Public Storage 1999 Annual Report Download - page 15

Download and view the complete annual report

Please find page 15 of the 1999 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 56

  • 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
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56

13
U B LI C T O RAG E,N C . 1999 N N UAL RE P O RT
CONSOLIDATED TATEMENTS OF INCOME
(Amounts in thousands, except per share data)
For each of the three years in the period ended December 31, 1999 1999 1998 1997
Revenues:
Rental income:
Self-storage facilities $592,619 $488,291 $385,540
Commercial properties 8,204 23,112 40,575
Portable self-storage facilities 27,028 24,466 7,893
Equity in earnings of real estate entities 32,183 26,602 17,569
Interest and other income 16,700 18,614 17,474
676,734 581,085 469,051
Expenses:
Cost of operations:
Self-storage facilities 184,481 149,376 117,963
Commercial properties 2,826 7,951 16,665
Portable self-storage facilities 29,509 48,508 31,086
Depreciation and amortization 137,719 111,799 92,750
General and administrative 12,491 11,635 13,462
Interest expense 7,971 4,507 6,792
374,997 333,776 278,718
Income before minority interest and gain on disposition of real estate 301,737 247,309 190,333
Minority interest in income (16,006) (20,290) (11,684)
Net income before gain on disposition of real estate 285,731 227,019 178,649
Gain on disposition of real estate 2,154 — —
Net income $287,885 $227,019 $178,649
Net income allocation:
Allocable to preferred shareholders $ 94,793 $ 78,375 $ 88,393
Allocable to common shareholders 193,092 148,644 90,256
$287,885 $227,019 $178,649
Per common share:
Basic net income per share $ 1.53 $ 1.30 $ 0.92
Diluted net income per share $ 1.52 $ 1.30 $ 0.91
Basic weighted average common shares outstanding 126,308 113,929 98,446
Diluted weighted average common shares outstanding 126,669 114,357 98,961
See accompanying notes.