Public Storage 2003 Annual Report Download - page 47
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37
The following table sets forth our rental income, cost of television advertising, promotional discounts
given, and average occupancies for each of the quarters in 2003, 2002 and 2001:
For the Quarter Ended
March 31 June 30 September 30 December 31 Entire Year
(amounts in thousands)
Total rental income:
2003 $ 161,133 $ 166,584 $ 173,242 $ 171,166 $ 672,125
2002 $ 165,371 $ 163,279 $ 168,176 $ 161,314 $ 658,140
2001 $ 163,421 $ 169,588 $ 175,344 $ 172,330 $ 680,683
Promotional discounts given:
2003 $ 9,970 $ 12,965 $ 11,844 $ 11,783 $ 46,562
2002 $ 1,024 $ 5,378 $ 4,720 $ 7,301 $ 18,423
2001 $ 2,673 $ 1,868 $ 322 $ 135 $ 4,998
Total cost of operations:
2003 $ 54,274 $ 58,010 $ 58,867 $ 61,637 $ 232,788
2002 $ 50,062 $ 50,416 $ 52,338 $ 57,710 $ 210,526
2001 $ 50,887 $ 48,337 $ 52,912 $ 53,896 $ 206,032
Television advertising:
2003 $ 1,503 $ 2,719 $ 3,079 $ 1,042 $ 8,343
2002 $ 540 $ 1,403 $ 1,933 $ 3,912 $ 7,788
2001 $ 0 $ 908 $ 4,309 $ 2,687 $ 7,904
REVPAR:
2003 $ 9.15 $ 9.45 $ 9.83 $ 9.69 $ 9.53
2002 $ 9.47 $ 9.34 $ 9.61 $ 9.19 $ 9.40
2001 $ 9.31 $ 9.68 $ 10.00 $ 9.88 $ 9.72
Weighted average realized annual rent per occupied square foot:
2003 $ 10.79 $ 10.61 $ 10.70 $ 10.70 $ 10.70
2002 $ 11.34 $ 10.83 $ 11.21 $ 10.81 $ 11.04
2001 $ 10.58 $ 10.77 $ 11.03 $ 11.37 $ 10.93
Weighted average occupancy levels for the period
2003 84.8% 89.1% 91.9% 90.6% 89.1%
2002 83.5% 86.3% 85.7% 85.0% 85.2%
2001 88.0% 89.9% 90.7% 86.9% 88.9%
Outlook
With respect to our Consistent Group, we expect that the increase in repairs and maintenance expense
experienced in 2003 will continue in 2004, as we continue to address maintenance at our facilities and improve their
rent ready condition and curb appeal. Payroll and property management costs will also continue to increase in
2004, though not at the same growth rate experienced in 2003 due to higher staffing levels and higher compensation.
We also expect that property taxes will increase approximately 4%-5% in 2004 as compared to 2003.
The following table sets forth regional trends in our consistent group of facilities with respect to rental
income, cost of operations, net operating income, weighted average occupancy levels, and realized rent per net
rentable square foot.