Public Storage 2010 Annual Report Download - page 85

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PUBLIC STORAGE
CONSOLIDATED STATEMENTS OF INCOME
For each of the three years in the period ended December 31, 2010
(Amounts in thousands, except per share amounts)
See accompanying notes.
F-3
2010 2009 2008
Revenues:
Self-storage facilities ......................................................................... $ 1,513,324 $ 1,487,295 $ 1,575,912
Ancillary operations ........................................................................... 104,381 107,597 108,421
Interest and other income ................................................................... 29,017 29,813 36,155
1,646,722 1,624,705 1,720,488
Expenses:
Cost of operations:
Self-storage facilities ..................................................................... 496,302 485,695 517,752
Ancillary operations ...................................................................... 33,689 36,011 36,528
Depreciation and amortization ............................................................ 354,006 339,766 408,983
General and administrative ................................................................. 38,487 35,735 62,809
Interest expense .................................................................................. 30,225 29,916 43,944
952,709 927,123 1,070,016
Income from continuing operations before equity in earnings of real
estate entities, foreign currency exchange gain (loss), gains on
disposition of real estate investments, net, gain on early retirement
of debt and asset impairment charges ................................................. 694,013 697,582 650,472
Equity in earnings of real estate entities ................................................. 38,352 53,244 20,391
Foreign currency exchange gain (loss) ................................................... (42,264) 9,662 (25,362)
Gains on disposition of real estate investments, net ............................... 396 33,426 336,545
Gain on early retirement of debt ............................................................. 431 4,114 -
Asset impairment charges ....................................................................... (2,332) - (525)
Income from continuing operations ........................................................ 688,596 798,028 981,521
Discontinued operations ......................................................................... 7,518 (7,572) (7,649)
Net income ............................................................................................. 696,114 790,456 973,872
Net income allocated (to) from noncontrolling interests in subsidiaries:
Based upon income of the subsidiaries............................................... (23,676) (27,835) (38,696)
Based upon repurchases of preferred partnership units ...................... (400) 72,000 -
Net income allocable to Public Storage shareholders ............................. $ 672,038 $ 834,621 $ 935,176
Allocation of net income to (from) Public Storage shareholders:
Preferred shareholders based on distributions paid ............................. $ 232,745 $ 232,431 $ 239,721
Preferred shareholders based on repurchases ..................................... 7,889 (6,218) (33,851)
Equity Shares, Series A ...................................................................... 5,131 20,524 21,199
Equity Shares, Series A based on redemptions ................................... 25,746 - -
Restricted share units ......................................................................... 1,349 1,918 2,304
Common shareholders ........................................................................ 399,178 585,966 705,803
$ 672,038 $ 834,621 $ 935,176
Net income per common share ± basic
Continuing operations ........................................................................ $ 2.32 $ 3.52 $ 4.24
Discontinued operations .................................................................... 0.04 (0.04) (0.05)
$ 2.36 $ 3.48 $ 4.19
Net income per common share ± diluted
Continuing operations ........................................................................ $ 2.31 $ 3.51 $ 4.23
Discontinued operations .................................................................... 0.04 (0.04) (0.05)
$ 2.35 $ 3.47 $ 4.18
Basic weighted average common shares outstanding ............................. 168,877 168,358 168,250
Diluted weighted average common shares outstanding .......................... 169,772 168,768 168,675