Public Storage (PSA) [Rocket]

In millions, except per share items	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15	Dec-31-14
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
Total revenues [+]	3,415.8	2,915.1	2,855.1	2,759.5	2,668.5	2,560.5	2,381.7	2,177.3
Net interest income							0.3
Other							146.2	127.4
Revenue growth [+]	17.2%	2.1%	3.5%	3.4%	4.2%	7.5%	9.4%	10.8%
Self-Storage Operations							9.1%	10.8%
Cost of goods sold [+]	920.6	867.5	813.2	757.1	708.0	669.1	635.5	613.3
Other cost of sales	68.6	59.9	50.7	47.3	50.3	51.2	48.8	46.4
Real estate or leased property costs	852.0	807.5	762.4	709.7	657.6	617.9	586.7	566.9
Gross profit	2,495.2	2,047.6	2,042.0	2,002.4	1,960.6	1,891.5	1,746.2	1,564.0
Gross margin	73.0%	70.2%	71.5%	72.6%	73.5%	73.9%	73.3%	71.8%
Selling, general and administrative [+]	101.3	83.2	62.1	620.9	550.1	83.7	88.2	71.5
General and administrative	101.3	83.2	62.1			83.7	88.2	71.5
Equity in earnings	232.1	80.5	69.5			56.8	50.9	88.3
Other operating expenses	-237.3	194.4	-16.0	-365.8	-56.4	-18.3
EBITDA [+]	2,863.3	1,850.5	2,065.4	2,231.0	1,921.3	1,882.8	1,709.0	1,580.8
EBITDA growth	54.7%	-10.4%	-7.4%	16.1%	2.0%	10.2%	8.1%	13.2%
EBITDA margin	83.8%	63.5%	72.3%	80.8%	72.0%	73.5%	71.8%	72.6%
Depreciation	636.8	537.2	496.1	467.0	439.5	411.6	399.9	388.7
EBITA	2,226.5	1,313.3	1,569.2	1,763.9	1,481.8	1,471.2	1,309.0	1,192.1
EBITA margin	65.2%	45.1%	55.0%	63.9%	55.5%	57.5%	55.0%	54.7%
Amortization of intangibles	76.6	16.1	16.8	16.6	15.0	21.7	26.1	48.4
EBIT [+]	2,149.9	1,297.2	1,552.4	1,747.3	1,466.8	1,449.5	1,282.9	1,143.7
EBIT growth	65.7%	-16.4%	-11.2%	19.1%	1.2%	13.0%	12.2%	13.4%
EBIT margin	62.9%	44.5%	54.4%	63.3%	55.0%	56.6%	53.9%	52.5%
Non-recurring items [+]					7.8
Unusual expense					7.8
Interest expense, net [+]	90.8	56.3	45.6	36.3	16.8	-10.9	-15.9	-10.9
Interest expense	90.8	56.3	45.6	36.3	16.8	4.2	0.6	6.8
Interest income						15.1	16.5	17.6
Other income (expense), net [+]	-99.5	120.3	18.9				18.8	-4.6
Gain (loss) on foreign currency transactions	111.8	-98.0	7.8
Pre-tax income	1,959.6	1,361.2	1,525.7	1,711.0	1,442.2	1,460.4	1,317.7	1,150.0
Income taxes	6.4	4.0	5.1	0.0	0.0	6.9	6.4	5.8
Tax rate	0.3%	0.3%	0.3%	0.0%	0.0%	0.5%	0.5%	0.5%
Minority interest	6.4	4.0	5.1	6.2	6.2	6.9	6.4	5.8
Net income	1,732.4	1,098.3	1,272.8	1,711.0	1,442.2	1,183.9	1,053.1	908.2
Net margin	50.7%	37.7%	44.6%	62.0%	54.0%	46.2%	44.2%	41.7%

Basic EPS [+]	$9.91	$6.29	$7.30	$9.84	$8.31	$6.84	$6.10	$5.27
Growth	57.4%	-13.8%	-25.7%	18.4%	21.5%	12.2%	15.7%	7.1%
Diluted EPS [+]	$9.87	$6.29	$7.29	$9.82	$8.28	$6.81	$6.07	$5.25
Growth	56.9%	-13.8%	-25.7%	18.5%	21.6%	12.2%	15.7%	7.2%

Dividends per share [+]	$8.00	$8.00	$8.00	$8.00	$8.00	$7.30	$6.50	$5.60
Growth	0.0%	0.0%	0.0%	0.0%	9.6%	12.3%	16.1%	8.7%

Shares outstanding (basic) [+]	174.9	174.5	174.3	174.0	173.6	173.1	172.7	172.3
Growth	0.2%	0.1%	0.2%	0.2%	0.3%	0.2%	0.3%	0.4%
Shares outstanding (diluted) [+]	175.6	174.6	174.5	174.3	174.2	173.9	173.5	173.1
Growth	0.5%	0.1%	0.1%	0.1%	0.2%	0.2%	0.2%	0.3%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.