Public Storage 2004 Annual Report Download - page 10
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For the year ended December 31,
(Amounts in thousands, except per share amounts) 2004 2003 2002
Net income $ 366,213 $ 336,653 $ 318,738
Depreciation and amortization 183,148 184,145 175,834
Depreciation/amortization included in discontinued
operations 1,197 3,858 5,814
Less - depreciation with respect to non-real estate assets (4,252) (6,206) (6,053)
(Gain) loss on sale of real estate assets (2,288) (6,128) 2,541
Less - our share of PSB’s gain on sale of real estate (6,715) (2,786) (4,133)
Depreciation from unconsolidated real estate investments 33,720 27,753 27,078
Minority interest in income 49,913 43,703 44,087
Net cash provided by operating activities 620,936 580,992 563,906
FFO to minority interests - common (23,473) (23,125) (25,268)
FFO to minority interests - preferred (32,486) (26,906) (26,906)
Funds from operations 564,977 530,961 511,732
Less: allocations to preferred and equity stock shareholders
Senior Preferred (166,649) (153,316) (155,814)
Equity Stock, Series A (21,501) (21,501) (21,501)
Funds from operations to Common and Class B
Common Stock $ 376,827 $ 356,144 $ 334,417
Weighted average shares
Regular common shares 127,836 125,181 116,075
Class B Common Stock — — 7,000
Stock option dilution 845 1,336 1,566
Weighted average common shares for purpose of
computing fully-diluted FFO per common share 128,681 126,517 124,641
FFO per common share $ 2.93 $ 2.81 $ 2.68
Computation of Funds from Operations (unaudited)
Funds from operations (“FFO”) is a term defined by the National Association of Real Estate Investment
Tr usts (“NAREIT”). It is generally defined as net income before depreciation and gains and losses on real
estate assets. FFO is presented because management and many analysts consider FFO to be one measure
of the performance of real estate companies and because we believe that FFO is helpful to investors as an
additional measure of the performance of a REIT. FFO computations do not consider scheduled principal
payments on debt, capital improvements, distribution and other obligations of the Company. FFO is not
a substitute for our cash flow or net income as a measure of our liquidity or operating performance or our
ability to pay dividends. Other REIT’s may not compute FFO in the same manner; accordingly, FFO
may not be comparable among REIT’s.