• The 16^th tab in your Financial Statement Analysis Template must be labeled Projected Income Statements. Three years of projected statements should be included, starting with the most recent year after the companys last issued report. Show all forumals and work utilized for the projected 3 years (2021, 2022, 2023).
• Projections should be based on research performed on your company and its industry. Use historical, trend, ratio data and current and future economic projections as well as information from the companys MD&A to aid in preparing projections.
• Clearly state your assumptions in a text box at the bottom of each tab. Cite sources for assumptions based on research.
• 

E F G H Decmber 31, 2019 Decmber 31, 2018 $ $ 2,684,552 170,556 2,855,108 2,597,607 161,916 2,759,523 $ $ 762,416 50,736 512,918 62,146 45,641 1,433,857 709,739 47,344 483,646 104,712 32,542 1,377,983 $ $ B D 3 As of December 31, 2020, December 31, 2019, and December 31, 2018 4 $s in the thousands, except per share amounts 5 6 Decmber 31, 2020 7 Revenues: 8 Self-storage Facilities $ 2,721,630 9 Ancillary Operations 193,438 10 Total Revenues $ 2,915,068 11 12 Expenses: 13 Self-Storage Cost of Operations 807,543 14 Ancillary Cost of Operations 59,919 15 Depreciation and Amortization 553,257 16 General and Administrative 83,199 17 Interest Expense 56,283 18 Total Expenses $ 1,560,201 19 20 Other Increases (Decreases) to Net Income: 21 Interest and Other Income 22,323 22 Equity in Earnings of Unconsolidated Real Estate Entities 80,497 23 Foreign Currency Exchange (Loss) Gain (97,953) 24 Gain on Sale of Real Estate 1,493 25 Gain Due to Shurgard Public Offering 26 Net Income $ 1,361,227 27 Allocation to Noncontrolling Interests (4,014) 28 Net Income Allocable to Public Storage Shareholders $ 1,357,213 29 Allocation og Net Income to: 30 Preferred Shareholders - distributions (207,068) 31 Preferred Shareholders - redemptions (Note 8) (48,265) 32 Restricted Share Units (3,545) 33 Net Income Allocable to Common Shareholders $ 1,098,335 34 Net Income Per Common Share: 35 Basic $ 6.29 36 Diluted $ 6.29 37 38 Basic Weighted Average Common Shares Outstanding 174,494 39 Diluted Weighted Average Common Shares Outstanding 174,642 40 Treasure Stock 148 Historical Income Statements Historical Balance Sheets 26,683 69,547 7,829 341 24,552 103,495 18,117 37,903 151,616 1,717,223 (6,192) 1,711,031 s S 1,525,651 (5,117) 1,520,534 $ S (216,316) (210,179) (32,693) (4,895) 1,272,767 (5,815) 1,488,900 $ $ $ $ 7.30 7.29 $ $ 8.56 8.54 174,287 174,530 243 Historical StatementOfCash Flows 173,969 174,297 328 ExtraSpaceSto 1 2 Public Storage Historical Ratios As of December 31, 2020, December 31, 2019, and December 31, 2018 3 4 5 Public Storage, 2020 Public Storage, 2019 Public Storage, 2018 1.89 0.89 0.62 2.09 1.33 1.52 0.27 0.38 0.30 35.02 0.20 0.25 0.21 45.67 0.16 0.20 0.15 68.63 5 6 7 8 Liquidity Ratios 9 Current Ratio 10 Quick Ratio 11 12 Leverage Ratios 13 Debt to Total