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Public Storage - Annual Report: 2013 (Form 10-K)

 

 

 

 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549

FORM 10‑K  

[X]  Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the fiscal year ended December 31, 2013.

or

[  ]  Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from                 to                 .

Commission File Number:  001‑33519

PUBLIC STORAGE

(Exact name of Registrant as specified in its charter)

 

 

Maryland

95‑3551121

(  State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification Number)


701 Western Avenue, Glendale, California  91201-2349

(Address of principal executive offices) (Zip Code)  

 

 

(818) 244‑8080

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Depositary Shares Each Representing 1/1,000 of a 5.200% Cumulative Preferred Share, Series W $.01 par value


New York Stock Exchange


Title of each class

Name of each exchange
on which registered

Depositary Shares Each Representing 1/1,000 of a 6.875% Cumulative Preferred Share, Series O $.01 par value

New York Stock Exchange

Depositary Shares Each Representing 1/1,000 of a 6.500% Cumulative Preferred Share, Series P   $.01 par value

New York Stock Exchange

Depositary Shares Each Representing 1/1,000 of a 6.500% Cumulative Preferred Share, Series Q $.01 par value

New York Stock Exchange

Depositary Shares Each Representing 1/1,000 of a 6.350% Cumulative Preferred Share, Series R $.01 par value

New York Stock Exchange

Depositary Shares Each Representing 1/1,000 of a 5.900% Cumulative Preferred Share, Series S   $.01 par value

New York Stock Exchange

Depositary Shares Each Representing 1/1,000 of a 5.750% Cumulative Preferred Share, Series T $.01 par value

New York Stock Exchange

Depositary Shares Each Representing 1/1,000 of a 5.625% Cumulative Preferred Share, Series U $.01 par value

New York Stock Exchange

Depositary Shares Each Representing 1/1,000 of a 5.375% Cumulative Preferred Share, Series V $.01 par value

New York Stock Exchange

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Depositary Shares Each Representing 1/1,000 of a 5.200% Cumulative Preferred Share, Series W $.01 par value

New York Stock Exchange

Depositary Shares Each Representing 1/1,000 of a 5.200% Cumulative Preferred Share, Series X $.01 par value

New York Stock Exchange

Common Shares, $.10 par value...............................................................................................................

New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None (Title of class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. 

Yes [X]No [   ]

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act.

Yes [   ]No [X]

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes [X]No [   ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes [X]No [   ]

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405) is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  [X]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company.  See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer [X]Accelerated Filer [   ]Non-accelerated Filer [   ]Smaller Reporting Company [   ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes [   ]No [X]

The aggregate market value of the voting and non-voting common shares held by non-affiliates of the Registrant as of June 30, 2013:  

Common Shares, $0.10 Par Value – $22,171,992,000  (computed on the basis of $153.33 per share which was the reported closing sale price of the Company's Common Shares on the New York Stock Exchange on June 30, 2013).

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As of February 21, 2014, there were 172,120,701 outstanding Common Shares, $.10 par value.


DOCUMENTS INCORPORATED BY REFERENCE

Portions of the definitive proxy statement to be filed in connection with the Annual Meeting of Shareholders to be held in 2014 are incorporated by reference into Part III of this Annual Report on Form 10-K to the extent described therein.

 

 

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PART I

ITEM 1.Business

Forward Looking Statements

This Annual Report on Form 10-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.    All statements in this document, other than statements of historical fact, are forward-looking statements which may be identified by the use of the words "expects,"   "believes,"   "anticipates,"  "plans," "would," "should," "may," "estimates" and similar expressions. 

These forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties, which may cause our actual results and performance to be materially different from those expressed or implied in the forward-looking statements.  Factors and risks that may impact our future results and performance include, but are not limited to, those described in Item 1A, "Risk Factors" and in our other filings with the Securities and Exchange Commission (“SEC”) including:

·

general risks associated with the ownership and operation of real estate, including changes in demand, risks related to development of self-storage facilities, potential liability for environmental contamination, natural disasters and adverse changes in laws and regulations governing property tax, real estate and zoning;

·

risks associated with downturns in the national and local economies in the markets in which we operate, including risks related to current economic conditions and the economic health of our customers;  

·

the impact of competition from new and existing self-storage and commercial facilities and other storage alternatives;

·

difficulties in our ability to successfully evaluate, finance, integrate into our existing operations, and manage acquired and developed properties;

·

risks associated with international operations including, but not limited to, unfavorable foreign currency rate fluctuations, refinancing risk of affiliate loans from us, and local and global economic uncertainty that could adversely affect our earnings and cash flows;

·

risks related to our participation in joint ventures;

·

the impact of the regulatory environment as well as national, state, and local laws and regulations including, without limitation, those governing environmental, taxes and tenant insurance matters and real estate investment trusts (“REITs”), and risks related to the impact of new laws and regulations;

·

risk of increased tax expense associated either with a possible failure by us to qualify as a REIT, or with challenges to intercompany transactions with our taxable REIT subsidiaries;

·

changes in federal or state tax laws related to the taxation of REIT’s, which could impact our status as a REIT;

·

disruptions or shutdowns of our automated processes, systems and the Internet or breaches of our data security;

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·

risks associated with the self-insurance of certain business risks, including property and casualty insurance, employee health insurance and workers compensation liabilities;

·

difficulties in raising capital at a reasonable cost; and

·

economic uncertainty due to the impact of terrorism or war. 

These forward looking statements speak only as of the date of this report or as of the dates indicated in the statements.  All of our forward-looking statements, including those in this report, are qualified in their entirety by this statement.  We expressly disclaim any obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, new estimates, or other factors, events or circumstances after the date of these forward looking statements, except as required by law.  Given these risks and uncertainties, you should not rely on any forward-looking statements in this report, or which management may make orally or in writing from time to time, as predictions of future events nor guarantees of future performance. 

General

Public Storage was organized in 1980.  Effective June 1, 2007, we reorganized Public Storage, Inc. into Public Storage (referred to herein as “the Company”, “the Trust”, “we”, “us”, or “our”), a Maryland real estate investment trust (“REIT”). 

At December 31, 2013, our principal business activities are as follows:

(i)

Domestic Self-Storage: We acquire, develop, own, and operate self-storage facilities which offer storage spaces for lease on a month-to-month basis, for personal and business use.  We are the largest owner and operator of self-storage facilities in the United States (“U.S.”).  We have direct and indirect equity interests in 2,200 self-storage facilities (141 million net rentable square feet of space) located in 38 states within the U.S. operating under the “Public Storage” brand name. 

(ii)

European Self-Storage:  We have a 49% equity interest in Shurgard Europe, with an institutional investor owning the remaining 51% interest.  Shurgard Europe owns 187 self-storage facilities (10 million net rentable square feet of space) located in seven countries in Western Europe which operate under the “Shurgard” brand name and manages one facility we own in the United Kingdom.  We believe Shurgard Europe is the largest owner and operator of self-storage facilities in Western Europe. 

(iii)

Commercial:  We have a 42% equity interest in PS Business Parks, Inc. (“PSB”), a publicly held REIT which owns and operates 29.7 million net rentable square feet of commercial space.  We also wholly-own 1.4 million net rentable square feet of commercial space, substantially all of which is managed by PSB. 

In addition, we  reinsure policies against losses to goods stored by customers in our self-storage facilities, sell merchandise at our self-storage facilities and manage self-storage facilities owned by third-party owners.   

For all periods presented herein, we have elected to be treated as a REIT, as defined in the Internal Revenue Code.  As a REIT, we do not incur federal income tax on our REIT taxable income (generally, net rents and gains from real property, dividends, and interest) that is fully distributed each year (for this purpose, certain distributions paid in a subsequent year may be considered), and if we meet certain organizational and operational rules.  We believe we met these requirements in all periods presented herein, and we expect to continue to elect and qualify as a REIT.   

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We report annually to the SEC on Form 10-K, which includes financial statements certified by our independent registered public accountants.  We have also reported quarterly to the SEC on Form 10-Q, which includes unaudited financial statements with such filings.  We expect to continue such reporting.

On our website, www.publicstorage.com, we make available, free of charge, our Annual Reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and all amendments to those reports as soon as reasonably practicable after the reports and amendments are electronically filed with or furnished to the SEC.

Competition

We believe that storage customers generally store their goods within a five mile radius of their home or business.  Most of our facilities compete with other nearby self-storage facilities that use the same marketing channels and offer the same service as us.  Generally, our competitors attract customers using the same marketing channels we use, including Internet advertising, signage, and banners.  As a result, competition is significant and affects the occupancy levels, rental rates, rental income and operating expenses of our facilities.

While competition is significant, the self-storage industry remains fragmented in the U.S.  We believe that we own approximately 6% of the aggregate self-storage square footage in the U.S., and that collectively the five largest self-storage operators in the U.S. own approximately 12%, with all other self-storage space owned by numerous private regional and local operators.  We believe this market fragmentation enhances the advantage of our brand name, as well as the economies of scale we enjoy with approximately 71% of our 2013 same-store revenues in the 20 Metropolitan Statistical Areas (“MSA’s”, as defined by the U.S. Census Bureau) with the highest population levels.   

Such fragmentation also provides opportunities for us to acquire additional facilities; however, we compete with a wide variety of institutions and other investors who also view self-storage facilities as attractive investments.  The amount of capital available for real estate investments greatly influences the competition for ownership interests in facilities and, by extension, the yields that we can achieve on newly acquired investments. 

Business Attributes

We believe that we possess several primary business attributes that permit us to compete effectively:

Centralized information networks:  Our centralized reporting and information network enables us to identify changing market conditions and operating trends as well as analyze customer data and quickly change each of our individual properties’ pricing and promotions  on an automated basis. 

Convenient shopping experience: Customers can conveniently shop the space available at our facilities, reviewing attributes such as facility location, size, amenities such as climate-control, as well as pricing, and learn about ancillary businesses through the following marketing channels: 

·

Our Website:  The online marketing channel continues to grow in prominence, with approximately 55% of our move-ins in 2013 sourced through our website, as compared to 36% in 2010.  In addition, we believe that many of our customers who directly call our call center, or who move-in to a facility on a walk-in basis, have already reviewed our pricing and space availability through our website.  We invest extensively in advertising on the Internet to attract potential customers, primarily through the use of search engines, and we regularly update and improve our website to enhance its productivity.  

·

Our Call Center:  Our call center is staffed by skilled sales specialists.  Customers reach our call center by calling our advertised toll-free telephone referral number, (800) 44-

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STORE, or telephone numbers provided on the Internet.  We believe giving customers the option to interact with a call center agent, despite the higher marginal cost relative to an internet reservation, enhances our ability to close sales with potential storage customers.       

·

Our Properties:  Customers can also shop at any one of our facilities.  Property managers access the same information that is available on our website and to our call center agents, and can inform the customer of storage alternatives at that site or our other nearby storage facilities.  Property managers are extensively trained to maximize the conversion of such “walk in” shoppers into customers. 

Economies of scale: We are the largest provider of self-storage space in the U.S.  As of December 31, 2013, we operated 2,200 self-storage facilities with over one million self-storage spaces.  These facilities are generally located in major markets within 38 states in the U.S.  The size and scope of our operations have enabled us to achieve high operating margins and a low level of administrative costs relative to revenues through the centralization of many functions, such as facility maintenance, employee compensation and benefits programs, revenue management, as well as the development and documentation of standardized operating procedures.  We also believe that our major market concentration provides managerial efficiencies stemming from having a large number of facilities in close proximity to each other. 

We believe our market share and concentration in major metropolitan centers makes various promotional and media programs more cost-beneficial for us than for our competitors.  As noted above, approximately 71% of our same-store revenues for 2013 were in the 20 MSA’s with the highest population levels.  Our large market share and well-recognized brand name increases the likelihood that our facilities will appear prominently in unpaid search results for “self-storage” on major online search engines, and enhances the efficiency of our bidding for paid multiple-keyword advertising.  We can use television advertising in many markets, while most of our competitors cannot do so cost-effectively. 

Brand name recognition: We believe that the “Public Storage” brand name is the most recognized and established name in the self-storage industry in the U.S, due to our national reach in major markets in 38 states, and our highly visible facilities, with their distinct orange colored doors and signage.  We believe the “Public Storage” name is one of the most frequently used search terms used by customers using Internet search engines for self-storage.  We believe that the “Shurgard” brand, used by Shurgard Europe, is a similarly established and valuable brand in Europe.  We believe that the awareness of our brand name results in a high percentage of potential storage customers considering our facilities, relative to other operators. 

Growth and Investment Strategies

Our growth strategies consist of: (i) improving the operating performance of our existing self-storage facilities, (ii) acquiring more facilities, (iii) developing new self-storage space, (iv) participating in the growth of commercial facilities, primarily through our investment in PSB, and (v) participating in the growth of Shurgard Europe.  While our long-term strategy includes each of these elements, in the short run the level of growth in our asset base in any period is dependent upon the cost and availability of capital, as well as the relative attractiveness of investment alternatives. 

Improve the operating performance of existing facilities: We seek to increase the net cash flow of our existing self-storage facilities by a) regularly analyzing our call volume, reservation activity, Internet activity, move-in/move-out rates and other market supply and demand factors and responding by adjusting our marketing activities and rental rates, b) attempting to maximize revenues through evaluating the appropriate balance between occupancy, rental rates, and promotional discounting and c) controlling operating costs.  We believe that our property management personnel, systems, our convenient shopping options for the customer, and our media and Internet advertising programs will continue to enhance our ability to meet these goals. 

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Acquire properties owned or operated by others in the U.S.: We seek to capitalize on the fragmentation of the self-storage business through acquiring attractively priced, well-located existing self-storage facilities.  We believe our presence in and knowledge of substantially all of the major markets in the U.S. enhances our ability to identify attractive acquisition opportunities.  Data on the rental rates and occupancy levels of our existing facilities provide us an advantage in evaluating the potential of acquisition opportunities.  The level of third-party acquisition opportunities available depends upon many factors, such as the motivation of potential sellers to liquidate their investments, as well as the financing available to self-storage owners.  We decide whether to pursue acquisition opportunities based upon many factors including our opinion as to the potential for future growth, the quality of construction and location, the cash flow we expect from the facility when operated on our platform and our yield expectations.   

During 2013, we acquired 121 facilities from third parties for approximately $1.2 billion, primarily through large portfolio acquisitions.  This volume was higher than in the preceding six years combinedWe will continue to seek to acquire properties in 2014While there were more sellers of self-storage facilities in 2013 due at least in part, we believe, to higher values and robust cash flows of self-storage facilities, it is uncertain as to the level of third party acquisitions we will complete in 2014.

Develop new self-storage space:  The development of new self-storage locations and the expansion of existing self-storage facilities has been an important source of growth.   Since the beginning of 2013, we have expanded our development efforts due in part to the significant increase in prices being paid for existing facilities, in many cases well above the cost of developing new facilities.  At December 31, 2013, we had a development pipeline of projects to expand existing self-storage facilities and develop new self-storage facilities, which will add approximately 1.8 million net rentable square feet of self-storage space.  The aggregate cost of these projects is estimated at $196 million, of which $52 million had been incurred at December 31, 2013, and the remaining costs will be incurred principally in 2014.  Some of these projects are subject to significant contingencies such as entitlement approval.  We expect to continue to seek additional development projects; however, due to the difficulty in finding projects that meet our risk-adjusted yield expectations, as well as the difficulty in obtaining building permits for self-storage activities in certain municipalities, it is uncertain as to how much additional development we will undertake in the future.    

Participate in the growth of commercial facilities primarily through our ownership in PS Business Parks, Inc.:  Our investment in PSB provides us diversification into another asset typePSB is a stand-alone public company traded on the New York Stock Exchange.  During the year ended December 31, 2013, we increased our investment in PSB by acquiring 1,356,748 shares of PSB common stock in open-market transactions and directly from PSB, for an aggregate cost of $105.0 million.

Over the past three years, PSB has been able to grow its portfolio through acquisitions.  In 2011 and 2012, PSB acquired an aggregate total of 6.8 million net rentable square feet of commercial space for an aggregate purchase price of approximately $605.0 million.  In 2013, PSB acquired 1.5 million net rentable square feet for an aggregate purchase price of $115.6 million.    As of December 31, 2013, PSB owned and operated approximately 29.7 million net rentable square feet of commercial space, and had an enterprise value of approximately $3.9 billion (based upon the trading price of PSB’s common stock combined with the liquidation value of its debt and preferred stock as of December 31, 2013). 

Participate in the growth of European self-storage through ownership in Shurgard Europe:  We believe Shurgard Europe is the largest self-storage company in Western Europe.  It owns and operates 187 facilities with approximately 10 million net rentable square feet in:  France (principally Paris), Sweden (principally Stockholm), the United Kingdom (principally London), the Netherlands, Denmark (principally Copenhagen), Belgium and Germany.  We own 49% of Shurgard Europe, with the other 51% owned by a large U.S. institutional investor. 

Customer awareness and availability of self-storage is significantly lower in Europe than in the U.S.  However, with more awareness and product supply, we believe there is potential for increased demand for storage space in Europe.  In the long run, we believe Shurgard Europe could capitalize on

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potential increased demand through the development of new facilities or, to a lesser extent, acquiring existing facilities. 

Financing of the Company’s Growth Strategies

Overview of financing strategy:  In order to grow our asset base, access to capital is important.  In general, we seek to finance our investment activities with retained cash flow and the issuance of preferred and common securities when market conditions are favorable, using bank debt as bridge financing when market conditions are not favorable. 

Permanent capitalWe have generally been able to raise capital through the issuance of preferred securities at an attractive cost of capital relative to the issuance of our common shares and, as a result, issuances of common shares have been minimal over the past several years.  During the years ended December 31, 2013 and 2012, we issued approximately $725.0 million and $1.7 billion, respectively, of preferred securities.  Currently, market conditions are much less favorable, with market coupon rates for our most recently issued series of preferred securities trading at approximately 6.5% (as compared to 5.2% for the preferred securities we issued in the first quarter of 2013).  We believe that market coupon rates for a new issuance of our preferred securities would need to be in the area of 6.5% and the amount of capital we could raise would most likely be much lower than what we raised in the first quarter of 2013. 

Bridge financing:  We have in the past used our $300 million revolving line of credit as temporary “bridge” financing and repaid such borrowings with permanent capital.  At December 31, 2013, we had approximately $50.1 million outstanding on our line of credit (none as of February 25, 2014).  On December 2, 2013, we borrowed $700 million from Wells Fargo pursuant to a term loan due in one year, in order to fund our acquisitions of self-storage facilities in the fourth quarter of 2013.  See Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources” for more information. 

Borrowing through mortgage loans or senior debt:  Even though preferred securities have a higher coupon rate than long-term debt, we have generally not issued conventional debt due to refinancing risk associated with debt and other benefits of preferred securities described in more detail in Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources.” 

We have broad powers to borrow in furtherance of our objectives without a vote of our shareholders.  These powers are subject to a limitation on unsecured borrowings in our Bylaws described in “Limitations on Debt” below. Our senior debt has an “A” credit rating by Standard and Poor’s.  Notwithstanding our desire to continue to meet our capital needs with permanent capital, we believe this high rating, combined with our low level of debt, could allow us to issue a significant amount of unsecured debt at lower interest rates than the coupon on preferred securities if we chose to.  

Assumption of Debt: Substantially all of our mortgage debt outstanding was assumed in connection with real estate acquisitions.   When we have assumed debt in the past, we did so because the nature of the loan terms did not allow prepayment, or a prepayment penalty made it economically disadvantageous to prepay.      

Issuance of securities in exchange for property: We have issued both our common and preferred securities in exchange for real estate and other investments in the past.  Future issuances will be dependent upon our financing needs and capital market conditions at the time, including the market prices of our equity securities.

Joint Venture financing: We have used joint ventures with institutional investors and we may form additional joint ventures in the future.

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Disposition of properties:  Generally, we have disposed of self-storage facilities only when compelled to do so through condemnation proceedings.  We do not presently intend to sell any significant number of self-storage facilities in the future, though there can be no assurance that we will not.

Investments in Real Estate and Unconsolidated Real Estate Entities

Investment Policies and Practices with respect to our investments: Following are our investment practices and policies which, though we do not anticipate any significant alteration, can be changed by our Board of Trustees without a shareholder vote:

·

Our investments primarily consist of direct ownership of self-storage facilities (the nature of our self-storage facilities is described in Item 2, “Properties”), as well as partial interests in entities that own self-storage facilities.

·

Our partial ownership interests primarily reflect general and limited partnership interests in entities that own self-storage facilities that are managed by us under the “Public Storage” brand name in the U.S., as well as storage facilities managed in Europe under the “Shurgard” brand name which are owned by Shurgard Europe.

·

Additional acquired interests in real estate (other than the acquisition of properties from third parties) will include common equity interests in entities in which we already have an interest.

·

To a lesser extent, we have interests in existing commercial properties (described in Item 2, “Properties”), containing commercial and industrial rental space, primarily through our investment in PSB.

Facilities Owned by Subsidiaries

In addition to our direct ownership of 2,172 self-storage facilities in the U.S. and one self-storage facility in London, England at December 31, 2013, we have controlling indirect interests in entities that own 14 self-storage facilities in the U.S.  Due to our controlling interest in each of these entities, we consolidate the assets, liabilities, and results of operations of these entities in our financial statements.

Facilities Owned by Unconsolidated Real Estate Entities

At December 31, 2013, we also had ownership interests in entities that we do not control or consolidate.  These entities include PSB, Shurgard Europe (discussed above), and various limited partnerships that own an aggregate of 14 self-storage facilities.  These entities are referred to collectively as the “Unconsolidated Real Estate Entities.”

PSB, which files financial statements with the SEC, and Shurgard Europe, have debt and other obligations that we do not consolidate in our financial statements.  None of the other Unconsolidated Real Estate Entities have significant amounts of debt or other obligations.  See Note 4 to our December 31, 2013 financial statements for further disclosure regarding the assets, liabilities and operating results of the Unconsolidated Real Estate Entities.

Limitations on Debt

Without the consent of holders of the various series of Senior Preferred Shares, we may not take any action that would result in our “Debt Ratio” exceeding 50%.  “Debt Ratio”, as defined in the related governing documents, represents generally the ratio of debt to total assets before accumulated depreciation and amortization on our balance sheet, in accordance with U.S. generally accepted accounting principles.  As of December 31, 2013, the Debt Ratio was approximately 6%. 

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Our bank and senior unsecured debt agreements contain various customary financial covenants, including limitations on the level of indebtedness and the prohibition of the payment of dividends upon the occurrence of defined events of default.  We believe we were in compliance with each of these covenants as of December 31, 2013.  

Employees

We have approximately 5,200 employees in the U.S. at December 31, 2013 which are engaged primarily in property operations. 

Seasonality

We experience minor seasonal fluctuations in the demand for self-storage space, with demand and rates generally higher in the summer months than in the winter months.  We believe that these fluctuations result in part from increased moving activity during the summer months.

Insurance

We have historically carried customary property, earthquake, general liability, employee medical insurance and workers compensation coverage through internationally recognized insurance carriers, subject to customary levels of deductibles.  The aggregate limits on these policies of approximately $75 million for property losses and $102 million for general liability losses are higher than estimates of maximum probable losses that could occur from individual catastrophic events determined in recent engineering and actuarial studies; however, in case of multiple catastrophic events, these limits could be exhausted.  

We reinsure a program that provides insurance to our customers from an independent third-party insurer.  This program covers tenant claims for losses to goods stored at our facilities as a result of specific named perils (earthquakes are not covered by this program), up to a maximum limit of $5,000 per storage unit.  We reinsure all risks in this program, but purchase insurance from an independent third party insurance company for aggregate claims between $5.0 million and $15.0 million per occurrence.  We are subject to licensing requirements and regulations in several states.  At December  31, 2013, there were approximately 759,000 certificates held by our self-storage customers, representing aggregate coverage of approximately $1.7 billion.

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ITEM 1A.  Risk Factors

In addition to the other information in our Annual Report on Form 10-K, you should consider the risks described below that we believe may be material to investors in evaluating the Company.  This section contains forward-looking statements, and in considering these statements, you should refer to the qualifications and limitations on our forward-looking statements that are described in Forward Looking Statements at the beginning of Item 1.

We have significant exposure to real estate risk.

Since our business consists primarily of acquiring and operating real estate, we are subject to the risks related to the ownership and operation of real estate that can adversely impact our business and financial condition.  These risks include the following:  

Natural disasters or terrorist attacks could cause damage to our facilities, resulting in increased costs and reduced revenues.  Natural disasters, such as earthquakes, hurricanes and floods, or terrorist attacks could cause significant damage and require significant repair costs, and make facilities temporarily uninhabitable, reducing our revenues.  Damage and business interruption losses could exceed the aggregate limits of our insurance coverage.  In addition, because we self-insure a portion of our risks, losses below a certain level may not be covered by insurance.   See Note 13 to our December 31, 2013 financial statements for a description of the risks of losses that are not covered by third-party insurance contracts.  We may not have sufficient insurance coverage for losses caused by a terrorist attack, or such insurance may not be maintained, available or cost-effective.  In addition, significant natural disasters, terrorist attacks, threats of future terrorist attacks, or resulting wider armed conflicts could have negative impacts on the U.S. economy, reducing storage demand and impairing our operating results. 

Operating costs could increase.  We could be subject to increases in insurance premiums, increased or new property tax assessments or other taxes, repair and maintenance costs, payroll, utility costs, workers compensation, and other operating expenses due to various factors such as inflation, labor shortages, commodity and energy price increases. 

The acquisition of existing properties is subject to risks that may adversely affect our growth and financial results.    We have acquired material amounts of self-storage facilities from third parties in the past, and we expect to continue to do so in the future.    We face significant competition for suitable acquisition properties from other real estate investors.  As a result, we may be unable to acquire additional properties we desire or the purchase price for desirable properties may be significantly increased.    Failures or unexpected circumstances in integrating newly acquired properties into our operations or circumstances we did not detect during due diligence, such as environmental matters, needed repairs or deferred maintenance, or the effects of increased property tax following reassessment of a newly-acquired property, as well as the general risks of real estate investment, could jeopardize realization of the anticipated earnings from an acquisition. 

Development of self-storage facilities can subject us to risks.  At December 31, 2013, we have a pipeline of development projects totaling $196 million (subject to contingencies), and we expect to continue to seek additional development projects.  There are significant risks involved in developing self-storage facilities, such as delays or cost increases due to changes in or failure to meet government or regulatory requirements, weather issues, unforeseen site conditions, or personnel problems.  Self-storage space is generally not pre-leased, and rent-up of newly developed space can be delayed or ongoing cash flow yields can be reduced due to competition, reductions in storage demand, or other factors. 

There is significant competition among self-storage facilities and from other storage alternatives.  Most of our properties are self-storage facilities, which generated most of our revenue for the year ended December 31, 2013.  Competition in the local market areas in which many of our properties are located is significant and has affected our occupancy levels, rental rates and operating expenses.  If development of self-storage facilities by other operators were to increase, due to increases in availability of funds for investment or other reasons, competition with our facilities could intensify.

12


 

 

We may incur significant liabilities from environmental contamination or moisture infiltration.   Existing or future laws impose or may impose liability on us to clean up environmental contamination on or around properties that we currently or previously owned or operated, even if we were not responsible for or aware of the environmental contamination or even if such environmental contamination occurred prior to our involvement with the property.  We have conducted preliminary environmental assessments on most of our properties, which have not identified material liabilities.  These assessments, commonly referred to as “Phase 1 Environmental Assessments,” include an investigation (excluding soil or groundwater sampling or analysis) and a review of publicly available information regarding the site and other nearby properties.   

We are also subject to potential liability relating to moisture infiltration, which can result in mold or other damage to our or our customers’ property, as well as potential health concerns.  When we receive a complaint or otherwise become aware that an air quality concern exists, we implement corrective measures and seek to work proactively with our customers to resolve issues, subject to our contractual limitations on liability for such claims. 

We are not aware of any environmental contamination or moisture infiltration related liabilities that could be material to our overall business, financial condition, or results of operation.  However, we may not have detected all material liabilities, we could acquire properties with material undetected liabilities, or new conditions could arise or develop in the future.   Settling any such liabilities could negatively impact our earnings and cash available for distribution to shareholders, and could also adversely affect our ability to sell, lease, operate, or encumber affected facilities.

We incur liability from tenant and employment-related claims.  From time to time we have to make monetary settlements or defend actions or arbitration (including class actions) to resolve tenant or employment-related claims and disputes.

Economic conditions can adversely affect our business, financial condition, growth and access to capital.

Our revenues and operating cash flow can be negatively impacted by reductions in employment and population levels, household and disposable income, and other general economic factors that lead to a reduction in demand for rental space in each of the markets in which we operate our properties.   

Our ability to issue preferred shares or access other sources of capital, such as borrowing, has been in the past, and may in the future be, adversely affected by challenging market conditions.  The issuance of perpetual preferred securities historically has been a significant source of capital to grow our business.  If we were unable to issue preferred shares or borrow at reasonable rates, prospective earnings growth through expanding our asset base could be limited. 

We have exposure to European operations through our ownership in Shurgard Europe.

As a result of our ownership of 49% of the equity in Shurgard Europe’s equity with a book value of $424.1 million at December 31, 2013, and our loan to Shurgard Europe totaling $428.1 million at December 31, 2013, we are exposed to additional risks related to the ownership and operation of international businesses that may adversely impact our business and financial results, including the following:

·

Currency risks:  Currency fluctuations can impact the fair value of our equity investment in, and loan to Shurgard Europe, as well as the related income we receive as well as future repatriation of cash.

·

Legislative, tax, and regulatory risks:  We are subject to complex foreign laws and regulations related to permitting and land use, the environment, labor, and other areas, as well as income, property, sales, value added and employment tax laws.  These laws can be difficult to apply or

13


 

 

interpret and can vary in each country or locality, and are subject to unexpected changes in their form and application due to regional, national, or local political uncertainty and other factors.  Such changes, or Shurgard’s failure to comply with these laws, could subject it to penalties or other sanctions, adverse changes in business processes, as well as potentially adverse income tax, property tax, or other tax burdens. 

·

Impediments to capital repatriation could negatively impact the realization of our investment in Shurgard Europe: Laws in Europe and the U.S. may create, impede or increase our cost to repatriate capital or earnings from Shurgard Europe. 

·

Risks of collective bargaining and intellectual property:  Collective bargaining, which is prevalent in certain areas in Europe, could negatively impact Shurgard Europe’s labor costs or operations. 

·

Potential operating and individual country risks:  Economic slowdowns or extraordinary political or social change in the countries in which it operates have posed, and could continue to pose, challenges or result in future reductions of Shurgard Europe’s operating cash flows.  

·

Impediments of Shurgard Europe’s joint venture structure:  Shurgard Europe’s significant decisions, involving activities such as borrowing money, capital contributions, raising capital from third parties, as well as selling or acquiring significant assets, require the consent of our joint venture partner.  As a result, Shurgard Europe may be precluded from taking advantage of opportunities that we would find attractive.  In addition, we could be unable to separately pursue such opportunities due to certain market exclusivity provisions of the Shurgard Europe joint venture agreement, and our 49% equity investment may not be easily sold or readily accepted as collateral by potential lenders to Public Storage due to the joint venture structure.  

·

Risks related to Shurgard Europe’s Debt:  Shurgard Europe has a term loan from a bank (the “Bank Loan”) with a balance of approximately €107.5 million ($148.0 million) at December 31, 2013 maturing in November 2014 and a loan due to us (the “Shareholder Loan”) totaling €311.0 million ($428.1 million) at December 31, 2013.  On January 28, 2014, our joint venture partner in Shurgard Europe acquired 51% of the Shareholder Loan at face value, using the proceeds from a bank loan (the “JV Partner Loan”), and the maturity date of the Shareholder Loan was extended to April 2019.  The JV Partner Loan matures in two years and is collateralized with our joint venture partner’s interests in the Shareholder Loan and their interest in Shurgard Europe.  Shurgard Europe will seek to refinance the Bank Loan.  If Shurgard Europe is not able to refinance its debt due to a constrained credit market, negative operating trends or other reasons, our equity investment in Shurgard Europe could be negatively impacted. 

The Hughes Family could control us and take actions adverse to other shareholders.  

At December 31, 2013, B. Wayne Hughes, our former Chairman, and his family, which includes two members of the board of trustees (the “Hughes Family”) owned approximately 15.8% of our aggregate outstanding common shares.  Our declaration of trust permits the Hughes Family to own up to 35.66% of our outstanding common shares while it generally restricts the ownership by other persons and entities to 3% of our outstanding common shares.  Consequently, the Hughes Family may significantly influence matters submitted to a vote of our shareholders, including electing trustees, amending our organizational documents, dissolving and approving other extraordinary transactions, such as a takeover attempt, resulting in an outcome that may not be favorable to other shareholders.

Takeover attempts or changes in control could be thwarted, even if beneficial to shareholders.

14


 

 

In certain circumstances, shareholders might desire a change of control or acquisition of us, in order to realize a premium over the then-prevailing market price of our shares or for other reasons.  However, the following could prevent, deter, or delay such a transaction:  

·

Provisions of Maryland law may impose limitations that may make it more difficult for a third party to negotiate or effect a business combination transaction or control share acquisition with Public Storage.  Currently, the Board has opted not to subject the Company to these provisions of Maryland law, but it could choose to do so in the future without shareholder approval.   

·

To protect against the loss of our REIT status due to concentration of ownership levels, our declaration of trust generally limits the ability of a person, other than the Hughes Family or “designated investment entities” (each as defined in our declaration of trust), to own, actually or constructively, more than 3% of our outstanding common shares or 9.9% of the outstanding shares of any class or series of preferred or equity shares, in either case unless a specific exemption is granted by our board of trustees.  These limits could discourage, delay or prevent a transaction involving a change in control of our company not approved by our board of trustees.

·

Similarly, current provisions of our declaration of trust and powers of our Board of Trustees could have the same effect, including (1) limitations on removal of trustees in our declaration of trust, (2) restrictions on the acquisition of our shares of beneficial interest, (3) the power to issue additional common shares, preferred shares or equity shares on terms approved by the Board without obtaining shareholder approval, (4) the advance notice provisions of our bylaws and (5) the Board’s ability under Maryland law, without obtaining shareholder approval, to implement takeover defenses that we may not yet have and to take, or refrain from taking, other actions that could have the effect of delaying, deterring or preventing a transaction or a change in control.

If we failed to qualify as a REIT, we would have to pay substantial income taxes.

REITs are subject to a range of complex organizational and operational requirements.  A qualifying REIT does not generally incur federal income tax on its net income that is distributed to its shareholders.  Our REIT status is also dependent upon the ongoing REIT qualification of our affiliate, PSB, as a REIT, as a result of our substantial ownership interest in that company. We believe that we are organized and have operated as a REIT and we intend to continue to operate to maintain our REIT status.

There can be no assurance that we qualify or will continue to qualify as a REIT.  The highly technical nature of the REIT rules, the ongoing importance of factual determinations, the possibility of unidentified issues in prior periods or changes in our circumstances, all could adversely affect our ability to comply.  For any taxable year that we fail to qualify as a REIT and statutory relief provisions did not apply, we would be taxed at the regular federal corporate rates on all of our taxable income and we also could be subject to penalties and interest.  We would generally not be eligible to seek REIT status again until the fifth taxable year after the first year of our failure to qualify. Any taxes, interest and penalties incurred would reduce the amount of cash available for distribution to our shareholders or for reinvestment and would adversely affect our earnings, which could have a material adverse effect.  

We may pay some taxes, reducing cash available for shareholders.

Even if we qualify as a REIT for federal income tax purposes, we may be subject to some federal, foreign, state and local taxes on our income and property.  Since January 1, 2001, certain corporate subsidiaries of the Company have elected to be treated as “taxable REIT subsidiaries” for federal income tax purposes, and are taxable as regular corporations and subject to certain limitations on intercompany transactions.  If tax authorities determine that amounts paid by our taxable REIT subsidiaries to us are greater than what would be paid under similar arrangements among unrelated parties, we could be subject

15


 

 

to a 100% penalty tax on the excess payments, and ongoing intercompany arrangements could have to change, resulting in higher ongoing tax payments.  To the extent the Company is required to pay federal, foreign, state or local taxes or federal penalty taxes due to existing laws or changes thereto, we will have less cash available for distribution to shareholders.

We are heavily dependent on computer systems, telecommunications and the Internet to process transactions, summarize results and manage our business and security breaches or a failure of such networks, systems or technology could adversely impact our business and customer relationships.

We are heavily dependent upon automated information technology and Internet commerce, with approximately half of our new customers coming from the telephone or over the Internet, and the nature of our business involves the receipt and retention of personal information about our customers.  We centrally manage significant components of our operations with our computer systems, including our financial information, and we also rely extensively on third-party vendors to retain data, process transactions and provide other systems services.  These systems are subject to damage or interruption from power outages, computer and telecommunications failures, computer worms, viruses and other destructive or disruptive security breaches and catastrophic events.

As a result, our operations could be severely impacted by a natural disaster, terrorist attack or other circumstance that resulted in a significant outage at our systems or those of our third party providers, despite our use of back up and redundancy measures.  Further, viruses and other related risks could negatively impact our information technology processes.  Our or our customers’ confidential information could be compromised or misappropriated, due to a breach of our network security.  Such data security breaches as well as system disruptions and shutdowns could result in additional costs to repair or replace such networks or information systems and possible legal liability, including government enforcement actions and private litigation.  In addition, our customers could lose confidence in our ability to protect their personal information, which could cause them to discontinue leasing our self-storage facilities.  Such events could lead to lost future revenues and adversely affect our results of operations.

We have no ownership interest in Canadian self-storage facilities owned or operated by the Hughes Family.

At December 31, 2013, the Hughes Family had ownership interests in, and operated, 54 self-storage facilities in Canada (the “Canadian Self-Storage Facilities”).  These facilities are operated under the “Public Storage” tradename, which we license to the Hughes Family for use in Canada on a royalty-free, non-exclusive basis.  We have a right of first refusal, subject to limitations, to acquire the stock or assets of the corporation engaged in the operation of the Canadian Self-Storage Facilities if the Hughes Family or the corporation agrees to sell them.  However, we do not benefit from profits or potential appreciation in value of the Canadian Self-Storage Facilities because we have no ownership interest in these facilities.  We do not operate in the Canadian self-storage market, and have no plans to do so.  However, if we choose to do so without acquiring the Hughes Family interests in the Canadian Self-Storage Facilities, we may have to share the use of the “Public Storage” name in Canada with the Hughes Family, unless we are able to terminate the license agreement. 

Through our subsidiaries, we reinsure risks relating to loss of goods stored by customers in the Canadian Self-Storage Facilities.  During the years ended December 31, 2013, 2012 and 2011, we received $0.5 million, $0.6 million and $0.6 million, respectively, in reinsurance premiums attributable to the Canadian Self-Storage Facilities.  Because our right to earn these premiums may be qualified, there is no assurance that these premiums will continue.

16


 

 

We are subject to laws and governmental regulations and actions that require us to incur compliance costs affecting our operating results and financial condition.

Our business is subject to regulation under a wide variety of U.S. federal, state and local laws, regulations and policies including those imposed by the SEC, the Sarbanes-Oxley Act of 2002, the Dodd-Frank Wall Street Reform and Consumer Protection Act and New York Stock Exchange, as well as applicable labor laws. Although we have policies and procedures designed to comply with applicable laws and regulations, failure to comply with the various laws and regulations may result in civil and criminal liability, fines and penalties, increased costs of compliance, restatement of our financial statements and could also affect the marketability of our real estate facilities.

The Patient Protection and Affordable Care Act as well as other healthcare reform legislation recently passed or being considered by Congress and state legislatures (collectively, the “Healthcare Legislation”) are expected to impact our business beginning in 2014.  Based on its current form, we believe that the Healthcare Legislation will at least moderately increase our costs; however, there could be a significant further negative impact to our costs and business depending upon how the various governmental agencies design and implement the specific regulations to implement the Patient Protection and Affordable Care Act, the nature of further legislation that may be passed at the national and local level, and other factors.

In response to current economic conditions or the current political environment or otherwise, laws and regulations could be implemented or changed in ways that adversely affect our operating results and financial condition, such as legislation that could facilitate union activity or that would otherwise increase operating costs.

All our properties must comply with the Americans with Disabilities Act and with related regulations and similar state law requirements, as well as various real estate and zoning laws and regulations, which are subject to change and could become more costly to comply with in the future.  Compliance with these requirements can require us to incur significant expenditures, which would reduce cash otherwise available for distribution to shareholders.  A failure to comply with these laws could lead to fines or possible awards of damages to individuals affected by the non-compliance.  Failure to comply with these requirements could also affect the marketability of our real estate facilities.

Our tenant insurance business is subject to governmental regulation which could reduce our profitability or limit our growth.

We hold Limited Lines Self-Service Storage Insurance Agent licenses from a number of individual state Departments of Insurance and are subject to state governmental regulation and supervision.  Our continued ability to maintain these Limited Lines Self-Service Storage Insurance Agent licenses in the jurisdictions in which we are licensed depends on our compliance with related rules and regulations.  The regulatory authorities in each jurisdiction generally have broad discretion to grant, renew and revoke licenses and approvals, to promulgate, interpret, and implement regulations, and to evaluate compliance with regulations through periodic examinations, audits and investigations of the affairs of insurance agents.  As a result of regulatory or private action in any jurisdiction, we may be temporarily or permanently suspended from continuing some or all of our reinsurance activities, or otherwise fined or penalized or suffer an adverse judgment.  For the year ended December 31, 2013, we recorded a total of $67.8 million in net income from our tenant reinsurance activities.

ITEM 1B.Unresolved Staff Comments

None.

17


 

 

ITEM 2.Properties

At December 31, 2013, we had direct and indirect ownership interests in 2,200 self-storage facilities located in 38 states within the U.S. and 188 storage facilities located in seven Western European nations:

 

 

 

 

At December 31, 2013

 

Number of Storage Facilities (a)

Net Rentable Square Feet (in thousands)

U.S.:

 

 

California:

 

 

Southern.........................................

244 
17,192 

Northern.........................................

173 
10,310 

Texas...............................................

254 
16,715 

Florida...........................................

247 
16,344 

Illinois.............................................

126 
7,904 

Georgia...........................................

107 
7,049 

Washington.....................................

91 
6,064 

North Carolina.............................

77 
5,272 

Virginia...........................................

87 
5,110 

New York.......................................

65 
4,527 

Colorado.........................................

63 
3,980 

New Jersey.....................................

56 
3,549 

Maryland.......................................

57 
3,404 

Minnesota.......................................

43 
2,931 

South Carolina.............................

52 
2,867 

Michigan.........................................

43 
2,755 

Arizona...........................................

40 
2,470 

Missouri.........................................

37 
2,136 

Oregon...........................................

39 
2,006 

Pennsylvania...............................

29 
1,993 

Indiana...........................................

31 
1,926 

Ohio...............................................

31 
1,922 

Nevada...........................................

27 
1,818 

Massachusetts.............................

25 
1,691 

Tennessee.......................................

27 
1,528 

Kansas...........................................

22 
1,310 

Wisconsin.......................................

15 
968 

Other states (12 states).................

92 
5,278 

Total – U.S......................................

2,200 
141,019 

 

 

 

Europe (b):

 

 

France.............................................

55 
2,886 

Netherlands.....................................

40 
2,180 

Sweden...........................................

30 
1,623 

Belgium...........................................

21 
1,270 

United Kingdom...........................

21 
1,025 

Germany.........................................

11 
571 

Denmark.........................................

10 
565 

Total - Europe...............................

188 
10,120 

 

 

 

Grand Total.....................................

2,388 
151,139 

 

18


 

 

(a)

See Schedule III:  Real Estate and Accumulated Depreciation in the Company’s 2013 financials, for a complete list of properties consolidated by the Company.

(b)

The facilities located in Europe include one facility in the United Kingdom that we wholly own, as well as the facilities owned by Shurgard Europe.

We seek to maximize our facilities’ cash flow through the regular review and adjustment of rents charged and promotions granted to our existing and new incoming customers, and controlling expenses.  For the year ended December 31, 2013, the weighted average occupancy level and the average realized rent per occupied square foot for our self-storage facilities were approximately 92.7% and $14.18, respectively, in the U.S. and 79.6% and $26.90, respectively, in Europe. 

At December 31, 2013,  45 of our U.S. facilities with a net book value of $224 million were encumbered by an aggregate of $89 million in secured notes payable. 

We have no specific policy as to the maximum size of any one particular self-storage facility.  However, none of our facilities involves, or is expected to involve, 1% or more of our total assets, gross revenues or net income.

Description of Self-Storage Facilities: Self-storage facilities, which comprise the majority of our investments, offer accessible storage space for personal and business use at a relatively low cost.  A user rents a fully enclosed space, securing the space with their lock, which is for the user's exclusive use and to which only the user has access on an unrestricted basis during business hours.  On-site operation is the responsibility of property managers who are supervised by district managers.  Some self-storage facilities also include rentable uncovered parking areas for vehicle storage.  Space is rented on a month-to-month basis and rental rates vary according to the location of the property, the size of the storage space and other characteristics that affect the relative attractiveness of each particular space, such as whether the space has “drive-up” access, its proximity to elevators, or if the space is climate controlled.  All of our self-storage facilities in the U.S. are operated under the "Public Storage" brand name, while our facilities in Europe are operated under the “Shurgard” brand name.

Users include individuals from virtually all demographic groups, as well as businesses.  Individuals usually store furniture, household appliances, personal belongings, motor vehicles, boats, campers, motorcycles and other household goods.  Businesses normally store excess inventory, business records, seasonal goods, equipment and fixtures.

Our self-storage facilities generally consist of between 350 to 750 storage spaces.  Most spaces have between 25 and 400 square feet and an interior height of approximately eight to 12 feet.

We experience minor seasonal fluctuations in the occupancy levels of self-storage facilities with occupancies generally higher in the summer months than in the winter months.  We believe that these fluctuations result in part from increased moving activity during the summer months and incremental demand from college students.

Our self-storage facilities are geographically diversified and are located primarily in or near major metropolitan markets in 38 states in the U.S.  Generally our self-storage facilities are located in heavily populated areas and close to concentrations of apartment complexes, single family residences and commercial developments. 

Competition from other self-storage facilities is significant and impacts the occupancy levels and rental rates for many of our properties.

We believe that self-storage facilities, upon achieving stabilized occupancy levels of approximately 90%, have attractive characteristics consisting of high profit margins, a broad tenant base and low levels of capital expenditures to maintain their condition and appearance.  Historically, upon 

19


 

 

reaching stabilization, our U.S. self-storage facilities have generally shown a high degree of stability in generating cash flows. 

Description of Commercial Properties: We have an interest in PSB, which, as of December 31, 2013, owns and operates approximately 29.7 million net rentable square feet of commercial space in eight states.  At December 31, 2013, the $424.5 million book value and $1.1 billion market value, respectively, of our investment in PSB represents approximately 4% and 11%, respectively of our total assets.  We also directly own 1.4 million net rentable square feet of commercial space managed primarily by PSB. 

The commercial properties owned by PSB consist primarily of flex, multi-tenant office and industrial space.  Flex space is defined as buildings that are configured with a combination of office and warehouse space and can be designed to fit a wide variety of uses (including office, assembly, showroom, laboratory, light manufacturing and warehouse space). 

Environmental Matters:  We accrue environmental assessments and estimated remediation cost when it is probable that such efforts will be required and the related costs can be reasonably estimated.  Our current practice is to conduct environmental investigations in connection with property acquisitions.  Although there can be no assurance, we are not aware of any environmental contamination of any of our facilities, which individually or in the aggregate would be material to our overall business, financial condition, or results of operations.

ITEM 3.Legal Proceedings

We are a party to various legal proceedings and subject to various claims and complaints; however, we believe that the likelihood of these contingencies resulting in a material loss to the Company, either individually or in the aggregate, is remote.

ITEM 4.Mine Safety Disclosures

Not applicable.

20


 

 

PART II

ITEM 5.Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities

a.

Market Information of the Registrant’s Common Equity:

Our Common Shares (NYSE: PSA) have been listed on the New York Stock Exchange since October 19, 1984.   The following table sets forth the high and low sales prices of our Common Shares on the New York Stock Exchange composite tapes for the applicable periods.

 

 

 

 

 

 

Range

Year

Quarter

High 

Low

2012

1st

$
141.48 
$
129.04 

 

2nd

146.49 
129.77 

 

3rd

152.68 
137.86 

 

4th

148.17 
135.07 

 

 

 

 

2013

1st

157.95 
144.35 

 

2nd

168.66 
145.04 

 

3rd

168.30 
149.46 

 

4th

176.68 
147.14 

 

As of February 15, 2014, there were approximately 16,043 holders of record of our Common Shares.  Because many of our shares of common stock are held by brokers and other institutions on behalf of stockholders, we are unable to estimate the total number of stockholders represented by these record holders.

b.

Dividends

We have paid quarterly distributions to our shareholders since 1981, our first full year of operations.  During 2013 we paid distributions to our common shareholders of $1.25 per common share for each of the quarters ended March 31, June 30, September 30 and $1.40 per common share for the quarter ended December 31, representing an aggregate of $884.2 million or $5.15 per share.  During 2012 we paid distributions to our common shareholders of $1.10 per common share for each of the quarters ended March 31, June 30, September 30 and December 31, representing an aggregate of $751.2 million or $4.40 per share. 

Holders of common shares are entitled to receive distributions when and if declared by our Board of Trustees out of any funds legally available for that purpose.  As a REIT, we do not incur federal income tax on our REIT taxable income (generally, net rents and gains from real property, dividends, and interest) that is fully distributed each year (for this purpose, certain distributions paid in a subsequent year may be considered), and if we meet certain organizational and operational rules.  We believe we have met these requirements in all periods presented herein, and we expect to continue to elect and qualify as a REIT.  

For Federal income tax purposes, distributions to shareholders are treated as ordinary income, capital gains, return of capital or a combination thereof.  For 2013, the dividends paid on common shares and preferred shares were classified as follows:

 

 

 

 

 

21


 

 

 

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

Ordinary Income.....................

100.0000% 
100.0000% 
99.8273% 
99.9543% 

Long-term Capital Gain...........

0.0000% 
0.0000% 
0.1727% 
0.0457% 

Total.........................................

100.0000% 
100.0000% 
100.0000% 
100.0000% 

For 2012, the dividends paid on common shares ($4.40 per share) and on all the various classes of preferred shares were classified as ordinary income.

c.

Equity Shares

We are authorized to issue 100,000,000 equity shares from time to time in one or more series and our Board of Trustees has broad authority to fix the dividend and distribution rights, conversion and voting rights, redemption provisions and liquidation rights of each series of equity shares.  We had no equity shares outstanding for any period in the years ended December 31, 2013 and 2012.

d.

Common Share Repurchases

Our Board of Trustees has authorized management to repurchase up to 35,000,000 of our common shares on the open market or in privately negotiated transactions.  From the inception of the repurchase program through February 25, 2014, we have repurchased a total of 23,721,916 common shares (all purchased prior to 2010) at an aggregate cost of approximately $679.1 million.  Our common share repurchase program does not have an expiration date and there are 11,278,084 common shares that may yet be repurchased under our repurchase program as of December 31, 2013.  We have no current plans to repurchase shares; however, future levels of common share repurchases will be dependent upon our available capital, investment alternatives, and the trading price of our common shares. 

e.

Preferred Share Redemptions

We had no preferred redemptions during the year ended December 31, 2013.

22


 

 

 

 

 

 

ITEM 6.Selected Financial Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the year ended December 31,

 

2013

 

2012

 

2011

 

2010

 

2009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

$

1,981,746 

 

$

1,842,504 

 

$

1,735,888 

 

$

1,631,294 

 

$

1,607,395 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of operations

 

565,161 

 

 

555,904 

 

 

560,509 

 

 

545,921 

 

 

536,555 

Depreciation and amortization

 

387,402 

 

 

357,781 

 

 

357,969 

 

 

353,245 

 

 

339,003 

General and administrative

 

66,679 

 

 

56,837 

 

 

52,410 

 

 

38,487 

 

 

35,735 

Asset impairment charges

 

 -

 

 

 -

 

 

2,186 

 

 

994 

 

 

 -

 

 

1,019,242 

 

 

970,522 

 

 

973,074 

 

 

938,647 

 

 

911,293 

Operating income

 

962,504 

 

 

871,982 

 

 

762,814 

 

 

692,647 

 

 

696,102 

Interest and other income

 

22,577 

 

 

22,074 

 

 

32,333 

 

 

29,017 

 

 

29,813 

Interest expense

 

(6,444)

 

 

(19,813)

 

 

(24,222)

 

 

(30,225)

 

 

(29,916)

Equity in earnings of unconsolidated real estate entities

 

57,579 

 

 

45,586 

 

 

58,704 

 

 

38,352 

 

 

53,244 

Foreign currency exchange gain (loss)

 

17,082 

 

 

8,876 

 

 

(7,287)

 

 

(42,264)

 

 

9,662 

Gain on real estate sales and debt retirement

 

4,233 

 

 

1,456 

 

 

10,801 

 

 

827 

 

 

37,540 

Income from continuing operations

 

1,057,531 

 

 

930,161 

 

 

833,143 

 

 

688,354 

 

 

796,445 

Discontinued operations

 

 -

 

 

12,874 

 

 

3,316 

 

 

7,760 

 

 

(5,989)

Net income

 

1,057,531 

 

 

943,035 

 

 

836,459 

 

 

696,114 

 

 

790,456 

Net income allocated (to) from noncontrolling equity interests

 

(5,078)

 

 

(3,777)

 

 

(12,617)

 

 

(24,076)

 

 

44,165 

Net income allocable to Public Storage shareholders

$

1,052,453 

 

$

939,258 

 

$

823,842 

 

$

672,038 

 

$

834,621 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per Common Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions

 

$
5.15 

 

 

$
4.40 

 

 

$
3.65 

 

 

$
3.05 

 

 

$
2.20 

Net income – Basic

 

$
4.92 

 

 

$
3.93 

 

 

$
3.31 

 

 

$
2.36 

 

 

$
3.48 

Net income – Diluted

 

$
4.89 

 

 

$
3.90 

 

 

$
3.29 

 

 

$
2.35 

 

 

$
3.47 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares – Basic

 

171,640 

 

 

170,562 

 

 

169,657 

 

 

168,877 

 

 

168,358 

Weighted average common shares – Diluted

 

172,688 

 

 

171,664 

 

 

170,750 

 

 

169,772 

 

 

168,768 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance Sheet Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

$

9,876,266 

 

$

8,793,403 

 

$

8,932,562 

 

$

9,495,333 

 

$

9,805,645 

Total debt

$

839,053 

 

$

468,828 

 

$

398,314 

 

$

568,417 

 

$

518,889 

Total preferred equity

$

3,562,500 

 

$

2,837,500 

 

$

3,111,271 

 

$

3,396,027 

 

$

3,399,777 

Public Storage shareholders’ equity

$

8,791,730 

 

$

8,093,756 

 

$

8,288,209 

 

$

8,676,598 

 

$

8,928,407 

Permanent noncontrolling interests’ equity

$

27,125 

 

$

29,108 

 

$

22,718 

 

$

32,336 

 

$

132,974 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash flow:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provided by operating activities

$

1,430,339 

 

$

1,285,659 

 

$

1,203,452 

 

$

1,093,221 

 

$

1,112,857 

Used in investing activities

$

(1,412,393)

 

$

(290,465)

 

$

(81,355)

 

$

(266,605)

 

$

(91,409)

Used in financing activities

$

(16,160)

 

$

(1,117,305)

 

$

(1,438,546)

 

$

(1,132,709)

 

$

(938,401)

 

23


 

 

 

ITEM 7.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) should be read in conjunction with our financial statements and notes thereto.

Critical Accounting Policies

Our MD&A discusses our financial statements, which have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”).  Our financial statements are affected by our judgments, assumptions and estimates.  The notes to our December 31, 2013 financial statements, primarily Note 2, summarize our significant accounting policies.

We believe the following are our critical accounting policies, because they have a material impact on the portrayal of our financial condition and results, and they require us to make judgments and estimates about matters that are inherently uncertain.

Income Tax Expense:  We have elected to be treated as a real estate investment trust (“REIT”), as defined in the Internal Revenue Code.  As a REIT, we do not incur federal income tax on our REIT taxable income (generally, net rents and gains from real property, dividends, and interest) that is fully distributed each year (for this purpose, certain distributions paid in a subsequent year may be considered), and if we meet certain organizational and operational rules.  We believe we have met these REIT requirements for all periods presented herein.  Accordingly, we have recorded no federal income tax expense related to our REIT taxable income.

Our evaluation that we have met the REIT requirements could be incorrect, because compliance with the tax rules requires factual determinations, and circumstances we have not identified could result in noncompliance with the tax requirements in current or prior years.  For any taxable year that we fail to qualify as a REIT and for which applicable statutory relief provisions did not apply, we would be taxed at the regular corporate rates on all of our taxable income for at least that year and the ensuing four years, we could be subject to penalties and interest, and our net income would be materially different from the amounts estimated in our financial statements. 

In addition, our taxable REIT subsidiaries are taxable as regular corporations.  To the extent that amounts paid to us by our taxable REIT subsidiaries are determined by the taxing authorities to be in excess of amounts that would be paid under similar arrangements among unrelated parties, we could be subject to a 100% penalty tax on the excess payments.  Such a penalty tax could have a material adverse impact on our net income.

Impairment of Long-Lived Assets:  The analysis of impairment of our long-lived assets involves identification of indicators of impairment, projections of future operating cash flows, and estimates of fair values, all of which require significant judgment and subjectivity.  Others could come to materially different conclusions.  In addition, we may not have identified all current facts and circumstances that may affect impairment.  Any unidentified impairment loss, or change in conclusions, could have a material adverse impact on our net income.

Accrual for Uncertain and Contingent Liabilities:  We accrue for certain contingent and other liabilities that have significant uncertain elements, such as property taxes, workers compensation claims, tenant reinsurance claims, as well as other legal claims and disputes involving customers, employees, governmental agencies and other third parties.  Such liabilities we are aware of are estimated based upon many factors such as assumptions of past and future trends and our evaluation of likely outcomes.  However, the estimates of known liabilities could be incorrect or we may not be aware of all such liabilities, in which case our accrued liabilities and net income could be misstated. 

24


 

 

Recording the fair value of acquired real estate facilities:    In accounting for facilities acquired from third parties, we estimate the fair values of the land, buildings and intangible assets acquired.  Such estimates are based upon many assumptions and judgments, including i) expected rates of return and capitalization rates on real estate assets, ii) estimated costs to replace acquired buildings and equipment in their current state, iii) comparisons of the acquired underlying land parcels to recent land transactions, and iv) future cash flows from the real estate and the existing tenant base.  Others could come to materially different conclusions as to the estimated fair values, which would result in different depreciation and amortization expense, gains and losses on sale of real estate assets, and real estate and intangible assets.

MD&A Overview

Our domestic self-storage facilities generated 93% of our revenues for the year ended December 31, 2013, and also generated most of our net income and cash flow from operations.  A significant portion of management time is devoted to maximizing cash flows from our existing self-storage facilities, as well as seeking additional investments in self-storage facilities. 

Most of our facilities compete with other well-managed and well-located competitors and we are subject to general economic conditions, particularly those that affect the spending habits of consumers and moving trends.  We believe that our centralized information networks, national telephone and online reservation system, the brand name “Public Storage,” and our economies of scale enable us to meet such challenges effectively.   

During 2013, we acquired 121 self-storage facilities for approximately $1.2 billion, substantially more than we had acquired in total in 2010, 2011 and 2012 (an aggregate of 77 facilities for $546 million).  In 2013, we took advantage of a significant increase in properties being marketed for sale, which we believe was primarily driven by easier access to capital in the current low interest rate environment and improved property valuations.  We expect to continue to seek to acquire additional self-storage facilities from third parties.  There is significant competition to acquire existing facilities and there can be no assurance that we will be able to acquire additional facilities at prices we will find attractive. 

As of December 31 2013, we had development and expansion projects which will add approximately 1.8 million net rentable square feet of storage space at $196 million.  We expect to continue to seek additional development projects; however, the level of future development may be limited due to various constraints such as difficulty in finding available sites that meet our risk-adjusted yield expectations, as well as challenges in obtaining building permits for self-storage activities in certain municipalities.    

We also have equity investments in Shurgard Europe and PS Business Parks, Inc. (“PSB”).  During the year ended December 31, 2013, we increased our ownership interest in PSB by acquiring 1,356,748 shares of PSB common stock in open-market transactions and directly from PSB, for an aggregate cost of $105.0 million.  We may invest further in these entities in the future. 

As of December 31, 2013, our capital commitments for 2014 exceed our expected capital resources.  As of December 31, 2013, our capital resources consist of (i) approximately $250 million of available borrowing capacity on our revolving line of credit, (ii) $216.2 million of cash proceeds from the sale of 51% of a loan we have provided to Shurgard Europe which we received in January 2014, and (iii) $250 million of expected 2014 retained operating cash flow.  Retained operating cash flow represents our expected 2014 cash flow provided by operating activities, after deducting estimated 2014 distributions to our common and preferred shareholders, and estimated 2014 capital expenditure requirements.

