Real estate investment trust Public Storage (PSA) said Thursday its second quarter funds from operations increased from last year, aided mainly by foreign currency exchange gains and lower expenses, even as revenues declined.
Consolidated FFO allocable to Public Storage shareholders for the second quarter grew to $299.2 million or $1.40 per share from $251.8 million or $1.10 per share in the year-ago quarter. On average, 16 analysts polled by Thomson Reuters expected the company to earn $1.21 per share for the second quarter. Analysts' estimates typically exclude one-time items.
The Glendale, California-based company posted net income allocable to Public Storage shareholders of $199.2 million or $0.80 per share, up from $133.8 million or $0.40 per share in the prior year quarter.
Results for the quarter included a $33.2 million foreign exchange gain, a $25.4 million reduction in general and administrative expenses related to disposition of an interest in Shurgard Europe, and an $11.0 million reduction in depreciation and amortization, primarily due to reduced intangible amortization.
Second quarter total revenues decreased to $407.25 million from $418.49 million in the same quarter last year. Six analysts had a consensus revenue estimate of $393.72 million for the second quarter.
Revenues for the Same Store Facilities dropped 3.5%, due to a 2.9% reduction in realized rent per occupied square foot, combined with a 1.1% reduction in average occupancies.
Cost of operations for the Same Store Facilities declined 3.4% in the quarter, due to a $2.6 million reduction in media advertising and a $1.5 million reduction in repairs and maintenance, offset by a 4.3% increase in property tax expense.
The company declared a regular common dividend of $0.55 per share, a dividend of $0.6125 per share on the equity shares, series A and dividends with respect to various series of preferred shares. All the dividends are payable on September 30, to shareholders of record as of September 15.
For the first-half of 2009, consolidated FFO allocable to Public Storage shareholders was $611.6 million or $2.91 per share, compared to $552.9 million or $2.49 per share in the prior year period.
Net income allocable to Public Storage shareholders was $416.2 million or $1.75 per share, compared to $646.2 million or $3.04 per share in the previous year period.
Total revenues for the year-to-date period decreased to $811.96 million from $875.65 million in the year-ago period.
Public Storage closed Thursday's regular trading session at $75.13, down $2.76 or 3.54%, on a volume of 2.69 million shares. However, in after-hours, the share gained 17 cents.
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