Public Storage PSA Cash Flow

Public storage (PSA)

CashFlow / TTM

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
1,525	1,525	1,726	1,706	1,740	1,717	1,520	1,498	1,448	1,448	1,473	1,483	1,487	1,460	1,410	1,382	1,351	1,317	1,300	1,254	1,204	1,149	1,099	1,090	1,073	1,057	1,032	1,011	948	943	890	820	832	836	805	856	776	696	694	692	766	790	0	0	0
Adjustments to reconcile net income to net cash flows from operating activities:
Gain on real estate investment sales
0	-	-	-	-	37	0	0	0	-	-	-	-	0	0	1	17	18	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-13	-5	-3	-7	-8	0	0	0	-	-	-	-
Depreciation and amortization
526	512	499	494	487	483	482	471	461	454	446	442	439	433	427	424	423	426	430	435	435	437	435	420	405	387	371	364	362	358	355	356	356	358	360	362	358	354	348	342	341	342	0	0	0
Equity in earnings of unconsolidated real estate entities
75	69	68	67	90	103	108	108	86	75	72	72	62	56	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Distributions from cumulative equity in earnings of unconsolidated real estate entities
73	73	69	123	112	109	108	52	53	53	51	50	85	84	82	79	55	35	117	102	77	83	-14	-12	-12	-11	-9	-7	-3	-0	-2	-3	-2	-5	2	8	7	11	8	8	9	-3	0	0	0
Foreign currency exchange gain
8	7	23	10	37	18	7	-8	-56	-50	-20	-11	22	17	0	0	0	-	-	-	-	-7	0	19	27	17	20	13	-16	8	-23	-60	-26	-7	-0	83	23	-42	-38	-72	9	9	0	0	0
Share-based compensation expense
24	25	37	49	60	69	63	57	44	37	36	35	39	37	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on disposition of real estate investments, including amounts in discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Gain on early retirement of debt
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4	0	0	0
Asset impairment charges, including amounts in discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2	2	2	9	8	0	0	0
Other
3	-7	-7	6	9	5	14	-3	7	-2	-9	3	2	-4	11	10	-8	-6	-27	-23	4	12	-30	-10	-17	-18	3	-10	-5	-7	-4	-5	-16	-17	-15	-9	-11	5	-12	-14	-5	-29	0	0	0
Total adjustments
535	541	333	392	334	346	521	487	523	524	494	461	476	484	506	491	454	430	461	462	450	453	444	393	378	372	337	341	366	342	359	406	385	366	375	293	348	397	402	403	319	322	0	0	0
Net cash flows from operating activities
2,060	2,067	2,059	2,099	2,074	2,063	2,041	1,986	1,972	1,972	1,967	1,945	1,963	1,945	1,916	1,873	1,806	1,748	1,762	1,717	1,655	1,603	1,543	1,483	1,451	1,430	1,369	1,352	1,315	1,285	1,250	1,226	1,218	1,203	1,180	1,150	1,124	1,093	1,097	1,096	1,086	1,112	0	0	0
Cash flows from investing activities:
Payments for capital expenditures to maintain real estate facilities for: Costs incurred during the period
196	175	167	145	136	127	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments for capital expenditures to maintain real estate facilities for: Costs incurred in previous periods
15	11	11	9	13	13	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments for development and expansion of real estate facilities for: Costs incurred during the period
213	203	237	235	260	281	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments for development and expansion of real estate facilities for: Costs incurred in previous periods
41	81	77	83	81	58	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Capital expenditures to maintain real estate facilities
-	-	-	-	-	-	-	-	-	-	104	95	94	81	74	74	67	65	68	77	77	80	79	69	74	69	64	60	61	67	71	65	72	69	65	84	84	77	78	66	58	62	0	0	0
Construction in process
-	-	-	-	-	-	-	-	-	-	319	299	272	269	259	263	235	228	224	193	177	141	88	80	88	90	84	67	37	10	7	10	16	19	21	18	15	16	14	16	16	14	0	0	0
Acquisition of real estate facilities and intangible assets
544	437	389	343	242	181	311	284	280	285	240	265	353	416	329	273	229	177	0	0	0	-	-	-	-	1,150	474	158	197	225	160	130	93	77	0	0	0	-	-	-	-	-	-	-	-
