Public Storage Inc. (PSA, Financial) filed Quarterly Report for the period ended 2009-06-30.
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 $13.12 billion; its shares were traded at around $77.38 with a P/E ratio of 14.68 and P/S ratio of 7.51. The dividend yield of Public Storage Inc. stocks is 2.84%. 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.
SUMMARY Three Months Ended June 30, Six Months Ended June 30,
- -
Percentage Percentage
2009 2008 Change 2009 2008 Change
- - - - - -
(Dollar amounts in thousands)
Rental income:
Same Store Facilities.......... $ 346,839 $ 359,461 (3.5)% $ 694,024 $ 709,452 (2.2)%
Other Facilities .............. 24,791 21,309 16.3% 48,845 40,869 19.5%
Shurgard Europe Facilities (a). - - - - 54,722 (100.0)%
- - - - - -
Total rental income.......... 371,630 380,770 (2.4)% 742,869 805,043 (7.7)%
- - - - - -
Cost of operations:
Same Store Facilities.......... 116,426 120,526 (3.4)% 241,433 244,382 (1.2)%
Other Facilities............... 8,052 7,598 6.0% 16,519 15,743 4.9%
Shurgard Europe Facilities (a). - - - - 24,654 (100.0)%
- - - - - -
Total cost of operations.... 124,478 128,124 (2.8)% 257,952 284,779 (9.4)%
- - - - - -
Net operating income (b):
Same Store Facilities.......... 230,413 238,935 (3.6)% 452,591 465,070 (2.7)%
Other Facilities............... 16,739 13,711 22.1% 32,326 25,126 28.7%
Shurgard Europe Facilities (a). - - - - 30,068 (100.0)%
- - - - - -
Total net operating income. 247,152 252,646 (2.2)% 484,917 520,264 (6.8)%
Total depreciation and
amortization expense ........ (83,124) (94,177) (11.7)% (167,110) (215,475) (22.4)%
- - - - - -
Total net income............... $ 164,028 $ 158,469 3.5% $ 317,807 $ 304,789 4.3%
= = = = = =
Data for Same Store and Other Facilities:
Weighted average square foot
occupancy during the period (c):
Same Store Facilities........... 90.0% 91.0% (1.1)% 88.9% 89.9% (1.1)%
Other Facilities................ 84.4% 79.2% 6.6% 82.2% 76.0% 8.2%
Realized rents per occupied square
foot during the period (d)(e):
Same Store Facilities........... $ 12.52 $ 12.90 (2.9)% $ 12.69 $ 12.88 (1.5)%
Other Facilities................ $ 13.27 $ 13.51 (1.8)% $ 13.46 $ 13.71 (1.8)%
Number of facilities at period end:
Same Store Facilities........... 1,899 1,899 -
Other Facilities................ 92 86 7.0%
Net rentable square footage at
period end (in thousands):
Same Store Facilities........... 117,462 117,462 -
Other Facilities................ 8,499 7,682 10.6%
Square foot occupancy at period end:
Same Store Facilities........... 90.7% 91.7% (1.1)%
Other Facilities................ 86.3% 84.6% 2.0%
In place rents per square foot at
period end:
Same Store Facilities........... $ 13.61 $ 14.20 (4.2)%
Other Facilities................ $ 14.65 $ 15.35 (4.6)%
SAME STORE FACILITIES Three Months Ended June 30, Six Months Ended June 30,
- -
Percentage Percentage
2009 2008 Change 2009 2008 Change
- - - - - -
Revenues: (Dollar amounts in thousands, except weighted average amounts)
Rental income.................................. $ 330,854 $ 344,703 (4.0)% $ 662,393 $ 680,256 (2.6)%
Late charges and admin fees collected.......... 15,985 14,758 8.3% 31,631 29,196 8.3%
- - - - - -
Total revenues (a).............................. 346,839 359,461 (3.5)% 694,024 709,452 (2.2)%
- - - - - -
Cost of operations:
Property taxes................................. 36,659 35,156 4.3% 74,421 71,505 4.1%
Direct property payroll........................ 23,339 23,329 0.0% 47,699 47,706 0.0%
Media advertising.............................. 7,224 9,836 (26.6)% 15,382 16,783 (8.3)%
