Public Storage 1998 Annual Report Download - page 18

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Public Storage, Inc. 1998 Annual Report
16
(Amounts in thousands)
For each of the three years in the period ended December 31, 1998 1998 1997 1996
Cash flows from operating activities:
Net income $ 227,019 $ 178,649 $ 153,549
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 107,482 91,356 64,967
Depreciation included in equity in
earnings of real estate entities 13,884 11,474 17,450
Minority interest in income 20,290 11,684 9,363
Total adjustments 141,656 114,514 91,780
Net cash provided by operating activities 368,675 293,163 245,329
Cash flows from investing activities:
Principal payments received on mortgage notes receivable 46,897 409 1,784
Acquisition of minority interests in
consolidated real estate partnerships (22,845) (21,559) (15,419)
Acquisition of mortgage notes receivable (33,000) — (3,709)
Acquisition of real estate facilities (46,064) (65,225) (198,404)
Acquisition cost of business combinations (85,883) (164,808) (113,522)
Reduction in cash due to the deconsolidation
of PS Business Parks (See Note 2) (11,260) — —
Acquisition of interests in real estate entities (99,934) (46,151) (83,893)
Construction in process (79,132) (45,865) (46,097)
Investment in portable self-storage business (2,571) (29,997) —
Capital improvements to real estate facilities (31,714) (35,117) (20,366)
Other 19,732 (838) (5,104)
Net cash used in investing activities (345,774) (409,151) (484,730)
Cash flows from financing activities:
Net (paydowns) borrowings on revolving line of credit (7,000) 7,000 —
Net proceeds from the issuances of preferred stock — 144,925 259,778
Net proceeds from the issuances of common stock 237,860 182,523 130,538
Repurchase of the Company’s common stock (72,256) — —
Principal payments on mortgage notes payable (15,131) (11,885) (51,310)
Distributions paid to shareholders (179,101) (174,574) (136,308)
Distributions from operations to minority interests
in consolidated real estate entities (32,312) (20,929) (20,853)
Net reinvestment by minority interests in
consolidated real estate entities 54,809 3,527 3,976
Net cash (used in) provided by financing activities (13,131) 130,587 185,821
Net increase (decrease) in cash and cash equivalents 9,770 14,599 (53,580)
Cash and cash equivalents at the beginning of the year 41,455 26,856 80,436
Cash and cash equivalents at the end of the year $ 51,225 $ 41,455 $ 26,856
See accompanying notes.
Consolidated Statements of Cash Flows