Public Storage 2003 Annual Report Download - page 48

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Consistent Group Operating Trends by Region
Year Ended December 31, Year Ended December 31,
2003 2002 Change 2002 2001 Change
Rental income: (Dollar amounts in thousands, except rents per square foot)
Southern California (120 facilities) ... $ 113,155 $ 105,972 6.8% $ 105,972 $ 106,623 (0.6)%
Northern California (108 facilities) ... 78,193 76,814 1.8% 76,814 81,190 (5.4)%
Texas (140 facilities)......................... 62,389 61,996 0.6% 61,996 64,771 (4.3)%
Florida (108 facilities) ....................... 56,842 54,423 4.4% 54,423 56,347 (3.4)%
Illinois (82 facilities) ......................... 50,824 52,850 (3.8)% 52,850 55,599 (4.9)%
Georgia (56 facilities)........................ 23,723 23,177 2.4% 23,177 24,317 (4.7)%
All other states (550 facilities)........... 286,999 282,908 1.4% 282,908 291,836 (3.1)%
Total rental income................................. 672,125 658,140 2.1% 658,140 680,683 (3.3)%
Cost of operations:
Southern California ............................ 26,693 25,358 5.3% 25,358 22,672 11.8%
Northern California ............................ 21,021 19,287 9.0% 19,287 18,754 2.8%
Texas .................................................. 28,960 26,083 11.0% 26,083 25,812 1.0%
Florida ................................................ 22,334 19,493 14.6% 19,493 20,313 (4.0)%
Illinois ................................................ 22,114 20,707 6.8% 20,707 19,685 5.2%
Georgia............................................... 8,774 7,556 16.1% 7,556 8,210 (8.0)%
All other states.................................... 102,892 92,042 11.8% 92,042 90,586 1.6%
Total cost of operations........................... 232,788 210,526 10.6% 210,526 206,032 2.2%
Net operating income before depreciation:
Southern California ............................ 86,462 80,614 7.3% 80,614 83,951 (4.0)%
Northern California ............................ 57,172 57,527 (0.6)% 57,527 62,436 (7.9)%
Texas .................................................. 33,429 35,913 (6.9)% 35,913 38,959 (7.8)%
Florida ................................................ 34,508 34,930 (1.2)% 34,930 36,034 (3.1)%
Illinois ................................................ 28,710 32,143 (10.7)% 32,143 35,914 (10.5)%
Georgia............................................... 14,949 15,621 (4.3)% 15,621 16,107 (3.0)%
All other states.................................... 184,107 190,866 (3.5)% 190,866 201,250 (5.2)%
Total net operating income ..................... $ 439,337 $ 447,614 (1.8)% $ 447,614 $ 474,651 (5.7)%
Weighted average occupancy:
Southern California ............................ 90.6% 86.8% 4.4% 86.8% 90.7% (4.3)%
Northern California ............................ 89.0% 84.8% 5.0% 84.8% 90.3% (6.1)%
Texas.................................................. 89.2% 84.6% 5.4% 84.6% 89.3% (5.3)%
Florida................................................ 90.5% 85.2% 6.2% 85.2% 88.1% (3.3)%
Illinois ................................................ 88.1% 84.3% 4.5% 84.3% 90.8% (7.2)%
Georgia............................................... 90.1% 84.3% 6.9% 84.3% 86.4% (2.4)%
All other states ................................... 88.5% 85.2% 3.9% 85.2% 88.2% (3.4)%
Total weighted average occupancy......... 89.1% 85.2% 4.6% 85.2% 88.9% (4.2)%
REVPAR:
Southern California ............................ $ 14.54 $ 13.66 6.4% $ 13.66 $ 13.79 (0.9)%
Northern California ............................ 12.91 12.72 1.5% 12.72 13.47 (5.6)%
Texas.................................................. 6.91 6.92 (0.1)% 6.92 7.21 (4.0)%
Florida................................................ 8.73 8.41 3.8% 8.41 8.69 (3.2)%
Illinois ................................................ 9.90 10.37 (4.5)% 10.37 11.03 (6.0)%
Georgia............................................... 6.97 6.96 0.1% 6.96 7.32 (4.9)%
All other states ................................... 8.78 8.73 0.6% 8.73 8.97 (2.7)%
Total REVPAR:...................................... $ 9.53 $ 9.40 1.4% $ 9.40 $ 9.72 (3.3)%
Realized annual rent per occupied square foot:
Southern California ............................ $ 16.05 $ 15.73 2.0% $ 15.73 $ 15.20 3.5%
Northern California ............................ 14.50 15.00 (3.3)% 15.00 14.91 0.6%
Texas.................................................. 7.75 8.18 (5.3)% 8.18 8.08 1.2%
Florida................................................ 9.64 9.87 (2.3)% 9.87 9.86 0.1%
Illinois ................................................ 11.24 12.31 (8.7)% 12.31 12.15 1.3%
Georgia............................................... 7.74 8.25 (6.2)% 8.25 8.48 (2.7)%
All other states ................................... 9.92 10.25 (3.2)% 10.25 10.17 0.8%
Total realized rent per square foot:......... $ 10.70 $ 11.04 (3.1)% $ 11.04 $ 10.93 1.0%