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12
Public Storage, Inc. 1997 Annual Report
Consolidated Statements of Cash Flows
(In thousands) 1997 1996 1995
Cash Flows From Operating Activities:
Net income $ 178,649 $ 153,549 $ 70,386
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 91,356 64,967 40,760
Depreciation included in equity in earnings
of real estate entities 11,474 17,450 2,045
Environmental accrual (including $510 from
equity in earnings of real estate entities)
— —
3,251
Minority interest in income 11,684 9,363 7,137
Total adjustments 114,514 91,780 53,193
Net cash provided by operating activities 293,163 245,329 123,579
Cash Flows From Investing Activities:
Principal payments received on mortgage notes receivable 409 1,784 2,063
Acquisition of minority interests in
consolidated real estate partnerships (21,559) (15,419) (32,683)
Acquisition of mortgage notes receivable
—
(3,709) (12,355)
Acquisition of real estate facilities (65,225) (198,404) (103,061)
Acquisition cost of business combinations (164,808) (113,522) (57,374)
Acquisition of interests in real estate entities (46,151) (83,893) (20,657)
Investment in portable self-storage business (29,997)
— —
Construction in process (45,865) (46,097) (13,244)
Capital improvements to real estate facilities (35,117) (20,366) (11,361)
Net cash used in investing activities (408,313) (479,626) (248,672)
Cash Flows From Financing Activities:
Net borrowings (paydowns) on revolving line of credit 7,000
—
(37,607)
Net proceeds from the issuances of preferred stock 144,925 259,778 275,157
Net proceeds from the issuances of common stock 182,523 130,538 80,526
Principal payments on mortgage notes payable (11,885) (51,310) (39,212)
Distributions paid to shareholders (174,574) (136,308) (69,072)
Distributions from operations to minority interests in
consolidated real estate partnerships (20,929) (20,853) (18,380)
Net reinvestment by minority interests in
consolidated real estate partnerships 3,527 3,976 (1,739)
Other (838) (5,104) (4,295)
Net cash provided by financing activities 129,749 180,717 185,378
Net increase (decrease) in cash and cash equivalents 14,599 (53,580) 60,285
Cash and cash equivalents at the beginning of the year 26,856 80,436 20,151
Cash and cash equivalents at the end of the year $ 41,455 $ 26,856 $ 80,436
See accompanying notes.
For each of the three years in the period ended December 31, 1997