Public Storage 1999 Annual Report Download - page 34

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U B LI C T O RAG E,N C . 1999 N N U AL REP O RT
32
Year Ended December 31, Year Ended December 31,
(Dollar amounts in thousands) 1999 1998 Change 1998 1997 Change
Reconciliation of Net Income by Segment:
Self-storage
Storage properties $ 408,138 $ 338,915 $ 69,223 $ 338,915 $ 267,577 $ 71,338
Equity in earnings — storage
property operations 20,140 20,704 (564) 20,704 31,026 (10,322)
Interest and other income — self-storage
property management operations 4,553 5,069 (516) 5,069 8,257 (3,188)
Total self-storage segment income 432,831 364,688 68,143 364,688 306,860 57,828
Portable self-storage
Revenues 27,028 24,466 2,562 24,466 7,893 16,573
Cost of Operations (29,509) (48,508) 18,999 (48,508) (31,086) (17,422)
General and administrative (2,512) (3,039) 527 (3,039) (7,078) 4,039
Depreciation (4,915) (4,317) (598) (4,317) (1,394) (2,923)
Total portable self-storage segment loss (9,908) (31,398) 21,490 (31,398) (31,665) 267
Commercial properties
Commercial properties 5,378 15,161 (9,783) 15,161 23,910 (8,749)
Equity in earnings — commercial
property operations 35,865 23,655 12,210 23,655 1,428 22,227
Interest and other income — commercial
property management operations — 86 (86) 86 91 (5)
Total commercial property
segment income 41,243 38,902 2,341 38,902 25,429 13,473
Other items not allocated to segments:
Equity in earnings —
depreciation (storage) (7,563) (6,522) (1,041) (6,522) (10,935) 4,413
Equity in earnings — depreciation
(commercial properties) (12,158) (7,362) (4,796) (7,362) (539) (6,823)
Equity in earnings — general and
administrative and other (4,101) (3,873) (228) (3,873) (3,411) (462)
Depreciation and amortization —
storage real estate (130,991) (102,537) (28,454) (102,537) (82,165) (20,372)
Depreciation and amortization —
commercial properties (1,813) (4,945) 3,132 (4,945) (9,191) 4,246
Interest and other income, excluding
property management operations 12,147 13,459 (1,312) 13,459 9,126 4,333
Corporate general and administrative (9,979) (8,596) (1,383) (8,596) (6,384) (2,212)
Interest expense (7,971) (4,507) (3,464) (4,507) (6,792) 2,285
Minority interest in income (16,006) (20,290) 4,284 (20,290) (11,684) (8,606)
Gain on disposition of real estate 2,154 — 2,154———
Total other items not allocated
to segments (176,281) (145,173) (31,108) (145,173) (121,975) (23,198)
Total consolidated company
net income $ 287,885 $ 227,019 $ 60,866 $ 227,019 $ 178,649 $ 48,370