(PSQ)(PSU)(PSV)(PSW)(PSY)(PSZ) Public Storage announces financial results.GLENDALE Glendale. 1 City (1990 pop. 148,134), Maricopa co., S central Ariz., adjacent to Phoenix; inc. 1910. It is located in a rich agricultural region irrigated by the Salt River project. Glendale has become one of the fastest-growing U.S. , Calif.--(BUSINESS WIRE)--Feb. 22, 1995--Harvey Lenkin, president, Wednesday Wednesday: see week. announced the 1994 fourth-quarter and year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. operating results and the 1995 first quarter distributions for the "Public Storage" real estate investment trusts (REITs) traded on the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. ). The first-quarter distributions are payable on April 14, 1995 to shareholders of record as of March 31, 1995. The declaration date for the 1995 first-quarter distribution was Feb. 21, 1995. Public Storage Management Inc. (PSMI) operates the REITs' mini-warehouse properties, and Public Storage Commercial Properties Group Inc. (PSCP PSCP Project Specific Certification Plan (FAA) PSCP Public Safety and Crime Prevention Committee (National League of Cities) PSCP Power Supply Circuit Pack (Ciena) ) operates the companies' non-mini-warehouse space. PSMI and PSCP are subsidiaries of Public Storage Inc. The following tables present the REITs' per-share quarterly distributions, shares authorized Shares authorized The maximum number of shares of stock of a company allowed in the articles of incorporation, which may be changed only by a shareholder vote. See: Issued and outstanding. shares authorized See authorized capital stock. for repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. , occupancy Gaining or having physical possession of real property subject to, or in the absence of, legal right or title. In a fire insurance policy, for example, the term occupancy and summary of operations. -0-
1995 FIRST-QUARTER DISTRIBUTIONS
Per-Share
Quarterly Distributions
Increase
(Decrease)
Ticker in Regular
Symbol Company Regular Distribution Special
PSB PS Business Parks Inc. $.40 PYA Partners Preferred Yield Inc. .27 PYB Partners Preferred Yield II Inc. .28 PYC Partners Preferred Yield III Inc. .34 PSH Public Storage Properties VII Inc. .28 PSK Public Storage Properties IX Inc. .30/a (.09)/a .09 PSL Public Storage Properties X Inc. .35 PSM Public Storage Properties XI Inc. .34 PSN Public Storage Properties XII Inc. .33 PSP Public Storage Properties XIV Inc. .34 PSQ Public Storage Properties XV Inc. .30 PSU Public Storage Properties XVI Inc. .27 PSV Public Storage Properties XVII Inc. .29 PSW Public Storage Properties XVIII Inc. .28 PSY Public Storage Properties XIX Inc. .16 .01 PSZ Public Storage Properties XX Inc. .26 .01 /a: The company's convertible Series B and convertible Series C shares automatically converted to Series A shares in February 1995, as provided for under the company's articles of incorporation. As a result of the additional Series A shares outstanding due to the conversion, the company decreased the regular dividend for each Series A share to $.30. The company also declared a $.09 special dividend for the first quarter of 1995.
-0-
SHARES AUTHORIZED FOR REPURCHASE BY THE BOARD OF DIRECTORS
Total Shares
Total Shares Repurchased
Authorized for from Inception
Ticker Repurchase Through
Symbol Company Since Inception Dec. 31, 1994
PSB PS Business Parks Inc. 200,000 98,375 PYA Partners Preferred Yield Inc. 600,000 478,551 PYB Partners Preferred Yield II Inc. 700,000 544,776 PYC Partners Preferred Yield III Inc. 250,000 184,800 PSH Public Storage Properties VII Inc. 550,000 503,273 PSK Public Storage Properties IX Inc. 500,000 384,517 PSL Public Storage Properties X Inc. 400,000 328,188 PSM Public Storage Properties XI Inc. 300,000 232,675 PSN Public Storage Properties XII Inc. 400,000 305,113 PSP Public Storage Properties XIV Inc. 400,000 253,150 PSQ Public Storage Properties XV Inc. 500,000 429,283 PSU Public Storage Properties XVI Inc. 600,000 528,026 PSV Public Storage Properties XVII Inc. 1,100,000 413,326 PSW Public Storage Properties XVIII Inc. 900,000 709,449 PSY Public Storage Properties XIX Inc. 200,000 55,700 PSZ Public Storage Properties XX Inc. 200,000 99,340
-0-
AVERAGE OCCUPANCY LEVELS ON
DEC. 31, 1994 AND 1993
Ticker Occupancy/a
Symbol Company Dec. 31, Dec. 31,
1994 1993
PSB PS Business Parks Inc. 99% 99% PYA Partners Preferred Yield Inc. 89% 90% PYB Partners Preferred Yield II Inc. 89% 85% PYC Partners Preferred Yield III Inc. 92% 93% PSH Public Storage Properties VII Inc. 89% 88% PSK Public Storage Properties IX Inc. 90% 90% PSL Public Storage Properties X Inc. 90% 89% PSM Public Storage Properties XI Inc. 91% 91% PSN Public Storage Properties XII Inc. 90% 86% PSP Public Storage Properties XIV Inc. 91% 90% PSQ Public Storage Properties XV Inc. 88% 89% PSU Public Storage Properties XVI Inc. 86% 85% PSV Public Storage Properties XVII Inc. 86% 86% PSW Public Storage Properties XVIII Inc. 85% 80% PSY Public Storage Properties XIX Inc. 88% 85% PSZ Public Storage Properties XX Inc. 89% 87% /a: Includes mini-warehouse property occupancies only, except PS Business Parks Inc., whose portfolio consists solely of a business park.
