Public Storage PSA Cash Flow

Public storage (PSA)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10	Dec'09	Sep'09	Jun'09	Mar'09
Cash flows from operating activities:
Net income
367,136	387,097	399,420	371,456	367,678	587,906	379,589	405,292	344,436	390,963	358,274	355,207	344,021	415,681	369,050	358,359	317,349	365,259	341,136	328,040	283,254	348,426	294,977	278,279	228,273	297,977	285,628	261,679	212,247	272,563	264,819	198,931	206,722	220,437	194,513	210,941	210,568	189,210	245,811	131,176	129,917	187,689	243,951	205,387	153,429
Adjustments to reconcile net income to net cash flows from operating activities:
Gain on real estate investment sales
1,117	-	-	-	-	36,078	1,401	0	424	-	-	-	-	0	0	0	689	0	343	16,688	1,472	-	-	-	-	-	-	-	-	-	-	-	-	-7,739	-5,924	70	55	-148	-2,990	-4,713	-770	-	-	-	-
Depreciation and amortization
135,900	134,885	129,233	126,859	121,941	121,374	124,516	119,777	117,979	120,100	113,320	110,177	110,929	111,741	109,432	107,013	105,128	106,307	106,082	106,473	107,146	110,573	111,077	106,443	109,021	108,927	96,537	90,937	91,001	92,586	89,991	88,588	86,938	89,830	90,956	89,186	88,553	91,647	92,648	85,205	84,886	86,019	86,624	84,284	85,200
Equity in earnings of unconsolidated real estate entities
23,968	13,916	19,045	18,914	17,672	12,966	17,771	41,963	30,795	18,420	17,218	20,068	19,949	15,128	17,237	10,227	14,164	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Distributions from cumulative equity in earnings of unconsolidated real estate entities
15,443	19,260	15,437	23,127	15,435	15,429	69,037	12,639	12,649	13,862	13,362	13,273	13,252	11,936	11,874	48,836	11,751	9,645	9,689	24,380	-8,019	91,310	-4,899	-1,225	-1,728	-6,527	-2,775	-1,914	-493	-4,023	-1,274	2,436	1,957	-5,294	-2,795	3,712	-820	1,951	3,313	3,527	2,745	-943	3,608	4,491	-10,992
Foreign currency exchange gain
8,900	-10,300	15,527	-5,227	7,800	5,400	2,574	21,944	-11,818	-5,548	-13,446	-25,440	-5,566	23,557	-3,665	8,632	-10,954	-	-	-	-	-12	-3,012	-1,675	-2,348	7,801	16,094	5,924	-12,737	11,357	9,019	-23,657	12,157	-20,782	-28,253	10,496	31,252	-13,672	55,455	-49,204	-34,843	-10,239	21,429	33,205	-34,733
Share-based compensation expense
5,677	6,345	7,114	5,710	6,664	18,100	18,605	17,253	15,978	12,043	12,343	4,265	8,897	10,638	11,376	8,404	7,065	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on disposition of real estate investments, including amounts in discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-2,722
Gain on early retirement of debt
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	4,114
Asset impairment charges, including amounts in discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	383	0	1,536	1,008	0	0	8,205	0
Other
27,176	44,000	-35,875	-32,247	16,423	44,615	-22,247	-29,699	13,122	53,325	-40,379	-18,925	3,633	46,015	-27,166	-19,981	-3,586	62,340	-28,228	-38,592	-1,583	41,202	-24,196	-11,384	7,205	-2,165	-3,966	-18,452	6,153	19,465	-17,389	-13,938	3,970	23,357	-19,140	-24,232	2,285	25,208	-12,492	-26,838	19,507	7,545	-14,937	-17,402	-4,331
Total adjustments
95,814	112,892	153,040	173,906	102,154	-95,751	212,621	115,461	114,083	79,407	178,918	151,037	115,062	49,615	146,276	165,375	123,631	71,206	131,053	129,093	99,238	101,967	132,126	117,058	102,436	92,699	81,466	101,551	97,092	57,341	85,159	127,356	72,768	74,222	131,816	106,704	54,251	82,297	50,291	161,314	103,205	87,639	51,330	76,996	106,436
Net cash flows from operating activities
462,950	499,989	552,460	545,362	469,832	492,155	592,210	520,753	458,519	470,370	537,192	506,244	459,083	465,296	515,326	523,734	440,980	436,465	472,189	457,133	382,492	450,393	427,103	395,337	330,709	390,676	367,094	363,230	309,339	329,904	349,978	326,287	279,490	294,659	326,329	317,645	264,819	271,507	296,102	292,490	233,122	275,328	295,281	282,383	259,865
Cash flows from investing activities:
