Public Storage 2000 Annual Report Download - page 3

P UBLIC S TORAGE , I NC . 2000 A NNUAL R EPORT
S ELECTED F INANCIAL H IGHLIGHTS
1
(In thousands, except per share data)
For the year ended December 31, 2000
(1)
1999
(1)
1998
(1)
1997
(1)
1996
(1)
Revenues:
Rental income $ 702,779 $ 627,851 $ 535,869 $ 434,008 $ 294,426
Equity in earnings of real estate entities 36,109 32,183 26,602 17,569 22,121
Interest and other income 18,422 16,700 18,614 17,474 19,829
757,310 676,734 581,085 469,051 336,376
Expenses:
Cost of operations 252,086 216,816 205,835 165,714 94,285
Depreciation and amortization 148,967 137,719 111,799 92,750 64,999
General and administrative 21,306 12,491 11,635 13,462 5,698
Interest expense 3,293 7,971 4,507 6,792 8,482
425,652 374,997 333,776 278,718 173,464
Income before minority interest and disposition gain 331,658 301,737 247,309 190,333 162,912
Minority interest in income (preferred) (24,859) ————
Minority interest in income (common) (13,497) (16,006) (20,290) (11,684) (9,363)
Net income before gain on disposition of real estate 293,302 285,731 227,019 178,649 153,549
Gain on disposition of real estate investments 3,786 2,154———
Net income $ 297,088 $ 287,885 $ 227,019 $ 178,649 $ 153,549
Per Common Share:
Distributions $ 1.48 $ 1.52 $ 0.88 $ 0.88 $ 0.88
Net income – Basic $ 1.41 $ 1.53 $ 1.30 $ 0.92 $ 1.10
Net income – Diluted $ 1.41 $ 1.52 $ 1.30 $ 0.91 $ 1.10
Weighted average common shares – Basic 131,566 126,308 113,929 98,446 77,117
Weighted average common shares – Diluted 131,657 126,669 114,357 98,961 77,358
Balance Sheet Data:
Total assets $4,513,941 $4,214,385 $3,403,904 $3,311,645 $2,572,152
Total debt $ 156,003 $ 167,338 $ 81,426 $ 103,558 $ 108,443
Minority interest (common equity) $ 167,918 $ 186,600 $ 139,325 $ 288,479 $ 116,805
Minority interest (preferred OP Units) $ 365,000————
Shareholders’ equity $3,724,117 $3,689,100 $3,119,340 $2,848,960 $2,305,437
Other Data:
Net cash provided by operating activities $ 502,450 $ 459,177 $ 372,992 $ 294,557 $ 245,361
Net cash used in investing activities $ (447,503) $ (448,529) $ (355,231) $ (408,313) $ (479,626)
Net cash provided by (used in) financing activities $ (20,605) $ (6,748) $ (7,991) $ 128,355 $ 180,685
Funds from operations
(2)
$ 452,155 $ 428,962 $ 336,363 $ 272,234 $ 224,476
1. During 2000, 1999, 1998, 1997 and 1996, we completed several significant business combinations and equity transactions. See Notes 3 and
10 to the Company’s consolidated financial statements.
2. Funds from operations (“FFO”), means net income (loss) (computed in accordance with GAAP) before (i) gain (loss) on early extinguishment of
debt, (ii) minority interest in income and (iii) gain (loss) on disposition of real estate, adjusted as follows: (i) plus depreciation and amortization
(including the Company’s pro-rata share of depreciation and amortization of unconsolidated equity interests and amortization of assets
acquired in a merger, including property management agreements and excess purchase cost over net assets acquired), and (ii) less FFO attrib-
utable to minority interest. FFO is a supplemental performance measure for equity REITs as defined by the National Association of Real Estate
Investment Trusts, Inc. (“NAREIT”). The NAREIT definition does not specifically address the treatment of minority interest in the determination
of FFO or the treatment of the amortization of property management agreements and excess purchase cost over net assets acquired. In the
case of the Company, FFO represents amounts attributable to its shareholders after deducting amounts attributable to the minority interests
and before deductions for the amortization of property management agreements and excess purchase cost over net assets acquired. FFO is
presented because management, as well as many analysts, consider FFO to be one measure of the performance of the Company and it is used
in certain aspects of the terms of the Class B Common Stock. FFO does not take into consideration scheduled principal payments on debt,
capital improvements, distributions and other obligations of the Company. Accordingly, FFO is not a substitute for the Company’s cash flow
or net income as a measure of the Company’s liquidity or operating performance or ability to pay distributions. FFO is not comparable to
similarly entitled items reported by other REITs that do not define it exactly as the Company defines it.