-0-
SUMMARY OF OPERATIONS
PS Business Parks Inc.
(ASE:PSB)
Year ended Three months ended
Dec. 31, Dec. 31,
--------------------------- ----------------------
1994 1993 1994 1993
--------------------------- ----------------------
Total revenues $1,727,000 $1,632,000 $433,000 $412,000
--------------------------- ----------------------
Net income $581,000 $605,000 $122,000 $136,000
=========================== ======================
Net income
per share:
Primary--
Series A $1.16 $1.16 $0.25 $0.26
Fully diluted--
Series A $0.96 $0.96 $0.21 $0.22
Weighted average
common shares:
Primary--
Series A 440,121 464,275 413,275 462,925
Fully diluted--
Series A 604,130 628,284 577,284 626,934
Partners Preferred Yield Inc.
(ASE:PYA)
Year ended Three months ended
Dec. 31, Dec. 31,
----------------------- -----------------------
1994 1993 1994 1993
----------------------- -----------------------
Total revenues $9,370,000 $8,597,000 $2,378,000 $2,219,000
----------------------- -----------------------
Net income $4,035,000 $3,229,000 $1,007,000 $853,000
======================= =======================
Net income
per share:
Primary--
Series A $1.08(1) $0.93 $0.25(1) $0.25
Fully diluted--
Series A $1.00 $0.78 $0.25 $0.21
Weighted average
common shares:
Primary--
Series A 3,335,720 3,480,189 3,321,595 3,382,820
Fully diluted--
Series A 4,004,169 4,148,638 3,990,044 4,051,269
Partners Preferred Yield II Inc.
(ASE:PYB)
Year ended Three months ended
Dec. 31, Dec. 31,
--------------------------- ----------------------
1994 1993 1994 1993
--------------------------- ----------------------
Total revenues $9,894,000 $9,318,000 $2,526,000 $2,342,000
--------------------------- ----------------------
Net income $3,854,000 $3,459,000 $948,000 $934,000
=========================== ======================
Net income
per share:
Primary--
Series A $1.08(1) $1.01 $0.24(1) $0.28
Fully diluted--
Series A $0.97 $0.84 $0.24 $0.23
Weighted average
common shares:
Primary--
Series A 3,305,495 3,427,568 3,271,303 3,346,470
Fully diluted--
Series A 3,973,944 4,096,017 3,939,752 4,014,919
Partners Preferred Yield III Inc.
(ASE:PYC)
Year ended Three months ended
Dec. 31, Dec. 31,
----------------------- -----------------------
1994 1993 1994 1993
----------------------- -----------------------
Total revenues $4,708,000 $4,413,000 $1,186,000 $1,170,000
----------------------- -----------------------
Net income $1,917,000 $1,696,000 $452,000 $504,000
======================= =======================
Net income
per share:
Primary--
Series A $1.33(1) $1.15 $0.28(1) $0.34
Fully diluted--
Series A $1.16 $0.97 $0.28 $0.29
Weighted average
common shares:
Primary--
Series A 1,382,826 1,479,967 1,339,684 1,474,217
Fully diluted--
Series A 1,650,776 1,747,917 1,607,634 1,742,167
(1) During 1994, the company's Series B shares commenced participating in distributions. Distributions on the Series B shares are deducted from net income in determining primary net income per share. As a result, primary net income per share in 1994 was affected by distributions paid on the Series B shares.
Public Storage Properties VII Inc.
(ASE:PSH)
Year ended Three months ended
Dec. 31, Dec. 31,
--------------------------- ------------------------
1994 1993 1994 1993
--------------------------- ------------------------
Total revenues $13,488,000(2) $12,741,000 $3,552,000(2) $3,224,000
--------------------------- ------------------------
Net income $5,139,000(2) $4,943,000 $1,215,000(2) $1,268,000
=========================== ========================
Net income
per share:
Primary--
Series A $1.35 $1.28 $0.32 $0.33
Fully diluted--
Series A -- -- -- --
Weighted average
common shares:
Primary--
Series A 3,810,908 3,868,874 3,806,491 3,819,933
Fully diluted--
Series A -- -- -- --
(2) Includes gain on sale of real estate of $203,000 in December 1994, or primary and fully diluted earnings per Series A share of $.05.
