Public storage (PSA)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09Dec'08Dec'07
Cash flows from operating activities:
Net income

1,525,651

1,717,223

1,448,465

1,460,439

1,317,689

1,149,955

1,057,531

943,035

836,459

696,114

790,456

973,872

487,078

Adjustments to reconcile net income to net cash flows from operating activities:
Gain due to Shurgard public offering

-

151,616

-

-

-

-

-

-

-

-

-

-

-

Gain on real estate investment sales

341

37,903

1,421

689

18,503

2,479

-4,233

-13,591

-13,538

-8,621

-39,444

-336,545

-

Assets damaged due to hurricanes

-

-

3,286

-

-

-

-

-

-

-

-

-

-

Depreciation and amortization

512,918

483,646

454,526

433,314

426,008

437,114

387,402

358,103

358,525

354,386

342,127

414,201

622,894

Equity in earnings of unconsolidated real estate entities

69,547

103,495

75,655

56,756

50,937

88,267

-

-

-

-

-

-

-

Distributions from cumulative equity in earnings of unconsolidated real estate entities

73,259

109,754

53,749

84,397

35,695

83,458

-11,709

-904

-5,197

11,536

-3,836

23,064

10,868

Impairment charge on intangible asset included in discontinued operations

-

-

-

-

-

-

-

-

-

-

-

-

0

Foreign currency exchange gain

7,800

18,100

-50,000

17,570

306

-7,047

17,082

8,876

-7,287

-42,264

9,662

-25,362

58,444

Share-based compensation expense

25,833

69,936

37,548

37,483

32,570

29,541

-

-

-

-

-

-

-

Gain on disposition of real estate investments, including amounts in discontinued operations

-

-

-

-

-

-

-

-

-

-

-

-

-6,883

Gain on early retirement of debt

-

-

-

-

-

-

-

-

-

-

4,114

-

0

Asset impairment charges, including amounts in discontinued operations

-

-

-

-

-

-

-

-

2,186

2,927

8,205

525

-

Other

-7,699

5,791

-2,346

-4,718

-6,063

12,827

-18,430

-7,892

-17,730

5,385

-29,125

23,508

7,861

Total adjustments

541,992

346,414

524,424

484,897

430,590

453,587

372,808

342,624

366,993

397,107

322,401

103,099

560,574

Net cash flows from operating activities

2,067,643

2,063,637

1,972,889

1,945,336

1,748,279

1,603,542

1,430,339

1,285,659

1,203,452

1,093,221

1,112,857

1,076,971

1,047,652

Cash flows from investing activities:
Payments for capital expenditures to maintain real estate facilities for: Costs incurred during the period

175,981

127,966

111,631

-

-

-

-

-

-

-

-

-

-

Payments for capital expenditures to maintain real estate facilities for: Costs incurred in previous periods

11,300

13,000

9,000

-

-

-

-

-

-

-

-

-

-

Payments for development and expansion of real estate facilities for: Costs incurred during the period

203,331

281,240

289,238

-

-

-

-

-

-

-

-

-

-

Payments for development and expansion of real estate facilities for: Costs incurred in previous periods

81,400

58,800

48,100

-

-

-

-

-

-

-

-

-

-

Capital expenditures to maintain real estate facilities

-

-

-

81,435

65,594

80,962

69,391

67,737

69,777

77,500

62,352

76,311

69,102

Construction in process

-

-

-

269,916

228,478

141,569

90,517

10,688

19,164

16,759

14,165

74,611

122,320

Acquisition of real estate facilities and intangible assets

437,758

181,020

285,279

416,178

177,076

410,210

1,150,943

225,515

77,228

107,945

-

43,569

72,787

Distributions in excess of retained earnings from unconsolidated real estate entities

11,630

91,927

-

67,420

-

-

-

-

-

-

-

-

-

Acquisition of common stock of PS Business Parks

-

-

-

-

-

-

-

-

-

-

-17,825

-

0

Proceeds from the disposition of interest in Shurgard Europe (Note 3)

-

-

-

-

-

-

-

-

-

-

-

609,059

0

Deconsolidation of Shurgard Europe (Note 3)

