Public Storage 2005 Annual Report Download - page 5
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In short, we generated 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.
Four categories drive our operating results and future growth.
• Same Store properties are facilities that have been operating on a “stabilized” basis in terms
of occupancy and net operating income for at least three years.
•Development properties are newly constructed facilities.
•Expansion properties are the conversion of former Pick-Up and Delivery facilities into self-
storage facilities and the redevelopment of older facilities to improve their competitive
position.
• Acquisition of existing properties (third-party owned) that are solid investments and that
enhance the value of our existing portfolio.
Each of these four categories contributed to our earnings.
Net Operating Income by Category
2004-2005
(Dollar amounts in thousands) 2003 2004 2005 Change
Same Store properties $ 480,047$ 506,641 $ 543,0717%
Development properties 12,255 25,124 36,435 45%
Expansion properties 24,89727,265 28,948 6%
Acquisition properties — 3,099 22,911 639%
Total net operating income
before depreciation 517,199 562,129 631,365 12%
Depreciation expense (176,847)(176,403) (191,267)8%
Total earnings from self-storage $ 340,352$ 385,726 $ 440,098 14%
Total amount invested$ 5,125,498 $ 5,510,750 $5,930,484