Public Storage 2003 Annual Report Download - page 52

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42
The following table summarizes operating data for the 63 newly developed self-storage facilities included
in the table above:
DEVELOPED SELF-STORAGE FACILITIES
Year Ended December 31, Year Ended December 31,
2003
2002
Change
2002
2001
Change
(Dollar amounts in thousands)
Rental income (a):
Self-storage facilities opened in 2003...................... $ 1,566 $ - $ 1,566 $ - $ - $ -
Self-storage facilities opened in 2002...................... 6,737 1,435 5,302 1,435 - 1,435
Self-storage facilities opened in 2001...................... 6,579 4,474 2,105 4,474 1,608 2,866
Self-storage facilities opened in 2000 and 1999...... 13,914 12,451 1,463 12,451 9,972 2,479
Total rental income............................................ 28,796 18,360 10,436 18,360 11,580 6,780
Cost of operations:
Self-storage facilities opened in 2003...................... $ 1,347 $ - $ 1,347 $ - $ - $ -
Self-storage facilities opened in 2002...................... 3,660 1,399 2,261 1,399 - 1,399
Self-storage facilities opened in 2001...................... 3,389 2,667 722 2,667 1,368 1,299
Self-storage facilities opened in 2000 and 1999...... 5,554 4,855 699 4,855 5,222 (367)
Total cost of operations ..................................... 13,950 8,921 5,029 8,921 6,590 2,331
Net operating income before depreciation:
Self-storage facilities opened in 2003...................... $ 219 $ - $ 219 $ - $ - $ -
Self-storage facilities opened in 2002...................... 3,077 36 3,041 36 - 36
Self-storage facilities opened in 2001...................... 3,190 1,807 1,383 1,807 240 1,567
Self-storage facilities opened in 2000 and 1999...... 8,360 7,596 764 7,596 4,750 2,846
Net operating income ............................................ 14,846 9,439 5,407 9,439 4,990 4,449
Depreciation .............................................................. (9,061) (7,032) (2,029) (7,032) (4,522) (2,510)
Operating income .................................................. $ 5,785 $ 2,407 $ 3,378 $ 2,407 $ 468 $ 1,939
Weighted average square foot occupancy during the
period:
Self-storage facilities opened in 2003 ..................... 24.4% - - - - -
Self-storage facilities opened in 2002 ..................... 61.3% 20.6% 197.6% 20.6% - -
Self-storage facilities opened in 2001 ..................... 74.3% 44.0% 68.9% 44.0% 22.2% 98.2%
Self-storage facilities opened in 2000 and 1999...... 89.3% 78.5% 13.8% 78.5% 61.1% 28.5%
64.2% 52.3% 22.8% 52.3% 46.7% 12.0%
Number of facilities:
Self-storage facilities opened in 2003...................... 14 - 14 - - -
Self-storage facilities opened in 2002...................... 14 14 - 14 - 14
Self-storage facilities opened in 2001...................... 12 12 - 12 12 -
Self-storage facilities opened in 2000 and 1999...... 23 23 - 23 23 -
63 49 14 49 35 14
Cumulative development cost:
Self-storage facilities opened in 2003...................... $ 107,126 $ - $ 107,126 $ - $ - $ -
Self-storage facilities opened in 2002...................... 93,887 92,109 1,778 92,109 - 92,109
Self-storage facilities opened in 2001...................... 66,905 66,905 - 66,905 66,905 -
Self-storage facilities opened in 2000 and 1999...... 107,990 107,990 - 107,990 107,990 -
$ 375,908 $ 267,004 $ 108,904 $ 267,004 $ 174,895 $ 92,109