Last but not least Public Storage is the last stop on our focus of quarter 3 REIT summaries. Public Storage released its third-quarter earnings on Nov. 8. Their conference call was Nov. 9 at 1 p.m. ET.
Public Storage is headquartered in Glendale, California. It has 2,068 self-storage facilities in 38 states with approximately 132 million net rentable square feet. The company also has 189 facilities in Europe, with approximately 10 million net rentable square feet, under the Shurgard brand name.
Here is a summary of what was released.
Public Storage – Q3 Earnings Report
Same store year over year revenues increased 4.8%, operating expenses decreased 2.3% and NOI increased 7.9%
SF occupancy rate 92.7%, up½%
Average rent per SF $12.79 vs $12.16
Media advertising decreased 42.2% for same quarter last year and decreased 34.3% for the nine months of 2013 vs last year
Acquired 4 stores, 2 in HI, NJ, and CA for $56 million
Subsequent to quarter end, acquired 4 stores in TX, NY, GA, and AZ for $43 million
Under contract to acquire 2 stores in GA and CA for $21 million
Issued $495 million of 5.375% Cumulative Preferred Shares
Redeemed $367 million 6.45% Cumulative Preferred Shares
On December 27, will redeem 6.25%, 6.125% and 6.18% Cumulative Preferred Shares for $362 million
We look forward to what the next quarter brings!