Public Storage Properties IX Inc.
(ASE:PSK)
Year ended Three months ended
Dec. 31, Dec. 31,
----------------------- -----------------------
1994 1993 1994 1993
----------------------- -----------------------
Total revenues $7,068,000 $7,067,000 $1,759,000 $1,741,000
----------------------- -----------------------
Net income $3,388,000 $3,545,000 $820,000 $860,000
======================= =======================
Net income
per share:
Primary--
Series A $1.70 $1.69 $0.42 $0.43
Fully diluted--
Series A $1.33 $1.33 $0.32 $0.33
Weighted average
common shares:
Primary--
Series A 1,818,925 1,934,501 1,791,100 1,882,067
Fully diluted--
Series A 2,542,831 2,658,407 2,515,006 2,605,973
Public Storage Properties X Inc.
(ASE:PSL)
Year ended Three months ended
Dec. 31, Dec. 31,
--------------------------- ----------------------
1994 1993 1994 1993
--------------------------- ----------------------
Total revenues $7,096,000 $6,627,000 $1,788,000 $1,691,000
--------------------------- ----------------------
Net income $3,299,000 $2,951,000 $825,000 $771,000
=========================== ======================
Net income
per share:
Primary--
Series A $1.62 $1.34 $0.42 $0.36
Fully diluted--
Series A $1.28 $1.09 $0.33 $0.29
Weighted average
common shares:
Primary--
Series A 1,871,855 2,003,320 1,809,086 1,981,879
Fully diluted--
Series A 2,578,926 2,710,391 2,516,157 2,688,950
Public Storage Properties XI Inc.
(ASE:PSM)
Year ended Three months ended
Dec. 31, Dec. 31,
----------------------- -----------------------
1994 1993 1994 1993
----------------------- -----------------------
Total revenues $6,672,000 $6,427,000 $1,687,000 $1,624,000
----------------------- -----------------------
Net income $2,923,000 $2,693,000 $728,000 $727,000
======================= =======================
Net income
per share:
Primary--
Series A $1.39 $1.23 $0.35 $0.34
Fully diluted--
Series A $1.11 $1.00 $0.28 $0.27
Weighted average
common shares:
Primary--
Series A 1,925,554 1,988,483 1,895,137 1,969,695
Fully diluted--
Series A 2,632,625 2,695,554 2,602,208 2,676,766
Public Storage Properties XII Inc.
(ASE:PSN)
Year ended Three months ended
Dec. 31, Dec. 31,
--------------------------- ----------------------
1994 1993 1994 1993
--------------------------- ----------------------
Total revenues $6,613,000 $6,320,000 $1,703,000 $1,579,000
--------------------------- ----------------------
Net income $3,127,000 $2,760,000 $853,000 $709,000
=========================== ======================
Net income
per share:
Primary--
Series A $1.56 $1.30 $0.44 $0.34
Fully diluted--
Series A $1.22 $1.04 $0.34 $0.27
Weighted average
common shares:
Primary--
Series A 1,857,316 1,952,566 1,829,032 1,920,191
Fully diluted--
Series A 2,564,387 2,659,637 2,536,103 2,627,262
Public Storage Properties XIV Inc.
(ASE:PSP)
Year ended Three months ended
Dec. 31, Dec. 31,
----------------------- -----------------------
1994 1993 1994 1993
----------------------- -----------------------
Total revenues $8,231,000 $7,764,000 $2,073,000 $1,954,000
----------------------- -----------------------
Net income $4,013,000 $3,658,000 $1,017,000 $912,000
======================= =======================
Net income
per share:
Primary--
Series A $1.52 $1.34 $0.39 $0.34
Fully diluted--
Series A $1.21 $1.08 $0.31 $0.27
Weighted average
common shares:
Primary--
Series A 2,430,935 2,491,093 2,427,551 2,451,801
Fully diluted--
Series A 3,323,191 3,383,349 3,319,807 3,344,057
Public Storage Properties XV Inc.
(ASE:PSQ)
Year ended Three months ended
Dec. 31, Dec. 31,
--------------------------- ----------------------
1994 1993 1994 1993
--------------------------- ----------------------
Total revenues $7,697,000 $7,204,000 $1,944,000 $1,847,000
--------------------------- ----------------------
Net income $3,499,000 $3,077,000 $881,000 $810,000
=========================== ======================
Net income per share: Primary-- Series A $1.40 $1.16 $0.35 $0.31 Fully diluted-- Series A $1.09 $0.92 $0.28 $0.24 Weighted average common shares: Primary-- Series A 2,303,827 2,451,052 2,248,485 2,405,635 Fully diluted-- Series A 3,196,083 3,343,308 3,140,741 3,297,891
Public Storage Properties XVI Inc.
