Public Storage (PSA) FY2014 results: revenue $2.2 billion, up 10.8% on the year
Public Storage (PSA) reported revenue of $2.2 billion for fiscal 2014, the year ended 31 December 2014, up 10.8% on the year before. Net income was $1.1 billion, up 8.7%, and diluted earnings per share $5.25. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2015.
Revenue
$2.2 billion
+10.8% on the year
FY2007FY2014
Operating margin
48.5%
48.4% a year earlier
FY2007FY2014
Net income
$1.1 billion
+8.7% on the year
FY2007FY2014
Diluted EPS
$5.25
+7.4% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
2,177
1,965
1,843
+10.8%
Cost of revenue
613
560
n/a
+9.6%
Gross profit
1,564
1,405
n/a
+11.3%
Gross margin
71.8%
71.5%
n/a
Operating income
1,055
951
872
+11.0%
Operating margin
48.5%
48.4%
47.3%
Interest expense
6.8
6.4
19.8
+5.2%
Income tax
0.0
0.0
n/a
Net income
1,144
1,052
939
+8.7%
Net margin
52.6%
53.6%
51.0%
Diluted EPS
$5.25
$4.89
$3.90
+7.4%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
1,604
1,430
1,286
+12.1%
Capital expenditure
81.0
69.4
67.7
+16.7%
Free cash flow
1,523
1,361
1,218
+11.9%
Free cash flow margin
69.9%
69.3%
66.1%
Cash from investing
n/a
-1,412
-290
Cash from financing
n/a
-16.2
-1,117
Depreciation and amortisation
437
387
358
+12.8%
Share-based compensation
29.5
n/a
n/a
Dividends paid
968
887
754
+9.1%
Dividend per share
$5.60
$5.15
$4.40
+8.7%
Diluted shares, weighted
173m
173m
172m
+0.3%
Shares outstanding at period end
172m
172m
171m
+0.4%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
9,481
8,792
8,094
+7.8%
Non-controlling interest
26.4
27.1
29.1
-2.8%
Debt
64.4
839
469
-92.3%
Other liabilities
247
218
202
+13.2%
Total liabilities and equity
9,819
9,876
8,793
-0.6%
Goodwill
175
175
175
0.0%
Cash and equivalents
188
19.2
17.2
+879.2%
Other assets
9,456
9,682
8,602
-2.3%
Total assets
9,819
9,876
8,793
-0.6%
10-K for the year ended 31 December 2014, filed 25 February 2015: the filing.