Assets Ratio 14 Debt Equity Ratio 15 Long-Term Debt to Equity 16 Times Interest Earned Ratio 17 18 Activity Ratios 19 Inventory Turnover 20 Fixed Assets Turnover 21 Total Assets Turnover 22 Accounts Receivable Turnove 23 Average Collection Period 24 25 Profitability Ratios 26 Gross Profit Margin 27 Operating Profit Margin 28 Net Profit Margin 29 Return on Total Assets (ROA) 30 Return on Stockholders' equi 31 Earnings Per Share (EPS) 32 Price Earnings Ratio 0.06 0.05 3.73 3.98 0.10 3.68 3.84 4.05 0.06 21.69 3.96 0.05 0.06 22.29 17.34 70.24% 46.48% 46.70% 11.52% 15.87% 6.29 23.51 71.52% 49.78% 53.44% 13.42% 16.80% 7.30 33.28 72.56% 50.06% 62.23% 15.71% 18.78% 8.56 38.32 23 3 As of December 31, 2020, December 31, 2019, and December 31, 2018 4 $s in the thousands, except per share amounts 5 6 Decmber 31, 2020 $ Change % Change Decmber 31, 2019 $ Change % Change Decmber 31, 2018 7 Revenues: 8 Self-storage Facilities $ 2,721,630 $ 37,078 1% $ 2,684,552 $ 86,945 3% $ 2,597,607 9 Ancillary Operations 193,438 22,882 13% 170,556 8,640 5% 161,916 10 Total Revenues $ 2,915,068 59,960 2% $ 2,855,108 $ 95,585 3% $ 2,759,523 11 12 Expenses: 13 Self-Storage Cost of Operations 807,543 45,127 6% 762,416 52,677 7% 709,739 14 Ancillary Cost of Operations 59,919 9,183 18% 50,736 3,392 7% 47,344 15 Depreciation and Amortization 553,257 40,339 8% 512.918 29,272 6% 483,646 16 General and Administrative 83,199 21,053 34% 62,146 (42,566) -41% 104,712 17 Interest Expense 56,283 10,642 23% 45,641 13,099 40% 32,542 18 Total Expenses S 1,560,201$ 126,344 9% $ 1,433,857 $ 55,874 4% $ 1,377,983 19 20 Other Increases (Decreases) to Net Income: 21 Interest and Other Income 22,323 (4,360) -16% 26,683 2,131 9% 24,552 22 Equity in Earnings of Unconsolidated Real Estate Entities 80,497 10,950 16% 69,547 (33,948) -33% 103,495 23 Foreign Currency Exchange (Loss) Gain (97,953) (105,782) -1351% 7,829 (10,288) -57% 18,117 24 Gain on Sale of Real Estate 1,493 1,152 338% 341 (37,562) -99% 37,903 25 Gain Due to Shurgard Public Offering (151,616) -100% 151,616 26 Net Income $ 1,361,227 $ (164,424) -11% S 1,525,651 $ (191,572) -11% S 1,717,223 27 Allocation to Noncontrolling Interests (4,014) 1,103 -22% (5,117) 1,075 -17% (6,192) 28 Net Income Allocable to Public Storage Shareholders $ 1,357,213 S (163,321) -11% S 1,520,534 S (190,497) -11% $ 1,711,031 29 Allocation og Net Income to: 30 Preferred Shareholders - distributions (207,068) 3,111 -1% (210,179) 6,137 -3% (216,316) 31 Preferred Shareholders - redemptions (Note 8) (48,265) (15,572) 48% (32,693) (32,693) 0% 32 Restricted Share Units (3,545) 1,350 -28% (4,895) 920 -16% (5,815) 33 Net Income Allocable to Common Shareholders $ 1,098,335 $ (174,432) -14% S 1,272,767 $ (216,133) -15% S 1,488,900 34 Net Income Per Common Share: 35 Basic $ 6.29 $ (1.01) -14% $ 7.30 $ (1) -15% $ 8.56 36 Diluted $ 6.29 $ (1.00) -14% $ 7.29 $ (1) -15% $ 8.54 37 38 Basic Weighted Average Common Shares Outstanding 174,494 207 0% 174,287 318 