Public Storage 2014 Annual Report Download - page 107

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PUBLIC STORAGE
NOTES TO FINANCIAL STATEMENTS
December 31, 2014
F-31
Year ended December 31, 2012
Domestic
Self-Storage
European
Self-Storage
Commercial
Other Items
Not
Allocated to
Segments
Total
(Amounts in thousands)
Revenues:
Self-storage facilities
$
1,718,865
$
-
$
-
$
-
$
1,718,865
Ancillary operations
-
-
14,071
109,568
123,639
1,718,865
-
14,071
109,568
1,842,504
Expenses:
Self-storage cost of operations
517,641
-
-
-
517,641
Ancillary cost of operations
-
-
4,908
33,355
38,263
Depreciation and amortization
354,971
-
2,810
-
357,781
General and administrative
-
-
-
56,837
56,837
872,612
-
7,718
90,192
970,522
Operating income
846,253
-
6,353
19,376
871,982
Interest and other income
-
19,966
-
2,108
22,074
Interest expense
-
-
-
(19,813)
(19,813)
Equity in earnings of
unconsolidated real estate entities
1,725
33,223
10,638
-
45,586
Foreign currency exchange gain
-
8,876
-
-
8,876
Gain on real estate sales
1,456
-
-
-
1,456
Income from continuing operations
849,434
62,065
16,991
1,671
930,161
Discontinued operations
12,874
-
-
-
12,874
Net income
$
862,308
$
62,065
$
16,991
$
1,671
$
943,035
12. Recent Accounting Pronouncements and Guidance
In April 2014, the Financial Accounting Standards Board (“FASB”) revised standards to limit the
presentation as discontinued operations only to those facility disposals that represent a strategic shift and have a
major impact upon operations, rather than to all facility disposals under previous standards. This change applies
to disposals occurring after our early adoption date (as encouraged by the standard) of January 1, 2014. This
change has no material impact on our financial statements.
In May 2014, the FASB issued an accounting standard (ASU No. 2014-09), requiring an entity to
recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services
to customers. ASU No. 2014-09 will replace most existing revenue recognition guidance in U.S. GAAP when
it becomes effective and permits the use of either the retrospective or cumulative effect transition method. The
new standard is effective for us on January 1, 2017. Early adoption is not permitted. We have not yet selected
a transition method. We do not believe the adoption of ASU No. 2014-09 will have a material impact on our
results of operations or financial condition.