Public Storage (NYSE: PSA) stock lost over 1.3% on 31st October, 2018 (as of 10:41 AM GMT-4; Source: Google finance) despite a positive start.
During the three months ended September 30, 2018, we acquired eleven self-storage facilities (six in Minnesota, two in Texas and one each in Ohio, South Carolina and Tennessee) with 0.7 million net rentable square feet for $73.8 million. For the nine months ended September 30, 2018, we acquired sixteen self-storage facilities (six in Minnesota, two each in South Carolina, Tennessee and Texas, one each in Indiana, Kentucky, Nebraska and Ohio) with 1.0 million net rentable square feet for $107.8 million. Subsequent to September 30, 2018, PSA has acquired or were under contract to acquire nine self-storage facilities (three in Georgia, two in Colorado, one each in Florida, Indiana, Oklahoma and Washington) with 0.6 million net rentable square feet for $79.7 million.
During the three months ended September 30, 2018, PSA has completed five newly developed facilities and various expansion projects (0.7 million net rentable square feet) costing $83 million. For the nine months ended September 30, 2018, the company has completed sixteen newly developed facilities and various expansion projects (2.4 million net rentable square feet) costing an aggregate of $278 million. At September 30, 2018, the company had various facilities in development (1.6 million net rentable square feet) estimated to cost $251 million and various expansion projects (3.8 million net rentable square feet) estimated to cost $346 million. The remaining $343 million of development costs for these projects is expected to be incurred primarily in the next 18 months. On July 13, 2018, PSA received a cash distribution from Shurgard Europe of $145.4 million.
On October 15, 2018, Shurgard Europe completed an initial global offering (the “Offering”), and its shares commenced trading on Euronext Brussels under the “SHUR” symbol. On October 18, 2018, the company has sold the property in West London to Shurgard Europe for €36.5 million in cash, and will record a gain on disposition in the three months ending December 31, 2018.
PSA in the third quarter of FY 18 has reported the funds from operations (FFO) of $2.70 per share, while adjusted revenue of $706.37 billion in the third quarter of FY 18. PSA has declared a regular common quarterly dividend of $2.00 per common share.