Public Storage 2004 Annual Report Download
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2004 Annual Report
Public Storage, Inc.
Public Storage, Inc. Annual Report 2004
Table of contents
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Page 1
2 0 0 4 A n n u a l R e p o r t P u b l i c S t o r a g e , I n c . A n n u a l R e p o r t 2 0 0 4 P u b l i c S t o r a g e , I n c . -
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...2004) Location Alabama Arizona California Colorado Connecticut Delaware Florida Georgia Hawaii Illinois Indiana Kansas Kentucky Louisiana Maryland Massachusetts Michigan Minnesota Missouri Number... Totals (1) Storage and properties combining self-storage and commercial space. Number of Properties(1)... -
Page 3
...Shareholders' equity Other Data: Net cash provided by operating activities Net cash used in investing activities...2004. During 2003, we sold five self-storage facilities. The historical operations of these facilities are classified as discontinued operations, with the rental income, cost of operations... -
Page 4
... from operations. Several of the initiatives we started in 2002 are coming to fruition. In addition, we expanded our franchise and positioned ourselves for meaningful growth in 2005. Let's look at what we did in 2004 and its implications for 2005. W Self-Storage Business Our self-storage business... -
Page 5
... spending, our gross customer move-in volume was down 5 percent, to 586,000 compared to 617,000 last year. Our media costs in addition to our promotional discounts per move-in are exceeding $50. It is clear we have some work to do in this area. We hope to report more positive news regarding the... -
Page 6
... to improve and standardize how we hire, manage, train and retain our personnel. These efforts, along with others already in place, are designed to further reduce field personnel and supervisory staff turnover, increase productivity and improve customer service. The action words in our organization... -
Page 7
... rates. Pick-Up and Delivery We contracted our containerized storage business further in 2004, narrowing its scope to 12 facilities in six markets. We think we have the markets and management team focused, with the right potential customers and the correct operating strategy. We don't expect... -
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... model that can produce acceptable returns on invested capital on a consistent basis. We believe in the business and believe it can be an attractive investment long term. We expect profitability at the operating unit level in 2005-but we will be investing all of it in expanded yellow pages and media... -
Page 9
... in earnings and cash flow per share. With our focus on the three P's, we believe we are well positioned to maintain our leadership role in the self-storage industry. Ronald L. Havner, Jr. Vice-Chairman and Chief Executive Officer Harvey Lenkin President and Chief Operating Officer March 22, 2005 -
Page 10
... Minority interest in income Net cash provided by operating activities FFO to minority interests - common...operations 564,977 Less: allocations to preferred and equity stock shareholders Senior Preferred (166,649) Equity Stock, Series A (21,501) Funds from operations to Common and Class B Common Stock... -
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... Services Transfer Agent EquiServe Trust Company, N.A. P.O. Box 43010 Providence, RI 02940-3010 (781) 575-3120 www.equiserve.com Independent Auditors Ernst & Young LLP Los Angeles, California Certifications The most recent certifications by our Chief Executive Officer, President and Chief Operating... -
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P u b l i c S t o r a g e , I n c . 701 Western Avenue, Glendale, California 91201-2349 • (818) 244-8080 • www.publicstorage.com (513-AR-05)