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Public Storage (NYSE: PSA)
Fourth Quarter Results
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Revenues for the Same Store Facilities
increased 5.0% or $18.2 million in the
quarter ended December 31, 2011 as compared
to the same period in 2010, primarily due to
a 1.3% increase in average occupancy and a
3.4% increase in realized annual rent per
occupied square foot. Cost of operations for
the Same Store Facilities increased by 2.1%
or $2.2 million in the quarter ended
December 31, 2011 as compared to the same
period in 2010. Net operating income for our
Same Store Facilities increased 6.1% or
$16.0 million in the quarter ended December
31, 2011 as compared to the same period in
2010.
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For the three months ended December 31,
2011, funds from operations (“FFO”) was
$1.50 per common share on a diluted basis as
compared to $1.33 per diluted common share
for the same period in 2010, representing an
increase of $0.17 per diluted common share.
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During the three months ended December 31,
2011, acquired two properties, one in
California and another in Texas, for
approximately $16.0 million that added
155,000 net rentable square feet to our
portfolio
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In addition, during October 2011, acquired
the remaining interests we
did not own in two consolidated
partnerships for $6.3 million in cash
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Entered into a contract to acquire a
portfolio of six self-storage properties,
located in California, Florida (two),
Massachusetts, New Jersey and
Pennsylvania, for an aggregate purchase
price of $42 million in cash. The pending
acquisition is subject to various conditions
and contingencies and there can be no
assurance that it will be completed
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On
November 28, 2011, redeemed all of our
outstanding 6.95% Series H Preferred Shares
for an aggregate of $105 million, excluding
accrued dividends.
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Paid a quarterly dividend of $0.95 per
share
CUBESMART (NYSE: CUBE)
Fourth Quarter Results
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Reported funds from operations ("FFO") per share
of $0.17, as adjusted for acquisition costs and
non-cash charges associated with the early
repayment of debt. Including these items, FFO
per share was $0.09
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Increased same-store (331 facilities) revenue
and net operating income 3.4% and 5.7%,
respectively, as compared with the fourth
quarter of 2010
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Gained 240 basis points in quarterly same-store
average physical occupancy, as compared with the
same period in 2010.
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Entered into an agreement to purchase 22 Class A
self-storage facilities, located primarily in
the greater New York City area, from Storage
Deluxe for total consideration of $560 million;
closed on 16 of these assets for an aggregate
price of $357.3 million and anticipate closing
on the remaining six encumbered assets during
the first quarter of 2012, for $202.7 million.
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Acquired
two assets in the Washington, DC market for a
total cost of $31.3 million; disposed of one
asset in Michigan for $1.7 million
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Raised
$202.5 million in net proceeds from a public
common equity offering and an additional $74.8
million in net proceeds from a debut preferred
equity offering
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Closed on $600 million in unsecured debt
financing that extended the term of existing
debt, added borrowing capacity, and effectively
completed the permanent financing of the Storage
Deluxe transaction
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Assigned a BBB- issuer rating by Standard and
Poor's Ratings Services. This follows the
assignment of a Baa3 issuer rating by Moody's
Investors Service in July 2011
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Paid a quarterly dividend of $0.07 per share
Extra Space Storage (NYSE:
EXR)
Fourth Quarter Results
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Achieved funds from operations ("FFO") of
$0.35 per diluted share including lease up
dilution of $0.01 per share, resulting in 34.6%
quarter-over-quarter growth compared to 2010.
-
Increased
same-store revenue and net operating income
("NOI") by 5.8% and 9.3%, respectively, as
compared to the same period in 2010
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Grew same-store occupancy
by 310 basis points to 87.8% at December 31,
2011, compared to 84.7% as of December 31, 2010
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Acquired
28 properties for a purchase price of $189.9
million
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Increased the Company's third-party management
program to 185 properties
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Paid a quarterly dividend of $0.14 per share
Third Quarter Results
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Funds
from operations (FFO) for the quarter were $0.73
per fully diluted common share compared to $0.62
for the same period last year. The Company
incurred net acquisition costs of $0.3 million
in connection with its property purchases in the
fourth quarter of 2011; in the fourth quarter of
2010, it incurred acquisition costs of $0.8
million. Absent these non-recurring charges, FFO
per share was $0.74 and $0.64 for the fourth
quarter of 2011 and 2010 respectively
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Stronger occupancy, higher rental rates and the reduced uses of
move-in incentives contributed to the increase
in FFO for the fourth quarter of 2011
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Total revenues increased 16.0% over last year’s
fourth
quarter, while operating costs increased 16.2%,
resulting in an NOI increase of 15.8%. Overall
occupancy averaged 81.2% for the period and
rental rates improved to an average of $10.54
per sq. ft.
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Revenues for the 344 stores wholly owned by the
Company for the entire quarter of each year
increased 3.4% from those of the fourth quarter
of 2010, the result of increased rental rates, a 60 basis point increase in
average occupancy and strong growth in other
revenues, primarily insurance commissions
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Same store operating expenses increased 2.3% for
the fourth quarter of 2011 compared
to the prior year period, the result of
increased property tax charges of 17.4%
offsetting a decrease in all other operating
costs of 2.1%. Consequently, same store net
operating income increased 4.1% this period over
the fourth quarter of 2010
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Added 6 properties to the management platform,
which now has a total of 53 properties under
management through joint venture and third party
contracts
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Paid a quarterly dividend of $0.45 per share
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