Public Storage 2014 Annual Report Download - page 83

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PUBLIC STORAGE
STATEMENTS OF CASH FLOWS
(Amounts in thousands)
See accompanying notes.
F-7
For the Years Ended December 31,
2014
2013
2012
Cash flows from operating activities:
Net income
$
1,149,955
$
1,057,531
$
943,035
Adjustments to reconcile net income to net cash provided
by operating activities:
Gain on real estate sales, including amounts
in discontinued operations
(2,479)
(4,233)
(13,591)
Depreciation and amortization, including amounts
in discontinued operations
437,114
387,402
358,103
Distributions received from unconsolidated real estate
entities less than equity in earnings
(4,809)
(11,709)
(904)
Foreign currency exchange loss (gain)
7,047
(17,082)
(8,876)
Other
19,930
18,430
7,892
Total adjustments
456,803
372,808
342,624
Net cash provided by operating activities
1,606,758
1,430,339
1,285,659
Cash flows from investing activities:
Capital expenditures to maintain real estate facilities
(79,784)
(71,270)
(67,737)
Construction in process
(150,399)
(101,376)
(10,688)
Acquisition of real estate facilities and intangibles
(410,210)
(1,150,943)
(225,515)
Investment in unconsolidated real estate entities
-
(105,040)
-
Proceeds from sale of real estate investments
2,581
257
20,021
Disposition of portion of loan receivable from
Shurgard Europe
216,217
-
-
Repayments of loan receivable from Shurgard Europe
204,947
-
-
Other
3,652
15,979
(6,546)
Net cash used in investing activities
(212,996)
(1,412,393)
(290,465)
Cash flows from financing activities:
Repayments on bank credit facility
(50,100)
(82,900)
133,000
Repayments on term loan
(700,000)
700,000
-
Repayments on notes payable
(44,406)
(251,895)
(61,013)
Issuance of common shares
37,872
21,111
124,447
Issuance of preferred shares
738,954
701,687
1,651,456
Redemption of preferred shares
-
-
(1,978,771)
Acquisition of noncontrolling interests
(721)
(6,248)
(21,325)
Distributions paid to Public Storage shareholders
(1,200,545)
(1,091,461)
(959,154)
Distributions paid to noncontrolling interests
(6,469)
(6,454)
(5,945)
Net cash used in financing activities
(1,225,415)
(16,160)
(1,117,305)
Net increase (decrease) in cash and cash equivalents
168,347
1,786
(122,111)
Net effect of foreign exchange translation on cash and
cash equivalents
196
144
342
Cash and cash equivalents at the beginning of the period
19,169
17,239
139,008
Cash and cash equivalents at the end of the period
$
187,712
$
19,169
$
17,239