Public Storage 2010 Annual Report Download - page 55

41
OTHER FACILITIES Year Ended December 31,
Year Ended December 31,
2010 2009 Change 2009 2008 Change
(Dollar amounts in thousands, except square foot amounts)
Rental income:
Facilities acquired in 2010 (a) ................................. $ 15,412 $ - $ 15,412 $ - $ - $ -
Expansion facilities... ............................................... 70,196 63,957 6,239 63,957 52,705 11,252
Total rental income .................................................. 85,608 63,957 21,651 63,957 52,705 11,252
Cost of operations before depreciation and
amortization expense:
Facilities acquired in 2010 (a) ................................. $ 5,906 $ - $ 5,906 $ - $ - $ -
Expansion facilities .................................................. 22,966 21,654 1,312 21,654 20,295 1,359
Total cost of operations ........................................... 28,872 21,654 7,218 21,654 20,295 1,359
Net operating income before depreciation and
amortization ex
p
ense:
Facilities acquired in 2010 (a) ................................. $ 9,506 $ - $ 9,506 $ - $ - $ -
Expansion facilities .................................................. 47,230 42,303 4,927 42,303 32,410 9,893
Total net operating income (b) ................................. 56,736 42,303 14,433 42,303 32,410 9,893
Depreciation and amortization expense ....................... (48,211) (32,800) (15,411) (32,800) (32,601) (199)
Net income (loss) ..................................................... $ 8,525 $ 9,503 $ (978) $ 9,503 $ (191) $ 9,694
At December 31:
Square foot occupancy:
Facilities acquired in 2010 ................................. 74.2% - - - - -
Expansion facilities ............................................ 86.4% 82.5% 4.7% 82.5% 73.4% 12.4%
82.6% 82.5% 0.1% 82.5% 73.4% 12.4%
In place annual rent per occupied square foot:
Facilities acquired in 2010 ................................. $ 15.66 - - - - -
Expansion facilities ............................................ 15.67 15.25 2.8% 15.25 15.76 (3.2)%
$15.67 $15.25 2.8% $15.25 $15.76 (3.2)%
Number of Facilities:
Facilities acquired in 2010 ................................. 42 - 42 - - -
Expansion facilities ............................................ 63 63 -63 62 1
105 63 42 63 62 1
Net rentable square feet (in thousands):
Facilities acquired in 2010 .................................. 2,660 - 2,660 - - -
Expansion facilities ............................................ 5,587 5,369 218 5,369 5,229 140
8,247 5,369 2,878 5,369 5,229 140
(a) 7KH SURSHUWLHV GHQRWHG XQGHU ³)DFLOLWLHV SXW LQ SODFH LQ ´ ZHUH acquired at various dates in 2010.
Accordingly, rental income, cost of operations, depreciation and net operating income, represent the operating
results for the partial period that we owned the facilities.
(b) 6HH ³1HW 2SHUDWLQJ ,QFRPH´ DERYH IRU D UHFRQFLOLDWLRQ Rf this non-GAAP measure to our net income in our
consolidated statements of income for the years ended December 31, 2010, 2009 and 2008.
In 2010, we acquired 42 facilities for an aggregate acquisition cost of $239,643,000. Thirty-two of the
facilities are located in California (primarily in Los Angeles and San Francisco), three facilities are located in
Chicago, IL., two facilities are located in West Palm Beach, FL., and one facility each is located in Atlanta, GA.,
Honolulu, HI., New Orleans, LA., Newark, NJ., and Columbus, OH. We expect increases in revenues and expenses
in 2011 for these 42 acquired facilities as their operations will reflect a full operating period.