Public Storage (NYSE:PSA) announced today operating results for the quarter ended September 30, 2013.
Operating Results for the Three Months Ended September 30, 2013
For the three months ended September 30, 2013, net income allocable to our common shareholders was $231.4 million or $1.34 per diluted common share, compared to $202.5 million or $1.18 per diluted common share for the same period in 2012, representing an increase of $28.9 million or $0.16 per diluted common share. This increase is due primarily to (i) a $27.7 million increase in self-storage net operating income, (ii) a $12.9 million reduction in income allocated to preferred shareholders due to redemptions, including PS Business Parks (“PSB”), and (iii) a $7.1 million increase from foreign currency exchange gains, offset partially by (iv) a $12.8 million reduction in gains on sale of real estate assets, including discontinued operations and Shurgard Europe and (v) a $6.6 million increase in depreciation.
Our self-storage net operating income increased $27.7 million in the three months ended September 30, 2013 as compared to the same period in 2012, including $21.1 million for our Same Store Facilities and $6.6 million for our non-Same Store Facilities. Revenues for the Same Store Facilities increased 5.5% or $22.9 million in the quarter ended September 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 increased by 1.5% or $1.8 million in the quarter ended September 30, 2013 as compared to the same period in 2012, due primarily to higher repairs and maintenance and property tax expense, offset partially by lower 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 56 self-storage facilities since January 2012.