At December 31, 2013, we had estimated 2014 capital commitments of $726.2 million of debt maturities, and approximately $145 million of remaining spend on our development pipeline.  In addition, we expect that our capital commitments will continue to grow during 2014 as we continue to seek additional development and acquisition opportunities.

25


 

 

We believe we have a variety of possibilities to bridge the gap between our capital resources and commitments which may include raising capital through the issuance of common or preferred securities, issuing debt, expanding the borrowing capacity of our credit facility, or entering into joint venture arrangements to acquire or develop facilities.  See Liquidity and Capital Resources for further information regarding our 2014 capital requirements.  

Results of Operations 

Operating results for 2013 as compared to 2012

For the year ended December 31, 2013, net income allocable to our common shareholders was $844.7 million or $4.89 per diluted common share, compared to $669.7 million or $3.90 per diluted common share for the same period in 2012, representing an increase of $175.0 million or $0.99 per diluted common share.  This increase is due primarily to (i) a $124.6 million increase in self-storage net operating income, (ii) a $68.9 million reduction in income allocated to preferred shareholders due to redemptions, including our equity share of PSB, (iii) an $8.2 million increase from foreign currency exchange gains, offset partially by (iv) a $29.6 million increase in depreciation and amortization associated with acquired real estate facilities. 

Operating results for 2012 as compared to 2011

For the year ended December 31, 2012, net income allocable to our common shareholders was $669.7 million or $3.90 per diluted common share, compared to $561.7 million or $3.29 per diluted common share for the same period in 2011, representing an increase of $108.0 million or $0.61 per diluted common share.  This increase is due to (i) a $102.5 million increase in self-storage net operating income, (ii) a $19.6 million reduction in distributions to preferred shareholders due primarily to lower average coupon rates, and (iii) a $16.2 million increase resulting from foreign currency exchange gains and losses in translating our Euro-denominated loan receivable from Shurgard Europe into U.S. Dollars, offset partially by (iv) a $36.3 million decrease due to the application of EITF D-42 to our, and our equity share of PSB’s, redemptions of preferred securities.

Funds from Operations and Core Funds from Operations

Funds from Operations (“FFO”) is a non-GAAP term defined by the National Association of Real Estate Investment Trusts, and generally represents net income before depreciation, gains and losses, and impairment charges with respect to real estate assets.  We present FFO and FFO per share because we consider FFO to be an important measure of the performance of real estate companies, as do many analysts in evaluating our Company.  We believe that FFO is a helpful measure of a REIT’s performance since FFO excludes depreciation, which is included in computing net income and assumes the value of real estate diminishes predictably over time.  We believe that real estate values fluctuate due to market conditions and in response to inflation.  FFO computations do not consider scheduled principal payments on debt, capital improvements, distributions and other obligations of the Company.  FFO and FFO per share is not a substitute for our cash flow or net income per share as a measure of our liquidity or operating performance or our ability to pay dividends.  Because other REITs may not compute FFO in the same manner, FFO may not be comparable among REITs.

For the year ended December 31, 2013, FFO was $7.53 per diluted common share, as compared to $6.31 for the same period in 2012, representing an increase of $1.22 per diluted common share.

For the year ended December 31, 2012, FFO was $6.31 per diluted common share, as compared to $5.67 for the same period in 2011, representing an increase of $0.64 per diluted common share.

The following table reconciles net income to FFO and FFO per diluted common share:

 

26


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

2013

 

2012

 

2011

 

 

(Amounts in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

Net income

 

$

1,057,531 

 

$

943,035 

 

$

836,459 

Adjust for amounts not included in FFO:

 

 

 

 

 

 

 

 

 

Depreciation and amortization, including discontinued

 

 

 

 

 

 

 

 

 

operations

 

 

387,402 

 

 

358,103 

 

 

358,525 

Depreciation from unconsolidated real estate

 

 

 

 

 

 

 

 

 

investments

 

 

75,458 

 

 

75,648 

 

 

64,677 

Gains on sale of real estate investments, including our equity share

 

 

(4,120)

 

 

(14,778)

 

 

(12,797)

FFO allocable to equity holders

 

 

1,516,271 

 

 

1,362,008 

 

 

1,246,864 

Less allocation of FFO to:

 

 

 

 

 

 

 

 

 

Noncontrolling equity interests

 

 

(7,275)

 

 

(6,828)

 

 

(15,539)

Preferred shareholders - distributions

 

 

(204,312)

 

 

(205,241)

 

 

(224,877)

Preferred shareholders - redemptions

 

 

 -

 

 

(61,696)

 

 

(35,585)

Restricted share unitholders

 

 

(5,173)

 

 

(4,247)

 

 

(2,817)

FFO allocable to common shares

 

$

1,299,511 

 

$

1,083,996 

 

$

968,046 

Diluted weighted average common shares

 

 

172,688 

 

 

171,664 

 

 

170,750 

FFO per share

 

$

7.53 

 

$

6.31 

 

$

5.67 

In addition to FFO, we often discuss “Core FFO” per share which is also a non-GAAP measure that represents FFO per share, adjusted to exclude the impact of (i) foreign currency exchange gains and losses, representing gains of $17.1 million and $8.9 million in 2013 and 2012, respectively, and a loss of $7.3 million for 2011, (ii) the impact of EITF D-42, including our equity share from PSB, representing charges totaling $68.9 million and $32.6 million for 2012 and 2011, respectively, (none for 2013) and (iii) other items.  We believe Core FFO is a helpful measure in understanding our ongoing earnings and cash flow.  We also believe that the analyst community, likewise, reviews our Core FFO and Core FFO per share (or similar measures using different terminology).  Core FFO is not a substitute for net income, earnings per share or cash flow from operations.  Because other REITs may not compute Core FFO in the same manner as we do, may not use the same terminology, or may not present such a measure, Core FFO may not be comparable among REITs.

The following table reconciles FFO per share to Core FFO per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

Year Ended December 31,

 

 

 

 

 

 

 

 

 

 

 

 

Percentage

 

 

 

 

 

 

 

Percentage

 

 

 

 

 

 

2013

 

2012

 

Change

 

2012

 

2011

 

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FFO per share

$

7.53 

 

$

6.31 

 

19.3% 

 

$

6.31 

 

$

5.67 

 

11.3% 

Eliminate the per share impact of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

items excluded from Core FFO:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency exchange (gain) loss

 

(0.10)

 

 

(0.05)

 

 

 

 

(0.05)

 

 

0.04 

 

 

Application of EITF D-42

 

 -

 

 

0.40 

 

 

 

 

0.40 

 

 

0.19 

 

 

Other items

 

0.01 

 

 

0.02 

 

 

 

 

0.02 

 

 

0.03 

 

 

Core FFO per share

$

7.44 

 

$

6.68 

 

11.4% 

 

$

6.68 

 

$

5.93 

 

12.6% 

 

27


 

 

Real Estate Operations

Self-Storage Operations: Our self-storage operations represent 93% of our revenues for the year ended December 31, 2013.  Our self-storage operations are analyzed in two groups: (i) the Same Store Facilities, representing the facilities that we have owned and operated on a stabilized basis since January 1, 2011, and (ii) all other facilities, which are newly acquired, newly developed, or recently expanded facilities (the “Non Same Store Facilities”). 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Self-Storage Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Summary

Year Ended December 31,

 

Year Ended December 31,

 

 

 

 

 

 

 

Percentage

 

 

 

 

 

 

 

Percentage

 

2013

 

2012

 

Change

 

2012

 

2011

 

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollar amounts in thousands)

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Store Facilities

$

1,703,294 

 

$

1,616,798 

 

5.3% 

 

$

1,616,798 

 

$

1,544,543 

 

4.7% 

Non Same Store Facilities 

 

146,589 

 

 

102,067 

 

43.6% 

 

 

102,067 

 

 

77,256 

 

32.1% 

Total rental income

 

1,849,883 

 

 

1,718,865 

 

7.6% 

 

 

1,718,865 

 

 

1,621,799 

 

6.0% 

Cost of operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Store Facilities

 

478,978 

 

 

485,460 

 

(1.3)%

 

 

485,460 

 

 

496,569 

 

(2.2)%

Non Same Store Facilities

 

45,108 

 

 

32,181 

 

40.2% 

 

 

32,181 

 

 

26,544 

 

21.2% 

Total cost of operations

 

524,086 

 

 

517,641 

 

1.2% 

 

 

517,641 

 

 

523,113 

 

(1.0)%

Net operating income (a):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Store Facilities

 

1,224,316 

 

 

1,131,338 

 

8.2% 

 

 

1,131,338 

 

 

1,047,974 

 

8.0% 

Non Same Store Facilities

 

101,481 

 

 

69,886 

 

45.2% 

 

 

69,886 

 

 

50,712 

 

37.8% 

Total net operating income

 

1,325,797 

 

 

1,201,224 

 

10.4% 

 

 

1,201,224 

 

 

1,098,686 

 

9.3% 

Depreciation and amortization expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Store Facilities

 

(305,270)

 

 

(314,428)

 

(2.9)%

 

 

(314,428)

 

 

(322,467)

 

(2.5)%

Non Same Store Facilities

 

(79,353)

 

 

(40,543)

 

95.7% 

 

 

(40,543)

 

 

(32,848)

 

23.4% 

Total depreciation and

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

amortization expense

 

(384,623)

 

 

(354,971)

 

8.4% 

 

 

(354,971)

 

 

(355,315)

 

(0.1)%

Total net income

$

941,174 

 

$

846,253 

 

11.2% 

 

$

846,253 

 

$

743,371 

 

13.8% 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of facilities at period end:

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Store Facilities

 

1,949 

 

 

1,949 

 

 -

 

 

1,949 

 

 

1,949 

 

 -

Non Same Store Facilities

 

238 

 

 

116 

 

105.2% 

 

 

116 

 

 

89 

 

30.3% 

Net rentable square footage at period end (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Store Facilities

 

122,823 

 

 

122,823 

 

 -

 

 

122,823 

 

 

122,823 

 

 -

Non Same Store Facilities

 

17,464 

 

 

8,814 

 

98.2% 

 

 

8,814 

 

 

6,638 

 

32.8% 

(a)

See “Net Operating Income below for further information regarding this non-GAAP measure.

Net income from our Self-Storage operations has increased 11.2% in 2013 as compared to 2012 and 13.8% in 2012 as compared to 2011.  These increases are due to improvements in our Same Store Facilities, as well as the acquisitions of new facilities and the fill-up of unstabilized facilities.

28


 

 

Same Store Facilities

The Same Store Facilities represent those facilities that have been owned and operated on a stabilized basis since January 1, 2011 and therefore provide meaningful comparisons for 2011, 2012 and 2013.  The following table summarizes the historical operating results of these 1,949 facilities (122.8 million net rentable square feet) that represent approximately 88% of the aggregate net rentable square feet of our U.S. consolidated self-storage portfolio at December 31, 2013.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Operating Data for the Same Store Facilities (1,949 facilities)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

Year Ended December 31,

 

 

 

 

 

 

 

Percentage

 

 

 

 

 

 

 

Percentage

 

2013

 

2012

 

Change

 

2012

 

2011

 

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollar amounts in thousands, except weighted average amounts)

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental income

$

1,619,533 

 

$

1,536,517 

 

5.4% 

 

$

1,536,517 

 

$

1,465,038 

 

4.9% 

Late charges and administrative fees

 

83,761 

 

 

80,281 

 

4.3% 

 

 

80,281 

 

 

79,505 

 

1.0% 

Total revenues (a)

 

1,703,294 

 

 

1,616,798 

 

5.3% 

 

 

1,616,798 

 

 

1,544,543 

 

4.7% 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property taxes

 

160,027 

 

 

152,191 

 

5.1% 

 

 

152,191 

 

 

147,806 

 

3.0% 

On-site property manager payroll

 

97,563 

 

 

98,326 

 

(0.8)%

 

 

98,326 

 

 

101,445 

 

(3.1)%

Supervisory payroll

 

33,766 

 

 

33,306 

 

1.4% 

 

 

33,306 

 

 

32,187 

 

3.5% 

Repairs and maintenance

 

39,401 

 

 

40,079 

 

(1.7)%

 

 

40,079 

 

 

45,406 

 

(11.7)%

Utilities

 

36,387 

 

 

36,370 

 

0.0% 

 

 

36,370 

 

 

37,873 

 

(4.0)%

Advertising and selling expense

 

27,083 

 

 

38,871 

 

(30.3)%

 

 

38,871 

 

 

42,846 

 

(9.3)%

Other direct property costs

 

49,340 

 

 

50,361 

 

(2.0)%

 

 

50,361 

 

 

53,725 

 

(6.3)%

Allocated overhead

 

35,411 

 

 

35,956 

 

(1.5)%

 

 

35,956 

 

 

35,281 

 

1.9% 

Total cost of operations (a)

 

478,978 

 

 

485,460 

 

(1.3)%

 

 

485,460 

 

 

496,569 

 

(2.2)%

Net operating income (b)

 

1,224,316 

 

 

1,131,338 

 

8.2% 

 

 

1,131,338 

 

 

1,047,974 

 

8.0% 

Depreciation and amortization expense

 

(305,270)

 

 

(314,428)

 

(2.9)%

 

 

(314,428)

 

 

(322,467)

 

(2.5)%

Net income

$

919,046 

 

$

816,910 

 

12.5% 

 

$

816,910 

 

$

725,507 

 

12.6% 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross margin (before depreciation and

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

amortization)

 

71.9% 

 

 

70.0% 

 

2.7% 

 

 

70.0% 

 

 

67.9% 

 

3.1% 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average for the period:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Square foot occupancy (c)

 

93.3% 

 

 

91.9% 

 

1.5% 

 

 

91.9% 

 

 

91.3% 

 

0.7% 

Realized annual rental income per:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Occupied square foot (d)

$

14.13 

 

$

13.61 

 

3.8% 

 

$

13.61 

 

$

13.06 

 

4.2% 

Available square foot

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(“REVPAF”) (d)

$

13.19 

 

$

12.51 

 

5.4% 

 

$

12.51 

 

$

11.93 

 

4.9% 

Weighted average at December 31:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Square foot occupancy

 

91.8% 

 

 

91.4% 

 

0.4% 

 

 

91.4% 

 

 

89.6% 

 

2.0% 

Annual contract rent per occupied square foot (e)

$

15.02 

 

$

14.43 

 

4.1% 

 

$

14.43 

 

$

14.02 

 

2.9% 

(a)

Revenues and cost of operations do not include ancillary revenues and expenses generated at the facilities with respect to tenant reinsurance and retail sales.

(b)

See “Net Operating Income” below for a reconciliation of this non-GAAP measure to our operating income in our income statements for the years ended December 31, 2013, 2012 and 2011.

(c)

Square foot occupancies represent weighted average occupancy levels over the entire period.

29


 

 

(d)

Realized annual rent per occupied square foot is computed by dividing annualized rental income, before late charges and administrative fees, by the weighted average occupied square feet for the period.  Realized annual rent per available square foot (“REVPAF”) is computed by dividing annualized rental income, before late charges and administrative fees, by the total available net rentable square feet for the period.  These measures exclude late charges and administrative fees in order to provide a better measure of our ongoing level of revenue.  Late charges are dependent upon the level of delinquency, and administrative fees are dependent upon the level of move-ins.  In addition, the rates charged for late charges and administrative fees can vary independently from rental rates.  These measures take into consideration promotional discounts, which reduce rental income.

(e)

Contract rent represents the applicable contractual monthly rent charged to our customers, excluding the impact of promotional discounts, late charges, and administrative fees.

Analysis of Same Store Revenue

Revenues generated by our Same Store Facilities increased by 5.3% in 2013 as compared to 2012 due to a 1.5% increase in average occupancy and a 3.8% increase in realized rent per occupied square foot.  Revenues generated by our Same Store Facilities increased by 4.7% in 2012 as compared to 2011 due to a 0.7% increase in average occupancy and a 4.2% increase in realized rent per occupied square foot.  The increase in realized rent per occupied square foot in both periods was due primarily to annual rent increases given to customers that have been renting with us longer than one year, and to a lesser extent, reduced promotional discounts given to new customers. 

Same Store average occupancy increased from 91.3% in 2011, to 91.9% in 2012, and to 93.3% in 2013, representing increases of 0.7% in 2012 and 1.5% in 2013.  The year over year increases began primarily late in the fourth quarter of 2012, as we implemented more aggressive pricing strategies in the seasonally slow first and fourth quarters.  The occupancy spread narrowed in the fourth quarter of 2013 and is expected to continue to narrow in 2014, due to more difficult comparisons. 

Our future rental growth will be dependent upon many factors for each market that we operate in, including demand for self-storage space, the level of competitor supply of self-storage space, our ability to increase rental rates to new and existing customers, the level of promotional activities required, and the average length of stay of our customers. 

Increasing rental rates to existing customers, generally on an annual basis, is a key component of our revenue growth.  We determine the level of rental increases based upon our expectations regarding the impact of existing tenant rate increases on incremental move-outs.  We expect to pass similar rent increases to long-term customers in 2014, as we did in 2013. 

We believe that high occupancies help maximize our rental revenue.  We seek to maintain an average occupancy level of at least 90%, by regularly adjusting the rental rates and promotions offered to attract new customers as well as adjusting our marketing efforts on both television and the Internet in order to generate sufficient move-in volume to replace customers that vacate.  Demand fluctuates due to various local and regional factors, including the overall economy.  Demand is higher in the summer months than in the winter months and, as a result, rental rates charged to new customers are typically higher in the summer months than in the winter months. 

During 2013, 2012 and 2011, the average annualized contractual rates per occupied square foot for customers that moved in were $12.97, $12.76 and $12.89, respectively, and for customers that vacated were $13.76, $13.54 and $13.24, respectively.  Promotional discounts, generally representing a one-month reduction in contractual rents, given in the first month of tenancy, were $79.3 million, $87.9 million and $96.6 million in 2013, 2012 and 2011, respectively.  Promotional discounts have declined due to higher occupancies. 

We believe that the current trends in move-in, move-out, in place contractual rents and occupancy levels are consistent with our expectation of continued revenue growth in 2014.  However, such trends, when viewed in the short-run, are volatile and not necessarily predictive of our revenues going forward because they are subject to many short-term factors.  Such factors include initial move-in rates, seasonal

30


 

 

factors, the unit size and geographical mix of the specific customers moving in or moving out, the length of stay of the customers moving in or moving out, changes in our pricing strategies, and the degree and timing of rate increases previously passed to existing customers.

Analysis of Same Store Cost of Operations

Cost of operations (excluding depreciation and amortization) decreased 1.3% in 2013 as compared to 2012 and decreased 2.2% in 2012 as compared to 2011.  The decrease in 2013 was due primarily to reduced advertising and selling expense, offset partially by increased property taxes.  The decrease in 2012 was due to reduced repairs and maintenance, advertising and selling expense, and on-site property manager payroll, offset partially by increased property taxes.   

Property tax expense increased 5.1% in 2013 as compared to 2012 and increased 3.0% in 2012 as compared to 2011.  The increase in 2013 was due primarily to higher assessed values and tax rates, while the increase in 2012 was due primarily to higher assessed values.  We expect property tax growth of approximately 4.5% to 5%  in 2014.

On-site property manager payroll expense decreased 0.8% in 2013 as compared to 2012 and 3.1% in 2012 as compared to 2011.  These decreases were due to reductions in incentive compensation, offset partially in 2013 by higher claims expense with respect to employee health benefits.  We expect on-site property manager payroll expense to increase modestly in 2014 due to higher health care costs. 

Supervisory payroll expense, which represents compensation paid to the management personnel who directly and indirectly supervise the on-site property managers, increased 1.4% in 2013 as compared to 2012 and increased 3.5% in 2012 as compared to 2011.  The increase in 2013 was due primarily to increases in compensation rates, while the increase in 2012 was due primarily to increased headcount.  We expect inflationary increases in compensation rates and flat headcount in 2014.

Repairs and maintenance expense decreased 1.7% in 2013 as compared to 2012 and decreased 11.7% in 2012 as compared to 2011.  Repair and maintenance costs include snow removal expense totaling $5.3 million, $2.7 million and $4.3 million in 2013, 2012 and 2011, respectively.  Excluding snow removal costs, repairs and maintenance decreased 8.7% in 2013 as compared to 2012 and 9.0% in 2012 as compared to 2011.  

Repairs and maintenance expense levels are dependent upon many factors such as weather conditions, which can impact repair and maintenance needs, inflation in material and labor costs, and random events.  We expect inflationary increases in repairs and maintenance expense in 2014 excluding snow removal expense.  Snow removal expense is expected to be higher in the three months ending March 31, 2014 as compared to the same period in 2013 due to high levels of snowfall.

Our utility expenses are comprised primarily of electricity costs, which are dependent upon energy prices and usage levels.  Changes in usage levels are driven primarily by weather and temperature. Utility expense was flat in 2013 as compared to 2012 and down 4.0% in 2012 as compared to 2011.  The decrease in 2012 was due to reduced usage caused by milder weather.  It is difficult to estimate future utility cost levels, because weather, temperature, and energy prices are volatile and not predictable.  We do, however, expect utility expense to be higher in the first three months of 2014 as compared to the same period in 2013 due to severe winter weather in many of the markets we operate in.    

Advertising and selling expense is comprised principally of Internet advertising, media advertising and the operating costs of our telephone reservation center.  Advertising and selling expense varies based upon demand, occupancy levels, and other factors; media and Internet advertising, in particular, can increase or decrease significantly in the short run in response to these factors.  These costs declined 30.3% in 2013 as compared to 2012 and declined 9.3% in 2012 as compared to 2011.  The decrease in 2013 is due to the phase-out of our yellow page advertising program as of December 31, 2012, as well as reduced television advertising and Internet search costs as a result of high occupancies.  The decrease in 2012 is

31


 

 

due primarily to reduced media advertising.  Based upon current trends in move-ins, move-outs, and occupancies, we expect advertising and selling expense to be approximately flat in 2014.

Other direct property costs include administrative expenses incurred at the self-storage facilities, such as property insurance, business license costs, bank charges related to processing the properties’ cash receipts, credit card fees, and the cost of operating each property’s rental office including supplies and telephone data communication lines.  These costs decreased 2.0% in 2013 as compared to 2012 and 6.3% in 2012 as compared to 2011.  The decrease in 2013 is due to lower property insurance costs and certain administrative cost-saving efforts, offset partially by an increase in credit card fees due primarily to an increase in credit card collections.  The decrease in 2012 is due principally to lower credit card fee rates.  We expect moderate increases in other direct property costs in 2014.  

Allocated overhead represents administrative expenses for shared general corporate functions, which are allocated to self-storage property operations to the extent their efforts are devoted to self-storage operations.  Such functions include data processing, human resources, operational accounting and finance, marketing, and costs of senior executives (other than the Chief Executive Officer and Chief Financial Officer, which are included in general and administrative expense).  Allocated overhead decreased 1.5% in 2013 as compared to 2012, and increased 1.9% in 2012 as compared to 2011.  We expect inflationary growth in allocated overhead in 2014 as compared to the 2013.

The following table summarizes selected quarterly financial data with respect to the Same Store Facilities:

32


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Quarter Ended

 

 

 

 

March 31

 

June 30

 

September 30

 

December 31

 

Entire Year

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Amounts in thousands, except for per square foot amount)

Total revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

$

409,604 

 

$

420,146 

 

$

441,011 

 

$

432,533 

 

$

1,703,294 

2012

$

388,499 

 

$

399,725 

 

$

418,085 

 

$

410,489 

 

$

1,616,798 

2011

$

372,073 

 

$

381,301 

 

$

399,864 

 

$

391,305 

 

$

1,544,543 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total cost of operations:

 

 

 

 

 

 

 

 

 

 

 

 

2013

$

131,358 

 

$

122,587 

 

$

124,798 

 

$

100,235 

 

$

478,978 

2012

$

134,411 

 

$

125,126 

 

$

122,987 

 

$

102,936 

 

$

485,460 

2011

$

133,232 

 

$

127,781 

 

$

126,615 

 

$

108,941 

 

$

496,569 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property taxes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

$

44,758 

 

$

44,031 

 

$

43,652 

 

$

27,586 

 

$

160,027 

2012

$

43,142 

 

$

42,051 

 

$

40,703 

 

$

26,295 

 

$

152,191 

2011

$

41,472 

 

$

40,383 

 

$

39,713 

 

$

26,238 

 

$

147,806 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repairs and maintenance:

 

 

 

 

 

 

 

 

 

 

 

 

2013

$

10,824 

 

$

9,086 

 

$

9,689 

 

$

9,802 

 

$

39,401 

2012

$

12,235 

 

$

10,443 

 

$

8,500 

 

$

8,901 

 

$

40,079 

2011

$

10,792 

 

$

11,029 

 

$

11,008 

 

$

12,577 

 

$

45,406 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advertising and selling expense:

 

 

 

 

 

 

 

 

 

 

 

 

2013

$

7,453 

 

$

6,412 

 

$

8,385 

 

$

4,833 

 

$

27,083 

2012

$

10,531 

 

$

10,586 

 

$

10,216 

 

$

7,538 

 

$

38,871 

2011

$

11,908 

 

$

12,357 

 

$

10,011 

 

$

8,570 

 

$

42,846 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REVPAF:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

$

12.67 

 

$

13.02 

 

$

13.65 

 

$

13.40 

 

$

13.19 

2012

$

12.01 

 

$

12.37 

 

$

12.93 

 

$

12.73 

 

$

12.51 

2011

$

11.51 

 

$

11.79 

 

$

12.32 

 

$

12.09 

 

$

11.93 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average realized annual rent per occupied square foot:

 

 

 

2013

$

13.79 

 

$

13.85 

 

$

14.46 

 

$

14.41 

 

$

14.13 

2012

$

13.30 

 

$

13.39 

 

$

13.90 

 

$

13.83 

 

$

13.61 

2011

$

12.84 

 

$

12.80 

 

$

13.29 

 

$

13.32 

 

$

13.06 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average occupancy levels for the period:

 

 

 

 

 

 

 

 

 

2013

 

91.9% 

 

 

94.0% 

 

 

94.4% 

 

 

93.0% 

 

 

93.3% 

2012

 

90.3% 

 

 

92.4% 

 

 

93.0% 

 

 

92.1% 

 

 

91.9% 

2011

 

89.6% 

 

 

92.1% 

 

 

92.7% 

 

 

90.8% 

 

 

91.3% 

33


 

 

Analysis of Market Trends

The following table sets forth selected market trends in our Same Store Facilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Store Facilities Operating Trends by Market

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

Year Ended December 31,

 

2013

 

2012

 

Change

 

2012

 

2011

 

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Amounts in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Los Angeles  (177 facilities)

$

232,877 

 

$

221,310 

 

5.2% 

 

$

221,310 

 

$

212,288 

 

4.2% 

San Francisco  (126 facilities)

 

145,029 

 

 

136,821 

 

6.0% 

 

 

136,821 

 

 

129,608 

 

5.6% 

New York  (78 facilities)

 

111,695 

 

 

104,290 

 

7.1% 

 

 

104,290 

 

 

99,361 

 

5.0% 

Chicago  (125 facilities)

 

106,284 

 

 

101,340 

 

4.9% 

 

 

101,340 

 

 

97,156 

 

4.3% 

Washington DC  (72 facilities)

 

81,815 

 

 

79,348 

 

3.1% 

 

 

79,348 

 

 

76,793 

 

3.3% 

Seattle-Tacoma  (85 facilities)

 

82,111 

 

 

77,251 

 

6.3% 

 

 

77,251 

 

 

74,109 

 

4.2% 

Miami  (59 facilities)

 

70,408 

 

 

66,955 

 

5.2% 

 

 

66,955 

 

 

63,268 

 

5.8% 

Dallas-Ft. Worth  (99 facilities)

 

68,177 

 

 

64,127 

 

6.3% 

 

 

64,127 

 

 

60,851 

 

5.4% 

Houston  (80 facilities)

 

62,205 

 

 

57,637 

 

7.9% 

 

 

57,637 

 

 

54,592 

 

5.6% 

Atlanta  (89 facilities)

 

59,573 

 

 

57,382 

 

3.8% 

 

 

57,382 

 

 

55,045 

 

4.2% 

Philadelphia (55 facilities)

 

44,783 

 

 

43,532 

 

2.9% 

 

 

43,532 

 

 

42,206 

 

3.1% 

Denver  (47 facilities)

 

39,808 

 

 

36,921 

 

7.8% 

 

 

36,921 

 

 

34,107 

 

8.3% 

Minneapolis-St Paul

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(41 facilities)

 

33,863 

 

 

31,369 

 

8.0% 

 

 

31,369 

 

 

29,797 

 

5.3% 

Portland  (41 facilities)

 

30,077 

 

 

28,625 

 

5.1% 

 

 

28,625 

 

 

27,321 

 

4.8% 

Orlando-Daytona  (45 facilities)

 

29,259 

 

 

28,083 

 

4.2% 

 

 

28,083 

 

 

27,049 

 

3.8% 

All other markets  (730 facilities)

 

505,330 

 

 

481,807 

 

4.9% 

 

 

481,807 

 

 

460,992 

 

4.5% 

Total revenues

$

1,703,294 

 

$

1,616,798 

 

5.3% 

 

$

1,616,798 

 

$

1,544,543 

 

4.7% 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net operating income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Los Angeles

$

185,930 

 

$

172,382 

 

7.9% 

 

$

172,382 

 

$

161,816 

 

6.5% 

San Francisco

 

113,509 

 

 

104,514 

 

8.6% 

 

 

104,514 

 

 

97,076 

 

7.7% 

New York

 

78,269 

 

 

70,005 

 

11.8% 

 

 

70,005 

 

 

65,917 

 

6.2% 

Chicago

 

62,378 

 

 

59,892 

 

4.2% 

 

 

59,892 

 

 

52,830 

 

13.4% 

Washington DC

 

62,444 

 

 

59,901 

 

4.2% 

 

 

59,901 

 

 

56,862 

 

5.3% 

Seattle-Tacoma

 

62,354 

 

 

57,092 

 

9.2% 

 

 

57,092 

 

 

54,244 

 

5.3% 

Miami

 

52,649 

 

 

48,685 

 

8.1% 

 

 

48,685 

 

 

44,977 

 

8.2% 

Dallas-Ft. Worth

 

46,498 

 

 

41,924 

 

10.9% 

 

 

41,924 

 

 

37,621 

 

11.4% 

Houston

 

40,853 

 

 

37,367 

 

9.3% 

 

 

37,367 

 

 

34,734 

 

7.6% 

Atlanta

 

42,171 

 

 

39,055 

 

8.0% 

 

 

39,055 

 

 

36,009 

 

8.5% 

Philadelphia

 

30,154 

 

 

28,775 

 

4.8% 

 

 

28,775 

 

 

26,732 

 

7.6% 

Denver

 

28,707 

 

 

25,769 

 

11.4% 

 

 

25,769 

 

 

22,521 

 

14.4% 

Minneapolis-St. Paul

 

21,979 

 

 

19,920 

 

10.3% 

 

 

19,920 

 

 

18,309 

 

8.8% 

Portland

 

22,457 

 

 

20,750 

 

8.2% 

 

 

20,750 

 

 

19,054 

 

8.9% 

Orlando-Daytona

 

20,155 

 

 

18,980 

 

6.2% 

 

 

18,980 

 

 

17,455 

 

8.7% 

All other markets

 

353,809 

 

 

326,327 

 

8.4% 

 

 

326,327 

 

 

301,817 

 

8.1% 

Total net operating income

$

1,224,316 

 

$

1,131,338 

 

8.2% 

 

$

1,131,338 

 

$

1,047,974 

 

8.0% 

34


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Store Facilities Operating Trends by Market (Continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

Year Ended December 31,

 

2013

 

2012

 

Change

 

2012

 

2011

 

Change

Weighted average square foot occupancy:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Los Angeles

 

93.7% 

 

 

92.6% 

 

1.2% 

 

 

92.6% 

 

 

92.1% 

 

0.5% 

San Francisco

 

94.5% 

 

 

93.2% 

 

1.4% 

 

 

93.2% 

 

 

92.9% 

 

0.3% 

New York

 

94.7% 

 

 

92.9% 

 

1.9% 

 

 

92.9% 

 

 

92.7% 

 

0.2% 

Chicago

 

93.5% 

 

 

92.3% 

 

1.3% 

 

 

92.3% 

 

 

91.2% 

 

1.2% 

Washington DC

 

93.0% 

 

 

91.9% 

 

1.2% 

 

 

91.9% 

 

 

92.6% 

 

(0.8)%

Seattle-Tacoma

 

93.0% 

 

 

91.1% 

 

2.1% 

 

 

91.1% 

 

 

91.0% 

 

0.1% 

Miami

 

93.9% 

 

 

92.5% 

 

1.5% 

 

 

92.5% 

 

 

91.8% 

 

0.8% 

Dallas-Ft. Worth

 

93.4% 

 

 

91.7% 

 

1.9% 

 

 

91.7% 

 

 

91.5% 

 

0.2% 

Houston

 

93.8% 

 

 

91.8% 

 

2.2% 

 

 

91.8% 

 

 

89.8% 

 

2.2% 

Atlanta

 

91.9% 

 

 

90.6% 

 

1.4% 

 

 

90.6% 

 

 

90.4% 

 

0.2% 

Philadelphia

 

93.1% 

 

 

91.6% 

 

1.6% 

 

 

91.6% 

 

 

91.9% 

 

(0.3)%

Denver

 

94.8% 

 

 

94.1% 

 

0.7% 

 

 

94.1% 

 

 

91.9% 

 

2.4% 

Minneapolis-St. Paul

 

93.2% 

 

 

91.8% 

 

1.5% 

 

 

91.8% 

 

 

90.9% 

 

1.0% 

Portland

 

94.1% 

 

 

92.8% 

 

1.4% 

 

 

92.8% 

 

 

91.8% 

 

1.1% 

Orlando-Daytona

 

93.1% 

 

 

91.8% 

 

1.4% 

 

 

91.8% 

 

 

90.3% 

 

1.7% 

All other markets

 

92.9% 

 

 

91.5% 

 

1.5% 

 

 

91.5% 

 

 

90.7% 

 

0.9% 

Total weighted average occupancy

 

93.3% 

 

 

91.9% 

 

1.5% 

 

 

91.9% 

 

 

91.3% 

 

0.7% 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized annual rent per occupied square foot:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Los Angeles

$

20.09 

 

$

19.35 

 

3.8% 

 

$

19.35 

 

$

18.63 

 

3.9% 

San Francisco

 

20.01 

 

 

19.14 

 

4.5% 

 

 

19.14 

 

 

18.15 

 

5.5% 

New York

 

21.85 

 

 

20.80 

 

5.0% 

 

 

20.80 

 

 

19.78 

 

5.2% 

Chicago

 

13.76 

 

 

13.25 

 

3.8% 

 

 

13.25 

 

 

12.84 

 

3.2% 

Washington DC

 

20.36 

 

 

19.94 

 

2.1% 

 

 

19.94 

 

 

19.13 

 

4.2% 

Seattle-Tacoma

 

15.12 

 

 

14.52 

 

4.1% 

 

 

14.52 

 

 

13.89 

 

4.5% 

Miami

 

16.84 

 

 

16.20 

 

4.0% 

 

 

16.20 

 

 

15.37 

 

5.4% 

Dallas-Ft. Worth

 

11.01 

 

 

10.55 

 

4.4% 

 

 

10.55 

 

 

10.00 

 

5.5% 

Houston

 

11.37 

 

 

10.79 

 

5.4% 

 

 

10.79 

 

 

10.42 

 

3.6% 

Atlanta

 

10.37 

 

 

10.09 

 

2.8% 

 

 

10.09 

 

 

9.66 

 

4.5% 

Philadelphia

 

13.38 

 

 

13.20 

 

1.4% 

 

 

13.20 

 

 

12.73 

 

3.7% 

Denver

 

13.22 

 

 

12.35 

 

7.0% 

 

 

12.35 

 

 

11.65 

 

6.0% 

Minneapolis-St. Paul

 

12.26 

 

 

11.50 

 

6.6% 

 

 

11.50 

 

 

11.01 

 

4.5% 

Portland

 

14.20 

 

 

13.69 

 

3.7% 

 

 

13.69 

 

 

13.21 

 

3.6% 

Orlando-Daytona

 

10.96 

 

 

10.65 

 

2.9% 

 

 

10.65 

 

 

10.42 

 

2.2% 

All other markets

 

11.43 

 

 

11.06 

 

3.3% 

 

 

11.06 

 

 

10.65 

 

3.8% 

Total realized rent per square foot

$

14.13 

 

$

13.61 

 

3.8% 

 

$

13.61 

 

$

13.06 

 

4.2% 

 

35


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Store Facilities Operating Trends by Market (Continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

Year Ended December 31,

 

2013

 

2012

 

Change

 

2012

 

2011

 

Change

REVPAF:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Los Angeles

$

18.82 

 

$

17.92 

 

5.0% 

 

$

17.92 

 

$

17.15 

 

4.5% 

San Francisco

 

18.91 

 

 

17.84 

 

6.0% 

 

 

17.84 

 

 

16.87 

 

5.7% 

New York

 

20.68 

 

 

19.33 

 

7.0% 

 

 

19.33 

 

 

18.34 

 

5.4% 

Chicago

 

12.87 

 

 

12.23 

 

5.2% 

 

 

12.23 

 

 

11.71 

 

4.4% 

Washington DC

 

18.92 

 

 

18.33 

 

3.2% 

 

 

18.33 

 

 

17.71 

 

3.5% 

Seattle-Tacoma

 

14.06 

 

 

13.23 

 

6.3% 

 

 

13.23 

 

 

12.64 

 

4.7% 

Miami

 

15.81 

 

 

14.99 

 

5.5% 

 

 

14.99 

 

 

14.11 

 

6.2% 

Dallas-Ft. Worth

 

10.28 

 

 

9.67 

 

6.3% 

 

 

9.67 

 

 

9.15 

 

5.7% 

Houston

 

10.66 

 

 

9.90 

 

7.7% 

 

 

9.90 

 

 

9.36 

 

5.8% 

Atlanta

 

9.53 

 

 

9.14 

 

4.3% 

 

 

9.14 

 

 

8.73 

 

4.7% 

Philadelphia

 

12.45 

 

 

12.09 

 

3.0% 

 

 

12.09 

 

 

11.69 

 

3.4% 

Denver

 

12.54 

 

 

11.61 

 

8.0% 

 

 

11.61 

 

 

10.70 

 

8.5% 

Minneapolis-St. Paul

 

11.43 

 

 

10.56 

 

8.2% 

 

 

10.56 

 

 

10.01 

 

5.5% 

Portland

 

13.36 

 

 

12.71 

 

5.1% 

 

 

12.71 

 

 

12.13 

 

4.8% 

Orlando-Daytona

 

10.21 

 

 

9.78 

 

4.4% 

 

 

9.78 

 

 

9.40 

 

4.0% 

All other markets

 

10.62 

 

 

10.12 

 

4.9% 

 

 

10.12 

 

 

9.67 

 

4.7% 

Total REVPAF

$

13.19 

 

$

12.51 

 

5.4% 

 

$

12.51 

 

$

11.93 

 

4.9% 

We believe that our geographic diversification and scale provide some insulation from localized economic effects and add to the stability of our cash flows.  It is difficult to predict localized trends in short-term self-storage demand and operating results.  Over the long run, we believe that markets that experience population growth, high employment, and otherwise exhibit economic strength and consistency will outperform markets that do not exhibit these characteristics. 

Non Same Store Facilities

The Non Same Store Facilities at December 31, 2013  represent 238 facilities that were not stabilized with respect to occupancies or rental rates since January 1, 2011, or that we did not own as of January 1, 2011.  As a result of the stabilization process and timing of when the facilities were acquired, year-over-year changes can be significant.  In the following table, “Other facilities” includes all facilities that we have owned, but were not yet stabilized as of January 1, 2011, three facilities that we obtained control of and began consolidating in 2012 and a newly developed facility opened in 2013.

The following table summarizes operating data with respect to the Non Same Store Facilities:

 

36


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NON SAME STORE FACILITIES

Year Ended December 31,

 

Year Ended December 31,

 

2013

 

2012

 

Change

 

2012

 

2011

 

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollar amounts in thousands, except square foot amounts)

Rental income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013 third party acquisitions

$

19,309 

 

$

 -

 

$

19,309 

 

$

 -

 

$

 -

 

$

 -

2012 third party acquisitions

 

22,452 

 

 

7,791 

 

 

14,661 

 

 

7,791 

 

 

 -

 

 

7,791 

Other facilities

 

104,828 

 

 

94,276 

 

 

10,552 

 

 

94,276 

 

 

77,256 

 

 

17,020 

    Total rental income

 

146,589 

 

 

102,067 

 

 

44,522 

 

 

102,067 

 

 

77,256 

 

 

24,811 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of operations before depreciation and amortization expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013 third party acquisitions

$

7,574 

 

$

 -

 

$

7,574 

 

$

 -

 

$

 -

 

$

 -

2012 third party acquisitions

 

8,562 

 

 

3,206 

 

 

5,356 

 

 

3,206 

 

 

 -

 

 

3,206 

Other facilities

 

28,972 

 

 

28,975 

 

 

(3)

 

 

28,975 

 

 

26,544 

 

 

2,431 

    Total cost of operations

 

45,108 

 

 

32,181 

 

 

12,927 

 

 

32,181 

 

 

26,544 

 

 

5,637 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net operating income and net income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013 third party acquisitions

$

11,735 

 

$

 -

 

$

11,735 

 

$

 -

 

$

 -

 

$

 -

2012 third party acquisitions

 

13,890 

 

 

4,585 

 

 

9,305 

 

 

4,585 

 

 

 -

 

 

4,585 

Other facilities

 

75,856 

 

 

65,301 

 

 

10,555 

 

 

65,301 

 

 

50,712 

 

 

14,589 

    Total net operating income (a)

 

101,481 

 

 

69,886 

 

 

31,595 

 

 

69,886 

 

 

50,712 

 

 

19,174 

Depreciation and amortization expense

 

(79,353)

 

 

(40,543)

 

 

(38,810)

 

 

(40,543)

 

 

(32,848)

 

 

(7,695)

    Net income

$

22,128 

 

$

29,343 

 

$

(7,215)

 

$

29,343 

 

$

17,864 

 

$

11,479 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At December 31:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Square foot occupancy:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013 third party acquisitions

 

82.6% 

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

2012 third party acquisitions

 

86.5% 

 

 

75.2% 

 

 

15.0% 

 

 

75.2% 

 

 

-

 

 

-

Other facilities

 

88.3% 

 

 

89.1% 

 

 

(0.9)%

 

 

89.1% 

 

 

84.2% 

 

 

5.8% 

 

 

85.4% 

 

 

86.0% 

 

 

(0.7)%

 

 

86.0% 

 

 

84.2% 

 

 

2.1% 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Annual contract rent per occupied square foot:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013 third party acquisitions

$

13.56 

 

$

 -

 

 

 -

 

$

 -

 

$

 -

 

 

 -

2012 third party acquisitions

 

13.76 

 

 

13.66 

 

 

0.7% 

 

 

13.66 

 

 

-

 

 

-

Other facilities

 

16.37 

 

 

15.89 

 

 

3.0% 

 

 

15.89 

 

 

15.37 

 

 

3.4% 

 

 

14.78 

 

 

15.47 

 

 

(4.5)%

 

 

15.47 

 

 

15.37 

 

 

0.7% 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of facilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013 third party acquisitions

 

121 

 

 

 -

 

 

121 

 

 

 -

 

 

 -

 

 

 -

2012 third party acquisitions

 

24 

 

 

24 

 

 

 -

 

 

24 

 

 

 -

 

 

24 

Other facilities

 

93 

 

 

92 

 

 

 

 

92 

 

 

89 

 

 

 

 

238 

 

 

116 

 

 

122 

 

 

116 

 

 

89 

 

 

27 

Net rentable square feet (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013 third party acquisitions

 

8,036 

 

 

 -

 

 

8,036 

 

 

 -

 

 

 -

 

 

 -

2012 third party acquisitions

 

2,117 

 

 

1,908 

 

 

209 

 

 

1,908 

 

 

 -

 

 

1,908 

Other facilities

 

7,311 

 

 

6,906 

 

 

405 

 

 

6,906 

 

 

6,638 

 

 

268 

 

 

17,464 

 

 

8,814 

 

 

8,650 

 

 

8,814 

 

 

6,638 

 

 

2,176 

 

37


 

 

(a)See “Net Operating Income” below for a reconciliation of this non-GAAP measure to our net income in our statements of income for the years ended December 31,  2013, 2012 and 2011.

 

 

 

 

 

 

 

 

 

 

 

During 2013, we acquired 121 operating self-storage facilities from third parties (8,036,000 net rentable square feet of storage space) for approximately $1.16 billion.  During 2012, we acquired 24 operating self-storage facilities from third parties (1,908,000 net rentable square feet of storage space and unfinished space that was converted to 209,000 net rentable square feet of self-storage space in 2013 for $20.3 million in additional development cost) for $225.5 million in cash.  During 2011, we acquired eleven operating self-storage facilities from third parties (896,000 net rentable square feet) for an aggregate cost of $80.4 million. 

For 2013, the weighted average annualized yield for the facilities acquired in 2011 and 2012 (excluding the facility that was acquired in 2012 and expanded in 2013) was 10.5% and 6.8%, respectively.  The weighted average annualized yield with respect to the 2013 acquisitions is not meaningful due to our limited ownership period.

During 2013, we completed expansions to the Other Facilities, adding 300,000 net rentable square feet of self-storage space, for an aggregate cost of $19.9 million and we opened a newly developed facility for an aggregate cost of $16.6 million with 105,000 net rentable square feet of storage space. 

We expect to increase the number of Non Same Storage Facilities over at least the next twelve months through development of additional self-storage space and acquisitions of existing facilities from third parties.  As of December 31, 2013, we had development and expansion projects which will add approximately 1.8 million net rentable square feet of storage space at a total cost of approximately $196 million.  A total of $52 million in costs were incurred through December 31, 2013, with the remaining costs expected to be incurred in 2014.  Some of these projects are subject to significant contingencies such as entitlement approval.  We expect to continue to seek additional development projects; however, the level of future development may be limited due to various constraints such as difficulty in finding projects that meet our risk-adjusted yield expectations and challenges in obtaining building permits for self-storage activities in certain municipalities.  There is significant competition to acquire existing facilities and there can be no assurance that we will be able to acquire additional facilities at prices we will find attractive.      

We believe that our management and operating infrastructure will result in newly acquired facilities stabilizing at a higher level of net operating income than was achieved by the previous owners.  However, it can take 24 or more months for these newly acquired facilities to reach stabilization, and the ultimate levels of net operating income to be achieved can be affected by changes in general economic conditions.  As a result, there can be no assurance that our expectations with respect to these facilities will be achieved.  However, we expect the Non Same Store Facilities to continue to provide earnings growth during 2014 as these facilities approach stabilized occupancy levels and the earnings of the 2013 acquisitions are reflected in our operations for a longer period in 2014 as compared to 2013.

Equity in earnings of unconsolidated real estate entities

At December 31, 2013, we have equity investments in PSB, Shurgard Europe and various limited partnerships.  We account for such investments using the equity method.

Equity in earnings of unconsolidated real estate entities for 2013, 2012 and 2011 consists of our pro-rata share of the net income of these unconsolidated real estate entities for each period.  The following table sets forth the significant components of equity in earnings of unconsolidated real estate entities.

38


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Historical summary:

Year Ended December 31,

 

Year Ended December 31,

 

2013

 

2012

 

Change

 

2012

 

2011

 

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Amounts in thousands)

Equity in earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSB

$

23,199 

 

$

10,638 

 

$

12,561 

 

$

10,638 

 

$

27,781 

 

$

(17,143)

Shurgard Europe 

 

32,694 

 

 

33,223 

 

 

(529)

 

 

33,223 

 

 

29,152 

 

 

4,071 

Other Investments 

 

1,686 

 

 

1,725 

 

 

(39)

 

 

1,725 

 

 

1,771 

 

 

(46)

Total equity in earnings

$

57,579 

 

$

45,586 

 

$

11,993 

 

$

45,586 

 

$

58,704 

 

$

(13,118)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment in PSB:    At December 31, 2013, we have an approximate 42% common equity interest in PSB, comprised of our ownership of 7,158,354 shares of PSB’s common stock and 7,305,355 limited partnership units in an operating partnership controlled by PSB  (41% as of December 31, 2012, comprised of our ownership of 5,801,606 shares of PSB’s common stock and 7,305,355 limited partnership units at December 31, 2012).  The limited partnership units are convertible at our option, subject to certain conditions, on a one-for-one basis into PSB common stock.

During 2013, we purchased 406,748 shares of PSB common stock in open-market transactions at an average cost of $73.15 per share.

On November 7, 2013, we purchased 950,000 shares of PSB common stock from PSB at $79.25 per share, concurrent with PSB’s sale of 1,495,000 additional shares to the public at the same price per share. 

At December 31, 2013, PSB owned and operated 29.7 million rentable square feet of commercial space located in eight states.  PSB also manages commercial space that we own pursuant to property management agreements.

Equity in earnings from PSB increased to $23.2 million in 2013 from $10.6 million in 2012. This increase was due primarily to EITF D-42 charges from PSB’s redemptions of preferred securities recorded in 2012, combined with increases in operating income for its newly acquired and same-park facilities.  See Note 4 to our December 31, 2013 financial statements for selected financial information on PSB, as well as PSB’s filings and selected financial information that can be accessed through the SEC, and on PSB’s website, www.psbusinessparks.com.

Equity in earnings from PSB decreased to $10.6 million in 2012, as compared to $27.8 million in 2011.  This decrease was principally due to (i) the impact of PSB’s redemptions of preferred securities in 2011 and 2012, which reduced income allocated to the common equity holders in 2012, and increased income allocable to the common equity holders in 2011, (ii) increased depreciation and interest expense as a result of the properties PSB acquired in 2011 and 2012, partially offset by (iii) incremental income generated by the properties PSB acquired in 2011 and 2012. 

Our investment in PSB provides us with some diversification.

Investment in Shurgard Europe:    Equity in earnings of Shurgard Europe represents our 49% equity share of Shurgard Europe’s net income.  At December 31, 2013, Shurgard Europe’s operations are comprised of 187 wholly-owned facilities with 10 million net rentable square feet.  Selected financial data for Shurgard Europe for 2013, 2012 and 2011 is included in Note 4 to our December 31, 2013 financial statements.  As described in more detail in Note 4, we receive interest income and trademark license fees from Shurgard Europe. 

Equity in earnings from Shurgard Europe decreased to $32.7 million for the year ended December 31, 2013 from $33.2 million for the same period in 2012

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Equity in earnings from Shurgard Europe increased to $33.2 million for the year ended December 31, 2012 from $29.2 million for the same period in 2011.  The increase is due to our equity share of (i) improved property operations, (ii) reduced interest expense due to a reduction in interest rates and repayment of principal on third-party debt (iii) the impact of Shurgard Europe’s March 2, 2011 acquisition of the remaining 80% interest it did not own in two joint ventures that owned 72 self-storage facilities, partially offset by (iv) a reduction in foreign currency exchange rates when converting Euros into U.S. Dollars for reporting purposes.  

Shurgard Europe has no development pipeline and no expectations in the short-term of acquiring any facilities from third parties.  Accordingly, at least in the short-term, our future earnings from Shurgard Europe will be affected primarily by the operating results of its existing facilities, as well as the exchange rate between the U.S. Dollar and currencies in the countries Shurgard Europe conducts its business, principally the Euro.    

European Same Store FacilitiesThe Shurgard Europe Same Store Pool represents the 163 facilities (8.7 million net rentable square feet, representing 86% of the aggregate net rentable square feet of Shurgard Europe’s self-storage portfolio) that have been consolidated and operated by Shurgard Europe on a stabilized basis since January 1, 2011 and therefore provide meaningful comparisons for 2011, 2012 and 2013.  We evaluate the performance of these facilities because Shurgard Europe’s ability to effectively manage stabilized facilities represents an important measure of its ability to grow its earnings over the long-term. 

The following table reflects 100% of the operating results of those 163 facilities.  We restate the exchange rates used in prior year’s presentation to the actual exchange rates for 2013.  However, only our pro rata share of the operating results for these facilities, based upon the actual exchange rates for each period, is included in “equity in earnings of unconsolidated real estate entities” on our statements of income. 

In Note 4 to our December 31, 2013 financial statements, we disclose Shurgard Europe’s consolidated operating results for the years ended December 31, 2013, 2012 and 2011.  Shurgard Europe’s consolidated operating results include 24 additional facilities that are not Same Store Facilities, and are based upon historical exchange rates rather than constant exchange rates for each of the respective periods.

 

40


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Operating Data for the Shurgard Europe Same Store Pool (163 facilities):

Year Ended December 31,

 

Year Ended December 31,

 

 

 

 

 

 

 

Percentage

 

 

 

 

 

 

 

Percentage

 

2013

 

2012

 

Change

 

2012

 

2011

 

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollar amounts in thousands, except weighted average data, utilizing constant exchange rates) (a)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues (including late charges and administrative fees) 

$

190,673 

 

$

194,275 

 

(1.9)%

 

$

194,275 

 

$

196,163 

 

(1.0)%

Less: Cost of operations (excluding depreciation and amortization expenses)

 

80,295 

 

 

79,994 

 

0.4% 

 

 

79,994 

 

 

83,641 

 

(4.4)%

Net operating income (b)

$

110,378 

 

$

114,281 

 

(3.4)%

 

$

114,281 

 

$

112,522 

 

1.6% 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross margin

 

57.9% 

 

 

58.8% 

 

(1.5)%

 

 

58.8% 

 

 

57.4% 

 

2.4% 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average for the period:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Square foot occupancy (c) 

 

81.2% 

 

 

83.1% 

 

(2.3)%

 

 

83.1% 

 

 

85.0% 

 

(2.2)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized annual rent, prior to late charges and administrative fees, per:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Occupied square foot (d)

$

26.65 

 

$

26.56 

 

0.3% 

 

$

26.56 

 

$

26.18 

 

1.5% 

Available square foot (“REVPAF”) (d)

$

21.64 

 

$

22.07 

 

(1.9)%

 

$

22.07 

 

$

22.25 

 

(0.8)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Euro to the U.S. Dollar for

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

the period (a):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Constant exchange rates used herein 

 

1.328 

 

 

1.328 

 

-

 

 

1.328 

 

 

1.328 

 

-

Actual historical exchange rates 

 

1.328 

 

 

1.285 

 

3.3% 

 

 

1.285 

 

 

1.392 

 

(7.7)%

 

(a)In order to isolate changes in the underlying operations from the impact of exchange rates, the amounts in this table are presented on a constant exchange rate basis.  The amounts for years ended December 31, 2012 and 2011 have been restated using the actual exchange rates for the year ended December 31, 2013.

(b)We present Shurgard Europe’s same-store net operating income or “NOI,” which is a non-GAAP (generally accepted accounting principles) financial measure that excludes the impact of depreciation and amortization expense.  We believe that NOI is a meaningful measure of operating performance, because we utilize NOI in making decisions with respect to capital allocations, in determining current property values, in evaluating property performance and in comparing period-to-period and market-to-market property operating results.  In addition, we believe the investment community utilizes NOI in determining operating performance and real estate values, and does not consider depreciation expense because it is based upon historical cost. NOI is not a substitute for net income, net operating cash flow, or other related GAAP financial measures, in evaluating Shurgard Europe’s operating results. 

(c)Square foot occupancies represent weighted average occupancy levels over the entire period.

(d)Realized annual rent per occupied square foot is computed by dividing annualized rental income, before late charges and administrative fees, by the weighted average occupied square feet for the period.  Realized annual rent per available square foot (“REVPAF”) is computed by dividing annualized rental income, before late charges and administrative fees, by the total available net rentable square feet for the period.  These measures exclude late charges and administrative fees in order to provide a better measure of our ongoing level of revenue.  Late charges are dependent upon the level of delinquency, and administrative fees are dependent upon the level of move-ins.  In addition, the rates charged for late charges and administrative fees can vary independently from rental rates.  These measures take into consideration promotional discounts, which reduce rental income.

Net operating income decreased 3.4% in 2013 as compared to 2012, principally due to a reduction in revenue of 1.9% and relatively flat cost of operations.  Net operating income increased 1.6% in 2012 as compared to 2011, due to decreases in expenses offset by lower revenues.  While revenue declined in 2013, the most recent trends in the fourth quarter of 2013 have improved.  Due to the limited number of facilities in this portfolio and lack of geographic diversification, as well as recent volatile economic conditions in

41


 

 

Western Europe, it is difficult to estimate revenue growth.  However, based upon current trends, it appears that revenue should increase modestly in at least the first quarter of 2014.   

See “Liquidity and Capital Resources – Shurgard Europe” for additional information on Shurgard Europe’s liquidity.

Other Investments:  The “Other Investments” at December  31, 2013 are comprised primarily of our equity in earnings from various limited partnerships that own an aggregate of 14 self-storage facilities (792,000 net rentable square feet).  Our future earnings with respect to the Other Investments will be dependent upon the operating results of the facilities these entities own. See Note 4 to our December  31, 2013 financial statements under the “Other Investments” for certain condensed combined financial information of these entities.

Ancillary Operations

Ancillary revenues and expenses include amounts associated with (i) the reinsurance of policies against losses to goods stored by customers in our self-storage facilities in the U.S., (ii) merchandise sales, (iii) commercial property operations and (iv) management of 42 facilities owned by third parties and the Unconsolidated Real Estate Entities.   

Commercial property operations are included in our commercial segment and all other ancillary revenues and costs of operations are not allocated to any segment.  See Note 11 to our December 31, 2013 financial statements for further information regarding our segments and for a reconciliation of these ancillary revenues and cost of operations to our net income. 

The following table sets forth our ancillary operations as presented on our income statements:

42


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

Year Ended December 31,

 

2013

 

2012

 

Change

 

2012

 

2011

 

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Amounts in thousands)

Ancillary Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tenant reinsurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

premiums

$

84,904 

 

$

77,977 

 

$

6,927 

 

$

77,977 

 

$

71,348 

 

$

6,629 

Commercial

 

14,510 

 

 

14,071 

 

 

439 

 

 

14,071 

 

 

14,592 

 

 

(521)

Merchandise and other

 

32,449 

 

 

31,591 

 

 

858 

 

 

31,591 

 

 

28,149 

 

 

3,442 

Total revenues

 

131,863 

 

 

123,639 

 

 

8,224 

 

 

123,639 

 

 

114,089 

 

 

9,550 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ancillary Cost of Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tenant reinsurance

 

17,067 

 

 

14,429 

 

 

2,638 

 

 

14,429 

 

 

13,407 

 

 

1,022 

Commercial 

 

5,228 

 

 

4,908 

 

 

320 

 

 

4,908 

 

 

5,505 

 

 

(597)

Merchandise and other

 

18,780 

 

 

18,926 

 

 

(146)

 

 

18,926 

 

 

18,484 

 

 

442 

Total cost of operations

 

41,075 

 

 

38,263 

 

 

2,812 

 

 

38,263 

 

 

37,396 

 

 

867 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial depreciation

 

2,779 

 

 

2,810 

 

 

(31)

 

 

2,810 

 

 

2,654 

 

 

156 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ancillary net income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tenant reinsurance

 

67,837 

 

 

63,548 

 

 

4,289 

 

 

63,548 

 

 

57,941 

 

 

5,607 

Commercial 

 

6,503 

 

 

6,353 

 

 

150 

 

 

6,353 

 

 

6,433 

 

 

(80)

Merchandise and other

 

13,669 

 

 

12,665 

 

 

1,004 

 

 

12,665 

 

 

9,665 

 

 

3,000 

Total ancillary net income

$

88,009 

 

$

82,566 

 

$

5,443 

 

$

82,566 

 

$

74,039 

 

$

8,527 

 

Tenant reinsurance operations: We reinsure policies offered through a non-affiliated insurance company against losses to goods stored by customers in the domestic self-storage facilities we operate.  The level of tenant reinsurance revenues is largely dependent upon the level of premiums charged for such insurance and the number of customers that participate in the insurance program.  Cost of operations primarily includes claims paid that are not covered by our outside third-party insurers, as well as claims adjustment expenses.  These costs are dependent primarily upon the level of losses incurred, including the level of catastrophic events that occur and affect our properties thereby increasing tenant insurance claims. 

The increase in tenant insurance revenues in 2013 and 2012 as compared to the respective prior years is due to (i) an increased number of customers due to higher occupancy levels, including the fill-up of non-Same Store facilities, (ii) an increase in the percentage of such customers having policies from 61% in 2011, to 63% in 2012 and 65% in 2013, (iii) an increase in average premium rates and (iv)  the impact of the acquisition of 145 self-storage facilities from third parties in 2012 and 2013.  Tenant insurance revenues with respect to customers in our Same Store Facilities totaled $76.5 million, $71.4 million and $66.0 million in 2013, 2012 and 2011, respectively. 

