Public Storage Inc. (PSA, Financial) filed Quarterly Report for the period ended 2009-03-31.
Public Storage Inc. is a fully integrated self-administered and self-managed real estate investment trust that primarily acquires develops owns and operates self-storage facilities. The Company's headquarters is located in Glendale California. Public Storage is America's premier storage company. Over the past three decades the company has shown consistent growth in the number of properties owned as well as in the range of services provided. Public Storage Inc. has a market cap of $11.24 billion; its shares were traded at around $66.32 with a P/E ratio of 12.95 and P/S ratio of 6.44. The dividend yield of Public Storage Inc. stocks is 3.32%. Public Storage Inc. had an annual average earning growth of 7.3% over the past 10 years. GuruFocus rated Public Storage Inc. the business predictability rank of 5-star.
- Three Months Ended March 31,
-
Percentage
2009 2008 Change
- - -
(Dollar amounts in thousands)
Rental income:
Same Store Facilities....................... $ 347,185 $ 349,991 (0.8)%
Other Facilities ........................... 24,413 19,893 22.7%
- - -
Total Self-Storage Segment............... 371,598 369,884 0.5%
Shurgard Europe Segment Facilities (a)...... - 54,722 (100.0)%
- - -
Total rental income....................... 371,598 424,606 (12.5)%
- - -
Cost of operations before depreciation and
amortization expense:
Same Store Facilities....................... 125,007 123,856 0.9%
Other Facilities............................ 8,634 8,305 4.0%
- - -
Total Self-Storage Segment............... 133,641 132,161 1.1%
Shurgard Europe Segment Facilities (a)...... - 24,654 (100.0)%
- - -
Total cost of operations................. 133,641 156,815 (14.8)%
- - -
Net operating income before depreciation and
amortization expense (b):
Same Store Facilities....................... 222,178 226,135 (1.7)%
Other Facilities............................ 15,779 11,588 36.2%
- - -
Total Self-Storage Segment............... 237,957 237,723 0.1%
Shurgard Europe Segment Facilities.......... - 30,068 (100.0)%
- - -
Total net operating income before
depreciation and amortization expense.. 237,957 267,791 (11.1)%
Total depreciation and amortization expense. (84,187) (121,499) (30.7)%
- - -
Total net operating income.................. $ 153,770 $ 146,292 5.1%
= = =
Rental income...................................... $ 331,539 $ 335,553 (1.2)%
Late charges and administrative fees collected..... 15,646 14,438 8.4%
- - -
Total rental income............................. 347,185 349,991 (0.8)%
- - -
Cost of operations before depreciation and amortization:
Direct property payroll....................... 24,360 24,377 (0.1)%
Property taxes................................ 37,762 36,349 3.9%
Repairs and maintenance....................... 10,716 11,398 (6.0)%
Media advertising............................. 8,158 6,947 17.4%
Other advertising and promotion............... 4,614 4,426 4.2%
Utilities..................................... 9,598 9,437 1.7%
Property insurance............................ 2,698 3,213 (16.0)%
Telephone reservation center.................. 2,794 3,123 (10.5)%
Other cost of management...................... 24,307 24,586 (1.1)%
- - -
Total cost of operations........................ 125,007 123,856 0.9%
- - -
Net operating income before depreciation and
amortization expense (a)........................ 222,178 226,135 (1.7)%
Depreciation and amortization expense.............. (75,286) (89,358) 15.7%
- - -
Net operating income.............................. $ 146,892 $ 136,777 7.4%
= = =
Three Months Ended March 31,
-
2009 2008 Change
- - -
(Amounts in thousands, except for
weighted average data)
SAME STORE FACILITIES OPERATING TRENDS
BY REGION
Rental income:
Southern California (176 facilities) $ 51,738 $ 52,147 (0.8)%
Northern California (167 facilities) 37,426 37,239 0.5%
Texas (231 facilities).......... 34,594 34,193 1.2%
