Public Storage 2000 Annual Report Download - page 44

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P
UBLIC
S
TORAGE
, I
NC
. 2000 A
NNUAL
R
EPORT
42
Same-Store Operating Trends by Region (Dollar amounts in thousands, except weighted average amounts)
Northern California Southern California Texas Florida Illinois Other states Total
% change % change % change % change % change % change % change
from prior from prior from prior from prior from prior from prior from prior
Amount year Amount year Amount year Amount year Amount year Amount year Amount year
Rental income:
2000 $82,081 5.3% $105,848 7.5% $46,242 1.4% $32,664 3.2% $38,592 4.9% $242,477 3.4% $547,904 4.4%
1999 $77,973 2.9% $ 98,460 8.2% $45,601 2.1% $31,649 2.4% $36,779 6.0% $234,418 3.6% $524,880 4.3%
1998 $75,771 10.2% $ 90,978 10.1% $44,670 6.0% $30,896 6.0% $34,709 9.5% $226,250 5.9% $503,274 7.6%
Cost of operations:
2000 $19,033 6.9% $ 24,485 7.8% $18,097 1.0% $11,588 3.7% $14,366 6.9% $ 76,628 6.5% $164,197 6.0%
1999 $17,803 1.2% $ 22,711 2.1% $17,915 4.4% $11,177 3.2% $13,437 (5.5)% $ 71,931 3.5% $154,974 2.2%
1998 $17,598 9.8% $ 22,252 7.6% $17,166 11.7% $10,835 5.8% $14,222 7.0% $ 69,531 5.0% $151,604 6.9%
Net operating income:
2000 $63,048 4.8% $81,363 7.4% $28,145 1.7% $21,076 3.0% $24,226 3.8% $165,849 2.1% $383,707 3.7%
1999 $60,170 3.4% $75,749 10.2% $27,686 0.7% $20,472 2.0% $23,342 13.9% $162,487 3.7% $369,906 5.2%
1998 $58,173 10.4% $68,726 11.0% $27,504 2.7% $20,061 6.1% $20,487 11.2% $156,719 6.3% $351,670 7.8%
Weighted avg. occupancy:
2000 94.60% 1.4% 95.70% 0.8% 90.40% (1.6)% 89.40% (0.7)% 91.80% (0.8)% 91.50% (0.4)% 92.30% (0.2)%
1999 93.20% (1.5)% 94.90% 0.6% 92.00% (0.6)% 90.10% (0.5)% 92.60% (0.1)% 91.90% 0.3% 92.50% 0.0%
1998 94.70% (1.4)% 94.30% 2.8% 92.60% 0.7% 90.60% 0.6% 92.70% 0.8% 91.60% 0.7% 92.50% 0.8%
Weighted avg. annual realized rents per occupied sq. ft.:
2000 $13.14 3.9% $12.70 6.7% $7.30 3.5% $8.94 4.2% $11.49 5.8% $9.68 4.0% $10.36 4.8%
1999 $12.65 4.8% $11.90 7.9% $7.05 2.9% $8.58 2.8% $10.86 6.1% $9.31 3.2% $9.89 4.5%
1998 $12.07 12.3% $11.03 7.6% $6.85 5.5% $8.35 5.4% $10.24 8.2% $9.02 5.3% $9.46 6.9%
Number of
facilities 121 136 107 70 56 459 949
L
IQUIDITY AND
C
APITAL
R
ESOURCES
We believe that our internally generated net cash provided by operating activities will continue to be sufficient to enable us to meet
our operating expenses, capital improvements, debt service requirements and distributions to shareholders for the foreseeable future.
Operating as a real estate investment trust (“REIT”), our ability to retain cash flow for reinvestment is restricted. In order for us to
maintain our REIT status, a substantial portion of our operating cash flow must be used to make distributions to our shareholders (see
“REIT status” below). However, despite the significant distribution requirements, we have been able to retain a significant amount of
our operating cash flow. The following table summarizes our ability to make the minority interests’ distributions, dividend payments to
the preferred shareholders and capital improvements to maintain our facilities through the use of cash provided by operating activities.
The remaining cash flow generated is available to make both scheduled and optional principal payments on debt and for reinvestment.