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Jun 30, 2020
Public Storage Q2 2020 Earnings Report
Operating results for the three months ended June 30, 2020 were announced.
Key Takeaways
Public Storage reported a decrease in net income allocable to common shareholders for the three months ended June 30, 2020, with $246.1 million or $1.41 per diluted common share, compared to $306.4 million or $1.76 per diluted common share in 2019. The decrease was primarily due to a decrease in self-storage net operating income, foreign currency exchange losses, and an increase in depreciation and amortization expense.
Net income allocable to common shareholders decreased by $60.3 million, or $0.35 per diluted common share, compared to 2019.
Self-storage net operating income decreased by $22.5 million, driven by a decrease in Same Store Facilities.
Revenues for the Same Store Facilities decreased by 3.0% due to lower realized annual rent per occupied square foot and reduced late charges and administrative fees.
Cost of operations for the Same Store Facilities increased by 6.7% due to increases in on-site property manager payroll and marketing expenses.
Public Storage
Public Storage
Public Storage Revenue by Segment
Public Storage Revenue by Geographic Location
Revenue by Segment
Ancillary Operations Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.com Forward Guidance
No specific forward guidance was provided in the release.