Florida (182 facilities)........ 33,803 35,085 (3.7)%
Illinois (119 facilities)....... 21,963 21,847 0.5%
Georgia (86 facilities)......... 12,192 12,682 (3.9)%
All other states (938 facilities) 155,469 156,798 (0.8)%
- - -
Total rental income................. 347,185 349,991 (0.8)%
Cost of operations before depreciation and amortization expense:
Southern California.............. 12,149 11,648 4.3%
Northern California.............. 10,702 10,448 2.4%
Texas............................ 14,195 14,323 (0.9)%
Florida.......................... 12,467 12,756 (2.3)%
Illinois......................... 11,011 11,099 (0.8)%
Georgia.......................... 4,307 4,218 2.1%
All other states................. 60,176 59,364 1.4%
- - -
Total cost of operations............ 125,007 123,856 0.9%
Weighted average occupancy:
Southern California.............. 90.6% 90.1% 0.6%
Northern California.............. 88.1% 89.0% (1.0)%
Texas............................ 88.6% 89.9% (1.4)%
Florida.......................... 88.1% 87.1% 1.1%
Illinois......................... 86.3% 87.4% (1.3)%
Georgia.......................... 85.7% 88.5% (3.2)%
All other states................. 87.4% 88.7% (1.5)%
- - -
Total weighted average occupancy.... 87.9% 88.8% (1.0)%
SAME STORE FACILITIES OPERATING
TRENDS BY REGION (CONTINUED) Three Months Ended March 31,
-
2009 2008 Change
- - -
(Amounts in thousands, except for
weighted average data)
Realized annual rent per occupied square foot:
Southern California.............. $ 18.91 $ 19.18 (1.4)%
Northern California.............. 16.99 16.73 1.6%
Texas............................ 9.92 9.71 2.2%
Florida.......................... 12.32 13.07 (5.7)%
Illinois......................... 13.22 13.04 1.4%
Georgia.......................... 9.92 10.08 (1.6)%
All other states................. 11.97 11.96 0.1%
- - -
Total realized rent per square foot. $ 12.84 $ 12.87 (0.2)%
= = =
Read the The complete ReportPSA is in the portfolios of Richard Aster Jr of Meridian Fund.
Public Storage Inc. is a fully integrated self-administered and self-managed real estate investment trust that primarily acquires develops owns and operates self-storage facilities. The Company's headquarters is located in Glendale California. Public Storage is America's premier storage company. Over the past three decades the company has shown consistent growth in the number of properties owned as well as in the range of services provided. Public Storage Inc. has a market cap of $11.24 billion; its shares were traded at around $66.32 with a P/E ratio of 12.95 and P/S ratio of 6.44. The dividend yield of Public Storage Inc. stocks is 3.32%. Public Storage Inc. had an annual average earning growth of 7.3% over the past 10 years. GuruFocus rated Public Storage Inc. the business predictability rank of 5-star.
Highlight of Business Operations:
SELF - STORAGE OPERATIONS SUMMARY:- Three Months Ended March 31,
-
Percentage
2009 2008 Change
- - -
(Dollar amounts in thousands)
Rental income:
Same Store Facilities....................... $ 347,185 $ 349,991 (0.8)%
Other Facilities ........................... 24,413 19,893 22.7%
- - -
Total Self-Storage Segment............... 371,598 369,884 0.5%
Shurgard Europe Segment Facilities (a)...... - 54,722 (100.0)%
- - -
Total rental income....................... 371,598 424,606 (12.5)%
- - -
Cost of operations before depreciation and
amortization expense:
Same Store Facilities....................... 125,007 123,856 0.9%
Other Facilities............................ 8,634 8,305 4.0%
- - -
Total Self-Storage Segment............... 133,641 132,161 1.1%
Shurgard Europe Segment Facilities (a)...... - 24,654 (100.0)%
- - -
Total cost of operations................. 133,641 156,815 (14.8)%
- - -
Net operating income before depreciation and
amortization expense (b):
Same Store Facilities....................... 222,178 226,135 (1.7)%
Other Facilities............................ 15,779 11,588 36.2%
- - -
