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.