Public Storage 2012 Annual Report Download - page 7
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5
Net Operating Income: U.S. Self-Storage
(Amounts in millions)
2012 2011 2010
Same Store $ 1,128 $ 1,045 $ 980
Acquired/redeveloped properties 73 54 35
Total $ 1,201 $ 1,099 $ 1,015
Total assets (before depreciation reserves) $ 11,016 $ 10,722 $ 10,537
Our skilled 5,000 member operating team is responsible for our 1.2 million
customers who rent space in our 2,078 properties. We classify most
of our properties as “Same Store,” which we have operated on
a stabilized basis for at least three years. Our Same Store properties’ net
operating income grew faster than revenues as expenses declined.
We had solid expense controls in all areas and needed less marketing. Our
pool of newly acquired/redeveloped properties has grown to 6% of our
income compared with 3% two years ago. The recent expansion of our
development/redevelopment program should accelerate this important source of
growth.
All our major markets performed well. Same Store net operating income
increased 8% and property occupancies averaged a record 91.8%. The 2012
self-storage operating environment was unparalleled. Virtually no new facilities
were built in the last five years as financing for all but the strongest operators
has evaporated.
The favorable operating environment, our solid position and experienced
operations team should lead to another great year.