Public Storage 2005 Annual Report Download - page 14
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For the year ended December 31,
(Amounts in thousands, except per share amounts) 2005 2004 2003
Net income: $456,393 $366,213 $336,653
Depreciation and amortization 196,397183,063 184,063
Depreciation and amortization included in
discontinued operations 88 1,2823,940
Less - depreciation with respect to non-real estate assets (1,789) (4,252) (6,206)
Depreciation from unconsolidated real estate investments 35,425 33,72027,753
Gain on sale of real estate assets (8,279) (2,288) (6,128)
Less - our share of gain on sale of real estate included
in equity of earnings of real estate entities (7,858) (6,715) (2,786)
Minority interest share of income 32,651 49,913 43,703
Net cash provided by operating activities 703,028620,936 580,992
FFO to minority interest - common (18,782)(23,473) (23,125)
FFO to minority interest - preferred(17,021) (32,486) (26,906)
Funds from operations 667,225 564,977 530,961
Less: allocations to preferred and equity stock shareholders:
Senior Preferred(180,555) (166,649) (153,316)
Equity Stock, Series A (21,443) (21,501) (21,501)
FFO allocable to our common shareholders $465,227 $376,827 $356,144
Weighted average shares outstanding:
Common shares 128,159 127,836 125,181
Stock option dilution 660 845 1,336
Weighted average common shares for purposes of
computing fully-diluted FFO per common share 128,819 128,681 126,517
FFO per common share $ 3.61 $ 2.93 $ 2.81
Computation of Funds from Operations (unaudited)
Funds from operations (“FFO”) is a term defined by the National Association of Real Estate Investment
Trusts (“NAREIT”). FFO is a supplemental non-GAAP financial disclosure, and 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 REITs may not compute FFO in the same manner; accordingly, FFO may not be
comparable among REITs.