Public Storage Q4 2019 Earnings Report
Key Takeaways
Public Storage reported a net income of $327.3 million or $1.87 per diluted common share for the fourth quarter ended December 31, 2019. This represents a decrease compared to the $530.1 million or $3.04 per diluted common share in 2018. The decrease was primarily due to gains from Shurgard's IPO in 2018, foreign currency exchange losses, and preferred share redemption activities.
Net income allocable to common shareholders was $327.3 million, or $1.87 per diluted common share.
Same Store Facilities revenues increased by 1.1% due to higher realized annual rent per occupied square foot.
Cost of operations for the Same Store Facilities increased by 4.6% due to increased marketing expenses, property manager payroll, and property tax expense.
Acquired twelve self-storage facilities with 0.9 million net rentable square feet for $121.1 million.
Public Storage
Public Storage
Public Storage Revenue by Segment
Public Storage Revenue by Geographic Location
Forward Guidance
Company submitted a non-binding proposal to acquire 100% of the issued stapled securities of National Storage REIT for a cash purchase price of A$2.40 per share.