We expect continued increases in tenant insurance revenues in 2014 as the tenant insurance revenues with respect to the facilities we acquired in 2013 are reflected for a full year and Non-Same Store facilities continue to add customers.  We expect stable participation rates and flat premium rates in 2014.     

Commercial operations: We also own and operate commercial facilities, primarily the leasing of small retail storefronts and office space located on or near our existing self-storage facilities.  We do not expect any significant changes in revenues or profitability from our commercial operations. 

Merchandise sales and other: We sell locks, boxes, and packing supplies at our self-storage facilities, and the level of sales of these items is primarily impacted by the level of move-ins and other customer traffic at our self-storage facilities.  These amounts include, to a much lesser extent, the results of our management of 42 self-storage facilities in the U.S. for third party owners and other partnerships that we account for on the equity method.  In 2012 our merchandise sales and margins improved primarily as a

43


 

 

result of higher retail prices for our locks.  We do not expect any significant changes in revenues our profitability from our merchandise sales and other in 2014.

Other Income and Expense Items

Interest and other income:  Interest and other income was $22.6 million in 2013, $22.1 million in 2012 and $32.3 million in 2011, respectively.  Interest and other income primarily includes interest income on loans receivable from Shurgard Europe, as well as trademark license fees received from Shurgard Europe for the use of the “Shurgard” trade name.  We record 51% of the aggregate interest income and trademark license fees as interest and other income, while the remaining 49% is presented as additional equity in earnings on our income statement

Aggregate interest income and trademark license fees received from Shurgard Europe was $20.6 million,  $20.0 million and $26.7 million for 2013, 2012 and 2011, respectively.  

The loan receivable from Shurgard Europe (the “Shareholder Loan”) is denominated in Euros and has a balance of €311.0 million ($428.1 million) as of December  31, 2013On January 28, 2014, our joint venture partner in Shurgard Europe acquired 51% of the Shareholder Loan at face value for €158.6 million ($216.2 million) in cash and the maturity date of the Shareholder Loan was extended to April 2019.  As a result, the 51% of the interest received on the Shareholder Loan that we previously recorded as interest income will cease as of January 28, 2014.  We will continue to record interest received with respect to our remaining 49% ownership of the Shareholder Loan as additional equity in earnings on our income statement.    

The terms of a loan payable by Shurgard Europe to a bank (the “Bank Loan”), with a principal amount of €107.5 million at December 31, 2013, requires significant principal repayments through the maturity date in November 2014.  As a result, in 2013 and 2012 there were no principal repayments on the Shareholder Loan.  All interest on the Shareholder Loan has been paid currently when due and we expect the interest to continue to be paid when due with Shurgard Europe’s operating cash flow. 

The remainder of our interest and other income is comprised primarily of interest earned on cash balances as well as sundry other income items that are received from time to time in varying amounts.  Interest income on cash balances has been minimal, because rates have been at historic lows of 0.1% or less, and we expect this trend to continue in the foreseeable future.  Future earnings from sundry other income items are not predictable. 

Depreciation and amortization: Depreciation and amortization increased to $387.4 million for 2013 as compared to $357.8 million for 2012 and $358.0 million for 2011, due principally to newly acquired facilities.  Included in depreciation and amortization is amortization expense of tenant intangibles for facilities acquired from third parties, which is being amortized relative to the expected future benefit of the customers in place for each period.  Such amortization expense totaled $24.1 million, $10.5 million and $11.9 million in 2013, 2012 and 2011, respectively.  Based upon the facilities we own at December 31, 2013, amortization expense with respect to such intangibles is estimated at $36.6 million in 2014.  The level of future depreciation and amortization will primarily depend upon the level of acquisitions of facilities and the level of capital expenditures we incur on our facilities. 

General and administrative expense: The following table sets forth our general and administrative expense:

44


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

Year Ended December 31,

 

2013

 

2012

 

Change

 

2012

 

2011

 

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Amounts in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share-based compensation expense

$

28,413 

 

$

24,312 

 

$

4,101 

 

$

24,312 

 

$

23,709 

 

$

603 

Costs of senior executives

 

5,309 

 

 

4,736 

 

 

573 

 

 

4,736 

 

 

3,332 

 

 

1,404 

Development and acquisition costs

 

10,475 

 

 

6,355 

 

 

4,120 

 

 

6,355 

 

 

4,129 

 

 

2,226 

Tax compliance costs and taxes paid 

 

4,704 

 

 

4,775 

 

 

(71)

 

 

4,775 

 

 

5,546 

 

 

(771)

Legal costs

 

3,550 

 

 

3,653 

 

 

(103)

 

 

3,653 

 

 

3,601 

 

 

52 

Public company costs

 

3,069 

 

 

2,937 

 

 

132 

 

 

2,937 

 

 

2,919 

 

 

18 

Other costs

 

11,159 

 

 

10,069 

 

 

1,090 

 

 

10,069 

 

 

9,174 

 

 

895 

Total

$

66,679 

 

$

56,837 

 

$

9,842 

 

$

56,837 

 

$

52,410 

 

$

4,427 

Share-based compensation expense includes the amortization of restricted share units (“RSUs”) and stock options granted to employees, as well as employer taxes incurred upon vesting of RSUs and upon exercise of employee stock options.  The level of share-based compensation expense varies based upon the level of grants and forfeitures.  The increase in share-based compensation costs in 2013 as compared to 2012 is due primarily to additional share-based grants.  The increase in share-based compensation costs in 2012 as compared to 2011 is due primarily to additional share-based grants, offset partially by a reduction of $5.5 million with respect to certain RSUs granted in 2011 under a performance-based plan.  We expect share-based compensation expense to remain flat in 2014 as compared to 2013.  See Note 10 to our December 31, 2013 financial statements for further information on our share-based compensation. 

Costs of senior executives represent the cash compensation paid to our chief executive officer and chief financial officer.  The increases in 2013 as compared to 2012 and in 2012 as compared to 2011 are due to increases in incentive compensation.

Development and acquisition costs represent internal and external expenses related to our acquisition and development activities and varies primarily based upon the level of development and acquisition activities undertaken.  Incremental legal, transfer tax, and other related costs of approximately $5.0 million, $1.8 million and $0.8 million were incurred in connection with the acquisition of real estate facilities in 2013, 2012 and 2011, respectively.  The level of such costs to be incurred in 2014 will depend upon the level of acquisition activities, which is not determinable.

Tax compliance costs and taxes paid include taxes paid to various state and local authorities, the internal and external costs of filing tax returns, costs associated with complying with federal and state tax laws, and maintaining our compliance with Internal Revenue Service REIT rules.  Such costs vary primarily based upon the tax rates of the various states in which we do business. 

Legal costs include internal personnel as well as fees paid to legal firms and other third parties with respect to general corporate legal matters and risk management, and varies based upon the level of litigation. 

Public company costs represent the incremental costs of operating as a publicly-traded company, such as internal and external investor relations expenses, stock listing and transfer agent fees, board of directors’ costs, and costs associated with maintaining compliance with applicable laws and regulations, including the Dodd-Frank Act and Sarbanes-Oxley Act. 

Our future general and administrative expenses are difficult to estimate, due to their dependence upon many factors, including those noted above.  

Interest expense: Interest expense was $6.4 million, $19.8 million and $24.2 million for 2013, 2012 and 2011, respectively.

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The decreases in 2013 as compared to 2012, and 2012 as compared to 2011, are due primarily to repayments on our unsecured senior notes in 2013 and 2011, along with principal repayments on our secured mortgage debt.  During 2013, 2012 and 2011, we capitalized interest of $2.9 million, $0.4 million and $0.4 million, respectively, associated with our development activities.  See Note 6 to our December 31, 2013 financial statements for a schedule of our notes payable balances, principal repayment requirements and average interest rates.  The level of interest expense that we incur in 2014 will be dependent upon the source of funds used to refinance our term loan that matures on December 2, 2014, and when such refinance is expected to occur. 

Foreign Exchange Gain (Loss): We recorded foreign currency translation gains of $17.1 million and $8.9 million in 2013 and 2012, respectively, and a loss $7.3 million in 2011, representing primarily the change in the U.S. Dollar equivalent of our Euro-based Shareholder Loan due to fluctuations in exchange rates.  We have not entered into any agreements to mitigate the impact of currency exchange fluctuations between the U.S. Dollar and the Euro, therefore the amount of U.S. Dollars we will receive on repayment will depend upon the currency exchange rates at that time.  We record the exchange gains or losses into net income each period because of our continued expectation of repayment of the Shareholder Loan in the foreseeable future.  The U.S. Dollar exchange rate relative to the Euro was approximately 1.377, 1.322 and 1.295 at December 31, 2013, December 31, 2012 and December 31, 2011, respectively. 

Future foreign exchange gains or losses will be dependent primarily upon the movement of the Euro relative to the U.S. Dollar, the amount of the Shareholder Loan and our continued expectation of collecting the principal on the loan in the foreseeable future.  As noted above, On January 28, 2014, our joint venture partner in Shurgard Europe acquired 51% of the Shareholder Loan at face value for €158.6 million ($216.2 million) in cash and the maturity date of the Shareholder Loan was extended to April 2019. 

Net Income Allocable to Preferred Shareholders:  Allocations of net income to our preferred shareholders generally consists of allocations (i) based on distributions and (ii) in applying EITF D-42 when we redeem preferred shares.  During 2012 and 2011, we redeemed certain existing series of preferred shares and issued additional preferred shares at lower coupon rates.  Net income allocable to preferred shareholders in applying EITF D-42 totaled $61.7 million and $35.6 million in 2012 and 2011, respectively, (there were no redemptions of preferred securities and as a result, no EITF D-42 allocations in 2013).  Net income allocable to preferred shareholders associated with distributions decreased during 2013 as compared to 2012, and 2012 as compared to 2011, due primarily to lower average dividend rates and lower average outstanding preferred shares.  Based upon our preferred shares outstanding at December 31, 2013, our quarterly distribution to our preferred shareholders is expected to be approximately $51.9 million.    

Net Operating Income

In our discussions above, we refer to net operating income or “NOI,” which is a non-GAAP (generally accepted accounting principles) financial measure that excludes the impact of depreciation and amortization expense.  We believe that NOI is a meaningful measure of operating performance, because we utilize NOI in making decisions with respect to capital allocations, in determining current property values, in evaluating property performance and in comparing period-to-period and market-to-market property operating results.  In addition, we believe the investment community utilizes NOI in determining operating performance and real estate values, and does not consider depreciation expense because it is based upon historical cost.  NOI is not a substitute for net income, net operating cash flow, or other related GAAP financial measures, in evaluating our operating results.  The following table reconciles NOI generated by our self-storage facilities to our operating income:

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Year Ended December 31,

 

2013

 

2012

 

2011

 

 

 

 

 

 

 

 

 

 

(Amounts in thousands)

Self-storage net operating income:

 

 

 

 

 

 

 

 

Same Store Facilities

$

1,224,316 

 

$

1,131,338 

 

$

1,047,974 

Non Same Store Facilities

 

101,481 

 

 

69,886 

 

 

50,712 

 

 

1,325,797 

 

 

1,201,224 

 

 

1,098,686 

 

 

 

 

 

 

 

 

 

Self-storage depreciation expense:

 

 

 

 

 

 

 

 

Same Store Facilities

 

(305,270)

 

 

(314,428)

 

 

(322,467)

Non Same Store Facilities

 

(79,353)

 

 

(40,543)

 

 

(32,848)

 

 

(384,623)

 

 

(354,971)

 

 

(355,315)

 

 

 

 

 

 

 

 

 

Self-storage net income:

 

 

 

 

 

 

 

 

Same Store Facilities

 

919,046 

 

 

816,910 

 

 

725,507 

Non Same Store Facilities

 

22,128 

 

 

29,343 

 

 

17,864 

Total net income from self-storage

 

941,174 

 

 

846,253 

 

 

743,371 

 

 

 

 

 

 

 

 

 

Ancillary operating revenue

 

131,863 

 

 

123,639 

 

 

114,089 

Ancillary cost of operations

 

(41,075)

 

 

(38,263)

 

 

(37,396)

Commercial depreciation and amortization

 

(2,779)

 

 

(2,810)

 

 

(2,654)

General and administrative expenses

 

(66,679)

 

 

(56,837)

 

 

(52,410)

Asset impairment charges

 

 -

 

 

 -

 

 

(2,186)

Operating income

$

962,504 

 

$

871,982 

 

$

762,814 

47


 

 

Liquidity and Capital Resources

 

Financial Strategy:  Our financial profile is characterized by a low level of debt-to-total-capitalization.  In general, we seek to finance our investment activities and debt obligations with retained operating cash flow, and when not sufficient, capital raised through the issuance of preferred and common securities.  When market conditions are not favorable to issue either preferred or common securities, we will use bank debt as bridge financing. 

Unlike most REITs, we have elected to use predominantly preferred securities in our capital structure as a form of leverage despite the fact that the dividend rates of our preferred securities exceed the prevailing market interest rates on conventional debt.  We have chosen this method of financing for the following reasons: (i) under the REIT structure, a significant amount of operating cash flow needs to be distributed to our shareholders, making it difficult, relative to a traditional taxable corporation, to repay debt with operating cash flow alone, (ii) our perpetual preferred shares have no sinking fund requirement or maturity date and do not require redemption, all of which eliminate future refinancing risks, (iii) after the end of a non-call period, we have the option to redeem the preferred shares at any time, which enables us to refinance higher coupon preferred shares with new preferred shares at lower rates if appropriate, (iv) preferred shares do not contain covenants, thus allowing us to maintain significant financial flexibility, and (v) dividends on the preferred shares can be applied to satisfy our REIT distribution requirements.

We have generally been able to raise preferred capital at an attractive cost relative to the issuance of our common shares, and as a result, our issuances of common shares for cash have been minimal over the past several years.  During the years ended December 31, 2013 and 2012, we issued approximately $725.0 million and $1.7 billion, respectively, of preferred securities.    Currently, market conditions are much less favorable, with market coupon rates for our most recently issued series of preferred securities trading at approximately 6.5% (as compared to 5.2% for the preferred securities we issued in the first quarter of 2013).  We believe that market coupon rates for a new issuance of our preferred securities would need to be in the area of 6.5% and the amount of capital we could raise would most likely be much lower than what we raised in the first quarter of 2013.  The market coupon rate on our preferred securities is influenced by long-term interest rates. 

Due to poor capital market conditions for the issuance of either preferred or common securities, during the last three months of 2013, we borrowed approximately $750.1 million from banks to bridge finance our acquisition activities during that timeframe.  See discussion on this debt below.

Our credit ratings on each of our series of preferred shares are “A3” by Moody’s, “BBB+” by Standard & Poor’s and “A” by Fitch Ratings.  In recent years, we have been one of the largest and most frequent issuers of preferred equity in the U.S.  

Liquidity and Capital Resource Analysis:  We believe that our net cash provided by our operating activities will continue to be sufficient to enable us to meet our ongoing requirements for operating expenses, capital improvements and distributions to our shareholders for the foreseeable future. 

As of December 31, 2013, our capital commitments for 2014 exceed our expected capital resources.  As of December 31, 2013, our capital resources consist of (i) approximately $250 million of available borrowing capacity on our revolving line of credit, (ii) $216.2 million of cash proceeds from the sale of 51% of a loan we have provided to Shurgard Europe which we received in January 2014, and (iii) $250 million of expected 2014 retained operating cash flow.  Retained operating cash flow represents our expected 2014 cash flow provided by operating activities, after deducting estimated 2014 distributions to our common and preferred shareholders, and estimated 2014 capital expenditure requirements.

At December 31, 2013, we had estimated 2014 capital commitments of $726.2 million of debt maturities, and approximately $145 million of remaining spend on our development pipeline.  In addition, we expect that our capital commitments will continue to grow during 2014 as we continue to seek additional development and acquisition opportunities.

48


 

 

We believe we have a variety of possibilities to bridge the gap between our capital resources and commitments which may include raising capital through the issuance of common or preferred securities, issuing debt, expanding the borrowing capacity of our credit facility, or entering into joint venture arrangements to acquire or develop facilities.

At February 25, 2014, we have no outstanding borrowings on our line of credit and outstanding borrowings of $600 million on our term loan.

Debt Service Requirements: As of December 31, 2013, our outstanding debt totaled approximately $839.1 million.  Approximate principal maturities of our outstanding debt are as follows (amounts in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

Term Loan and

 

 

 

 

 

 

 

Line of Credit

 

Secured Debt

 

Total

 

 

 

 

 

 

 

 

 

2014

$

700,000 

 

$

26,206 

 

$

726,206 

2015

 

 -

 

 

30,842 

 

 

30,842 

2016

 

 -

 

 

15,920 

 

 

15,920 

2017

 

50,100 

 

 

1,343 

 

 

51,443 

2018

 

 -

 

 

11,077 

 

 

11,077 

Thereafter

 

 -

 

 

3,565 

 

 

3,565 

 

$

750,100 

 

$

88,953 

 

$

839,053 

The remaining maturities on our secured debt are nominal compared to our annual cash from operations.  We intend to repay the secure debt at maturity and not seek to refinance it with additional debt. 

Virtually all of the book value of our real estate facilities are unencumbered at December  31, 2013.

Capital Expenditure Requirements: Capital expenditures include major repairs or replacements to elements of our facilities, which keep the facilities in good operating condition and maintain their visual appeal to the customer, which totaled $71.3 million in 2013.  Capital expenditures do not include costs relating to the development of new facilities or the expansion of net rentable square footage of existing facilities.  During 2014, we expect to incur approximately $70 million for capital expenditures and fund such amounts with cash provided by operating activities.  For the last four years, such capital expenditures have ranged between approximately $0.55 and $0.60 per net rentable square foot per year.

Requirement to Pay Distributions: For all periods presented herein, we have elected to be treated as a REIT, as defined in the Internal Revenue Code.  As a REIT, we do not incur federal income tax on our REIT taxable income (generally, net rents and gains from real property, dividends, and interest) that is fully distributed each year (for this purpose, certain distributions paid in a subsequent year may be considered), and if we meet certain organizational and operational rules.  We believe we have met these requirements in all periods presented herein, and we expect to continue to elect and qualify as a REIT. 

Distributions paid during 2013 totaled $1.1 billion, consisting of $204.3 million to preferred shareholders and $887.1 million to common shareholders and restricted share unitholders.  All of these distributions were REIT qualifying distributions.

We estimate the annual distribution requirements with respect to our Preferred Shares outstanding at December 31, 2013 to be approximately $207.6 million per year.

On February 20, 2014, our Board of Trustees declared a regular common quarterly dividend of $1.40 per common share.  Our consistent, long-term dividend policy has been to distribute only our taxable income.  Future quarterly distributions with respect to the common shares will continue to be determined based upon our REIT distribution requirements after taking into consideration distributions to the preferred shareholders and will be funded with cash provided by operating activities. 

49


 

 

We are obligated to pay distributions to noncontrolling interests in our consolidated subsidiaries based upon the cash provided by operating activities of the respective subsidiary.  Such distributions are estimated at approximately $6.4 million in 2014, with respect to such noncontrolling interests outstanding at December 31, 2013. 

Real Estate Investment Activities:  As of February 25, 2014, we were under contract to acquire a self-storage facility for approximately $10.8 million in cash.  During 2014, we will continue to seek to acquire self-storage facilities from third parties; however, it is difficult to estimate the amount of third party acquisitions we will undertake. 

As of December 31, 2013, we had development and expansion projects which will add approximately 1.8 million net rentable square feet of storage space at a total cost of approximately $196 million.  A total of $52 million in costs were incurred through December 31, 2013, with the remaining costs expected to be incurred primarily in 2014.  Some of these projects are subject to significant contingencies such as entitlement approval.  We expect to continue to seek additional development projects; however, the level of future development may be limited due to various constraints such as difficulty in finding available sites for building that meet our risk-adjusted yield expectations, as well as the challenges in obtaining building permits for self-storage activities in certain municipalities.

Shurgard Europe: Shurgard Europe has a term loan from a bank (the “Bank Loan”) with a balance of approximately €107.5 million ($148.0 million) at December 31, 2013 maturing in November 2014 and the Shareholder Loan totaling €311.0 million ($428.1 million) at December 31, 2013.  On January 28, 2014, our joint venture partner in Shurgard Europe acquired 51% of the Shareholder Loan at face value for €158.6 million ($216.2 million) in cash, and the maturity date of the Shareholder Loan was extended to April 2019.  Shurgard Europe is exploring various financing alternatives.

Redemption of Preferred Securities: We have no series of preferred shares that are redeemable before April 2015 and none of our preferred securities are redeemable at the option of the holders. 

Repurchases of Company’s Common Shares: Our Board of Trustees has authorized management to repurchase up to 35,000,000 of our common shares on the open market or in privately negotiated transactions.  During 2013, we did not repurchase any of our common shares.  From the inception of the repurchase program through February 25, 2014, we have repurchased a total of 23,721,916 common shares at an aggregate cost of approximately $679.1 million.  We have no current plans to repurchase shares; however, future levels of common share repurchases will be dependent upon our available capital, investment alternatives and the trading price of our common shares. 

50


 

 

Contractual Obligations

Our significant contractual obligations at December 31, 2013 and their impact on our cash flows and liquidity are summarized below for the years ending December 31 (amounts in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

2014

 

2015

 

2016

 

2017

 

2018

 

Thereafter

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt (1) 

$

98,034 

 

$

30,320 

 

$

32,861 

 

$

17,191 

 

$

1,965 

 

$

11,610 

 

$

4,087 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Term loan (2)

 

700,000 

 

 

700,000 

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Line of credit (3) 

 

50,100 

 

 

50,100 

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating leases (4)

 

72,426 

 

 

4,357 

 

 

3,369 

 

 

3,298 

 

 

2,295 

 

 

1,969 

 

 

57,138 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction commitments (5)

 

43,450 

 

 

34,760 

 

 

8,690 

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

$

964,010 

 

$

819,537 

 

$

44,920 

 

$

20,489 

 

$

4,260 

 

$

13,579 

 

$

61,225 

 

(1)Amounts include principal and interest payments (all of which are fixed-rate) on our notes payable based on their contractual terms.  See Note 6 to our December 31, 2013 financial statements for additional information on our notes payable. 

(2)Amounts represent borrowings under our $700 million term loan, of which $100 million was repaid on January 30, 2014.  See Note 6 to our December 31, 2013 financial statements for additional information on our term loan.

(3)Amounts represent borrowings under our $300 million revolving line of credit, which were repaid on January 8, 2014.  See Note 6 to our December 31, 2013 financial statements for additional information on our line of credit.

(4)We lease land, equipment and office space under various operating leases.  Certain leases are cancelable;  however, significant penalties would be incurred upon cancellation.  Amounts reflected above consider continuance of the lease without cancellation. 

(5) Amounts exclude an additional $100.6 million in future expected development spending that was not under contract at December 31, 2013.

We estimate the annual distribution requirements with respect to our Preferred Shares outstanding at December 31, 2013, to be approximately $207.6 million per year.  Dividends are paid when and if declared by our Board of Trustees and accumulate if not paid.  We have no series of preferred shares that are redeemable before April 2015 and none of our preferred securities are redeemable at the option of the holders. 

Off-Balance Sheet Arrangements: At December 31, 2013, we had no material off-balance sheet arrangements as defined under Regulation S-K 303(a)(4) and the instructions thereto.

 

 

 

51


 

 

ITEM 7A.    Quantitative and Qualitative Disclosures about Market Risk

To limit our exposure to market risk, we are capitalized primarily with preferred and common equity.  Our preferred shares are redeemable at our option generally five years after issuance, but the holder has no redemption option.  Our debt is our only market-risk sensitive portion of our capital structure, which totals $839.1 million and represents 9.5% of the book value of our equity at December  31, 2013.

We have foreign currency exposures related to our investment in Shurgard Europe, which has a book value of $424.1 million at December 31, 2013.  We also have a loan receivable from Shurgard Europe “the Shareholder Loan”), which is denominated in Euros, totaling €311.0 million ($428.1 million) at December 31, 2013.  On January 28, 2014, our joint venture partner in Shurgard Europe acquired 51% of the Shareholder Loan at face value for €158.6 million ($216.2 million) in cash, and the maturity date of the Shareholder Loan was extended to April 2019.

At December 31, 2013, we had $700 million payable under a term loan which matures on December 2, 2014 and $50.1 million outstanding on our line of credit, which expires in March 2017.  As of December 31, 2013, these balances bear interest at a variable rate of Libor plus 0.90%. 

 The fair value of our fixed rate debt at December 31, 2013 is $90.5 million.  The table below summarizes the annual maturities of our fixed rate debt which had a weighted average fixed rate of 4.8% at December 31, 2013.  See Note 6 to our December 31, 2013 financial statements for further information regarding our fixed rate debt (dollar amounts in thousands).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2014

 

2015

 

2016

 

2017

 

2018

 

Thereafter

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed rate debt

$

26,206 

 

$

30,842 

 

$

15,920 

 

$

1,343 

 

$

11,077 

 

$

3,565 

 

$

88,953 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

52


 

 

ITEM 9A.    Controls and Procedures

Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in reports we file and submit under the Securities Exchange Act of 1934, as amended, (“Exchange Act”) is recorded, processed, summarized and reported within the time periods specified in accordance with SEC guidelines and that such information is communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure based on the definition of "disclosure controls and procedures" in Rules 13a-15(e) and 15d-15(e) of the Exchange Act.  In designing and evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures in reaching that level of reasonable assurance.  We also have investments in certain unconsolidated real estate entities and because we do not control these entities, our disclosure controls and procedures with respect to such entities are substantially more limited than those we maintain with respect to our consolidated subsidiaries.

As of December 31, 2013, we carried out an evaluation, under the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act).  Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of December 31, 2013, at a reasonable assurance level.

Management’s Report on Internal Control Over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act.  Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework in Internal Control-Integrated Framework issued by the Committee on Sponsoring Organizations of the Treadway Commission (1992 Framework).  Based on our evaluation under the framework in Internal Control-Integrated Framework, our management concluded that our internal control over financial reporting was effective as of December 31, 2013.

The effectiveness of internal control over financial reporting as of December 31, 2013, has been audited by Ernst & Young LLP, independent registered public accounting firm. Ernst & Young LLP’s report on our internal control over financial reporting appears below.

Changes in Internal Control Over Financial Reporting

There have not been any changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fourth quarter of 2013 to which this report relates that have materially affected, or are reasonable likely to materially affect, our internal control over financial reporting.

ITEM 9B.Other Information

None.

53


 

 

Report of Independent Registered Public Accounting Firm

 

The Board of Trustees and Shareholders of

Public Storage

 

We have audited Public Storage’s internal control over financial reporting as of December 31, 2013, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (1992 framework) (the COSO criteria).  Public Storage’s management is responsible for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control over Financial Reporting.  Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit.

 

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.  Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances.  We believe that our audit provides a reasonable basis for our opinion.

 

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.  A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and trustees of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

 

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.  Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 

In our opinion, Public Storage maintained, in all material respects, effective internal control over financial reporting as of December 31, 2013, based on the COSO criteria.

 

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of Public Storage as of December 31, 2013 and 2012, and the related consolidated statements of income, comprehensive income, equity and cash flows for each of the three years in the period ended December 31, 2013 and our report dated February 25, 2014 expressed an unqualified opinion thereon.

 

/s/ Ernst & Young LLP

 

Los Angeles, California

February 25, 2014

54


 

 

 

PART III

ITEM 10.Trustees, Executive Officers and Corporate Governance 

The information required by this item with respect to trustees will be included under the captions titled “Election of Trustees”  in the Company’s definitive proxy statement for the 2014 Annual Meeting to be filed with the SEC within 120 days of the fiscal year ended December 31, 2013 (the “2014 Proxy Statement”) and is incorporated herein by reference.

The information required by this item with respect to the nominating process, the audit committee and the audit committee financial expert will be included under the captions “Corporate Governance and Board Matters—Audit Committee”, “Corporate Governance and Board Matters—Consideration of Candidates for Trustee” in the 2014 Proxy Statement and is incorporated herein by reference.

The information required by this item with respect to Section 16(a) compliance will be included under the caption “Section 16(a) Beneficial Ownership Reporting Compliance” in the 2014 Proxy Statement and is incorporated herein by reference.

The information required by this item with respect to a code of ethics will be included under the caption “Corporate Governance and Board Matters” in the 2014 Proxy Statement and is incorporated herein by reference.   Any amendments to or waivers of the code of ethics granted to the Company’s executive officers or the controller will be published promptly on our website or by other appropriate means in accordance with SEC rules and regulations.

The following is a biographical summary of the current executive officers of the Company:

Ronald L. Havner, Jr., age 56, is Chairman of the Board, President and Chief Executive Officer. He was named Chairman in 2011 and has served as the company’s Chief Executive Officer and a member of the Board of Public Storage since November 2002.  Mr. Havner has been Chairman of the Board of Public Storage’s affiliate, PS Business Parks, Inc. (PSB), since March 1998.  Within the last five years, Mr. Havner served on the boards of Union BanCal Corporation and its subsidiary, Union Bank of California and General Finance Corporation.

John Reyes, age 53, has served as Senior Vice President and Chief Financial Officer of Public Storage since 1996. 

Shawn Weidmann,  50, joined Public Storage as Senior Vice President and Chief Operating Officer in August 2011.  Prior to joining Public Storage, Mr. Weidmann was employed at Teleflora LLC, the world’s leading floral wire service, where he served as President since 2006.

David F. Doll, age 55, became Senior Vice President and President, Real Estate Group, in February 2005, with responsibility for the real estate activities of Public Storage, including property acquisitions, developments, redevelopments and capital improvements. 

Steven M. Glick, age 57, became Senior Vice President and Chief Legal Officer of Public Storage in February 2010.  From April 2005 until joining Public Storage, Mr. Glick was Senior Vice President and General Counsel, Americas for Technicolor (NYSE:TCH), a services, systems and technology company.  Mr. Glick is leaving the employment of the Company by March 2015.    

Candace N. Krol, age 52, has served as Senior Vice President of Human Resources since September 2005. 

55


 

 

ITEM 11.Executive Compensation

The information required by this item will be included under the captions titled  “Corporate Governance and Board Matters,” “Executive Compensation,” “Corporate Governance and Board Matters--Compensation Committee Interlocks and Insider Participation,” and “Report of the Compensation Committee” in the 2014 Proxy Statement and is incorporated herein by reference.

ITEM 12.Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

The information required by this item is hereby incorporated by reference to the material appearing in the Proxy Statement under the captions “Stock Ownership of Certain Beneficial Owners and Management.”

The following table sets forth information as of December 31, 2013 on the Company’s equity compensation plans:

 

 

 

 

 

Number of securities to be issued upon exercise of outstanding options, warrants and rights

Weighted average exercise price of outstanding options, warrants and rights

Number of securities remaining available for future issuance under equity compensation plans

Equity compensation plans approved by security holders (a)

2,810,540 (b)

$
66.13 
1,135,581 

 

 

 

 

Equity compensation plans not approved by security holders (c)

-

-

-

a)

The Company’s stock option and stock incentive plans are described more fully in Note 10 to the December 31, 2013 financial statements.  All plans were approved by the Company’s shareholders.

b)

Includes 636,329 restricted share units that, if and when vested, will be settled in common shares of the Company on a one for one basis.

c)

There are no securities available for future issuance or currently outstanding under plans not approved by the Company’s shareholders as of December 31, 2013.

ITEM 13.Certain Relationships and Related Transactions and Trustee Independence

The information required by this item will be included under the captions titled “Corporate Governance and Board Matters—Trustee Independence” and “Certain Relationships and Related Transactions and Legal Proceedings” in the 2014 Proxy Statement and is incorporated herein by reference.

ITEM 14.Principal Accountant Fees and Services

The information required by this item will be included under the caption titled “Ratification of Auditors—Fees Billed to the Company by Ernst & Young LLP for 2013 and 2012” in the 2014 Proxy Statement and is incorporated herein by reference.

 

56


 

 

 

 

PART IV

ITEM 15.Exhibits and Financial Statement Schedules

 

 

 

 

a.

1.

Financial Statements

 

 

 

 

 

 

 

The financial statements listed in the accompanying Index to Financial Statements and Schedules hereof are filed as part of this report.

 

 

 

 

 

2.

Financial Statement Schedules

 

 

 

 

 

 

 

The financial statements schedules listed in the accompanying Index to Financial Statements and Schedules are filed as part of this report.

 

 

 

 

 

3.

Exhibits

 

 

 

 

 

 

 

See Index to Exhibits contained herein.

 

 

 

 

b.

Exhibits:

 

 

 

 

 

 

 

See Index to Exhibits contained herein.

 

 

 

 

c.

Financial Statement Schedules

 

 

 

 

 

 

 

Not applicable.

 

 

57


 

 

 

 

 

 

PUBLIC STORAGE

INDEX TO EXHIBITS (1) 

(Items 15(a)(3) and 15(c))

3.1

Articles of Amendment and Restatement of Declaration of Trust of Public Storage, a Maryland real estate investment trust.  Filed with the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2009 and incorporated by reference herein.

 

 

3.2

Bylaws of Public Storage, a Maryland real estate investment trust.  Filed with the Registrant’s Current Report on Form 8-K dated May 11, 2010 and incorporated by reference herein.

 

 

3.3

Articles Supplementary for Public Storage 6.875% Cumulative Preferred Shares, Series O.  Filed with the Registrant’s Current Report on Form 8-K dated April 8, 2010 and incorporated by reference herein.

 

 

3.4

Articles Supplementary for Public Storage 6.500% Cumulative Preferred Shares, Series P.  Filed with the Registrant’s Current Report on Form 8-K dated October 6, 2010 and incorporated by reference herein.

 

 

3.5

Articles Supplementary for Public Storage 6.5% Cumulative Preferred Shares, Series Q.  Filed with the Registrant’s Current Report on Form 8-K dated May 2, 2011 and incorporated by reference herein.

 

 

3.6

Articles Supplementary for Public Storage 6.35% Cumulative Preferred Shares, Series R.  Filed with the Registrant’s Current Report on Form 8-K dated July 20, 2011 and incorporated by reference herein.

 

 

3.7

Articles Supplementary for Public Storage 5.900% Cumulative Preferred Shares, Series S.  Filed with the Registrant’s Current Report on Form 8-K dated January 9, 2012 and incorporated by reference herein.

 

 

3.8

Articles Supplementary for Public Storage 5.750% Cumulative Preferred Shares, Series T.  Filed with the Registrant’s Current Report on Form 8-K dated March 7, 2012 and incorporated by reference herein.

 

 

3.9

Articles Supplementary for Public Storage 5.625% Cumulative Preferred Shares, Series U.  Filed with the Registrant’s Current Report on Form 8-K dated June 6, 2012 and incorporated by reference herein.

 

 

3.10

Articles Supplementary for Public Storage 5.375% Cumulative Preferred Shares, Series V.  Filed with the Registrant’s Current Report on Form 8-K dated September 11, 2012 and incorporated by reference herein.

 

 

3.11

Articles Supplementary for Public Storage 5.20% Cumulative Preferred Shares, Series W.  Filed with the Registrant’s Current Report on Form 8-K dated January 8, 2013 and incorporated by reference herein.

 

 

3.12

Articles Supplementary for Public Storage 5.20% Cumulative Preferred Shares, Series X.  Filed with the Registrant’s Current Report on Form 8-K dated March 5, 2013 and incorporated by reference herein.

 

 

4.1

Master Deposit Agreement, dated as of May 31, 2007.  Filed with the Registrant’s Current Report on Form 8-K dated June 6, 2007 and incorporated by reference herein.

 

 

10.1

Amended Management Agreement between Registrant and Public Storage Commercial Properties Group, Inc. dated as of February 21, 1995.  Filed with Public Storage Inc.’s (“PSI”) Annual Report on Form 10-K for the year ended December 31, 1994 (SEC File No. 001-0839) and incorporated herein by reference.

 

 

 

58


 

 

10.2

Second Amended and Restated Management Agreement by and among Registrant and the entities listed therein dated as of November 16, 1995.  Filed with PS Partners, Ltd.’s Annual Report on Form 10-K for the year ended December 31, 1996 (SEC File No. 001-11186) and incorporated herein by reference.

 

 

10.3

Agreement of Limited Partnership of PS Business Parks, L.P.  Filed with PS Business Parks, Inc.’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 1998 (SEC File No. 001-10709) and incorporated herein by reference.

 

 

10.4

Amended and Restated Agreement of Limited Partnership of Storage Trust Properties, L.P. (March 12, 1999).  Filed with PSI’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 1999 (SEC File No. 001-0839) and incorporated herein by reference.

 

 

10.5

Amended and Restated Credit Agreement by and among Registrant, Wells Fargo Securities, LLC and Merrill Lynch, Pierce Fenner & Smith Incorporated as joint lead arrangers, Wells Fargo Bank, National Association, as administrative agent, and the other financial institutions party thereto, dated as of March 21, 2012.  Filed with PSI’s Current Report on Form 8-K on March 27, 2012 (SEC File No. 001-0839) and incorporated herein by reference.

 

 

10.5.1

Second Amendment to Amended and Restated Credit Agreement, dated as of July 17, 2013, by and among Public Storage, the Lenders party thereto and Wells Fargo Bank, National Association.  Filed with the Registrant’s Current Report on Form 8-K on July 18, 2013 and incorporated herein by reference.

 

 

10.6*

Shurgard Storage Centers, Inc. 2004 Long Term Incentive Compensation Plan.  Filed as Appendix A of Definitive Proxy Statement dated June 7, 2004 filed by Shurgard (SEC File No. 001-11455) and incorporated herein by reference.

 

 

10.7*

Public Storage, Inc. 2001 Stock Option and Incentive Plan (“2001 Plan”).  Filed with PSI’s Registration Statement on Form S-8 (SEC File No. 333-59218) and incorporated herein by reference.

 

 

10.8*

Form of 2001 Plan Non-qualified Stock Option Agreement.  Filed with PSI’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2004 (SEC File No. 001-0839) and incorporated herein by reference.

 

 

10.9*

Form of 2001 Plan Restricted Share Unit Agreement.  Filed with PSI’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2004 (SEC File No. 001-0839) and incorporated herein by reference.

 

 

10.10*

Form of 2001 Plan Non-Qualified Outside Director Stock Option Agreement.  Filed with PSI’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2004 (SEC File No. 001-0839) and incorporated herein by reference.

 

 

10.11*

Public Storage 2007 Equity and Performance-Based Incentive Compensation Plan.  Filed as Exhibit 4.1 to Registrant’s Registration Statement on Form S-8 (SEC File No. 333-144907) and incorporated herein by reference.

 

 

10.12*

Form of 2007 Plan Restricted Stock Unit Agreement.  Filed with Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2007 and incorporated herein by reference.

 

 

10.13*

Form of 2007 Plan Stock Option Agreement.  Filed with Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2007 and incorporated herein by reference.

 

 

10.14*

Form of Indemnity Agreement.  Filed with Registrant’s Amendment No. 1 to Registration Statement on Form S-4 (SEC File No. 333-141448) and incorporated herein by reference.

 

 

 

 

 

 

 

 

59


 

 

10.15*

Amendment to Form of Trustee Stock Option Agreement. Filed as Exhibit 10.30 to Registrant’s Annual Report on Form 10-K for the year ended December 31, 2010 and incorporated herein by reference.

 

 

10.16*

Revised Form of Trustee Stock Option Agreement. Filed as Exhibit 10.31 to Registrant’s Annual Report on Form 10-K for the year ended December 31, 2010 and incorporated herein by reference.

 

 

10.17

Term Loan Agreement, by and among Public Storage, Wells Fargo Securities, LLC as Lead Arranger and Wells Fargo National Bank N.A. as Administrative Agent, dated as of December 2, 2013. Filed as Exhibit 10.1 to Registrant’s Current Report on Form 8-K and incorporated herein by reference.

12

Statement Re: Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends.  Filed herewith.

 

 

21

Subsidiaries of the Registrant.  Filed herewith.

 

 

23

Consent of Ernst & Young LLP.  Filed herewith.

 

 

31.1

Rule 13a – 14(a) Certification.  Filed herewith.

 

 

31.2

Rule 13a – 14(a) Certification.  Filed herewith.

 

 

32

Section 1350 Certifications.  Filed herewith.

 

 

101 .INS

XBRL Instance Document.  Filed herewith.

 

 

101 .SCH

XBRL Taxonomy Extension Schema.  Filed herewith.

 

 

101 .CAL

XBRL Taxonomy Extension Calculation Linkbase.  Filed herewith.

 

 

101 .DEF

XBRL Taxonomy Extension Definition Linkbase.  Filed herewith.

 

 

101 .LAB

XBRL Taxonomy Extension Label Linkbase.  Filed herewith.

 

 

101 .PRE

XBRL Taxonomy Extension Presentation Link.  Filed herewith.

       _      (1)     SEC File No. 001-33519 unless otherwise indicated.

       *      Denotes management compensatory plan agreement or arrangement.

          

60


 

 

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

4

 

 

PUBLIC STORAGE

 

 

Date:  February 25, 2014

By:/s/ Ronald L. Havner, Jr.

 

Ronald L. Havner, Jr., Chairman,
Chief Executive Officer and President

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

Signature

Title

Date

 

 

 

/s/ Ronald L. Havner, Jr.

Chairman, Chief Executive Officer, President and Trustee

February 25, 2014

Ronald L. Havner, Jr.

(principal executive officer)

 

 

 

 

/s/ John Reyes

Senior Vice President and Chief Financial Officer

February 25, 2014

John Reyes

(principal financial officer and principal accounting officer)

 

 

 

 

/s/ Tamara Hughes Gustavson

Trustee

February 25, 2014

Tamara Hughes Gustavson

 

 

 

 

 

/s/ Uri P. Harkham

Trustee

February 25, 2014

Uri P. Harkham

 

 

 

 

 

/s/ B. Wayne Hughes, Jr.

Trustee

February 25, 2014

B. Wayne Hughes, Jr.

 

 

 

 

 

/s/ Avedick B. Poladian

Trustee

February 25, 2014

Avedick B. Poladian

 

 

 

 

 

/s/ Gary E. Pruitt

Trustee

February 25, 2014

Gary E. Pruitt

 

 

 

 

 

/s/ Ronald P. Spogli

Trustee

February 25, 2014

Ronald P. Spogli

 

 

 

 

 

/s/ Daniel C. Staton

Trustee

February 25, 2014

Daniel C. Staton

 

 

61


 

 

 

 

 

 

PUBLIC STORAGE

INDEX TO FINANCIAL STATEMENTS

AND SCHEDULES

(Item 15 (a))

 

 

 

Page References

 

 

Report of Independent Registered Public Accounting Firm...........................................................................

F-1

 

 

Balance sheets as of December 31, 2013 and 2012.....................................................................................

F-2

 

 

For the years ended December 31, 2013, 2012 and 2011:

 

 

 

Statements of income.............................................................................................................................

F-3

 

 

Statements of comprehensive income.......................................................................................................

F-4

 

 

Statements of equity .............................................................................................................................

F-5 – F-6

 

 

Statements of cash flows.......................................................................................................................

F-7 – F-8

 

 

Notes to financial statements...................................................................................................................

F-9 – F-35

 

 

Schedule:

 

 

 

III – Real estate and accumulated depreciation...........................................................................................

F-36 – F-109

 

All other schedules have been omitted since the required information is not present or not present in amounts sufficient to require submission of the schedule, or because the information required is included in the financial statements or notes thereto.

 

 

 

 

62


 

 

 

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Trustees and Shareholders of Public Storage

 

We have audited the accompanying consolidated balance sheets of Public Storage as of December 31, 2013 and 2012, and the related consolidated statements of income, comprehensive income, equity, and cash flows for each of the three years in the period ended December 31, 2013.  Our audits also included the financial statement schedule listed in the Index at Item 15(a).  These financial statements and financial statement schedule are the responsibility of the Company’s management.  Our responsibility is to express an opinion on these financial statements and financial statement schedule based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement.  An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.  An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of Public Storage at December 31, 2013 and 2012, and the consolidated results of its operations and its cash flows for each of the three years in the period ended December 31, 2013, in conformity with U.S. generally accepted accounting principles.  Also, in our opinion, the related financial statement schedule, when considered in relation to the basic financial statements taken as a whole, presents fairly in all material respects the information set forth therein.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Public Storage’s internal control over financial reporting as of December 31, 2013, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (1992 Framework) and our report dated February 25, 2014 expressed an unqualified opinion thereon.

/s/ ERNST & YOUNG LLP

Los Angeles, California

February 25, 2014

 

 

 

F-1


 

PUBLIC STORAGE

BALANCE SHEETS

 (Amounts in thousands, except share data)

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

December 31,

 

2013

 

2012

ASSETS

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

19,169 

 

$

17,239 

Real estate facilities, at cost:

 

 

 

 

 

Land

 

3,321,236 

 

 

2,863,464 

Buildings

 

8,965,020 

 

 

8,170,355 

 

 

12,286,256 

 

 

11,033,819 

Accumulated depreciation

 

(4,098,814)

 

 

(3,738,130)

 

 

8,187,442 

 

 

7,295,689 

Construction in process

 

52,336 

 

 

36,243 

 

 

8,239,778 

 

 

7,331,932 

 

 

 

 

 

 

Investments in unconsolidated real estate entities

 

856,182 

 

 

735,323 

Goodwill and other intangible assets, net

 

246,854 

 

 

209,374 

Loan receivable from unconsolidated real estate entity

 

428,139 

 

 

410,995 

Other assets

 

86,144 

 

 

88,540 

Total assets

$

9,876,266 

 

$

8,793,403 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

Borrowings on bank credit facility

$

50,100 

 

$

133,000 

Term loan

 

700,000 

 

 

 -

Notes payable

 

88,953 

 

 

335,828 

Accrued and other liabilities

 

218,358 

 

 

201,711 

    Total liabilities

 

1,057,411 

 

 

670,539 

 

 

 

 

 

 

Commitments and contingencies (Note 13)

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

Public Storage shareholders’ equity:

 

 

 

 

 

Preferred Shares, $0.01 par value, 100,000,000 shares authorized, 142,500

 

 

 

 

 

shares issued (in series) and outstanding, (113,500 at December 31, 2012),

 

 

 

 

 

at liquidation preference

 

3,562,500 

 

 

2,837,500 

Common Shares, $0.10 par value, 650,000,000 shares authorized,

 

 

 

 

 

171,776,291 shares issued and outstanding (171,388,286 shares at

 

 

 

 

 

December 31, 2012)

 

17,178 

 

 

17,139 

Paid-in capital

 

5,531,034 

 

 

5,519,596 

Accumulated deficit

 

(318,482)

 

 

(279,474)

Accumulated other comprehensive loss

 

(500)

 

 

(1,005)

Total Public Storage shareholders’ equity

 

8,791,730 

 

 

8,093,756 

Noncontrolling interests

 

27,125 

 

 

29,108 

  Total equity

 

8,818,855 

 

 

8,122,864 

Total liabilities and equity

$

9,876,266 

 

$

8,793,403 

 

 

 

 

 

 

 

F-2


 

PUBLIC STORAGE

STATEMENTS OF INCOME

 (Amounts in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Years Ended December 31,

 

 

2013

 

2012

 

2011

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

Self-storage facilities

 

$

1,849,883 

 

$

1,718,865 

 

$

1,621,799 

Ancillary operations

 

 

131,863 

 

 

123,639 

 

 

114,089 

 

 

 

1,981,746 

 

 

1,842,504 

 

 

1,735,888 

 

 

 

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

 

 

 

Self-storage cost of operations

 

 

524,086 

 

 

517,641 

 

 

523,113 

Ancillary cost of operations

 

 

41,075 

 

 

38,263 

 

 

37,396 

Depreciation and amortization

 

 

387,402 

 

 

357,781 

 

 

357,969 

General and administrative

 

 

66,679 

 

 

56,837 

 

 

52,410 

Asset impairment charges

 

 

 -

 

 

 -

 

 

2,186 

 

 

 

1,019,242 

 

 

970,522 

 

 

973,074 

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

962,504 

 

 

871,982 

 

 

762,814 

Interest and other income

 

 

22,577 

 

 

22,074 

 

 

32,333 

Interest expense

 

 

(6,444)

 

 

(19,813)

 

 

(24,222)

Equity in earnings of unconsolidated real estate entities

 

 

57,579 

 

 

45,586 

 

 

58,704 

Foreign currency exchange gain (loss)

 

 

17,082 

 

 

8,876 

 

 

(7,287)

Gain on real estate sales and debt retirement

 

 

4,233 

 

 

1,456 

 

 

10,801 

Income from continuing operations

 

 

1,057,531 

 

 

930,161 

 

 

833,143 

Discontinued operations

 

 

 -

 

 

12,874 

 

 

3,316 

Net income

 

 

1,057,531 

 

 

943,035 

 

 

836,459 

Allocation to noncontrolling interests

 

 

(5,078)

 

 

(3,777)

 

 

(12,617)

Net income allocable to Public Storage shareholders

 

 

1,052,453 

 

 

939,258 

 

 

823,842 

Allocation of net income to:

 

 

 

 

 

 

 

 

 

Preferred shareholders - distributions

 

 

(204,312)

 

 

(205,241)

 

 

(224,877)

Preferred shareholders - redemptions

 

 

 -

 

 

(61,696)

 

 

(35,585)

Restricted share units 

 

 

(3,410)

 

 

(2,627)

 

 

(1,633)

Net income allocable to common shareholders

 

$

844,731 

 

$

669,694 

 

$

561,747 

Net income per common share – basic

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

4.92 

 

$

3.85 

 

$

3.29 

Discontinued operations

 

 

 -

 

 

0.08 

 

 

0.02 

 

 

$

4.92 

 

$

3.93 

 

$

3.31 

Net income per common share – diluted

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

4.89 

 

$

3.83 

 

$

3.27 

Discontinued operations

 

 

 -

 

 

0.07 

 

 

0.02 

 

 

$

4.89 

 

$

3.90 

 

$

3.29 

 

 

 

 

 

 

 

 

 

 

Basic weighted average common shares outstanding

 

 

171,640 

 

 

170,562 

 

 

169,657 

Diluted weighted average common shares outstanding

 

 

172,688 

 

 

171,664 

 

 

170,750 

 

 

 

 

 

 

 

 

 

F-3


 

PUBLIC STORAGE

STATEMENTS OF COMPREHENSIVE INCOME

 (Amounts in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Years Ended December 31,

 

2013

 

2012

 

2011

 

 

 

 

 

 

 

 

 

Net income

$

1,057,531 

 

$

943,035 

 

$

836,459 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

Aggregate foreign currency exchange gain

 

17,587 

 

 

30,885 

 

 

(14,528)

Adjust for foreign currency exchange (gain) loss included in net income

 

(17,082)

 

 

(8,876)

 

 

7,287 

Other comprehensive income (loss)

 

505 

 

 

22,009 

 

 

(7,241)

Total comprehensive income

 

1,058,036 

 

 

965,044 

 

 

829,218 

Allocation to noncontrolling interests

 

(5,078)

 

 

(3,777)

 

 

(12,617)

Comprehensive income allocable to Public Storage shareholders

$

1,052,958 

 

$

961,267 

 

$

816,601 

 

 

 

 

 

 

 

 

F-4


 

PUBLIC STORAGE

STATEMENTS OF EQUITY

 (Amounts in thousands, except share and per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

Total

 

 

 

 

 

 

 

Cumulative

 

 

 

 

 

 

 

 

 

 

Other

 

Public Storage

 

 

 

 

 

 

Preferred

 

Common

 

Paid-in

 

Accumulated

 

Comprehensive

 

Shareholders’

 

Noncontrolling

 

Total

 

Shares

 

Shares

 

Capital

 

Deficit

 

Loss

 

Equity

 

Interests

 

Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances at December 31, 2010

$

3,396,027 

 

$

16,927 

 

$

5,515,827 

 

$

(236,410)

 

$

(15,773)

 

$

8,676,598 

 

$

32,336 

 

$

8,708,934 

Redemption of 45,890,000 preferred shares (Note 8)

 

(1,147,256)

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

(1,147,256)

 

 

 -

 

 

(1,147,256)

Issuance of 34,500,000 preferred shares (Note 8)

 

862,500 

 

 

 -

 

 

(26,873)

 

 

 -

 

 

 -

 

 

835,627 

 

 

 -

 

 

835,627 

Issuance of common shares in connection with share-based compensation (508,058 shares) (Note 10)

 

 -

 

 

49 

 

 

26,367 

 

 

 -

 

 

 -

 

 

26,416 

 

 

 -

 

 

26,416 

Issuance of common shares in connection with acquisition of noncontrolling interests (477,928 shares) (Note 7)

 

 -

 

 

48 

 

 

57,060 

 

 

 -

 

 

 -

 

 

57,108 

 

 

 -

 

 

57,108 

Share-based compensation expense, net of cash paid in lieu of common shares (Note 10)

 

 -

 

 

 -

 

 

19,445 

 

 

 -

 

 

 -

 

 

19,445 

 

 

 -

 

 

19,445 

Adjustments of redeemable noncontrolling interests to liquidation value (Note 7)

 

 -

 

 

 -

 

 

 -

 

 

(764)

 

 

 -

 

 

(764)

 

 

 -

 

 

(764)

Increase (decrease) in permanent noncontrolling interests in connection with:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidation of partially-owned entities (Note 4)

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

17,663 

 

 

17,663 

Acquisition of interests in Subsidiaries (Note 7)

 

 -

 

 

 -

 

 

(149,320)

 

 

 -

 

 

 -

 

 

(149,320)

 

 

(26,206)

 

 

(175,526)

Net income

 

 -

 

 

 -

 

 

 -

 

 

836,459 

 

 

 -

 

 

836,459 

 

 

 -

 

 

836,459 

Net income allocated to:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Redeemable noncontrolling interests

 

 -

 

 

 -

 

 

 -

 

 

(938)

 

 

 -

 

 

(938)

 

 

 -

 

 

(938)

Permanent noncontrolling interests

 

 -

 

 

 -

 

 

 -

 

 

(11,679)

 

 

 -

 

 

(11,679)

 

 

11,679 

 

 

 -

Distributions to equity holders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred shares (Note 8)

 

 -

 

 

 -

 

 

 -

 

 

(224,877)

 

 

 -

 

 

(224,877)

 

 

 -

 

 

(224,877)

Noncontrolling interests

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

(12,754)

 

 

(12,754)

Common shares and restricted share units ($3.65 per share)

 

 -

 

 

 -

 

 

 -

 

 

(621,369)

 

 

 -

 

 

(621,369)

 

 

 -

 

 

(621,369)

Other comprehensive loss (Note 2)

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

(7,241)

 

 

(7,241)

 

 

 -

 

 

(7,241)

Balances at December 31, 2011

 

3,111,271 

 

 

17,024 

 

 

5,442,506 

 

 

(259,578)

 

 

(23,014)

 

 

8,288,209 

 

 

22,718 

 

 

8,310,927 

Redemption of 79,150,833 preferred shares (Note 8)

 

(1,978,771)

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

(1,978,771)

 

 

 -

 

 

(1,978,771)

Issuance of 68,200,000 preferred shares (Note 8)

 

1,705,000 

 

 

 -

 

 

(53,544)

 

 

 -

 

 

 -

 

 

1,651,456 

 

 

 -

 

 

1,651,456 

Issuance of common shares (1,149,481 shares) (Note 10)

 

 -

 

 

115 

 

 

124,332 

 

 

 -

 

 

 -

 

 

124,447 

 

 

 -

 

 

124,447 

Share-based compensation expense, net of cash paid in lieu of common shares (Note 10)

 

 -

 

 

 -

 

 

15,606 

 

 

 -

 

 

 -

 

 

15,606 

 

 

 -

 

 

15,606 

Acquisition of redeemable noncontrolling interests

 

 -

 

 

 -

 

 

(7,954)

 

 

 -

 

 

 -

 

 

(7,954)

 

 

 -

 

 

(7,954)

F-5


 

PUBLIC STORAGE

STATEMENTS OF EQUITY

 (Amounts in thousands, except share and per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

Total

 

 

 

 

 

 

 

Cumulative

 

 

 

 

 

 

 

 

 

 

Other

 

Public Storage

 

 

 

 

 

 

Preferred

 

Common

 

Paid-in

 

Accumulated

 

Comprehensive

 

Shareholders’

 

Noncontrolling

 

Total

 

Shares

 

Shares

 

Capital

 

Deficit

 

Loss

 

Equity

 

Interests

 

Equity

 

Increase (decrease) in permanent noncontrolling interests in connection with:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidation of partially-owned entities (Note 4)

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

8,224 

 

 

8,224 

Acquisition of interests in Subsidiaries (Note 7)

 

 -

 

 

 -

 

 

(1,350)

 

 

 -

 

 

 -

 

 

(1,350)

 

 

(75)

 

 

(1,425)

Net income

 

 -

 

 

 -

 

 

 -

 

 

943,035 

 

 

 -

 

 

943,035 

 

 

 -

 

 

943,035 

Net income allocated to:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 -

 

 

 

 

 

 

Redeemable noncontrolling interests

 

 -

 

 

 -

 

 

 -

 

 

(236)

 

 

 -

 

 

(236)

 

 

 -

 

 

(236)

Permanent noncontrolling interests

 

 -

 

 

 -

 

 

 -

 

 

(3,541)

 

 

 -

 

 

(3,541)

 

 

3,541 

 

 

 -

Distributions to equity holders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred shares (Note 8)

 

 -

 

 

 -

 

 

 -

 

 

(205,241)

 

 

 -

 

 

(205,241)

 

 

 -

 

 

(205,241)

Noncontrolling interests

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

(5,300)

 

 

(5,300)

Common shares and restricted share units ($4.40 per share)

 

 -

 

 

 -

 

 

 -

 

 

(753,913)

 

 

 -

 

 

(753,913)

 

 

 -

 

 

(753,913)

Other comprehensive income (Note 2)

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

22,009 

 

 

22,009 

 

 

 -

 

 

22,009 

Balances at December 31, 2012 

 

2,837,500 

 

 

17,139 

 

 

5,519,596 

 

 

(279,474)

 

 

(1,005)

 

 

8,093,756 

 

 

29,108 

 

 

8,122,864 

Issuance of 29,000,000 preferred shares (Note 8)

 

725,000 

 

 

 -

 

 

(23,313)

 

 

 -

 

 

 -

 

 

701,687 

 

 

 -

 

 

701,687 

Issuance of common shares in connection with share-based compensation (388,005 shares) (Note 10)

 

 -

 

 

39 

 

 

21,072 

 

 

 -

 

 

 -

 

 

21,111 

 

 

 -

 

 

21,111 

Share-based compensation expense, net of cash paid in lieu of common shares (Note 10)

 

 -

 

 

 -

 

 

19,320 

 

 

 -

 

 

 -

 

 

19,320 

 

 

 -

 

 

19,320 

Acquisition of noncontrolling interests

 

 -

 

 

 -

 

 

(5,641)

 

 

 -

 

 

 -

 

 

(5,641)

 

 

(607)

 

 

(6,248)

Net income

 

 -

 

 

 -

 

 

 -

 

 

1,057,531 

 

 

 -

 

 

1,057,531 

 

 

 -

 

 

1,057,531 

Net income allocated to noncontrolling interests

 

 -

 

 

 -

 

 

 -

 

 

(5,078)

 

 

 -

 

 

(5,078)

 

 

5,078 

 

 

 -

Distributions to equity holders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred shares (Note 8)

 

 -

 

 

 -

 

 

 -

 

 

(204,312)

 

 

 -

 

 

(204,312)

 

 

 -

 

 

(204,312)

Noncontrolling interests

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

(6,454)

 

 

(6,454)

Common shares and restricted share units ($5.15 per share)

 

 -

 

 

 -

 

 

 -

 

 

(887,149)

 

 

 -

 

 

(887,149)

 

 

 -

 

 

(887,149)

Other comprehensive income (Note 2)

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

505 

 

 

505 

 

 

 -

 

 

505 

Balances at December 31, 2013 

$

3,562,500 

 

$

17,178 

 

$

5,531,034 

 

$

(318,482)

 

$

(500)

 

$

8,791,730 

 

$

27,125 

 

$

8,818,855 

 

 

 

 

F-6


 

PUBLIC STORAGE

STATEMENTS OF CASH FLOWS

 (Amounts in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Years Ended December 31,

 

2013

 

2012

 

2011

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

$

1,057,531 

 

$

943,035 

 

$

836,459 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Gain on real estate sales and debt retirement, including amounts in discontinued operations

 

(4,233)

 

 

(13,591)

 

 

(13,538)

Depreciation and amortization, including amounts in discontinued operations

 

387,402 

 

 

358,103 

 

 

358,525 

Distributions received from unconsolidated real estate entities less than equity in earnings

 

(11,709)

 

 

(904)

 

 

(5,197)

Foreign currency exchange (gain) loss

 

(17,082)

 

 

(8,876)

 

 

7,287 

Asset impairment charges, including amounts in discontinued operations

 

 -

 

 

 -

 

 

2,186 

Other

 

18,430 

 

 

7,892 

 

 

17,730 

Total adjustments

 

372,808 

 

 

342,624 

 

 

366,993 

Net cash provided by operating activities

 

1,430,339 

 

 

1,285,659 

 

 

1,203,452 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Capital expenditures to maintain real estate facilities 

 

(71,270)

 

 

(67,737)

 

 

(69,777)

Construction in process

 

(101,376)

 

 

(10,688)

 

 

(19,164)

Acquisition of real estate facilities and intangibles (Note 3)

 

(1,150,943)

 

 

(225,515)

 

 

(77,228)

Investment in unconsolidated real estate entities

 

(105,040)

 

 

 -

 

 

(1,274)

Proceeds from sale of real estate investments

 

257 

 

 

20,021 

 

 

13,435 

Loans to unconsolidated real estate entities

 

 -

 

 

 -

 

 

(358,877)

Repayments of loans receivable from unconsolidated real estate entities

 

 -

 

 

 -

 

 

206,770 

Disposition of loans receivable from unconsolidated real estate entities

 

 -

 

 

 -

 

 

121,317 

Maturities of marketable securities

 

 -

 

 

 -

 

 

102,279 

Other

 

15,979 

 

 

(6,546)

 

 

1,164 

Net cash used in investing activities

 

(1,412,393)

 

 

(290,465)

 

 

(81,355)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

(Repayments) borrowings on bank credit facility, net

 

(82,900)

 

 

133,000 

 

 

 -

Borrowings on term loan

 

700,000 

 

 

 -

 

 

 -

Repayments on notes payable

 

(251,895)

 

 

(61,013)

 

 

(174,355)

Issuance of common shares

 

21,111 

 

 

124,447 

 

 

26,416 

Issuance of preferred shares

 

701,687 

 

 

1,651,456 

 

 

835,627 

Redemption of preferred shares

 

 -

 

 

(1,978,771)

 

 

(1,147,256)

Acquisition of noncontrolling interests

 

(6,248)

 

 

(21,325)

 

 

(118,418)

Distributions paid to Public Storage shareholders

 

(1,091,461)

 

 

(959,154)

 

 

(846,246)

Distributions paid to noncontrolling interests

 

(6,454)

 

 

(5,945)

 

 

(14,314)

Net cash used in financing activities

 

(16,160)

 

 

(1,117,305)

 

 

(1,438,546)

Net decrease in cash and cash equivalents

 

1,786 

 

 

(122,111)

 

 

(316,449)

Net effect of foreign exchange translation on cash and cash equivalents

 

144 

 

 

342 

 

 

(795)

Cash and cash equivalents at the beginning of the period

 

17,239 

 

 

139,008 

 

 

456,252 

Cash and cash equivalents at the end of the period

$

19,169 

 

$

17,239 

 

$

139,008 

F-7


 

PUBLIC STORAGE

STATEMENTS OF CASH FLOWS

 (Amounts in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

For the Years Ended December 31,

 

2013

 

2012

 

2011

Supplemental schedule of non-cash investing and financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment:

 

 

 

 

 

 

 

 

Real estate facilities, net of accumulated depreciation

$

(254)

 

$

(646)

 

$

(18)

Investments in unconsolidated real estate entities

 

(45)

 

 

(21,600)

 

 

6,985 

Intangible assets

 

 -

 

 

 

 

 -

Loan receivable from unconsolidated real estate entity

 

(17,144)

 

 

(8,302)

 

 

6,766 

Accumulated other comprehensive income (loss)

 

17,587 

 

 

30,885 

 

 

(14,528)

 

 

 

 

 

 

 

 

 

Real estate acquired in exchange for assumption of note payable

 

(6,071)

 

 

 -

 

 

(9,679)

Note payable assumed in connection with acquisition of real estate

 

6,071 

 

 

 -

 

 

9,679 

 

 

 

 

 

 

 

 

 

Consolidation of entities previously accounted for under the equity method of accounting:

 

 

 

 

 

 

 

 

Real estate facilities

 

 -

 

 

(10,403)

 

 

(19,427)

Investments in unconsolidated real estate entities

 

 -

 

 

3,072 

 

 

6,126 

Intangible assets

 

 -

 

 

(949)

 

 

(3,985)

Noncontrolling interests

 

 -

 

 

8,224 

 

 

17,663 

 

 

 

 

 

 

 

 

 

Noncontrolling interests in subsidiaries acquired in exchange for the issuance of common shares (Note 7):

 

 

 

 

 

 

 

 

Additional paid in capital (noncontrolling interests acquired)

 

 -

 

 

 -

 

 

(57,108)

Common shares

 

 -

 

 

 -

 

 

48 

Additional paid in capital (common shares issued)

 

 -

 

 

 -

 

 

57,060 

 

 

 

 

 

 

 

 

 

Adjustments of redeemable noncontrolling interests to fair values:

 

 

 

 

 

 

 

 

Accumulated deficit

 

 -

 

 

 -

 

 

(764)

Redeemable noncontrolling interests

 

 -

 

 

 -

 

 

764 

 

 

 

 

 

 

 

 

 

Exchange of loan receivable from Shurgard Europe for investment (Note 4):

 

 

 

 

 

 

 

 

Loans receivable from unconsolidated real estate entities

 

 -

 

 

 -

 

 

116,560 

Investment in unconsolidated real estate entities

 

 -

 

 

 -

 

 

(116,560)

 

 

 

 

 

 

 

 

 

Real estate acquired in connection with elimination of intangible assets

 

 -

 

 

 -

 

 

(4,738)

Intangible assets eliminated in connection with acquisition of real estate

 

 -

 

 

 -

 

 

4,738 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

F-8


 

PUBLIC STORAGE

NOTES TO FINANCIAL STATEMENTS

December 31, 2013

 

1.Description of the Business

Public Storage (referred to herein as “the Company”, “we”, “us”, or “our”), a Maryland real estate investment trust, was organized in 1980.  Our principal business activities include the acquisition, development, ownership and operation of self-storage facilities which offer storage spaces for lease, generally on a month-to-month basis, for personal and business use. 

