Public Storage 2006 Annual Report Download - page 14

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F
or t
h
e year en
d
e
d
Decem
b
er 31
,
(Amounts in t
h
ousan
d
s, except per s
h
are amounts)
2
006 2005 2004
Net income:
$
314,026
$
456,393
$
366,213
De
p
reciation and amortization 437,984 196,232 183,06
3
Depreciation and amortization included in
d
iscontinued operations 234 253
1,282
L
ess -
d
e
p
reciation wit
h
res
p
ect to non-rea
l
estate assets
(
225) (1,789) (
4
,252
)
De
p
reciation
f
rom unconso
l
i
d
ate
d
rea
l
estate investment
s
38,890 35,425 33,72
0
G
ain on sale of real estate assets
(
4,547
)(
8,279
)(
2,288
)
L
ess - our share of gain on sale of real estate include
d
in equity o
f
earnings o
f
rea
l
estate entities (1,047) (7,858) (6,715
)
Minority interest s
h
are o
f
income 31,883 32,651 49,91
3
Net cas
h
provi
d
e
d
b
y operating activities 817,198 703,028 620,936
F
FO to minority interest - common (17,312) (18,782) (23,473
)
F
FO to minority interest -
p
referred (19,055) (17,021) (32,486
)
F
un
d
s
f
rom operations 780,831 667,225 564,97
7
L
ess: a
ll
ocations to
p
re
f
erre
d
an
d
e
q
uity stoc
k
s
h
are
h
o
ld
ers:
S
enior Preferred
(
245,711
)(
180,555
)(
166,649
)
Equity Stock, Series A (21,424) (21,443) (21,501
)
F
FO allocable to our common shareholders $513
,
696 $465
,
227 $376
,
827
W
eighted average shares outstanding:
C
ommon s
h
ares 142
,
760 128
,
159 127
,
836
S
toc
k
o
p
tion
d
i
l
ution 955 660 84
5
W
eighted average common shares for purposes o
f
computing fully-diluted FFO per common share 143,715 128,819 128,68
1
F
FO
p
er common share $ 3.57 $ 3.61 $ 2.93
Com
p
utation o
f
Fun
d
s
f
rom O
p
erations (unau
d
ite
d
)
Fun
d
s
f
rom operations (“FFO”) is a term
d
e
f
ine
d
b
y t
h
e Nationa
l
Association o
f
Rea
l
Estate Investment
Trusts (“NAREIT”). FFO is a supp
l
ementa
l
non-GAAP
f
inancia
l
d
isc
l
osure, an
d
it is
g
enera
ll
y
d
e
f
ine
d
as net income before depreciation and gains and losses on real estate assets. FFO is presented becaus
e
m
anagement an
d
many ana
l
ysts consi
d
er FFO to
b
e one measure o
f
t
h
e per
f
ormance o
f
rea
l
estate
c
om
p
anies an
d
b
ecause we
b
e
l
ieve t
h
at FFO is
h
e
lpf
u
l
to investors as an a
dd
itiona
l
measure o
f
t
he
performance of a REIT. FFO computations do not consider scheduled principal payments on debt
,
c
apita
l
improvements,
d
istri
b
ution an
d
ot
h
er o
bl
igations o
f
t
h
e Company. FFO is not a su
b
stitute
f
or
our cas
h
fl
ow or net income as a measure o
f
our
l
iqui
d
ity or operatin
g
per
f
ormance or our a
b
i
l
ity to pay
dividends. Other REITs may not compute FFO in the same manner; accordingly, FFO may not be
c
ompara
bl
e among REITs.