Public Storage 2015 Annual Report Download - page 5
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2
European self-storage
and 5.5%, respectively, compared with last year’s revenue and NOI growth of 3.2% and 3.5%,
respectively.
properties in London, increasing its net square footage by 11% to 11.6 million.
Commercial properties
respectively, compared with last year’s revenue and NOI growth of 3.2% and 3.0%, respectively.
Ancillary businesses
execution. Revenues and NOI from the tenant reinsurance segment were $110 million and
$84 million, respectively, up 16% and 15%, respectively, over last year. This is exceptional
given the unusually large claims we paid due to flooding in Texas and South Carolina.
Financing and dividends
of 2.175%.
annualized rate of $6.80 per share.
of $2.40 per share.
coupon of 6.7%.
As noted in previous letters, our goal is to grow free cash flow per share on a long-term, sustainable
basis. I believe this is the best metric to calculate our intrinsic business value and is also key to measuring
in 2014 and 2015 and the devaluation of the Euro from $1.33 to $1.11, free cash flow per share and
consolidated NOI both increased about 10%, slightly above our long-term average. Higher revenues and
improved operating margins drove this improvement.
Annual
Amounts per share growth rates
2015 2010 2005 Five-year Ten-year
Free cash flow $ 8.66 $ 4.81 $ 3.51 12% 9%
Dividends $ 6.50 $ 3.05 $ 1.90 16% 13%
Net income $ 6.07 $ 2.35 $ 1.97 21% 12%
Core funds from operations1 $ 8.90 $ 5.22 $ 3.69 11% 9%
(1) See accompanying schedule “Supplemental Non-GAAP Disclosures.”