Public Storage 2010 Annual Report Download - page 48

34
Same Store Facilities
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2008 and therefore provide meaningful comparisons for 2008, 2009, and 2010. The following table summarizes the
historical operating results of these 1,925 facilities (120.3 million net rentable square feet) that represent
approximately 94% of the aggregate net rentable square feet of our U.S. consolidated self-storage portfolio at
December 31, 2010.
SAME STORE FACILITIES Year Ended December 31,
Year Ended December 31,
2010 2009
Percentage
Change
2009 2008
Percentage
Change
Revenues: (Dollar amounts in thousands, except weighted average amounts)
Rental income ............................................................... $1,357,579 $1,357,045
0.0%
$1,357,045 $ 1,406,812 (3.5)%
Late charges and administrative fees ............................. 70,137 66,293
5.8%
66,293 61,673 7.5%
Total revenues (a) .......................................................... 1,427,716 1,423,338
0.3%
1,423,338 1,468,485 (3.1)%
Cost of operations:
Property taxes ................................................................ 141,619 143,261
(1.1)%
143,261 139,483 2.7%
Direct property payroll .................................................. 98,455 96,406
2.1%
96,406 96,365 0.0%
Media advertising .......................................................... 14,702 20,178
(27.1)%
20,178 20,387 (1.0)%
Other advertising and promotion ................................... 21,899 20,465
7.0%
20,465 18,567 10.2%
Utilities .......................................................................... 35,368 35,630
(0.7)%
35,630 37,514 (5.0)%
Repairs and maintenance ............................................... 45,650 39,188
16.5%
39,188 43,647 (10.2)%
Telephone reservation center ......................................... 11,234 11,313
(0.7)%
11,313 12,896 (12.3)%
Property insurance ......................................................... 9,656 9,987
(3.3)%
9,987 11,656 (14.3)%
Other cost of management ............................................. 88,847 87,613
1.4%
87,613 92,288 (5.1)%
Total cost of operations (a) ............................................ 467,430 464,041
0.7%
464,041 472,803 (1.9)%
Net operating income (b) ................................................... 960,286 959,297
0.1%
959,297 995,682 (3.7)%
Depreciation and amortization expense ............................. (303,175) (304,008)
(0.3)%
(304,008) (351,611) (13.5)%
Net income ........................................................................ $ 657,111 $ 655,289
0.3%
$ 655,289 $ 644,071 1.7%
Gross margin (before depreciation and amortization
expense) ........................................................................ 67.3% 67.4%
(0.1)%
67.4% 67.8% (0.6)%
Weighted average for the period:
Square foot occupancy (c) ............................................. 89.8% 88.7%
1.2%
88.7% 89.5% (0.9)%
Realized annual rent per occupied square foot (d)(e) .... $ 12.56 $ 12.71
(1.2)%
$ 12.71 $ 13.06 (2.7)%
REVPAF (e)(f) .............................................................. $ 11.28 $ 11.28
0.0%
$ 11.28 $ 11.69 (3.5)%
Weighted average at December 31:
Square foot occupancy .................................................. 88.6% 87.1%
1.7%
87.1% 87.1% 0.0%
In place annual rent per occupied square foot (g) .......... $ 13.63 $ 13.47
1.2%
$ 13.47 $ 14.01 (3.9)%
Total net rentable square feet (in thousands) ..................... 120,328 120,328
-
120,328 120,328 -
Number of facilities ........................................................... 1,925 1,925
-
1,925 1,925 -
a) Revenues and cost of operations do not include ancillary revenues and expenses generated at the facilities with respect
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principally represents all the indirect costs incurred in the operations of the facilities. Indirect costs principally include
supervisory costs and corporate overhead cost incurred to support the operating activities of the facilities.
b) 6HH ³NeW 2SHUDWLQJ ,QFRPH´ above for a reconciliation of this non-GAAP measure to our net income in our
consolidated statements of income for the years ended December 31, 2010, 2009 and 2008.
c) Square foot occupancies represent weighted average occupancy levels over the entire period.
d) Realized annual rent per occupied square foot is computed by annualizing the result of dividing rental income (which
excludes late charges and administrative fees) by the weighted average occupied square feet for the period. Realized
annual rent per occupied square foot takes into consideration promotional discounts and other items that reduce rental
income from the contractual amounts due.
e) Late charges and administrative fees are excluded from the computation of realized annual rent per occupied square
foot and REVPAF. Exclusion of these amounts provides a better measure of our ongoing level of revenue, by