|
Public Storage (NYSE: PSA)
Webcast - Third Quarter 2007 Earnings
Net income for the three months ended December 31, 2007 was $167.9 million versus a net loss of $10.2 million for the same period in 2006 due to reduced depreciation and amortization, reduced general and administrative expenses, improved operations from real estate facilities, and an increased foreign currency exchange. Funds from operations (FFO) for the quarter were $1.40 per diluted share versus $.89 per diluted share for the same period last year.
PSA completed the development of a facility and five expansion projects for $22 million. At the end of the quarter, 29 projects were either under construction or expected to begin construction in 2008 for a total cost of $106.9 million.
U-Store-It (NYSE: YSI)
Webcast - Second Quarter 2007 Earnings
Webcast - Third Quarter 2007 Earnings
YSI reported a net loss of $5.9 million for the three months ended December 31, 2007 versus a net loss of $5.7 million for the same period in 2006. FFO for the quarter were $.21 per share versus $.18 for the same period last year. Same store revenue increased 2.2% versus the same quarter last year. Average occupancy for the portfolio was 82% compared to 80% last year during the same time period. On December 13, 2007, the company declared a dividend of $.18 per share.
During the fourth quarter, YSI disposed of two business park assets in Tucson, Arizona for $6.4 million. In January 2008, the company acquired a 63,000-square-foot self storage facility in Washington, D.C. for $13. 3 million.
Extra Space Storage (NYSE: EXR)
Webcast - Third Quarter 2007 Earnings
Net income for the three months ended December 31, 2007 was $9.6 million versus $6.7 million for the same period in 2006. FFO for the quarter were $.29 per diluted share versus $.26 for the same period last year, an increase of 11.5%. Same store revenue increased $3.9% compared to the same period last year. Same store occupancy at the end of the quarter was 84.1% compared to 85.1% for the quarter last year.
During the fourth quarter, the company acquired interests in 19 self storage properties at a total cost of $78.6 million. The company also completed the development of two properties (one is owned by EXR in a joint venture) for approximately $16 million. The properties are located in California and Maryland. On November 30, 2007, the company announced its fourth quarter dividend of $.25 per share of common stock.
Net income for the three months ended 2007 was $10.7 million versus $8.5 million for the same period in 2006. FFO for the quarter were $.88 per diluted share versus $.81 per diluted share for the same period last year, a 23.6% increase. Same store revenue increased 3.5% over the same quarter in 2006. Average occupancy for the portfolio was 82.2% compared to 84.5% last year during the same period.
The company acquired four new stores during the quarter for $10.4 million in markets where the company already has a presence: Jackson, Mississippi, Mobile, Alabama and Houston, Texas.
Markets in which the company performed well in 2007’s fourth quarter include Texas, Mississippi, and New England. Florida, South Carolina, and Washington, D.C. stores did not perform as well as expected in terms of growth.
|