At December  31, 2013, we have direct and indirect equity interests in 2,200 self-storage facilities (with approximately 141 million net rentable square feet) located in 38 states in the United States (“U.S.”) operating under the “Public Storage” name.  In Europe, we own one self-storage facility in London, England and we have a 49% interest in Shurgard Europe, which owns 187 self-storage facilities (with approximately 10 million net rentable square feet) located in seven Western European countries, all operating under the “Shurgard” name.  We also have direct and indirect equity interests in approximately 31 million net rentable square feet of commercial space located in 11 states in the U.S. primarily owned and operated by PS Business Parks, Inc. (“PSB”) under the “PS Business Parks” name.  At December  31, 2013, we have an approximate 42% common equity interest in PSB.

Disclosures of the number and square footage of properties, as well as the number and coverage of tenant reinsurance policies are unaudited and outside the scope of our independent registered public accounting firm’s review of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (U.S.).

2.Summary of Significant Accounting Policies

Basis of Presentation

The financial statements are presented on an accrual basis in accordance with U.S. generally accepted accounting principles (“GAAP”) as defined in the Financial Accounting Standards Board Accounting Standards Codification (the “Codification”).  Certain amounts previously reported in our December 31, 2012 and 2011 financial statements have been reclassified to conform to the December 31, 2013 presentation, (i) to reflect credit card fees as part of cost of operations rather than as a reduction to revenues and (ii) to reclassify construction in process from buildings.

Consolidation and Equity Method of Accounting

We consider entities to be Variable Interest Entities (“VIEs”) when they have insufficient equity to finance their activities without additional subordinated financial support provided by other parties, or where the equity holders as a group do not have a controlling financial interest.  We have no investments or other involvement in any VIEs. 

We consolidate all entities that we control (these entities, for the period in which the reference applies, are referred to collectively as the “Subsidiaries”), and we eliminate intercompany transactions and balances.  We account for our investments in entities that we have significant influence over, but do not control, using the equity method of accounting (these entities, for the periods in which the reference applies, are referred to collectively as the “Unconsolidated Real Estate Entities”).  When we obtain control of an Unconsolidated Real Estate Entity, we commence consolidating the entity and record a gain representing the differential between the book value and fair value of our preexisting equity interest.  All changes in consolidation status are reflected prospectively.

F-9


 

PUBLIC STORAGE

NOTES TO FINANCIAL STATEMENTS

December 31, 2013

 

When we are general partner, we control the partnership unless the third-party limited partners can dissolve the partnership or otherwise remove us as general partner without cause, or if the limited partners have the right to participate in substantive decisions of the partnership. 

Collectively, at December 31, 2013, the Company and the Subsidiaries own 2,186 self-storage facilities in the U.S., one self-storage facility in London, England and six commercial facilities in the U.S.  At December 31, 2013, the Unconsolidated Real Estate Entities are comprised of PSB, Shurgard Europe, as well as limited partnerships that own an aggregate of 14 self-storage facilities in the U.S. (these limited partnerships, for the periods in which the reference applies, are referred to as the “Other Investments”).

Use of Estimates

The financial statements and accompanying notes reflect our estimates and assumptions.  Actual results could differ from those estimates and assumptions.

Income Taxes

We have elected to be treated as a real estate investment trust (“REIT”), as defined in the Internal Revenue Code.  As a REIT, we do not incur federal income tax if we distribute 100% of our REIT taxable income (generally, net rents and gains from real property, dividends, and interest) each year, and if we meet certain organizational and operational rules.  We believe we will meet these REIT requirements in 2013, and that we have met them for all other periods presented herein.  Accordingly, we have recorded no federal income tax expense related to our REIT taxable income.

Our merchandise and tenant reinsurance operations are subject to corporate income tax and such taxes are included in ancillary cost of operations.  We also incur income and other taxes in certain states, which are included in general and administrative expense. 

We recognize tax benefits of uncertain income tax positions that are subject to audit only if we believe it is more likely than not that the position would be sustained (including the impact of appeals, as applicable), assuming the relevant taxing authorities had full knowledge of the relevant facts and circumstances of our positions.  As of December 31, 2013, we had no tax benefits that were not recognized. 

Real Estate Facilities

Real estate facilities are recorded at cost.  We capitalize all costs incurred to develop, construct, renovate and improve properties, including interest and property taxes incurred during the construction period.  We expense internal and external transaction costs associated with acquisitions or dispositions of real estate, as well as repairs and maintenance costs, as incurred.  We depreciate buildings and improvements on a straight-line basis over estimated useful lives ranging generally between 5 to 25 years.

We allocate the net acquisition cost of acquired operating self-storage facilities to the underlying land, buildings, identified intangible assets, and remaining noncontrolling interests based upon their respective individual estimated fair values.  Any difference between the net acquisition cost and the estimated fair value of the net tangible and intangible assets acquired is recorded as goodwill.    

F-10


 

PUBLIC STORAGE

NOTES TO FINANCIAL STATEMENTS

December 31, 2013

 

Other Assets

Other assets primarily consist of prepaid expenses, accounts receivable, land held for sale and restricted cash.  In 2011, we recorded impairment charges with respect to other assets totaling $1.9 million.

Accrued and Other Liabilities

Accrued and other liabilities consist primarily of trade payables, property tax accruals, tenant prepayments of rents, accrued interest payable, accrued payroll, accrued tenant reinsurance losses, casualty losses, and contingent loss accruals which are accrued when probable and estimable.  We disclose the nature of significant unaccrued losses that are reasonably possible of occurring and, if estimable, a range of exposure.

Cash Equivalents and Marketable Securities

Cash equivalents represent highly liquid financial instruments such as money market funds with daily liquidity or short-term commercial paper or treasury securities maturing within three months of acquisition.  Cash and cash equivalents which are restricted from general corporate use are included in other assets.  Commercial paper not maturing within three months of acquisition, which we intend and have the capacity to hold until maturity, are included in marketable securities and accounted for using the effective interest method. 

Fair Value Accounting

As used herein, the term “fair value” is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants.  We prioritize the inputs used in measuring fair value based upon a three-tier hierarchy described in Codification Section 820-10-35. 

We believe that, during all periods presented, the carrying values approximate the fair values of our cash and cash equivalents, marketable securities, other assets, and accrued and other liabilities, based upon our evaluation of the underlying characteristics, market data, and short maturity of these financial instruments, which involved considerable judgment.  The estimated fair values are not necessarily indicative of the amounts that could be realized in current market exchanges.  The characteristics of these financial instruments, market data, and other comparative metrics utilized in determining these fair values are “Level 2” inputs as the term is defined in Codification Section 820-10-35-47.

We use significant judgment to estimate fair values in recording our business combinations, to evaluate real estate, investments in unconsolidated real estate entities, goodwill, and other intangible assets for impairment, and to determine the fair values of notes payable and receivable.  In estimating fair values, we consider significant unobservable inputs such as market prices of land, market capitalization rates and earnings multiples for real estate facilities, projected levels of earnings, costs of construction, functional depreciation, and market interest rates for debt securities with a similar time to maturity and credit quality, which are “Level 3” inputs as the term is defined in Codification Section 820-10-35-52. 

Currency and Credit Risk

Financial assets that are exposed to credit risk consist primarily of cash and cash equivalents, accounts receivable, loans receivable, and restricted cash.  Cash equivalents and marketable securities we invest in are either money market funds with a rating of at least AAA by Standard and Poor’s, commercial paper that is  rated A1 by Standard and Poor’s or deposits with highly rated commercial banks.

F-11


 

PUBLIC STORAGE

NOTES TO FINANCIAL STATEMENTS

December 31, 2013

 

At December 31, 2013, due primarily to our investment in and loan receivable from Shurgard Europe, our operating results and financial position are affected by fluctuations in currency exchange rates between the Euro, and to a lesser extent, other European currencies, against the U.S. Dollar.

Goodwill and Other Intangible Assets

Intangible assets are comprised of goodwill, the “Shurgard” trade name, acquired customers in place, and leasehold interests in land.

Goodwill totaled $174.6 million at December 31, 2013 and 2012.  The “Shurgard” trade name, which is used by Shurgard Europe pursuant to a fee-based licensing agreement, has a book value of $18.8 million at December 31, 2013 and 2012.  Goodwill and the “Shurgard” trade name have indefinite lives and are not amortized.

Acquired customers in place and leasehold interests in land are finite-lived and are amortized relative to the benefit of the customers in place or the land lease expense to each period.  At December 31, 2013, these intangibles have a net book value of $53.4 million ($15.9 million at December 31, 2012).  Accumulated amortization totaled $35.1 million at December 31, 2013 ($24.8 million at December 31, 2012), and amortization expense of $24.1 million, $10.5 million and $11.9 million was recorded in 2013, 2012 and 2011, respectively.  The estimated future amortization expense for our finite-lived intangible assets at December 31, 2013 is $36.6 million in 2014, $8.2 million in 2015 and $8.6 million thereafter.  During 2013, 2012 and 2011, intangibles were increased $61.5 million, $9.1 million and $1.0 million, respectively, in connection with the acquisition of self-storage facilities and leasehold interests (Note 3), and in 2012 and 2011, $0.9 million and $4.0 million, respectively, in connection with the consolidation of facilities previously accounted for under the equity method (Note 4). 

Evaluation of Asset Impairment

We evaluate our real estate, finite-lived intangible assets, investments in unconsolidated real estate entities, and loan receivable from Shurgard Europe for impairment on a quarterly basis.  We evaluate indefinite-lived assets (including goodwill) for impairment on an annual basis, or more often if there are indicators of impairment.

In evaluating our real estate assets and finite-lived intangible assets for impairment, if there are indicators of impairment, and we determine that the asset is not recoverable from future undiscounted cash flows, an impairment charge is recorded for any excess of the carrying amount over the asset’s estimated fair value.  For long-lived assets that we expect to dispose of prior to the end of their estimated useful lives, we record an impairment charge for any excess of the carrying value of the asset over the expected net proceeds from disposal.

Prior to January 1, 2013, we evaluated the “Shurgard” trade name for impairment through a quantitative analysis, and we would record impairment charges to the extent quantitatively estimated fair value was less than the carrying amount.  Beginning January 1, 2013, if we determine, based upon the relevant events and circumstances and other such qualitative factors, that it is more likely than not that the asset is unimpaired, we do not record an impairment charge and no further analysis is performed.  Otherwise, we record an impairment charge for any excess of carrying amount over quantitatively assessed fair value. 

In evaluating goodwill for impairment, we first evaluate, based upon the relevant events and circumstances and other such qualitative factors, whether the fair value of the reporting unit that the goodwill pertains to is greater than its aggregate carrying amount.  If based upon this evaluation it is more likely than not

F-12


 

PUBLIC STORAGE

NOTES TO FINANCIAL STATEMENTS

December 31, 2013

 

that the fair value of the reporting unit is in excess of its aggregate carrying amount, no impairment charge is recorded and no further analysis is performed.  Otherwise, we estimate the goodwill’s implied fair value based upon what would be allocated to goodwill if the reporting unit were acquired at estimated fair value in a transaction accounted for as a business combination, and record an impairment charge for any excess of book value over the goodwill’s implied fair value. 

For our investments in unconsolidated real estate entities, if we determine that a decline in the estimated fair value of the investments below carrying amount is other than temporary, we record an impairment charge for any excess of carrying amount over the estimated fair value. 

For our loan receivable from Shurgard Europe, if we determine that it is probable we will be unable to collect all amounts due based on the terms of the loan agreement, we record an impairment charge for any excess of book value over the present value of expected future cash flows.

No impairments were recorded in any of our evaluations for any period presented herein.

Revenue and Expense Recognition

Rental income, which is generally earned pursuant to month-to-month leases for storage space, as well as late charges and administrative fees, are recognized as earned.  Promotional discounts reduce rental income over the promotional period.  Ancillary revenues and interest and other income are recognized when earned.  Equity in earnings of unconsolidated real estate entities represents our pro-rata share of the earnings of the Unconsolidated Real Estate Entities. 

We accrue for property tax expense based upon actual amounts billed and, in some circumstances, estimates and historical trends when bills or assessments have not been received from the taxing authorities or such bills and assessments are in dispute.  If these estimates are incorrect, the timing and amount of expense recognition could be incorrect.  Cost of operations, general and administrative expense, interest expense, as well as television and other advertising expenditures are expensed as incurred. 

Foreign Currency Exchange Translation

The local currency (primarily the Euro) is the functional currency for our interests in foreign operations.  The related balance sheet amounts are translated into U.S. Dollars at the exchange rates at the respective financial statement date, while amounts on our statements of income are translated at the average exchange rates during the respective period.  The Euro was translated at exchange rates of approximately 1.377 U.S. Dollars per Euro at December 31, 2013 (1.322 at December 31, 2012), and average exchange rates of 1.328,  1.285 and 1.392 for the years ended December 31, 2013, 2012 and 2011, respectively.  Cumulative translation adjustments, to the extent not included in cumulative net income, are included in equity as a component of accumulated other comprehensive income (loss).

Comprehensive Income (Loss)

Total comprehensive income (loss) represents net income, adjusted for changes in other comprehensive income (loss) for the applicable period.  The aggregate foreign currency exchange gains and losses reflected on our statements of comprehensive income are comprised primarily of foreign currency exchange gains and losses on our investment in, and loan receivable from, Shurgard Europe.

F-13


 

PUBLIC STORAGE

NOTES TO FINANCIAL STATEMENTS

December 31, 2013

 

Discontinued Operations

Discontinued operations represent the net income of those facilities that have been disposed of as of during the three years ended December 31, 2013, or which we plan to dispose of within a year.  In addition, discontinued operations include $12.1 million and $2.7 million in gains on disposition of real estate facilities in 2012 and 2011, respectively.

Net Income per Common Share

Net income is allocated to (i) noncontrolling interests based upon their share of the net income of the Subsidiaries, (ii) preferred shareholders, to the extent redemption cost exceeds the related original net issuance proceeds (an “EITF D-42 allocation.”), and (iii) the remaining net income allocated to each of our equity securities based upon the dividends declared or accumulated during the period, combined with participation rights in undistributed earnings. 

Basic net income per share, basic net income from discontinued operations per share, and basic net income from continuing operations per share are computed using the weighted average common shares outstanding.  Diluted net income per share, diluted net income from discontinued operations per share, and diluted net income from continuing operations per share are computed using the weighted average common shares outstanding, adjusted for the impact, if dilutive, of stock options outstanding (Note 10). 

The following table reflects net income allocations and weighted average common shares and equivalents outstanding, as used in our calculations of basic and diluted net income per share, basic and diluted net income from discontinued operations per share, and basic and diluted net income from continuing operations per share:

 

 

 

 

 

 

 

 

 

 

 

 

For the Years Ended December 31,

 

 

2013

 

2012

 

 

2011

 

 

(Amounts in thousands)

 

Net income allocable to common shareholders from continuing operations and discontinued operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income allocable to common shareholders

$

844,731 

 

$

669,694 

 

$

561,747 

 

Eliminate: Discontinued operations

 

 

 

 

 

 

 

 

 

allocable to common shareholders 

 

 -

 

 

(12,874)

 

 

(3,316)

 

Net income from continuing operations

 

 

 

 

 

 

 

 

 

allocable to common shareholders

$

844,731 

 

$

656,820 

 

$

558,431 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares and equivalents outstanding:

 

 

 

 

 

 

 

 

 

Basic weighted average common shares outstanding

 

171,640 

 

 

170,562 

 

 

169,657 

 

Net effect of dilutive stock options - based

 

 

 

 

 

 

 

 

 

on treasury stock method

 

1,048 

 

 

1,102 

 

 

1,093 

 

Diluted weighted average common shares outstanding

 

172,688 

 

 

171,664 

 

 

170,750 

 

 

F-14


 

PUBLIC STORAGE

NOTES TO FINANCIAL STATEMENTS

December 31, 2013

 

3.Real Estate Facilities

Activity in real estate facilities during 2013, 2012 and 2011 is as follows:  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

 

2012

 

 

2011

 

 

(Amounts in thousands)

 

Operating facilities, at cost:

 

 

 

 

 

 

 

 

 

Beginning balance

$

11,033,819 

 

$

10,773,277 

 

$

10,587,347 

 

Capital expenditures to maintain real estate

 

 

 

 

 

 

 

 

 

facilities

 

71,270 

 

 

67,737 

 

 

69,777 

 

Acquisitions

 

1,095,477 

 

 

198,316 

 

 

105,360 

 

Dispositions

 

(89)

 

 

(13,792)

 

 

(10,528)

 

Impairment

 

 -

 

 

 -

 

 

(453)

 

Newly developed facilities opened for operation

 

85,283 

 

 

7,244 

 

 

21,793 

 

Impact of foreign exchange rate changes

 

496 

 

 

1,037 

 

 

(19)

 

Ending balance

 

12,286,256 

 

 

11,033,819 

 

 

10,773,277 

 

Accumulated depreciation:

 

 

 

 

 

 

 

 

 

Beginning balance

 

(3,738,130)

 

 

(3,398,379)

 

 

(3,061,459)

 

Depreciation expense

 

(360,442)

 

 

(345,459)

 

 

(342,758)

 

Dispositions

 

 -

 

 

6,099 

 

 

5,645 

 

Impairment

 

 -

 

 

 -

 

 

156 

 

Impact of foreign exchange rate changes

 

(242)

 

 

(391)

 

 

37 

 

Ending balance

 

(4,098,814)

 

 

(3,738,130)

 

 

(3,398,379)

 

Construction in process:

 

 

 

 

 

 

 

 

 

Beginning balance

 

36,243 

 

 

4,299 

 

 

6,928 

 

Current development

 

101,376 

 

 

10,688 

 

 

19,164 

 

Acquisitions

 

 -

 

 

28,500 

 

 

 -

 

Newly developed facilities opened for operation

 

(85,283)

 

 

(7,244)

 

 

(21,793)

 

Ending balance

 

52,336 

 

 

36,243 

 

 

4,299 

 

Total real estate facilities at December 31,

$

8,239,778 

 

$

7,331,932 

 

$

7,379,197 

During 2013, we acquired 121 operating self-storage facilities from third parties (8,036,000 net rentable square feet of storage space) for $1.151 billion in cash and assumed mortgage debt with a fair value of $6 million.  We allocated approximately $1.095 billion to real estate facilities and $62 million to intangible assets.  We completed expansion and development activities during 2013, adding 614,000 net rentable square feet of self-storage space, at an aggregate cost of $85.3 million.  We disposed of real estate for an aggregate of $0.2 million in cash, recording a gain of approximately $0.1 million in connection with partial condemnations.  Construction in process at December 31, 2013, consists of projects to develop new self-storage facilities and expand existing self-storage facilities, which would add a total of 1.8 million net rentable square feet of storage space, for an aggregate estimated cost of approximately $196 million.

The results of operations of the facilities acquired from third parties during 2013 have been included in our consolidated financial statements since their respective acquisitions dates.  The unaudited pro forma data presented below assumes that the acquisitions occurred as of January 1, 2012, and includes pro forma adjustments to (i) increase depreciation and amortization expense to the buildings and intangible assets acquired and (ii) increase interest expense to reflect the financing of the acquisitions with borrowings on our line of credit, the term loan and the issuance of preferred shares.   The unaudited pro forma results have been prepared for comparative purposes only and do not purport to be indicative of the results of operations that would have occurred had the acquisitions been consummated on January 1, 2012.

F-15


 

PUBLIC STORAGE

NOTES TO FINANCIAL STATEMENTS

December 31, 2013

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended December 31,

 

 

2013

 

2012

 

 

(Amounts in thousands, except per share data)

 

 

(Unaudited)

 

 

 

 

 

 

 

Revenues

 

$

2,053,143 

 

$

1,926,195 

Net income

 

$

1,079,066 

 

$

902,108 

Income per share:

 

 

 

 

 

 

Basic

 

$

5.03 

 

$

3.56 

Diluted

 

$

5.00 

 

$

3.54 

During 2012, we acquired 24 operating self-storage facilities from third parties (1,908,000 net rentable square feet of storage space and unfinished space that we converted to 209,000 net rentable square feet of storage space in 2013 for $20.3 million in additional development cost) for $225.5 million in cash, with $187.9 million allocated to real estate facilities, $9.1 million allocated to intangible assets and $28.5 million allocated to construction in process with respect to the unfinished space.  In addition, we consolidated a limited partnership that we had previously accounted for using the equity method (see Note 4).  The three self-storage facilities (183,000 net rentable square feet) owned by this entity, having an aggregate fair market value of $10.4 million, have been added to our operating facilities.  We also completed various expansion activities to our existing facilities for an aggregate cost of approximately $7.2 million.

During 2012, we also disposed of four operating self-storage facilities and portions of other facilities in connection with eminent domain proceedings.  We received aggregate proceeds totaling $20.0 million and recorded gains totaling of $12.3 million, of which $12.1 million was included in discontinued operations and $0.2 million was included in gain on real estate sales and debt retirement in our statement of income for the year ended December 31, 2012.

During 2011, we acquired eleven operating self-storage facilities from third parties (896,000 net rentable square feet) and the leasehold interest in the land of one of our existing self-storage facilities for an aggregate cost of $91.6 million, consisting of $77.2 million of cash, assumed mortgage debt with a fair value of $9.7 million and the elimination of the $4.7 million book value of an intangible asset related to the acquired leasehold interest.  The aggregate cost was allocated $85.9 million to real estate facilities and $5.7 million to intangible assets.  In addition, we consolidated two limited partnerships that we had previously accounted for using the equity method (see Note 4).  The two self-storage facilities (143,000 net rentable square feet) owned by these limited partnerships have an aggregate fair market value of $19.4 million and have been added to our operating facilities.  We also completed various expansion activities to our existing facilities for an aggregate cost of approximately $21.8 million. 

During 2011, we disposed of two operating self-storage facilities and portions of other facilities in connection with eminent domain proceedings.  We received aggregate proceeds totaling $13.4 million and recorded an aggregate gain of $8.5 million, of which $2.7 million was included in discontinued operations and $5.8 million was included in gain on real estate sales and debt retirement on our statement of income for the year ended December 31, 2011.  Our facilities incurred hurricane damage in 2011, resulting in a $0.3 million impairment charge. 

At December 31, 2013, the adjusted basis of real estate facilities for federal tax purposes was approximately $8.5 billion (unaudited).

F-16


 

PUBLIC STORAGE

NOTES TO FINANCIAL STATEMENTS

December 31, 2013

 

4.Investments in Unconsolidated Real Estate Entities

The following table sets forth our investments in, and equity earnings of, the Unconsolidated Real Estate Entities (amounts in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Unconsolidated                         Real Estate Entities at December 31,

 

Equity in Earnings of Unconsolidated Real Estate Entities                                              for the Year Ended December 31,

 

 

2013

 

2012

 

2013

 

2012

 

2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSB

$

424,538 

 

$

316,078 

 

$

23,199 

 

$

10,638 

 

$

27,781 

 

Shurgard Europe

 

424,095 

 

 

411,107 

 

 

32,694 

 

 

33,223 

 

 

29,152 

 

Other Investments

 

7,549 

 

 

8,138 

 

 

1,686 

 

 

1,725 

 

 

1,771 

 

Total

$

856,182 

 

$

735,323 

 

$

57,579 

 

$

45,586 

 

$

58,704 

During 2013, 2012 and 2011, we received cash distributions from our investments in the Unconsolidated Real Estate Entities totaling $45.9 million, $44.7 million and $53.5 million, respectively. 

Investment in PSB

PSB is a REIT traded on the New York Stock Exchange.  We have an approximate 42% common equity interest in PSB as of December  31, 2013,  comprised of our ownership of 7,158,354 shares of PSB’s common stock and 7,305,355 limited partnership units in an operating partnership controlled by PSB  (41% as of December 31, 2012, comprised of our ownership of 5,801,606 shares of PSB’s common stock and 7,305,355 limited partnership units at December 31, 2012).  The limited partnership units are convertible at our option, subject to certain conditions, on a one-for-one basis into PSB common stock.  Based upon the closing price at December 31, 2013 ($76.42 per share of PSB common stock), the shares and units we owned had a market value of approximately $1.1 billion. 

During 2013, we purchased 406,748 shares of PSB common stock in open-market transactions at an average cost of $73.15 per share.  Subsequently, on November 7, 2013, PSB completed a public offering of 1,495,000 shares of its common stock for $79.25 per share.  Concurrent with the public offering, we purchased an additional 950,000 shares of PSB common stock from PSB at the same price per share as the public offering for a total cost of $75.3 million.  In connection with PSB’s common share issuance, we recognized a gain on sale of real estate totaling $4.1 million as if we had sold a proportionate share of our investment in PSB. 

The following table sets forth selected financial information of PSB.  The amounts represent all of PSB’s balances and not our pro-rata share.

F-17


 

PUBLIC STORAGE

NOTES TO FINANCIAL STATEMENTS

December 31, 2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

2012

 

2011

 

 

 

 

 

 

 

 

 

 

 

 

(Amounts in thousands)

 

For the year ended December 31,

 

 

 

 

 

 

 

 

 

Total revenue

$

359,885 

 

$

347,197 

 

$

298,141 

 

Costs of operations

 

(114,831)

 

 

(114,108)

 

 

(99,917)

 

Depreciation and amortization

 

(108,917)

 

 

(109,398)

 

 

(84,391)

 

General and administrative

 

(5,312)

 

 

(8,919)

 

 

(9,036)

 

Other items

 

(14,681)

 

 

(19,400)

 

 

(2,157)

 

Net income

 

116,144 

 

 

95,372 

 

 

102,640 

 

Net income allocated to preferred unitholders, preferred shareholders and restricted stock unitholders (a)

 

(59,341)

 

 

(69,597)

 

 

(34,935)

 

Net income allocated to common shareholders and common

 

 

 

 

 

 

 

 

 

unitholders

$

56,803 

 

$

25,775 

 

$

67,705 

 

 

 

 

 

 

 

 

 

 

 

(a)      Includes EITF D-42 allocations to preferred equity holders of $17.3 million during 2012 related to PSB’s redemption of preferred securities and an allocation from preferred equity holders of $7.4 million during 2011, related to PSB’s redemption of preferred securities.

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

2012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Amounts in thousands)

 

 

 

 

As of December 31,

 

 

 

 

 

 

 

 

 

Total assets (primarily real estate)

$

2,238,559 

 

$

2,151,817 

 

 

 

 

Debt

 

250,000 

 

 

468,102 

 

 

 

 

Other liabilities

 

73,919 

 

 

69,454 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

 

Preferred stock

 

995,000 

 

 

885,000 

 

 

 

 

Common equity and units

 

919,640 

 

 

729,261 

 

 

 

Investment in Shurgard Europe

For all periods presented, we had a  49% equity investment in Shurgard Europe.    On March 2, 2011, Shurgard Europe acquired the 80% interests it did not own in two joint ventures.  These joint ventures owned 72 self-storage facilities located in Europe and operated by Shurgard Europe under the “Shurgard” name.  We and our joint venture partner provided the funding for this acquisition (see Note 5).    

Changes in foreign currency exchange rates increased our investment in Shurgard Europe by approximately $45 thousand in 2013 and $21.6 million in 2012, and decreased our investment by approximately $7.0 million in 2011

Shurgard Europe pays interest to us on the loan we have provided to them (see Note 5).  In addition, Shurgard Europe pays us a license fee for the use of the “Shurgard” trademark.  We classify 49% of the interest income and trademark license fees received from Shurgard Europe as equity in earnings of unconsolidated real estate entities and the remaining 51% as interest and other income, as set forth in the following table:

F-18


 

PUBLIC STORAGE

NOTES TO FINANCIAL STATEMENTS

December 31, 2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

2012

 

2011

 

 

 

 

 

 

 

 

 

 

 

 

 

(Amounts in thousands)

 

For the year ended December 31,

 

 

 

 

 

 

 

 

 

 

Our 49% equity share of:

 

 

 

 

 

 

 

 

 

 

Shurgard Europe’s net income (net of $2,834 allocated to noncontrolling interests in 2011)

 

$

12,944 

 

$

14,040 

 

$

3,473 

 

Interest income and trademark license fee 

 

 

19,750 

 

 

19,183 

 

 

25,679 

 

 

 

 

 

 

 

 

 

 

 

 

Total equity in earnings of Shurgard Europe

 

$

32,694 

 

$

33,223 

 

$

29,152 

The following table sets forth selected consolidated financial information of Shurgard Europe based upon all of Shurgard Europe’s balances for all periods (including the consolidated operations of 72 self-storage facilities formerly owned by the two joint ventures), rather than our pro rata share.  Such amounts are based upon our historical acquired book basis.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

2012

 

2011

 

 

 

 

 

 

 

 

 

 

 

 

For the year ended December 31,

 

(Amounts in thousands)

 

Self-storage and ancillary revenues

 

$

246,615 

 

$

243,687 

 

$

259,618 

 

Self-storage and ancillary cost of operations

 

 

(98,222)

 

 

(96,341)

 

 

(107,056)

 

Depreciation and amortization

 

 

(60,029)

 

 

(60,404)

 

 

(61,244)

 

General and administrative

 

 

(13,651)

 

 

(13,327)

 

 

(12,458)

 

Interest expense on third party debt 

 

 

(5,082)

 

 

(7,689)

 

 

(16,299)

 

Trademark license fee payable to Public Storage

 

 

(2,468)

 

 

(2,439)

 

 

(2,481)

 

Interest expense on debt due to Public Storage

 

 

(37,838)

 

 

(36,710)

 

 

(49,925)

 

Lease termination charge, gain on sale of real estate and other

 

 

(2,909)

 

 

1,876 

 

 

(234)

 

 

 

 

 

 

 

 

 

 

 

 

Net income ($2,834 of net income was allocated to noncontrolling interests in 2011)

 

$

26,416 

 

$

28,653 

 

$

9,921 

 

Average exchange rates Euro to the U.S. Dollar

 

 

1.328 

 

 

1.285 

 

 

1.392 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

 

2012

 

 

 

 

 

 

 

(Amounts in thousands)

 

 

 

 

As of December 31,

 

 

 

 

 

 

 

 

 

 

Total assets (primarily self-storage facilities)

 

$

1,468,155 

 

$

1,468,111 

 

 

 

 

Total debt to third parties

 

 

154,119 

 

 

216,594 

 

 

 

 

Total debt to Public Storage

 

 

428,139 

 

 

410,995 

 

 

 

 

Other liabilities

 

 

107,550 

 

 

103,425 

 

 

 

 

Equity

 

 

778,347 

 

 

737,097 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exchange rate of Euro to U.S. Dollar

 

 

1.377 

 

 

1.322 

 

 

 

F-19


 

PUBLIC STORAGE

NOTES TO FINANCIAL STATEMENTS

December 31, 2013

 

Other Investments

At December  31, 2013, the “Other Investments” include an average common equity ownership of approximately 26% in various limited partnerships that collectively own 14 self-storage facilities.

During 2012 and 2011, we began to consolidate limited partnerships that we gained control of, and recorded gains of $1.3 million and $3.1 million, respectively, representing the differences between the aggregate fair values of our existing investments and their book values.  The fair values of our existing investments in 2012 and 2011 was allocated to real estate facilities ($10.4 million and $19.4 million, respectively), intangible assets ($0.9 million and $4.0 million, respectively), noncontrolling interests ($8.2 million and $17.7 million, respectively), and cash ($0.4 million in 2011).

The following table sets forth certain condensed combined financial information (representing 100% of these entities’ balances, rather than our pro-rata share) with respect to the Other Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

2012

 

2011

 

 

 

 

 

 

 

 

 

 

 

 

(Amounts in thousands)

 

For the year ended December 31,

 

 

 

 

 

 

 

 

 

Total revenue

$

14,105 

 

$

13,688 

 

$

13,271 

 

Cost of operations and other expenses

 

(4,686)

 

 

(4,398)

 

 

(5,117)

 

Depreciation and amortization

 

(2,012)

 

 

(2,140)

 

 

(2,252)

 

Net income

$

7,407 

 

$

7,150 

 

$

5,902 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

2012

 

 

 

 

 

 

(Amounts in thousands)

 

 

 

 

As of December 31,

 

 

 

 

 

Total assets (primarily self-storage facilities)

$

26,531 

 

$

27,710 

 

 

 

 

Total accrued and other liabilities

 

1,412 

 

 

1,291 

 

 

 

 

Total Partners’ equity

 

25,119 

 

 

26,419 

 

 

 

 

 

5.Loan Receivable from Unconsolidated Real Estate Entity

As of December 31, 2013 and 2012, we had a Euro-denominated loan receivable from Shurgard Europe (the “Shareholder Loan”) with a balance of €311.0 million at both periods ($428.1 million at December 31, 2013 and $411.0 million at December 31, 2012), which bears interest at a fixed rate of 9.0% per annum and has no required principal payments until maturity on February 15, 2015,  but can be prepaid in part or in full at any time without penalty.  Because we expected repayment of the Shareholder Loan in the foreseeable future for all periods presented, foreign exchange rate gains or losses due to changes in exchange rates between the Euro and the U.S. Dollar are recognized on our income statements as “foreign currency exchange gain (loss).”  For 2013, 2012 and 2011, we recorded interest income with respect to this loan (representing 51% of the aggregate interest received, see Note 4) of approximately $19.3 million, $18.7 million and $23.0 million, respectively.

We believe that the interest rate on the Shareholder Loan approximates the market rate for loans with similar terms, conditions, subordination features, and tenor, and that the fair value of the loan approximates book value.  In our evaluation of market rates and fair value, we considered that Shurgard Europe has sufficient operating cash flow, liquidity and collateral, and we have sufficient creditor rights such that credit risk is

F-20


 

PUBLIC STORAGE

NOTES TO FINANCIAL STATEMENTS

December 31, 2013

 

mitigated.  We have received a total of €80.9 million in principal repayments on this loan since its inception on March 31, 2008.

On January 28, 2014, our joint venture partner in Shurgard Europe acquired 51% of the Shareholder Loan at face value for €158.6 million ($216.2 million) in cash and the maturity date of the Shareholder Loan was extended to April 2019.  We continue to believe that the Shareholder Loan will be repaid in the foreseeable future. 

On February 9, 2011, we loaned PSB $121.0 million.  The loan had a six-month term and bore interest at a rate of three-month LIBOR plus 0.85% (1.13% per annum for the term of the loan).  For 2011, we recorded interest income of approximately $0.7 million related to the loan.  The loan was repaid in 2011.

In March 2011, we provided bridge financing to Shurgard Europe totaling $237.9 million, bearing interest at a fixed rate of 7.0% per annum and denominated in U.S. Dollars, which it used to acquire its partner’s 80% interests in two joint ventures.  In June 2011, our joint venture partner in Shurgard Europe effectively purchased 51% of the loan from us for $121.3 million and the entire loan balance was exchanged for an equity interest in Shurgard Europe.  In addition to interest on the bridge financing, during 2011, we received $1.5 million in other income from our joint venture partner for our interim funding of its 51% pro rata share of Shurgard Europe’s cost to acquire the interests.

6.Credit Facility, Term Loan and Notes Payable

We have a $300 million revolving line of credit (the “Credit Facility”) that expires on March 21, 2017.  Amounts drawn on the Credit Facility bear annual interest at rates ranging from LIBOR plus 0.900% to LIBOR plus 1.500% depending upon the ratio of our Total Indebtedness to Gross Asset Value (as defined in the Credit Facility) (LIBOR plus 0.900% at December  31, 2013).  In addition, we are required to pay a quarterly facility fee ranging from 0.125% per annum to 0.300% per annum depending upon the ratio of our Total Indebtedness to our Gross Asset Value (0.125% per annum at December  31, 2013).  At December 31, 2013, outstanding borrowings under this Credit Facility totaled $50.1 million ($133.0 million at December 31, 2012) which was repaid in full on January 8, 2014.  At February 25, 2014, we had no outstanding borrowings on our Credit Facility.  We had undrawn standby letters of credit, which reduce our borrowing capacity, totaling $15.1 million at December 31, 2013 ($15.3 million at December 31, 2012).  The Credit Facility has various customary restrictive covenants, all of which we were in compliance with at December  31, 2013.

On December 2, 2013, we entered into a one year $700 million unsecured term loan (the “Term Loan”) with Wells Fargo Bank, the lead arranger for our Credit Facility.  The Term Loan matures on December 2, 2014 and can be repaid in full or part at any time prior to its maturity without penalty.  The interest rate and covenants on the Term Loan are the same as for the Credit Facility.  As of December 31, 2013 and February 25, 2014, outstanding borrowings under the Term Loan totaled $700.0 million and $600.0 million, respectively, at an interest rate of 1.065%.  In connection with the Term Loan, we incurred origination costs of $1.9 million which are amortized over the one year period of the Term Loan.  As of December 31, 2013, we had $1.8 million of unamortized loan costs. 

F-21


 

PUBLIC STORAGE

NOTES TO FINANCIAL STATEMENTS

December 31, 2013

 

On October 1, 2013, we borrowed $100.0 million from PSB under a term loan which was repaid in full on October 18, 2013.  The loan bore interest at 1.388%.

The carrying amounts of our notes payable at December  31, 2013 and 2012 consist of the following (dollar amounts in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2013

 

December 31, 2012

 

 

 

Carrying amount

 

Fair Value

 

Carrying amount

 

Fair Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Secured Notes Payable:

 

 

 

 

 

 

 

 

 

 

 

 

 

4.8% average effective rate, secured by 45 real estate facilities with a net book value of approximately $223.6 million at December 31, 2013 and stated note rates between 2.92% and 7.13%, maturing at varying dates between June 2014 and September 2028 (carrying amount includes $528 of unamortized premium at December 31, 2013 and $1,192 at December 31, 2012)

 

$

88,953 

 

$

90,476 

 

$

149,368 

 

$

152,493 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured Note Payable:

 

 

 

 

 

 

 

 

 

 

 

 

 

5.9% effective and stated note rate, interest only and payable semi-annually, matured in March 2013

 

 

 -

 

 

 -

 

 

186,460 

 

 

187,141 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total notes payable

 

$

88,953 

 

$

90,476 

 

$

335,828 

 

$

339,634 

Substantially all of our notes payable was assumed in connection with business combinations.  An initial premium or discount is established for any difference between the stated note balance and estimated fair value of the debt assumed and amortized over the remaining term of the debt using the effective interest method.

During 2013 and 2011, we assumed mortgage debt of $5.7 million and $8.8 million, respectively, in connection with the acquisition of real estate facilities.  The debt was recorded at its estimated fair value of approximately $6.1 million and $9.7 million in 2013 and 2011, respectively, and we recorded premiums of $0.4 million and $0.9 million, respectively.  In determining estimated fair values, we used estimated market rates of approximately 3.7% and 2.9%, in 2013 and 2011, respectively, compared to average contractual rates of 6.2% and 5.5%, respectively. 

At December  31, 2013, approximate principal maturities of our notes payable are as follows (amounts in thousands):

 

 

 

 

 

 

 

2014

$

26,206 

 

2015

 

30,842 

 

2016

 

15,920 

 

2017

 

1,343 

 

2018

 

11,077 

 

Thereafter

 

3,565 

 

 

$

88,953 

 

Weighted average effective rate

 

4.8% 

F-22


 

PUBLIC STORAGE

NOTES TO FINANCIAL STATEMENTS

December 31, 2013

 

Cash paid for interest totaled $10.4 million, $21.7 million and $27.6 million for 2013, 2012 and 2011, respectively.  Interest capitalized as real estate totaled $2.9 million, $0.4 million and $0.4 million in 2013, 2012 and 2011, respectively.

7.Noncontrolling Interests

At December  31, 2013, third parties own i) interests in Subsidiaries that own an aggregate of 14 self-storage facilities, and ii) 231,978 partnership units in a Subsidiary that are convertible on a one-for-one basis (subject to certain limitations) into common shares of the Company at the option of the unitholder.  These interests are referred to collectively hereinafter as the “Noncontrolling Interests.”  At December  31, 2013, the Noncontrolling Interests cannot require us to redeem their interests, other than pursuant to a liquidation of the Subsidiary.

Redeemable Noncontrolling Interests

At December 31, 2013 and 2012, we had no Redeemable Noncontrolling Interests.  At December 31, 2011, the Redeemable Noncontrolling Interests represented ownership interests in Subsidiaries that owned 14 self-storage facilities.  During 2012, we acquired all the outstanding Redeemable Noncontrolling Interests for $19.9 million in cash, of which $11.9 million was recorded as a reduction to Redeemable Noncontrolling Interests and $8.0 million was recorded as a reduction to paid-in capital.  During 2012 and 2011, we allocated a total of $0.2 million and $0.9 million, respectively, of income to these interests and paid distributions to these interests totaling $0.6 million and $1.6 million, respectively. 

Permanent Noncontrolling Interests

At December 31, 2013, the Permanent Noncontrolling Interests have ownership interests in Subsidiaries that owned 14 self-storage facilities and 231,978 partnership units in a subsidiary that are convertible on a one-for-one basis (subject to certain limitations) into common shares of the Company at the option of the unitholder.  During 2013, 2012 and 2011, we allocated a total of $5.1 million, $3.5 million and $11.7 million, respectively, in income to these interests; and we paid $6.5 million, $5.3 million and $12.8 million, respectively, in distributions to these interests. 

As described more fully in Note 4, we increased Permanent Noncontrolling Interests during 2012 and 2011 by $8.2 million and $17.7 million, respectively, in connection with consolidating partnerships.

During 2013, we acquired Permanent Noncontrolling Interests for $6.2 million in cash, substantially all of which was allocated to paid-in-capital.

During 2012, we acquired Permanent Noncontrolling Interests for $1.4 million in cash, of which $0.1 million was recorded as a reduction to permanent noncontrolling interests and the remainder as a reduction to paid-in capital.

During 2011, we acquired Permanent Noncontrolling Interests for an aggregate of $175.5 million in cash and our common shares.  Permanent Noncontrolling Interests were reduced by $26.2 million, with the excess cost over the underlying book value ($149.3 million) recorded as a reduction to paid-in capital.

F-23


 

PUBLIC STORAGE

NOTES TO FINANCIAL STATEMENTS

December 31, 2013

 

 

8.Shareholders’ Equity

Preferred Shares

At December  31, 2013 and 2012, we had the following series of Cumulative Preferred Shares (“Preferred Shares”) outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At December 31, 2013

 

At December 31, 2012

 

Series

 

Earliest Redemption Date

 

Dividend Rate

 

Shares Outstanding

 

Liquidation Preference

 

Shares Outstanding

 

Liquidation Preference

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollar amounts in thousands)

 

Series O

 

4/15/2015

 

6.875% 

 

5,800 

 

$

145,000 

 

5,800 

 

$

145,000 

 

Series P

 

10/7/2015

 

6.500% 

 

5,000 

 

 

125,000 

 

5,000 

 

 

125,000 

 

Series Q

 

4/14/2016

 

6.500% 

 

15,000 

 

 

375,000 

 

15,000 

 

 

375,000 

 

Series R

 

7/26/2016

 

6.350% 

 

19,500 

 

 

487,500 

 

19,500 

 

 

487,500 

 

Series S

 

1/12/2017

 

5.900% 

 

18,400 

 

 

460,000 

 

18,400 

 

 

460,000 

 

Series T

 

3/13/2017

 

5.750% 

 

18,500 

 

 

462,500 

 

18,500 

 

 

462,500 

 

Series U

 

6/15/2017

 

5.625% 

 

11,500 

 

 

287,500 

 

11,500 

 

 

287,500 

 

Series V

 

9/20/2017

 

5.375% 

 

19,800 

 

 

495,000 

 

19,800 

 

 

495,000 

 

Series W

 

1/16/2018

 

5.200% 

 

20,000 

 

 

500,000 

 

 -

 

 

 -

 

Series X

 

3/13/2018

 

5.200% 

 

9,000 

 

 

225,000 

 

 -

 

 

 -

 

Total Preferred Shares

 

 

 

142,500 

 

$

3,562,500 

 

113,500 

 

$

2,837,500 

The holders of our Preferred Shares have general preference rights with respect to liquidation, quarterly distributions and any accumulated unpaid distributions.  Except under certain conditions and as noted below, holders of the Preferred Shares will not be entitled to vote on most matters.  In the event of a cumulative arrearage equal to six quarterly dividends, holders of all outstanding series of preferred shares (voting as a single class without regard to series) will have the right to elect two additional members to serve on our Board of Trustees until the arrearage has been cured.  At December  31, 2013, there were no dividends in arrears.

Except under certain conditions relating to the Company’s qualification as a REIT, the Preferred Shares are not redeemable prior to the dates indicated on the table above.  On or after the respective dates, each of the series of Preferred Shares is redeemable at our option, in whole or in part, at $25.00 per depositary share, plus accrued and unpaid dividends.  Holders of the Preferred Shares cannot require us to redeem such shares.

Upon issuance of our Preferred Shares, we classify the liquidation value as preferred equity on our balance sheet with any issuance costs recorded as a reduction to paid-in capital.

During 2013, we issued an aggregate 29.0 million depositary shares, each representing 1/1,000 of a share of our Series W and Series X Preferred Shares, at an issuance price of $25.00 per depositary share, for a total of $725.0 million in gross proceeds, and we incurred $23.3 million in issuance costs. 

During 2012, we issued an aggregate 68.2 million depositary shares, each representing 1/1,000 of a share of our Series S, Series T, Series U, and Series V Preferred Shares, at an issuance price of $25.00 per depositary share, for a total of $1.7 billion in gross proceeds, and we incurred $53.5 million in issuance costs. 

F-24


 

PUBLIC STORAGE

NOTES TO FINANCIAL STATEMENTS

December 31, 2013

 

In 2012, we redeemed our Series A, Series C, Series D, Series E, Series F, Series L, Series M, Series N, Series W, Series X, Series Y and Series Z Preferred Shares, at par.  The aggregate redemption amount, before payment of accrued dividends, was $2.0 billion. 

During 2011, we issued an aggregate 34.5 million depositary shares, each representing 1/1,000 of a share of our Series Q and Series R Preferred Shares, at an issuance price of $25.00 per depositary share, for a total of $862.5 million in gross proceeds, and we incurred $26.9 million in issuance costs. 

In 2011, we redeemed our Series G, Series I and Series K Preferred Shares, at par.  The aggregate redemption amount, before payment of accrued dividends, was $1.1 billion.

We recorded $61.7 million and  $35.6 million in EITF D-42 allocations of income from our common shareholders to the holders of our Preferred Shares in 2012 and 2011, respectively, (none in 2013).

Common Shares

During 2013, 2012 and 2011, activity with respect to the issuance or repurchase of our common shares was as follows (amounts in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

2012

 

2011

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

Employee stock-based compensation and exercise of stock options (Note 10)

 

 

388,005 

 

$

21,111 

 

 

437,081 

 

$

23,185 

 

 

508,058 

 

$

26,416 

Issuance of commons shares in connection with acquisition of Permanent Noncontrolling Interest (Note 7)

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

477,928 

 

 

57,108 

Issuance of commons shares for cash

 

 

 -

 

 

 -

 

 

712,400 

 

 

101,262 

 

 

 -

 

 

 -

 

 

 

388,005 

 

$

21,111 

 

 

1,149,481 

 

$

124,447 

 

 

985,986 

 

$

83,524 

Our Board of Trustees previously authorized the repurchase from time to time of up to 35.0 million of our common shares on the open market or in privately negotiated transactions.  Through December 31, 2013, we repurchased approximately 23.7 million shares pursuant to this authorization; none of which were repurchased during the three years ended December 31, 2013.

In December 2012, we sold 712,400 of our common shares for aggregate proceeds of approximately $101.3 million in cash. 

At December 31, 2013 and 2012, we had 2,810,540 and 2,896,157, respectively, of common shares reserved in connection with our share-based incentive plans (see Note 10), and 231,978 shares reserved for the conversion of Convertible Partnership Units.

The unaudited characterization of dividends for Federal income tax purposes is made based upon earnings and profits of the Company, as defined by the Internal Revenue Code.  Common share dividends including amounts paid to our restricted share unitholders totaled $887.1 million ($5.15 per share), $753.9 million ($4.40 per share) and $621.4 million ($3.65 per share), for the years ended December 31, 2013, 2012 and 2011, respectively.  Preferred share dividends totaled $204.3 million, $205.2 million and $224.9 million for the years ended December 31, 2013, 2012 and 2011, respectively.

F-25


 

PUBLIC STORAGE

NOTES TO FINANCIAL STATEMENTS

December 31, 2013

 

For the tax year ended December 31, 2013, distributions for the common shares and all the various series of preferred shares were classified as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013 (unaudited)

 

 

 

 

1st Quarter

 

 

2nd Quarter

 

 

3rd Quarter

 

 

4th Quarter

 

Ordinary Income

 

 

100.00 

%

 

100.00 

%

 

99.83 

%

 

99.95 

%

Long-Term Capital Gain

 

 

0.00 

%

 

0.00 

%

 

0.17 

%

 

0.05 

%

Total

 

 

100.00 

%

 

100.00 

%

 

100.00 

%

 

100.00 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The ordinary income dividends distributed for the tax year ended December 31, 2013 do not constitute qualified dividend income.

9.Related Party Transactions

The Hughes Family owns approximately 15.8% of our common shares outstanding at December 31, 2013.

The Hughes Family has ownership interests in, and operates, approximately 54 self-storage facilities in Canada (“PS Canada”) using the “Public Storage” brand name pursuant to a non-exclusive, royalty-free trademark license agreement with the Company.  We currently do not own any interests in these facilities.  We have a right of first refusal to acquire the stock or assets of the corporation that manages the 54 self-storage facilities in Canada, if the Hughes Family or the corporation agrees to sell them.  We reinsure risks relating to loss of goods stored by customers in these facilities.  During the years ended December 31, 2013, 2012 and 2011, we received $0.5 million, $0.6 million and $0.6 million, respectively, in reinsurance premiums attributed to these facilities.  There is no assurance that these premiums will continue, as our rights to reinsure these risks may be qualified.

At December 31, 2012, PS Canada and PSB held approximately a 2.2%  and 4.0%, respectively, interest in STOR-Re Mutual Insurance Company, Inc. (“STOR-Re”), a Subsidiary that provided liability and casualty insurance for PS Canada, PSB, the Company, and certain affiliates of the Company for occurrences prior to April 1, 2004.  During 2013, we acquired PS Canada’s 2.2% interest and PSB’s 4.0% interest in STOR-Re for $0.6 million and $1.1 million, respectively, in cash. 

On October 1, 2013, we borrowed $100.0 million from PSB under a term loan which was repaid in full on October 18, 2013.  The loan bore interest at 1.388%  per annum and interest paid to PSB totaled $0.1 million

10.Share-Based Compensation

Under various share-based compensation plans and under terms established by a committee of our Board of Trustees, the Company grants non-qualified options to purchase the Company’s common shares, as well as restricted share units (“RSUs”), to trustees, officers, service providers and key employees.  

Stock options and RSUs are considered “granted” and “outstanding” as the terms are used herein, when i) the Company and the recipient reach a mutual understanding of the key terms of the award, ii) the award has been authorized, iii) the recipient is affected by changes in the market price of our stock, and iv) it is probable that any performance and service conditions will be met.  

F-26


 

PUBLIC STORAGE

NOTES TO FINANCIAL STATEMENTS

December 31, 2013

 

We amortize the grant-date fair value of awards (net of anticipated forfeitures) as compensation expense over the service period.  The service period begins on the grant date and ends on the vesting date. For awards that are earned solely upon the passage of time and continued service, the entire cost of the award is amortized on a straight-line basis over the service period. For awards with performance conditions, the individual cost of each vesting is amortized separately over each individual service period (the “accelerated attribution” method).

Stock Options

Stock options vest over a three to five-year period, expire ten years after the grant date, and the exercise price is equal to the closing trading price of our common shares on the grant date.  Employees cannot require the Company to settle their award in cash.  We use the Black-Scholes option valuation model to estimate the fair value of our stock options. 

Outstanding stock option grants are included on a one-for-one basis in our diluted weighted average shares, to the extent dilutive, after applying the treasury stock method (based upon the average common share price during the period) to assumed exercise proceeds and measured but unrecognized compensation.

The stock options outstanding at December 31, 2013 have an aggregate intrinsic value (the excess, if any, of each option’s market value over the exercise price) of approximately $142.2 million and remaining average contractual lives of approximately five years.  Other than stock options granted in 2012 and 2013, all stock options outstanding at December 31, 2013 have exercise prices of $123 or less.  The aggregate intrinsic value of exercisable stock options at December 31, 2013 amounted to approximately $117.4 million. 

Additional information with respect to stock options during 2013, 2012 and 2011 is as follows:    

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

2012

 

2011

 

 

 

 

 

 

Weighted

 

 

 

 

 

Weighted

 

 

 

 

 

Weighted

 

 

 

 

 

 

Average

 

 

 

 

 

Average

 

 

 

 

 

Average

 

 

 

Number

 

 

Exercise

 

 

Number

 

 

Exercise

 

 

Number

 

 

Exercise

 

 

 

of

 

 

Price

 

 

of

 

 

Price

 

 

of

 

 

Price

 

 

 

Options

 

 

per Share

 

 

Options

 

 

per Share

 

 

Options

 

 

per Share

Options outstanding January 1,

 

 

2,253,510 

 

$

76.14 

 

 

2,591,066 

 

$

74.30 

 

 

2,950,892 

 

$

69.43 

Granted

 

 

235,000 

 

 

153.89 

 

 

35,000 

 

 

144.97 

 

 

135,000 

 

 

120.77 

Exercised

 

 

(286,299)

 

 

71.06 

 

 

(341,156)

 

 

68.26 

 

 

(448,826)

 

 

58.86 

Cancelled

 

 

(28,000)

 

 

55.25 

 

 

(31,400)

 

 

55.54 

 

 

(46,000)

 

 

48.95 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding December 31,

 

 

2,174,211 

 

$

85.49 

 

 

2,253,510 

 

$

76.14 

 

 

2,591,066 

 

$

74.30 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options exercisable at December 31,

 

 

1,581,954 

 

$

76.29 

 

 

1,401,883 

 

$

76.23 

 

 

1,200,356 

 

$

76.94 

 

F-27


 

PUBLIC STORAGE

NOTES TO FINANCIAL STATEMENTS

December 31, 2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

 

 

2012

 

 

 

2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock option expense for the year

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in 000's)

 

$

3,468 

 

 

 

 

$

3,036 

 

 

 

 

$

3,445 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aggregate exercise date intrinsic value of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

options exercised during the year

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in 000's)

 

$

23,337 

 

 

 

 

$

23,948 

 

 

 

 

$

23,703 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average assumptions used in valuing options with the Black-Scholes method:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expected life of options in years, based upon historical experience

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk-free interest rate

 

 

0.8% 

 

 

 

 

 

0.8% 

 

 

 

 

 

1.2% 

 

Expected volatility, based upon historical volatility

 

 

25.8% 

 

 

 

 

 

24.5% 

 

 

 

 

 

18.8% 

 

Expected dividend yield

 

 

3.3% 

 

 

 

 

 

3.1% 

 

 

 

 

 

3.3% 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average estimated value of options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

granted during the year

 

$

23.83 

 

 

 

 

$

20.71 

 

 

 

 

$

13.01 

 

Restricted Share Units

RSUs generally vest ratably over a three to eight-year period from the grant date.  The grantee receives dividends for each outstanding RSU equal to the per-share dividends received by our common shareholders.  We expense any dividends previously paid upon forfeiture of the related RSU.  Upon vesting, the grantee receives common shares equal to the number of vested RSUs, less common shares withheld in exchange for tax deposits made by the Company to satisfy the grantee’s statutory tax liabilities arising from the vesting. 

