Public Storage 1999 Annual Report Download - page 13

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Total Revenues
In Millions
$750
600
450
300
150
01997 1998 1999
11
operations increased to $187,582,000
for 1999, compared to $182,761,000 for
1998. Net operating income equaled
$355,940,000 for 1999, compared to
$338,006,000 for 1998.
In the first quarter of 2000
through March 2, 2000, the Company
issued 2,100,000 depositary shares,
each representing 1/ 1,000 of a share
of the Company’s Equity Stock,
Series A, in an underwritten offering.
The Company raised net proceeds of
approximately $40,000,000.
On March 17, 2000, the Com-
pany completed a private placement
of perpetual preferred operating units
issued to institutional investors. The
$240,000,000 9.5% Series N Cumu-
lative Redeemable Perpetual Preferred
Units were issued by an operating
partnership of the Company. The
units are non-callable for five years,
are subordinate to all debt and have
no mandatory redemption date.
On March 2, 2000, the Com-
pany’s Board of Directors authorized
the repurchase from time to time of up
to 15,000,000 shares (an increase of
5,000,000 shares from the 10,000,000
shares previously authorized) of the
Company’s common stock on the
open market or in privately negoti-
ated transactions. In the quarter ended
December 31, 1999, the Company
repurchased a total of 2,768,600 shares,
for a total aggregate cost of approxi-
mately $62,200,000. Cumulatively
since the repurchase announcement,
through December 31, 1999, the
Company has repurchased a total of
7,408,827 shares of common stock at
an aggregate cost of approximately
$181,000,000. From January 1, 2000
through March 1, 2000, the Company
has repurchased an additional 1,039,900
shares at an aggregate cost of approxi-
mately $23,500,000.
Net Income
In Millions
$300
250
200
150
100
50
01997 1998 1999
U B LI C T O RAG E,N C . 1999 N N UAL RE P O RT
Weighted Average
Occupancy Levels
Same Store Facilities
(1)
94%
92
90
88
86
84 1997 1998 1999
(1) “Same Store” refers to self-storage
facilities in which the Company had
an interest since January 1, 1994.
91.7% 92.5% 92.5%
Funds From Operations
Allocable to
Common Shareholders
In Millions
$350
300
250
200
150
100
50
01997 1998 1999
Funds From Operations
Per Diluted
Common Share
(1)
$3.00
2.50
2.00
1.50
1.00
.50
01997 1998 1999
(1) A term defined by the National
Association of Real Estate Investment
Trusts, Inc.
Annual Realized Rent
Per Square Foot
Same Store Facilities
(1)
$10.00
8.00
6.00
4.00
2.00
01997 1998 1999
(1) “Same Store” refers to self-storage
facilities in which the Company had
an interest since January 1, 1994.
Total Assets
In Billions
$4.0
3.0
2.0
1.0
01997 1998 1999
Shareholders’ Equity
In Billions
$4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
01997 1998 1999
Debt as Percent of
Shareholders’ Equity
5%
4
3
2
1
01997 1998 1999
$1.97
$2.24
$2.64 $9.22 $9.84
$10.27
3.6%
2.6%
4.5%