-

-

-

-

-

-

-

-

-

-

-

-34,588

0

Investments in unconsolidated real estate entities

-

-

-

-

-

-

105,040

0

1,274

-

-

54,702

0

Proceeds from sale of real estate investments

762

54,184

6,103

998

15,013

17,246

257

20,021

13,435

15,210

11,596

2,227

-

Disposition of portion of loan receivable from Shurgard Europe

-

-

-

-

-

216,217

-

-

121,317

-

-

-

-

Loans to unconsolidated real estate entities

-

-

-

-

-

-

-

-

358,877

-

-

-

-

Repayment of loan receivable from Shurgard Europe

-

-

-

-

-

204,947

-

-

206,770

24,539

-

-

-

Maturities of marketable securities

-

-

-

-

-

-

-

-

102,279

-104,828

-

-

-

Sale of real estate investments to affiliates (Note 7)

-

-

-

-

-

-

-

-

-

-

-

-

4,909

Acquisition of redeemable noncontrolling interests in subsidiaries

-

-

-

-

-

-

-

-

-

-

-750

-

0

Proceeds from sales of real estate and other real estate investments

-

-

-

-

-

-

-

-

-

-

-

-

8,708

Other

-

-

-

-

-

4,000

-3,241

6,546

-1,164

-678

7,913

-12,513

11,284

Net cash flows used in investing activities

-897,360

-515,912

-737,064

-699,111

-456,135

-198,331

-1,412,393

-290,465

-81,355

-266,605

-91,409

340,018

-261,876

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

1,920

1,784

1,701

36,459

17,237

44,406

251,895

61,013

174,355

77,092

-

-

-

Issuance of notes payable, net of issuance costs

496,900

-

992,077

113,620

264,255

-

-

-

-

-

-

-

-

Issuance of preferred shares

1,059,156

-

561,177

1,136,203

-

738,954

701,687

1,651,456

835,627

261,103

-

-

-

Repurchases of senior unsecured notes payable

-

-

-

-

-

-

-

-

-

-

109,622

-

0

Principal payments on notes payable

-

-

-

-

-

-

-

-

-

-

-7,504

-62,877

-508,942

Issuance of secured note payable

-

-

-

-

-

-

-

-

-

-

-

12,750

0

Net repayments on bank credit facilities

-

-

-

-

-

-

-

-

-

-

-

-

345,000

Proceeds from borrowing on debt of Existing European Joint Ventures

-

-

-

-

-

-

-

-

-

-

-

14,654

54,081

Issuance of common shares

33,564

12,525

42,500

25,541

29,663

37,872

21,111

124,447

26,416

41,308

2,192

10,890

8,457

Issuance of cumulative preferred shares

-

-

-

-

-

-

-

-

-

-

0

0

651,892

Repurchases of common shares

-

-

-

-

-

-

-

-

-

-

-

111,903

0

Redemption of preferred shares

1,050,000

-

922,500

862,500

270,000

-

-

1,978,771

1,147,256

272,950

17,535

66,879

302,150

Cash paid upon vesting of restricted share units

12,162

12,347

14,092

15,357

15,678

11,449

-

-

-

-

-

-

-

Redemption of Equity Shares, Series A

-

-

-

-

-

-

-

-

-

-205,366

-

-7,707

0

Acquisition of noncontrolling interests

35,000

-

14,425

-

5,492

721

6,248

21,325

118,418

100,400

153,000

-

0

Contributions by noncontrolling interests

4,148

1,720

2,484

3,470

1,562

-

-

-

-

-

-

-

-

Distributions paid to preferred shareholders, common shareholders and restricted share unitholders

1,608,749

1,612,680

1,630,347

1,505,758

1,371,031

1,200,545

1,091,461

959,154

846,246

754,770

624,665

733,676

598,183

Distributions paid to noncontrolling interests

6,672

7,022

7,392

7,586

7,325

6,469

6,454

5,945

14,314

24,542

-1,290

-1,335

-1,092

Distributions paid to permanent noncontrolling interests

-

-

-

-

-

-

-

-

-

-

-26,977

-37,993

-40,567

Net cash flows from (used in) financing activities

-1,120,735

-1,619,588

-992,219

-1,148,826

-1,391,283

-1,236,864

-16,160

-1,117,305

-1,438,546

-1,132,709

-938,401

-984,076

-1,081,504

Net cash flows from operating, investing and financing activities

49,548

-71,863

243,606

97,399

-

-

-

-

-

-

-

-

-

Net effect of foreign exchange translation

-13

-171

-126

-381

-318

196

144

342

-795

-1,444

41

2,344

5,488

Increase (decrease) in cash and equivalents, including restricted cash

49,535

-72,034

243,480

97,018

-99,139

168,347

1,786

-122,111

-316,449

-306,093

83,047

432,913

-295,728

Supplemental schedule of non-cash investing and financing activities:
Capital expenditures to maintain real estate facilities

