Public Storage 2000 Annual Report Download - page 30

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P
UBLIC
S
TORAGE
, I
NC
. 2000 A
NNUAL
R
EPORT
28
Year Ended December 31, Year Ended December 31,
(Dollar amounts in thousands) 2000 1999 Change 1999 1998 Change
Reconciliation of Net Income by Segment:
Self-storage
Storage properties $ 443,062 $ 408,138 $ 34,924 $408,138 $ 338,915 $69,223
Depreciation and amortization –
storage real estate (141,425) (131,118) (10,307) (131,118) (103,045) (28,073)
Equity in earnings – storage
property operations 21,265 20,382 883 20,382 21,058 (676)
Equity in earnings –
depreciation (storage) (7,153) (7,591) 438 (7,591) (6,581) (1,010)
Total self-storage segment
income 315,749 289,811 25,938 289,811 250,347 39,464
Containerized storage
Containerized storage 116 (2,481) 2,597 (2,481) (24,042) 21,561
Depreciation (5,251) (4,915) (336) (4,915) (4,317) (598)
Total containerized storage
segment loss (5,135) (7,396) 2,261 (7,396) (28,359) 20,963
Commercial properties
Commercial properties 7,515 5,378 2,137 5,378 15,161 (9,783)
Depreciation and amortization –
commercial properties (2,291) (1,686) (605) (1,686) (4,437) 2,751
Equity in earnings – commercial
property operations 42,562 35,623 6,939 35,623 23,301 12,322
Equity in earnings – depreciation
(commercial properties) (14,672) (12,130) (2,542) (12,130) (7,303) (4,827)
Total commercial property
segment income 33,114 27,185 5,929 27,185 26,722 463
Other items not allocated to segments
Equity in earnings – general and
administrative and other (5,893) (4,101) (1,792) (4,101) (3,873) (228)
Interest and other income 18,422 16,700 1,722 16,700 18,614 (1,914)
Corporate general and
administrative (21,306) (12,491) (8,815) (12,491) (11,635) (856)
Interest expense (3,293) (7,971) 4,678 (7,971) (4,507) (3,464)
Minority interest in income (38,356) (16,006) (22,350) (16,006) (20,290) 4,284
Gain on disposition of real estate 3,786 2,154 1,632 2,154 —2,154
Total other items not allocated
to segments (46,640) (21,715) (24,925) (21,715) (21,691) (24)
Total consolidated company
net income $ 297,088 $ 287,885 $ 9,203 $287,885 $227,019 $60,866
Note 12 —
Events Subsequent to December 31, 2000 (Unaudited)
On January 19, 2001, we completed a public offering of 6,900,000 depositary shares ($25 stated value per depositary share) each
representing 1/1,000 of a share of 8.600% Cumulative Preferred Stock, Series Q (“Series Q Preferred Stock”). The Series Q Preferred
Stock has general preference rights over the Common Stock with respect to distributions and liquidation proceeds. Except in certain
conditions relating to the Company’s qualification as a REIT, the Series Q preferred stock is not redeemable prior to January 19, 2006.
After January 19, 2006, the Series Q preferred stock will be redeemable at the option of the Company, in whole or in part, at $25 per
depository share, plus accrued and unpaid dividends.