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

Our FFO was also impacted by impairment charges with respect to non-real estate assets, contingency accruals, our equity share of PSB’s lease termination benefits, and costs associated with the acquisition of real estate facilities, which reduced FFO per diluted common share $0.02 in the nine months ended September 30, 2012, and $0.01 in each of the three and nine months ended September 30, 2011.

The following table provides a summary of the per-share impact of the items noted above (unaudited):

Three Months Ended September 30, Nine Months Ended September 30,









FFO per diluted common share prior to adjustments for the following items













Foreign currency exchange gain (loss) 0.05 (0.17 ) (0.01 ) 0.08
Application of EITF D-42 (0.08 ) (0.09 ) (0.33 ) (0.17 )
Other items, net   -     (0.01 )   (0.02 )   (0.01 )
FFO per diluted common share, as reported $ 1.73   $ 1.29   34.1 % $ 4.46   $ 4.17   7.0 %

FFO is a term defined by the National Association of Real Estate Investment Trusts. It is generally defined as net income before depreciation, gains and losses, and impairment charges with respect to real estate assets. FFO is presented because management and many analysts consider FFO to be one measure of the performance of real estate companies. In addition, we believe that FFO is helpful to investors as an additional measure of the performance of a real estate investment trust (“REIT”), because net income includes the impact of depreciation, which assumes that the value of real estate diminishes predictably over time, while we believe that the value of real estate fluctuates due to market conditions and in response to inflation. FFO computations do not consider scheduled principal payments on debt, capital improvements, distributions and other obligations of the Company. FFO is not a substitute for our cash flow or net income as a measure of our liquidity or operating performance or our ability to pay dividends. Other REITs may not compute FFO in the same manner; accordingly, FFO may not be comparable among REITs. See the attached reconciliation of net income to FFO.

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