Other advertising and promotion................ 5,967 5,027 18.7% 10,581 9,453 11.9%
Utilities...................................... 7,899 8,360 (5.5)% 17,497 17,797 (1.7)%
Repairs and maintenance........................ 9,159 10,679 (14.2)% 19,875 22,077 (10.0)%
Telephone reservation center................... 2,817 3,318 (15.1)% 5,611 6,441 (12.9)%
Property insurance............................. 2,566 2,911 (11.9)% 5,264 6,124 (14.0)%
Other cost of management....................... 20,796 21,910 (5.1)% 45,103 46,496 (3.0)%
- - - - - -
Total cost of operations (a).................... 116,426 120,526 (3.4)% 241,433 244,382 (1.2)%
- - - - - -
Net operating income (b)........................... 230,413 238,935 (3.6)% 452,591 465,070 (2.7)%
Depreciation and amortization expense (c).......... (75,200) (85,178) (11.7)% (150,486) (174,536) (13.8)%
- - - - - -
Net income......................................... $ 155,213 $ 153,757 0.9% $ 302,105 $ 290,534 4.0%
= = = = = =
Three Months Ended June 30, Six Months Ended June 30,
- -
2009 2008 Change 2009 2008 Change
- - - - - -
(Amounts in thousands, except for weighted average data)
SAME STORE FACILITIES OPERATING
TRENDS BY REGION
Revenues:
Southern California (176
facilities)...................... $ 51,019 $ 53,105 (3.9)% $ 102,757 $ 105,252 (2.4)%
Northern California (167
facilities)...................... 37,310 38,372 (2.8)% 74,736 75,611 (1.2)%
Texas (231 facilities).......... 34,877 35,291 (1.2)% 69,471 69,484 0.0%
Florida (182 facilities)........ 33,454 35,445 (5.6)% 67,257 70,530 (4.6)%
Illinois (119 facilities)....... 21,869 22,457 (2.6)% 43,832 44,304 (1.1)%
Washington (88 facilities)....... 17,705 18,922 (6.4)% 35,610 37,228 (4.3)%
Georgia (86 facilities)......... 12,028 12,893 (6.7)% 24,220 25,575 (5.3)%
All other states (850 facilities) 138,577 142,976 (3.1)% 276,141 281,468 (1.9)%
- - - - - -
Total revenues...................... 346,839 359,461 (3.5)% 694,024 709,452 (2.2)%
Cost of operations:
Southern California.............. 11,523 11,870 (2.9)% 23,672 23,517 0.7%
Northern California.............. 10,081 10,429 (3.3)% 20,783 20,876 (0.4)%
Texas............................ 14,025 14,101 (0.5)% 28,220 28,421 (0.7)%
Florida.......................... 12,426 13,143 (5.5)% 24,893 25,899 (3.9)%
Illinois......................... 9,693 10,384 (6.7)% 20,704 21,482 (3.6)%
Washington....................... 4,528 4,550 (0.5)% 9,282 9,400 (1.3)%
Georgia.......................... 4,219 4,325 (2.5)% 8,526 8,543 (0.2)%
All other states................. 49,931 51,724 (3.5)% 105,353 106,244 (0.8)%
- - - - - -
Total cost of operations............ 116,426 120,526 (3.4)% 241,433 244,382 (1.2)%
Weighted average occupancy (a):
Southern California.............. 90.2% 90.8% (0.7)% 90.4% 90.5% (0.1)%
Northern California.............. 89.6% 91.1% (1.6)% 88.9% 90.0% (1.2)%
Texas............................ 90.4% 91.9% (1.6)% 89.5% 90.1% (0.7)%
Florida.......................... 89.6% 89.2% 0.4% 88.9% 88.1% 0.9%
Illinois......................... 88.9% 90.5% (1.8)% 87.6% 88.9% (1.5)%
Washington....................... 89.6% 91.6% (2.2)% 88.6% 90.6% (2.2)%
Georgia.......................... 88.3% 90.6% (2.5)% 87.0% 89.6% (2.9)%
All other states................. 90.4% 91.2% (0.9)% 88.9% 89.9% (1.1)%
- - - - - -
Total weighted average occupancy.... 90.0% 91.0% (1.1)% 88.9% 89.9% (1.1)%
Read the The complete ReportPSA is in the portfolios of Richard Aster Jr of Meridian Fund, Kenneth Fisher of Fisher Asset Management, LLC.
