Public Storage 3Q Profit Up 73% On Forex,Stock-Offering Gain
DOW JONES NEWSWIRES
Public Storage Inc.'s (PSA) third-quarter profit grew 73% on gains from
foreign-currency exchange and an equity offering by PS Business Parks Inc (PSB).
The real-estate investment trust, which has interests in more than 2,000
storage facilities in 38 states as well as operations in Europe, has seen
revenue fall on lower demand during the recession.
Public Storage posted a profit of $237.3 million, or $1.03 a share, up from $
137.3 million, or 42 cents a share, a year earlier.
Funds from operations, a key measure of REIT profitability, fell to $1.30 a
share from $1.37. Excluding the effect of foreign-currency changes and other
items, FFO rose to $1.44 a share from $1.08. Revenue declined 4.2% to $412.9
million.
Analysts polled by Thomson Reuters expected FFO of $1.25 on revenue of $405
million.
At facilities the company has operated since 2007, revenue fell 4.4% because
of a 4.2% decline in realized rent per occupied square foot and a 1% decrease in
average occupancies.
Public Storage's shares rose 0.4% to $77.03 in after-hours trading. The stock
is nearly flat from a year ago.
-By John Kell and Kathy Shwiff, Dow Jones Newswires; 212-416-2357; john.kell@
dowjones.com
(END) Dow Jones Newswires
11-05-091842ET
Copyright (c) 2009 Dow Jones & Company, Inc.
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