Public Storage (NYSE:PSA) announced today operating results for the quarter ended June 30, 2013.
Operating Results for the Three Months Ended June 30, 2013
For the three months ended June 30, 2013, net income allocable to our common shareholders was $207.7 million or $1.20 per diluted common share, compared to $132.3 million or $0.77 per diluted common share for the same period in 2012, representing an increase of $75.4 million or $0.43 per diluted common share. This increase is due primarily to (i) a $29.6 million increase from foreign currency exchange gains and losses incurred primarily in translating the value of our Euro-denominated loan receivable from Shurgard Europe into U.S. Dollars, (ii) a $28.5 million increase in self-storage net operating income, and (iii) a $16.8 million increase from reduced allocations of net income to preferred shareholders due to the application of EITF D-42 to our, and our equity share of PS Business Parks, Inc.’s (“PSB”), redemptions of preferred securities.
Our self-storage net operating income increased $28.5 million in the three months ended June 30, 2013 as compared to the same period in 2012, including $23.0 million for our Same Store Facilities and $5.5 million for our non-Same Store Facilities. Revenues for the Same Store Facilities increased 5.1% or $20.4 million in the quarter ended June 30, 2013 as compared to the same period in 2012, due to higher realized annual rent per occupied square foot and higher average occupancy. Cost of operations for the Same Store Facilities decreased by 2.0% or $2.5 million in the quarter ended June 30, 2013 as compared to the same period in 2012, due primarily to lower repairs and maintenance and advertising and selling costs. The increase in net operating income for the non-Same Store Facilities is due primarily to the impact of the acquisition of 24 self-storage facilities in 2012, combined with improved net operating income on the other properties in this group.