Public Storage (PSA) FY2013 results: revenue $2.0 billion, up 6.6% on the year
Public Storage (PSA) reported revenue of $2.0 billion for fiscal 2013, the year ended 31 December 2013, up 6.6% on the year before. Net income was $1.1 billion, up 12.1%, and diluted earnings per share $4.89. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2014.
Revenue
$2.0 billion
+6.6% on the year
FY2007FY2013
Operating margin
48.4%
47.3% a year earlier
FY2007FY2013
Net income
$1.1 billion
+12.1% on the year
FY2007FY2013
Diluted EPS
$4.89
+25.4% on the year
FY2007FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
1,965
1,843
1,736
+6.6%
Cost of revenue
560
n/a
n/a
Gross profit
1,405
n/a
n/a
Gross margin
71.5%
n/a
n/a
Operating income
951
872
763
+9.1%
Operating margin
48.4%
47.3%
43.9%
Interest expense
6.4
19.8
24.2
-67.5%
Pre-tax income
n/a
n/a
774
Income tax
0.0
n/a
n/a
Net income
1,052
939
824
+12.1%
Net margin
53.6%
51.0%
47.5%
Diluted EPS
$4.89
$3.90
$3.29
+25.4%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
1,430
1,286
1,203
+11.3%
Capital expenditure
69.4
67.7
69.8
+2.4%
Free cash flow
1,361
1,218
1,134
+11.7%
Free cash flow margin
69.3%
66.1%
65.3%
Cash from investing
-1,412
-290
-81.4
Cash from financing
-16.2
-1,117
-1,439
Depreciation and amortisation
387
358
358
+8.3%
Dividends paid
887
754
621
+17.7%
Dividend per share
$5.15
$4.40
$3.65
+17.0%
Diluted shares, weighted
173m
172m
171m
+0.6%
Shares outstanding at period end
172m
171m
170m
+0.2%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
8,792
8,094
8,288
+8.6%
Non-controlling interest
27.1
29.1
22.7
-6.8%
Debt
839
469
398
+79.0%
Other liabilities
218
202
223
+8.3%
Total liabilities and equity
9,876
8,793
8,933
+12.3%
Goodwill
175
175
175
0.0%
Cash and equivalents
19.2
17.2
139
+11.2%
Other assets
9,682
8,602
8,619
+12.6%
Total assets
9,876
8,793
8,933
+12.3%
10-K for the year ended 31 December 2013, filed 26 February 2014: the filing.