Public Storage 2012 Annual Report Download - page 51

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33
This increase in 2011 was due primarily to higher incentives and wage rates paid to supervisory personnel. We
expect growth in supervisory payroll in excess of inflation, due to higher wage rates, incentives and increased
headcount.
Allocated overhead represents administrative expenses for shared general corporate functions, which are
allocated to self-storage property operations to the extent their efforts are devoted to self-storage operations. Such
functions include data processing, human resources, operational accounting and finance, marketing, and costs of
senior executives (other than the Chief Executive Officer and Chief Financial Officer, which are included in
general and administrative expense). The increases in 2012 and 2011 are due principally to increased headcount.
We expect inflationary growth in allocated overhead in 2013.
The following table summarizes selected quarterly financial data with respect to the Same Store Facilities:
For the Quarter Ended
March 31 June 30 September 30 December 31 Entire Year
(Amounts in thousands, except for per square foot amount)
Total revenues:
2012 $ 383,928 $ 394,700 $ 412,641 $ 405,051 $ 1,596,320
2011 $ 366,497 $ 375,543 $ 393,819 $ 386,196 $ 1,522,055
2010 $ 353,976 $ 360,915 $ 372,125 $ 367,617 $ 1,454,633
Total cost of operations:
2012 $ 130,682 $ 121,043 $ 118,566 $ 98,461 $ 468,752
2011 $ 128,295 $ 122,776 $ 121,338 $ 104,632 $ 477,041
2010 $ 128,363 $ 122,954 $ 121,127 $ 102,387 $ 474,831
Property taxes:
2012 $ 43,058 $ 41,925 $ 40,580 $ 26,042 $ 151,605
2011 $ 41,382 $ 40,264 $ 39,550 $ 26,063 $ 147,259
2010 $ 40,420 $ 39,246 $ 39,187 $ 25,649 $ 144,502
Repairs and maintenance:
2012 $ 12,025 $ 10,585 $ 8,487 $ 8,901 $ 39,998
2011 $ 10,765 $ 10,993 $ 10,960 $ 12,519 $ 45,237
2010 $ 13,089 $ 10,693 $ 10,829 $ 11,590 $ 46,201
Media advertising:
2012 $ 3,145 $ 1,891 $ 1,239 $ 51 $ 6,326
2011 $ 4,046 $ 3,360 $ 2,144 $ 992 $ 10,542
2010 $ 5,456 $ 6,603 $ 3,119 $ - $ 15,178
REVPAF:
2012 $ 11.89 $ 12.25 $ 12.79 $ 12.59 $ 12.38
2011 $ 11.36 $ 11.64 $ 12.16 $ 11.96 $ 11.78
2010 $ 11.01 $ 11.22 $ 11.54 $ 11.41 $ 11.30
Weighted average realized annual rent per occupied square foot:
2012 $ 13.17 $ 13.23 $ 13.79 $ 13.72 $ 13.49
2011 $ 12.65 $ 12.61 $ 13.19 $ 13.26 $ 12.92
2010 $ 12.47 $ 12.34 $ 12.68 $ 12.82 $ 12.58
Weighted average occupancy levels for the period:
2012 90.3% 92.6% 92.7% 91.8% 91.8%
2011 89.8% 92.3% 92.2% 90.2% 91.2%
2010 88.3% 90.9% 91.0% 89.0% 89.8%