Public Storage 2012 Annual Report Download - page 47

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29
Real Estate Operations
Self-Storage Operations: Our self-storage operations represent 93% of our revenues for the year ended
December 31, 2012. Our self-storage operations are analyzed in two groups: (i) the Same Store Facilities,
representing the facilities that we have owned and operated on a stabilized basis since January 1, 2010, and (ii) all
other facilities, which are newly acquired, newly developed, or recently expanded facilities (the “Non Same Store
Facilities”).
Self-Storage Operations
Summary
Year Ended December 31,
Year Ended December 31,
2012
2011
Percentage
Change
2011
2010
Percentage
Change
(Dollar amounts in thousands)
Revenues:
Same Store Facilities ............... $ 1,596,320 $ 1,522,055 4.9% $ 1,522,055 $ 1,454,633 4.6%
Non Same Store Facilities ....... 106,770 81,469 31.1% 81,469 54,763 48.8%
Total rental income .............. 1,703,090 1,603,524 6.2% 1,603,524 1,509,396 6.2%
Cost of operations:
Same Store Facilities ............... 468,752 477,041 (1.7)% 477,041 474,831 0.5%
Non Same Store Facilities ........ 33,114 27,797 19.1% 27,797 19,884 39.8%
Total cost of operations ...... 501,866 504,838 (0.6)% 504,838 494,715 2.0%
Net operating income (a):
Same Store Facilities ............... 1,127,568 1,045,014 7.9% 1,045,014 979,802 6.7%
Non Same Store Facilities ........ 73,656 53,672 37.2% 53,672 34,879 53.9%
Total net operating income 1,201,224 1,098,686 9.3% 1,098,686 1,014,681 8.3%
Total depreciation and
amortization expense:
Same Store Facilities ............... (313,173) (319,033) (1.8)% (319,033) (316,199) 0.9%
Non Same Store Facilities ........ (41,798) (36,282) 15.2% (36,282) (34,426) 5.4%
Total depreciation and
amortization expense .... (354,971) (355,315) (0.1)% (355,315) (350,625) 1.3%
Total net income ...................... $ 846,253 $ 743,371 13.8% $ 743,371 $ 664,056 11.9%
Number of facilities at period end:
Same Store Facilities ................ 1,941 1,941 - 1,941 1,941 -
Non Same Store Facilities ........ 124 97 27.8% 97 83 16.9%
Net rentable square footage at
period end (in thousands):
Same Store Facilities ................ 122,464 122,464 - 122,464 122,464 -
Non Same Store Facilities ........ 9,173 6,997 31.1% 6,997 5,684 23.1%
(a) See “Net Operating Income below for further information regarding this non-GAAP measure.