Payments for capital expenditures to maintain real estate facilities for: Costs incurred during the period
42,839	57,147	57,204	39,418	22,212	48,596	35,181	30,440	13,749	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments for capital expenditures to maintain real estate facilities for: Costs incurred in previous periods
14,700	0	1,900	-1,400	10,800	100	200	2,841	9,859	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments for development and expansion of real estate facilities for: Costs incurred during the period
24,484	54,423	73,157	61,465	14,286	88,455	71,597	86,171	35,017	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments for development and expansion of real estate facilities for: Costs incurred in previous periods
23,100	5,600	5,200	7,900	62,700	1,600	11,300	5,702	40,198	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Capital expenditures to maintain real estate facilities
-	-	-	-	-	-	-	-	-	-	32,702	27,722	24,373	19,403	23,796	26,719	11,517	12,655	23,182	19,896	9,861	15,362	32,703	19,761	13,136	13,508	23,119	24,946	7,818	9,095	18,344	26,020	14,278	12,751	12,734	32,418	11,874	8,872	31,626	32,190	4,812	9,903	19,874	24,076	8,499
Construction in process
-	-	-	-	-	-	-	-	-	-	75,938	93,580	70,964	79,504	55,414	67,023	67,975	68,951	59,134	39,161	61,232	65,434	27,632	22,986	25,517	11,939	20,491	30,308	27,779	5,423	3,643	625	997	2,421	6,212	6,444	4,087	4,900	3,488	3,517	4,854	3,136	5,096	3,605	2,328
Acquisition of real estate facilities and intangible assets
186,183	121,115	120,458	116,686	79,499	73,245	73,845	15,906	18,024	203,603	47,269	11,623	22,784	158,528	72,993	99,499	85,158	72,161	17,132	55,492	32,291	-	-	-	-	758,563	370,852	7,988	13,540	81,688	55,760	46,097	41,970	16,340	26,527	8,165	26,196	-	-	-	-	-	-	-	-
Proceeds from sale of real estate investments
1,399	-	-	-	-	50,794	1,443	0	1,947	-	-	-	-	0	-395	704	689	0	1,084	4,692	9,237	-	-	-	-	-	-	-	-	-	-	-	-	8,682	4,353	-51	451	-232	4,689	9,821	932	-	-	-	-
Disposition of portion of loan receivable from Shurgard Europe
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	216,217	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Loans to unconsolidated real estate entities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	358,877	-	-	-	-	-	-	-	-
Repayment of loan receivable from Shurgard Europe
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	43,107	136,374	13,859	13,430	-	-	-	-	-	-	-	-
Proceeds from sales of real estate and other real estate investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	10,261
Maturities of marketable securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-102,279	-	9,580	0	95,248	-	-	-	0
Other
-	-	-	-	-	-	-	-	-	-	-	-	-	-	15,166	0	-1,283	-	-	-	-	3,000	-1,355	-2,140	4,495	6,433	-2,059	106	-7,721	10,568	1,319	-2,391	-2,950	-627	3,255	-3,445	-347	3,894	5,239	-12,032	2,221	3,592	3,498	-2	825
Net cash flows used in investing activities
-289,904	-226,673	-257,544	-223,650	-189,493	-161,186	-98,699	-141,127	-114,900	-335,705	-155,909	-127,329	-118,121	-243,552	-167,764	-125,117	-162,678	-170,049	-98,112	-93,827	-94,147	-208,113	-91,939	-71,348	173,069	-865,731	-441,898	-63,348	-41,416	-102,726	-63,093	-70,351	-54,295	20,904	91,999	90,269	-284,527	-26,563	-55,139	-78,700	-106,203	-16,249	-46,090	-27,679	-1,391
Cash flows from financing activities:
Repayments on bank credit facility
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-50,100	-215,900	0	0	133,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayments on term loan
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-322,000	-50,000	-328,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayments on notes payable
497	488	484	481	467	455	447	442	440	434	426	421	420	16,464	9,403	4,640	5,952	496	459	10,745	5,537	22,412	3,226	18,058	710	16,959	11,346	30,404	193,186	11,726	20,499	3,904	24,884	19,944	27,598	21,278	105,535	-	-	-	-	-	-	-	-
Issuance of notes payable, net of issuance costs
545,151	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Issuance of preferred shares
-	475,085	307,348	0	276,723	-	-	-	-	-	-	-	-	338,075	314,450	193,561	290,117	-	-	-	-	183,848	0	327,609	227,497	0	0	0	701,687	0	479,931	278,355	893,170	-	-	-	-	-	-	-	-	-	-	-	-
Repurchases of senior unsecured notes payable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	109,622
Principal payments on notes payable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-53,216	-1,965	-1,903	-1,855	-1,856	-1,890
Issuance of common shares
1,763	555	15,619	15,797	1,593	4,582	6,244	732	967	7,746	2,852	13,868	18,034	11,350	3,466	1,058	9,667	3,749	15,426	6,779	3,709	1,962	5,419	5,082	25,409	629	3,545	13,074	3,863	103,440	5,439	5,846	9,722	10,688	2,755	1,600	11,373	4,706	10,387	14,393	11,822	293	1,130	214	555
Redemption of preferred shares
-	477,500	0	287,500	285,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	729,825	415,625	476,634	356,687	-	-	-	-	-	-	-	-	0	0	0	17,535
Cash paid upon vesting of restricted share units
8,507	1,479	672	254	9,757	1,498	607	173	10,069	1,683	645	159	11,605	1,753	300	267	13,037	1,933	154	290	13,301	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Acquisition of noncontrolling interests
-	-	-	-	-	-	-	-	-	0	0	14,291	134	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	449	0	654	20,222	-	-	-	-	-	-	-	-	0	0	0	153,000
Contributions by noncontrolling interests
566	2,097	749	1,106	196	378	590	49	703	1,418	482	-108	692	293	430	740	2,007	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Distributions paid to preferred shareholders, common shareholders and restricted share unitholders
401,807	401,368	399,773	403,118	404,490	403,281	403,246	403,061	403,092	402,750	409,610	409,653	408,334	406,995	369,718	371,710	357,335	353,705	355,693	355,770	305,863	303,875	302,747	299,697	294,226	293,161	267,303	267,264	263,733	238,155	237,562	240,194	243,243	213,998	218,635	220,108	193,505	194,027	193,178	194,430	173,135	156,158	156,179	156,166	156,162
Distributions paid to noncontrolling interests
1,172	1,252	1,887	1,730	1,803	1,760	2,207	1,340	1,715	1,852	1,791	1,728	2,021	1,978	1,968	1,907	1,733	1,838	2,296	1,369	1,822	1,249	1,820	1,621	1,779	1,610	1,618	1,534	1,692	1,604	1,568	1,034	1,739	2,077	5,089	3,291	3,857	5,888	30,915	-11,957	-304	-314	-310	-326	-340
Distributions paid to permanent noncontrolling interests
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-6,279	-7,673	-5,893	-5,336	-8,075
Net cash flows from (used in) financing activities
135,497	-404,350	-114,100	-179,280	-423,005	-402,034	-399,673	-404,235	-413,646	-397,607	-49,389	-141,435	-403,788	-77,472	-550,543	-444,545	-76,266	-214,439	-358,635	-495,395	-322,814	-153,896	-624,374	-36,685	-421,909	437,233	-280,557	-286,775	113,939	-745,319	-189,884	-438,219	256,117	-336,634	-401,449	-408,939	-291,524	-302,989	-200,778	-459,081	-169,861	-165,755	-163,107	-163,470	-446,069
Net cash flows from operating, investing and financing activities
308,543	-131,034	180,816	142,432	-142,666	-71,065	93,838	-24,609	-70,027	-262,942	331,894	237,480	-62,826	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net effect of foreign exchange translation
31	-104	45	-4	50	-28	-156	38	-25	39	-61	-121	17	-182	70	347	-616	610	-30	-452	-446	1,076	-521	-433	74	26	1,416	-449	-849	-372	276	679	-241	-654	-633	407	85	818	-1,042	-355	-865	-463	-16	226	294
Increase (decrease) in cash and equivalents, including restricted cash
308,574	-131,138	180,861	142,428	-142,616	-71,093	93,682	-24,571	-70,052	-262,903	331,833	237,359	-62,809	143,891	-202,981	-45,928	202,036	51,977	15,442	-132,089	-34,469	88,384	-289,210	287,304	81,869	-	-	13,107	381,862	-518,141	97,001	-182,283	481,312	-21,071	16,879	-1,025	-311,232	-58,045	40,185	-245,291	-42,942	93,324	86,084	91,234	-187,595
