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35
Same Store Facilities
The “Same Store Facilities” represents those 1,899 facilities that we have owned, and have been operated
on a stabilized basis, since January 1, 2007 and therefore provide meaningful comparisons for 2007, 2008, and 2009.
The following table summarizes the historical operating results of these 1,899 facilities (117.5 million net rentable
square feet) that represent approximately 93% of the aggregate net rentable square feet of our U.S. consolidated self-
storage portfolio at December 31, 2009.
SAME STORE FACILITIES
Year Ended December 31,
Year Ended December 31,
2009
2008
Percentage
Change
2008
2007
Percentage
Change
Revenues:
(Dollar amounts in thousands, except weighted average amounts)
Rental income .............................................................
$1,324,747
$1,375,484
(3.7)%
$1,375,484
$ 1,339,637
2.7%
Late charges and admin fees collected ........................
64,768
60,146
7.7%
60,146
57,121
5.3%
Total revenues (a) ..........................................................
1,389,515
1,435,630
(3.2)%
1,435,630
1,396,758
2.8%
Cost of operations:
Property taxes .............................................................
139,776
135,825
2.9%
135,825
132,411
2.6%
Direct property payroll ...............................................
94,262
94,303
0.0%
94,303
93,152
1.2%
Media advertising .......................................................
19,795
19,853
(0.3)%
19,853
20,917
(5.1)%
Other advertising and promotion ................................
20,079
18,235
10.1%
18,235
18,778
(2.9)%
Utilities .......................................................................
34,636
36,411
(4.9)%
36,411
35,094
3.8%
Repairs and maintenance ............................................
38,356
42,696
(10.2)%
42,696
43,332
(1.5)%
Telephone reservation center ......................................
11,040
12,580
(12.2)%
12,580
12,642
(0.5)%
Property insurance ......................................................
9,761
11,391
(14.3)%
11,391
13,498
(15.6)%
Other cost of management ..........................................
86,908
91,502
(5.0)%
91,502
89,744
2.0%
Total cost of operations (a) ............................................
454,613
462,796
(1.8)%
462,796
459,568
0.7%
Net operating income (b) ...................................................
934,902
972,834
(3.9)%
972,834
937,190
3.8%
Depreciation and amortization expense (c) ........................
(301,647)
(344,905)
(12.5)%
(344,905)
(447,245)
(22.9)%
Net income ........................................................................
$ 633,255
$ 627,929
0.8%
$ 627,929
$ 489,945
28.2%
Gross margin (before depreciation and amortization
expense) .............................................................................
67.3%
67.8%
(0.7)%
67.8%
67.1%
1.0%
Weighted average for the period:
Square foot occupancy (d) .............................................
88.7%
89.5%
(0.9)%
89.5%
89.3%
0.2%
Realized annual rent per occupied square foot (e)(f) .....
$ 12.71
$ 13.08
(2.8)%
$ 13.08
$ 12.77
2.4%
REVPAF (f)(g) ..............................................................
$ 11.28
$ 11.71
(3.7)%
$ 11.71
$ 11.40
2.7%
Weighted average at December 31:
Square foot occupancy ..................................................
87.1%
87.1%
-
87.1%
87.9%
(0.9)%
In place annual rent per occupied square foot (h) ..........
$ 13.46
$ 14.02
(4.0)%
$ 14.02
$ 13.89
0.9%
Total net rentable square feet (in thousands) .....................
117,462
117,462
-
117,462
117,462
-
Number of facilities ...........................................................
1,899
1,899
-
1,899
1,899
-
(a) Revenues and cost of operations do not include ancillary revenues and expenses generated at the facilities with respect
to tenant reinsurance, retail sales and truck rentals. “Other costs of management” included in cost of operations
principally represents all the indirect costs incurred in the operations of the facilities. Indirect costs principally include
supervisory costs and corporate overhead cost incurred to support the operating activities of the facilities.
(b) See “Net Operating Income” above.
(c) Depreciation and amortization expense for the years ended December 31, 2009 and 2008 decreased, as compared to the
year prior, primarily due to a reduction in amortization expense related to intangible assets that we obtained in the
Shurgard Merger.
(d) Square foot occupancies represent weighted average occupancy levels over the entire period.
(e) Realized annual rent per occupied square foot is computed by annualizing the result of dividing rental income (which
excludes late charges and administrative fees) by the weighted average occupied square feet for the period. Realized