0% 173,969 39 Diluted Weighted Average Common Shares Outstanding 174,642 112 0% 174,530 233 0% 174,297 40 Treasure Stock 148 (95) -39% 243 (85) -26% 328 Historical and Competitor Ratio Common Sized Balance Sheets Common Sized Income Statements Common Sized Income Statements HorizontalAnalysis Balance Sheets HorizontalAnalysisIncomeStatmnt Pro E F G H Decmber 31, 2019 Decmber 31, 2018 $ $ 2,684,552 170,556 2,855,108 2,597,607 161,916 2,759,523 $ $ 762,416 50,736 512,918 62,146 45,641 1,433,857 709,739 47,344 483,646 104,712 32,542 1,377,983 $ $ B D 3 As of December 31, 2020, December 31, 2019, and December 31, 2018 4 $s in the thousands, except per share amounts 5 6 Decmber 31, 2020 7 Revenues: 8 Self-storage Facilities $ 2,721,630 9 Ancillary Operations 193,438 10 Total Revenues $ 2,915,068 11 12 Expenses: 13 Self-Storage Cost of Operations 807,543 14 Ancillary Cost of Operations 59,919 15 Depreciation and Amortization 553,257 16 General and Administrative 83,199 17 Interest Expense 56,283 18 Total Expenses $ 1,560,201 19 20 Other Increases (Decreases) to Net Income: 21 Interest and Other Income 22,323 22 Equity in Earnings of Unconsolidated Real Estate Entities 80,497 23 Foreign Currency Exchange (Loss) Gain (97,953) 24 Gain on Sale of Real Estate 1,493 25 Gain Due to Shurgard Public Offering 26 Net Income $ 1,361,227 27 Allocation to Noncontrolling Interests (4,014) 28 Net Income Allocable to Public Storage Shareholders $ 1,357,213 29 Allocation og Net Income to: 30 Preferred Shareholders - distributions (207,068) 31 Preferred Shareholders - redemptions (Note 8) (48,265) 32 Restricted Share Units (3,545) 33 Net Income Allocable to Common Shareholders $ 1,098,335 34 Net Income Per Common Share: 35 Basic $ 6.29 36 Diluted $ 6.29 37 38 Basic Weighted Average Common Shares Outstanding 174,494 39 Diluted Weighted Average Common Shares Outstanding 174,642 40 Treasure Stock 148 Historical Income Statements Historical Balance Sheets 26,683 69,547 7,829 341 24,552 103,495 18,117 37,903 151,616 1,717,223 (6,192) 1,711,031 s S 1,525,651 (5,117) 1,520,534 $ S (216,316) (210,179) (32,693) (4,895) 1,272,767 (5,815) 1,488,900 $ $ $ $ 7.30 7.29 $ $ 8.56 8.54 174,287 174,530 243 Historical StatementOfCash Flows 173,969 174,297 328 ExtraSpaceSto 1 2 Public Storage Historical Ratios As of December 31, 2020, December 31, 2019, and December 31, 2018 3 4 5 Public Storage, 2020 Public Storage, 2019 Public Storage, 2018 1.89 0.89 0.62 2.09 1.33 1.52 0.27 0.38 0.30 35.02 0.20 0.25 0.21 45.67 0.16 0.20 0.15 68.63 5 6 7 8 Liquidity Ratios 9 Current Ratio 10 Quick Ratio 11 12 Leverage Ratios 13 Debt to Total Assets Ratio 14 Debt Equity Ratio 15 Long-Term Debt to Equity 16 Times Interest Earned Ratio 17 18 Activity Ratios 19 Inventory Turnover 20 Fixed Assets Turnover 21 Total Assets Turnover 22 Accounts Receivable Turnove 23 Average Collection Period 24 25 Profitability Ratios 26 Gross Profit Margin 27 Operating Profit Margin 28 Net Profit Margin 