Supplemental schedule of non-cash investing and financing activities:
Capital expenditures to maintain real estate facilities
-14,018	7	-5,636	-2,936	-7,993	2,606	-4,999	1,557	-10,595	-15,421	3,717	1,232	-2,677	1,135	962	-3,833	-2,876	2,461	2,768	-4,666	1,962	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Construction or expansion of real estate facilities
-20,605	12,970	8,629	-6,280	-47,675	-6,531	-31,468	-2,995	-40,163	-49,947	-8,191	-9,473	7,137	-4,559	-2,775	-1,748	-9,156	-9,307	-624	1,732	-1,424	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accrued and other liabilities
34,623	-12,977	-2,993	9,216	55,668	3,925	36,467	1,438	50,758	65,368	4,474	8,241	-4,460	3,424	1,813	5,581	12,032	6,846	-2,144	2,934	-538	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Real estate acquired in exchange for assumption of notes payable
-	0	0	0	-1,817	-	-	-	-	-	-	-	-	0	0	0	-12,945	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Notes payable assumed in connection with acquisition of real estate
-	0	0	0	1,817	-	-	-	-	-	-	-	-	0	0	0	12,945	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Reclassification of existing investment to real estate in connection with property acquisition (Note 3):
Preferred shares called for redemption and reclassified to liabilities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	112,500	375,000	-	-	-	145,000	-	-	-	-	-	-	-	-	-	-48,300	-61,009	476,634	-	-	-	-	-	-	-	-	-	-	-	-
Preferred shares called for redemption and reclassified from equity
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-112,500	-375,000	-	-	-	-145,000	-	-	-	-	-	-	-	-	-	48,300	61,009	-476,634	-	-	-	-	-	-	-	-	-	-	-	-
Other disclosures:
Real estate facilities, net of accumulated depreciation
-	-	-	-	-	33	21	405	-256	-64	-221	-329	-45	303	373	1,258	-617	-191	810	-610	491	838	-803	754	-116	-245	-779	-19	789	-3	-485	306	-464	121	347	38	-524	316	-699	0	828	-	-	-	-
Investments in unconsolidated real estate entities
13,115	-13,623	10,964	1,578	1,911	6,952	-351	13,331	-3,935	243	-7,044	-9,777	-2,792	11,025	4,392	12,412	-3,730	1,921	5,074	-16,891	29,479	20,841	22,034	4,688	-312	-3,813	-16,025	1,240	18,553	-14,899	-11,669	15,826	-10,858	7,254	16,274	-1,906	-14,637	3,537	-23,434	10,641	8,467	-	-	-	-
Notes payable
8,914	-10,214	15,529	-5,214	7,741	5,464	2,700	21,892	-11,771	-5,644	-13,380	-25,343	-5,539	23,628	-3,646	8,642	-10,874	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accumulated other comprehensive (loss) gain
-4,170	-	-	-	5,880	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Investment in real estate entities
-	-	-	-	-	-	-	13,331	-3,935	-	-7,044	-9,777	-2,792	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Loan receivable from Shurgard Europe
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	2,981	1,629	2,365	-7,698	-15,915	-5,961	12,430	-11,201	-8,648	23,687	-12,140	20,549	27,883	-10,565	-31,101	-	-	-	-	-	-	-	-
Loan receivable from unconsolidated real estate entities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-55,735	48,680	34,460	-	-	-	-
Adjustments of redeemable noncontrolling interests to fair values:
Accumulated deficit
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-505	-41	-65	-153	-125	-34	-95	-65	-	-	-	-
Redeemable noncontrolling interests
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	505	41	65	153	125	34	95	65	-	-	-	-
Real estate acquired in connection with elimination of intangible assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-4,738	-	-	-	-	-	-	-	-
Intangible assets eliminated in connection with acquisition of real estate
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	4,738	-	-	-	-	-	-	-	-
Paid-in capital
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-205,366	-	-	-	-
Equity Shares, Series A called for redemption
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	205,366	-	-	-	-