Public Storage 2010 Annual Report Download - page 54

40
Same Store Facilities Operating
Trends by Region (Continued) Year Ended December 31,
Year Ended December 31,
2010 2009
Change
2009 2008 Change
(Amounts in thousands, except for weighted average data)
Realized annual rent per occupied
square foot:
Southern California ......................... $ 17.95 $ 18.48
(2.9)%
$ 18.48 $ 19.17 (3.6)%
Northern California ......................... 16.17 16.61
(2.6)%
16.61 17.00 (2.3)%
Texas ............................................... 10.00 10.00
0.0%
10.00 10.01 (0.1)%
Florida ............................................. 11.94 12.19
(2.1)%
12.19 12.92 (5.7)%
Illinois ............................................. 12.61 12.88
(2.1)%
12.88 13.19 (2.4)%
Washington ...................................... 13.32 13.59
(2.0)%
13.59 14.21 (4.4)%
Georgia ............................................ 9.37 9.59
(2.3)%
9.59 10.11 (5.1)%
All other states ................................. 11.68 11.67
0.1%
11.67 11.95 (2.3)%
Total realized rent per square foot ....... $ 12.56 $ 12.71
(1.2)%
$ 12.71 $ 13.06 (2.7)%
REVPAF:
Southern California ......................... $ 16.36 $ 16.61
(1.5)%
$ 16.61 $ 17.25 (3.7)%
Northern California ......................... 14.72 14.76
(0.3)%
14.76 15.26 (3.3)%
Texas ............................................... 8.96 8.89
0.8%
8.89 9.05 (1.8)%
Florida ............................................. 10.68 10.80
(1.1)%
10.80 11.50 (6.1)%
Illinois ............................................. 11.25 11.34
(0.8)%
11.34 11.69 (3.0)%
Washington ..................................... 11.99 12.09
(0.8)%
12.09 12.75 (5.2)%
Georgia ........................................... 8.28 8.38
(1.2)%
8.38 8.97 (6.6)%
All other states ................................ 10.47 10.35
1.2%
10.35 10.66 (2.9)%
Total REVPAF .................................... $ 11.28 $ 11.28
0.0%
$ 11.28 $ 11.69 (3.5)%
We believe that our geographic diversification and scale provide some insulation from localized economic
effects and add to the stability of our cash flows. It is difficult to predict localized trends in short-term self-storage
demand and operating results. We believe that each market has been negatively impacted to some degree by general
economic trends over the past two years. Since mid-2009, however, many markets began to experience positive
operating trends. There is no assurance that these trends will continue. Over the long run, we believe that markets
that experience population growth, high employment, and otherwise exhibit economic strength and consistency will
outperform markets that do not exhibit these characteristics.
Other Facilities
The Other Facilities include 105 facilities that were either recently acquired, recently developed, or were
recently expanded by adding additional storage units. In general, these facilities are not stabilized with respect to
occupancies or rental rates. As a result of the fill-up process and timing of when the facilities were put into place,
year-over-year changes can be significant.
The following table summarizes operating data with respect to these facilities: