Item 6. Selected Financial Data

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Item 6. Selected Financial Data


	For the year ended December 31,
	2018		2017		2016		2015		2014
		(Amounts in thousands, except share and per share data)

Revenues	$	2,754,280	$	2,668,528	$	2,560,549	$	2,381,696	$	2,177,296

Expenses:
Cost of operations		739,722		707,978		669,083		635,502		613,324
Depreciation and amortization		483,646		454,526		433,314		426,008		437,114
General and administrative		118,720		82,882		83,656		88,177		71,459
Interest expense		32,542		12,690		4,210		610		6,781
		1,374,630		1,258,076		1,190,263		1,150,297		1,128,678

Other increase (decrease) to net income:
Interest and other income		26,442		18,771		15,138		16,544		17,638
Equity in earnings of unconsolidated real
estate entities		103,495		75,655		56,756		50,937		88,267
Foreign currency exchange gain (loss)		18,117		(50,045)		17,570		306		(7,047)
Casualty loss		-		(7,789)		-		-		-
Gain on sale of real estate		37,903		1,421		689		18,503		2,479
Gain due to Shurgard Europe public offering		151,616		-		-		-		-
Net income		1,717,223		1,448,465		1,460,439		1,317,689		1,149,955
Net income allocated to noncontrolling
equity interests		(6,192)		(6,248)		(6,863)		(6,445)		(5,751)
Net income allocable to Public Storage
shareholders	$	1,711,031	$	1,442,217	$	1,453,576	$	1,311,244	$	1,144,204


Per Common Share:
Distributions		$8.00		$8.00		$7.30		$6.50		$5.60
Net income – Basic		$8.56		$6.75		$6.84		$6.10		$5.27
Net income – Diluted		$8.54		$6.73		$6.81		$6.07		$5.25

Weighted average common shares –
Basic		173,969		173,613		173,091		172,699		172,251
Weighted average common shares –
Diluted		174,297		174,151		173,878		173,510		173,138

Balance Sheet Data:
Total assets	$	10,928,270	$	10,732,892	$	10,130,338	$	9,778,232	$	9,818,676
Total debt	$	1,412,283	$	1,431,322	$	390,749	$	319,016	$	64,364
Total preferred equity	$	4,025,000	$	4,025,000	$	4,367,500	$	4,055,000	$	4,325,000
Public Storage shareholders’ equity	$	9,119,478	$	8,940,009	$	9,411,910	$	9,170,641	$	9,480,796
Permanent noncontrolling interests’
equity	$	25,250	$	24,360	$	29,744	$	26,997	$	26,375

Net cash flow:
Provided by operating activities	$	2,061,503	$	1,975,679	$	1,945,336	$	1,748,279	$	1,603,542
Used in investing activities	$	(513,778)	$	(739,854)	$	(699,111)	$	(456,135)	$	(194,331)
Used in financing activities	$	(1,619,588)	$	(992,219)	$	(1,148,826)	$	(1,391,283)	$	(1,236,864)

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