Public Storage (PSA) FY2011 results: revenue $1.7 billion, up 7.6% on the year
Public Storage (PSA) reported revenue of $1.7 billion for fiscal 2011, the year ended 31 December 2011, up 7.6% on the year before. Net income was $824 million, up 22.6%, and diluted earnings per share $3.29. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2012.
Revenue
$1.7 billion
+7.6% on the year
FY2007FY2011
Operating margin
43.9%
42.9% a year earlier
FY2007FY2011
Net income
$824 million
+22.6% on the year
FY2007FY2011
Diluted EPS
$3.29
+40.0% on the year
FY2007FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
1,736
1,614
1,623
+7.6%
Operating income
763
693
n/a
+10.1%
Operating margin
43.9%
42.9%
n/a
Interest expense
24.2
30.2
29.9
-19.9%
Pre-tax income
774
694
698
+11.5%
Net income
824
672
835
+22.6%
Net margin
47.5%
41.6%
51.4%
Diluted EPS
$3.29
$2.35
-$0.05
+40.0%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
1,203
1,093
1,113
+10.1%
Capital expenditure
69.8
77.5
62.4
-10.0%
Free cash flow
1,134
1,016
1,051
+11.6%
Free cash flow margin
65.3%
62.9%
64.7%
Cash from investing
-81.4
-267
-91.4
Cash from financing
-1,439
-1,133
-938
Depreciation and amortisation
358
353
339
+1.5%
Buybacks
n/a
n/a
0.0
Dividends paid
621
517
372
+20.2%
Dividend per share
$3.65
$3.05
$2.20
+19.7%
Diluted shares, weighted
171m
170m
n/a
+0.6%
Shares outstanding at period end
170m
169m
168m
+0.6%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
8,288
8,677
8,928
-4.5%
Non-controlling interest
22.7
32.3
133
-29.7%
Debt
398
568
519
-29.9%
Other liabilities
223
218
225
+2.4%
Total liabilities and equity
8,933
9,495
9,806
-5.9%
Goodwill
175
175
175
-0.0%
Intangible assets
n/a
42.1
38.3
Securities held for sale or to maturity
n/a
102
0.0
Cash and equivalents
139
456
764
-69.5%
Other assets
8,619
8,720
8,829
-1.2%
Total assets
8,933
9,495
9,806
-5.9%
10-K for the year ended 31 December 2011, filed 27 February 2012: the filing.