Public Storage 2011 Annual Report Download - page 87

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PUBLIC STORAGE
STATEMENTS OF CASH FLOWS
For each of the three years in the period ended December 31, 2011
(Amounts in thousands)
See accompanying notes.
F-7
2011
2010
2009
Cash flows from operating activities:
Net income .....................................................................................................................
$ 836,459
$ 696,114
$ 790,456
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on real estate sales and debt retirement, including amounts in discontinued
operations.................................................................................................................
(13,538)
(8,621)
(43,558)
Asset impairment charges, including amounts in discontinued operations ..................
2,186
2,927
8,205
Depreciation and amortization, including amounts in discontinued operations ...........
358,525
354,386
342,127
Distributions received from unconsolidated real estate entities (less than) in
excess of equity in earnings of unconsolidated real estate entities ...........................
(5,197)
11,536
(3,836)
Foreign currency exchange loss (gain) ........................................................................
7,287
42,264
(9,662)
Other ............................................................................................................................
17,730
(5,385)
29,125
Total adjustments ....................................................................................................
366,993
397,107
322,401
Net cash provided by operating activities ...............................................................
1,203,452
1,093,221
1,112,857
Cash flows from investing activities:
Capital improvements to real estate facilities .............................................................
(69,777)
(77,500)
(62,352)
Construction in process ................................................................................................
(19,164)
(16,759)
(14,165)
Acquisition of real estate facilities and property intangibles (Note 3) .........................
(77,228)
(107,945)
-
Proceeds from sales of other real estate investments ...................................................
13,435
15,210
11,596
Loans to unconsolidated real estate entities (Note 5) ...................................................
(358,877)
-
-
Proceeds from repayments of loans receivable from unconsolidated real estate
entities......................................................................................................................
206,770
24,539
-
Proceeds from disposition of loan receivable from unconsolidated real estate
entities (Note 5) .......................................................................................................
121,317
-
-
Acquisition of investments in unconsolidated real estate entities ................................
(1,274)
-
-
Net sales (purchases) of marketable securities .............................................................
102,279
(104,828)
(17,825)
Other investing activities .............................................................................................
1,164
678
(8,663)
Net cash used in investing activities .......................................................................
(81,355)
(266,605)
(91,409)
Cash flows from financing activities:
Principal payments on notes payable ...........................................................................
(174,355)
(77,092)
(7,504)
Repurchases of senior unsecured notes payable ..........................................................
-
-
(109,622)
Net proceeds from the issuance of common shares .....................................................
26,416
41,308
2,192
Issuance of cumulative preferred shares ......................................................................
835,627
261,103
-
Redemption of cumulative preferred shares ................................................................
(1,147,256)
(272,950)
(17,535)
Redemption of Equity Shares, Series A .......................................................................
-
(205,366)
-
Acquisition of permanent noncontrolling interests ......................................................
(118,418)
(100,400)
(153,000)
Distributions paid to Public Storage shareholders .......................................................
(846,246)
(754,770)
(624,665)
Distributions paid to noncontrolling interests ..............................................................
(14,314)
(24,542)
(28,267)
Net cash used in financing activities .......................................................................
(1,438,546)
(1,132,709)
(938,401)
Net (decrease) increase in cash and cash equivalents ..................................
(316,449)
(306,093)
83,047
Net effect of foreign exchange translation on cash ......................................
(795)
(1,444)
41
Cash and cash equivalents at the beginning of the year ...............................
456,252
763,789
680,701
Cash and cash equivalents at the end of the year .........................................
$ 139,008
$ 456,252
$ 763,789