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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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