Public Storage 2014 Annual Report Download - page 79

Download and view the complete annual report

Please find page 79 of the 2014 Public Storage annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 116

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116

PUBLIC STORAGE
STATEMENTS OF INCOME
(Amounts in thousands, except per share amounts)
See accompanying notes.
F-3
For the Years Ended December 31,
2014
2013
2012
Revenues:
Self-storage facilities
$
2,049,882
$
1,849,883
$
1,718,865
Ancillary operations
145,522
131,863
123,639
2,195,404
1,981,746
1,842,504
Expenses:
Self-storage cost of operations
566,898
524,086
517,641
Ancillary cost of operations
51,822
41,075
38,263
Depreciation and amortization
437,114
387,402
357,781
General and administrative
71,459
66,679
56,837
1,127,293
1,019,242
970,522
Operating income
1,068,111
962,504
871,982
Interest and other income
4,926
22,577
22,074
Interest expense
(6,781)
(6,444)
(19,813)
Equity in earnings of unconsolidated real estate entities
88,267
57,579
45,586
Foreign currency exchange (loss) gain
(7,047)
17,082
8,876
Gain on real estate sales
2,479
4,233
1,456
Income from continuing operations
1,149,955
1,057,531
930,161
Discontinued operations
-
-
12,874
Net income
1,149,955
1,057,531
943,035
Allocation to noncontrolling interests
(5,751)
(5,078)
(3,777)
Net income allocable to Public Storage shareholders
1,144,204
1,052,453
939,258
Allocation of net income to:
Preferred shareholders
(232,636)
(204,312)
(205,241)
Preferred shareholders - redemptions
-
-
(61,696)
Restricted share units
(3,392)
(3,410)
(2,627)
Net income allocable to common shareholders
$
908,176
$
844,731
$
669,694
Net income per common share – basic
Continuing operations
$
5.27
$
4.92
$
3.85
Discontinued operations
-
-
0.08
$
5.27
$
4.92
$
3.93
Net income per common share – diluted
Continuing operations
$
5.25
$
4.89
$
3.83
Discontinued operations
-
-
0.07
$
5.25
$
4.89
$
3.90
Basic weighted average common shares outstanding
172,251
171,640
170,562
Diluted weighted average common shares
outstanding
173,138
172,688
171,664