Item 6. Selected Financial Data

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Item 6. Selected Financial Data


	For the year ended December 31,
	2019		2018		2017		2016		2015
		(Amounts in thousands, except share and per share data)

Revenues	$	2,846,823	$	2,754,280	$	2,668,528	$	2,560,549	$	2,381,696

Expenses:
Cost of operations		796,783		739,722		707,978		669,083		635,502
Depreciation and amortization		512,918		483,646		454,526		433,314		426,008
General and administrative		71,983		118,720		82,882		83,656		88,177
Interest expense		45,641		32,542		12,690		4,210		610
		1,427,325		1,374,630		1,258,076		1,190,263		1,150,297

Other increase (decrease) to net income:
Interest and other income		28,436		26,442		18,771		15,138		16,544
Equity in earnings of unconsolidated real
estate entities		69,547		103,495		75,655		56,756		50,937
Foreign currency exchange gain (loss)		7,829		18,117		(50,045)		17,570		306
Casualty loss		-		-		(7,789)		-		-
Gain on sale of real estate		341		37,903		1,421		689		18,503
Gain due to Shurgard public offering		-		151,616		-		-		-
Net income		1,525,651		1,717,223		1,448,465		1,460,439		1,317,689
Net income allocated to noncontrolling
equity interests		(5,117)		(6,192)		(6,248)		(6,863)		(6,445)
Net income allocable to Public Storage
shareholders	$	1,520,534	$	1,711,031	$	1,442,217	$	1,453,576	$	1,311,244


Per Common Share:
Distributions	$	8.00	$	8.00	$	8.00	$	7.30	$	6.50
Net income – Basic	$	7.30	$	8.56	$	6.75	$	6.84	$	6.10
Net income – Diluted	$	7.29	$	8.54	$	6.73	$	6.81	$	6.07

Weighted average common shares:
Basic		174,287		173,969		173,613		173,091		172,699
Diluted		174,530		174,297		174,151		173,878		173,510

Balance Sheet Data:
Total assets	$	11,365,444	$	10,928,270	$	10,732,892	$	10,130,338	$	9,778,232
Total debt	$	1,902,493	$	1,412,283	$	1,431,322	$	390,749	$	319,016
Total preferred equity	$	4,065,000	$	4,025,000	$	4,025,000	$	4,367,500	$	4,055,000
Public Storage shareholders’ equity	$	9,062,911	$	9,119,478	$	8,940,009	$	9,411,910	$	9,170,641
Permanent noncontrolling interests’
equity	$	16,756	$	25,250	$	24,360	$	29,744	$	26,997

Net cash flow:
Provided by operating activities	$	2,067,643	$	2,063,637	$	1,972,889	$	1,945,248	$	1,748,126
Used in investing activities	$	(897,360)	$	(515,912)	$	(737,064)	$	(699,023)	$	(455,982)
Used in financing activities	$	(1,120,735)	$	(1,619,588)	$	(992,219)	$	(1,148,826)	$	(1,391,283)

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