The fair value of our RSUs is determined based upon the applicable closing trading price of our common shares.

The fair value of our RSUs outstanding at December 31, 2013 was approximately $95.8 million.  Remaining compensation expense related to RSUs outstanding at December 31, 2013 totals approximately $45.3 million (which is net of expected forfeitures) and is expected to be recognized as compensation expense over the next two years on average.  The following tables set forth relevant information with respect to restricted shares (dollar amounts in thousands):

F-28


 

PUBLIC STORAGE

NOTES TO FINANCIAL STATEMENTS

December 31, 2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

2012

 

2011

 

 

 

Number of

 

 

Grant Date

 

 

Number of

 

 

Grant Date

 

 

Number of

 

 

Grant Date

 

 

 

Restricted

 

 

Aggregate

 

 

Restricted

 

 

Aggregate

 

 

Restricted

 

 

Aggregate

 

 

 

Share Units

 

 

Fair Value

 

 

Share Units

 

 

Fair Value

 

 

Share Units

 

 

Fair Value

Restricted share units outstanding January 1,

 

 

642,647 

 

$

67,473 

 

 

701,499 

 

$

66,514 

 

 

484,395 

 

$

39,896 

Granted

 

 

197,675 

 

 

30,774 

 

 

159,133 

 

 

21,721 

 

 

381,025 

 

 

40,570 

Vested

 

 

(154,535)

 

 

(15,657)

 

 

(151,775)

 

 

(14,507)

 

 

(92,039)

 

 

(7,655)

Forfeited

 

 

(49,458)

 

 

(5,306)

 

 

(66,210)

 

 

(6,255)

 

 

(71,882)

 

 

(6,297)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted share units outstanding December 31,

 

 

636,329 

 

$

77,284 

 

 

642,647 

 

$

67,473 

 

 

701,499 

 

$

66,514 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

 

 

2012

 

 

 

2011

Amounts for the year (in 000's,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

except number of shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of vested shares on vesting date

 

$

23,551 

 

 

 

 

$

20,783 

 

 

 

 

$

10,224 

 

Cash paid upon vesting lieu of common shares issued

 

$

8,067 

 

 

 

 

$

7,657 

 

 

 

 

$

3,736 

 

Common shares issued upon vesting

 

 

101,706 

 

 

 

 

 

95,925 

 

 

 

 

 

59,232 

 

Restricted share unit expense

 

$

23,919 

 

 

 

 

$

20,227 

 

 

 

 

$

19,736 

 

See also “net income per common share” in Note 2 for further discussion regarding the impact of RSUs and stock options on our net income per common and income allocated to common shareholders.

11.Segment Information

Our reportable segments reflect the significant components of our operations that are evaluated separately by our chief operating decision maker (“CODM”) and have discrete financial information available.  We organize our segments based primarily upon the nature of the underlying products and services, and whether the operation is located in the U.S. or outside the U.S.  In making resource allocation decisions, our CODM considers the net income from continuing operations of each reportable segment included in the tables below, excluding the impact of depreciation and amortization, gains or losses on disposition of real estate facilities, and asset impairment charges.  The amounts for each reportable segment included in the tables below are in conformity with GAAP and our significant accounting policies as denoted in Note 2.  Ancillary revenues and expenses, interest and other income (other than from Shurgard Europe), interest expense, general and administrative expense and gains and losses on the early repayment of debt are not allocable to any of our reportable segments.  Our CODM does not consider the book value of assets in making resource allocation decisions.  

Following is the description of and basis for presentation for each of our segments.

Domestic Self-Storage Segment

The Domestic Self-Storage Segment includes the operations of the 2,187 self-storage facilities owned by the Company and the Subsidiaries, as well as our equity share of the Other Investments.  For all periods

F-29


 

PUBLIC STORAGE

NOTES TO FINANCIAL STATEMENTS

December 31, 2013

 

presented, substantially all of our real estate facilities, goodwill and other intangible assets, other assets, and accrued and other liabilities are associated with the Domestic Self-Storage Segment.

European Self-Storage Segment

The European Self-Storage segment comprises our interest in Shurgard Europe, which has a separate management team reporting directly to our CODM and our joint venture partner.  The European Self-Storage segment includes our equity share of Shurgard Europe’s operations, the interest and other income received from Shurgard Europe, and foreign currency exchange gains and losses that are attributable to Shurgard Europe.  Our balance sheet includes an investment in Shurgard Europe (Note 4) and a loan receivable from Shurgard Europe (Note 5). 

Commercial Segment

The Commercial segment comprises our investment in PSB, a publicly-traded REIT with a separate management team that makes its financing, capital allocation and other significant decisions.  The Commercial segment also includes our direct interest in certain commercial facilities, substantially all of which are managed by PSB.  The Commercial segment presentation includes our equity earnings and interest income from PSB, as well as the revenues and expenses of our commercial facilities.  At December  31, 2013, the assets of the Commercial segment are comprised principally of our investment in PSB (Note 4).

Presentation of Segment Information

The following tables reconcile the performance of each segment, in terms of segment income, to our net income (amounts in thousands):

 

 

 

F-30


 

PUBLIC STORAGE

NOTES TO FINANCIAL STATEMENTS

December 31, 2013

 

Year ended December 31, 2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic Self-Storage

 

European Self-Storage

 

Commercial

 

Other Items Not Allocated to Segments

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Amounts in thousands)

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Self-storage facilities

$

1,849,883 

 

$

 -

 

$

 -

 

$

 -

 

$

1,849,883 

Ancillary operations

 

 -

 

 

 -

 

 

14,510 

 

 

117,353 

 

 

131,863 

 

 

1,849,883 

 

 

 -

 

 

14,510 

 

 

117,353 

 

 

1,981,746 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Self-storage cost of operations

 

524,086 

 

 

 -

 

 

 -

 

 

 -

 

 

524,086 

Ancillary cost of operations

 

 -

 

 

 -

 

 

5,228 

 

 

35,847 

 

 

41,075 

Depreciation and amortization

 

384,623 

 

 

 -

 

 

2,779 

 

 

 -

 

 

387,402 

General and administrative

 

 -

 

 

 -

 

 

 -

 

 

66,679 

 

 

66,679 

 

 

908,709 

 

 

 -

 

 

8,007 

 

 

102,526 

 

 

1,019,242 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

941,174 

 

 

 -

 

 

6,503 

 

 

14,827 

 

 

962,504 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other income

 

 -

 

 

20,556 

 

 

 -

 

 

2,021 

 

 

22,577 

Interest expense

 

 -

 

 

 -

 

 

 -

 

 

(6,444)

 

 

(6,444)

Equity in earnings of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

unconsolidated real estate entities

 

1,686 

 

 

32,694 

 

 

23,199 

 

 

 -

 

 

57,579 

Foreign currency exchange gain

 

 -

 

 

17,082 

 

 

 -

 

 

 -

 

 

17,082 

Gain on real estate sales

 

168 

 

 

 -

 

 

4,065 

 

 

 -

 

 

4,233 

Net income

$

943,028 

 

$

70,332 

 

$

33,767 

 

$

10,404 

 

$

1,057,531 

 

 

 

F-31


 

PUBLIC STORAGE

NOTES TO FINANCIAL STATEMENTS

December 31, 2013

 

Year ended December 31, 2012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic Self-Storage

 

European Self-Storage

 

Commercial

 

Other Items Not Allocated to Segments

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Amounts in thousands)

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Self-storage facilities

$

1,718,865 

 

$

 -

 

$

 -

 

$

 -

 

$

1,718,865 

Ancillary operations

 

 -

 

 

 -

 

 

14,071 

 

 

109,568 

 

 

123,639 

 

 

1,718,865 

 

 

 -

 

 

14,071 

 

 

109,568 

 

 

1,842,504 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Self-storage cost of operations

 

517,641 

 

 

 -

 

 

 -

 

 

 -

 

 

517,641 

Ancillary cost of operations

 

 -

 

 

 -

 

 

4,908 

 

 

33,355 

 

 

38,263 

Depreciation and amortization

 

354,971 

 

 

 -

 

 

2,810 

 

 

 -

 

 

357,781 

General and administrative

 

 -

 

 

 -

 

 

 -

 

 

56,837 

 

 

56,837 

 

 

872,612 

 

 

 -

 

 

7,718 

 

 

90,192 

 

 

970,522 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

846,253 

 

 

 -

 

 

6,353 

 

 

19,376 

 

 

871,982 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other income

 

 -

 

 

19,966 

 

 

 -

 

 

2,108 

 

 

22,074 

Interest expense

 

 -

 

 

 -

 

 

 -

 

 

(19,813)

 

 

(19,813)

Equity in earnings of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

unconsolidated real estate entities

 

1,725 

 

 

33,223 

 

 

10,638 

 

 

 -

 

 

45,586 

Foreign currency exchange gain

 

 -

 

 

8,876 

 

 

 -

 

 

 -

 

 

8,876 

Gain on real estate sales

 

1,456 

 

 

 -

 

 

 -

 

 

 -

 

 

1,456 

Income (loss) from continuing operations

 

849,434 

 

 

62,065 

 

 

16,991 

 

 

1,671 

 

 

930,161 

Discontinued operations

 

12,874 

 

 

 -

 

 

 -

 

 

 -

 

 

12,874 

Net income (loss)

$

862,308 

 

$

62,065 

 

$

16,991 

 

$

1,671 

 

$

943,035 

 

 

F-32


 

PUBLIC STORAGE

NOTES TO FINANCIAL STATEMENTS

December 31, 2013

 

Year ended December 31, 2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic Self-Storage

 

European Self-Storage

 

Commercial

 

Other Items Not Allocated to Segments

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Amounts in thousands)

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Self-storage facilities

$

1,621,799 

 

$

 -

 

$

 -

 

$

 -

 

$

1,621,799 

Ancillary operations

 

 -

 

 

 -

 

 

14,592 

 

 

99,497 

 

 

114,089 

 

 

1,621,799 

 

 

 -

 

 

14,592 

 

 

99,497 

 

 

1,735,888 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Self-storage cost of operations

 

523,113 

 

 

 -

 

 

 -

 

 

 -

 

 

523,113 

Ancillary cost of operations

 

 -

 

 

 -

 

 

5,505 

 

 

31,891 

 

 

37,396 

Depreciation and amortization

 

355,315 

 

 

 -

 

 

2,654 

 

 

 -

 

 

357,969 

General and administrative

 

 -

 

 

 -

 

 

 -

 

 

52,410 

 

 

52,410 

Asset impairment charges

 

297 

 

 

 -

 

 

 -

 

 

1,889 

 

 

2,186 

 

 

878,725 

 

 

 -

 

 

8,159 

 

 

86,190 

 

 

973,074 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

743,074 

 

 

 -

 

 

6,433 

 

 

13,307 

 

 

762,814 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other income

 

 -

 

 

28,190 

 

 

664 

 

 

3,479 

 

 

32,333 

Interest expense

 

 -

 

 

 -

 

 

 -

 

 

(24,222)

 

 

(24,222)

Equity in earnings of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

unconsolidated real estate entities

 

1,771 

 

 

29,152 

 

 

27,781 

 

 

 -

 

 

58,704 

Foreign currency exchange loss

 

 -

 

 

(7,287)

 

 

 -

 

 

 -

 

 

(7,287)

Gain on real estate sales and debt retirement, net

 

8,953 

 

 

 -

 

 

 -

 

 

1,848 

 

 

10,801 

Income (loss) from continuing operations

 

753,798 

 

 

50,055 

 

 

34,878 

 

 

(5,588)

 

 

833,143 

Discontinued operations

 

3,696 

 

 

 -

 

 

 -

 

 

(380)

 

 

3,316 

Net income (loss)

$

757,494 

 

$

50,055 

 

$

34,878 

 

$

(5,968)

 

$

836,459 

 

 

12. Recent Accounting Pronouncements and Guidance

In January 2013, we adopted ASU No. 2013-02, Reporting Amounts Classified out of Accumulated Other Comprehensive Income,” (ASU No. 2013-02”) which requires enhanced disclosures, in one place in our notes to financial statements, about items reclassified out of accumulated other comprehensive income.  The adoption of ASU No. 2013-02 had no impact on our financial condition or results of operations.

F-33


 

PUBLIC STORAGE

NOTES TO FINANCIAL STATEMENTS

December 31, 2013

 

13.Commitments and Contingencies

Contingent Losses

We are a party to various legal proceedings and subject to various claims and complaints; however, we believe that the likelihood of these contingencies resulting in a material loss to the Company, either individually or in the aggregate, is remote.

Insurance and Loss Exposure

We have historically carried customary property, earthquake, general liability, employee medical insurance and workers compensation coverage through internationally recognized insurance carriers, subject to customary levels of deductibles.  The aggregate limits on these policies of approximately $75 million for property losses and $102 million for general liability losses are higher than estimates of maximum probable losses that could occur from individual catastrophic events determined in recent engineering and actuarial studies; however, in case of multiple catastrophic events, these limits could be exhausted.  

We reinsure a program that provides insurance to our customers from an independent third-party insurer.  This program covers tenant claims for losses to goods stored at our facilities as a result of specific named perils (earthquakes are not covered by this program), up to a maximum limit of $5,000 per storage unit.  We reinsure all risks in this program, but purchase insurance from an independent third party insurance company for aggregate claims between $5.0 million and $15.0 million per occurrence.  We are subject to licensing requirements and regulations in several states.  At December  31, 2013, there were approximately 759,000 certificates held by our self-storage customers, representing aggregate coverage of approximately $1.7 billion.

 

14.Supplementary Quarterly Financial Data (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

March 31,

 

June 30,

 

September 30,

 

December 31,

 

 

2013

 

2013

 

2013

 

2013

 

 

(Amounts in thousands, except per share data)

 

 

 

 

 

 

 

 

 

Self-storage and ancillary revenues

 

$                470,900 

 

$                485,378 

 

$                511,957 

 

$                513,511 

 

 

 

 

 

 

 

 

 

Self-storage and ancillary cost of operations

 

$                150,389 

 

$                142,571 

 

$                147,803 

 

$                124,398 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

$                  91,001 

 

$                  90,937 

 

$                  96,537 

 

$                108,927 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$                212,247 

 

$                261,679 

 

$                285,628 

 

$                297,977 

 

 

 

 

 

 

 

 

 

Net Income

 

$                212,247 

 

$                261,679 

 

$                285,628 

 

$                297,977 

 

 

 

 

 

 

 

 

 

Per Common Share

 

 

 

 

 

 

 

 

    Net income - Basic

 

$                      0.94 

 

$                      1.21 

 

$                      1.35 

 

$                      1.42 

 

 

 

 

 

 

 

 

 

    Net income - Diluted

 

$                      0.94 

 

$                      1.20 

 

$                      1.34 

 

$                      1.41 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

F-34


 

PUBLIC STORAGE

NOTES TO FINANCIAL STATEMENTS

December 31, 2013

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

March 31,

 

June 30,

 

September 30,

 

December 31,

 

 

2012

 

2012

 

2012

 

2012

 

 

(Amounts in thousands, except per share data)

 

 

 

 

 

 

 

 

 

Self-storage and ancillary revenues

 

$                439,835 

 

$                455,793 

 

$                477,182 

 

$                469,694 

 

 

 

 

 

 

 

 

 

Self-storage and ancillary cost of operations

 

$                151,711 

 

$                142,883 

 

$                141,475 

 

$                119,835 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

$                  86,824 

 

$                  88,474 

 

$                  89,897 

 

$                  92,586 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$                206,488 

 

$                198,697 

 

$                252,884 

 

$                272,092 

 

 

 

 

 

 

 

 

 

Net Income

 

$                206,722 

 

$                198,931 

 

$                264,819 

 

$                272,563 

 

 

 

 

 

 

 

 

 

Per Common Share

 

 

 

 

 

 

 

 

    Net income - Basic

 

$                      0.74 

 

$                      0.78 

 

$                      1.19 

 

$                      1.23 

 

 

 

 

 

 

 

 

 

    Net income - Diluted

 

$                      0.73 

 

$                      0.77 

 

$                      1.18 

 

$                      1.22 

 

 

 

 

 

 

 

 

 

 

 

 

15.Subsequent Events

As of February 25, 2014, we are under contract to acquire (subject to customary closing conditions) one self-storage facility in Austin, Texas), consisting of approximately 86,000 in net rentable square feet, at a total cost of $10.8 million in cash.

On January 28, 2014, our joint venture partner in Shurgard Europe acquired 51% of our €311.0 loan receivable from Shurgard Europe at face value for €158.6 million ($216.2 million) in cash, and the maturity date of the loan receivable from Shurgard Europe was extended to April 2019

At February 25, 2014, we had no outstanding borrowings on our Credit Facility and $600.0 million of outstanding borrowings on our Term Loan.

 

 

 

F-35


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Self-storage Facilities - United States

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

01/01/81

Newport News / Jefferson Avenue

 -

108 
1,071 
809 
108 
1,880 
1,988 
1,846 

01/01/81

Virginia Beach / Diamond Springs

 -

186 
1,094 
1,044 
186 
2,138 
2,324 
2,033 

08/01/81

San Jose / Snell

 -

312 
1,815 
538 
312 
2,353 
2,665 
2,291 

10/01/81

Tampa / Lazy Lane

 -

282 
1,899 
1,031 
282 
2,930 
3,212 
2,801 

06/01/82

San Jose / Tully

 -

645 
1,579 
16,380 
2,972 
15,632 
18,604 
6,560 

06/01/82

San Carlos / Storage

 -

780 
1,387 
870 
780 
2,257 
3,037 
2,204 

06/01/82

Mountain View

 -

1,180 
1,182 
2,546 
1,046 
3,862 
4,908 
2,265 

06/01/82

Cupertino / Storage

 -

572 
1,270 
589 
572 
1,859 
2,431 
1,793 

10/01/82

Sorrento Valley

 -

1,002 
1,343 
(690)
651 
1,004 
1,655 
951 

10/01/82

Northwood

 -

1,034 
1,522 
6,830 
1,034 
8,352 
9,386 
2,874 

12/01/82

Port/Halsey

 -

357 
1,150 
118 
357 
1,268 
1,625 
992 

12/01/82

Sacto/Folsom

 -

396 
329 
1,109 
396 
1,438 
1,834 
1,211 

01/01/83

Platte

 -

409 
953 
1,211 
409 
2,164 
2,573 
1,807 

01/01/83

Semoran

 -

442 
1,882 
9,220 
442 
11,102 
11,544 
6,042 

01/01/83

Raleigh/Yonkers

 -

 -

1,117 
1,118 

 -

2,235 
2,235 
1,743 

03/01/83

Blackwood

 -

213 
1,559 
1,214 
213 
2,773 
2,986 
2,274 

04/01/83

Vailsgate

 -

103 
990 
1,546 
103 
2,536 
2,639 
2,146 

05/01/83

Delta Drive

 -

67 
481 
770 
68 
1,250 
1,318 
1,058 

06/01/83

Ventura

 -

658 
1,734 
1,014 
658 
2,748 
3,406 
2,272 

09/01/83

Southington

 -

124 
1,233 
838 
123 
2,072 
2,195 
1,695 

09/01/83

Southhampton

 -

331 
1,738 
1,806 
331 
3,544 
3,875 
2,902 

09/01/83

Webster/Keystone

 -

449 
1,688 
2,088 
434 
3,791 
4,225 
3,092 

09/01/83

Dover

 -

107 
1,462 
1,579 
107 
3,041 
3,148 
2,499 

09/01/83

Newcastle

 -

227 
2,163 
1,571 
227 
3,734 
3,961 
3,075 

09/01/83

Newark

 -

208 
2,031 
1,389 
208 
3,420 
3,628 
2,820 

09/01/83

Langhorne

 -

263 
3,549 
2,712 
263 
6,261 
6,524 
5,156 

09/01/83

Hobart

 -

215 
1,491 
2,412 
215 
3,903 
4,118 
2,977 

F-36


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

09/01/83

Ft. Wayne/W. Coliseum

 -

160 
1,395 
1,196 
160 
2,591 
2,751 
2,198 

09/01/83

Ft. Wayne/Bluffton

 -

88 
675 
644 
88 
1,319 
1,407 
1,121 

10/01/83

Orlando J. Y. Parkway

 -

383 
1,512 
1,260 
383 
2,772 
3,155 
2,315 

11/01/83

Aurora

 -

505 
758 
966 
505 
1,724 
2,229 
1,450 

11/01/83

Campbell

 -

1,379 
1,849 
223 
1,379 
2,072 
3,451 
1,790 

11/01/83

Col Springs/Ed

 -

471 
1,640 
1,187 
470 
2,828 
3,298 
2,301 

11/01/83

Col Springs/Mv

 -

320 
1,036 
1,097 
320 
2,133 
2,453 
1,723 

11/01/83

Thorton

 -

418 
1,400 
970 
418 
2,370 
2,788 
1,969 

11/01/83

Oklahoma City 

 -

454 
1,030 
1,902 
454 
2,932 
3,386 
2,435 

11/01/83

Tucson

 -

343 
778 
1,638 
343 
2,416 
2,759 
1,894 

11/01/83

Webster/Nasa

 -

1,570 
2,457 
3,665 
1,570 
6,122 
7,692 
5,105 

12/01/83

Charlotte

 -

165 
1,274 
1,191 
165 
2,465 
2,630 
2,044 

12/01/83

Greensboro/Market

 -

214 
1,653 
2,171 
214 
3,824 
4,038 
3,194 

12/01/83

Greensboro/Electra

 -

112 
869 
919 
112 
1,788 
1,900 
1,495 

12/01/83

Columbia

 -

171 
1,318 
1,214 
171 
2,532 
2,703 
2,057 

12/01/83

Richmond

 -

176 
1,360 
1,314 
176 
2,674 
2,850 
2,316 

12/01/83

Augusta

 -

97 
747 
950 
97 
1,697 
1,794 
1,436 

12/01/83

Tacoma

 -

553 
1,173 
1,099 
553 
2,272 
2,825 
1,925 

01/01/84

Fremont/Albrae

 -

636 
1,659 
1,230 
636 
2,889 
3,525 
2,396 

01/01/84

Belton

 -

175 
858 
1,761 
175 
2,619 
2,794 
2,262 

01/01/84

Gladstone

 -

275 
1,799 
1,593 
274 
3,393 
3,667 
2,860 

01/01/84

Hickman/112

 -

257 
1,848 
370 
158 
2,317 
2,475 
870 

01/01/84

Holmes

 -

289 
1,333 
1,166 
289 
2,499 
2,788 
2,081 

01/01/84

Independence

 -

221 
1,848 
1,480 
221 
3,328 
3,549 
2,867 

01/01/84

Merriam

 -

255 
1,469 
1,416 
255 
2,885 
3,140 
2,457 

01/01/84

Olathe

 -

107 
992 
957 
107 
1,949 
2,056 
1,643 

01/01/84

Shawnee

 -

205 
1,420 
1,614 
205 
3,034 
3,239 
2,636 

01/01/84

Topeka

 -

75 
1,049 
1,010 
75 
2,059 
2,134 
1,752 

03/01/84

Marrietta/Cobb

 -

73 
542 
919 
73 
1,461 
1,534 
1,228 

03/01/84

Manassas

 -

320 
1,556 
1,175 
320 
2,731 
3,051 
2,268 

F-37


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

03/01/84

Pico Rivera

 -

743 
807 
746 
743 
1,553 
2,296 
1,302 

04/01/84

Providence

 -

92 
1,087 
1,089 
92 
2,176 
2,268 
1,840 

04/01/84

Milwaukie/Oregon

 -

289 
584 
856 
289 
1,440 
1,729 
1,205 

05/01/84

Raleigh/Departure

 -

302 
2,484 
2,127 
302 
4,611 
4,913 
3,905 

05/01/84

Virginia Beach

 -

509 
2,121 
2,196 
499 
4,327 
4,826 
3,682 

05/01/84

Philadelphia/Grant

 -

1,041 
3,262 
2,247 
1,040 
5,510 
6,550 
4,705 

05/01/84

Garland

 -

356 
844 
939 
356 
1,783 
2,139 
1,492 

06/01/84

Lorton

 -

435 
2,040 
2,020 
435 
4,060 
4,495 
3,260 

06/01/84

Baltimore

 -

382 
1,793 
1,954 
382 
3,747 
4,129 
3,180 

06/01/84

Laurel

 -

501 
2,349 
2,242 
500 
4,592 
5,092 
3,810 

06/01/84

Delran

 -

279 
1,472 
1,214 
279 
2,686 
2,965 
2,209 

06/01/84

Orange Blossom

 -

226 
924 
790 
226 
1,714 
1,940 
1,413 

06/01/84

Cincinnati

 -

402 
1,573 
1,952 
402 
3,525 
3,927 
2,934 

06/01/84

Florence

 -

185 
740 
1,361 
185 
2,101 
2,286 
1,684 

07/01/84

Trevose/Old Lincoln

 -

421 
1,749 
1,467 
421 
3,216 
3,637 
2,686 

08/01/84

Medley

 -

584 
1,016 
2,003 
520 
3,083 
3,603 
2,101 

08/01/84

Oklahoma City

 -

340 
1,310 
1,738 
340 
3,048 
3,388 
2,422 

08/01/84

Newport News

 -

356 
2,395 
2,103 
356 
4,498 
4,854 
3,717 

08/01/84

Kaplan/Walnut Hill

 -

971 
2,359 
2,406 
971 
4,765 
5,736 
3,967 

08/01/84

Kaplan/Irving

 -

677 
1,592 
5,611 
673 
7,207 
7,880 
4,741 

09/01/84

Cockrell Hill               

 -

380 
913 
2,222 
380 
3,135 
3,515 
2,536 

11/01/84

Omaha

 -

109 
806 
1,167 
109 
1,973 
2,082 
1,597 

11/01/84

Hialeah

 -

886 
1,784 
1,533 
886 
3,317 
4,203 
2,764 

12/01/84

Austin/Lamar

 -

643 
947 
1,338 
642 
2,286 
2,928 
1,902 

12/01/84

Pompano

 -

399 
1,386 
2,067 
399 
3,453 
3,852 
2,851 

12/01/84

Fort Worth

 -

122 
928 
501 
122 
1,429 
1,551 
1,150 

12/01/84

Montgomeryville

 -

215 
2,085 
1,486 
215 
3,571 
3,786 
2,959 

01/01/85

Cranston

 -

175 
722 
793 
175 
1,515 
1,690 
1,282 

01/01/85

Bossier City

 -

184 
1,542 
1,623 
184 
3,165 
3,349 
2,663 

02/01/85

Simi Valley                  

 -

737 
1,389 
995 
737 
2,384 
3,121 
1,970 

F-38


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

02/01/85

Hurst

 -

231 
1,220 
932 
231 
2,152 
2,383 
1,775 

03/01/85

Chattanooga

 -

202 
1,573 
1,861 
202 
3,434 
3,636 
2,935 

03/01/85

Portland

 -

285 
941 
984 
285 
1,925 
2,210 
1,505 

03/01/85

Fern Park

 -

144 
1,107 
826 
144 
1,933 
2,077 
1,635 

03/01/85

Fairfield

 -

338 
1,187 
1,531 
338 
2,718 
3,056 
2,194 

03/01/85

Houston / Westheimer

 -

850 
1,179 
1,134 
850 
2,313 
3,163 
2,136 

04/01/85

Austin/ S. First

 -

778 
1,282 
1,356 
778 
2,638 
3,416 
2,165 

04/01/85

Cincinnati/ E. Kemper

 -

232 
1,573 
1,370 
232 
2,943 
3,175 
2,411 

04/01/85

Cincinnati/ Colerain

 -

253 
1,717 
1,879 
253 
3,596 
3,849 
3,004 

04/01/85

Florence/ Tanner Lane

 -

218 
1,477 
1,737 
218 
3,214 
3,432 
2,633 

04/01/85

Laguna Hills

 -

1,224 
3,303 
1,802 
1,223 
5,106 
6,329 
4,232 

05/01/85

Tacoma/ Phillips Rd.

 -

396 
1,204 
1,164 
396 
2,368 
2,764 
1,908 

05/01/85

Milwaukie/ Mcloughlin

 -

458 
742 
1,350 
458 
2,092 
2,550 
1,611 

05/01/85

Manchester/ S. Willow

 -

371 
2,129 
1,111 
371 
3,240 
3,611 
2,668 

05/01/85

Longwood

 -

355 
1,645 
1,362 
355 
3,007 
3,362 
2,512 

05/01/85

Columbus/Busch Blvd.

 -

202 
1,559 
1,643 
202 
3,202 
3,404 
2,638 

05/01/85

Columbus/Kinnear Rd.

 -

241 
1,865 
1,773 
241 
3,638 
3,879 
3,010 

05/01/85

Worthington

 -

221 
1,824 
1,608 
221 
3,432 
3,653 
2,814 

05/01/85

Arlington

 -

201 
1,497 
1,599 
201 
3,096 
3,297 
2,558 

06/01/85

N. Hollywood/ Raymer

 -

967 
848 
6,405 
968 
7,252 
8,220 
2,867 

06/01/85

Grove City/ Marlane Drive

 -

150 
1,157 
1,132 
150 
2,289 
2,439 
1,904 

06/01/85

Reynoldsburg

 -

204 
1,568 
1,652 
204 
3,220 
3,424 
2,712 

07/01/85

San Diego/ Kearny Mesa Rd

 -

783 
1,750 
1,549 
783 
3,299 
4,082 
2,725 

07/01/85

Scottsdale/ 70th St

 -

632 
1,368 
1,357 
632 
2,725 
3,357 
2,211 

07/01/85

Concord/ Hwy 29

 -

150 
750 
1,328 
150 
2,078 
2,228 
1,731 

07/01/85

Columbus/Morse Rd.

 -

195 
1,510 
1,465 
195 
2,975 
3,170 
2,389 

07/01/85

Columbus/Kenney Rd.

 -

199 
1,531 
1,480 
199 
3,011 
3,210 
2,533 

07/01/85

Westerville

 -

199 
1,517 
1,669 
305 
3,080 
3,385 
2,539 

07/01/85

Springfield

 -

90 
699 
1,009 
90 
1,708 
1,798 
1,384 

07/01/85

Dayton/Needmore Road

 -

144 
1,108 
1,213 
144 
2,321 
2,465 
1,854 

F-39


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

07/01/85

Dayton/Executive Blvd.

 -

160 
1,207 
1,500 
159 
2,708 
2,867 
2,190 

07/01/85

Lilburn

 -

331 
969 
819 
330 
1,789 
2,119 
1,476 

09/01/85

Columbus/ Sinclair

 -

307 
893 
1,200 
307 
2,093 
2,400 
1,711 

09/01/85

Philadelphia/ Tacony St

 -

118 
1,782 
1,450 
118 
3,232 
3,350 
2,628 

10/01/85

N. Hollywood/ Whitsett

 -

1,524 
2,576 
1,826 
1,524 
4,402 
5,926 
3,641 

10/01/85

Portland/ SE 82nd St

 -

354 
496 
843 
354 
1,339 
1,693 
1,097 

10/01/85

Columbus/ Ambleside

 -

124 
1,526 
1,042 
124 
2,568 
2,692 
2,114 

10/01/85

Indianapolis/ Pike Place

 -

229 
1,531 
1,550 
229 
3,081 
3,310 
2,744 

10/01/85

Indianapolis/ Beach Grove

 -

198 
1,342 
1,343 
198 
2,685 
2,883 
2,229 

10/01/85

Hartford/ Roberts

 -

219 
1,481 
6,972 
409 
8,263 
8,672 
4,067 

10/01/85

Wichita/ S. Rock Rd.

 -

501 
1,478 
1,339 
642 
2,676 
3,318 
2,146 

10/01/85

Wichita/ E. Harry

 -

313 
1,050 
906 
285 
1,984 
2,269 
1,596 

10/01/85

Wichita/ S. Woodlawn

 -

263 
905 
960 
263 
1,865 
2,128 
1,526 

10/01/85

Wichita/ E. Kellogg

 -

185 
658 
408 
185 
1,066 
1,251 
867 

10/01/85

Wichita/ S. Tyler

 -

294 
1,004 
845 
294 
1,849 
2,143 
1,465 

10/01/85

Wichita/ W. Maple

 -

234 
805 
477 
234 
1,282 
1,516 
1,048 

10/01/85

Wichita/ Carey Lane

 -

192 
674 
494 
192 
1,168 
1,360 
931 

10/01/85

Wichita/ E. Macarthur

 -

220 
775 
373 
220 
1,148 
1,368 
912 

10/01/85

Joplin/ S. Range Line

 -

264 
904 
769 
264 
1,673 
1,937 
1,322 

10/01/85

San Antonio/ Wetmore Rd.

 -

306 
1,079 
1,510 
306 
2,589 
2,895 
2,135 

10/01/85

San Antonio/ Callaghan

 -

288 
1,016 
1,226 
288 
2,242 
2,530 
1,880 

10/01/85

San Antonio/ Zarzamora

 -

364 
1,281 
1,563 
364 
2,844 
3,208 
2,417 

10/01/85

San Antonio/ Hackberry

 -

388 
1,367 
3,857 
388 
5,224 
5,612 
3,608 

10/01/85

San Antonio/ Fredericksburg

 -

287 
1,009 
1,552 
287 
2,561 
2,848 
2,257 

10/01/85

Dallas/ S. Westmoreland

 -

474 
1,670 
1,323 
474 
2,993 
3,467 
2,515 

10/01/85

Dallas/ Alvin St.

 -

359 
1,266 
1,317 
359 
2,583 
2,942 
2,103 

10/01/85

Fort Worth/ W. Beach St.

 -

356 
1,252 
991 
356 
2,243 
2,599 
1,917 

10/01/85

Fort Worth/ E. Seminary

 -

382 
1,346 
1,040 
382 
2,386 
2,768 
2,033 

10/01/85

Fort Worth/ Cockrell St.

 -

323 
1,136 
856 
323 
1,992 
2,315 
1,738 

11/01/85

Everett/ Evergreen

 -

706 
2,294 
1,902 
705 
4,197 
4,902 
3,641 

F-40


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

11/01/85

Seattle/ Empire Way

 -

1,652 
5,348 
2,967 
1,651 
8,316 
9,967 
6,982 

12/01/85

Milpitas

 -

1,623 
1,577 
1,416 
1,623 
2,993 
4,616 
2,482 

12/01/85

Pleasanton/ Santa Rita

 -

1,226 
2,078 
1,761 
1,225 
3,840 
5,065 
3,156 

12/01/85

Amherst/ Niagra Falls

 -

132 
701 
931 
132 
1,632 
1,764 
1,398 

12/01/85

West Sams Blvd.

 -

164 
1,159 
215 
164 
1,374 
1,538 
1,168 

12/01/85

MacArthur Rd.

 -

204 
1,628 
984 
204 
2,612 
2,816 
2,284 

12/01/85

Brockton/ Main

 -

153 
2,020 
729 
153 
2,749 
2,902 
2,375 

12/01/85

Eatontown/ Hwy 35

 -

308 
4,067 
3,033 
308 
7,100 
7,408 
6,265 

12/01/85

Denver/ Leetsdale

 -

603 
847 
812 
603 
1,659 
2,262 
1,457 

01/01/86

Mapleshade/ Rudderow

 -

362 
1,811 
1,582 
362 
3,393 
3,755 
3,012 

01/01/86

Bordentown/ Groveville

 -

196 
981 
827 
196 
1,808 
2,004 
1,567 

01/01/86

Sun Valley/ Sheldon     

 -

544 
1,836 
1,319 
544 
3,155 
3,699 
2,748 

02/01/86

Costa Mesa/ Pomona

 -

1,405 
1,520 
1,454 
1,404 
2,975 
4,379 
2,593 

02/01/86

Brea/ Imperial Hwy

 -

1,069 
2,165 
1,656 
1,069 
3,821 
4,890 
3,293 

02/01/86

Skokie/ McCormick

 -

638 
1,912 
1,430 
638 
3,342 
3,980 
2,920 

02/01/86

Colorado Springs/ Sinton

 -

535 
1,115 
1,403 
535 
2,518 
3,053 
2,256 

02/01/86

Oklahoma City/ Penn

 -

146 
829 
753 
146 
1,582 
1,728 
1,352 

02/01/86

Oklahoma City/ 39th

 -

238 
812 
997 
238 
1,809 
2,047 
1,567 

03/01/86

Jacksonville/ Wiley

 -

140 
510 
745 
140 
1,255 
1,395 
1,061 

03/01/86

St. Louis/ Forder

 -

517 
1,133 
1,206 
516 
2,340 
2,856 
1,944 

03/03/86

Tampa / 56th

 -

450 
1,360 
801 
450 
2,161 
2,611 
2,015 

04/01/86

Reno/ Telegraph

 -

649 
1,051 
1,750 
649 
2,801 
3,450 
2,459 

04/01/86

St. Louis/Kirkham

 -

199 
1,001 
879 
199 
1,880 
2,079 
1,680 

04/01/86

St. Louis/Reavis

 -

192 
958 
710 
192 
1,668 
1,860 
1,475 

04/01/86

Fort Worth/East Loop

 -

196 
804 
839 
196 
1,643 
1,839 
1,411 

05/01/86

Westlake Village

 -

1,205 
995 
5,818 
1,256 
6,762 
8,018 
3,099 

05/01/86

Sacramento/Franklin Blvd.

 -

872 
978 
4,130 
1,139 
4,841 
5,980 
4,674 

06/01/86

Richland Hills

 -

543 
857 
1,005 
543 
1,862 
2,405 
1,633 

06/01/86

West Valley/So. 3600

 -

208 
1,552 
1,189 
208 
2,741 
2,949 
2,439 

07/01/86

Colorado Springs/ Hollow Tree

 -

574 
726 
940 
574 
1,666 
2,240 
1,482 

F-41


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

07/01/86

West LA/Purdue Ave.

 -

2,415 
3,585 
1,675 
2,416 
5,259 
7,675 
4,716 

07/01/86

Capital Heights/Central Ave.

 -

649 
3,851 
7,722 
649 
11,573 
12,222 
6,400 

07/01/86

Pontiac/Dixie Hwy.

 -

259 
2,091 
1,287 
259 
3,378 
3,637 
2,900 

08/01/86

Laurel/Ft. Meade Rd.

 -

475 
1,475 
1,260 
475 
2,735 
3,210 
2,388 

08/01/86

Hammond / Calumet                      

 -

97 
751 
1,297 
97 
2,048 
2,145 
1,837 

09/01/86

Kansas City/S. 44th.

 -

509 
1,906 
1,951 
508 
3,858 
4,366 
3,452 

09/01/86

Lakewood / Wadsworth - 6th             

 -

1,070 
3,155 
1,967 
1,070 
5,122 
6,192 
4,745 

10/01/86

Peralta/Fremont

 -

851 
1,074 
835 
851 
1,909 
2,760 
1,675 

10/01/86

Birmingham/Highland

 -

89 
786 
812 
149 
1,538 
1,687 
1,335 

10/01/86

Birmingham/Riverchase

 -

262 
1,338 
1,359 
278 
2,681 
2,959 
2,348 

10/01/86

Birmingham/Eastwood

 -

166 
1,184 
1,349 
232 
2,467 
2,699 
2,108 

10/01/86

Birmingham/Forestdale

 -

152 
948 
986 
190 
1,896 
2,086 
1,660 

10/01/86

Birmingham/Centerpoint

 -

265 
1,305 
1,198 
273 
2,495 
2,768 
2,187 

10/01/86

Birmingham/Roebuck Plaza

 -

101 
399 
963 
340 
1,123 
1,463 
954 

10/01/86

Birmingham/Greensprings

 -

347 
1,173 
938 
16 
2,442 
2,458 
2,065 

10/01/86

Birmingham/Hoover-Lorna

 -

372 
1,128 
1,006 
266 
2,240 
2,506 
1,971 

10/01/86

Midfield/Bessemer

 -

170 
355 
739 
95 
1,169 
1,264 
999 

10/01/86

Huntsville/Leeman Ferry Rd.

 -

158 
992 
1,094 
198 
2,046 
2,244 
1,839 

10/01/86

Huntsville/Drake

 -

253 
1,172 
1,078 
248 
2,255 
2,503 
1,993 

10/01/86

Anniston/Whiteside

 -

59 
566 
594 
107 
1,112 
1,219 
983 

10/01/86

Houston/Glenvista

 -

595 
1,043 
1,706 
594 
2,750 
3,344 
2,451 

10/01/86

Houston/I-45

 -

704 
1,146 
2,395 
703 
3,542 
4,245 
3,144 

10/01/86

Houston/Rogerdale

 -

1,631 
2,792 
2,620 
1,631 
5,412 
7,043 
4,808 

10/01/86

Houston/Gessner

 -

1,032 
1,693 
2,353 
1,032 
4,046 
5,078 
3,588 

10/01/86

Houston/Richmond-Fairdale

 -

1,502 
2,506 
3,027 
1,501 
5,534 
7,035 
4,984 

10/01/86

Houston/Gulfton

 -

1,732 
3,036 
3,003 
1,732 
6,039 
7,771 
5,386 

10/01/86

Houston/Westpark

 -

503 
854 
1,074 
502 
1,929 
2,431 
1,701 

10/01/86

Jonesboro

 -

157 
718 
777 
156 
1,496 
1,652 
1,322 

10/01/86

Houston / South Loop West              

 -

1,299 
3,491 
3,386 
1,298 
6,878 
8,176 
6,223 

10/01/86

Houston / Plainfield Road              

 -

904 
2,319 
2,691 
903 
5,011 
5,914 
4,517 

F-42


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

10/01/86

Houston / North Freeway

 -

 -

2,706 
1,610 

 -

4,316 
4,316 
3,364 

10/01/86

Houston / Old Katy Road                

 -

1,365 
3,431 
2,578 
1,163 
6,211 
7,374 
4,543 

10/01/86

Houston / Long Point                   

 -

451 
1,187 
1,609 
451 
2,796 
3,247 
2,512 

10/01/86

Austin / Research Blvd.                

 -

1,390 
1,710 
1,623 
1,390 
3,333 
4,723 
3,029 

11/01/86

Arleta / Osborne Street                

 -

987 
663 
796 
986 
1,460 
2,446 
1,262 

12/01/86

Lynnwood / 196th Street

 -

1,063 
1,602 
8,149 
1,405 
9,409 
10,814 
5,686 

12/01/86

N. Auburn / Auburn Way N.              

 -

606 
1,144 
1,161 
606 
2,305 
2,911 
2,055 

12/01/86

Gresham / Burnside & 202nd             

 -

351 
1,056 
1,167 
351 
2,223 
2,574 
1,991 

12/01/86

Denver / Sheridan Boulevard            

 -

1,033 
2,792 
2,650 
1,033 
5,442 
6,475 
5,038 

12/01/86

Marietta / Cobb Parkway          

 -

536 
2,764 
2,299 
535 
5,064 
5,599 
4,605 

12/01/86

Hillsboro / T.V. Highway               

 -

461 
574 
784 
461 
1,358 
1,819 
1,241 

12/01/86

San Antonio / West Sunset Road         

 -

1,206 
1,594 
1,616 
1,207 
3,209 
4,416 
2,841 

12/31/86

Monrovia / Myrtle Avenue

 -

1,149 
2,446 
309 
1,149 
2,755 
3,904 
2,570 

12/31/86

Chatsworth / Topanga

 -

1,447 
1,243 
3,883 
1,448 
5,125 
6,573 
2,892 

12/31/86

Houston / Larkwood

 -

247 
602 
682 
246 
1,285 
1,531 
1,103 

12/31/86

Northridge

 -

3,624 
1,922 
7,447 
3,642 
9,351 
12,993 
4,573 

12/31/86

Santa Clara / Duane

 -

1,950 
1,004 
764 
1,950 
1,768 
3,718 
1,488 

12/31/86

Oyster Point

 -

1,569 
1,490 
687 
1,569 
2,177 
3,746 
1,950 

12/31/86

Walnut

 -

767 
613 
5,642 
769 
6,253 
7,022 
3,345 

03/01/87

Annandale / Ravensworth                

 -

679 
1,621 
1,276 
679 
2,897 
3,576 
2,444 

04/01/87

City Of Industry / Amar                

 -

748 
2,052 
1,445 
748 
3,497 
4,245 
2,673 

05/01/87

Oklahoma City / W. Hefner              

 -

459 
941 
984 
459 
1,925 
2,384 
1,767 

07/01/87

Oakbrook Terrace

 -

912 
2,688 
2,257 
1,580 
4,277 
5,857 
4,045 

08/01/87

San Antonio/Austin Hwy.

 -

400 
850 
324 
400 
1,174 
1,574 
1,137 

10/01/87

Plantation/S. State Rd.

 -

924 
1,801 
274 
924 
2,075 
2,999 
1,997 

10/01/87

Rockville/Fredrick Rd.

 -

1,695 
3,305 
9,925 
1,702 
13,223 
14,925 
6,854 

02/01/88

Anaheim/Lakeview

 -

995 
1,505 
429 
995 
1,934 
2,929 
1,865 

06/07/88

Mesquite / Sorrento Drive

 -

928 
1,011 
7,334 
1,045 
8,228 
9,273 
4,181 

07/01/88

Fort Wayne

 -

101 
1,524 
952 
101 
2,476 
2,577 
2,078 

01/01/92

Costa Mesa

 -

533 
980 
867 
535 
1,845 
2,380 
1,766 

F-43


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

03/01/92

Dallas / Walnut St.

 -

537 
1,008 
505 
537 
1,513 
2,050 
1,483 

05/01/92

Camp Creek

 -

576 
1,075 
754 
575 
1,830 
2,405 
1,557 

09/01/92

Orlando/W. Colonial

 -

368 
713 
498 
367 
1,212 
1,579 
1,024 

09/01/92

Jacksonville/Arlington

 -

554 
1,065 
591 
554 
1,656 
2,210 
1,370 

10/01/92

Stockton/Mariners

 -

381 
730 
301 
380 
1,032 
1,412 
901 

11/18/92

Virginia Beach/General Booth Blvd

 -

599 
1,119 
938 
599 
2,057 
2,656 
1,610 

01/01/93

Redwood City/Storage

 -

907 
1,684 
406 
907 
2,090 
2,997 
1,726 

01/01/93

City Of Industry

 -

1,611 
2,991 
1,142 
1,610 
4,134 
5,744 
3,514 

01/01/93

San Jose/Felipe

 -

1,124 
2,088 
1,392 
1,124 
3,480 
4,604 
3,058 

01/01/93

Baldwin Park/Garvey Ave

 -

840 
1,561 
1,146 
771 
2,776 
3,547 
2,359 

03/19/93

Westminister / W. 80th

 -

840 
1,586 
581 
840 
2,167 
3,007 
1,838 

04/26/93

Costa Mesa / Newport

699 
2,141 
3,989 
5,795 
3,732 
8,193 
11,925 
5,475 

05/13/93

Austin /N. Lamar

 -

919 
1,695 
8,821 
1,421 
10,014 
11,435 
5,854 

05/28/93

Tampa/Nebraska Avenue

 -

550 
1,043 
577 
550 
1,620 
2,170 
1,416 

06/09/93

Calabasas / Ventura Blvd.

 -

1,762 
3,269 
400 
1,761 
3,670 
5,431 
3,107 

06/09/93

Carmichael / Fair Oaks

 -

573 
1,052 
401 
573 
1,453 
2,026 
1,247 

06/09/93

Santa Clara / Duane

 -

454 
834 
286 
453 
1,121 
1,574 
955 

06/10/93

Citrus Heights / Sylvan Road

 -

438 
822 
453 
437 
1,276 
1,713 
1,096 

06/25/93

Trenton / Allen Road

 -

623 
1,166 
663 
623 
1,829 
2,452 
1,506 

06/30/93

Los Angeles/W.Jefferson Blvd

 -

1,085 
2,017 
366 
1,085 
2,383 
3,468 
1,977 

07/16/93

Austin / So. Congress Ave

 -

777 
1,445 
551 
777 
1,996 
2,773 
1,682 

08/01/93

Gaithersburg / E. Diamond

 -

602 
1,139 
341 
602 
1,480 
2,082 
1,208 

08/11/93

Atlanta / Northside

 -

1,150 
2,149 
658 
1,150 
2,807 
3,957 
2,353 

08/11/93

Smyrna/ Rosswill Rd

 -

446 
842 
373 
446 
1,215 
1,661 
1,030 

08/13/93

So. Brunswick/Highway

 -

1,076 
2,033 
702 
1,076 
2,735 
3,811 
2,280 

10/01/93

Denver / Federal Blvd

 -

875 
1,633 
459 
875 
2,092 
2,967 
1,730 

10/01/93

Citrus Heights

 -

527 
987 
347 
527 
1,334 
1,861 
1,127 

10/01/93

Lakewood / 6th Ave

 -

798 
1,489 
174 
685 
1,776 
2,461 
1,479 

10/27/93

Houston / S Shaver St

 -

481 
896 
418 
481 
1,314 
1,795 
1,048 

11/03/93

Upland/S. Euclid Ave.

 -

431 
807 
704 
508 
1,434 
1,942 
1,185 

F-44


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

11/16/93

Norcross / Jimmy Carter

 -

627 
1,167 
378 
626 
1,546 
2,172 
1,252 

11/16/93

Seattle / 13th

 -

1,085 
2,015 
913 
1,085 
2,928 
4,013 
2,438 

12/09/93

Salt Lake City

 -

765 
1,422 
113 
633 
1,667 
2,300 
1,040 

12/16/93

West Valley City

 -

683 
1,276 
510 
682 
1,787 
2,469 
1,482 

12/21/93

Pinellas Park / 34th St. W

 -

607 
1,134 
409 
607 
1,543 
2,150 
1,275 

12/28/93

New Orleans / S. Carrollton Ave

 -

1,575 
2,941 
737 
1,575 
3,678 
5,253 
3,155 

12/29/93

Orange / Main

 -

1,238 
2,317 
1,815 
1,593 
3,777 
5,370 
3,113 

12/29/93

Sunnyvale / Wedell

 -

554 
1,037 
847 
725 
1,713 
2,438 
1,395 

12/29/93

El Cajon / Magnolia

 -

421 
791 
878 
541 
1,549 
2,090 
1,226 

12/29/93

Orlando / S. Semoran Blvd.

 -

462 
872 
862 
601 
1,595 
2,196 
1,359 

12/29/93

Tampa / W. Hillsborough Ave

 -

352 
665 
667 
436 
1,248 
1,684 
1,027 

12/29/93

Irving / West Loop 12

 -

341 
643 
338 
354 
968 
1,322 
809 

12/29/93

Fullerton / W. Commonwealth

 -

904 
1,687 
1,579 
1,159 
3,011 
4,170 
2,392 

12/29/93

N. Lauderdale / Mcnab Rd

 -

628 
1,182 
908 
798 
1,920 
2,718 
1,547 

12/29/93

Los Alimitos / Cerritos

 -

695 
1,299 
895 
874 
2,015 
2,889 
1,581 

12/29/93

Frederick / Prospect Blvd.

 -

573 
1,082 
732 
692 
1,695 
2,387 
1,377 

12/29/93

Indianapolis / E. Washington

 -

403 
775 
891 
505 
1,564 
2,069 
1,335 

12/29/93

Gardena / Western Ave.

 -

552 
1,035 
824 
695 
1,716 
2,411 
1,367 

12/29/93

Palm Bay / Bobcock Street

 -

409 
775 
638 
525 
1,297 
1,822 
1,109 

01/10/94

Hialeah / W. 20Th Ave.

 -

1,855 
3,497 
221 
1,590 
3,983 
5,573 
3,244 

01/12/94

Sunnyvale / N. Fair Oaks Ave

 -

689 
1,285 
413 
657 
1,730 
2,387 
1,409 

01/12/94

Honolulu / Iwaena

 -

 -

3,382 
1,261 

 -

4,643 
4,643 
3,739 

01/12/94

Miami / Golden Glades

 -

579 
1,081 
781 
557 
1,884 
2,441 
1,554 

01/21/94

Herndon / Centreville Road

 -

1,584 
2,981 
675 
1,358 
3,882 
5,240 
3,369 

02/28/94

Arlingtn/Old Jefferson

 -

735 
1,399 
1,668 
630 
3,172 
3,802 
2,264 

03/08/94

Beaverton / Sw Barnes Road

 -

942 
1,810 
350 
807 
2,295 
3,102 
1,930 

03/21/94

Austin / Arboretum

 -

473 
897 
3,034 
1,553 
2,851 
4,404 
2,375 

03/25/94

Tinton Falls / Shrewsbury Ave

 -

1,074 
2,033 
574 
921 
2,760 
3,681 
2,243 

03/25/94

East Brunswick / Milltown Road

 -

1,282 
2,411 
561 
1,099 
3,155 
4,254 
2,595 

03/25/94

Mercerville / Quakerbridge Road

 -

1,109 
2,111 
777 
950 
3,047 
3,997 
2,478 

F-45


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

03/31/94

Hypoluxo 

 -

735 
1,404 
3,374 
630 
4,883 
5,513 
4,209 

04/26/94

No. Highlands / Roseville Road

 -

980 
1,835 
568 
840 
2,543 
3,383 
2,128 

05/12/94

Fort Pierce/Okeechobee Road

 -

438 
842 
325 
375 
1,230 
1,605 
1,170 

05/24/94

Hempstead/Peninsula Blvd.

 -

2,053 
3,832 
751 
1,762 
4,874 
6,636 
3,910 

05/24/94

La/Huntington 

 -

483 
905 
404 
414 
1,378 
1,792 
1,137 

06/09/94

Chattanooga / Brainerd Road

 -

613 
1,170 
573 
525 
1,831 
2,356 
1,454 

06/09/94

Chattanooga / Ringgold Road

 -

761 
1,433 
929 
652 
2,471 
3,123 
2,040 

06/18/94

Las Vegas / S. Valley View Blvd

 -

837 
1,571 
479 
718 
2,169 
2,887 
1,763 

06/23/94

Las Vegas / Tropicana

 -

750 
1,408 
729 
643 
2,244 
2,887 
1,751 

06/23/94

Henderson / Green Valley Pkwy

 -

1,047 
1,960 
475 
897 
2,585 
3,482 
2,074 

06/24/94

Las Vegas / N. Lamb Blvd.

 -

869 
1,629 
331 
669 
2,160 
2,829 
1,437 

06/30/94

Birmingham / W. Oxmoor Road

 -

532 
1,004 
785 
456 
1,865 
2,321 
1,619 

07/20/94

Milpitas / Dempsey Road

 -

1,260 
2,358 
355 
1,080 
2,893 
3,973 
2,315 

08/17/94

Beaverton / S.W. Denny Road

 -

663 
1,245 
209 
568 
1,549 
2,117 
1,251 

08/17/94

Irwindale / Central Ave.

 -

674 
1,263 
285 
578 
1,644 
2,222 
1,285 

08/17/94

Suitland / St. Barnabas Rd

 -

1,530 
2,913 
767 
1,312 
3,898 
5,210 
3,136 

08/17/94

North Brunswick / How Lane

 -

1,238 
2,323 
362 
1,061 
2,862 
3,923 
2,265 

08/17/94

Lombard / 64th

 -

847 
1,583 
457 
726 
2,161 
2,887 
1,765 

08/17/94

Alsip / 27th

 -

406 
765 
239 
348 
1,062 
1,410 
861 

09/15/94

Huntsville / Old Monrovia Rd

 -

613 
1,157 
439 
525 
1,684 
2,209 
1,362 

09/27/94

West Haven / Bull Hill Lane

 -

455 
873 
5,572 
1,963 
4,937 
6,900 
3,126 

09/30/94

San Francisco / Marin St.

 -

1,227 
2,339 
1,483 
1,371 
3,678 
5,049 
2,853 

09/30/94

Baltimore / Hillen Street

 -

580 
1,095 
827 
497 
2,005 
2,502 
1,537 

09/30/94

San Francisco /10th & Howard

 -

1,423 
2,668 
541 
1,221 
3,411 
4,632 
2,722 

09/30/94

Montebello / E. Whittier

 -

383 
732 
337 
329 
1,123 
1,452 
893 

09/30/94

Arlington / Collins

 -

228 
435 
548 
195 
1,016 
1,211 
872 

09/30/94

Miami / S.W. 119th Ave

 -

656 
1,221 
203 
562 
1,518 
2,080 
1,195 

09/30/94

Blackwood / Erial Road 

 -

774 
1,437 
240 
663 
1,788 
2,451 
1,430 

09/30/94

Concord / Monument   

 -

1,092 
2,027 
625 
936 
2,808 
3,744 
2,233 

09/30/94

Rochester / Lee Road 

 -

469 
871 
469 
402 
1,407 
1,809 
1,203 

F-46


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

09/30/94

Houston / Bellaire 

 -

623 
1,157 
571 
534 
1,817 
2,351 
1,457 

09/30/94

Austin / Lamar Blvd

 -

781 
1,452 
364 
669 
1,928 
2,597 
1,482 

09/30/94

Milwaukee / Lovers Lane Rd

 -

469 
871 
388 
402 
1,326 
1,728 
1,069 

09/30/94

Monterey / Del Rey Oaks

 -

1,093 
1,897 
169 
903 
2,256 
3,159 
1,842 

09/30/94

St. Petersburg / 66Th St.

 -

427 
793 
450 
366 
1,304 
1,670 
1,079 

09/30/94

Dayton Bch / N. Nova Road

 -

396 
735 
303 
339 
1,095 
1,434 
925 

09/30/94

Maple Shade / Route 38 

 -

994 
1,846 
496 
852 
2,484 
3,336 
1,984 

09/30/94

Marlton / Route 73 N. 