(ASE:PSU)
Year ended Three months ended
Dec. 31, Dec. 31,
----------------------- -----------------------
1994 1993 1994 1993
----------------------- -----------------------
Total revenues $9,977,000 $9,801,000 $2,561,000 $2,422,000
----------------------- -----------------------
Net income $4,040,000 $4,175,000 $1,012,000 $1,013,000
======================= =======================
Net income
per share:
Primary--
Series A $1.12 $1.10 $0.27 $0.27
Fully diluted--
Series A $0.89 $0.88 $0.21 $0.22
Weighted average
common shares:
Primary--
Series A 3,281,381 3,476,515 3,209,348 3,404,015
Fully diluted--
Series A 4,527,172 4,722,306 4,455,139 4,649,806
Public Storage Properties XVII Inc.
(ASE:PSV)
Year ended Three months ended
Dec. 31, Dec. 31,
--------------------------- ----------------------
1994 1993 1994 1993
--------------------------- ----------------------
Total revenues $10,282,000 $10,086,000(3) $2,597,000 $2,428,000
--------------------------- ----------------------
Net income $4,204,000 $3,070,000(3) $1,061,000 $781,000
=========================== ======================
Net income
per share:
Primary--
Series A $1.14 $0.79 $0.29 $0.20
Fully diluted--
Series A $0.91 $0.65 $0.23 $0.17
Weighted average
common shares:
Primary--
Series A 3,377,156 3,494,373 3,339,915 3,428,306
Fully diluted--
Series A 4,622,947 4,740,164 4,585,706 4,674,097
(3) Includes gain on sale of real estate of $567,000 in 1993, or primary earnings per Series A share of $.16 and $.12 per fully diluted Series A share.
Public Storage Properties XVIII Inc.
(ASE:PSW)
Year ended Three months ended
Dec. 31, Dec. 31,
----------------------- -----------------------
1994 1993 1994 1993
----------------------- -----------------------
Total revenues $9,941,000 $9,189,000 $2,535,000 $2,373,000
----------------------- -----------------------
Net income $4,205,000 $3,037,000 $1,077,000 $824,000
======================= =======================
Net income
per share:
Primary--
Series A $1.16 $0.76 $0.30 $0.19
Fully diluted--
Series A $0.92 $0.62 $0.25 $0.17
Weighted average
common shares:
Primary--
Series A 3,341,062 3,622,341 3,142,616 3,545,141
Fully diluted--
Series A 4,586,853 4,868,132 4,388,407 4,790,932
Public Storage Properties XIX Inc.
(ASE:PSY)
Year ended Three months ended
Dec. 31, Dec. 31,
--------------------------- ----------------------
1994 1993 1994 1993
--------------------------- ----------------------
Total revenues $7,774,000 $6,739,000 $1,990,000 $1,778,000
--------------------------- ----------------------
Net income $1,966,000 $878,000 $503,000 $245,000
=========================== ======================
Net income
per share:
Primary--
Series A $0.55 $0.24 $0.13 $0.08
Fully diluted--
Series A $0.45 $0.20 $0.11 $0.06
Weighted average
common shares:
Primary--
Series A 3,241,888 3,257,071 3,209,571 3,257,071
Fully diluted--
Series A 4,327,578 4,342,761 4,295,261 4,342,761
Public Storage Properties XX Inc.
(ASE:PSZ)
Year ended Three months ended
Dec. 31, Dec. 31,
----------------------- -----------------------
1994 1993 1994 1993
----------------------- -----------------------
Total revenues $2,799,000 $2,459,000 $723,000 $657,000
----------------------- -----------------------
Net income $1,074,000 $806,000 $297,000 $228,000
======================= =======================
Net income
per share:
Primary--
Series A $1.00 $0.71 $0.27 $0.18
Fully diluted--
Series A $0.81 $0.59 $0.23 $0.17
Weighted average
common shares:
Primary--
Series A 981,784 1,019,242 953,134 1,011,767
Fully diluted--
Series A 1,330,075 1,367,533 1,301,425 1,360,058
CONTACT: Public Storage, Glendale Harvey Harvey, city (1990 pop. 29,771), Cook co., NE Ill., a suburb S of Chicago; inc. 1895. Its manufactures include steel castings, metal products, chemicals, machinery, and electronic equipment. Harvey has an oil research center. The city was founded by Turlington W. Lenkin, 818/244-8080 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion