Public Storage 1999 Annual Report Download - page 48

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Same-Store Operating Trends by Region (Dollar amounts in thousands, except weighted average amounts)
Northern California Southern California Texas Florida Illinois O ther states Total
% change % change % change % change % change % change % change
from prior from prior from prior from prior from prior from prior from prior
Amount year Amount year Amount year Amount year Amount year Amount year Amount year
Rental Revenues:
1999 $82,526 3.1% $101,621 8.2% $48,608 2.4% $33,903 2.5% $39,938 5.9% $236,926 3.7% $543,522 4.4%
1998 $80,082 10.4% $ 93,896 10.1% $47,470 6.0% $33,077 6.0% $37,698 9.6% $228,544 6.0% $520,767 7.6%
1997 $72,555 9.4% $ 85,292 8.1% $44,784 4.2% $31,219 5.5% $34,405 10.5% $215,675 5.2% $483,930 6.6%
Cost of operations:
1999 $22,949 1.8% $ 28,506 3.2% $21,511 4.1% $13,560 3.3% $16,536 (4.1)% $ 84,520 3.6% $187,582 2.6%
1998 $22,546 9.2% $ 27,634 7.4% $20,661 10.6% $13,123 5.2% $17,236 7.0% $ 81,561 4.6% $182,761 6.5%
1997 $20,650 9.8% $ 25,730 5.4% $18,680 4.5% $12,474 7.9% $16,106 8.2% $ 77,939 4.9% $171,579 6.0%
Net operating income:
1999 $59,577 3.5% $ 73,115 10.3% $27,097 1.1% $20,343 1.9% $23,402 14.4% $152,406 3.7% $355,940 5.3%
1998 $57,536 10.8% $ 66,262 11.2% $26,809 2.7% $19,954 6.4% $20,462 11.8% $146,983 6.7% $338,006 8.2%
1997 $51,905 9.2% $ 59,562 9.4% $26,104 3.9% $18,745 3.9% $18,299 12.7% $137,736 5.4% $312,351 7.0%
Weighted avg. occupancy:
1999 93.2% (1.4)% 94.9% 0.6% 92.1% (0.5)% 90.4% (0.5)% 92.5% (0.1)% 91.9% 0.3% 92.5% 0.0%
1998 94.6% (1.5)% 94.3% 2.8% 92.6% 0.7% 90.9% 0.7% 92.6% 1.1% 91.6% 0.7% 92.5% 0.8%
1997 96.1% 1.6% 91.5% 4.1% 91.9% 2.5% 90.2% 2.4% 91.5% (1.3)% 90.9% (1.3)% 91.7% 0.6%
Weighted avg. annual realized rents per occupied sq. ft.:
1999 $12.93 4.5% $12.21 7.6% $7.43 2.9% $9.03 3.0% $11.33 6.0% $9.71 3.2% $10.27 4.4%
1998 $12.37 11.9% $11.35 7.3% $7.22 5.2% $8.77 5.2% $10.69 8.1% $9.41 5.3% $ 9.84 6.7%
1997 $11.05 7.6% $10.58 3.2% $6.86 1.2% $8.34 2.8% $ 9.89 11.9% $8.94 6.7% $ 9.22 5.9%
Number of
Facilities 127 141 113 74 60 463 978
IQ U ID ITY AND APITAL ESOU RC ES
We believe that our internally generated net cash provided by operating activities will continue to be sufficient to enable it to meet our
operating expenses, capital improvements, debt service requirements and distributions to shareholders for the foreseeable future.
Operating as a real estate investment trust (“R EIT”), our ability to retain cash flow for reinvestment is restricted. In order for us to maintain
our R EIT status, a substantial portion of our operating cash flow must be used to make distributions to our shareholders (see “REIT status”
below). However, despite the significant distribution requirements, we have been able to retain a significant amount of our operating cash flow.
The following table summarizes our ability to make the minority interests’distributions, dividend payments to the preferred shareholders and
capital improvements to maintain the facilities through the use of cash provided by operating activities. The remaining cash flow generated is
available to make both scheduled and optional principal payments on debt and for reinvestment.
U B L I C T O R A G E ,N C . 1999 N N U A L RE P O R T