Public Storage 2009 Annual Report Download - page 90

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PUBLIC STORAGE
CONSOLIDATED STATEMENTS OF INCOME
For each of the three years in the period ended December 31, 2009
(Amounts in thousands, except per share amounts)
See accompanying notes.
F-3
2009
2008
2007
Revenues:
Self-storage facilities .........................................................................
$ 1,490,292
$ 1,579,017
$ 1,660,304
Ancillary operations ...........................................................................
107,597
108,421
115,481
Interest and other income ...................................................................
29,813
36,155
11,417
1,627,702
1,723,593
1,787,202
Expenses:
Cost of operations:
Self-storage facilities .....................................................................
486,928
519,090
579,193
Ancillary operations ......................................................................
36,011
36,528
51,961
Depreciation and amortization ............................................................
340,233
411,981
619,598
General and administrative .................................................................
35,735
62,809
59,749
Interest expense ..................................................................................
29,916
43,944
63,671
928,823
1,074,352
1,374,172
Income from continuing operations before equity in earnings of real
estate enti
ties, gains on disposition of real estate investments, net,
casualty (loss) gain, gain on early retirement of debt and foreign
currency exchange gain (loss) ............................................................
698,879
649,241
413,030
Equity in earnings of real estate entities .................................................
53,244
20,391
12,738
Gains on disposition of real estate investments, net ...............................
33,426
336,545
2,547
Casualty (loss) gain ................................................................................
-
(525)
2,665
Gain on early retirement of debt .............................................................
4,114
-
-
Foreign currency exchange gain (loss) ...................................................
9,662
(25,362)
58,444
Income from continuing operations ........................................................
799,325
980,290
489,424
Discontinued operations .........................................................................
(8,869)
(6,418)
(2,346)
Net income .............................................................................................
790,456
973,872
487,078
Net income allocated (to) from noncontrolling interests in subsidiaries:
Based upon income of the subsidiaries...............................................
(27,835)
(38,696)
(29,543)
Based upon repurchases of preferred partnership units ......................
72,000
-
-
Net income allocable to Public Storage shareholders .............................
$ 834,621
$ 935,176
$ 457,535
Allocation of net income to (from) Public Storage shareholders:
Preferred shareholders based on distributions paid .............................
$ 232,431
$ 239,721
$ 236,757
Preferred shareholders based on repurchases .....................................
(6,218)
(33,851)
-
Equity Shares, Series A ......................................................................
20,524
21,199
21,424
Restricted share units .........................................................................
1,918
2,304
376
Common shareholders ........................................................................
585,966
705,803
198,978
$ 834,621
$ 935,176
$ 457,535
Net income per common share – basic
Continuing operations ........................................................................
$ 3.53
$ 4.23
$ 1.19
Discontinued operations ....................................................................
(0.05)
(0.04)
(0.01)
$ 3.48
$ 4.19
$ 1.18
Net income per common share – diluted
Continuing operations ........................................................................
$ 3.52
$ 4.22
$ 1.18
Discontinued operations ....................................................................
(0.05)
(0.04)
(0.01)
$ 3.47
$ 4.18
$ 1.17
Basic weighted average common shares outstanding .............................
168,358
168,250
169,342
Diluted weighted average common shares outstanding ..........................
168,768
168,675
169,850
Equity Shares, Series A (basic and diluted):
Net income per share .....................................................................
$ 2.45
$ 2.45
$ 2.45
Weighted average depositary shares ...............................................
8,377
8,652
8,744