Public Storage 2013 Annual Report Download - page 38

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28
Real Estate Operations
Self-Storage Operations: Our self-storage operations represent 93% of our revenues for the year
ended December 31, 2013. 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,
2011, and (ii) all other facilities, which are newly acquired, newly developed, or recently expanded
facilities (the “Non Same Store Facilities”).
Self-Stora
g
e O
p
erations
Summary Year Ended December 31, Year Ended December 31,
Percentage Percentage
2013 2012 Change 2012 2011 Change
(Dollar amounts in thousands)
Revenues:
Same Store Facilities $ 1,703,294 $ 1,616,798 5.3% $ 1,616,798 $ 1,544,543 4.7%
Non Same Store Facilities 146,589 102,067 43.6% 102,067 77,256 32.1%
Total rental income 1,849,883 1,718,865 7.6% 1,718,865 1,621,799 6.0%
Cost of o
p
erations:
Same Store Facilities 478,978 485,460 (1.3)% 485,460 496,569 (2.2)%
Non Same Store Facilities 45,108 32,181 40.2% 32,181 26,544 21.2%
Total cost of operations 524,086 517,641 1.2% 517,641 523,113 (1.0)%
Net o
p
eratin
g
income (a):
Same Store Facilities 1,224,316 1,131,338 8.2% 1,131,338 1,047,974 8.0%
Non Same Store Facilities 101,481 69,886 45.2% 69,886 50,712 37.8%
Total net operating
i
1,325,797 1,201,224 10.4% 1,201,224 1,098,686 9.3%
Depreciation and
amortization ex
p
ense:
Same Store Facilities (305,270) (314,428) (2.9)% (314,428) (322,467) (2.5)%
Non Same Store Facilities (79,353) (40,543) 95.7% (40,543) (32,848) 23.4%
Total depreciation and
amortization expense (384,623) (354,971) 8.4% (354,971) (355,315) (0.1)%
Total net income $ 941,174 $ 846,253 11.2% $ 846,253 $ 743,371 13.8%
N
umber of facilities at period end:
Same Store Facilities 1,949 1,949 - 1,949 1,949 -
Non Same Store Facilities 238 116 105.2% 116 89 30.3%
N
et rentable square footage at
p
eriod end (in thousands):
Same Store Facilities 122,823 122,823 - 122,823 122,823 -
Non Same Store Facilities 17,464 8,814 98.2% 8,814 6,638 32.8%
(a) See “Net Operating Income” below for further information regarding this non-GAAP measure.
Net income from our Self-Storage operations has increased 11.2% in 2013 as compared to 2012
and 13.8% in 2012 as compared to 2011. These increases are due to improvements in our Same Store
Facilities, as well as the acquisitions of new facilities and the fill-up of unstabilized facilities.