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33
Real Estate Operations
Self-Storage Operations: Our self-storage operations are by far the largest component of our operating
activities, representing more than 91% of our revenues for the years ended December 31, 2011, 2010 and 2009,
respectively.
Management analyzes the results of the Company’s consolidated self-storage operations in two-groups: (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, 2009, and (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, 2009 such as newly acquired, newly developed, or recently expanded facilities.
Self-Storage Operations
Summary
Year Ended December 31,
Year Ended December 31,
2011
2010
Percentage
Change
2010
2009
Percentage
Change
(Dollar amounts in thousands)
Revenues:
Same Store Facilities ...............
$ 1,507,051
$ 1,441,214
4.6%
$ 1,441,214
$ 1,435,336
0.4%
Non Same Store Facilities .......
98,629
70,299
40.3%
70,299
50,174
40.1%
Total rental income ..............
1,605,680
1,511,513
6.2%
1,511,513
1,485,510
1.8%
Cost of operations:
Same Store Facilities ...............
473,495
471,622
0.4%
471,622
467,972
0.8%
Non Same Store Facilities ........
32,138
23,884
34.6%
23,884
16,929
41.1%
Total cost of operations ......
505,633
495,506
2.0%
495,506
484,901
2.2%
Net operating income (a):
Same Store Facilities ...............
1,033,556
969,592
6.6%
969,592
967,364
0.2%
Non Same Store Facilities ........
66,491
46,415
43.3%
46,415
33,245
39.6%
Total net operating income
1,100,047
1,016,007
8.3%
1,016,007
1,000,609
1.5%
Total depreciation and
amortization expense:
Same Store Facilities ...............
(311,122)
(316,749)
(1.8)%
(316,749)
(323,148)
(2.0)%
Non Same Store Facilities ........
(44,655)
(34,349)
30.0%
(34,349)
(13,339)
157.5%
Total depreciation and
amortization expense ....
(355,777)
(351,098)
1.3%
(351,098)
(336,487)
4.3%
Total net income ......................
$ 744,270
$ 664,909
11.9%
$ 664,909
$ 664,122
0.1%
Number of facilities at period end:
Same Store Facilities ................
1,931
1,931
-
1,931
1,931
-
Non Same Store Facilities ........
111
97
14.4%
97
55
76.4%
Net rentable square footage at
period end (in thousands):
Same Store Facilities ................
121,582
121,582
-
121,582
121,582
-
Non Same Store Facilities ........
8,173
6,860
19.1%
6,860
3,982
72.3%
(a) 6HH³1HW2SHUDWLQJ,QFRPHRU12,´EHORZ
Net income with respect to our self-storage operations increased by $79.4 million or 11.9% during the year
ended December 31, 2011, when compared to the same period in 2010. This was due to a 6.6% increase in net
operating income with respect to our Same Store Facilities due to increased revenues driven by higher occupancy
and higher realized rents per occupied square foot, and a 43.3% increase in net operating income with respect to the
Non Same Store Facilities, due primarily to the impact of the properties acquired in 2010 and 2011. This was
partially offset by a $4.7 million increase in depreciation and amortization, due primarily to increased depreciation
with respect to the facilities acquired in 2011 and 2010. Net income with respect to our self-storage operations