Proceeds from sale of real estate investments
0	-	-	-	-	54	0	0	0	-	-	-	-	0	0	2	6	15	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	13	4	4	14	15	0	0	0	-	-	-	-
Disposition of portion of loan receivable from Shurgard Europe
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	216	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Loans to unconsolidated real estate entities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	358	0	0	0	-	-	-	-	-	-	-	-
Repayment of loan receivable from Shurgard Europe
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	206	0	0	0	-	-	-	-	-	-	-	-
Proceeds from sales of real estate and other real estate investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Maturities of marketable securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	0	0	0	-	-	-	0
Other
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	4	7	6	8	-3	0	4	1	6	-4	-2	-3	-1	3	5	-3	-0	-0	-2	9	7	0	0	0
Net cash flows used in investing activities
-997	-897	-831	-673	-590	-515	-690	-747	-733	-737	-644	-656	-654	-699	-625	-555	-524	-456	-494	-488	-465	-198	-855	-1,205	-1,197	-1,412	-649	-270	-277	-290	-166	-11	148	-81	-128	-275	-444	-266	-256	-247	-196	-91	0	0	0
Cash flows from financing activities:
Repayments on bank credit facility
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-50	-266	-266	-266	-82	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayments on term loan
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-700	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayments on notes payable
1	1	1	1	1	1	1	1	1	1	17	26	30	36	20	11	17	17	39	41	49	44	38	47	59	251	246	255	229	61	69	76	93	174	0	0	0	-	-	-	-	-	-	-	-
Issuance of notes payable, net of issuance costs
0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Issuance of preferred shares
-	1,059	0	0	0	-	-	-	-	-	-	-	-	1,136	0	0	0	-	-	-	-	738	555	555	227	701	701	1,181	1,459	1,651	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Repurchases of senior unsecured notes payable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	109	0	0	0
Principal payments on notes payable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-58	-7	-7	0	0	0
Issuance of common shares
33	33	37	28	13	12	15	12	25	42	46	46	33	25	17	29	35	29	27	17	16	37	36	34	42	21	123	125	118	124	31	29	24	26	20	28	40	41	36	27	13	2	0	0	0
Redemption of preferred shares
-	1,050	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,978	0	0	0	-	-	-	-	-	-	-	-	17	0	0	0
Cash paid upon vesting of restricted share units
10	12	12	12	12	12	12	12	12	14	14	13	13	15	15	15	15	15	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Acquisition of noncontrolling interests
-	-	-	-	-	-	-	-	-	14	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	21	0	0	0	-	-	-	-	-	-	-	-	153	0	0	0
Contributions by noncontrolling interests
4	4	2	2	1	1	2	2	2	2	1	1	2	3	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Distributions paid to preferred shareholders, common shareholders and restricted share unitholders
1,606	1,608	1,610	1,614	1,614	1,612	1,612	1,618	1,625	1,630	1,634	1,594	1,556	1,505	1,452	1,438	1,422	1,371	1,321	1,268	1,212	1,200	1,189	1,154	1,121	1,091	1,036	1,006	979	959	934	916	895	846	826	800	775	754	716	679	641	624	0	0	0
Distributions paid to noncontrolling interests
6	6	7	7	7	7	7	6	7	7	7	7	7	7	7	7	7	7	6	6	6	6	6	6	6	6	6	6	5	5	6	9	12	14	18	43	28	24	18	-12	-1	-1	0	0	0
Distributions paid to permanent noncontrolling interests
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-25	-26	0	0	0
Net cash flows from (used in) financing activities
-562	-1,120	-1,118	-1,403	-1,628	-1,619	-1,615	-1,264	-1,002	-992	-672	-1,173	-1,476	-1,148	-1,285	-1,093	-1,144	-1,391	-1,330	-1,596	-1,137	-1,236	-645	-301	-552	-16	-1,198	-1,108	-1,259	-1,117	-708	-920	-890	-1,438	-1,404	-1,204	-1,254	-1,132	-995	-957	-662	-938	0	0	0
