Public Storage 2010 Annual Report Download - page 45

31
Real Estate Operations
Self-Storage Operations: Our self-storage operations are by far the largest component of our operating
activities, representing more than 90% of our revenues for the years ended December 31, 2010, 2009 and 2008,
respectively.
To enhance year-over-year comparisons, the table that follows summarizes, and the ensuing discussion
describes, the operating results of three groups of facilities that management analyzes: (i) the Same Store facilities,
representing the facilities in the Domestic Self-Storage Segment that we have owned and have been operating on a
stabilized basis since January 1, 2008, (ii) all other facilities in the Domestic Self-Storage Segment, which are
primarily those consolidated facilities that we have not owned and operated at a stabilized basis since January 1,
2008 such as newly acquired, newly developed, or recently expanded facilities, and (iii), the Shurgard Europe
facilities, which we deconsolidated effective March 31, 2008 in connection with the sale of a 51% interest in
6KXUJDUG(XURSHWRDQLQVWLWXWLRQDOLQYHVWRUWKH³(XURSH7UDQVDFWLRQ´
Self-Storage Operations
Summary Year Ended December 31,
Year Ended December 31,
2010 2009
Percentage
Change
2009 2008
Percentage
Change
(Dollar amounts in thousands)
Revenues:
Same Store Facilities ............... $ 1,427,716 $ 1,423,338
0.3%
$ 1,423,338 $ 1,468,485 (3.1)%
Other Facilities ........................ 85,608 63,957
33.9%
63,957 52,705 21.3%
Shurgard Europe Facilities (a) . - -
-
-54,722 (100.0)%
Total rental income .............. 1,513,324 1,487,295
1.8%
1,487,295 1,575,912 (5.6)%
Cost of o
p
erations:
Same Store Facilities ............... 467,430 464,041
0.7%
464,041 472,803 (1.9)%
Other Facilities ........................ 28,872 21,654
33.3%
21,654 20,295 6.7%
Shurgard Europe Facilities (a) . - -
-
-24,654 (100.0)%
Total cost of operations ...... 496,302 485,695
2.2%
485,695 517,752 (6.2)%
Net operatin
g
income (b):
Same Store Facilities ............... 960,286 959,297
0.1%
959,297 995,682 (3.7)%
Other Facilities ........................ 56,736 42,303
34.1%
42,303 32,410 30.5%
Shurgard Europe Facilities (a) . - -
-
-30,068 (100.0)%
Total net operating income 1,017,022 1,001,600
1.5%
1,001,600 1,058,160 (5.3)%
Total depreciation and
amortization ex
p
ense:
Same Store Facilities ............... (303,175) (304,008)
(0.3)%
(304,008) (351,611) (13.5)%
Other Facilities ........................ (48,211) (32,800)
47.0%
(32,800) (32,601) 0.6%
Shurgard Europe Facilities (a) . - -
-
-(21,871) (100.0)%
Total depreciation and
amortization expense .... (351,386) (336,808)
4.3%
(336,808) (406,083) (17.1)%
Total net income ...................... $ 665,636 $ 664,792
0.1%
$ 664,792 $ 652,077 1.9%
Number of facilities at period end:
Same Store Facilities ................ 1,925 1,925
-
1,925 1,925 -
Other Facilities ......................... 105 63
66.7%
63 62 1.6%
Net rentable square footage at
period end (in thousands):
Same Store Facilities ................ 120,328 120,328
-
120,328 120,328 -
Other Facilities ......................... 8,247 5,369
53.6%
5,369 5,229 2.7%
(a) 5HSUHVHQWV WKH UHVXOWV ZLWK UHVSHFW WR 6KXUJDUG (XURSH¶V facilities for the periods consolidated in our financial
statements. As described in Note 3 to our December 31, 2010 consolidated financial statements, effective
March   ZH GHFRQVROLGDWHG 6KXUJDUG (XURSH  6HH DOVR ³(TXLW\ LQ (DUQLQJV RI 5HDO (VWDWH (QWLWLHV ±
,QYHVWPHQWLQ6KXUJDUG(XURSH´IRUIXUWKHUDQDO\VLVRIWKHKLVWRULFDOVDPHVWRUHSURSHUW\RSHUDWLRQVRI Shurgard