Public Storage 2005 Annual Report Download
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PUBLIC STORAGE, INC.
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515151515151
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515151515151
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515151515151
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companyS&P500companyS&P500companyS&P500companyS&P5
2005 ANNUAL REPORT
2005 ANNUAL REPORT
Table of contents
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Page 1
PUBLIC STORAGE, INC. 2005 ANNUAL REPORT 151515151515 515151515151 151515151515 515151515151 151515151515 515151515151 151515151515 0 f a c i l i t i e s 1,5 0 0 f a c i l i t i e s 1,5 0 0 f a c i l i t i e s 1,5 0 0 f a c i l i t i e s 1,5 0 0 f a c i l companyS&P500companyS&P500companyS&... -
Page 2
...,000 675,000 2,642,000 1,180,000 891,000 1,571,000 2,144,000 Location Nebraska Nevada New Hampshire New Jersey New York North Carolina Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina Tennessee Texas Utah Virginia Washington Wisconsin Totals Number of Properties(1) 1 22 2 48 48 25 30... -
Page 3
... year ended December 31, 2005(1) Revenues: Rental income and ancillary operations Interest and other income Expenses: Cost of operations (excluding depreciation) Depreciation and amortization General and administrative Interest expense Income from continuing operations before equity in earnings of... -
Page 4
...had an excellent year in 2005. We achieved solid operating results and positioned ourselves to acquire Shurgard Storage Centers, Inc. This acquisition brings together the two best brands in the self-storage industry and further solidifies our position as the largest self-storage company in the world... -
Page 5
... good rates of return on invested capital and enhanced the value of our existing properties. As a result, we are well positioned to capitalize on the opportunity to acquire Shurgard. Self-Storage Operations Since our inception in 1972, our primary business has been providing self-storage solutions... -
Page 6
... during 2006. Operating expenses increased by 0.5% in 2005 compared to 4.6% in 2004. Removing Pick-Up and Delivery and consumer truck rental service from the national call center in late 2004 produced cost savings of 26%, or approximately $3 million in 2005. A softer insurance renewal market, along... -
Page 7
... Pick-Up and Delivery facilities into self-storage and seven expansion projects at a total cost of $87 million. These projects added 1.5 million net rentable square feet to our portfolio. Our future development and expansion activities should continue to provide growth. At year end 2005, we had 62... -
Page 8
...these businesses is expected to increase as the number of self-storage facilities we operate continues to grow. Financing We continued the planned refinancing of our high coupon preferred stock. During 2005, we issued four ne w series of preferred stock raising $626 million at a blended annual rate... -
Page 9
... end 2005, net of the $172.5 million series Q preferred stock redemption in January 2006. We intend to use this cash in connection with the Shurgard acquisition or to fund our acquisition, development and expansion projects and redeem additional preferred stock. Investment in PS Business Parks PS... -
Page 10
... costs (tenant improv ements an d broker commissions) an d increase free cash flo w per share. Pick-Up and Delivery Business The Pick-Up and Delivery (PUD) business includes 12 facilities located in eight densely populated markets. The business continues to transition to a stabilized business model... -
Page 11
... Shareholder Returns 2001-2005 2 250% 50% 200% 00% 2 150% 150% 100% 100% 50% 50% 0% 0 50% 25% 5% 12% Three-Year 3% Five-Year 135% 102% 139% S&P 500 Index 247% Public Storage NAREIT Equity Index One-Year This is the "rear-view mirror." While both our operating performance and growth prospects... -
Page 12
.... • Scale of operations. We are the largest provider of storage space in the industry. By managing over 1,500 facilities, our size and scope enable us to achieve higher profit margins and a lower level of administrative costs relative to revenues. • Media. We are the only self-storage company to... -
Page 13
... to our workforce of more than 4,000 employees and to our senior management team, all of whom are the primary reason for Public Storage's many years of success and leadership in the industry. Ronald L. Havner, Jr. Vice-Chairman of the Board, Chief Executive Officer and President April 10, 2006 -
Page 14
...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...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... -
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... Transfer Agent Computershare Trust Company, N.A. P.O. Box 43010 Providence, RI 02940-3010 (781) 575-3120 www.computershare.com Independent Registered Public Accounting Firm Ernst & Young LLP Los Angeles, California Certifications The most recent certifications by our Chief Executive Officer... -
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PUBLIC STORAGE, INC. 701 Western Avenue, Glendale, California 91201-2349 • (818) 244-8080 • www.publicstorage.com 515151515151 151515151515 515151515151 151515151515 515151515151 151515151515 515151515151 (513-AR-06) i e s 1,5 0 0 f a c i l i t i e s 1, 5 0 0 f a c i l i t i e s 1, 5 0 0 f a c...