Public Storage 2001 Annual Report Download - page 43

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P
UBLIC S TORAGE ,I NC . 2001 A NNUAL R EPORT
be owned at December 31, 2001 (the “Acquired Facilities”), (iv) 41 facilities that were owned throughout the three years ended
December 31, 2001 but were not stabilized, (the “Expansion Facilities”) and (v) 18 facilities that were disposed of during the three
years ended December 31, 2001 (the “Disposed Facilities”):
Self-Storage Operations Summary:
Year Ended December 31, Percentage Year Ended December 31, Percentage
(Dollar amounts in thousands) 2001 2000 Change 2000 1999 Change
Rental income
(a)
:
Consistent Group
(b)
$557,576 $520,177 7.2% $520,177 $498,737 4.3%
Acquired Facilities
(c)
125,145 105,076 19.1% 105,076 70,446 49.2%
Expansion Facilities
(d)
22,872 21,527 6.2% 21,527 20,381 5.6%
Developed Facilities
(e)
14,870 3,715 300.3% 3,715 38 9676.3%
Disposed Facilities
(f)
1,199 2,615 (54.1)% 2,615 3,017 (13.3)%
Total rental income $721,662 $653,110 10.5% $653,110 $592,619 10.2%
Cost of operations:
Consistent Group $162,416 $159,219 2.0% $159,219 $150,855 5.5%
Acquired Facilities 48,457 40,200 20.5% 40,200 26,378 52.4%
Expansion Facilities 8,167 7,198 13.5% 7,198 6,034 19.3%
Developed Facilities 9,652 2,908 231.9% 2,908 72 3938.9%
Disposed Facilities 519 937 (44.6)% 937 1,142 (18.0)%
Total cost of operations $229,211 $210,462 8.9% $210,462 $184,481 14.1%
Net operating income:
Consistent Group $395,160 $360,958 9.5% $360,958 $347,882 3.8%
Acquired Facilities 76,688 64,876 18.2% 64,876 44,068 47.2%
Expansion Facilities 14,705 14,329 2.6% 14,329 14,347 (0.1)%
Developed Facilities 5,218 807 546.6% 807 (34) (2473.5)%
Disposed Facilities 680 1,678 (59.5)% 1,678 1,875 (10.5)%
Total net operating income $492,451 $442,648 11.3% $442,648 $408,138 8.5%
Depreciation 158,476 141,425 12.1% 141,425 131,118 7.9%
Operating Income $333,975 $301,223 10.9% $301,223 $277,020 8.7%
Number of self-storage facilities
(at end of period): 1,270 1,247 1.8% 1,247 1,206 3.4%
Net rentable square feet
(at end of period): 76,919 74,570 3.2% 74,570 71,469 4.3%
(a) Rental income includes late charges and administrative fees. Rental income does not include retail sales or truck rental income generated
at the facilities.
(b) The Consistent Group includes 909 facilities with 54,148,000 net rentable square feet that were owned throughout the three years ended
December 31, 2001, and operated at a mature, stabilized occupancy level throughout the periods presented. See below for discussion of
Consistent Group operating results.
(c) The Acquired Facilities includes 267 facilities with 14,897,000 net rentable square feet that were acquired in the three year period ending
December 31, 2001 and still owned as of December 31, 2001. Substantially all of these facilities were mature, stabilized facilities at the time
of their acquisition.
(d) The Expansion Facilities includes 41 facilities with 4,056,000 net rentable square feet that, while owned for the entire three year period ending
December 31, 2001, had operating results that were not comparable throughout the periods presented due to expansions in their net rentable
square feet or their conversion into Combination Facilities. Such construction activities can cause a drop in revenue levels, as existing capacity
is made unavailable in order to accommodate construction activities. The Company has completed construction on projects with a total cost of
$34,535,000 in 1999, $12,206,000 in 2000, and $84,948,000 in 2001 with respect to such expansion and conversion efforts.
(e) The Developed Facilities includes 53 facilities with 3,818,000 net rentable square feet that were developed and opened in the three year period
ending December 31, 2001 at a total cost of $330.4 million. These facilities were all still owned as of December 31, 2001.
(f) The Disposed Facilities include 18 facilities that were disposed of in the three year period ending December 31, 2001, primarily properties
condemned by governmental agencies or acquired in the Storage Trust merger that were not deemed compatible with the Company’s
operations.