DOW JONES NEWSWIRES
Public Storage Inc.'s (PSA) second-quarter profit jumped 49% on
the stronger dollar while rents and occupancy fell slightly.
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.
For the latest quarter, Public Storage reported a profit of
$199.2 million, or 80 cents a share, up from $133.8 million, or 40
cents a share, a year earlier. The latest results included a $33.2
million foreign-exchange gain and a $8.2 million write-down while
the prior year had $25.4 million in divestiture costs.
Funds from operations, a key measure of REIT profitability, was
flat at $1.25 a share. Excluding the effect of foreign-currency
changes and other items, FFO rose to $1.40 a share from $1.10.
Revenue slid 3.5% to $346.8 million.
Analysts' estimates were for per-share FFO of $1.21 and revenue
of $394 million, according to a poll by Thomson Reuters.
At facilities the company has operated since 2007, revenue
decreased 3.5% because of a 2.9% reduction in realized rent per
occupied square foot and a 1.1% reduction in average
occupancies.
Public Storage's shares rose 17 cents to $75.30 in after-hours
trading. The stock has gained more than two-thirds from a five-year
low in March but is still down a quarter from last September.
-By Kathy Shwiff, Dow Jones Newswires; 212-416-2357;
Kathy.Shwiff@dowjones.com