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Public Storage Reports Results For The Fourth Quarter And Year Ended December 31, 2013

Public Storage (NYSE:PSA) announced today operating results for the fourth quarter and year ended December 31, 2013.

Operating Results for the Three Months Ended December 31, 2013

For the three months ended December 31, 2013, net income allocable to our common shareholders was $243.7 million or $1.41 per diluted common share, compared to $209.5 million or $1.22 per diluted common share for the same period in 2012, representing an increase of $34.2 million or $0.19 per diluted common share. This increase is due primarily to (i) a $38.1 million increase in self-storage net operating income and (ii) a $12.0 million reduction in income allocated to preferred shareholders due to redemptions, offset by (iii) a $16.3 million increase in depreciation and amortization associated with acquired real estate facilities.

Our self-storage net operating income increased $38.1 million in the three months ended December 31, 2013 as compared to the same period in 2012, including $24.7 million for our Same Store Facilities and $13.4 million for our non-Same Store Facilities. Revenues for the Same Store Facilities increased 5.4% or $22.0 million in the quarter ended December 31, 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 2.6% or $2.7 million in the quarter ended December 31, 2013 as compared to the same period in 2012, due primarily to lower advertising and selling costs offset partially by higher snow removal and property tax expense. The increase in net operating income for the non-Same Store Facilities is due primarily to the impact of the acquisition of 145 self-storage facilities from third parties since January 2012.

Operating Results for the Year Ended December 31, 2013

For the year ended December 31, 2013, net income allocable to our common shareholders was $844.7 million or $4.89 per diluted common share, compared to $669.7 million or $3.90 per diluted common share for the same period in 2012, representing an increase of $175.0 million or $0.99 per diluted common share. This increase is due primarily to (i) a $124.6 million increase in self-storage net operating income, (ii) a $68.9 million reduction in income allocated to preferred shareholders due to redemptions, including our equity share of PSB, (iii) an $8.2 million increase from foreign currency exchange gains, offset partially by (iv) a $29.6 million increase in depreciation and amortization associated with acquired real estate facilities.

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