Public Storage 1997 Annual Report Download - page 11

Download and view the complete annual report

Please find page 11 of the 1997 Public Storage annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 48

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48

Public Storage, Inc. 1997 Annual Report
9
9
Consolidated Statements of Income
For each of the three years in the period ended December 31, 1997
(In thousands, except per share data) 1997 1996 1995
Revenues:
Rental income:
Self-storage facilities $385,540 $270,429 $184,100
Commercial properties 40,575 23,576 18,034
Portable self-storage 7,893 421
—
Equity in earnings of real estate entities 17,569 22,121 3,763
Facility management fee 10,141 14,428 2,144
Interest and other income 9,126 7,976 4,509
470,844 338,951 212,550
Expenses:
Cost of operations:
Self-storage facilities 117,963 82,494 63,396
Commercial properties 16,665 10,750 8,851
Portable self-storage 39,558 1,247
—
Cost of facility management 1,793 2,575 352
Depreciation and amortization 91,356 64,967 40,760
General and administrative 6,384 5,524 3,982
Interest expense 6,792 8,482 8,508
Environmental cost
— —
2,741
Advisory fee
— —
6,437
280,511 176,039 135,027
Income before minority interest 190,333 162,912 77,523
Minority interest in income (11,684) (9,363) (7,137)
Net income $178,649 $153,549 $ 70,386
Net income allocation:
Allocable to preferred shareholders $ 88,393 $ 68,599 $ 31,124
Allocable to common shareholders 90,256 84,950 39,262
$178,649 $153,549 $ 70,386
Per Common Share:
Basic net income per share $ 0.92 $ 1.10 $ 0.96
Diluted net income per share $ 0.91 $ 1.10 $ 0.95
Basic weighted average common shares outstanding 98,446 77,117 41,039
Diluted weighted average common shares outstanding 98,961 77,358 41,171
See accompanying notes.