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 $13.12 billion; its shares were traded at around $77.38 with a P/E ratio of 14.68 and P/S ratio of 7.51. The dividend yield of Public Storage Inc. stocks is 2.84%. 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 OPERATIONSSUMMARY Three Months Ended June 30, Six Months Ended June 30,
- -
Percentage Percentage
2009 2008 Change 2009 2008 Change
- - - - - -
(Dollar amounts in thousands)
Rental income:
Same Store Facilities.......... $ 346,839 $ 359,461 (3.5)% $ 694,024 $ 709,452 (2.2)%
Other Facilities .............. 24,791 21,309 16.3% 48,845 40,869 19.5%
Shurgard Europe Facilities (a). - - - - 54,722 (100.0)%
- - - - - -
Total rental income.......... 371,630 380,770 (2.4)% 742,869 805,043 (7.7)%
- - - - - -
Cost of operations:
Same Store Facilities.......... 116,426 120,526 (3.4)% 241,433 244,382 (1.2)%
Other Facilities............... 8,052 7,598 6.0% 16,519 15,743 4.9%
Shurgard Europe Facilities (a). - - - - 24,654 (100.0)%
- - - - - -
Total cost of operations.... 124,478 128,124 (2.8)% 257,952 284,779 (9.4)%
- - - - - -
Net operating income (b):
Same Store Facilities.......... 230,413 238,935 (3.6)% 452,591 465,070 (2.7)%
Other Facilities............... 16,739 13,711 22.1% 32,326 25,126 28.7%
Shurgard Europe Facilities (a). - - - - 30,068 (100.0)%
- - - - - -
Total net operating income. 247,152 252,646 (2.2)% 484,917 520,264 (6.8)%
Total depreciation and
amortization expense ........ (83,124) (94,177) (11.7)% (167,110) (215,475) (22.4)%
- - - - - -
Total net income............... $ 164,028 $ 158,469 3.5% $ 317,807 $ 304,789 4.3%
= = = = = =
Data for Same Store and Other Facilities:
Weighted average square foot
occupancy during the period (c):
Same Store Facilities........... 90.0% 91.0% (1.1)% 88.9% 89.9% (1.1)%
Other Facilities................ 84.4% 79.2% 6.6% 82.2% 76.0% 8.2%
Realized rents per occupied square
foot during the period (d)(e):
Same Store Facilities........... $ 12.52 $ 12.90 (2.9)% $ 12.69 $ 12.88 (1.5)%
Other Facilities................ $ 13.27 $ 13.51 (1.8)% $ 13.46 $ 13.71 (1.8)%
Number of facilities at period end:
Same Store Facilities........... 1,899 1,899 -
Other Facilities................ 92 86 7.0%
Net rentable square footage at
period end (in thousands):
Same Store Facilities........... 117,462 117,462 -
Other Facilities................ 8,499 7,682 10.6%
Square foot occupancy at period end:
Same Store Facilities........... 90.7% 91.7% (1.1)%
Other Facilities................ 86.3% 84.6% 2.0%
In place rents per square foot at
period end:
Same Store Facilities........... $ 13.61 $ 14.20 (4.2)%
Other Facilities................ $ 14.65 $ 15.35 (4.6)%
SAME STORE FACILITIES Three Months Ended June 30, Six Months Ended June 30,
- -
Percentage Percentage
2009 2008 Change 2009 2008 Change
- - - - - -
Revenues: (Dollar amounts in thousands, except weighted average amounts)
Rental income.................................. $ 330,854 $ 344,703 (4.0)% $ 662,393 $ 680,256 (2.6)%
Late charges and admin fees collected.......... 15,985 14,758 8.3% 31,631 29,196 8.3%
- - - - - -
Total revenues (a).............................. 346,839 359,461 (3.5)% 694,024 709,452 (2.2)%
- - - - - -
Cost of operations:
Property taxes................................. 36,659 35,156 4.3% 74,421 71,505 4.1%
Direct property payroll........................ 23,339 23,329 0.0% 47,699 47,706 0.0%
Media advertising.............................. 7,224 9,836 (26.6)% 15,382 16,783 (8.3)%
