Public Storage 2015 Annual Report Download - page 9
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6
Commercial Properties
not have a commanding market share, leading brand nor significant scale in any of the markets where it
operates. Instead, it has a “niche,” focusing on small to mid-size businesses, and an intensive and nimble
property operation. The key to shareholder returns in this business are bargain purchases (acquiring
properties well below replacement costs) and aggressively managing them through nimble leasing, tight
expense control and good capital management (broker commissions and tenant improvements). This
business is also more economically sensitive than self-storage. If done correctly, this business can
grown to over $90 per share, in addition to a growing dividend stream.
drive future growth from its well-located portfolio on the West Coast, Texas, Washington DC and Florida
markets.
Net Operating Income
(Amounts in millions)
2015 2014 2013
Public Storage’s owned commercial properties 10 10 9
Total $ 264 $ 262 $ 250
Public Storage’s share $ 117 $ 117 $ 110
Total assets (before depreciation reserves) $ 3,097 $ 3,136 $ 3,284
Ancillary Businesses
We have four ancillary businesses: merchandise (mainly locks and boxes sold to self-storage customers),
tenant reinsurance (reinsurance of policies sold to our self-storage customers by a third-party insurance
company), third-party property management (fees we received for managing other owners’ properties) and
European ancillary businesses (sales of merchandise and insurance commissions received by Shurgard).
These businesses complement our self-storage business and each generates respectable revenue and cash
flow with no significant capital investment.
While modest in relative size, each ancillary business meaningfully contributes to Public Storage’s overall
Haga. Once again this business had an exceptional year as revenues increased by 16% in 2015, following 12%
and 9% increases in 2014 and 2013, respectively.