 -

938 
1,742 
(800)
557 
1,323 
1,880 
1,135 

09/30/94

Naperville / E. Ogden Ave 

 -

683 
1,268 
397 
585 
1,763 
2,348 
1,425 

09/30/94

Long Beach / South Street

 -

1,778 
3,307 
791 
1,524 
4,352 
5,876 
3,425 

09/30/94

Aloha / S.W. Shaw 

 -

805 
1,495 
249 
690 
1,859 
2,549 
1,466 

09/30/94

Alexandria / S. Pickett 

 -

1,550 
2,879 
421 
1,329 
3,521 
4,850 
2,819 

09/30/94

Houston / Highway 6 North

 -

1,120 
2,083 
501 
960 
2,744 
3,704 
2,207 

09/30/94

San Antonio/Nacogdoches Rd

 -

571 
1,060 
456 
489 
1,598 
2,087 
1,294 

09/30/94

San Ramon/San Ramon Valley

 -

1,530 
2,840 
978 
1,311 
4,037 
5,348 
3,240 

09/30/94

San Rafael / Merrydale Rd 

 -

1,705 
3,165 
336 
1,461 
3,745 
5,206 
2,963 

09/30/94

San Antonio / Austin Hwy 

 -

592 
1,098 
441 
507 
1,624 
2,131 
1,301 

09/30/94

Sharonville / E. Kemper 

 -

574 
1,070 
649 
492 
1,801 
2,293 
1,430 

10/13/94

Davie / State Road 84

 -

744 
1,467 
1,105 
637 
2,679 
3,316 
1,876 

10/13/94

Carrollton / Marsh Lane

 -

770 
1,437 
1,676 
1,022 
2,861 
3,883 
2,192 

10/31/94

Sherman Oaks / Van Nuys Blvd

 -

1,278 
2,461 
1,507 
1,423 
3,823 
5,246 
3,019 

12/19/94

Salt Lake City/West North Temple

 -

490 
917 
54 
385 
1,076 
1,461 
663 

12/28/94

Milpitas / Watson

 -

1,575 
2,925 
536 
1,350 
3,686 
5,036 
2,919 

12/28/94

Las Vegas / Jones Blvd

 -

1,208 
2,243 
382 
1,035 
2,798 
3,833 
2,172 

12/28/94

Venice / Guthrie 

 -

578 
1,073 
276 
495 
1,432 
1,927 
1,098 

12/30/94

Apple Valley / Foliage Ave

 -

910 
1,695 
644 
780 
2,469 
3,249 
1,999 

01/04/95

Chula Vista / Main Street

 -

735 
1,802 
559 
735 
2,361 
3,096 
1,899 

01/05/95

Pantego / West Park

 -

315 
735 
304 
315 
1,039 
1,354 
824 

01/12/95

Roswell / Alpharetta

 -

423 
993 
456 
423 
1,449 
1,872 
1,224 

01/23/95

San Leandro / Hesperian

 -

734 
1,726 
226 
733 
1,953 
2,686 
1,515 

F-47


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

01/24/95

Nashville / Elm Hill

 -

338 
791 
615 
337 
1,407 
1,744 
1,153 

02/03/95

Reno / S. Mccarron Blvd

 -

1,080 
2,537 
482 
1,080 
3,019 
4,099 
2,311 

02/15/95

Schiller Park

 -

1,688 
3,939 
2,953 
1,688 
6,892 
8,580 
4,940 

02/15/95

Lansing

 -

1,514 
3,534 
766 
1,514 
4,300 
5,814 
3,185 

02/15/95

Pleasanton

 -

1,257 
2,932 
224 
1,256 
3,157 
4,413 
2,242 

02/15/95

LA/Sepulveda

 -

1,453 
3,390 
257 
1,453 
3,647 
5,100 
2,585 

02/28/95

Decatur / Flat Shoal

 -

970 
2,288 
1,027 
970 
3,315 
4,285 
2,627 

02/28/95

Smyrna / S. Cobb 

 -

663 
1,559 
818 
663 
2,377 
3,040 
1,855 

02/28/95

Downey / Bellflower

 -

916 
2,158 
358 
916 
2,516 
3,432 
1,981 

02/28/95

Vallejo / Lincoln

 -

445 
1,052 
479 
445 
1,531 
1,976 
1,243 

02/28/95

Lynnwood / 180th St

 -

516 
1,205 
333 
516 
1,538 
2,054 
1,246 

02/28/95

Kent / Pacific Hwy

 -

728 
1,711 
224 
728 
1,935 
2,663 
1,521 

02/28/95

Kirkland 

 -

1,254 
2,932 
566 
1,253 
3,499 
4,752 
2,794 

02/28/95

Federal Way/Pacific

 -

785 
1,832 
384 
785 
2,216 
3,001 
1,771 

02/28/95

Tampa / S. Dale

 -

791 
1,852 
425 
791 
2,277 
3,068 
1,831 

02/28/95

Burlingame/Adrian Rd

 -

2,280 
5,349 
1,082 
2,280 
6,431 
8,711 
4,829 

02/28/95

Miami / Cloverleaf

 -

606 
1,426 
456 
606 
1,882 
2,488 
1,532 

02/28/95

Pinole / San Pablo

 -

639 
1,502 
488 
639 
1,990 
2,629 
1,603 

02/28/95

South Gate / Firesto

 -

1,442 
3,449 
563 
1,442 
4,012 
5,454 
3,196 

02/28/95

San Jose / Mabury 

 -

892 
2,088 
341 
892 
2,429 
3,321 
1,881 

02/28/95

La Puente / Valley Blvd

 -

591 
1,390 
316 
591 
1,706 
2,297 
1,368 

02/28/95

San Jose / Capitol E

 -

1,215 
2,852 
423 
1,215 
3,275 
4,490 
2,510 

02/28/95

Milwaukie / 40th Street

 -

576 
1,388 
318 
579 
1,703 
2,282 
1,286 

02/28/95

Portland / N. Lombard

 -

812 
1,900 
471 
812 
2,371 
3,183 
1,796 

02/28/95

Miami / Biscayne 

 -

1,313 
3,076 
635 
1,313 
3,711 
5,024 
3,645 

02/28/95

Chicago / Clark Street

 -

442 
1,031 
872 
442 
1,903 
2,345 
1,402 

02/28/95

Palatine / Dundee 

 -

698 
1,643 
733 
698 
2,376 
3,074 
2,013 

02/28/95

Williamsville/Transit

 -

284 
670 
435 
284 
1,105 
1,389 
910 

02/28/95

Amherst / Sheridan

 -

484 
1,151 
372 
483 
1,524 
2,007 
1,206 

03/02/95

Everett / Highway 99

 -

859 
2,022 
350 
858 
2,373 
3,231 
1,853 

F-48


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

03/02/95

Burien / 1St Ave South

 -

763 
1,783 
651 
763 
2,434 
3,197 
1,954 

03/02/95

Kent / South 238th Street

 -

763 
1,783 
382 
763 
2,165 
2,928 
1,728 

03/31/95

Cheverly / Central Ave

 -

911 
2,164 
614 
910 
2,779 
3,689 
2,174 

05/01/95

Sandy / S. State Street

 -

1,043 
2,442 
35 
923 
2,597 
3,520 
1,671 

05/03/95

Largo / Ulmerton Roa

 -

263 
654 
272 
262 
927 
1,189 
757 

05/08/95

Fairfield/Western Street

 -

439 
1,030 
190 
439 
1,220 
1,659 
938 

05/08/95

Dallas / W. Mockingbird

 -

1,440 
3,371 
468 
1,440 
3,839 
5,279 
2,935 

05/08/95

East Point / Lakewood

 -

884 
2,071 
639 
884 
2,710 
3,594 
2,088 

05/25/95

Falls Church / Gallows Rd

 -

350 
835 
9,410 
3,560 
7,035 
10,595 
2,768 

06/12/95

Baltimore / Old Waterloo

 -

769 
1,850 
316 
769 
2,166 
2,935 
1,661 

06/12/95

Pleasant Hill / Hookston

 -

766 
1,848 
451 
742 
2,323 
3,065 
1,761 

06/12/95

Mountain View/Old Middlefield

 -

2,095 
4,913 
229 
2,094 
5,143 
7,237 
3,922 

06/30/95

San Jose / Blossom Hill

 -

1,467 
3,444 
537 
1,467 
3,981 
5,448 
3,025 

06/30/95

Fairfield / Kings Highway

 -

1,811 
4,273 
943 
1,810 
5,217 
7,027 
3,975 

06/30/95

Pacoima / Paxton Street

 -

840 
1,976 
366 
840 
2,342 
3,182 
1,781 

06/30/95

Portland / Prescott

 -

647 
1,509 
299 
647 
1,808 
2,455 
1,416 

06/30/95

St. Petersburg

 -

352 
827 
399 
352 
1,226 
1,578 
997 

06/30/95

Dallas / Audelia Road

 -

1,166 
2,725 
5,099 
1,166 
7,824 
8,990 
3,838 

06/30/95

Miami Gardens

 -

823 
1,929 
692 
823 
2,621 
3,444 
1,980 

06/30/95

Grand Prairie / 19th

 -

566 
1,329 
363 
566 
1,692 
2,258 
1,289 

06/30/95

Joliet / Jefferson Street

 -

501 
1,181 
352 
501 
1,533 
2,034 
1,202 

06/30/95

Bridgeton / Pennridge

 -

283 
661 
321 
283 
982 
1,265 
776 

06/30/95

Portland / S.E.92nd

 -

638 
1,497 
314 
638 
1,811 
2,449 
1,393 

06/30/95

Houston / S.W. Freeway

 -

537 
1,254 
7,295 
1,140 
7,946 
9,086 
4,286 

06/30/95

Milwaukee / Brown

 -

358 
849 
446 
358 
1,295 
1,653 
1,038 

06/30/95

Orlando / W. Oak Ridge

 -

698 
1,642 
644 
697 
2,287 
2,984 
1,761 

06/30/95

Lauderhill / State Road

 -

644 
1,508 
500 
644 
2,008 
2,652 
1,552 

06/30/95

Orange Park /Blanding Blvd

 -

394 
918 
450 
394 
1,368 
1,762 
1,099 

06/30/95

St. Petersburg /Joe'S Creek

 -

704 
1,642 
461 
703 
2,104 
2,807 
1,665 

06/30/95

St. Louis / Page Service Drive

 -

531 
1,241 
336 
531 
1,577 
2,108 
1,224 

F-49


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

06/30/95

Independence /E. 42nd

 -

438 
1,023 
382 
438 
1,405 
1,843 
1,105 

06/30/95

Cherry Hill / Dobbs Lane

 -

716 
1,676 
441 
715 
2,118 
2,833 
1,684 

06/30/95

Edgewater Park / Route 130

 -

683 
1,593 
310 
683 
1,903 
2,586 
1,447 

06/30/95

Beaverton / S.W. 110

 -

572 
1,342 
324 
572 
1,666 
2,238 
1,302 

06/30/95

Markham / W. 159Th Place

 -

230 
539 
404 
229 
944 
1,173 
738 

06/30/95

Houston / N.W. Freeway

 -

447 
1,066 
359 
447 
1,425 
1,872 
1,110 

06/30/95

Portland / Gantenbein

 -

537 
1,262 
313 
537 
1,575 
2,112 
1,247 

06/30/95

Upper Chichester/Market St.

 -

569 
1,329 
341 
569 
1,670 
2,239 
1,301 

06/30/95

Fort Worth / Hwy 80

 -

379 
891 
370 
379 
1,261 
1,640 
1,019 

06/30/95

Greenfield/ S. 108th

 -

728 
1,707 
646 
727 
2,354 
3,081 
1,856 

06/30/95

Altamonte Springs

 -

566 
1,326 
397 
566 
1,723 
2,289 
1,364 

06/30/95

Seattle / Delridge Way

 -

760 
1,779 
330 
760 
2,109 
2,869 
1,649 

06/30/95

Elmhurst / Lake Frontage Rd

 -

748 
1,758 
543 
748 
2,301 
3,049 
1,724 

06/30/95

Los Angeles / Beverly Blvd

 -

787 
1,886 
8,485 
787 
10,371 
11,158 
3,538 

06/30/95

Lawrenceville / Brunswick

 -

841 
1,961 
283 
840 
2,245 
3,085 
1,709 

06/30/95

Richmond / Carlson

 -

865 
2,025 
536 
864 
2,562 
3,426 
1,951 

06/30/95

Liverpool / Oswego Road

 -

545 
1,279 
623 
545 
1,902 
2,447 
1,439 

06/30/95

Rochester / East Ave

 -

578 
1,375 
754 
578 
2,129 
2,707 
1,743 

06/30/95

Pasadena / E. Beltway

 -

757 
1,767 
518 
757 
2,285 
3,042 
1,731 

07/13/95

Tarzana / Burbank Blvd

 -

2,895 
6,823 
775 
2,894 
7,599 
10,493 
5,861 

07/31/95

Orlando / Lakehurst

 -

450 
1,063 
355 
450 
1,418 
1,868 
1,100 

07/31/95

Livermore / Portola

 -

921 
2,157 
415 
921 
2,572 
3,493 
1,961 

07/31/95

San Jose / Tully

 -

912 
2,137 
591 
912 
2,728 
3,640 
2,165 

07/31/95

Mission Bay  

 -

1,617 
3,785 
925 
1,617 
4,710 
6,327 
3,702 

07/31/95

Las Vegas / Decatur

 -

1,147 
2,697 
671 
1,147 
3,368 
4,515 
2,586 

07/31/95

Pleasanton / Stanley

 -

1,624 
3,811 
552 
1,624 
4,363 
5,987 
3,380 

07/31/95

Castro Valley / Grove

 -

757 
1,772 
182 
756 
1,955 
2,711 
1,488 

07/31/95

Honolulu / Kaneohe

 -

1,215 
2,846 
2,434 
2,133 
4,362 
6,495 
3,199 

07/31/95

Chicago / Wabash Ave

 -

645 
1,535 
4,274 
645 
5,809 
6,454 
3,134 

07/31/95

Springfield / Parker

 -

765 
1,834 
487 
765 
2,321 
3,086 
1,748 

F-50


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

07/31/95

Huntington Bch/Gotham

 -

765 
1,808 
314 
765 
2,122 
2,887 
1,639 

07/31/95

Tucker / Lawrenceville

 -

630 
1,480 
376 
630 
1,856 
2,486 
1,424 

07/31/95

Marietta / Canton Road

 -

600 
1,423 
489 
600 
1,912 
2,512 
1,511 

07/31/95

Wheeling / Hintz

 -

450 
1,054 
293 
450 
1,347 
1,797 
1,044 

08/01/95

Gresham / Division

 -

607 
1,428 
299 
607 
1,727 
2,334 
1,271 

08/01/95

Tucker / Lawrenceville

 -

600 
1,405 
538 
600 
1,943 
2,543 
1,508 

08/01/95

Decatur / Covington

 -

720 
1,694 
576 
720 
2,270 
2,990 
1,726 

08/11/95

Studio City/Ventura

 -

1,285 
3,015 
476 
1,285 
3,491 
4,776 
2,712 

08/12/95

Smyrna / Hargrove Road

 -

1,020 
3,038 
732 
1,020 
3,770 
4,790 
2,833 

09/01/95

Hayward / Mission Blvd

 -

1,020 
2,383 
388 
1,020 
2,771 
3,791 
2,134 

09/01/95

Park City / Belvider

 -

600 
1,405 
249 
600 
1,654 
2,254 
1,257 

09/01/95

New Castle/Dupont Parkway

 -

990 
2,369 
2,136 
990 
4,505 
5,495 
2,473 

09/01/95

Las Vegas / Rainbow

 -

1,050 
2,459 
278 
1,050 
2,737 
3,787 
2,038 

09/01/95

Mountain View / Reng

 -

945 
2,216 
229 
945 
2,445 
3,390 
1,857 

09/01/95

Venice / Cadillac

 -

930 
2,182 
585 
930 
2,767 
3,697 
2,108 

09/01/95

Simi Valley /Los Angeles

 -

1,590 
3,724 
645 
1,590 
4,369 
5,959 
3,243 

09/01/95

Spring Valley/Foreman

 -

1,095 
2,572 
615 
1,095 
3,187 
4,282 
2,462 

09/06/95

Darien / Frontage Road

 -

975 
2,321 
381 
975 
2,702 
3,677 
2,047 

09/30/95

Whittier

 -

215 
384 
1,106 
215 
1,490 
1,705 
1,127 

09/30/95

Van Nuys/Balboa

 -

295 
657 
1,458 
295 
2,115 
2,410 
1,647 

09/30/95

Huntington Beach

 -

176 
321 
1,054 
176 
1,375 
1,551 
1,067 

09/30/95

Monterey Park

 -

124 
346 
1,071 
124 
1,417 
1,541 
1,195 

09/30/95

Downey

 -

191 
317 
1,150 
191 
1,467 
1,658 
1,099 

09/30/95

Del Amo

 -

474 
742 
1,646 
474 
2,388 
2,862 
1,831 

09/30/95

Carson

 -

375 
735 
964 
375 
1,699 
2,074 
1,337 

09/30/95

Van Nuys/Balboa Blvd

 -

1,920 
4,504 
870 
1,920 
5,374 
7,294 
3,755 

10/31/95

San Lorenzo /Hesperian

 -

1,590 
3,716 
599 
1,590 
4,315 
5,905 
3,024 

10/31/95

Chicago / W. 47th Street

 -

300 
708 
692 
300 
1,400 
1,700 
1,026 

10/31/95

Los Angeles / Eastern

 -

455 
1,070 
331 
454 
1,402 
1,856 
983 

11/15/95

Costa Mesa

 -

522 
1,218 
177 
522 
1,395 
1,917 
1,050 

F-51


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

11/15/95

Plano / E. 14th

 -

705 
1,646 
309 
705 
1,955 
2,660 
1,457 

11/15/95

Citrus Heights/Sunrise

 -

520 
1,213 
328 
520 
1,541 
2,061 
1,181 

11/15/95

Modesto/Briggsmore Ave

 -

470 
1,097 
248 
470 
1,345 
1,815 
999 

11/15/95

So San Francisco/Spruce

 -

1,905 
4,444 
963 
1,904 
5,408 
7,312 
3,956 

11/15/95

Pacheco/Buchanan Circle

 -

1,681 
3,951 
908 
1,681 
4,859 
6,540 
3,655 

11/16/95

Palm Beach Gardens

 -

657 
1,540 
336 
657 
1,876 
2,533 
1,439 

11/16/95

Delray Beach

 -

600 
1,407 
296 
600 
1,703 
2,303 
1,315 

01/01/96

Bensenville/York Rd

 -

667 
1,602 
1,500 
667 
3,102 
3,769 
1,834 

01/01/96

Louisville/Preston

 -

211 
1,060 
887 
211 
1,947 
2,158 
1,139 

01/01/96

San Jose/Aborn Road

 -

615 
1,342 
938 
615 
2,280 
2,895 
1,366 

01/01/96

Englewood/Federal

 -

481 
1,395 
981 
481 
2,376 
2,857 
1,440 

01/01/96

W. Hollywood/Santa Monica

 -

3,415 
4,577 
3,194 
3,414 
7,772 
11,186 
4,707 

01/01/96

Orland Hills/W. 159th

 -

917 
2,392 
1,911 
917 
4,303 
5,220 
2,683 

01/01/96

Merrionette Park

 -

818 
2,020 
1,556 
818 
3,576 
4,394 
2,150 

01/01/96

Denver/S Quebec

 -

1,849 
1,941 
1,717 
1,849 
3,658 
5,507 
2,267 

01/01/96

Tigard/S.W. Pacific

 -

633 
1,206 
1,053 
633 
2,259 
2,892 
1,371 

01/01/96

Coram/Middle Count

 -

507 
1,421 
1,061 
507 
2,482 
2,989 
1,495 

01/01/96

Houston/FM 1960

 -

635 
1,294 
1,262 
635 
2,556 
3,191 
1,613 

01/01/96

Kent/Military Trail

 -

409 
1,670 
1,358 
409 
3,028 
3,437 
1,858 

01/01/96

Turnersville/Black

 -

165 
1,360 
1,097 
165 
2,457 
2,622 
1,505 

01/01/96

Sewell/Rts. 553

 -

323 
1,138 
927 
323 
2,065 
2,388 
1,226 

01/01/96

Maple Shade/Fellowship

 -

331 
1,421 
1,062 
331 
2,483 
2,814 
1,475 

01/01/96

Hyattsville/Kenilworth

 -

509 
1,757 
1,332 
508 
3,090 
3,598 
1,877 

01/01/96

Waterbury/Captain

 -

434 
2,089 
1,782 
434 
3,871 
4,305 
2,209 

01/01/96

Bedford Hts/Miles

 -

835 
1,577 
1,549 
835 
3,126 
3,961 
1,956 

01/01/96

Livonia/Newburgh

 -

635 
1,407 
1,077 
635 
2,484 
3,119 
1,480 

01/01/96

Sunland/Sunland Blvd.

 -

631 
1,965 
1,293 
631 
3,258 
3,889 
1,982 

01/01/96

Des Moines

 -

448 
1,350 
938 
447 
2,289 
2,736 
1,332 

01/01/96

Oxonhill/Indianhead

 -

772 
2,017 
1,816 
772 
3,833 
4,605 
2,390 

01/01/96

Sacramento/N. 16th

 -

582 
2,610 
1,889 
582 
4,499 
5,081 
2,281 

F-52


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

01/01/96

Houston/Westheimer

 -

1,508 
2,274 
1,946 
1,508 
4,220 
5,728 
2,685 

01/01/96

San Pablo/San Pablo

 -

565 
1,232 
1,013 
565 
2,245 
2,810 
1,379 

01/01/96

Bowie/Woodcliff

 -

718 
2,336 
1,628 
718 
3,964 
4,682 
2,406 

01/01/96

Milwaukee/S. 84th

 -

444 
1,868 
1,566 
444 
3,434 
3,878 
2,042 

01/01/96

Clinton/Malcolm Road

 -

593 
2,123 
1,511 
592 
3,635 
4,227 
2,189 

01/03/96

San Gabriel

 -

1,005 
2,345 
470 
1,005 
2,815 
3,820 
2,160 

01/05/96

San Francisco, Second St.

 -

2,880 
6,814 
373 
2,879 
7,188 
10,067 
5,237 

01/12/96

San Antonio, TX

 -

912 
2,170 
271 
912 
2,441 
3,353 
1,787 

02/29/96

Naples, FL/Old US 41

 -

849 
2,016 
401 
849 
2,417 
3,266 
1,800 

02/29/96

Lake Worth, FL/S. Military Tr.

 -

1,782 
4,723 
372 
1,781 
5,096 
6,877 
3,725 

02/29/96

Brandon, FL/W Brandon Blvd.

 -

1,928 
4,523 
1,139 
1,928 
5,662 
7,590 
4,350 

02/29/96

Coral Springs FL/W Sample Rd.

 -

3,480 
8,148 
445 
3,479 
8,594 
12,073 
6,373 

02/29/96

Delray Beach FL/S Military Tr.

 -

941 
2,222 
360 
940 
2,583 
3,523 
1,927 

02/29/96

Jupiter FL/Military Trail

 -

2,280 
5,347 
508 
2,280 
5,855 
8,135 
4,314 

02/29/96

Lakeworth FL/Lake Worth Rd

 -

737 
1,742 
341 
736 
2,084 
2,820 
1,580 

02/29/96

New Port Richey/State Rd 54

 -

857 
2,025 
512 
856 
2,538 
3,394 
1,851 

02/29/96

Sanford FL/S Orlando Dr

 -

734 
1,749 
2,294 
974 
3,803 
4,777 
2,790 

03/08/96

Atlanta/Roswell

 -

898 
3,649 
342 
898 
3,991 
4,889 
2,842 

03/31/96

Oakland

 -

1,065 
2,764 
704 
1,065 
3,468 
4,533 
2,582 

03/31/96

Saratoga

 -

2,339 
6,081 
913 
2,339 
6,994 
9,333 
4,889 

03/31/96

Randallstown

 -

1,359 
3,527 
820 
1,359 
4,347 
5,706 
3,268 

03/31/96

Plano

 -

650 
1,682 
228 
649 
1,911 
2,560 
1,412 

03/31/96

Houston

 -

543 
1,402 
355 
543 
1,757 
2,300 
1,269 

03/31/96

Irvine

 -

1,920 
4,975 
1,842 
1,920 
6,817 
8,737 
5,004 

03/31/96

Milwaukee

 -

542 
1,402 
294 
542 
1,696 
2,238 
1,244 

03/31/96

Carrollton

 -

578 
1,495 
257 
578 
1,752 
2,330 
1,282 

03/31/96

Torrance

 -

1,415 
3,675 
916 
1,415 
4,591 
6,006 
2,907 

03/31/96

Jacksonville

 -

713 
1,845 
425 
712 
2,271 
2,983 
1,688 

03/31/96

Dallas

 -

315 
810 
1,930 
315 
2,740 
3,055 
1,666 

03/31/96

Houston

 -

669 
1,724 
2,531 
669 
4,255 
4,924 
2,237 

F-53


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

03/31/96

Baltimore

 -

842 
2,180 
530 
842 
2,710 
3,552 
2,056 

03/31/96

New Haven

 -

740 
1,907 
79 
667 
2,059 
2,726 
1,590 

04/01/96

Chicago/Pulaski

 -

764 
1,869 
628 
763 
2,498 
3,261 
1,752 

04/01/96

Las Vegas/Desert Inn

 -

1,115 
2,729 
375 
1,115 
3,104 
4,219 
2,151 

04/01/96

Torrance/Crenshaw

 -

916 
2,243 
308 
916 
2,551 
3,467 
1,774 

04/01/96

Weymouth

 -

485 
1,187 
999 
485 
2,186 
2,671 
1,521 

04/01/96

St. Louis/Barrett Station Road

 -

630 
1,542 
698 
630 
2,240 
2,870 
1,460 

04/01/96

Rockville/Randolph

 -

1,153 
2,823 
370 
1,153 
3,193 
4,346 
2,250 

04/01/96

Simi Valley/East Street

 -

970 
2,374 
182 
970 
2,556 
3,526 
1,778 

04/01/96

Houston/Westheimer

 -

1,390 
3,402 
6,557 
1,390 
9,959 
11,349 
6,228 

04/03/96

Naples

 -

1,187 
2,809 
650 
1,186 
3,460 
4,646 
2,633 

06/26/96

Boca Raton

 -

3,180 
7,468 
1,547 
3,179 
9,016 
12,195 
6,894 

06/28/96

Venice

 -

669 
1,575 
283 
669 
1,858 
2,527 
1,375 

06/30/96

Las Vegas

 -

921 
2,155 
587 
921 
2,742 
3,663 
2,037 

06/30/96

Bedford Park

 -

606 
1,419 
423 
606 
1,842 
2,448 
1,379 

06/30/96

Los Angeles

 -

692 
1,616 
250 
691 
1,867 
2,558 
1,359 

06/30/96

Silver Spring

 -

1,513 
3,535 
692 
1,513 
4,227 
5,740 
3,109 

06/30/96

Newark

 -

1,051 
2,458 
219 
1,051 
2,677 
3,728 
1,926 

06/30/96

Brooklyn

 -

783 
1,830 
3,043 
783 
4,873 
5,656 
4,267 

07/02/96

Glen Burnie/Furnace Br Rd

 -

1,755 
4,150 
842 
1,755 
4,992 
6,747 
3,375 

07/22/96

Lakewood/W Hampton

 -

717 
2,092 
160 
716 
2,253 
2,969 
1,603 

08/13/96

Norcross/Holcomb Bridge Rd

 -

955 
3,117 
431 
954 
3,549 
4,503 
2,457 

09/05/96

Spring Valley/S Pascack rd

 -

1,260 
2,966 
1,170 
1,260 
4,136 
5,396 
3,133 

09/16/96

Dallas/Royal Lane

 -

1,008 
2,426 
456 
1,007 
2,883 
3,890 
2,054 

09/16/96

Colorado Springs/Tomah Drive

 -

731 
1,759 
292 
730 
2,052 
2,782 
1,492 

09/16/96

Lewisville/S. Stemmons

 -

603 
1,451 
272 
603 
1,723 
2,326 
1,235 

09/16/96

Las Vegas/Boulder Hwy.

 -

947 
2,279 
640 
946 
2,920 
3,866 
2,202 

09/16/96

Sarasota/S. Tamiami Trail

 -

584 
1,407 
1,538 
584 
2,945 
3,529 
1,766 

09/16/96

Willow Grove/Maryland Road

 -

673 
1,620 
305 
673 
1,925 
2,598 
1,369 

09/16/96

Houston/W. Montgomery Rd.

 -

524 
1,261 
421 
523 
1,683 
2,206 
1,249 

F-54


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

09/16/96

Denver/W. Hampden

 -

1,084 
2,609 
346 
1,083 
2,956 
4,039 
2,109 

09/16/96

Littleton/Southpark Way

 -

922 
2,221 
589 
922 
2,810 
3,732 
2,073 

09/16/96

Petaluma/Baywood Drive

 -

861 
2,074 
404 
861 
2,478 
3,339 
1,747 

09/16/96

Canoga Park/Sherman Way

 -

1,543 
3,716 
5,239 
1,543 
8,955 
10,498 
3,694 

09/16/96

Jacksonville/South Lane Ave.

 -

554 
1,334 
411 
554 
1,745 
2,299 
1,281 

09/16/96

Newport News/Warwick Blvd.

 -

575 
1,385 
290 
575 
1,675 
2,250 
1,212 

09/16/96

Greenbrook/Route 22

 -

1,227 
2,954 
810 
1,226 
3,765 
4,991 
2,675 

09/16/96

Monsey/Route 59

 -

1,068 
2,572 
522 
1,068 
3,094 
4,162 
2,228 

09/16/96

Santa Rosa/Santa Rosa Ave.

 -

575 
1,385 
231 
575 
1,616 
2,191 
1,153 

09/16/96

Fort Worth/Brentwood

 -

823 
2,016 
385 
823 
2,401 
3,224 
1,749 

09/16/96

Glendale/San Fernando Road

 -

2,500 
6,124 
466 
2,500 
6,590 
9,090 
4,640 

09/16/96

Houston/Harwin

 -

549 
1,344 
441 
549 
1,785 
2,334 
1,325 

09/16/96

Irvine/Cowan Street

 -

1,890 
4,631 
677 
1,890 
5,308 
7,198 
3,805 

09/16/96

Fairfield/Dixie Highway

 -

427 
1,046 
258 
427 
1,304 
1,731 
927 

09/16/96

Mesa/Country Club Drive

 -

701 
1,718 
715 
701 
2,433 
3,134 
1,885 

09/16/96

San Francisco/Geary Blvd.

 -

2,957 
7,244 
1,799 
2,957 
9,043 
12,000 
6,333 

09/16/96

Houston/Gulf Freeway

 -

701 
1,718 
5,452 
701 
7,170 
7,871 
3,890 

09/16/96

Las Vegas/S. Decatur Blvd.

 -

1,037 
2,539 
417 
1,036 
2,957 
3,993 
2,118 

09/16/96

Tempe/McKellips Road

 -

823 
1,972 
523 
823 
2,495 
3,318 
1,847 

09/16/96

Richland Hills/Airport Fwy.

 -

473 
1,158 
354 
472 
1,513 
1,985 
1,097 

10/11/96

Hampton/Pembroke Road

 -

1,080 
2,346 
57 
914 
2,569 
3,483 
1,613 

10/11/96

Norfolk/Widgeon Road

 -

1,110 
2,405 
14 
908 
2,621 
3,529 
1,697 

 

 

 

 

 

 

 

 

 

 

 

 

10/11/96

Richmond/Bloom Lane

 -

1,188 
2,512 
19 
994 
2,725 
3,719 
1,754 

10/11/96

Virginia Beach/Southern Blvd

 -

282 
610 
343 
282 
953 
1,235 
747 

10/11/96

Chesapeake/Military Hwy

 -

 -

2,886 
729 

 -

3,615 
3,615 
2,009 

10/11/96

Richmond/Midlothian Park

 -

762 
1,588 
743 
762 
2,331 
3,093 
1,785 

10/11/96

Roanoke/Peters Creek Road

 -

819 
1,776 
483 
819 
2,259 
3,078 
1,663 

10/11/96

Orlando/E Oakridge Rd

 -

927 
2,020 
734 
927 
2,754 
3,681 
2,109 

10/11/96

Orlando/South Hwy 17-92

 -

1,170 
2,549 
672 
1,170 
3,221 
4,391 
2,347 

10/25/96

Austin/Renelli

 -

1,710 
3,990 
633 
1,710 
4,623 
6,333 
3,315 

F-55


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

10/25/96

Austin/Santiago

 -

900 
2,100 
527 
900 
2,627 
3,527 
1,863 

10/25/96

Dallas/East N.W. Highway

 -

698 
1,628 
1,009 
697 
2,638 
3,335 
1,631 

10/25/96

Dallas/Denton Drive

 -

900 
2,100 
1,023 
900 
3,123 
4,023 
2,248 

10/25/96

Houston/Hempstead

 -

518 
1,207 
730 
517 
1,938 
2,455 
1,384 

10/25/96

Pasadena/So. Shaver

 -

420 
980 
713 
420 
1,693 
2,113 
1,321 

10/31/96

Houston/Joel Wheaton Rd

 -

465 
1,085 
1,445 
465 
2,530 
2,995 
1,093 

10/31/96

Mt Holly/541 Bypass

 -

360 
840 
634 
360 
1,474 
1,834 
1,150 

11/13/96

Town East/Mesquite

 -

330 
770 
422 
330 
1,192 
1,522 
893 

11/14/96

Bossier City LA

 -

633 
1,488 
42 
557 
1,606 
2,163 
1,066 

12/05/96

Lake Forest/Bake Parkway

 -

971 
2,173 
4,973 
972 
7,145 
8,117 
2,931 

12/16/96

Cherry Hill/Old Cuthbert

 -

645 
1,505 
1,019 
645 
2,524 
3,169 
2,030 

12/16/96

Oklahoma City/SW 74th

 -

375 
875 
551 
375 
1,426 
1,801 
1,019 

12/16/96

Oklahoma City/S Santa Fe

 -

360 
840 
267 
360 
1,107 
1,467 
813 

12/16/96

Oklahoma City/S. May

 -

360 
840 
267 
360 
1,107 
1,467 
811 

12/16/96

Arlington/S. Watson Rd.

 -

930 
2,170 
1,100 
930 
3,270 
4,200 
2,388 

12/16/96

Richardson/E. Arapaho

 -

1,290 
3,010 
815 
1,290 
3,825 
5,115 
2,708 

12/23/96

Eagle Rock/Colorado

 -

330 
813 
476 
444 
1,175 
1,619 
736 

12/23/96

Upper Darby/Lansdowne

 -

899 
2,272 
496 
899 
2,768 
3,667 
2,010 

12/23/96

Plymouth Meeting /Chemical

 -

1,109 
2,802 
400 
1,109 
3,202 
4,311 
1,921 

12/23/96

Philadelphia/Byberry

 -

1,019 
2,575 
781 
1,019 
3,356 
4,375 
2,376 

12/23/96

Ft. Lauderdale/State Road

 -

1,199 
3,030 
596 
1,199 
3,626 
4,825 
2,585 

12/23/96

Englewood/Costilla

 -

1,739 
4,393 
491 
1,738 
4,885 
6,623 
3,416 

12/23/96

Lilburn/Beaver Ruin Road

 -

600 
1,515 
310 
599 
1,826 
2,425 
1,327 

12/23/96

Carmichael/Fair Oaks

 -

809 
2,045 
447 
809 
2,492 
3,301 
1,794 

12/23/96

Portland/Division Street

 -

989 
2,499 
400 
989 
2,899 
3,888 
2,010 

12/23/96

Napa/Industrial

 -

660 
1,666 
252 
659 
1,919 
2,578 
1,373 

12/23/96

Las Vegas/Charleston

 -

1,049 
2,651 
389 
1,049 
3,040 
4,089 
2,143 

12/23/96

Las Vegas/South Arvill

 -

929 
2,348 
477 
929 
2,825 
3,754 
2,003 

12/23/96

Los Angeles/Santa Monica

 -

3,328 
8,407 
749 
3,327 
9,157 
12,484 
6,505 

12/23/96

Warren/Schoenherr Rd.

 -

749 
1,894 
484 
749 
2,378 
3,127 
1,737 

F-56


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

12/23/96

Portland/N.E. 71st Avenue

 -

869 
2,196 
359 
869 
2,555 
3,424 
1,853 

12/23/96

Broadview/S. 25th Avenue

 -

1,289 
3,257 
1,303 
1,289 
4,560 
5,849 
3,075 

12/23/96

Winter Springs/W. St. Rte 434

 -

689 
1,742 
255 
689 
1,997 
2,686 
1,483 

12/23/96

Tampa/15th Street

 -

420 
1,060 
462 
420 
1,522 
1,942 
1,139 

12/23/96

Pompano Beach/S. Dixie Hwy.

 -

930 
2,292 
844 
930 
3,136 
4,066 
2,285 

12/23/96

Overland Park/Mastin

 -

990 
2,440 
3,420 
1,306 
5,544 
6,850 
3,336 

12/23/96

Auburn/R Street

 -

690 
1,700 
408 
690 
2,108 
2,798 
1,473 

12/23/96

Federal Heights/W. 48th Ave.

 -

720 
1,774 
382 
720 
2,156 
2,876 
1,570 

12/23/96

Decatur/Covington

 -

930 
2,292 
452 
930 
2,744 
3,674 
1,951 

12/23/96

Forest Park/Jonesboro Rd.

 -

540 
1,331 
388 
540 
1,719 
2,259 
1,266 

12/23/96

Mangonia Park/Australian Ave.

 -

840 
2,070 
292 
840 
2,362 
3,202 
1,722 

12/23/96

Whittier/Colima

 -

540 
1,331 
202 
540 
1,533 
2,073 
1,090 

12/23/96

Kent/Pacific Hwy South

 -

930 
2,292 
262 
930 
2,554 
3,484 
1,830 

12/23/96

Topeka/8th Street

 -

150 
370 
556 
150 
926 
1,076 
743 

12/23/96

Denver East Evans

 -

1,740 
4,288 
452 
1,740 
4,740 
6,480 
3,358 

12/23/96

Pittsburgh/California Ave.

 -

630 
1,552 
187 
630 
1,739 
2,369 
1,213 

12/23/96

Ft. Lauderdale/Powerline

 -

 -

2,286 
548 

 -

2,834 
2,834 
1,604 

12/23/96

Philadelphia/Oxford

 -

900 
2,218 
519 
900 
2,737 
3,637 
1,935 

12/23/96

Dallas/Lemmon Ave.

 -

1,710 
4,214 
447 
1,710 
4,661 
6,371 
3,258 

12/23/96

Alsip/115th Street

 -

750 
1,848 
4,816 
750 
6,664 
7,414 
3,419 

12/23/96

Green Acres/Jog Road

 -

600 
1,479 
271 
600 
1,750 
2,350 
1,272 

12/23/96

Pompano Beach/Sample Road

 -

1,320 
3,253 
428 
1,320 
3,681 
5,001 
2,565 

12/23/96

Wyndmoor/Ivy Hill

 -

2,160 
5,323 
629 
2,160 
5,952 
8,112 
4,254 

12/23/96

W. Palm Beach/Belvedere

 -

960 
2,366 
443 
960 
2,809 
3,769 
1,993 

12/23/96

Renton  174th St.

 -

960 
2,366 
543 
960 
2,909 
3,869 
2,129 

12/23/96

Sacramento/Northgate

 -

1,021 
2,647 
281 
1,021 
2,928 
3,949 
2,071 

12/23/96

Phoenix/19th Avenue

 -

991 
2,569 
728 
991 
3,297 
4,288 
2,393 

12/23/96

Bedford Park/Cicero

 -

1,321 
3,426 
(1,039)
777 
2,931 
3,708 
2,043 

12/23/96

Lake Worth/Lk Worth

 -

1,111 
2,880 
542 
1,111 
3,422 
4,533 
2,464 

12/23/96

Arlington/Algonquin

 -

991 
2,569 
1,043 
991 
3,612 
4,603 
2,751 

F-57


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

12/23/96

Seattle/15th Avenue

 -

781 
2,024 
349 
781 
2,373 
3,154 
1,724 

12/23/96

Southington/Spring

 -

811 
2,102 
620 
811 
2,722 
3,533 
1,912 

12/23/96

Nashville/Dickerson Pike

 -

990 
2,440 
328 
990 
2,768 
3,758 
1,984 

12/23/96

Madison/Gallatin Road

 -

780 
1,922 
675 
780 
2,597 
3,377 
1,899 

12/30/96

Concorde/Treat

 -

1,396 
3,258 
375 
1,396 
3,633 
5,029 
2,622 

12/30/96

Virginia Beach

 -

535 
1,248 
341 
535 
1,589 
2,124 
1,139 

12/30/96

San Mateo

 -

2,408 
5,619 
384 
2,408 
6,003 
8,411 
4,174 

01/22/97

Austin, 1033 E. 41 Street

 -

257 
3,633 
418 
257 
4,051 
4,308 
2,746 

04/12/97

Annandale / Backlick

 -

955 
2,229 
490 
955 
2,719 
3,674 
1,891 

04/12/97

Ft. Worth / West Freeway

 -

667 
1,556 
440 
667 
1,996 
2,663 
1,404 

04/12/97

Campbell / S. Curtner

 -

2,550 
5,950 
935 
2,549 
6,886 
9,435 
4,730 

04/12/97

Aurora / S. Idalia

 -

1,002 
2,338 
1,026 
1,002 
3,364 
4,366 
2,390 

04/12/97

Santa Cruz / Capitola

 -

1,037 
2,420 
417 
1,037 
2,837 
3,874 
1,948 

04/12/97

Indianapolis / Lafayette Road

 -

682 
1,590 
718 
681 
2,309 
2,990 
1,718 

04/12/97

Indianapolis / Route 31

 -

619 
1,444 
697 
619 
2,141 
2,760 
1,579 

04/12/97

Farmingdale / Broad Hollow Rd.

 -

1,568 
3,658 
1,248 
1,567 
4,907 
6,474 
3,468 

04/12/97

Tyson's Corner / Springhill Rd.

 -

3,861 
9,010 
1,576 
3,781 
10,666 
14,447 
7,384 

04/12/97

Fountain Valley / Newhope

 -

1,137 
2,653 
535 
1,137 
3,188 
4,325 
2,193 

04/12/97

Dallas / Winsted

 -

1,375 
3,209 
724 
1,375 
3,933 
5,308 
2,690 

04/12/97

Columbia / Broad River Rd.

 -

121 
282 
197 
121 
479 
600 
370 

04/12/97

Livermore / S. Front Road

 -

876 
2,044 
293 
876 
2,337 
3,213 
1,605 

04/12/97

Garland / Plano

 -

889 
2,073 
374 
888 
2,448 
3,336 
1,696 

04/12/97

San Jose / Story Road

 -

1,352 
3,156 
953 
1,352 
4,109 
5,461 
2,913 

04/12/97

Aurora / Abilene

 -

1,406 
3,280 
802 
1,405 
4,083 
5,488 
2,866 

04/12/97

Antioch / Sunset Drive

 -

1,035 
2,416 
372 
1,035 
2,788 
3,823 
1,913 

04/12/97

Rancho Cordova / Sunrise

 -

1,048 
2,445 
513 
1,048 
2,958 
4,006 
2,075 

04/12/97

Berlin / Wilbur Cross

 -

756 
1,764 
585 
756 
2,349 
3,105 
1,661 

04/12/97

Whittier / Whittier Blvd.

 -

648 
1,513 
287 
648 
1,800 
2,448 
1,238 

04/12/97

Peabody / Newbury Street

 -

1,159 
2,704 
1,343 
1,159 
4,047 
5,206 
2,893 

04/12/97

Denver / Blake

 -

602 
1,405 
622 
602 
2,027 
2,629 
1,448 

F-58


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

04/12/97

Evansville / Green River Road

 -

470 
1,096 
381 
470 
1,477 
1,947 
1,045 

04/12/97

Burien / First Ave. So.

 -

792 
1,847 
367 
791 
2,215 
3,006 
1,559 

04/12/97

Rancho Cordova / Mather Field

 -

494 
1,153 
457 
494 
1,610 
2,104 
1,192 

04/12/97

Sugar Land / Eldridge

 -

705 
1,644 
422 
705 
2,066 
2,771 
1,455 

04/12/97

Columbus / Eastland Drive

 -

602 
1,405 
476 
602 
1,881 
2,483 
1,340 

04/12/97

Slickerville / Black Horse Pike

 -

539 
1,258 
425 
539 
1,683 
2,222 
1,203 

04/12/97

Seattle / Aurora

 -

1,145 
2,671 
469 
1,144 
3,141 
4,285 
2,203 

04/12/97

Gaithersburg / Christopher Ave.

 -

972 
2,268 
509 
972 
2,777 
3,749 
1,971 

04/12/97

Manchester / Tolland Turnpike

 -

807 
1,883 
529 
807 
2,412 
3,219 
1,706 

06/25/97

L.A./Venice Blvd.

 -

523 
1,221 
1,952 
1,044 
2,652 
3,696 
1,599 

06/25/97

Kirkland-Totem

 -

2,131 
4,972 
1,166 
2,099 
6,170 
8,269 
4,128 

06/25/97

Idianapolis

 -

471 
1,098 
459 
471 
1,557 
2,028 
1,196 

06/25/97

Dallas

 -

699 
1,631 
240 
699 
1,871 
2,570 
1,285 

06/25/97

Atlanta

 -

1,183 
2,761 
295 
1,183 
3,056 
4,239 
2,083 

06/25/97

Bensalem

 -

1,159 
2,705 
378 
1,159 
3,083 
4,242 
2,107 

06/25/97

Evansville

 -

429 
1,000 
277 
401 
1,305 
1,706 
900 

06/25/97

Austin

 -

813 
1,897 
270 
813 
2,167 
2,980 
1,502 

06/25/97

Harbor City

 -

1,244 
2,904 
406 
1,244 
3,310 
4,554 
2,309 

06/25/97

Birmingham

 -

539 
1,258 
258 
539 
1,516 
2,055 
1,068 

06/25/97

Sacramento

 -

489 
1,396 
153 
489 
1,549 
2,038 
1,076 

06/25/97

Carrollton

 -

441 
1,029 
114 
441 
1,143 
1,584 
779 

06/25/97

La Habra

 -

822 
1,918 
368 
822 
2,286 
3,108 
1,543 

06/25/97

Lombard

 -

1,527 
3,564 
1,964 
2,047 
5,008 
7,055 
3,323 

06/25/97

Fairfield

 -

740 
1,727 
215 
740 
1,942 
2,682 
1,340 

06/25/97

Seattle

 -

1,498 
3,494 
10,357 
1,498 
13,851 
15,349 
6,221 

06/25/97

Bellevue

 -

1,653 
3,858 
303 
1,653 
4,161 
5,814 
2,894 

06/25/97

Citrus Heights

 -

642 
1,244 
773 
642 
2,017 
2,659 
1,459 

06/25/97

San Jose

 -

1,273 
2,971 
155 
1,273 
3,126 
4,399 
2,089 

06/25/97

Stanton

 -

948 
2,212 
254 
948 
2,466 
3,414 
1,662 

06/25/97

Garland

 -

486 
1,135 
194 
486 
1,329 
1,815 
924 

F-59


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

06/25/97

Westford

 -

857 
1,999 
652 
857 
2,651 
3,508 
1,899 

06/25/97

Dallas

 -

1,627 
3,797 
1,458 
1,627 
5,255 
6,882 
3,666 

06/25/97

Wheat Ridge

 -

1,054 
2,459 
610 
1,054 
3,069 
4,123 
2,092 

06/25/97

Berlin

 -

825 
1,925 
4,579 
505 
6,824 
7,329 
2,897 

06/25/97

Gretna

 -

1,069 
2,494 
860 
1,069 
3,354 
4,423 
2,513 

06/25/97

Spring

 -

461 
1,077 
422 
461 
1,499 
1,960 
1,053 

06/25/97

Sacramento

 -

592 
1,380 
1,238 
720 
2,490 
3,210 
1,714 

06/25/97

Houston/South Dairyashford

 -

856 
1,997 
550 
856 
2,547 
3,403 
1,784 

06/25/97

Naperville

 -

1,108 
2,585 
758 
1,108 
3,343 
4,451 
2,265 

06/25/97

Carrollton

 -

1,158 
2,702 
942 
1,158 
3,644 
4,802 
2,541 

06/25/97

Waipahu

 -

1,620 
3,780 
961 
1,620 
4,741 
6,361 
3,310 

06/25/97

Davis

 -

628 
1,465 
453 
628 
1,918 
2,546 
1,268 

06/25/97

Decatur

 -

951 
2,220 
618 
951 
2,838 
3,789 
1,932 

06/25/97

Jacksonville

 -

653 
1,525 
487 
653 
2,012 
2,665 
1,411 

06/25/97

Chicoppe

 -

663 
1,546 
642 
662 
2,189 
2,851 
1,581 

06/25/97

Alexandria

 -

1,533 
3,576 
904 
1,532 
4,481 
6,013 
2,985 

06/25/97

Houston/Veterans Memorial Dr.

 -

458 
1,070 
412 
458 
1,482 
1,940 
1,051 

06/25/97

Los Angeles/Olympic

 -

4,392 
10,247 
1,604 
4,391 
11,852 
16,243 
7,933 

06/25/97

Littleton

 -

1,340 
3,126 
1,294 
1,340 
4,420 
5,760 
3,190 

06/25/97

Metairie

 -

1,229 
2,868 
417 
1,229 
3,285 
4,514 
2,258 

06/25/97

Louisville

 -

717 
1,672 
559 
716 
2,232 
2,948 
1,539 

06/25/97

East Hazel Crest

 -

753 
1,757 
2,625 
1,213 
3,922 
5,135 
2,899 

06/25/97

Edmonds

 -

1,187 
2,770 
819 
1,187 
3,589 
4,776 
2,493 

06/25/97

Foster City

 -

1,064 
2,483 
465 
1,064 
2,948 
4,012 
1,986 

06/25/97

Chicago

 -

1,160 
2,708 
863 
1,160 
3,571 
4,731 
2,404 

06/25/97

Philadelphia

 -

924 
2,155 
550 
923 
2,706 
3,629 
1,854 

06/25/97

Dallas/Vilbig Rd.

 -

508 
1,184 
404 
507 
1,589 
2,096 
1,125 

06/25/97

Staten Island

 -

1,676 
3,910 
1,951 
1,675 
5,862 
7,537 
3,868 

06/25/97

Pelham Manor

 -

1,209 
2,820 
1,058 
1,208 
3,879 
5,087 
2,739 

06/25/97

Irving

 -

469 
1,093 
311 
468 
1,405 
1,873 
980 

F-60


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

06/25/97

Elk Grove

 -

642 
1,497 
554 
642 
2,051 
2,693 
1,455 

06/25/97

LAX

 -

1,312 
3,062 
762 
1,312 
3,824 
5,136 
2,616 

06/25/97

Denver

 -

1,316 
3,071 
993 
1,316 
4,064 
5,380 
2,839 

06/25/97

Plano

 -

1,369 
3,193 
705 
1,368 
3,899 
5,267 
2,672 

06/25/97

Lynnwood

 -

839 
1,959 
587 
839 
2,546 
3,385 
1,735 

06/25/97

Lilburn

 -

507 
1,182 
515 
507 
1,697 
2,204 
1,196 

06/25/97

Parma

 -

881 
2,055 
903 
880 
2,959 
3,839 
2,080 

06/25/97

Davie

 -

1,086 
2,533 
780 
1,085 
3,314 
4,399 
2,339 

06/25/97

Allen Park

 -

953 
2,223 
747 
953 
2,970 
3,923 
2,030 

06/25/97

Aurora

 -

808 
1,886 
628 
808 
2,514 
3,322 
1,680 

06/25/97

San Diego/16th Street

 -

932 
2,175 
870 
932 
3,045 
3,977 
2,148 

06/25/97

Sterling Heights

 -

766 
1,787 
655 
766 
2,442 
3,208 
1,726 

06/25/97

East L.A./Boyle Heights

 -

957 
2,232 
652 
957 
2,884 
3,841 
1,960 

06/25/97

Springfield/Alban Station

 -

1,317 
3,074 
950 
1,317 
4,024 
5,341 
2,789 

06/25/97

Littleton

 -

868 
2,026 
615 
868 
2,641 
3,509 
1,813 

06/25/97

Sacramento/57th Street

 -

869 
2,029 
664 
869 
2,693 
3,562 
1,853 

06/25/97

Miami

 -

1,762 
4,111 
1,244 
1,762 
5,355 
7,117 
3,624 

08/13/97

Santa Monica / Wilshire Blvd.

 -

2,040 
4,760 
1,442 
2,040 
6,202 
8,242 
4,236 

10/01/97

Marietta /Austell Rd

 -

398 
1,326 
1,116 
440 
2,400 
2,840 
1,480 

10/01/97

Denver / Leetsdale

 -

1,407 
1,682 
1,467 
1,554 
3,002 
4,556 
1,902 

10/01/97

Baltimore / York Road

 -

1,538 
1,952 
2,068 
1,700 
3,858 
5,558 
2,467 

10/01/97

Bolingbrook

 -

737 
1,776 
1,642 
814 
3,341 
4,155 
2,032 

10/01/97

Kent / Central

 -

483 
1,321 
1,197 
533 
2,468 
3,001 
1,452 

10/01/97

Geneva / Roosevelt

 -

355 
1,302 
1,063 
392 
2,328 
2,720 
1,437 

10/01/97

Denver / Sheridan

 -

429 
1,105 
1,019 
474 
2,079 
2,553 
1,357 

10/01/97

Mountlake Terrace 

 -

1,017 
1,783 
1,423 
1,123 
3,100 
4,223 
1,903 

10/01/97

Carol Stream/ St.Charles

 -

185 
1,187 
1,039 
205 
2,206 
2,411 
1,353 

10/01/97

Marietta / Cobb Park

 -

420 
1,131 
1,048 
464 
2,135 
2,599 
1,278 

10/01/97

Venice / Rose  

 -

5,468 
5,478 
4,815 
6,042 
9,719 
15,761 
5,820 

10/01/97

Ventura / Ventura Blvd

 -

911 
2,227 
1,796 
1,006 
3,928 
4,934 
2,493 

F-61


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

10/01/97

Studio City/ Ventura

 -

2,421 
1,610 
1,350 
2,675 
2,706 
5,381 
1,631 

10/01/97

Madison Heights

 -

428 
1,686 
4,235 
473 
5,876 
6,349 
2,383 

10/01/97

LAX / Imperial

 -

1,662 
2,079 
1,534 
1,836 
3,439 
5,275 
2,153 

10/01/97

Justice / Industrial

 -

233 
1,181 
891 
258 
2,047 
2,305 
1,224 

10/01/97

Burbank / San Fernando

 -

1,825 
2,210 
1,646 
2,016 
3,665 
5,681 
2,296 

10/01/97

Pinole / Appian Way

 -

728 
1,827 
1,267 
804 
3,018 
3,822 
1,884 

10/01/97

Denver / Tamarac Park

 -

2,545 
1,692 
2,123 
2,812 
3,548 
6,360 
3,276 

10/01/97

Gresham / Powell 

 -

322 
1,298 
963 
356 
2,227 
2,583 
1,338 

10/01/97

Warren / Mound Road

 -

268 
1,025 
832 
296 
1,829 
2,125 
1,097 

10/01/97

Woodside/Brooklyn

 -

5,016 
3,950 
5,295 
5,542 
8,719 
14,261 
5,361 

10/01/97

Enfield / Elm Street

 -

399 
1,900 
1,491 
441 
3,349 
3,790 
2,066 

10/01/97

Roselle / Lake Street

 -

312 
1,411 
1,096 
344 
2,475 
2,819 
1,507 

10/01/97

Milwaukee / Appleton

 -

324 
1,385 
1,167 
358 
2,518 
2,876 
1,529 

10/01/97

Emeryville / Bay St

 -

1,602 
1,830 
1,404 
1,770 
3,066 
4,836 
1,987 

10/01/97

Monterey / Del Rey

 -

257 
1,048 
870 
284 
1,891 
2,175 
1,108 

10/01/97

San Leandro / Washington

 -

660 
1,142 
926 
730 
1,998 
2,728 
1,238 

10/01/97

Boca Raton / N.W. 20

 -

1,140 
2,256 
1,919 
1,259 
4,056 
5,315 
2,239 

10/01/97

Washington Dc/So Capital

 -

1,437 
4,489 
3,998 
1,588 
8,336 
9,924 
4,082 

10/01/97

Lynn / Lynnway 

 -

463 
3,059 
2,832 
511 
5,843 
6,354 
3,427 

10/01/97

Pompano Beach

 -

1,077 
1,527 
1,938 
1,190 
3,352 
4,542 
1,784 

10/01/97

Lake Oswego/ N.State

 -

465 
1,956 
1,334 
514 
3,241 
3,755 
1,734 

10/01/97

Daly City / Mission

 -

389 
2,921 
1,789 
430 
4,669 
5,099 
2,599 

10/01/97

Odenton / Route 175

 -

456 
2,104 
1,628 
504 
3,684 
4,188 
2,070 

10/01/97

Novato / Landing

 -

2,416 
3,496 
2,750 
2,904 
5,758 
8,662 
3,843 

10/01/97

St. Louis / Lindberg

 -

584 
1,508 
1,186 
728 
2,550 
3,278 
1,768 

10/01/97

Oakland/International

 -

358 
1,568 
1,345 
475 
2,796 
3,271 
1,843 

10/01/97

Stockton / March Lane

 -

663 
1,398 
1,017 
811 
2,267 
3,078 
1,550 

10/01/97

Des Plaines / Golf Rd

 -

1,363 
3,093 
1,611 
1,630 
4,437 
6,067 
2,956 

10/01/97

Morton Grove / Wauke

 -

2,658 
3,232 
7,375 
3,110 
10,155 
13,265 
5,271 

10/01/97

Los Angeles / Jefferson

 -

1,090 
1,580 
1,169 
1,323 
2,516 
3,839 
1,599 

F-62


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

10/01/97

Los Angeles / Martin

 -

869 
1,152 
915 
1,066 
1,870 
2,936 
1,208 

10/01/97

San Leandro / E. 14th

 -

627 
1,289 
972 
775 
2,113 
2,888 
1,368 

10/01/97

Tucson / Tanque Verde

 -

345 
1,709 
1,137 
469 
2,722 
3,191 
1,846 

10/01/97

Randolph / Warren St

 -

2,330 
1,914 
2,110 
2,719 
3,635 
6,354 
2,210 

10/01/97

Forrestville / Penn.

 -

1,056 
2,347 
1,546 
1,312 
3,637 
4,949 
2,463 

10/01/97

Bridgeport

 -

4,877 
2,739 
2,783 
5,612 
4,787 
10,399 
3,186 

10/01/97

North Hollywood/Vine

 -

906 
2,379 
1,548 
1,166 
3,667 
4,833 
2,343 

10/01/97

Santa Cruz / Portola

 -

535 
1,526 
1,029 
689 
2,401 
3,090 
1,547 

10/01/97

Hyde Park / River St

 -

626 
1,748 
1,687 
759 
3,302 
4,061 
2,226 

10/01/97

Dublin / San Ramon Rd

 -

942 
1,999 
1,174 
1,119 
2,996 
4,115 
1,939 

10/01/97

Vallejo / Humboldt

 -

473 
1,651 
1,024 
620 
2,528 
3,148 
1,664 

10/01/97

Fremont/Warm Springs

 -

848 
2,885 
1,610 
1,072 
4,271 
5,343 
2,766 

10/01/97

Seattle / Stone Way

 -

829 
2,180 
1,640 
1,078 
3,571 
4,649 
2,244 

10/01/97

W. Olympia

 -

149 
1,096 
969 
209 
2,005 
2,214 
1,262 

10/01/97

Mercer/Parkside Ave

 -

359 
1,763 
1,425 
503 
3,044 
3,547 
1,894 

10/01/97

Bridge Water / Main

 -

445 
2,054 
1,351 
576 
3,274 
3,850 
2,062 

10/01/97

Norwalk / Hoyt Street

 -

2,369 
3,049 
2,178 
2,793 
4,803 
7,596 
3,136 

11/02/97

Lansing

 -

758 
1,768 
60 
730 
1,856 
2,586 
1,275 

11/07/97

Phoenix

 -

1,197 
2,793 
434 
1,197 
3,227 
4,424 
2,191 

11/13/97

Tinley Park

 -

1,422 
3,319 
277 
1,422 
3,596 
5,018 
2,356 

03/17/98

Houston/De Soto Dr.

 -

659 
1,537 
404 
659 
1,941 
2,600 
1,279 

03/17/98

Houston / East Freeway

 -

593 
1,384 
685 
593 
2,069 
2,662 
1,515 

03/17/98

Austin/Ben White

 -

692 
1,614 
296 
682 
1,920 
2,602 
1,262 

03/17/98

Arlington/E.Pioneer

 -

922 
2,152 
413 
922 
2,565 
3,487 
1,744 

03/17/98

Las Vegas/Tropicana

 -

1,285 
2,998 
455 
1,285 
3,453 
4,738 
2,215 

03/17/98

Branford / Summit Place

 -

728 
1,698 
536 
727 
2,235 
2,962 
1,476 

03/17/98

Las Vegas / Charleston

 -

791 
1,845 
321 
791 
2,166 
2,957 
1,375 

03/17/98

So. San Francisco

 -

1,550 
3,617 
336 
1,550 
3,953 
5,503 
2,595 

03/17/98

Pasadena / Arroyo Prkwy

 -

3,005 
7,012 
1,054 
3,004 
8,067 
11,071 
5,413 

03/17/98

Tempe / E. Broadway

 -

633 
1,476 
441 
633 
1,917 
2,550 
1,352 

F-63


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

03/17/98

Phoenix / N. 43rd Ave

 -

443 
1,033 
455 
443 
1,488 
1,931 
1,074 

03/17/98

Phoenix/No. 43rd

 -

380 
886 
849 
380 
1,735 
2,115 
1,210 

03/17/98

Phoenix / Black Canyon

 -

380 
886 
375 
380 
1,261 
1,641 
894 

03/17/98

Phoenix/Black Canyon

 -

136 
317 
279 
136 
596 
732 
454 

03/17/98

Nesconset / Southern

 -

1,423 
3,321 
588 
1,423 
3,909 
5,332 
2,616 

04/01/98

St. Louis / Hwy. 141

 -

659 
1,628 
4,700 
1,344 
5,643 
6,987 
3,518 

04/01/98

Island Park / Austin

 -

2,313 
3,015 
(151)
1,374 
3,803 
5,177 
2,588 

04/01/98

Akron / Brittain Rd.

 -

275 
2,248 
446 
669 
2,300 
2,969 
1,511 

04/01/98

Patchogue/W.Sunrise

 -

936 
2,184 
488 
936 
2,672 
3,608 
1,823 

04/01/98

Havertown/West Chester

 -

1,254 
2,926 
355 
1,249 
3,286 
4,535 
2,153 

04/01/98

Schiller Park/River

 -

568 
1,390 
282 
568 
1,672 
2,240 
1,107 

04/01/98

Chicago / Cuyler

 -

1,400 
2,695 
382 
1,400 
3,077 
4,477 
2,105 

04/01/98

Chicago Heights/West

 -

468 
1,804 
356 
468 
2,160 
2,628 
1,494 

04/01/98

Arlington Hts/University

 -

670 
3,004 
418 
670 
3,422 
4,092 
2,265 

04/01/98

Cicero / Ogden

 -

1,678 
2,266 
879 
1,677 
3,146 
4,823 
2,098 

04/01/98

Chicago/W. Howard St.

 -

974 
2,875 
1,236 
974 
4,111 
5,085 
2,806 

04/01/98

Chicago/N. Western Ave

 -

1,453 
3,205 
518 
1,453 
3,723 
5,176 
2,560 

04/01/98

Chicago/Northwest Hwy

 -

925 
2,412 
242 
925 
2,654 
3,579 
1,759 

04/01/98

Chicago/N. Wells St.