Net cash flows from operating, investing and financing activities
500	49	109	22	-144	-71	-263	-25	236	243	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net effect of foreign exchange translation
-0	-0	0	-0	-0	-0	-0	-0	-0	-0	-0	-0	0	-0	0	0	-0	-0	0	-0	-0	0	-0	1	1	0	-0	-1	-0	0	0	-0	-1	-0	0	0	-0	-1	-2	-1	-1	0	0	0	0
Increase (decrease) in cash and equivalents, including restricted cash
500	49	109	22	-144	-72	-263	-25	236	243	650	115	-167	97	5	223	137	-99	-62	-367	52	168	0	0	0	-	-	-26	-221	-122	374	294	476	-316	-353	-330	-574	-306	-154	-108	227	83	0	0	0
Supplemental schedule of non-cash investing and financing activities:
Capital expenditures to maintain real estate facilities
-22	-16	-13	-13	-8	-11	-29	-20	-21	-13	3	0	-4	-4	-3	-1	-2	2	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Construction or expansion of real estate facilities
-5	-32	-51	-91	-88	-81	-124	-101	-107	-60	-15	-9	-1	-18	-22	-20	-17	-9	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accrued and other liabilities
27	48	65	105	97	92	154	122	128	73	11	9	6	22	26	22	19	7	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Real estate acquired in exchange for assumption of notes payable
-	-1	0	0	0	-	-	-	-	-	-	-	-	-12	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Notes payable assumed in connection with acquisition of real estate
-	1	0	0	0	-	-	-	-	-	-	-	-	12	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Reclassification of existing investment to real estate in connection with property acquisition (Note 3):
Preferred shares called for redemption and reclassified to liabilities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	-	-	0	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Preferred shares called for redemption and reclassified from equity
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	-	-	0	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Other disclosures:
Real estate facilities, net of accumulated depreciation
-	-	-	-	-	0	0	-0	-0	-0	-0	0	1	1	0	1	-0	0	1	-0	1	0	-0	-0	-1	-0	-0	0	0	-0	-0	0	0	-0	0	-0	-0	0	0	0	0	-	-	-	-
Investments in unconsolidated real estate entities
12	0	21	10	21	15	9	2	-20	-19	-8	2	25	24	14	15	-13	19	38	55	77	47	22	-15	-18	-0	-11	-6	7	-21	0	28	10	6	3	-36	-23	-0	0	0	0	-	-	-	-
Notes payable
9	7	23	10	37	18	7	-8	-56	-49	-20	-10	23	17	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accumulated other comprehensive (loss) gain
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Investment in real estate entities
-	-	-	-	-	-	-	0	-20	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Loan receivable from Shurgard Europe
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	6	-0	-19	-27	-17	-20	-13	16	-8	23	59	25	6	0	0	0	-	-	-	-	-	-	-	-
Loan receivable from unconsolidated real estate entities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-
Adjustments of redeemable noncontrolling interests to fair values:
Accumulated deficit
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-0	-0	-0	-0	-0	0	0	0	-	-	-	-
Redeemable noncontrolling interests
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	0	0	0	-	-	-	-
Real estate acquired in connection with elimination of intangible assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-4	0	0	0	-	-	-	-	-	-	-	-
Intangible assets eliminated in connection with acquisition of real estate
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4	0	0	0	-	-	-	-	-	-	-	-
Paid-in capital
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-
Equity Shares, Series A called for redemption
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-