gain for the same period in 2011) and a $56.9 million charge in applying EITF D-42 due to redemptions of preferred securities, including our equity share of PSB (compared to a $29.1 million net charge for the same period in 2011).

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