 -

1,446 
2,828 
267 
1,446 
3,095 
4,541 
2,089 

04/01/98

Chicago / Pulaski Rd.

 -

1,276 
2,858 
286 
1,276 
3,144 
4,420 
2,108 

04/01/98

Artesia / Artesia

 -

625 
1,419 
302 
625 
1,721 
2,346 
1,263 

04/01/98

Arcadia / Lower Azusa

 -

821 
1,369 
360 
821 
1,729 
2,550 
1,311 

04/01/98

Manassas / Centreville

 -

405 
2,137 
479 
405 
2,616 
3,021 
1,948 

04/01/98

La Downtwn/10 Fwy

 -

1,608 
3,358 
420 
1,607 
3,779 
5,386 
2,749 

04/01/98

Bellevue / Northup

 -

1,232 
3,306 
667 
1,231 
3,974 
5,205 
2,987 

04/01/98

Hollywood/Cole & Wilshire

 -

1,590 
1,785 
255 
1,590 
2,040 
3,630 
1,477 

04/01/98

Atlanta/John Wesley

 -

1,233 
1,665 
555 
1,233 
2,220 
3,453 
1,704 

04/01/98

Montebello/S. Maple

 -

1,274 
2,299 
214 
1,273 
2,514 
3,787 
1,821 

04/01/98

Lake City/Forest Park

 -

248 
1,445 
270 
248 
1,715 
1,963 
1,243 

04/01/98

Baltimore / W. Patap

 -

403 
2,650 
351 
402 
3,002 
3,404 
2,152 

F-64


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

04/01/98

Fraser/Groesbeck Hwy

 -

368 
1,796 
214 
368 
2,010 
2,378 
1,460 

04/01/98

Vallejo / Mini Drive

 -

560 
1,803 
200 
560 
2,003 
2,563 
1,442 

04/01/98

San Diego/54th & Euclid

 -

952 
2,550 
564 
952 
3,114 
4,066 
2,388 

04/01/98

Miami / 5th Street

 -

2,327 
3,234 
526 
2,327 
3,760 
6,087 
2,822 

04/01/98

Silver Spring/Hill

 -

922 
2,080 
299 
921 
2,380 
3,301 
1,768 

04/01/98

Chicago/E. 95th St.

 -

397 
2,357 
346 
397 
2,703 
3,100 
2,053 

04/01/98

Chicago / S. Harlem

 -

791 
1,424 
252 
791 
1,676 
2,467 
1,266 

04/01/98

St. Charles /Highway

 -

623 
1,501 
368 
623 
1,869 
2,492 
1,407 

04/01/98

Chicago/Burr Ridge Rd.

 -

421 
2,165 
380 
421 
2,545 
2,966 
1,990 

04/01/98

Yonkers / Route 9a

 -

1,722 
3,823 
642 
1,722 
4,465 
6,187 
3,364 

04/01/98

Silverlake/Glendale

 -

2,314 
5,481 
387 
2,313 
5,869 
8,182 
4,421 

04/01/98

Chicago/Harlem Ave

 -

1,430 
3,038 
443 
1,430 
3,481 
4,911 
2,634 

04/01/98

Bethesda / Butler Rd

 -

1,146 
2,509 
180 
1,146 
2,689 
3,835 
1,966 

04/01/98

Dundalk / Wise Ave

 -

447 
2,005 
344 
447 
2,349 
2,796 
1,723 

04/01/98

St. Louis / Hwy. 141

 -

659 
1,628 
181 
659 
1,809 
2,468 
1,386 

04/01/98

Island Park / Austin

 -

2,313 
3,015 
1,270 
2,313 
4,285 
6,598 
3,194 

04/01/98

Dallas / Kingsly

 -

1,095 
1,712 
424 
1,095 
2,136 
3,231 
1,500 

05/01/98

Berkeley / 2nd St.

 -

1,914 
4,466 
6,969 
1,837 
11,512 
13,349 
5,373 

05/08/98

Cleveland / W. 117th

 -

930 
2,277 
659 
930 
2,936 
3,866 
1,940 

05/08/98

La /Venice Blvd

 -

1,470 
3,599 
220 
1,470 
3,819 
5,289 
2,443 

05/08/98

Aurora / Farnsworth

 -

960 
2,350 
251 
960 
2,601 
3,561 
1,665 

05/08/98

Santa Rosa / Hopper

 -

1,020 
2,497 
317 
1,020 
2,814 
3,834 
1,819 

05/08/98

Golden Valley / Winn

 -

630 
1,542 
308 
630 
1,850 
2,480 
1,237 

05/08/98

St. Louis / Benham

 -

810 
1,983 
313 
810 
2,296 
3,106 
1,525 

05/08/98

Chicago / S. Chicago

 -

840 
2,057 
290 
840 
2,347 
3,187 
1,543 

10/01/98

El Segundo / Sepulveda

 -

6,586 
5,795 
762 
6,585 
6,558 
13,143 
4,205 

10/01/98

Atlanta / Memorial Dr.

 -

414 
2,239 
479 
414 
2,718 
3,132 
1,822 

10/01/98

Chicago / W. 79th St

 -

861 
2,789 
514 
861 
3,303 
4,164 
2,181 

10/01/98

Chicago / N. Broadway

 -

1,918 
3,824 
713 
1,917 
4,538 
6,455 
3,016 

10/01/98

Dallas / Greenville

 -

1,933 
2,892 
334 
1,933 
3,226 
5,159 
2,064 

F-65


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

10/01/98

Tacoma / Orchard

 -

358 
1,987 
292 
358 
2,279 
2,637 
1,505 

10/01/98

St. Louis / Gravois

 -

312 
2,327 
520 
312 
2,847 
3,159 
1,916 

10/01/98

White Bear Lake

 -

578 
2,079 
388 
578 
2,467 
3,045 
1,598 

10/01/98

Santa Cruz / Soquel

 -

832 
2,385 
241 
832 
2,626 
3,458 
1,681 

10/01/98

Coon Rapids / Hwy 10

 -

330 
1,646 
271 
330 
1,917 
2,247 
1,248 

10/01/98

Oxnard / Hueneme Rd

 -

923 
3,925 
364 
923 
4,289 
5,212 
2,749 

10/01/98

Vancouver/ Millplain

 -

343 
2,000 
167 
342 
2,168 
2,510 
1,413 

10/01/98

Tigard / Mc Ewan

 -

597 
1,652 
118 
597 
1,770 
2,367 
1,145 

10/01/98

Griffith / Cline

 -

299 
2,118 
268 
299 
2,386 
2,685 
1,525 

10/01/98

Miami / Sunset Drive

 -

1,656 
2,321 
2,001 
2,266 
3,712 
5,978 
2,184 

10/01/98

Farmington / 9 Mile

 -

580 
2,526 
425 
580 
2,951 
3,531 
1,974 

10/01/98

Los Gatos / University

 -

2,234 
3,890 
351 
2,234 
4,241 
6,475 
2,692 

10/01/98

N. Hollywood

 -

1,484 
3,143 
204 
1,484 
3,347 
4,831 
2,123 

10/01/98

Petaluma / Transport

 -

460 
1,840 
5,261 
857 
6,704 
7,561 
3,597 

10/01/98

Chicago / 111th

 -

341 
2,898 
2,397 
431 
5,205 
5,636 
2,980 

10/01/98

Upper Darby / Market

 -

808 
5,011 
685 
808 
5,696 
6,504 
3,648 

10/01/98

San Jose / Santa

 -

966 
3,870 
278 
966 
4,148 
5,114 
2,647 

10/01/98

San Diego / Morena

 -

3,173 
5,469 
438 
3,173 
5,907 
9,080 
3,771 

10/01/98

Brooklyn /Rockaway Ave

 -

6,272 
9,691 
6,984 
7,337 
15,610 
22,947 
7,706 

10/01/98

Revere / Charger St

 -

1,997 
3,727 
1,255 
1,996 
4,983 
6,979 
3,372 

10/01/98

Las Vegas / E. Charles

 -

602 
2,545 
483 
602 
3,028 
3,630 
1,990 

10/01/98

Laurel / Baltimore Ave

 -

1,899 
4,498 
314 
1,899 
4,812 
6,711 
3,083 

10/01/98

East La/Figueroa & 4th

 -

1,213 
2,689 
225 
1,213 
2,914 
4,127 
1,869 

10/01/98

Oldsmar / Tampa Road

 -

760 
2,154 
3,037 
1,049 
4,902 
5,951 
2,902 

10/01/98

Ft. Lauderdale /S.W.

 -

1,046 
2,928 
523 
1,046 
3,451 
4,497 
2,304 

10/01/98

Miami / Nw 73rd St

 -

1,050 
3,064 
277 
1,049 
3,342 
4,391 
2,220 

12/09/98

Miami / Nw 115th Ave

 -

1,095 
2,349 
5,091 
1,185 
7,350 
8,535 
3,007 

01/01/99

New Orleans/St.Charles

 -

1,463 
2,634 
696 
1,039 
3,754 
4,793 
2,005 

01/06/99

Brandon / E. Brandon Blvd

 -

1,560 
3,695 
245 
1,560 
3,940 
5,500 
2,325 

03/12/99

St. Louis / N. Lindbergh Blvd. 

 -

1,688 
3,939 
630 
1,688 
4,569 
6,257 
2,934 

F-66


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

03/12/99

St. Louis /Vandeventer Midtown 

 -

699 
1,631 
593 
699 
2,224 
2,923 
1,482 

03/12/99

St. Ann / Maryland Heights 

 -

1,035 
2,414 
707 
1,035 
3,121 
4,156 
1,984 

03/12/99

Florissant / N. Hwy 67 

 -

971 
2,265 
388 
971 
2,653 
3,624 
1,704 

03/12/99

Ferguson Area-W.Florissant

 -

1,194 
2,732 
773 
1,178 
3,521 
4,699 
2,313 

03/12/99

Florissant / New Halls Ferry Rd

 -

1,144 
2,670 
779 
1,144 
3,449 
4,593 
2,395 

03/12/99

St. Louis / Airport 

 -

785 
1,833 
428 
785 
2,261 
3,046 
1,477 

03/12/99

St. Louis/ S.Third St

 -

1,096 
2,557 
297 
1,096 
2,854 
3,950 
1,781 

03/12/99

Kansas City / E. 47th St. 

 -

610 
1,424 
490 
610 
1,914 
2,524 
1,214 

03/12/99

Kansas City /E. 67th Terrace 

 -

1,136 
2,643 
521 
1,134 
3,166 
4,300 
2,039 

03/12/99

Kansas City / James A. Reed Rd 

 -

749 
1,748 
291 
749 
2,039 
2,788 
1,286 

03/12/99

Independence / 291 

 -

871 
2,032 
356 
871 
2,388 
3,259 
1,505 

03/12/99

Raytown / Woodson Rd 

 -

915 
2,134 
296 
914 
2,431 
3,345 
1,534 

03/12/99

Kansas City / 34th Main Street 

 -

114 
2,599 
1,274 
114 
3,873 
3,987 
2,524 

03/12/99

Columbia / River Dr 

 -

671 
1,566 
443 
671 
2,009 
2,680 
1,309 

03/12/99

Columbia / Buckner Rd 

 -

714 
1,665 
557 
713 
2,223 
2,936 
1,482 

03/12/99

Columbia / Decker Park Rd 

 -

605 
1,412 
207 
605 
1,619 
2,224 
1,022 

03/12/99

Columbia / Rosewood Dr 

 -

777 
1,814 
355 
777 
2,169 
2,946 
1,324 

03/12/99

W. Columbia / Orchard Dr. 

 -

272 
634 
334 
272 
968 
1,240 
665 

03/12/99

W. Columbia / Airport Blvd 

 -

493 
1,151 
324 
493 
1,475 
1,968 
976 

03/12/99

Greenville / Whitehorse Rd 

 -

882 
2,058 
324 
882 
2,382 
3,264 
1,517 

03/12/99

Greenville / Woods Lake Rd 

 -

364 
849 
248 
364 
1,097 
1,461 
725 

03/12/99

Mauldin / N. Main Street 

 -

571 
1,333 
342 
571 
1,675 
2,246 
1,114 

03/12/99

Simpsonville / Grand View Dr 

 -

582 
1,358 
236 
574 
1,602 
2,176 
1,008 

03/12/99

Taylors / Wade Hampton Blvd 

 -

650 
1,517 
319 
650 
1,836 
2,486 
1,155 

03/12/99

Charleston/Ashley Phosphate

 -

839 
1,950 
632 
823 
2,598 
3,421 
1,666 

03/12/99

N. Charleston / Dorchester Rd

 -

380 
886 
312 
379 
1,199 
1,578 
782 

03/12/99

N. Charleston / Dorchester

 -

487 
1,137 
357 
487 
1,494 
1,981 
996 

03/12/99

Charleston / Sam Rittenberg Blvd

 -

555 
1,296 
270 
555 
1,566 
2,121 
994 

03/12/99

Hilton Head / Office Park Rd 

 -

1,279 
2,985 
292 
1,279 
3,277 
4,556 
2,051 

03/12/99

Columbia / Plumbers Rd 

 -

368 
858 
357 
368 
1,215 
1,583 
809 

F-67


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

03/12/99

Greenville / Pineknoll Rd

 -

927 
2,163 
380 
927 
2,543 
3,470 
1,594 

03/12/99

Hilton Head / Yacht Cove Dr 

 -

1,182 
2,753 
165 
826 
3,274 
4,100 
2,090 

03/12/99

Spartanburg / Chesnee Hwy 

 -

533 
1,244 
830 
480 
2,127 
2,607 
1,502 

03/12/99

Charleston / Ashley River Rd 

 -

1,114 
2,581 
268 
1,108 
2,855 
3,963 
1,815 

03/12/99

Columbia / Broad River

 -

1,463 
3,413 
594 
1,463 
4,007 
5,470 
2,556 

03/12/99

Charlotte / East Wt Harris Blvd

 -

736 
1,718 
439 
736 
2,157 
2,893 
1,352 

03/12/99

Charlotte / North Tryon St.

 -

708 
1,653 
808 
708 
2,461 
3,169 
1,672 

03/12/99

Charlotte / South Blvd

 -

641 
1,496 
346 
641 
1,842 
2,483 
1,189 

03/12/99

Kannapolis / Oregon St 

 -

463 
1,081 
314 
463 
1,395 
1,858 
908 

03/12/99

Durham / E. Club Blvd 

 -

947 
2,209 
294 
947 
2,503 
3,450 
1,573 

03/12/99

Durham / N. Duke St. 

 -

769 
1,794 
294 
769 
2,088 
2,857 
1,294 

03/12/99

Raleigh / Maitland Dr 

 -

679 
1,585 
383 
679 
1,968 
2,647 
1,321 

03/12/99

Greensboro / O'henry Blvd 

 -

577 
1,345 
569 
577 
1,914 
2,491 
1,316 

03/12/99

Gastonia / S. York Rd 

 -

467 
1,089 
354 
466 
1,444 
1,910 
955 

03/12/99

Durham / Kangaroo Dr. 

 -

1,102 
2,572 
703 
1,102 
3,275 
4,377 
2,152 

03/12/99

Pensacola / Brent Lane 

 -

402 
938 
92 
229 
1,203 
1,432 
817 

03/12/99

Pensacola / Creighton Road 

 -

454 
1,060 
321 
454 
1,381 
1,835 
1,005 

03/12/99

Jacksonville / Park Avenue 

 -

905 
2,113 
373 
905 
2,486 
3,391 
1,586 

03/12/99

Jacksonville / Phillips Hwy

 -

665 
1,545 
774 
663 
2,321 
2,984 
1,545 

03/12/99

Clearwater / Highland Ave 

 -

724 
1,690 
561 
724 
2,251 
2,975 
1,374 

03/12/99

Tarpon Springs / Us Highway 19 

 -

892 
2,081 
557 
892 
2,638 
3,530 
1,707 

03/12/99

Orlando /S. Orange Blossom Trail

 -

1,229 
2,867 
469 
1,228 
3,337 
4,565 
2,107 

03/12/99

Casselberry Ii 

 -

1,160 
2,708 
420 
1,160 
3,128 
4,288 
1,978 

03/12/99

Miami / Nw 14th Street 

 -

1,739 
4,058 
376 
1,739 
4,434 
6,173 
2,761 

03/12/99

Tarpon Springs / Highway 19 

 -

1,179 
2,751 
516 
1,179 
3,267 
4,446 
2,138 

03/12/99

Ft. Myers / Tamiami Trail South

 -

834 
1,945 
(160)
834 
1,785 
2,619 
1,240 

03/12/99

Jacksonville / Ft. Caroline Rd.

 -

1,037 
2,420 
531 
1,037 
2,951 
3,988 
1,866 

03/12/99

Orlando / South Semoran

 -

565 
1,319 
179 
565 
1,498 
2,063 
956 

03/12/99

Jacksonville / Southside Blvd. 

 -

1,278 
2,982 
585 
1,278 
3,567 
4,845 
2,317 

03/12/99

Miami / Nw 7th Ave 

 -

783 
1,827 
4,850 
785 
6,675 
7,460 
2,858 

F-68


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

03/12/99

Vero Beach / Us Hwy 1 

 -

678 
1,583 
284 
678 
1,867 
2,545 
1,237 

03/12/99

Ponte Vedra / Palm Valley Rd. 

 -

745 
2,749 
921 
745 
3,670 
4,415 
2,406 

03/12/99

Miami Lakes / Nw 153rd St. 

 -

425 
992 
319 
425 
1,311 
1,736 
863 

03/12/99

Deerfield Beach / Sw 10th St. 

 -

1,844 
4,302 
238 
1,843 
4,541 
6,384 
2,762 

03/12/99

Apopka / S. Orange Blossom

 -

307 
717 
409 
307 
1,126 
1,433 
784 

03/12/99

Davie / University 

 -

313 
4,379 
782 
313 
5,161 
5,474 
3,309 

03/12/99

Arlington / Division 

 -

998 
2,328 
357 
997 
2,686 
3,683 
1,657 

03/12/99

Duncanville/S.Cedar Ridge

 -

1,477 
3,447 
645 
1,477 
4,092 
5,569 
2,552 

03/12/99

Carrollton / Trinity Mills West

 -

530 
1,237 
206 
530 
1,443 
1,973 
910 

03/12/99

Houston / Wallisville Rd. 

 -

744 
1,736 
297 
744 
2,033 
2,777 
1,296 

03/12/99

Houston / Fondren South 

 -

647 
1,510 
277 
647 
1,787 
2,434 
1,148 

03/12/99

Houston / Addicks Satsuma 

 -

409 
954 
485 
409 
1,439 
1,848 
929 

03/12/99

Addison / Inwood Road 

 -

1,204 
2,808 
252 
1,203 
3,061 
4,264 
1,889 

03/12/99

Garland / Jackson Drive 

 -

755 
1,761 
236 
755 
1,997 
2,752 
1,232 

03/12/99

Garland / Buckingham Road 

 -

492 
1,149 
234 
492 
1,383 
1,875 
893 

03/12/99

Houston / South Main 

 -

1,461 
3,409 
484 
1,461 
3,893 
5,354 
2,427 

03/12/99

Plano / Parker Road-Avenue K 

 -

1,517 
3,539 
379 
1,516 
3,919 
5,435 
2,438 

03/12/99

Houston / Bingle Road 

 -

576 
1,345 
528 
576 
1,873 
2,449 
1,238 

03/12/99

Houston / Mangum Road 

 -

737 
1,719 
547 
737 
2,266 
3,003 
1,479 

03/12/99

Houston / Hayes Road 

 -

916 
2,138 
340 
916 
2,478 
3,394 
1,528 

03/12/99

Katy / Dominion Drive 

 -

995 
2,321 
200 
994 
2,522 
3,516 
1,519 

03/12/99

Houston / Fm 1960 West 

 -

513 
1,198 
403 
513 
1,601 
2,114 
1,096 

03/12/99

Webster / Fm 528 Road 

 -

756 
1,764 
270 
756 
2,034 
2,790 
1,237 

03/12/99

Houston / Loch Katrine Lane 

 -

580 
1,352 
366 
579 
1,719 
2,298 
1,090 

03/12/99

Houston / Milwee St. 

 -

779 
1,815 
432 
778 
2,248 
3,026 
1,479 

03/12/99

Lewisville / Highway 121 

 -

688 
1,605 
254 
688 
1,859 
2,547 
1,186 

03/12/99

Richardson / Central Expressway

 -

465 
1,085 
276 
465 
1,361 
1,826 
894 

03/12/99

Houston / Hwy 6 South

 -

569 
1,328 
231 
569 
1,559 
2,128 
967 

03/12/99

Houston / Westheimer West 

 -

1,075 
2,508 
187 
1,075 
2,695 
3,770 
1,631 

03/12/99

Ft. Worth / Granbury Road 

 -

763 
1,781 
283 
763 
2,064 
2,827 
1,246 

F-69


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

03/12/99

Houston / New Castle 

 -

2,346 
5,473 
1,560 
2,345 
7,034 
9,379 
4,149 

03/12/99

Dallas / Inwood Road 

 -

1,478 
3,448 
256 
1,477 
3,705 
5,182 
2,255 

03/12/99

Fort Worth / Loop 820 North 

 -

729 
1,702 
448 
729 
2,150 
2,879 
1,435 

03/12/99

Arlington / Cooper St 

 -

779 
1,818 
263 
779 
2,081 
2,860 
1,295 

03/12/99

Webster / Highway 3 

 -

677 
1,580 
290 
677 
1,870 
2,547 
1,159 

03/12/99

Augusta / Peach Orchard Rd 

 -

860 
2,007 
553 
860 
2,560 
3,420 
1,662 

03/12/99

Martinez / Old Petersburg Rd 

 -

407 
950 
328 
407 
1,278 
1,685 
852 

03/12/99

Jonesboro / Tara Blvd 

 -

785 
1,827 
628 
784 
2,456 
3,240 
1,580 

03/12/99

Atlanta / Briarcliff Rd

 -

2,171 
5,066 
625 
2,171 
5,691 
7,862 
3,480 

03/12/99

Decatur / N Decatur Rd 

 -

933 
2,177 
506 
933 
2,683 
3,616 
1,727 

03/12/99

Douglasville / Westmoreland 

 -

453 
1,056 
339 
453 
1,395 
1,848 
919 

03/12/99

Doraville / Mcelroy Rd 

 -

827 
1,931 
426 
827 
2,357 
3,184 
1,523 

03/12/99

Roswell / Alpharetta

 -

1,772 
4,135 
446 
1,772 
4,581 
6,353 
2,788 

03/12/99

Douglasville / Duralee Lane

 -

533 
1,244 
399 
533 
1,643 
2,176 
1,044 

03/12/99

Douglasville / Highway 5 

 -

804 
1,875 
895 
804 
2,770 
3,574 
1,844 

03/12/99

Forest Park / Jonesboro

 -

659 
1,537 
374 
658 
1,912 
2,570 
1,221 

03/12/99

Marietta / Whitlock

 -

1,016 
2,370 
303 
1,016 
2,673 
3,689 
1,674 

03/12/99

Marietta / Cobb

 -

727 
1,696 
582 
727 
2,278 
3,005 
1,565 

03/12/99

Norcross / Jones Mill Rd 

 -

1,142 
2,670 
378 
1,142 
3,048 
4,190 
1,881 

03/12/99

Norcross / Dawson Blvd 

 -

1,232 
2,874 
789 
1,231 
3,664 
4,895 
2,397 

03/12/99

Forest Park / Old Dixie Hwy 

 -

895 
2,070 
668 
889 
2,744 
3,633 
1,825 

03/12/99

Decatur / Covington

 -

1,764 
4,116 
518 
1,763 
4,635 
6,398 
2,810 

03/12/99

Alpharetta / Maxwell Rd 

 -

1,075 
2,509 
316 
1,075 
2,825 
3,900 
1,734 

03/12/99

Alpharetta / N. Main St 

 -

1,240 
2,893 
261 
1,240 
3,154 
4,394 
1,931 

03/12/99

Atlanta / Bolton Rd 

 -

866 
2,019 
357 
865 
2,377 
3,242 
1,485 

03/12/99

Riverdale / Georgia Hwy 85 

 -

1,075 
2,508 
409 
1,075 
2,917 
3,992 
1,801 

03/12/99

Kennesaw / Rutledge Road 

 -

803 
1,874 
501 
803 
2,375 
3,178 
1,580 

03/12/99

Lawrenceville / Buford Dr. 

 -

256 
597 
196 
256 
793 
1,049 
513 

03/12/99

Hanover Park / W. Lake Street 

 -

1,320 
3,081 
355 
1,320 
3,436 
4,756 
2,124 

03/12/99

Chicago / W. Jarvis Ave 

 -

313 
731 
180 
313 
911 
1,224 
590 

F-70


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

03/12/99

Chicago / N. Broadway St 

 -

535 
1,249 
494 
535 
1,743 
2,278 
1,145 

03/12/99

Carol Stream / Phillips Court 

 -

829 
1,780 
469 
782 
2,296 
3,078 
1,310 

03/12/99

Winfield / Roosevelt Road 

 -

1,109 
2,587 
427 
1,108 
3,015 
4,123 
1,916 

03/12/99

Schaumburg / S. Roselle Road 

 -

659 
1,537 
270 
659 
1,807 
2,466 
1,158 

03/12/99

Tinley Park / Brennan Hwy 

 -

771 
1,799 
501 
771 
2,300 
3,071 
1,448 

03/12/99

Schaumburg / Palmer Drive 

 -

1,333 
3,111 
674 
1,333 
3,785 
5,118 
2,451 

03/12/99

Mobile / Hillcrest Road 

 -

554 
1,293 
298 
554 
1,591 
2,145 
1,016 

03/12/99

Mobile / Azalea Road 

 -

517 
1,206 
1,318 
517 
2,524 
3,041 
1,805 

03/12/99

Mobile / Moffat Road 

 -

537 
1,254 
451 
537 
1,705 
2,242 
1,132 

03/12/99

Mobile / Grelot Road 

 -

804 
1,877 
354 
804 
2,231 
3,035 
1,418 

03/12/99

Mobile / Government Blvd 

 -

407 
950 
413 
407 
1,363 
1,770 
907 

03/12/99

New Orleans / Tchoupitoulas 

 -

1,092 
2,548 
725 
1,092 
3,273 
4,365 
2,189 

03/12/99

Louisville / Breckenridge Lane

 -

581 
1,356 
261 
581 
1,617 
2,198 
1,027 

03/12/99

Louisville

 -

554 
1,292 
336 
554 
1,628 
2,182 
1,016 

03/12/99

Louisville / Poplar Level

 -

463 
1,080 
341 
463 
1,421 
1,884 
948 

03/12/99

Chesapeake / Western Branch

 -

1,274 
2,973 
371 
1,274 
3,344 
4,618 
2,085 

03/12/99

Centreville / Lee Hwy 

 -

1,650 
3,851 
4,536 
1,635 
8,402 
10,037 
4,057 

03/12/99

Sterling / S. Sterling Blvd 

 -

1,282 
2,992 
320 
1,271 
3,323 
4,594 
2,039 

03/12/99

Manassas / Sudley Road 

 -

776 
1,810 
274 
776 
2,084 
2,860 
1,338 

03/12/99

Longmont / Wedgewood Ave 

 -

717 
1,673 
203 
717 
1,876 
2,593 
1,176 

03/12/99

Fort Collins / So.College Ave 

 -

745 
1,739 
617 
745 
2,356 
3,101 
1,417 

03/12/99

Colo Sprngs / Parkmoor Village

 -

620 
1,446 
780 
620 
2,226 
2,846 
1,486 

03/12/99

Colo Sprngs / Van Teylingen 

 -

1,216 
2,837 
458 
1,215 
3,296 
4,511 
2,025 

03/12/99

Denver / So. Clinton St. 

 -

462 
1,609 
264 
462 
1,873 
2,335 
1,172 

03/12/99

Denver / Washington St. 

 -

795 
1,846 
583 
792 
2,432 
3,224 
1,562 

03/12/99

Colo Sprngs / Centennial Blvd 

 -

1,352 
3,155 
211 
1,352 
3,366 
4,718 
2,054 

03/12/99

Colo Sprngs / Astrozon Court 

 -

810 
1,889 
516 
809 
2,406 
3,215 
1,587 

03/12/99

Arvada / 64th Ave 

 -

671 
1,566 
216 
671 
1,782 
2,453 
1,109 

03/12/99

Golden / Simms Street 

 -

918 
2,143 
685 
918 
2,828 
3,746 
1,859 

03/12/99

Lawrence / Haskell Ave 

 -

636 
1,484 
335 
636 
1,819 
2,455 
1,164 

F-71


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

03/12/99

Overland Park / Hemlock St 

 -

1,168 
2,725 
285 
1,168 
3,010 
4,178 
1,889 

03/12/99

Lenexa / Long St. 

 -

720 
1,644 
176 
709 
1,831 
2,540 
1,129 

03/12/99

Shawnee / Hedge Lane Terrace 

 -

570 
1,331 
204 
570 
1,535 
2,105 
980 

03/12/99

Mission / Foxridge Dr 

 -

1,657 
3,864 
414 
1,656 
4,279 
5,935 
2,671 

03/12/99

Milwaukee / W. Dean Road 

 -

1,362 
3,163 
883 
1,357 
4,051 
5,408 
2,625 

03/12/99

Columbus / Morse Road

 -

1,415 
3,302 
1,477 
1,415 
4,779 
6,194 
3,263 

03/12/99

Milford / Branch Hill 

 -

527 
1,229 
2,673 
527 
3,902 
4,429 
2,163 

03/12/99

Fairfield / Dixie

 -

519 
1,211 
427 
519 
1,638 
2,157 
1,081 

03/12/99

Cincinnati / Western Hills 

 -

758 
1,769 
461 
758 
2,230 
2,988 
1,428 

03/12/99

Austin / N. Mopac Expressway

 -

865 
2,791 
233 
865 
3,024 
3,889 
1,791 

03/12/99

Atlanta / Dunwoody Place

 -

1,410 
3,296 
560 
1,390 
3,876 
5,266 
2,403 

03/12/99

Kennedale/Bowman Sprgs

 -

425 
991 
184 
425 
1,175 
1,600 
751 

03/12/99

Colo Sprngs/N.Powers

 -

1,124 
2,622 
1,153 
1,123 
3,776 
4,899 
2,342 

03/12/99

St. Louis/S. Third St

 -

206 
480 
15 
206 
495 
701 
297 

03/12/99

Orlando / L.B. Mcleod Road 

 -

521 
1,217 
283 
521 
1,500 
2,021 
998 

03/12/99

Jacksonville / Roosevelt Blvd. 

 -

851 
1,986 
499 
851 
2,485 
3,336 
1,649 

03/12/99

Miami-Kendall / Sw 84th Street 

 -

935 
2,180 
667 
934 
2,848 
3,782 
1,692 

03/12/99

North Miami Beach / 69th St 

 -

1,594 
3,720 
678 
1,594 
4,398 
5,992 
2,799 

03/12/99

Miami Beach / Dade Blvd 

 -

962 
2,245 
2,268 
962 
4,513 
5,475 
2,371 

03/12/99

Chicago / N. Natchez Ave 

 -

1,684 
3,930 
708 
1,684 
4,638 
6,322 
2,892 

03/12/99

Chicago / W. Cermak Road 

 -

1,294 
3,019 
1,518 
1,294 
4,537 
5,831 
3,220 

03/12/99

Kansas City / State Ave 

 -

645 
1,505 
417 
645 
1,922 
2,567 
1,269 

03/12/99

Lenexa / Santa Fe Trail Road 

 -

713 
1,663 
248 
713 
1,911 
2,624 
1,213 

03/12/99

Waukesha / Foster Court 

 -

765 
1,785 
832 
765 
2,617 
3,382 
1,482 

03/12/99

River Grove / N. 5th Ave. 

 -

1,094 
2,552 
440 
1,034 
3,052 
4,086 
2,026 

03/12/99

St. Charles / E. Main St. 

 -

951 
2,220 
(163)
802 
2,206 
3,008 
1,557 

03/12/99

Chicago / West 47th St. 

 -

705 
1,645 
248 
705 
1,893 
2,598 
1,148 

03/12/99

Carol Stream / S. Main Place 

 -

1,320 
3,079 
479 
1,319 
3,559 
4,878 
2,262 

03/12/99

Carpentersville /N. Western Ave

 -

911 
2,120 
278 
909 
2,400 
3,309 
1,510 

03/12/99

Elgin / E. Chicago St. 

 -

570 
2,163 
199 
570 
2,362 
2,932 
1,416 

F-72


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

03/12/99

Elgin / Big Timber Road 

 -

1,347 
3,253 
935 
1,347 
4,188 
5,535 
2,662 

03/12/99

Chicago / S. Pulaski Road 

 -

 -

2,576 
523 

 -

3,099 
3,099 
1,578 

03/12/99

Aurora / Business 30 

 -

900 
2,097 
356 
899 
2,454 
3,353 
1,569 

03/12/99

Streamwood / Old Church Road 

 -

855 
1,991 
164 
853 
2,157 
3,010 
1,311 

03/12/99

Mt. Prospect / Central Road 

 -

802 
1,847 
755 
795 
2,609 
3,404 
1,750 

03/12/99

Geneva / Gary Ave 

 -

1,072 
2,501 
334 
1,072 
2,835 
3,907 
1,780 

03/12/99

Naperville / Lasalle Ave 

 -

1,501 
3,502 
207 
1,501 
3,709 
5,210 
2,260 

03/31/99

Forest Park

 -

270 
3,378 
4,728 
270 
8,106 
8,376 
4,746 

04/01/99

Fresno

 -

44 
206 
656 
193 
713 
906 
478 

05/01/99

Stockton

 -

151 
402 
2,114 
590 
2,077 
2,667 
1,337 

06/30/99

Winter Park/N. Semor

 -

342 
638 
1,239 
427 
1,792 
2,219 
800 

06/30/99

N. Richland Hills

 -

455 
769 
1,305 
569 
1,960 
2,529 
974 

06/30/99

Rolling Meadows/Lois

 -

441 
849 
1,610 
551 
2,349 
2,900 
1,190 

06/30/99

Gresham/Burnside

 -

354 
544 
970 
441 
1,427 
1,868 
686 

06/30/99

Jacksonville/University

 -

211 
741 
1,173 
263 
1,862 
2,125 
883 

06/30/99

Houston/Highway 6 So.

 -

751 
1,006 
2,196 
936 
3,017 
3,953 
1,423 

06/30/99

Concord/Arnold

 -

827 
1,553 
2,518 
1,031 
3,867 
4,898 
1,931 

06/30/99

Rockville/Gude Drive

 -

602 
768 
7,353 
751 
7,972 
8,723 
2,679 

06/30/99

Bradenton/Cortez Road

 -

476 
885 
1,421 
588 
2,194 
2,782 
1,117 

06/30/99

San Antonio/Nw Loop

 -

511 
786 
1,406 
638 
2,065 
2,703 
973 

06/30/99

Anaheim / La Palma

 -

1,378 
851 
1,601 
1,720 
2,110 
3,830 
988 

06/30/99

Spring Valley/Sweetwater

 -

271 
380 
5,522 
356 
5,817 
6,173 
2,180 

06/30/99

Ft. Myers/Tamiami

 -

948 
962 
1,917 
1,184 
2,643 
3,827 
1,242 

06/30/99

Littleton/Centennial

 -

421 
804 
1,235 
526 
1,934 
2,460 
1,013 

06/30/99

Newark/Cedar Blvd 

 -

729 
971 
1,641 
910 
2,431 
3,341 
1,297 

06/30/99

Falls Church/Columbia

 -

901 
975 
1,570 
1,126 
2,320 
3,446 
1,154 

06/30/99

Fairfax / Lee Highway

 -

586 
1,078 
1,667 
732 
2,599 
3,331 
1,313 

06/30/99

Wheat Ridge / W. 44th

 -

480 
789 
1,254 
599 
1,924 
2,523 
1,006 

06/30/99

Huntington Bch/Gotham

 -

952 
890 
1,607 
1,189 
2,260 
3,449 
1,134 

06/30/99

Fort Worth/McCart

 -

372 
942 
994 
464 
1,844 
2,308 
734 

F-73


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

06/30/99

San Diego/Clairemont

 -

1,601 
2,035 
2,667 
1,999 
4,304 
6,303 
2,202 

06/30/99

Houston/Millridge N.

 -

1,160 
1,983 
4,458 
1,449 
6,152 
7,601 
3,235 

06/30/99

Woodbridge/Jefferson

 -

840 
1,689 
1,875 
1,048 
3,356 
4,404 
1,200 

06/30/99

Mountainside 

 -

1,260 
1,237 
4,483 
1,595 
5,385 
6,980 
2,230 

06/30/99

Woodbridge / Davis

 -

1,796 
1,623 
2,798 
2,243 
3,974 
6,217 
2,190 

06/30/99

Huntington Beach

 -

1,026 
1,437 
1,712 
1,282 
2,893 
4,175 
1,490 

06/30/99

Edison / Old Post Rd

 -

498 
1,267 
1,680 
621 
2,824 
3,445 
1,528 

06/30/99

Northridge/Parthenia

 -

1,848 
1,486 
2,196 
2,308 
3,222 
5,530 
1,707 

06/30/99

Brick Township/Brick

 -

590 
1,431 
1,784 
736 
3,069 
3,805 
1,623 

06/30/99

Stone Mountain/Rock

 -

1,233 
288 
1,472 
1,540 
1,453 
2,993 
764 

06/30/99

Hyattsville

 -

768 
2,186 
2,411 
959 
4,406 
5,365 
2,433 

06/30/99

Union City / Alvarado

 -

992 
1,776 
2,021 
1,239 
3,550 
4,789 
1,939 

06/30/99

Oak Park / Greenfield

 -

621 
1,735 
1,901 
774 
3,483 
4,257 
1,939 

06/30/99

Tujunga/Foothill Blvd

 -

1,746 
2,383 
3,103 
2,180 
5,052 
7,232 
2,481 

07/01/99

Pantego/W. Pioneer Pkwy

 -

432 
1,228 
282 
432 
1,510 
1,942 
793 

07/01/99

Nashville/Lafayette St

 -

486 
1,135 
942 
486 
2,077 
2,563 
1,504 

07/01/99

Nashville/Metroplex Dr

 -

380 
886 
420 
379 
1,307 
1,686 
879 

07/01/99

Madison / Myatt Dr

 -

441 
1,028 
261 
441 
1,289 
1,730 
797 

07/01/99

Hixson / Highway 153

 -

488 
1,138 
496 
487 
1,635 
2,122 
1,115 

07/01/99

Hixson / Gadd Rd

 -

207 
484 
619 
207 
1,103 
1,310 
849 

07/01/99

Red Bank / Harding Rd

 -

452 
1,056 
418 
452 
1,474 
1,926 
1,006 

07/01/99

Nashville/Welshwood Dr

 -

934 
2,179 
506 
934 
2,685 
3,619 
1,704 

07/01/99

Madison/Williams Ave

 -

1,318 
3,076 
1,185 
1,318 
4,261 
5,579 
2,909 

07/01/99

Nashville/Mcnally Dr

 -

884 
2,062 
948 
884 
3,010 
3,894 
2,090 

07/01/99

Hermitage/Central Ct

 -

646 
1,508 
335 
646 
1,843 
2,489 
1,159 

07/01/99

Antioch/Cane Ridge Rd

 -

353 
823 
583 
352 
1,407 
1,759 
929 

09/01/99

Charlotte / Ashley Road

 -

664 
1,551 
305 
651 
1,869 
2,520 
1,182 

09/01/99

Raleigh / Capital Blvd 

 -

927 
2,166 
1,259 
908 
3,444 
4,352 
1,619 

09/01/99

Charlotte / South Blvd.

 -

734 
1,715 
178 
719 
1,908 
2,627 
1,200 

09/01/99

Greensboro/W.Market St.

 -

603 
1,409 
160 
591 
1,581 
2,172 
954 

F-74


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

10/08/99

Belmont / O'neill Ave

 -

869 
4,659 
244 
878 
4,894 
5,772 
2,962 

10/11/99

Matthews

 -

937 
3,165 
2,002 
1,500 
4,604 
6,104 
2,339 

11/15/99

Poplar, Memphis

 -

1,631 
3,093 
2,595 
2,377 
4,942 
7,319 
2,446 

12/17/99

Dallas / Swiss Ave

 -

1,862 
4,344 
522 
1,878 
4,850 
6,728 
2,961 

12/30/99

Oak Park/Greenfield Rd

 -

1,184 
3,685 
176 
1,196 
3,849 
5,045 
2,264 

12/30/99

Santa Anna

 -

2,657 
3,293 
3,681 
3,704 
5,927 
9,631 
2,820 

01/21/00

Hanover Park

 -

262 
3,104 
110 
256 
3,220 
3,476 
1,806 

01/25/00

Memphis / N.Germantwn Pkwy

 -

884 
3,024 
1,573 
1,301 
4,180 
5,481 
2,178 

01/31/00

Rowland Heights/Walnut

 -

681 
1,589 
200 
687 
1,783 
2,470 
1,036 

02/08/00

Lewisville / Justin Rd

 -

529 
2,919 
4,370 
1,679 
6,139 
7,818 
2,789 

02/28/00

Plano / Avenue K

 -

2,064 
10,407 
1,979 
1,220 
13,230 
14,450 
9,169 

04/01/00

Hyattsville/Edmonson

 -

1,036 
2,657 
198 
1,036 
2,855 
3,891 
1,622 

04/29/00

St.Louis/Ellisville Twn Centre

 -

765 
4,377 
2,093 
1,311 
5,924 
7,235 
3,052 

05/02/00

Mill Valley

 -

1,412 
3,294 
(259)
1,283 
3,164 
4,447 
1,856 

05/02/00

Culver City

 -

2,439 
5,689 
6,425 
2,221 
12,332 
14,553 
6,415 

05/26/00

Phoenix/N. 35th Ave

 -

868 
2,967 
132 
867 
3,100 
3,967 
780 

06/05/00

Mount Sinai / Route 25a

 -

950 
3,338 
2,297 
1,599 
4,986 
6,585 
2,453 

06/15/00

Pinellas Park

 -

526 
2,247 
1,457 
887 
3,343 
4,230 
1,579 

06/30/00

San Antonio/Broadway St

 -

1,131 
4,558 
1,437 
1,130 
5,996 
7,126 
3,215 

07/13/00

Lincolnwood

 -

1,598 
3,727 
406 
1,613 
4,118 
5,731 
2,500 

07/17/00

La Palco/New Orleans

 -

1,023 
3,204 
2,077 
1,609 
4,695 
6,304 
2,239 

07/29/00

Tracy/1615& 1650 W.11th S

 -

1,745 
4,530 
364 
1,761 
4,878 
6,639 
2,767 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

08/01/00

Pineville

 -

2,197 
3,417 
2,669 
2,965 
5,318 
8,283 
2,611 

08/23/00

Morris Plains

 -

1,501 
4,300 
4,356 
2,719 
7,438 
10,157 
3,364 

08/31/00

Florissant/New Halls Fry

 -

800 
4,225 
208 
807 
4,426 
5,233 
2,504 

08/31/00

Orange, CA

 -

661 
1,542 
6,144 
667 
7,680 
8,347 
3,091 

09/01/00

Bayshore, NY

 -

1,277 
2,980 
1,951 
1,533 
4,675 
6,208 
2,640 

09/01/00

Los Angeles, CA

 -

590 
1,376 
642 
708 
1,900 
2,608 
1,191 

09/13/00

Merrillville

 -

343 
2,474 
1,691 
832 
3,676 
4,508 
1,753 

09/15/00

Gardena / W. El Segundo

 -

1,532 
3,424 
247 
1,532 
3,671 
5,203 
1,868 

F-75


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

09/15/00

Chicago / Ashland Avenue

 -

850 
4,880 
2,251 
849 
7,132 
7,981 
3,955 

09/15/00

Oakland / Macarthur

 -

678 
2,751 
381 
678 
3,132 
3,810 
1,656 

09/15/00

Alexandria / Pickett Ii

 -

2,743 
6,198 
515 
2,743 
6,713 
9,456 
3,418 

09/15/00

Royal Oak / Coolidge Highway

 -

1,062 
2,576 
295 
1,062 
2,871 
3,933 
1,459 

09/15/00

Hawthorne / Crenshaw Blvd.

 -

1,079 
2,913 
353 
1,079 
3,266 
4,345 
1,661 

09/15/00

Rockaway / U.S. Route 46

 -

2,424 
4,945 
518 
2,423 
5,464 
7,887 
2,795 

09/15/00

Evanston / Greenbay

 -

846 
4,436 
485 
846 
4,921 
5,767 
2,539 

09/15/00

Los Angeles / Coliseum

 -

3,109 
4,013 
377 
3,108 
4,391 
7,499 
2,189 

09/15/00

Bethpage / Hempstead Turnpike

 -

2,899 
5,457 
1,303 
2,899 
6,760 
9,659 
3,506 

09/15/00

Northport / Fort Salonga Road

 -

2,999 
5,698 
1,022 
2,998 
6,721 
9,719 
3,548 

09/15/00

Brooklyn / St. Johns Place

 -

3,492 
6,026 
1,488 
3,491 
7,515 
11,006 
4,084 

09/15/00

Lake Ronkonkoma / Portion Rd.

 -

937 
4,199 
476 
937 
4,675 
5,612 
2,365 

09/15/00

Tampa/Gunn Hwy

 -

1,843 
4,300 
295 
1,843 
4,595 
6,438 
2,504 

09/18/00

Tampa/N. Del Mabry

 -

2,204 
2,447 
10,247 
2,239 
12,659 
14,898 
7,652 

09/30/00

Marietta/Kennestone& Hwy5

 -

622 
3,388 
1,550 
628 
4,932 
5,560 
2,636 

09/30/00

Lilburn/Indian Trail

 -

1,695 
5,170 
1,829 
1,711 
6,983 
8,694 
3,646 

11/15/00

Largo/Missouri

 -

1,092 
4,270 
2,604 
1,838 
6,128 
7,966 
2,956 

11/21/00

St. Louis/Wilson

 -

1,608 
3,913 
2,090 
1,627 
5,984 
7,611 
3,078 

12/21/00

Houston/7715 Katy Frwy

 -

2,274 
5,307 
(1,496)
1,500 
4,585 
6,085 
1,970 

12/21/00

Houston/10801 Katy Frwy

 -

1,664 
3,884 
195 
1,618 
4,125 
5,743 
2,125 

12/21/00

Houston/Main St

 -

1,681 
3,924 
402 
1,684 
4,323 
6,007 
2,239 

12/21/00

Houston/W. Loop/S. Frwy

 -

2,036 
4,749 
277 
2,038 
5,024 
7,062 
2,580 

12/29/00

Chicago

 -

1,946 
6,002 
162 
1,949 
6,161 
8,110 
3,267 

12/29/00

Gardena

 -

1,737 
5,456 
5,015 
1,737 
10,471 
12,208 
2,629 

12/30/00

Raleigh/Glenwood

 -

1,545 
3,628 
183 
1,560 
3,796 
5,356 
2,096 

12/30/00

Frazier

 -

800 
3,324 
99 
800 
3,423 
4,223 
1,705 

01/05/01

Troy/E. Big Beaver Rd

 -

2,195 
4,221 
2,154 
2,820 
5,750 
8,570 
2,671 

01/11/01

Ft Lauderdale

 -

954 
3,972 
2,749 
1,746 
5,929 
7,675 
2,744 

01/16/01

No Hollywood/Sherman Way

 -

2,173 
5,442 
3,718 
2,200 
9,133 
11,333 
4,034 

01/18/01

Tuscon/E. Speedway

 -

735 
2,895 
1,312 
1,095 
3,847 
4,942 
1,895 

F-76


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

01/25/01

Lombard/Finley

 -

851 
3,806 
2,637 
1,564 
5,730 
7,294 
2,719 

03/15/01

Los Angeles/West Pico

 -

8,579 
8,630 
2,361 
8,294 
11,276 
19,570 
5,746 

04/01/01

Lakewood/Cedar Dr.

 -

1,329 
9,356 
4,217 
1,331 
13,571 
14,902 
6,659 

04/07/01

Farmingdale/Rte 110

 -

2,364 
5,807 
2,148 
1,779 
8,540 
10,319 
3,888 

04/17/01

Philadelphia/Aramingo

 -

968 
4,539 
147 
968 
4,686 
5,654 
2,411 

04/18/01

Largo/Walsingham Road

 -

1,000 
3,545 
(183)
800 
3,562 
4,362 
1,853 

06/17/01

Port Washington/Seaview &W.Sh

 -

2,381 
4,608 
1,896 
2,359 
6,526 
8,885 
3,036 

06/18/01

Silver Springs/Prosperity

 -

1,065 
5,391 
2,161 
1,065 
7,552 
8,617 
3,520 

06/19/01

Tampa/W. Waters Ave & Wilsky

 -

953 
3,785 
107 
954 
3,891 
4,845 
1,984 

06/26/01

Middletown

 -

1,535 
4,258 
2,803 
2,295 
6,301 
8,596 
2,805 

07/29/01

Miami/Sw 85th Ave

 -

2,755 
4,951 
3,718 
2,730 
8,694 
11,424 
3,986 

08/28/01

Hoover/John Hawkins Pkwy

 -

1,050 
2,453 
143 
1,051 
2,595 
3,646 
1,329 

09/30/01

Syosset

 -

2,461 
5,312 
2,201 
3,089 
6,885 
9,974 
3,105 

12/27/01

Los Angeles/W.Jefferson

 -

8,285 
9,429 
4,896 
8,333 
14,277 
22,610 
6,083 

12/27/01

Howell/Hgwy 9

 -

941 
4,070 
1,623 
1,365 
5,269 
6,634 
2,448 

12/29/01

Catonsville/Kent

 -

1,378 
5,289 
2,744 
1,377 
8,034 
9,411 
3,691 

12/29/01

Old Bridge/Rte 9

 -

1,244 
4,960 
103 
1,250 
5,057 
6,307 
2,450 

12/29/01

Sacremento/Roseville

 -

876 
5,344 
2,027 
526 
7,721 
8,247 
3,679 

12/31/01

Santa Ana/E.Mcfadden

 -

7,587 
8,612 
5,322 
7,600 
13,921 
21,521 
5,412 

01/01/02

Concord

 -

650 
1,332 
129 
649 
1,462 
2,111 
528 

01/01/02

Tustin

 -

962 
1,465 
346 
962 
1,811 
2,773 
784 

01/01/02

Pasadena/Sierra Madre

 -

706 
872 
104 
706 
976 
1,682 
365 

01/01/02

Azusa 

 -

933 
1,659 
7,708 
932 
9,368 
10,300 
2,611 

01/01/02

Redlands

 -

423 
1,202 
246 
422 
1,449 
1,871 
587 

01/01/02

Airport I

 -

346 
861 
398 
346 
1,259 
1,605 
603 

01/01/02

Miami / Marlin Road

 -

562 
1,345 
253 
562 
1,598 
2,160 
688 

01/01/02

Riverside

 -

95 
1,106 
67 
94 
1,174 
1,268 
448 

01/01/02

Oakland / San Leandro

 -

330 
1,116 
168 
330 
1,284 
1,614 
513 

01/01/02

Richmond / Jacuzzi

 -

419 
1,224 
88 
419 
1,312 
1,731 
493 

01/01/02

Santa Clara / Laurel

 -

1,178 
1,789 
156 
1,179 
1,944 
3,123 
887 

F-77


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

01/01/02

Pembroke Park

 -

475 
1,259 
251 
475 
1,510 
1,985 
654 

01/01/02

Ft. Lauderdale / Sun

 -

452 
1,254 
265 
452 
1,519 
1,971 
608 

01/01/02

San Carlos / Shorewa

 -

737 
1,360 
164 
737 
1,524 
2,261 
557 

01/01/02

Ft. Lauderdale / Sun

 -

532 
1,444 
322 
533 
1,765 
2,298 
739 

01/01/02

Sacramento / Howe

 -

361 
1,181 
70 
361 
1,251 
1,612 
455 

01/01/02

Sacramento / Capitol

 -

186 
1,284 
364 
186 
1,648 
1,834 
802 

01/01/02

Miami / Airport

 -

517 
915 
343 
517 
1,258 
1,775 
613 

01/01/02

Marietta / Cobb Park

 -

419 
1,571 
450 
420 
2,020 
2,440 
970 

01/01/02

Sacramento / Florin

 -

624 
1,710 
1,192 
623 
2,903 
3,526 
1,652 

01/01/02

Belmont / Dairy Lane

 -

915 
1,252 
167 
914 
1,420 
2,334 
607 

01/01/02

So. San Francisco

 -

1,018 
2,464 
359 
1,018 
2,823 
3,841 
1,192 

01/01/02

Palmdale / P Street

 -

218 
1,287 
167 
218 
1,454 
1,672 
590 

01/01/02

Tucker / Montreal Rd

 -

760 
1,485 
266 
758 
1,753 
2,511 
737 

01/01/02

Pasadena / S Fair Oaks

 -

1,313 
1,905 
655 
1,312 
2,561 
3,873 
1,056 

01/01/02

Carmichael/Fair Oaks

 -

584 
1,431 
140 
584 
1,571 
2,155 
625 

01/01/02

Carson / Carson St

 -

507 
877 
194 
506 
1,072 
1,578 
468 

01/01/02

San Jose / Felipe Ave

 -

517 
1,482 
162 
516 
1,645 
2,161 
693 

01/01/02

Miami / 27th Ave

 -

272 
1,572 
404 
271 
1,977 
2,248 
845 

01/01/02

San Jose / Capitol

 -

400 
1,183 
271 
401 
1,453 
1,854 
539 

01/01/02

Tucker / Mountain

 -

519 
1,385 
280 
520 
1,664 
2,184 
672 

01/03/02

St Charles/Veterans Memorial Pkwy

 -

687 
1,602 
294 
687 
1,896 
2,583 
1,008 

01/07/02

Bothell/ N. Bothell Way

 -

1,063 
4,995 
198 
1,062 
5,194 
6,256 
2,511 

01/15/02

Houston / N.Loop

 -

2,045 
6,178 
2,153 
2,045 
8,331 
10,376 
3,716 

01/16/02

Orlando / S. Kirkman

 -

889 
3,180 
175 
889 
3,355 
4,244 
1,873 

01/16/02

Austin / Us Hwy 183

 -

608 
3,856 
172 
608 
4,028 
4,636 
2,240 

01/16/02

Rochelle Park / 168

 -

744 
4,430 
302 
744 
4,732 
5,476 
2,513 

01/16/02

Honolulu / Waialae

 -

10,631 
10,783 
433 
10,629 
11,218 
21,847 
5,976 

01/16/02

Sunny Isles Bch

 -

931 
2,845 
289 
931 
3,134 
4,065 
1,813 

01/16/02

San Ramon / San Ramo

 -

1,522 
3,510 
113 
1,521 
3,624 
5,145 
1,941 

01/16/02

Austin / W. 6th St

 -

2,399 
4,493 
522 
2,399 
5,015 
7,414 
2,804 

F-78


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

01/16/02

Schaumburg / W. Wise

 -

1,158 
2,598 
100 
1,157 
2,699 
3,856 
1,478 

01/16/02

Laguna Hills / Moulton

 -

2,319 
5,200 
307 
2,318 
5,508 
7,826 
2,941 

01/16/02

Annapolis / West St

 -

955 
3,669 
114 
955 
3,783 
4,738 
2,043 

01/16/02

Birmingham / Commons

 -

1,125 
3,938 
277 
1,125 
4,215 
5,340 
2,309 

01/16/02

Crestwood / Watson Rd

 -

1,232 
3,093 
60 
1,176 
3,209 
4,385 
1,717 

01/16/02

Northglenn /Huron St

 -

688 
2,075 
139 
688 
2,214 
2,902 
1,226 

01/16/02

Skokie / Skokie Blvd

 -

716 
5,285 
167 
716 
5,452 
6,168 
2,856 

01/16/02

Garden City / Stewart

 -

1,489 
4,039 
381 
1,489 
4,420 
5,909 
2,440 

01/16/02

Millersville / Veterans

 -

1,036 
4,229 
267 
1,035 
4,497 
5,532 
2,445 

01/16/02

W. Babylon / Sunrise

 -

1,609 
3,959 
229 
1,608 
4,189 
5,797 
2,231 

01/16/02

Memphis / Summer Ave

 -

1,103 
2,772 
177 
1,103 
2,949 
4,052 
1,588 

01/16/02

Santa Clara/Lafayette

 -

1,393 
4,626 
48 
1,393 
4,674 
6,067 
2,349 

01/16/02

Naperville / Washington

 -

2,712 
2,225 
545 
2,712 
2,770 
5,482 
1,491 

01/16/02

Phoenix/W Union Hills

 -

1,071 
2,934 
144 
1,065 
3,084 
4,149 
1,664 

01/16/02

Woodlawn / Whitehead

 -

2,682 
3,355 
130 
2,682 
3,485 
6,167 
1,871 

01/16/02

Issaquah / Pickering

 -

1,138 
3,704 
68 
1,137 
3,773 
4,910 
2,005 

01/16/02

West La /W Olympic

 -

6,532 
5,975 
248 
6,531 
6,224 
12,755 
3,205 

01/16/02

Pasadena / E. Colorado

 -

1,125 
5,160 
182 
1,124 
5,343 
6,467 
2,723 

01/16/02

Memphis / Covington

 -

620 
3,076 
253 
620 
3,329 
3,949 
1,788 

01/16/02

Hiawassee / N.Hiawassee

 -

1,622 
1,892 
179 
1,622 
2,071 
3,693 
1,164 

01/16/02

Longwood / State Rd

 -

2,123 
3,083 
294 
2,123 
3,377 
5,500 
1,945 

01/16/02

Casselberry / State

 -

1,628 
3,308 
133 
1,628 
3,441 
5,069 
1,823 

01/16/02

Honolulu/Kahala

 -

3,722 
8,525 
282 
3,721 
8,808 
12,529 
4,469 

01/16/02

Waukegan / Greenbay

 -

933 
3,826 
109 
933 
3,935 
4,868 
2,036 

01/16/02

Southfield / Telegraph

 -

2,869 
5,507 
246 
2,869 
5,753 
8,622 
2,995 

01/16/02

San Mateo / S. Delaware

 -

1,921 
4,602 
188 
1,921 
4,790 
6,711 
2,432 

01/16/02

Scottsdale/N.Hayden

 -

2,111 
3,564 
99 
2,117 
3,657 
5,774 
1,883 

01/16/02

Gilbert/W Park Ave

 -

497 
3,534 
62 
497 
3,596 
4,093 
1,855 

01/16/02

W.Palm Beach/Okeechobee

 -

2,149 
4,650 
(247)
2,148 
4,404 
6,552 
2,315 

01/16/02

Indianapolis / W.86th

 -

812 
2,421 
410 
812 
2,831 
3,643 
1,516 

F-79


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

01/16/02

Indianapolis / Madison

 -

716 
2,655 
595 
716 
3,250 
3,966 
1,522 

01/16/02

Indianapolis / Rockville

 -

704 
2,704 
973 
704 
3,677 
4,381 
1,662 

01/16/02

Santa Cruz / River

 -

2,148 
6,584 
170 
2,147 
6,755 
8,902 
3,309 

01/16/02

Novato / Rush Landing

 -

1,858 
2,574 
105 
1,858 
2,679 
4,537 
1,396 

01/16/02

Martinez / Arnold Dr

 -

847 
5,422 
69 
847 
5,491 
6,338 
2,654 

01/16/02

Charlotte/Cambridge

 -

836 
3,908 
67 
836 
3,975 
4,811 
2,057 

01/16/02

Rancho Cucamonga

 -

579 
3,222 
3,702 
1,130 
6,373 
7,503 
2,721 

01/16/02

Renton / Kent

 -

768 
4,078 
112 
768 
4,190 
4,958 
2,179 

01/16/02

Hawthorne / Goffle Rd

 -

2,414 
4,918 
119 
2,413 
5,038 
7,451 
2,527 

02/02/02

Nashua / Southwood Dr

 -

2,493 
4,326 
318 
2,493 
4,644 
7,137 
2,256 

02/15/02

Houston/Fm 1960 East

 -

859 
2,004 
195 
859 
2,199 
3,058 
1,088 

03/07/02

Baltimore / Russell Street

 -

1,763 
5,821 
275 
1,763 
6,096 
7,859 
2,910 

03/11/02

Weymouth / Main St

 -

1,440 
4,433 
265 
1,439 
4,699 
6,138 
2,266 

03/28/02

Clinton / Branch Ave & Schultz

 -

1,257 
4,108 
3,855 
2,358 
6,862 
9,220 
2,994 

04/17/02

La Mirada/Alondra

 -

1,749 
5,044 
2,847 
2,575 
7,065 
9,640 
3,098 

05/01/02

N.Richlnd Hls/Rufe Snow Dr

 -

632 
6,337 
2,520 
631 
8,858 
9,489 
4,027 

05/02/02

Parkville/E.Joppa

 -

898 
4,306 
185 
898 
4,491 
5,389 
2,103 

06/17/02

Waltham / Lexington St

 -

3,183 
5,733 
368 
3,203 
6,081 
9,284 
2,832 

06/30/02

Nashville / Charlotte

 -

876 
2,004 
192 
876 
2,196 
3,072 
1,085 

07/02/02

Mt Juliet / Lebonan Rd

 -

516 
1,203 
258 
516 
1,461 
1,977 
772 

07/14/02

Yorktown / George Washington

 -

707 
1,684 
171 
707 
1,855 
2,562 
933 

07/22/02

Brea/E. Lambert & Clifwood Pk

 -

2,114 
3,555 
203 
2,113 
3,759 
5,872 
1,752 

08/01/02

Bricktown/Route 70

 -

1,292 
3,690 
227 
1,292 
3,917 
5,209 
1,809 

08/01/02

Danvers / Newbury St.

