Public Storage 2009 Annual Report Download - page 122

Download and view the complete annual report

Please find page 122 of the 2009 Public Storage annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 132

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132

PUBLIC STORAGE
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2009
F-35
Operating Lease Obligations
We lease land, equipment and office space under various operating leases. At December 31, 2009, the approximate
future minimum rental payments required under our operating leases for each calendar year is as follows: $6 million per year in
2010 and 2011, $5 million per year in 2012 – 2014 and an aggregate of $69 million in payments thereafter.
Expenses under operating leases were approximately $5.3 million, $5.3 million and $7.2 million for each of the three
years ended December 31, 2009, respectively.
14. Supplementary Quarterly Financial Data (unaudited)
Three Months Ended
March 31,
June 30,
September 30,
December 31,
2009
2009
2009
2009
(Amounts in thousands, except per share data)
Revenues (a) .......................................
$ 404,707
$ 407,252
$ 412,864
$ 402,879
Cost of operations (excluding
depreciation expense) (a)
....................
$
143,127
$ 134,852
$ 128,754
$ 116,206
Depreciation expense (a) .....................
$ 84,966
$ 83,796
$ 85,908
$ 85,563
Income from continuing operations (a)
$ 158,807
$ 173,117
$ 182,259
$ 184,696
Net income ..........................................
$ 153,429
$ 205,387
$ 243,951
$ 187,689
Per Common Share (Note 2):
Net income - Basic .........................
$ 0.95
$ 0.80
$ 1.03
$ 0.70
Net income - Diluted ......................
$ 0.95
$ 0.80
$ 1.03
$ 0.70
Three Months Ended
March 31,
June 30,
September 30,
December 31,
2008
2008
2008
2008
(Amounts in thousands, except per share data)
Revenues (a) .......................................
$ 457,154
$ 418,494
$ 431,169
$ 416,776
Cost of operations (excluding
depreciation expense) (a)
....................
$
167,959
$ 140,188
$ 125,335
$ 122,136
Depreciation expense (a) .....................
$ 122,240
$ 94,829
$ 91,084
$ 103,828
Gain on disposition of an interest in
Shurgard Europe (b) ............................
$
344,685
$
-
$
-
$
-
Income from continuing operations (a)(b)
$ 135,552
$ 140,703
$ 196,772
$ 176,214
Net income (b) ....................................
$ 519,941
$ 143,955
$ 147,942
$ 162,034
Per Common Share (Note 2):
Net income - Basic .........................
$ 2.64
$ 0.40
$ 0.43
$ 0.72
Net income - Diluted ......................
$ 2.64
$ 0.40
$ 0.42
$ 0.72
(a) Revenues, cost of operations, depreciation expense and income from continuing operations as presented in this table differ from those
amounts as presented in our quarterly reports due to the impact of discontinued operations accounting as described in Note 2.
(b) Gain on disposition of an interest in Shurgard Europe, income from continuing operations, net income, and net income per common share
differ from the amounts previously presented in our March 31, 2008 financial statements. We recorded a $2,820,000 increase to gain on
disposition of an interest in Shurgard Europe in the quarter ended December 31, 2008, which was for the quarter ended March 31, 2008.