Public Storage 1996 Annual Report Download - page 11
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Consolidated Statements of Income
P
UBLIC
S
TORAGE
, I
NC
. 1996 A
NNUAL
R
EPORT
9
(In thousands, except per share data)
For each of the three years in the period ended December 31, 1996 1996 1995 1994
R
EVENUES
:
Rental income:
Self-storage facilities $270,429 $184,100 $126,997
Commercial properties 23,576 18,034 14,848
Equity in earnings of real estate entities 22,121 3,763 764
Facility management fee 14,428 2,144 –
Ancillary business income 3,504 112 –
Interest and other income 7,064 4,497 4,587
341,122 212,650 147,196
E
XPENSES
:
Cost of operations:
Self-storage facilities 82,494 63,396 45,266
Commercial properties 10,750 8,851 7,550
Cost of facility management 2,575 352 –
Cost of operations – ancillary business 3,418 100 –
Depreciation and amortization 64,967 40,760 28,274
General and administrative 5,524 3,982 2,631
Interest expense 8,482 8,508 6,893
Environmental cost – 2,741 –
Advisory fee – 6,437 4,983
178,210 135,127 95,597
Income before minority interest 162,912 77,523 51,599
Minority interest in income (9,363) (7,137) (9,481)
Net income $153,549 $ 70,386 $ 42,118
Net income allocation:
Allocable to preferred shareholders $ 68,599 $ 31,124 $ 16,846
Allocable to common shareholders 84,950 39,262 25,272
$153,549 $ 70,386 $ 42,118
P
ER
C
OMMON
S
HARE
:
Net income $ 1.10 $ 0.95 $ 1.05
Weighted average common shares outstanding 77,358 41,171 24,077
See accompanying notes.