Other advertising and promotion................ 5,967 5,027 18.7% 10,581 9,453 11.9%
Utilities...................................... 7,899 8,360 (5.5)% 17,497 17,797 (1.7)%
Repairs and maintenance........................ 9,159 10,679 (14.2)% 19,875 22,077 (10.0)%
Telephone reservation center................... 2,817 3,318 (15.1)% 5,611 6,441 (12.9)%
Property insurance............................. 2,566 2,911 (11.9)% 5,264 6,124 (14.0)%
Other cost of management....................... 20,796 21,910 (5.1)% 45,103 46,496 (3.0)%
- - - - - -
Total cost of operations (a).................... 116,426 120,526 (3.4)% 241,433 244,382 (1.2)%
- - - - - -
Net operating income (b)........................... 230,413 238,935 (3.6)% 452,591 465,070 (2.7)%
Depreciation and amortization expense (c).......... (75,200) (85,178) (11.7)% (150,486) (174,536) (13.8)%
- - - - - -
Net income......................................... $ 155,213 $ 153,757 0.9% $ 302,105 $ 290,534 4.0%
= = = = = =
Three Months Ended June 30, Six Months Ended June 30,
- -
2009 2008 Change 2009 2008 Change
- - - - - -
(Amounts in thousands, except for weighted average data)
SAME STORE FACILITIES OPERATING
TRENDS BY REGION
Revenues:
Southern California (176
facilities)...................... $ 51,019 $ 53,105 (3.9)% $ 102,757 $ 105,252 (2.4)%
Northern California (167
facilities)...................... 37,310 38,372 (2.8)% 74,736 75,611 (1.2)%
Texas (231 facilities).......... 34,877 35,291 (1.2)% 69,471 69,484 0.0%
Florida (182 facilities)........ 33,454 35,445 (5.6)% 67,257 70,530 (4.6)%
Illinois (119 facilities)....... 21,869 22,457 (2.6)% 43,832 44,304 (1.1)%
Washington (88 facilities)....... 17,705 18,922 (6.4)% 35,610 37,228 (4.3)%
Georgia (86 facilities)......... 12,028 12,893 (6.7)% 24,220 25,575 (5.3)%
All other states (850 facilities) 138,577 142,976 (3.1)% 276,141 281,468 (1.9)%
- - - - - -
Total revenues...................... 346,839 359,461 (3.5)% 694,024 709,452 (2.2)%
Cost of operations:
Southern California.............. 11,523 11,870 (2.9)% 23,672 23,517 0.7%
Northern California.............. 10,081 10,429 (3.3)% 20,783 20,876 (0.4)%
Texas............................ 14,025 14,101 (0.5)% 28,220 28,421 (0.7)%
Florida.......................... 12,426 13,143 (5.5)% 24,893 25,899 (3.9)%
Illinois......................... 9,693 10,384 (6.7)% 20,704 21,482 (3.6)%
Washington....................... 4,528 4,550 (0.5)% 9,282 9,400 (1.3)%
Georgia.......................... 4,219 4,325 (2.5)% 8,526 8,543 (0.2)%
All other states................. 49,931 51,724 (3.5)% 105,353 106,244 (0.8)%
- - - - - -
Total cost of operations............ 116,426 120,526 (3.4)% 241,433 244,382 (1.2)%
Weighted average occupancy (a):
Southern California.............. 90.2% 90.8% (0.7)% 90.4% 90.5% (0.1)%
Northern California.............. 89.6% 91.1% (1.6)% 88.9% 90.0% (1.2)%
Texas............................ 90.4% 91.9% (1.6)% 89.5% 90.1% (0.7)%
Florida.......................... 89.6% 89.2% 0.4% 88.9% 88.1% 0.9%
Illinois......................... 88.9% 90.5% (1.8)% 87.6% 88.9% (1.5)%
Washington....................... 89.6% 91.6% (2.2)% 88.6% 90.6% (2.2)%
Georgia.......................... 88.3% 90.6% (2.5)% 87.0% 89.6% (2.9)%
All other states................. 90.4% 91.2% (0.9)% 88.9% 89.9% (1.1)%
- - - - - -
Total weighted average occupancy.... 90.0% 91.0% (1.1)% 88.9% 89.9% (1.1)%
Read the The complete ReportPSA is in the portfolios of Richard Aster Jr of Meridian Fund, Kenneth Fisher of Fisher Asset Management, LLC.
