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Public Storage (PSA): Q3 FFO of $1.44 beats by $0.19. Revenue of $352M (-5%) vs. $405M. (PR)

Public Storage (PSA): Q3 FFO of $1.44 beats by $0.19. Revenue of $352M (-5%) vs. $405M. (PR)
Comments (2)
  • Jason Tillberg
    , contributor
    Comments (1239) | Send Message
     
    Revenues for the Same Store Facilities decreased 4.6% or $16.9 million in the quarter ended September 30, 2009 as compared to the same period in 2008, due to a 4.2% reduction in realized rent per occupied square foot, combined with a 1.0% reduction in average occupancies. Cost of operations for the Same Store Facilities declined 0.6% or $0.7 million in the quarter ended September 30, 2009 as compared to the same period in 2008. Net operating income for our Same Store Facilities decreased 6.3% or $16.2 million in the quarter ended September 30, 2009 as compared to the same period in 2008.

     

    This business, like the real economy, is disintigrating.
    5 Nov 2009, 06:33 PM Reply Like
  • David White
    , contributor
    Comments (4072) | Send Message
     
    Most companies have lost revenues in the last year. The results cited by Jason above don't sound too bad. I guess the people who have lost their homes to foreclosures have to put their possessions somewhere.
    6 Nov 2009, 12:06 AM Reply Like
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