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30
Selected Operating Data for
the Same Store Facilities
(1,982 facilities)
Year Ended December 31,
Year Ended December 31,
Percentage
Percentage
2014
2013
Change
2013
2012
Change
(Dollar amounts in thousands, except weighted average amounts)
Revenues:
Rental income
$
1,748,211
$
1,657,412
5.5%
$
1,657,412
$
1,571,022
5.5%
Late charges and
administrative fees
88,465
85,770
3.1%
85,770
82,123
4.4%
Total revenues (a)
1,836,676
1,743,182
5.4%
1,743,182
1,653,145
5.4%
Cost of operations:
Property taxes
168,297
162,903
3.3%
162,903
155,403
4.8%
On-site property manager
payroll
98,260
99,980
(1.7)%
99,980
100,669
(0.7)%
Supervisory payroll
33,986
34,491
(1.5)%
34,491
33,952
1.6%
Repairs and maintenance
43,398
40,140
8.1%
40,140
40,959
(2.0)%
Utilities
38,927
37,365
4.2%
37,365
37,355
0.0%
Advertising and selling
expense
26,684
27,783
(4.0)%
27,783
39,920
(30.4)%
Other direct property costs
51,409
50,386
2.0%
50,386
51,402
(2.0)%
Allocated overhead
37,679
36,129
4.3%
36,129
36,557
(1.2)%
Total cost of operations (a)
498,640
489,177
1.9%
489,177
496,217
(1.4)%
Net operating income (b)
1,338,036
1,254,005
6.7%
1,254,005
1,156,928
8.4%
Depreciation and
amortization expense
(312,995)
(316,178)
(1.0)%
(316,178)
(326,258)
(3.1)%
Net income
$
1,025,041
$
937,827
9.3%
$
937,827
$
830,670
12.9%
Gross margin (before
depreciation and amortization)
72.9%
71.9%
1.4%
71.9%
70.0%
2.7%
Weighted average for the period:
Square foot occupancy
93.9%
93.3%
0.6%
93.3%
91.9%
1.5%
Realized annual rental income per (c):
Occupied square foot
$
14.84
$
14.16
4.8%
$
14.16
$
13.63
3.9%
Available square foot
(“REVPAF”)
$
13.94
$
13.21
5.5%
$
13.21
$
12.52
5.5%
At December 31:
Square foot occupancy
92.5%
91.8%
0.8%
91.8%
91.4%
0.4%
Annual contract rent per
occupied square foot (d)
$
15.79
$
15.05
4.9%
$
15.05
$
14.47
4.0%
(a) Revenues and cost of operations do not include ancillary revenues and expenses generated at the facilities with
respect to tenant reinsurance and retail sales.
(b) See “Net Operating Income” below for a reconciliation of this non-GAAP measure to our operating income in our
income statements.
(c) Realized annual rent per occupied square foot is computed by dividing rental income, before late charges and
administrative fees, by the weighted average occupied square feet for the period. Realized annual rent per
available square foot (“REVPAF”) is computed by dividing rental income, before late charges and administrative