Public Storage · Q3 2020 earnings

Briefing

Public Storage's financial performance for Q3 2020, marked by a decrease in net income and revenues from same-store facilities, was announced.

Public Storage reported a decrease in net income allocable to common shareholders for the three months ended September 30, 2020, compared to the same period in 2019. The decrease was primarily due to foreign currency exchange losses, allocations to preferred shareholders, a decrease in self-storage net operating income, and an increase in depreciation and amortization expense.

• Net income allocable to common shareholders decreased to $246.9 million, or $1.41 per diluted common share, compared to $337.4 million, or $1.93 per diluted common share in 2019.
• Revenues for the Same Store Facilities decreased by 2.7% or $17.0 million compared to 2019, 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 decreased by 0.1% or $0.3 million compared to 2019.
• The company acquired four self-storage facilities with 0.2 million net rentable square feet for $29.1 million during the quarter.

Headline financials

Revenue & EPS history

The press release contains forward-looking statements that involve known and unknown risks and uncertainties, which may cause actual results and performance to be materially different from those expressed or implied in the forward-looking statements.