Public Storage 2009 Annual Report Download - page 59
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41
Same Store Facilities Operating
Trends by Region (Continued)
Year Ended December 31,
Year Ended December 31,
2009
2008
Change
2008
2007
Change
(Amounts in thousands, except for weighted average data)
Realized annual rent per occupied
square foot (a):
Southern California .........................
$ 18.78
$ 19.52
(3.8)%
$ 19.52
$ 18.91
3.2%
Northern California .........................
16.77
17.16
(2.3)%
17.16
16.49
4.1%
Texas ...............................................
9.95
9.97
(0.2)%
9.97
9.62
3.6%
Florida .............................................
12.12
12.87
(5.8)%
12.87
13.24
(2.8)%
Illinois .............................................
12.93
13.24
(2.3)%
13.24
12.75
3.8%
Washington ......................................
13.67
14.32
(4.5)%
14.32
14.02
2.1%
Georgia ............................................
9.64
10.16
(5.1)%
10.16
9.97
1.9%
All other states .................................
11.67
11.95
(2.3)%
11.95
11.69
2.2%
Total realized rent per square foot .......
$ 12.71
$ 13.08
(2.8)%
$ 13.08
$ 12.77
2.4%
REVPAF (a):
Southern California .........................
$ 16.88
$ 17.62
(4.2)%
$ 17.62
$ 17.03
3.5%
Northern California .........................
14.91
15.41
(3.2)%
15.41
14.68
5.0%
Texas ...............................................
8.85
9.01
(1.8)%
9.01
8.67
3.9%
Florida .............................................
10.74
11.46
(6.3)%
11.46
11.71
(2.1)%
Illinois .............................................
11.38
11.76
(3.2)%
11.76
11.26
4.4%
Washington .....................................
12.15
12.84
(5.4)%
12.84
12.70
1.1%
Georgia ...........................................
8.43
9.03
(6.6)%
9.03
8.97
0.7%
All other states ................................
10.35
10.67
(3.0)%
10.67
10.42
2.4%
Total REVPAF ....................................
$ 11.28
$ 11.71
(3.7)%
$ 11.71
$ 11.40
2.7%
(a) See “Same Store Facilities” table above for further information regarding these measures, which represent or are
derived from non-GAAP measures.
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 and may continue to experience negative operating trends until such time that general economic
trends improve.