-16,558

-11,431

-13,149

-4,612

2,525

1,178

-1,879

-

-

-

-

-

-

Construction or expansion of real estate facilities

-32,356

-81,157

-60,474

-18,238

-9,623

-8,830

-10,859

-

-

-

-

-

-

Accrued and other liabilities

48,914

92,588

73,623

22,850

7,098

7,652

12,738

-

-

-

-

-

-

Real estate acquired in exchange for assumption of notes payable

-1,817

-

-

-12,945

-8,311

-20,460

-6,071

-

-9,679

-131,698

-

-

-

Notes payable assumed in connection with acquisition of real estate

1,817

-

-

12,945

8,311

20,460

6,071

-

9,679

131,698

-

10,250

-

Reclassification of existing investment to real estate in connection with property acquisition (Note 3):
Real estate facilities

-

-

-6,310

-

-

-

-

-10,403

-19,427

-

-

-

-

Investments in unconsolidated real estate entities

-

-

6,310

-

-

-

-

3,072

6,126

-

-

-

-

Other disclosures:
Real estate facilities, net of accumulated depreciation

-

203

-659

1,317

500

673

-254

-646

-18

445

-

-

-

Investments in unconsolidated real estate entities

830

15,997

-19,370

24,099

19,583

47,251

-45

-21,600

6,985

-789

-

-

-

Notes payable

7,842

18,285

-49,906

17,750

315

-

-

-

-

-

-

-

-

Investment in real estate entities

-

-

-

24,099

19,583

-

-

-

-

-

-

-

-

Intangible assets

-

-

-

-

-

-

-

-5

-

-

-

-

-

Loan receivable from Shurgard Europe

-

-

-

-

-

6,975

-17,144

-8,302

6,766

41,935

-

-

-

Intangible assets

-

-

-

-

-

-

-

-949

-3,985

-

-

-

-

Noncontrolling interests

-

-

-

-

-

-

-

8,224

17,663

-

-

-

-

Noncontrolling interests in subsidiaries acquired in exchange for the issuance of common shares (Note 7)
Additional paid in capital (noncontrolling interests acquired)

-

-

-

-

-

-

-

-

-57,108

-

-

-

-

Common shares

-

-

-

-

-

-

-

-

48

-

-

-

-

Additional paid in capital (common shares issued)

-

-

-

-

-

-

-

-

57,060

-

-

-

-

Adjustments of redeemable noncontrolling interests to fair values:
Accumulated deficit

-

-

-

-

-

-

-

-

-764

-319

-1,392

-6,469

-

Redeemable noncontrolling interests

-

-

-

-

-

-

-

-

764

319

1,392

6,469

-

Real estate acquired in connection with elimination of intangible assets

-

-

-

-

-

-

-

-

-4,738

-

-

-

-

Intangible assets eliminated in connection with acquisition of real estate

-

-

-

-

-

-

-

-

4,738

-

-

-

-

Real estate acquired in exchange for assumption of note payable and extinguishment of investment

-

-

-

-

-

-

-

-

-

-

-

-12,388

-

Investment extinguished in exchange for real estate

-

-

-

-

-

-

-

-

-

-

-

2,138

-

Real estate disposed of in exchange for other asset

-

-

-

-

-

-

-

-

-

-

2,941

-

-

Other asset received in exchange for disposal of real estate

-

-

-

-

-

-

-

-

-

-

-2,941

-

-

Investment in real estate entities disposed in exchange for other asset

-

-

-

-

-

-

-

-

-

-

-

5,300

-

Other asset received in connection with disposal of real estate investment

-

-

-

-

-

-

-

-

-

-

-

-5,300

-