Public Storage 2012 Annual Report Download - page 42

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ITEM 6. Selected Financial Data
For the year ended December 31,
2012 2011 2010 2009 (1) 2008
(Amounts in thousands, except per share data)
Operating Revenues .................................................... $1,826,729 $1,717,613 $1,613,777 $1,590,929 $1,680,198
Operating Expenses:
Cost of operations ................................................... 540,129 542,234 528,404 520,089 552,667
Depreciation and amortization ................................ 357,781 357,969 353,245 339,003 407,422
General and administrative ..................................... 56,837 52,410 38,487 35,735 62,809
Asset impairment charges ....................................... - 2,186 994 - 525
954,747 954,799 921,130 894,827 1,023,423
Operating income ....................................................... 871,982 762,814 692,647 696,102 656,775
Interest and other income ............................................ 22,074 32,333 29,017 29,813 36,155
Interest expense .......................................................... (19,813) (24,222) (30,225) (29,916) (43,944)
Equity in earnings of unconsolidated real estate
entities .................................................................... 45,586 58,704 38,352 53,244 20,391
Foreign currency exchange gain (loss) ....................... 8,876 (7,287) (42,264) 9,662 (25,362)
Gain on real estate sales and debt retirement .............. 1,456 10,801 827 37,540 336,545
Income from continuing operations ............................ 930,161 833,143 688,354 796,445 980,560
Discontinued operations ............................................. 12,874 3,316 7,760 (5,989) (6,688)
Net income ................................................................. 943,035 836,459 696,114 790,456 973,872
Net income allocated (to) from noncontrolling equity
interests ................................................................... (3,777)
(12,617) (24,076) 44,165 (38,696)
Net income allocable to Public Storage shareholders . $939,258 $823,842 $672,038 $834,621 $935,176
Per Common Share:
Distributions ........................................................... $4.40 $3.65 $3.05 $2.20 $2.80
Net income – Basic ................................................. $3.93 $3.31 $2.36 $3.48 $4.19
Net income – Diluted .............................................. $3.90 $3.29 $2.35 $3.47 $4.18
Weighted average common shares – Basic ............. 170,562 169,657 168,877 168,358 168,250
Weighted average common shares – Diluted .......... 171,664 170,750 169,772 168,768 168,675
Balance Sheet Data:
Total assets ............................................................. $8,793,403 $8,932,562 $9,495,333 $9,805,645 $9,936,045
Total debt ................................................................ $468,828 $398,314 $568,417 $518,889 $643,811
Public Storage shareholders’ equity ........................ $8,093,756 $8,288,209 $8,676,598 $8,928,407 $8,708,995
Permanent noncontrolling interests’ equity ............ $29,108 $22,718 $32,336 $132,974 $358,109
Net cash flow:
Provided by operating activities .............................. $1,285,659 $1,203,452 $1,093,221 $1,112,857 $1,076,971
Provided by (used in) investing activities ............... $(290,465) $(81,355) $(266,605) $(91,409) $340,018
Used in financing activities ..................................... $(1,117,305) $(1,438,546) $(1,132,709) $(938,401) $(984,076)
(1) The 2009 decreases in our revenues, cost of operations, and depreciation and amortization, and our increase in equity in earnings of
unconsolidated real estate entities, are due primarily to our disposition of a 51% interest in Shurgard Europe on March 31, 2008.