Total Self-Storage Segment............... 237,957 237,723 0.1%
Shurgard Europe Segment Facilities.......... - 30,068 (100.0)%
- - -
Total net operating income before
depreciation and amortization expense.. 237,957 267,791 (11.1)%
Total depreciation and amortization expense. (84,187) (121,499) (30.7)%
- - -
Total net operating income.................. $ 153,770 $ 146,292 5.1%
= = =
Rental income...................................... $ 331,539 $ 335,553 (1.2)%
Late charges and administrative fees collected..... 15,646 14,438 8.4%
- - -
Total rental income............................. 347,185 349,991 (0.8)%
- - -
Cost of operations before depreciation and amortization:
Direct property payroll....................... 24,360 24,377 (0.1)%
Property taxes................................ 37,762 36,349 3.9%
Repairs and maintenance....................... 10,716 11,398 (6.0)%
Media advertising............................. 8,158 6,947 17.4%
Other advertising and promotion............... 4,614 4,426 4.2%
Utilities..................................... 9,598 9,437 1.7%
Property insurance............................ 2,698 3,213 (16.0)%
Telephone reservation center.................. 2,794 3,123 (10.5)%
Other cost of management...................... 24,307 24,586 (1.1)%
- - -
Total cost of operations........................ 125,007 123,856 0.9%
- - -
Net operating income before depreciation and
amortization expense (a)........................ 222,178 226,135 (1.7)%
Depreciation and amortization expense.............. (75,286) (89,358) 15.7%
- - -
Net operating income.............................. $ 146,892 $ 136,777 7.4%
= = =
Three Months Ended March 31,
-
2009 2008 Change
- - -
(Amounts in thousands, except for
weighted average data)
SAME STORE FACILITIES OPERATING TRENDS
BY REGION
Rental income:
Southern California (176 facilities) $ 51,738 $ 52,147 (0.8)%
Northern California (167 facilities) 37,426 37,239 0.5%
Texas (231 facilities).......... 34,594 34,193 1.2%
Florida (182 facilities)........ 33,803 35,085 (3.7)%
Illinois (119 facilities)....... 21,963 21,847 0.5%
Georgia (86 facilities)......... 12,192 12,682 (3.9)%
All other states (938 facilities) 155,469 156,798 (0.8)%
- - -
Total rental income................. 347,185 349,991 (0.8)%
Cost of operations before depreciation and amortization expense:
Southern California.............. 12,149 11,648 4.3%
Northern California.............. 10,702 10,448 2.4%
Texas............................ 14,195 14,323 (0.9)%
Florida.......................... 12,467 12,756 (2.3)%
Illinois......................... 11,011 11,099 (0.8)%
Georgia.......................... 4,307 4,218 2.1%
All other states................. 60,176 59,364 1.4%
- - -
Total cost of operations............ 125,007 123,856 0.9%
Weighted average occupancy:
Southern California.............. 90.6% 90.1% 0.6%
Northern California.............. 88.1% 89.0% (1.0)%
Texas............................ 88.6% 89.9% (1.4)%
Florida.......................... 88.1% 87.1% 1.1%
Illinois......................... 86.3% 87.4% (1.3)%
Georgia.......................... 85.7% 88.5% (3.2)%
All other states................. 87.4% 88.7% (1.5)%
- - -
Total weighted average occupancy.... 87.9% 88.8% (1.0)%
SAME STORE FACILITIES OPERATING
TRENDS BY REGION (CONTINUED) Three Months Ended March 31,
-
2009 2008 Change
- - -
(Amounts in thousands, except for
weighted average data)
Realized annual rent per occupied square foot:
Southern California.............. $ 18.91 $ 19.18 (1.4)%
Northern California.............. 16.99 16.73 1.6%
Texas............................ 9.92 9.71 2.2%
Florida.......................... 12.32 13.07 (5.7)%
Illinois......................... 13.22 13.04 1.4%
Georgia.......................... 9.92 10.08 (1.6)%
All other states................. 11.97 11.96 0.1%
- - -
Total realized rent per square foot. $ 12.84 $ 12.87 (0.2)%
= = =
Read the The complete ReportPSA is in the portfolios of Richard Aster Jr of Meridian Fund.