29 Return on Total Assets (ROA) 30 Return on Stockholders' equi 31 Earnings Per Share (EPS) 32 Price Earnings Ratio 0.06 0.05 3.73 3.98 0.10 3.68 3.84 4.05 0.06 21.69 3.96 0.05 0.06 22.29 17.34 70.24% 46.48% 46.70% 11.52% 15.87% 6.29 23.51 71.52% 49.78% 53.44% 13.42% 16.80% 7.30 33.28 72.56% 50.06% 62.23% 15.71% 18.78% 8.56 38.32 23 3 As of December 31, 2020, December 31, 2019, and December 31, 2018 4 $s in the thousands, except per share amounts 5 6 Decmber 31, 2020 $ Change % Change Decmber 31, 2019 $ Change % Change Decmber 31, 2018 7 Revenues: 8 Self-storage Facilities $ 2,721,630 $ 37,078 1% $ 2,684,552 $ 86,945 3% $ 2,597,607 9 Ancillary Operations 193,438 22,882 13% 170,556 8,640 5% 161,916 10 Total Revenues $ 2,915,068 59,960 2% $ 2,855,108 $ 95,585 3% $ 2,759,523 11 12 Expenses: 13 Self-Storage Cost of Operations 807,543 45,127 6% 762,416 52,677 7% 709,739 14 Ancillary Cost of Operations 59,919 9,183 18% 50,736 3,392 7% 47,344 15 Depreciation and Amortization 553,257 40,339 8% 512.918 29,272 6% 483,646 16 General and Administrative 83,199 21,053 34% 62,146 (42,566) -41% 104,712 17 Interest Expense 56,283 10,642 23% 45,641 13,099 40% 32,542 18 Total Expenses S 1,560,201$ 126,344 9% $ 1,433,857 $ 55,874 4% $ 1,377,983 19 20 Other Increases (Decreases) to Net Income: 21 Interest and Other Income 22,323 (4,360) -16% 26,683 2,131 9% 24,552 22 Equity in Earnings of Unconsolidated Real Estate Entities 80,497 10,950 16% 69,547 (33,948) -33% 103,495 23 Foreign Currency Exchange (Loss) Gain (97,953) (105,782) -1351% 7,829 (10,288) -57% 18,117 24 Gain on Sale of Real Estate 1,493 1,152 338% 341 (37,562) -99% 37,903 25 Gain Due to Shurgard Public Offering (151,616) -100% 151,616 26 Net Income $ 1,361,227 $ (164,424) -11% S 1,525,651 $ (191,572) -11% S 1,717,223 27 Allocation to Noncontrolling Interests (4,014) 1,103 -22% (5,117) 1,075 -17% (6,192) 28 Net Income Allocable to Public Storage Shareholders $ 1,357,213 S (163,321) -11% S 1,520,534 S (190,497) -11% $ 1,711,031 29 Allocation og Net Income to: 30 Preferred Shareholders - distributions (207,068) 3,111 -1% (210,179) 6,137 -3% (216,316) 31 Preferred Shareholders - redemptions (Note 8) (48,265) (15,572) 48% (32,693) (32,693) 0% 32 Restricted Share Units (3,545) 1,350 -28% (4,895) 920 -16% (5,815) 33 Net Income Allocable to Common Shareholders $ 1,098,335 $ (174,432) -14% S 1,272,767 $ (216,133) -15% S 1,488,900 34 Net Income Per Common Share: 35 Basic $ 6.29 $ (1.01) -14% $ 7.30 $ (1) -15% $ 8.56 36 Diluted $ 6.29 $ (1.00) -14% $ 7.29 $ (1) -15% $ 8.54 37 38 Basic Weighted Average Common Shares Outstanding 174,494 207 0% 174,287 318 0% 173,969 39 Diluted Weighted Average Common Shares Outstanding 174,642 112 0% 174,530 233 0% 174,297 40 Treasure Stock 148 (95) -39% 243 (85) -26% 328 Historical and Competitor Ratio Common Sized Balance Sheets Common Sized Income Statements Common Sized Income Statements HorizontalAnalysis Balance Sheets HorizontalAnalysisIncomeStatmnt Pro