 -

1,311 
4,140 
710 
1,326 
4,835 
6,161 
2,204 

08/15/02

Montclair / Holt Blvd.

 -

889 
2,074 
719 
889 
2,793 
3,682 
1,476 

08/21/02

Rockville Centre/Merrick Rd

 -

3,693 
6,990 
439 
3,692 
7,430 
11,122 
3,427 

09/13/02

Lacey / Martin Way

 -

1,379 
3,217 
146 
1,379 
3,363 
4,742 
1,399 

09/13/02

Lakewood / Bridgeport

 -

1,286 
3,000 
164 
1,286 
3,164 
4,450 
1,326 

09/13/02

Kent / Pacific Highway

 -

1,839 
4,291 
271 
1,839 
4,562 
6,401 
1,933 

11/04/02

Scotch Plains /Route 22

 -

2,124 
5,072 
143 
2,126 
5,213 
7,339 
2,428 

F-80


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

12/23/02

Snta Clarita/Viaprincssa

 -

2,508 
3,008 
3,667 
2,508 
6,675 
9,183 
2,843 

02/13/03

Pasadena / Ritchie Hwy       

 -

2,253 
4,218 
24 
2,253 
4,242 
6,495 
1,869 

02/13/03

Malden / Eastern Ave         

 -

3,212 
2,739 
168 
3,212 
2,907 
6,119 
1,305 

02/24/03

Miami / SW 137th Ave         

 -

1,600 
4,684 
(181)
1,600 
4,503 
6,103 
1,983 

03/03/03

Chantilly / Dulles South Court

 -

2,190 
4,314 
132 
2,101 
4,535 
6,636 
1,953 

03/06/03

Medford / Mystic Ave         

 -

3,886 
4,982 
47 
3,885 
5,030 
8,915 
2,187 

05/27/03

Castro Valley / Grove Way    

 -

2,247 
5,881 
1,022 
2,307 
6,843 
9,150 
3,003 

08/02/03

Sacramento / E.Stockton Blvd 

 -

554 
4,175 
119 
554 
4,294 
4,848 
1,862 

08/13/03

Timonium / W. Padonia Road   

 -

1,932 
3,681 
65 
1,932 
3,746 
5,678 
1,588 

08/21/03

Van Nuys / Sepulveda

 -

1,698 
3,886 
2,400 
1,698 
6,286 
7,984 
2,347 

09/09/03

Westwood / East St           

 -

3,267 
5,013 
409 
3,288 
5,401 
8,689 
2,322 

10/21/03

San Diego / Miramar Road     

 -

2,244 
6,653 
700 
2,243 
7,354 
9,597 
3,058 

11/03/03

El Sobrante/San Pablo

 -

1,255 
4,990 
1,397 
1,257 
6,385 
7,642 
3,027 

11/06/03

Pearl City / Kamehameha Hwy  

 -

4,428 
4,839 
688 
4,430 
5,525 
9,955 
2,292 

12/23/03

Boston / Southampton Street  

 -

5,334 
7,511 
867 
5,345 
8,367 
13,712 
3,408 

01/09/04

Farmingville / Horseblock Road

 -

1,919 
4,420 
16 
1,918 
4,437 
6,355 
1,807 

02/27/04

Salem / Goodhue St.

 -

1,544 
6,160 
121 
1,544 
6,281 
7,825 
2,523 

03/18/04

Seven Corners / Arlington Blvd.

 -

6,087 
7,553 
(186)
6,085 
7,369 
13,454 
2,910 

06/30/04

Marlton / Route 73

 -

1,103 
5,195 
(13)
1,103 
5,182 
6,285 
2,243 

07/01/04

Long Island City/Northern Blvd.

 -

4,876 
7,610 
(69)
4,876 
7,541 
12,417 
2,973 

07/09/04

West Valley Cty/Redwood

 -

876 
2,067 
691 
883 
2,751 
3,634 
1,351 

07/12/04

Hicksville/E. Old Country Rd.

 -

1,693 
3,910 
234 
1,692 
4,145 
5,837 
1,605 

07/15/04

Harwood/Ronald

 -

1,619 
3,778 
273 
1,619 
4,051 
5,670 
1,666 

09/24/04

E. Hanover/State Rt

 -

3,895 
4,943 
249 
3,895 
5,192 
9,087 
1,944 

10/14/04

Apple Valley/148th St

208 
591 
1,375 
252 
592 
1,626 
2,218 
717 

10/14/04

Blaine / Hwy 65 NE

326 
789 
1,833 
859 
713 
2,768 
3,481 
1,079 

10/14/04

Brooklyn Park / Lakeland Ave

 -

1,411 
3,278 
315 
1,413 
3,591 
5,004 
1,486 

10/14/04

Brooklyn Park / Xylon Ave

387 
1,120 
2,601 
403 
1,121 
3,003 
4,124 
1,346 

10/14/04

St Paul(Eagan)/Sibley Mem'l Hwy

208 
615 
1,431 
172 
616 
1,602 
2,218 
673 

10/14/04

Maple Grove / Zachary Lane

426 
1,337 
3,105 
108 
1,338 
3,212 
4,550 
1,225 

F-81


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

10/14/04

Minneapolis / Hiawatha Ave

490 
1,480 
3,437 
308 
1,481 
3,744 
5,225 
1,512 

10/14/04

New Hope / 36th Ave

504 
1,332 
3,094 
953 
1,333 
4,046 
5,379 
1,834 

10/14/04

Rosemount / Chippendale Ave

284 
864 
2,008 
154 
865 
2,161 
3,026 
863 

10/14/04

St Cloud/Franklin

191 
575 
1,338 
121 
576 
1,458 
2,034 
581 

10/14/04

Savage / W 128th St

494 
1,522 
3,535 
209 
1,523 
3,743 
5,266 
1,470 

10/14/04

Spring Lake Park/Hwy 65 NE

530 
1,534 
3,562 
559 
1,535 
4,120 
5,655 
1,804 

10/14/04

St Paul / Eaton St

 -

1,161 
2,698 
208 
1,163 
2,904 
4,067 
1,167 

10/14/04

St Paul-Hartzell / Wabash Ave

 -

1,207 
2,816 
427 
1,206 
3,244 
4,450 
1,371 

10/14/04

West St Paul / Marie Ave

 -

1,447 
3,361 
1,453 
1,449 
4,812 
6,261 
2,386 

10/14/04

Stillwater / Memorial Ave

541 
1,669 
3,876 
226 
1,671 
4,100 
5,771 
1,590 

10/14/04

St Paul-VadnaisHts/Birch Lake Rd

324 
928 
2,157 
374 
929 
2,530 
3,459 
1,106 

10/14/04

Woodbury / Hudson Road

 -

1,863 
4,327 
390 
1,865 
4,715 
6,580 
1,876 

10/14/04

Brown Deer / N Green Bay Rd

348 
1,059 
2,461 
194 
1,060 
2,654 
3,714 
1,068 

10/14/04

Germantown / Spaten Court

198 
607 
1,411 
94 
608 
1,504 
2,112 
591 

10/14/04

Milwaukee/ N 77th St

416 
1,241 
2,882 
318 
1,242 
3,199 
4,441 
1,299 

10/14/04

Milwaukee/ S 13th St

486 
1,484 
3,446 
254 
1,485 
3,699 
5,184 
1,468 

10/14/04

Oak Creek / S 27th St

252 
751 
1,746 
193 
752 
1,938 
2,690 
792 

10/14/04

Waukesha / Arcadian Ave

550 
1,665 
3,868 
332 
1,667 
4,198 
5,865 
1,719 

10/14/04

West Allis / W Lincoln Ave

460 
1,390 
3,227 
291 
1,391 
3,517 
4,908 
1,414 

10/14/04

Garland / O'Banion Rd

 -

606 
1,414 
166 
608 
1,578 
2,186 
677 

10/14/04

Grand Prairie/ Hwy360

 -

942 
2,198 
176 
944 
2,372 
3,316 
957 

10/14/04

Duncanville/N Duncnvill

 -

1,524 
3,556 
606 
1,525 
4,161 
5,686 
1,738 

10/14/04

Lancaster/ W Pleasant

 -

993 
2,317 
164 
995 
2,479 
3,474 
993 

10/14/04

Mesquite / Oates Dr

 -

937 
2,186 
173 
939 
2,357 
3,296 
953 

10/14/04

Dallas / E NW Hwy

 -

942 
2,198 
183 
944 
2,379 
3,323 
954 

11/24/04

Pompano Beach/E. Sample

 -

1,608 
3,754 
279 
1,621 
4,020 
5,641 
1,549 

11/24/04

Davie / SW 41st St.

 -

2,467 
5,758 
272 
2,466 
6,031 
8,497 
2,345 

11/24/04

North Bay Village/Kennedy

 -

3,275 
7,644 
301 
3,274 
7,946 
11,220 
3,048 

11/24/04

Miami / Biscayne Blvd

 -

3,538 
8,258 
250 
3,537 
8,509 
12,046 
3,286 

11/24/04

Miami Gardens/NW 57th St

 -

2,706 
6,316 
218 
2,706 
6,534 
9,240 
2,509 

F-82


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

11/24/04

Tamarac/ N University Dr

 -

2,580 
6,022 
263 
2,580 
6,285 
8,865 
2,390 

11/24/04

Miami / SW 31st Ave

 -

11,574 
27,009 
392 
11,571 
27,404 
38,975 
10,194 

11/24/04

Hialeah / W 20th Ave

 -

2,224 
5,192 
498 
2,224 
5,690 
7,914 
2,428 

11/24/04

Miami / SW 42nd St

 -

2,955 
6,897 
594 
2,958 
7,488 
10,446 
3,148 

11/24/04

Miami / SW 40th St

 -

2,933 
6,844 
639 
2,932 
7,484 
10,416 
3,170 

11/25/04

Carlsbad/CorteDelAbeto

 -

2,861 
6,676 
3,216 
2,861 
9,892 
12,753 
3,460 

01/19/05

Cheektowaga / William St     

 -

965 
2,262 
82 
964 
2,345 
3,309 
1,003 

01/19/05

Amherst / Millersport Hwy    

 -

1,431 
3,350 
97 
1,431 
3,447 
4,878 
1,476 

01/19/05

Lancaster / Walden Ave       

 -

528 
1,244 
145 
528 
1,389 
1,917 
618 

01/19/05

Tonawanda/HospitalityCentreWay

 -

1,205 
2,823 
92 
1,205 
2,915 
4,120 
1,237 

01/19/05

Wheatfield / Niagara Falls Blv

 -

1,130 
2,649 
74 
1,130 
2,723 
3,853 
1,164 

01/20/05

Oak Lawn / Southwest Hwy     

 -

1,850 
4,330 
251 
1,850 
4,581 
6,431 
1,974 

02/25/05

Owings Mills / Reisterstown Rd

 -

887 
3,865 
20 
887 
3,885 
4,772 
1,393 

04/26/05

Hoboken / 8th St             

 -

3,963 
9,290 
545 
3,962 
9,836 
13,798 
4,215 

05/03/05

Bayville / 939 Route 9       

 -

1,928 
4,519 
127 
1,928 
4,646 
6,574 
1,938 

05/03/05

Bricktown / Burnt Tavern Rd  

 -

3,522 
8,239 
208 
3,521 
8,448 
11,969 
3,492 

05/03/05

JacksonTwnshp/N.County Line Rd

 -

1,555 
3,647 
117 
1,554 
3,765 
5,319 
1,557 

05/16/05

Methuen / Pleasant Valley St 

 -

2,263 
4,540 
205 
2,263 
4,745 
7,008 
1,681 

05/19/05

Libertyville / Kelley Crt    

 -

2,042 
4,783 
141 
2,042 
4,924 
6,966 
2,037 

05/19/05

Joliet / Essington           

 -

1,434 
3,367 
166 
1,434 
3,533 
4,967 
1,487 

06/15/05

Atlanta/Howell Mill Rd NW    

 -

1,864 
4,363 
98 
1,864 
4,461 
6,325 
1,816 

06/15/05

Smyrna / Herodian Way SE     

 -

1,294 
3,032 
220 
1,293 
3,253 
4,546 
1,324 

07/07/05

Lithonia / Minola Dr         

 -

1,273 
2,985 
160 
1,272 
3,146 
4,418 
1,301 

07/14/05

Kennesaw / Bells Ferry Rd NW 

 -

1,264 
2,976 
856 
1,264 
3,832 
5,096 
1,512 

07/28/05

Atlanta / Monroe Dr NE       

 -

2,914 
6,829 
1,111 
2,913 
7,941 
10,854 
3,142 

08/11/05

Suwanee / Old Peachtree Rd NE

 -

1,914 
4,497 
275 
1,914 
4,772 
6,686 
1,963 

09/08/05

Brandon / Providence Rd      

 -

2,592 
6,067 
233 
2,592 
6,300 
8,892 
2,497 

09/15/05

Woodstock / Hwy 92           

 -

1,251 
2,935 
120 
1,250 
3,056 
4,306 
1,223 

09/22/05

Charlotte / W. Arrowood Rd   

 -

1,426 
3,335 
(122)
1,153 
3,486 
4,639 
1,373 

10/05/05

Jacksonville Beach / Beach Bl

 -

2,552 
5,981 
232 
2,552 
6,213 
8,765 
2,478 

F-83


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

10/05/05

Bronx / Brush Ave            

 -

4,517 
10,581 
237 
4,516 
10,819 
15,335 
4,243 

10/11/05

Austin / E. Ben White Blvd

 -

213 
3,461 
26 
213 
3,487 
3,700 
1,090 

10/13/05

Deerfield Beach/S. Powerline R

 -

3,365 
7,874 
296 
3,364 
8,171 
11,535 
3,197 

10/14/05

Cooper City / Sheridan St    

 -

3,035 
7,092 
304 
3,034 
7,397 
10,431 
2,917 

10/20/05

Staten Island / Veterans Rd W.

 -

3,599 
8,430 
273 
3,598 
8,704 
12,302 
3,421 

10/20/05

Pittsburg / LoveridgeCenter  

 -

3,602 
8,448 
158 
3,601 
8,607 
12,208 
3,353 

10/21/05

Norristown / W.Main St       

 -

1,465 
4,818 
349 
1,465 
5,167 
6,632 
1,700 

11/02/05

Miller Place / Route 25A     

 -

2,757 
6,459 
249 
2,757 
6,708 
9,465 
4,734 

11/18/05

Miami / Biscayne Blvd

 -

7,434 
17,268 
452 
7,433 
17,721 
25,154 
6,804 

12/01/05

Manchester / Taylor St       

 -

1,305 
3,029 
191 
1,305 
3,220 
4,525 
1,334 

12/07/05

Buffalo Grove/E. Aptakisic Rd

 -

1,986 
4,635 
141 
1,986 
4,776 
6,762 
1,858 

12/13/05

Lorton / Pohick Rd & I95     

 -

1,167 
4,582 
430 
1,184 
4,995 
6,179 
1,665 

12/16/05

Pico Rivera / Washington Blvd

 -

4,719 
11,012 
116 
4,719 
11,128 
15,847 
4,274 

12/27/05

Queens Village / Jamaica Ave 

 -

3,409 
5,494 
107 
3,409 
5,601 
9,010 
2,017 

01/01/06

Costa Mesa / Placentia-A

 -

275 
754 
239 
275 
993 
1,268 
318 

01/01/06

Van Nuys / Sepulveda-A

 -

497 
886 
138 
497 
1,024 
1,521 
343 

01/01/06

Pico Rivera / Beverly

 -

303 
865 
62 
303 
927 
1,230 
247 

01/01/06

San Dimas

 -

222 
1,505 
285 
222 
1,790 
2,012 
611 

01/01/06

Long Beach / Cherry Ave

 -

801 
1,723 
2,981 
801 
4,704 
5,505 
629 

01/01/06

E.LA / Valley Blvd

 -

670 
1,845 
400 
685 
2,230 
2,915 
831 

01/01/06

Glendale / Eagle Rock Blvd

 -

1,240 
1,831 
227 
1,240 
2,058 
3,298 
1,470 

01/01/06

N. Pasadena / Lincoln Ave

 -

357 
535 
65 
357 
600 
957 
181 

01/01/06

Crossroads Pkwy/ 605 & 60 Fwys

 -

146 
773 
71 
146 
844 
990 
258 

01/01/06

Fremont / Enterprise

 -

122 
727 
223 
122 
950 
1,072 
344 

01/01/06

Milpitas/Montague I &Watson Ct

 -

212 
607 
176 
212 
783 
995 
229 

01/01/06

Wilmington

 -

890 
1,345 
202 
890 
1,547 
2,437 
447 

01/01/06

Sun Valley / Glenoaks

 -

359 
616 
91 
359 
707 
1,066 
192 

01/01/06

Corona

 -

169 
722 
131 
169 
853 
1,022 
192 

01/01/06

Norco

 -

106 
410 
77 
106 
487 
593 
109 

01/01/06

N. Hollywood / Vanowen

 -

343 
567 
82 
343 
649 
992 
199 

F-84


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

01/05/06

Norfolk/Widgeon Rd.

 -

1,328 
3,125 
189 
1,328 
3,314 
4,642 
1,259 

01/11/06

Goleta/Hollister&Stork

 -

2,873 
6,788 
211 
2,873 
6,999 
9,872 
2,685 

02/15/06

RockvilleCtr/Sunrs

 -

1,813 
4,264 
1,548 
1,813 
5,812 
7,625 
2,266 

03/16/06

Deerfield/S. Pfingsten Rd.

 -

1,953 
4,569 
159 
1,953 
4,728 
6,681 
1,802 

03/28/06

Pembroke Pines/S. Douglas Rd.

 -

3,008 
7,018 
161 
3,008 
7,179 
10,187 
2,678 

03/30/06

Miami/SW 24th Ave.

 -

4,272 
9,969 
237 
4,272 
10,206 
14,478 
3,753 

03/31/06

San Diego/MiraMesa&PacHts

 -

2,492 
7,127 
5,402 
3,794 
11,227 
15,021 
2,336 

05/01/06

Wilmington/Kirkwood Hwy

 -

1,572 
3,672 
231 
1,572 
3,903 
5,475 
1,471 

05/01/06

Jupiter/5100 Military Trail

 -

4,397 
10,266 
238 
4,397 
10,504 
14,901 
3,834 

05/01/06

Neptune/Neptune Blvd.

 -

3,240 
7,564 
193 
3,240 
7,757 
10,997 
2,860 

05/15/06

Suwanee/Peachtree Pkwy

 -

2,483 
5,799 
108 
2,483 
5,907 
8,390 
2,144 

05/26/06

Honolulu/Kapiolani&Kamake

 -

9,329 
20,400 
572 
9,329 
20,972 
30,301 
6,479 

06/06/06

Tampa/30th St

 -

2,283 
5,337 
202 
2,283 
5,539 
7,822 
2,023 

06/22/06

Centennial/S. Parker Rd.

 -

1,786 
4,173 
163 
1,786 
4,336 
6,122 
1,585 

07/01/06

Brooklyn/Knapp St

 -

6,701 
5,088 
61 
6,701 
5,149 
11,850 
1,556 

08/22/06

Scottsdale North

 -

5,037 
14,000 
373 
5,036 
14,374 
19,410 
4,510 

08/22/06

Dobson Ranch

 -

1,896 
5,065 
183 
1,896 
5,248 
7,144 
1,659 

08/22/06

Scottsdale Air Park

 -

1,560 
7,060 
80 
1,560 
7,140 
8,700 
2,180 

08/22/06

Shea

 -

2,271 
6,402 
80 
2,270 
6,483 
8,753 
1,990 

08/22/06

Collonade Mall

 -

 -

3,569 
90 

 -

3,659 
3,659 
1,140 

08/22/06

Union Hills

 -

2,618 
5,357 
111 
2,617 
5,469 
8,086 
1,698 

08/22/06

Speedway

 -

1,921 
6,105 
233 
1,920 
6,339 
8,259 
2,035 

08/22/06

Mill Avenue

 -

621 
2,447 
141 
621 
2,588 
3,209 
851 

08/22/06

Cooper Road

 -

2,378 
3,970 
128 
2,377 
4,099 
6,476 
1,298 

08/22/06

Desert Sky

 -

1,603 
4,667 
172 
1,603 
4,839 
6,442 
1,525 

08/22/06

Tanque Verde Road

 -

1,636 
3,714 
89 
1,636 
3,803 
5,439 
1,177 

08/22/06

Oro Valley

 -

1,729 
6,158 
95 
1,728 
6,254 
7,982 
1,929 

08/22/06

Sunnyvale

 -

5,647 
16,555 
314 
5,646 
16,870 
22,516 
5,203 

08/22/06

El Cerito

 -

2,002 
8,710 
217 
2,001 
8,928 
10,929 
2,767 

08/22/06

Westwood

 -

7,826 
13,848 
703 
7,824 
14,553 
22,377 
4,659 

F-85


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

08/22/06

El Cajon

 -

7,490 
13,341 
1,900 
7,488 
15,243 
22,731 
5,046 

08/22/06

Santa Ana

 -

12,432 
10,961 
837 
12,429 
11,801 
24,230 
4,041 

08/22/06

Culver City / 405 & Jefferson

 -

3,689 
14,555 
241 
3,688 
14,797 
18,485 
4,555 

08/22/06

Solana Beach

 -

 -

11,163 
393 

 -

11,556 
11,556 
3,655 

08/22/06

Huntington Beach

 -

3,914 
11,064 
285 
3,913 
11,350 
15,263 
3,501 

08/22/06

Ontario

 -

2,904 
5,762 
362 
2,904 
6,124 
9,028 
1,965 

08/22/06

Orange

 -

2,421 
9,184 
293 
2,421 
9,477 
11,898 
2,951 

08/22/06

Daly City

 -

4,034 
13,280 
1,052 
4,033 
14,333 
18,366 
4,604 

08/22/06

Castro Valley

 -

3,682 
5,986 
253 
3,681 
6,240 
9,921 
1,919 

08/22/06

Newark

 -

3,550 
6,512 
121 
3,550 
6,633 
10,183 
2,030 

08/22/06

Sacramento

 -

1,864 
4,399 
108 
1,864 
4,507 
6,371 
1,408 

08/22/06

San Leandro

 -

2,979 
4,776 
126 
2,979 
4,902 
7,881 
1,528 

08/22/06

San Lorenzo

 -

1,842 
4,387 
152 
1,841 
4,540 
6,381 
1,445 

08/22/06

Tracy

 -

959 
3,791 
150 
959 
3,941 
4,900 
1,244 

08/22/06

Aliso Viejo

 -

6,640 
11,486 
181 
6,639 
11,668 
18,307 
3,574 

08/22/06

Alicia Parkway

 -

5,669 
12,680 
576 
5,668 
13,257 
18,925 
4,294 

08/22/06

Capitol Expressway

 -

 -

3,970 
98 

 -

4,068 
4,068 
1,267 

08/22/06

Vista Park

 -

 -

 -

158 

 -

158 
158 
107 

08/22/06

Oakley

 -

2,419 
5,452 
232 
2,418 
5,685 
8,103 
1,845 

08/22/06

Livermore

 -

2,972 
6,816 
141 
2,971 
6,958 
9,929 
2,134 

08/22/06

Sand City

 -

2,563 
8,291 
95 
2,563 
8,386 
10,949 
2,561 

08/22/06

Tracy II

 -

1,762 
4,487 
138 
1,762 
4,625 
6,387 
1,450 

08/22/06

SF-Evans

 -

3,966 
7,487 
513 
3,965 
8,001 
11,966 
2,692 

08/22/06

Natomas

 -

1,302 
5,063 
122 
1,302 
5,185 
6,487 
1,625 

08/22/06

Golden / 6th & Simms

 -

853 
2,817 
247 
853 
3,064 
3,917 
998 

08/22/06

Littleton / Hampden - South

 -

1,040 
2,261 
54 
1,040 
2,315 
3,355 
725 

08/22/06

Margate

 -

3,482 
5,742 
297 
3,482 
6,039 
9,521 
1,938 

08/22/06

Delray Beach

 -

3,546 
7,076 
190 
3,546 
7,266 
10,812 
2,271 

08/22/06

Lauderhill

 -

2,807 
6,668 
166 
2,807 
6,834 
9,641 
2,140 

08/22/06

Roswell

 -

908 
3,308 
256 
908 
3,564 
4,472 
1,177 

F-86


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

08/22/06

Morgan Falls

 -

3,229 
7,844 
229 
3,228 
8,074 
11,302 
2,480 

08/22/06

Norcross

 -

724 
2,197 
189 
724 
2,386 
3,110 
800 

08/22/06

Stone Mountain

 -

500 
2,055 
183 
500 
2,238 
2,738 
749 

08/22/06

Tucker

 -

731 
2,664 
247 
731 
2,911 
3,642 
970 

08/22/06

Forest Park

 -

502 
1,731 
229 
502 
1,960 
2,462 
667 

08/22/06

Clairmont Road

 -

804 
2,345 
153 
804 
2,498 
3,302 
804 

08/22/06

Gwinnett Place

 -

1,728 
3,982 
158 
1,728 
4,140 
5,868 
1,285 

08/22/06

Perimeter Center

 -

3,414 
8,283 
258 
3,413 
8,542 
11,955 
2,629 

08/22/06

Peachtree Industrial Blvd.

 -

2,443 
6,682 
296 
2,442 
6,979 
9,421 
2,162 

08/22/06

Satellite Blvd

 -

1,940 
3,907 
199 
1,940 
4,106 
6,046 
1,312 

08/22/06

Hillside

 -

1,949 
3,611 
213 
1,949 
3,824 
5,773 
1,247 

08/22/06

Orland Park

 -

2,977 
5,443 
221 
2,976 
5,665 
8,641 
1,807 

08/22/06

Bolingbrook / Brook Ct

 -

1,342 
2,133 
148 
1,342 
2,281 
3,623 
749 

08/22/06

Wheaton

 -

1,531 
5,584 
241 
1,531 
5,825 
7,356 
1,818 

08/22/06

Lincolnwood  / Touhy

 -

700 
3,307 
100 
700 
3,407 
4,107 
1,067 

08/22/06

Niles

 -

826 
1,473 
181 
826 
1,654 
2,480 
555 

08/22/06

Berwyn

 -

728 
5,310 
282 
728 
5,592 
6,320 
1,785 

08/22/06

Chicago Hts / N Western

 -

1,367 
3,359 
138 
1,367 
3,497 
4,864 
1,125 

08/22/06

River West

 -

296 
2,443 
224 
296 
2,667 
2,963 
899 

08/22/06

Fullerton

 -

1,369 
6,500 
410 
1,369 
6,910 
8,279 
2,297 

08/22/06

Glenview West

 -

1,283 
2,621 
264 
1,282 
2,886 
4,168 
931 

08/22/06

Glendale  / Keystone Ave.

 -

1,733 
3,958 
223 
1,733 
4,181 
5,914 
1,336 

08/22/06

College Park / W. 86th St.

 -

1,381 
2,669 
56 
1,381 
2,725 
4,106 
859 

08/22/06

Carmel / N. Range Line Rd.

 -

2,580 
5,025 
260 
2,580 
5,285 
7,865 
1,660 

08/22/06

Geogetown / Georgetown Rd.

 -

1,263 
4,224 
144 
1,263 
4,368 
5,631 
1,372 

08/22/06

Fishers / Allisonville Rd.

 -

2,106 
3,629 
367 
2,105 
3,997 
6,102 
1,360 

08/22/06

Castleton / Corporate Dr.

 -

914 
2,465 
140 
914 
2,605 
3,519 
865 

08/22/06

Geist / Fitness Lane

 -

2,133 
3,718 
93 
2,133 
3,811 
5,944 
1,205 

08/22/06

Indianapolis / E. 6nd St.

 -

444 
2,141 
81 
444 
2,222 
2,666 
709 

08/22/06

Suitland

 -

2,337 
5,799 
256 
2,336 
6,056 
8,392 
1,942 

F-87


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

08/22/06

Gaithersburg

 -

4,239 
8,516 
252 
4,238 
8,769 
13,007 
2,791 

08/22/06

Germantown

 -

2,057 
4,510 
234 
2,057 
4,744 
6,801 
1,551 

08/22/06

Briggs Chaney

 -

2,073 
2,802 
104 
2,024 
2,955 
4,979 
933 

08/22/06

Oxon Hill

 -

1,557 
3,971 
127 
1,556 
4,099 
5,655 
1,294 

08/22/06

Frederick / Thomas Johnson

 -

1,811 
2,695 
245 
1,811 
2,940 
4,751 
1,006 

08/22/06

Clinton

 -

2,728 
5,363 
87 
2,728 
5,450 
8,178 
1,699 

08/22/06

Reisterstown

 -

833 
2,035 
120 
833 
2,155 
2,988 
708 

08/22/06

Plymouth

 -

2,018 
4,415 
155 
2,017 
4,571 
6,588 
1,453 

08/22/06

Madison Heights

 -

2,354 
4,391 
162 
2,354 
4,553 
6,907 
1,483 

08/22/06

Ann Arbor

 -

1,921 
4,068 
127 
1,920 
4,196 
6,116 
1,320 

08/22/06

Canton

 -

710 
4,287 
209 
710 
4,496 
5,206 
1,450 

08/22/06

Fraser

 -

2,026 
5,393 
175 
2,025 
5,569 
7,594 
1,764 

08/22/06

Livonia

 -

1,849 
3,860 
167 
1,848 
4,028 
5,876 
1,269 

08/22/06

Sterling Heights

 -

2,996 
5,358 
187 
2,995 
5,546 
8,541 
1,763 

08/22/06

Warren

 -

3,345 
7,004 
137 
3,344 
7,142 
10,486 
2,200 

08/22/06

Rochester

 -

1,876 
3,032 
213 
1,876 
3,245 
5,121 
1,080 

08/22/06

Taylor

 -

1,635 
4,808 
183 
1,634 
4,992 
6,626 
1,587 

08/22/06

Jackson

 -

442 
1,756 
272 
442 
2,028 
2,470 
690 

08/22/06

Troy

 -

1,237 
2,093 
46 
1,237 
2,139 
3,376 
676 

08/22/06

Rochester Hills

 -

1,780 
4,559 
81 
1,780 
4,640 
6,420 
1,429 

08/22/06

Auburn Hills

 -

1,888 
3,017 
155 
1,887 
3,173 
5,060 
1,030 

08/22/06

Flint South

 -

543 
3,068 
148 
542 
3,217 
3,759 
1,019 

08/22/06

Troy - Maple

 -

2,570 
5,775 
132 
2,570 
5,907 
8,477 
1,822 

08/22/06

Matawan

 -

4,282 
7,813 
529 
4,282 
8,342 
12,624 
2,783 

08/22/06

Marlboro

 -

2,214 
5,868 
223 
2,214 
6,091 
8,305 
1,933 

08/22/06

Voorhees

 -

2,705 
5,486 
123 
2,705 
5,609 
8,314 
1,728 

08/22/06

Dover/Rockaway

 -

3,395 
5,327 
139 
3,394 
5,467 
8,861 
1,696 

08/22/06

Marlton

 -

1,635 
2,273 
108 
1,635 
2,381 
4,016 
768 

08/22/06

West Paterson

 -

701 
5,689 
317 
701 
6,006 
6,707 
1,965 

08/22/06

Yonkers

 -

4,473 
9,925 
3,076 
4,473 
13,001 
17,474 
5,014 

F-88


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

08/22/06

Van Dam Street

 -

3,527 
6,935 
2,934 
3,527 
9,869 
13,396 
4,399 

08/22/06

Northern Blvd

 -

5,373 
9,970 
3,003 
5,372 
12,974 
18,346 
6,499 

08/22/06

Gold Street

 -

6,747 
16,544 
3,715 
6,746 
20,260 
27,006 
8,449 

08/22/06

Utica Avenue

 -

7,746 
13,063 
1,682 
7,744 
14,747 
22,491 
5,490 

08/22/06

Melville

 -

4,659 
6,572 
3,623 
4,658 
10,196 
14,854 
2,757 

08/22/06

Westgate

 -

697 
1,211 
163 
697 
1,374 
2,071 
494 

08/22/06

Capital Boulevard

 -

757 
1,681 
124 
757 
1,805 
2,562 
605 

08/22/06

Cary

 -

1,145 
5,104 
283 
1,145 
5,387 
6,532 
1,727 

08/22/06

Garner

 -

529 
1,211 
127 
529 
1,338 
1,867 
453 

08/22/06

Morrisville

 -

703 
1,880 
161 
703 
2,041 
2,744 
690 

08/22/06

Atlantic Avenue

 -

1,693 
6,293 
260 
1,692 
6,554 
8,246 
2,050 

08/22/06

Friendly Avenue

 -

1,169 
3,043 
238 
1,169 
3,281 
4,450 
1,082 

08/22/06

Glenwood Avenue

 -

1,689 
4,948 
213 
1,689 
5,161 
6,850 
1,639 

08/22/06

Poole Road

 -

1,271 
2,919 
189 
1,271 
3,108 
4,379 
1,002 

08/22/06

South Raleigh

 -

800 
2,219 
180 
800 
2,399 
3,199 
779 

08/22/06

Wendover

 -

2,891 
7,656 
254 
2,891 
7,910 
10,801 
2,517 

08/22/06

Beaverton / Hwy 217

 -

2,130 
3,908 
133 
2,130 
4,041 
6,171 
1,287 

08/22/06

Gresham / Hogan Rd

 -

1,957 
4,438 
157 
1,957 
4,595 
6,552 
1,490 

08/22/06

Hillsboro / TV Hwy

 -

3,095 
8,504 
115 
3,095 
8,619 
11,714 
2,650 

08/22/06

Westchester

 -

 -

5,735 
453 

 -

6,188 
6,188 
1,993 

08/22/06

Airport

 -

4,597 
8,728 
334 
4,596 
9,063 
13,659 
2,901 

08/22/06

Oxford Valley

 -

2,430 
5,365 
144 
2,430 
5,509 
7,939 
1,730 

08/22/06

Valley Forge

 -

 -

 -

100 

 -

100 
100 
75 

08/22/06

Jenkintown

 -

 -

 -

66 

 -

66 
66 
48 

08/22/06

Burke

 -

2,522 
4,019 
100 
2,521 
4,120 
6,641 
1,273 

08/22/06

Midlothian Turnpike

 -

1,978 
3,244 
113 
1,978 
3,357 
5,335 
1,077 

08/22/06

South Military Highway

 -

1,611 
2,903 
97 
1,610 
3,001 
4,611 
947 

08/22/06

Newport News North

 -

2,073 
4,067 
132 
2,072 
4,200 
6,272 
1,320 

08/22/06

Virginia Beach Blvd.

 -

2,743 
4,786 
182 
2,743 
4,968 
7,711 
1,571 

08/22/06

Bayside

 -

1,570 
2,708 
71 
1,570 
2,779 
4,349 
869 

F-89


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

08/22/06

Chesapeake

 -

1,507 
4,296 
159 
1,506 
4,456 
5,962 
1,375 

08/22/06

Leesburg

 -

1,935 
2,485 
111 
1,935 
2,596 
4,531 
818 

08/22/06

Dale City

 -

1,885 
3,335 
180 
1,885 
3,515 
5,400 
1,141 

08/22/06

Gainesville

 -

1,377 
2,046 
167 
1,377 
2,213 
3,590 
735 

08/22/06

Charlottesville

 -

1,481 
2,397 
116 
1,481 
2,513 
3,994 
815 

08/22/06

Laskin Road

 -

1,448 
2,634 
126 
1,447 
2,761 
4,208 
874 

08/22/06

Holland Road

 -

1,565 
2,227 
1,041 
1,387 
3,446 
4,833 
908 

08/22/06

Princess Anne Road

 -

1,479 
2,766 
66 
1,478 
2,833 
4,311 
888 

08/22/06

Cedar Road

 -

1,138 
2,083 
117 
1,138 
2,200 
3,338 
706 

08/22/06

Crater Road

 -

1,497 
2,266 
163 
1,497 
2,429 
3,926 
806 

08/22/06

Temple

 -

993 
2,231 
216 
993 
2,447 
3,440 
823 

08/22/06

Jefferson Davis Hwy

 -

954 
2,156 
74 
954 
2,230 
3,184 
706 

08/22/06

McLean

 -

 -

8,815 
180 

 -

8,995 
8,995 
5,627 

08/22/06

Burke Centre

 -

4,756 
8,705 
230 
4,756 
8,935 
13,691 
2,777 

08/22/06

Fordson

 -

3,063 
5,235 
146 
3,063 
5,381 
8,444 
1,679 

08/22/06

Fullerton

 -

4,199 
8,867 
302 
4,199 
9,169 
13,368 
2,896 

08/22/06

Telegraph

 -

2,183 
4,467 
202 
2,183 
4,669 
6,852 
1,482 

08/22/06

Mt Vernon

 -

4,876 
11,544 
372 
4,875 
11,917 
16,792 
3,726 

08/22/06

Bellingham

 -

2,160 
4,340 
200 
2,160 
4,540 
6,700 
1,453 

08/22/06

Everett Central

 -

2,137 
4,342 
131 
2,136 
4,474 
6,610 
1,403 

08/22/06

Tacoma / Highland Hills

 -

2,647 
5,533 
242 
2,647 
5,775 
8,422 
1,868 

08/22/06

Edmonds

 -

5,883 
10,514 
354 
5,882 
10,869 
16,751 
3,439 

08/22/06

Kirkland 124th

 -

2,827 
5,031 
209 
2,826 
5,241 
8,067 
1,715 

08/22/06

Woodinville

 -

2,603 
5,723 
178 
2,603 
5,901 
8,504 
1,857 

08/22/06

Burien / Des Moines

 -

3,063 
5,952 
343 
3,062 
6,296 
9,358 
2,057 

08/22/06

SeaTac

 -

2,439 
4,623 
622 
2,439 
5,245 
7,684 
1,898 

08/22/06

Southcenter

 -

2,054 
3,665 
188 
2,053 
3,854 
5,907 
1,271 

08/22/06

Puyallup / Canyon Rd

 -

1,123 
1,940 
100 
1,123 
2,040 
3,163 
662 

08/22/06

Puyallup / South Hill

 -

1,567 
2,610 
301 
1,567 
2,911 
4,478 
963 

08/22/06

Queen Anne/Magnolia

 -

3,191 
11,723 
208 
3,190 
11,932 
15,122 
3,686 

F-90


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

08/22/06

Kennydale

 -

3,424 
7,799 
523 
3,424 
8,322 
11,746 
2,621 

08/22/06

Bellefield

 -

3,019 
5,541 
361 
3,018 
5,903 
8,921 
1,956 

08/22/06

Factoria Square

 -

3,431 
8,891 
219 
3,431 
9,110 
12,541 
2,829 

08/22/06

Auburn / 16th Ave

 -

2,491 
4,716 
143 
2,491 
4,859 
7,350 
1,555 

08/22/06

East Bremerton

 -

1,945 
5,203 
182 
1,944 
5,386 
7,330 
1,688 

08/22/06

Port Orchard

 -

1,144 
2,885 
175 
1,143 
3,061 
4,204 
1,007 

08/22/06

West Seattle

 -

3,573 
8,711 
93 
3,572 
8,805 
12,377 
2,691 

08/22/06

Vancouver / Salmon Creek

 -

2,667 
5,597 
110 
2,666 
5,708 
8,374 
1,786 

08/22/06

West Bremerton

 -

1,778 
3,067 
103 
1,777 
3,171 
4,948 
1,005 

08/22/06

Kent / 132nd

 -

1,806 
3,880 
128 
1,805 
4,009 
5,814 
1,269 

08/22/06

Lacey / Martin Way

 -

1,211 
2,162 
80 
1,211 
2,242 
3,453 
721 

08/22/06

Lynwood / Hwy 9

 -

2,172 
3,518 
223 
2,171 
3,742 
5,913 
1,218 

08/22/06

W Olympia / Black Lake Blvd

 -

1,295 
2,300 
38 
1,295 
2,338 
3,633 
730 

08/22/06

Parkland / A St

 -

1,855 
3,819 
221 
1,854 
4,041 
5,895 
1,330 

08/22/06

Lake Union

 -

11,602 
32,019 
2,647 
11,600 
34,668 
46,268 
11,243 

08/22/06

Bellevue / 122nd

 -

9,552 
21,891 
1,028 
9,550 
22,921 
32,471 
7,527 

08/22/06

Gig Harbor/Olympic

 -

1,762 
3,196 
131 
1,762 
3,327 
5,089 
1,060 

08/22/06

Seattle /Ballinger Way

 -

 -

7,098 
76 

 -

7,174 
7,174 
2,198 

08/22/06

Scottsdale South

 -

2,377 
3,524 
209 
2,377 
3,733 
6,110 
1,261 

08/22/06

Phoenix

 -

2,516 
5,638 
234 
2,515 
5,873 
8,388 
1,877 

08/22/06

Chandler

 -

2,910 
5,460 
161 
2,909 
5,622 
8,531 
1,767 

08/22/06

Phoenix East

 -

1,524 
5,151 
205 
1,524 
5,356 
6,880 
1,709 

08/22/06

Mesa

 -

1,604 
4,434 
368 
1,604 
4,802 
6,406 
1,589 

08/22/06

Union City

 -

1,905 
3,091 
5,047 
1,904 
8,139 
10,043 
2,369 

08/22/06

La Habra

 -

5,439 
10,239 
348 
5,438 
10,588 
16,026 
3,297 

08/22/06

Palo Alto

 -

4,259 
6,362 
197 
4,258 
6,560 
10,818 
2,046 

08/22/06

Kearney - Balboa

 -

4,565 
11,584 
329 
4,564 
11,914 
16,478 
3,755 

08/22/06

South San Francisco

 -

1,593 
4,995 
363 
1,593 
5,358 
6,951 
1,791 

08/22/06

Mountain View

 -

1,505 
3,839 
90 
1,505 
3,929 
5,434 
1,224 

08/22/06

Denver / Tamarac

 -

666 
1,109 
72 
665 
1,182 
1,847 
1,038 

F-91


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

08/22/06

Littleton / Windermere

 -

2,214 
4,186 
166 
2,213 
4,353 
6,566 
1,427 

08/22/06

Thornton / Quivas

 -

547 
1,439 
175 
547 
1,614 
2,161 
580 

08/22/06

Northglenn / Irma Dr.

 -

1,579 
3,716 
2,191 
1,579 
5,907 
7,486 
1,818 

08/22/06

Oakland Park

 -

8,821 
20,512 
1,822 
8,820 
22,335 
31,155 
7,555 

08/22/06

Seminole

 -

1,821 
3,817 
171 
1,820 
3,989 
5,809 
1,253 

08/22/06

Military Trail

 -

6,514 
10,965 
758 
6,513 
11,724 
18,237 
3,878 

08/22/06

Blue Heron

 -

8,121 
11,641 
1,117 
8,119 
12,760 
20,879 
3,978 

08/22/06

Alsip / 127th St

 -

1,891 
3,414 
151 
1,891 
3,565 
5,456 
1,151 

08/22/06

Dolton

 -

1,784 
4,508 
144 
1,783 
4,653 
6,436 
1,456 

08/22/06

Lombard / 330 North Ave

 -

1,506 
2,596 
321 
1,506 
2,917 
4,423 
1,078 

08/22/06

Rolling Meadows / Rohlwing

 -

1,839 
3,620 
321 
1,838 
3,942 
5,780 
1,316 

08/22/06

Schaumburg / Hillcrest Blvd

 -

1,732 
4,026 
190 
1,732 
4,216 
5,948 
1,352 

08/22/06

Bridgeview

 -

1,396 
3,651 
215 
1,395 
3,867 
5,262 
1,275 

08/22/06

Willowbrook

 -

1,730 
3,355 
177 
1,729 
3,533 
5,262 
1,159 

08/22/06

Lisle

 -

1,967 
3,525 
273 
1,967 
3,798 
5,765 
1,239 

08/22/06

Laurel

 -

1,323 
2,577 
174 
1,323 
2,751 
4,074 
909 

08/22/06

Crofton

 -

1,373 
3,377 
242 
1,373 
3,619 
4,992 
1,145 

08/22/06

Lansing

 -

114 
1,126 
218 
114 
1,344 
1,458 
468 

08/22/06

Southfield

 -

4,181 
6,338 
107 
4,180 
6,446 
10,626 
1,998 

08/22/06

Troy - Oakland Mall

 -

2,281 
4,953 
205 
2,281 
5,158 
7,439 
1,620 

08/22/06

Walled Lake

 -

2,788 
4,784 
153 
2,787 
4,938 
7,725 
1,537 

08/22/06

Salem / Lancaster

 -

2,036 
4,827 
324 
2,035 
5,152 
7,187 
1,700 

08/22/06

Tigard / King City

 -

1,959 
7,189 
96 
1,959 
7,285 
9,244 
2,251 

08/22/06

Portland / SE 82nd Ave

 -

1,519 
4,390 
201 
1,518 
4,592 
6,110 
1,453 

08/22/06

Beaverton/HWY 217

 -

3,294 
7,186 
146 
3,294 
7,332 
10,626 
2,289 

08/22/06

Beaverton / Cornell Rd

 -

1,869 
3,814 
56 
1,869 
3,870 
5,739 
1,191 

08/22/06

Fairfax

 -

6,895 
10,006 
349 
6,893 
10,357 
17,250 
3,259 

08/22/06

Falls Church

 -

2,488 
15,341 
367 
2,487 
15,709 
18,196 
4,803 

08/22/06

Manassas West

 -

912 
2,826 
147 
912 
2,973 
3,885 
974 

08/22/06

Herndon

 -

2,625 
3,105 
200 
2,625 
3,305 
5,930 
1,079 

F-92


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

08/22/06

Newport News South

 -

2,190 
5,264 
151 
2,190 
5,415 
7,605 
1,662 

08/22/06

North Richmond

 -

1,606 
2,411 
225 
1,605 
2,637 
4,242 
908 

08/22/06

Kempsville

 -

1,165 
1,951 
94 
1,165 
2,045 
3,210 
669 

08/22/06

Manassas East

 -

1,297 
2,843 
133 
1,297 
2,976 
4,273 
941 

08/22/06

Vancouver / Vancouver Mall

 -

1,751 
3,251 
126 
1,750 
3,378 
5,128 
1,088 

08/22/06

White Center

 -

2,091 
4,530 
177 
2,091 
4,707 
6,798 
1,505 

08/22/06

Factoria

 -

2,770 
5,429 
485 
2,769 
5,915 
8,684 
2,112 

08/22/06

Federal Way/Pac Hwy& 320th St

 -

4,027 
8,554 
2,496 
4,030 
11,047 
15,077 
3,391 

08/22/06

Renton

 -

2,752 
6,378 
198 
2,751 
6,577 
9,328 
2,095 

08/22/06

Issaquah

 -

3,739 
5,624 
120 
3,738 
5,745 
9,483 
1,762 

08/22/06

East Lynnwood

 -

2,250 
4,790 
268 
2,249 
5,059 
7,308 
1,594 

08/22/06

Tacoma / 96th St & 32nd Ave

 -

1,604 
2,394 
166 
1,604 
2,560 
4,164 
840 

08/22/06

Smokey Point

 -

607 
1,723 
150 
607 
1,873 
2,480 
635 

08/22/06

Shoreline / 145th

 -

2,926 
4,910 
6,856 
2,926 
11,766 
14,692 
2,726 

08/22/06

Mt. Clemens

 -

1,247 
3,590 
108 
1,246 
3,699 
4,945 
1,167 

08/22/06

Ramsey

 -

552 
2,155 
102 
552 
2,257 
2,809 
746 

08/22/06

Apple Valley / 155th St

 -

1,203 
3,136 
101 
1,203 
3,237 
4,440 
1,023 

08/22/06

Brooklyn Park / 73rd Ave

 -

1,953 
3,902 
443 
1,953 
4,345 
6,298 
1,527 

08/22/06

Burnsville Parkway W

 -

1,561 
4,359 
137 
1,561 
4,496 
6,057 
1,413 

08/22/06

Chanhassen

 -

3,292 
6,220 
186 
3,291 
6,407 
9,698 
2,012 

08/22/06

Coon Rapids / Robinson Dr

 -

1,991 
4,975 
327 
1,990 
5,303 
7,293 
1,792 

08/22/06

Eden Prairie East

 -

3,516 
5,682 
342 
3,516 
6,024 
9,540 
2,008 

08/22/06

Eden Prairie West

 -

3,713 
7,177 
206 
3,712 
7,384 
11,096 
2,289 

08/22/06

Edina

 -

4,422 
8,190 
93 
4,422 
8,283 
12,705 
2,528 

08/22/06

Hopkins

 -

1,460 
2,510 
116 
1,459 
2,627 
4,086 
838 

08/22/06

Little Canada

 -

3,490 
7,062 
438 
3,489 
7,501 
10,990 
2,437 

08/22/06

Maple Grove / Lakeland Dr

 -

1,513 
3,272 
841 
1,513 
4,113 
5,626 
1,284 

08/22/06

Minnetonka

 -

1,318 
2,087 
125 
1,318 
2,212 
3,530 
720 

08/22/06

Plymouth 169

 -

684 
1,323 
346 
684 
1,669 
2,353 
729 

08/22/06

Plymouth 494

 -

2,000 
4,260 
1,707 
2,356 
5,611 
7,967 
2,008 

F-93


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

08/22/06

Plymouth West

 -

1,973 
6,638 
162 
1,973 
6,800 
8,773 
2,109 

08/22/06

Richfield

 -

1,641 
5,688 
628 
1,641 
6,316 
7,957 
2,269 

08/22/06

Shorewood

 -

2,805 
7,244 
278 
2,805 
7,522 
10,327 
2,363 

08/22/06

Woodbury / Wooddale Dr

 -

2,220 
5,307 
230 
2,220 
5,537 
7,757 
1,773 

08/22/06

Central Parkway

 -

2,545 
4,637 
362 
2,544 
5,000 
7,544 
1,568 

08/22/06

Kirkman East

 -

2,479 
3,717 
260 
2,478 
3,978 
6,456 
1,324 

08/22/06

Pinole

 -

1,703 
3,047 
144 
1,703 
3,191 
4,894 
1,017 

08/22/06

Martinez

 -

3,277 
7,126 
165 
3,277 
7,291 
10,568 
2,280 

08/22/06

Portland / 16th & Sandy Blvd

 -

1,053 
3,802 
140 
1,052 
3,943 
4,995 
1,252 

08/22/06

Houghton

 -

2,694 
4,132 
142 
2,693 
4,275 
6,968 
1,339 

08/22/06

Antioch

 -

1,853 
6,475 
76 
1,853 
6,551 
8,404 
2,014 

08/22/06

Holcomb Bridge

 -

1,906 
4,303 
93 
1,905 
4,397 
6,302 
1,368 

08/22/06

Palatine / Rand Rd

 -

1,215 
1,895 
63 
1,215 
1,958 
3,173 
625 

08/22/06

Washington Sq/Wash. Point Dr

 -

523 
1,073 
126 
523 
1,199 
1,722 
412 

08/22/06

Indianapolis/N.Illinois

 -

182 
2,795 
130 
182 
2,925 
3,107 
962 

08/22/06

Canton South

 -

769 
3,316 
126 
768 
3,443 
4,211 
1,111 

08/22/06

Bricktown

 -

2,881 
5,834 
178 
2,880 
6,013 
8,893 
1,886 

08/22/06

Commack

 -

2,688 
6,376 
4,390 
2,687 
10,767 
13,454 
2,435 

08/22/06

Nesconset / Nesconset Hwy

 -

1,374 
3,151 
100 
1,373 
3,252 
4,625 
1,021 

08/22/06

Great Neck

 -

1,229 
3,299 
73 
1,229 
3,372 
4,601 
1,051 

08/22/06

Hempstead / S. Franklin St.

 -

509 
3,042 
167 
509 
3,209 
3,718 
1,056 

08/22/06

Bethpage / Stuart Ave

 -

2,387 
7,104 
215 
2,387 
7,319 
9,706 
2,282 

08/22/06

Helotes

 -

1,833 
3,557 
76 
1,833 
3,633 
5,466 
1,177 

08/22/06

Medical Center San Antonio

 -

1,571 
4,217 
135 
1,571 
4,352 
5,923 
1,361 

08/22/06

Oak Hills

 -

 -

7,449 
156 

 -

7,605 
7,605 
2,356 

08/22/06

Olympia

 -

2,382 
4,182 
63 
2,382 
4,245 
6,627 
1,302 

08/22/06

Las Colinas

 -

676 
3,338 
147 
676 
3,485 
4,161 
1,096 

08/22/06

Old Towne

 -

2,756 
13,080 
200 
2,755 
13,281 
16,036 
4,028 

08/22/06

Juanita

 -

2,318 
7,554 
34 
2,220 
7,686 
9,906 
2,371 

08/22/06

Ansley Park

 -

3,132 
11,926 
292 
3,131 
12,219 
15,350 
3,767 

F-94


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

08/22/06

Brookhaven

 -

2,740 
8,333 
236 
2,739 
8,570 
11,309 
2,643 

08/22/06

Decatur

 -

2,556 
10,146 
167 
2,556 
10,313 
12,869 
3,147 

08/22/06

Oregon City

 -

1,582 
3,539 
122 
1,581 
3,662 
5,243 
1,150 

08/22/06

Portland/Barbur

 -

2,328 
9,134 
144 
2,327 
9,279 
11,606 
2,870 

08/22/06

Salem  / Liberty Road

 -

1,994 
5,304 
151 
1,993 
5,456 
7,449 
1,743 

08/22/06

Edgemont

 -

3,585 
7,704 
192 
3,585 
7,896 
11,481 
2,427 

08/22/06

Bedford

 -

2,042 
4,176 
194 
2,041 
4,371 
6,412 
1,395 

08/22/06

Kingwood

 -

1,625 
2,926 
201 
1,625 
3,127 
4,752 
1,023 

08/22/06

Hillcroft

 -

 -

3,994 
177 

 -

4,171 
4,171 
1,307 

08/22/06

T.C. Jester

 -

2,047 
4,819 
300 
2,047 
5,119 
7,166 
1,655 

08/22/06

Windcrest

 -

764 
2,601 
357 
764 
2,958 
3,722 
1,086 

08/22/06

Mission Bend

 -

1,381 
3,141 
161 
1,381 
3,302 
4,683 
1,045 

08/22/06

Parker Road & Independence

 -

2,593 
5,464 
116 
2,593 
5,580 
8,173 
1,732 

08/22/06

Park Cities East

 -

4,205 
6,259 
38 
4,204 
6,298 
10,502 
1,920 

08/22/06

MaCarthur Crossing

 -

2,635 
5,698 
284 
2,635 
5,982 
8,617 
1,878 

08/22/06

Arlington/S.Cooper

 -

2,305 
4,308 
153 
2,305 
4,461 
6,766 
1,366 

08/22/06

Woodforest

 -

1,534 
3,545 
1,116 
1,534 
4,661 
6,195 
1,463 

08/22/06

Preston Road

 -

1,931 
3,246 
158 
1,930 
3,405 
5,335 
1,082 

08/22/06

East Lamar

 -

1,581 
2,878 
171 
1,581 
3,049 
4,630 
980 

08/22/06

Lewisville/Interstate 35

 -

2,696 
4,311 
250 
2,696 
4,561 
7,257 
1,522 

08/22/06

Round Rock

 -

1,256 
2,153 
118 
1,256 
2,271 
3,527 
743 

08/22/06

Slaughter Lane

 -

1,881 
3,326 
150 
1,881 
3,476 
5,357 
1,121 

 

 

 

 

 

 

 

 

 

 

 

 

 

08/22/06

Valley Ranch

 -

1,927 
5,390 
234 
1,926 
5,625 
7,551 
1,794 

08/22/06

Nacogdoches

 -

1,422 
2,655 
175 
1,422 
2,830 
4,252 
911 

08/22/06

Thousand Oaks

 -

1,815 
3,814 
171 
1,814 
3,986 
5,800 
1,263 

08/22/06

Highway 78

 -

1,344 
2,288 
127 
1,344 
2,415 
3,759 
773 

08/22/06

The Quarry

 -

1,841 
8,765 
211 
1,840 
8,977 
10,817 
2,777 

08/22/06

Cinco Ranch

 -

939 
2,085 
86 
938 
2,172 
3,110 
686 

08/22/06

North Carrollton

 -

2,408 
4,204 
161 
2,407 
4,366 
6,773 
1,398 

08/22/06

First Colony

 -

1,181 
2,930 
92 
1,180 
3,023 
4,203 
932 

F-95


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

08/22/06

North Park

 -

1,444 
3,253 
114 
1,444 
3,367 
4,811 
1,056 

08/22/06

South Main

 -

521 
723 
304 
521 
1,027 
1,548 
491 

08/22/06

Westchase

 -

903 
3,748 
143 
902 
3,892 
4,794 
1,228 

08/22/06

Lakeline

 -

1,289 
3,762 
112 
1,288 
3,875 
5,163 
1,216 

08/22/06

Highway 26

 -

1,353 
3,147 
105 
1,353 
3,252 
4,605 
1,030 

08/22/06

Shavano Park

 -

972 
4,973 
115 
972 
5,088 
6,060 
1,573 

08/22/06

Oltorf

 -

880 
3,693 
155 
880 
3,848 
4,728 
1,216 

08/22/06

Irving

 -

686 
1,367 
393 
686 
1,760 
2,446 
770 

08/22/06

Hill Country Village

 -

988 
3,524 
448 
988 
3,972 
4,960 
1,378 

08/22/06

San Antonio NE

 -

253 
664 
235 
253 
899 
1,152 
405 

08/22/06

East Pioneer II

 -

786 
1,784 
297 
786 
2,081 
2,867 
773 

08/22/06

Westheimer

 -

594 
2,316 
414 
594 
2,730 
3,324 
1,031 

08/22/06

San Antonio/Jones-Maltsberger

 -

1,102 
2,637 
95 
1,102 
2,732 
3,834 
862 

08/22/06

Beltline

 -

1,291 
2,336 
249 
1,291 
2,585 
3,876 
915 

08/22/06

MacArthur

 -

1,590 
2,265 
241 
1,589 
2,507 
4,096 
887 

08/22/06

Hurst / S. Pipeline Rd

 -

661 
1,317 
385 
661 
1,702 
2,363 
649 

08/22/06

Balcones Hts/Fredericksburg Rd

 -

2,372 
4,718 
177 
2,372 
4,895 
7,267 
1,543 

08/22/06

Blanco Road

 -

1,742 
4,813 
241 
1,742 
5,054 
6,796 
1,594 

08/22/06

Leon Valley/Bandera Road

 -

501 
1,044 
2,476 
501 
3,520 
4,021 
1,019 

08/22/06

Imperial Valley

 -

1,166 
2,756 
176 
1,166 
2,932 
4,098 
952 

08/22/06

Sugarland

 -

1,714 
3,407 
132 
1,714 
3,539 
5,253 
1,116 

08/22/06

Woodlands

 -

1,353 
3,131 
201 
1,353 
3,332 
4,685 
1,096 

08/22/06

Federal Road

 -

1,021 
3,086 
225 
1,021 
3,311 
4,332 
1,080 

08/22/06

West University

 -

1,940 
8,121 
296 
1,939 
8,418 
10,357 
2,622 

08/22/06

Medical Center/Braeswood

 -

1,121 
4,678 
63 
1,120 
4,742 
5,862 
1,472 

08/22/06

Richardson/Audelia

 -

1,034 
2,703 
59 
1,034 
2,762 
3,796 
859 

08/22/06

North Austin

 -

2,143 
3,674 
382 
2,142 
4,057 
6,199 
1,371 

08/22/06

Warner

 -

1,603 
3,998 
223 
1,602 
4,222 
5,824 
1,384 

08/22/06

Universal City

 -

777 
3,194 
231 
777 
3,425 
4,202 
1,127 

08/22/06

Seattle / Lake City Way

 -

3,406 
7,789 
221 
3,405 
8,011 
11,416 
2,548 

F-96


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

08/22/06

Arrowhead

 -

2,372 
5,818 
144 
2,372 
5,962 
8,334 
1,860 

08/22/06

Ahwatukee

 -

3,017 
5,975 
117 
3,017 
6,092 
9,109 
1,883 

08/22/06

Blossom Valley

 -

2,721 
8,418 
89 
2,721 
8,507 
11,228 
2,608 

08/22/06

Jones Bridge

 -

3,065 
6,015 
93 
3,064 
6,109 
9,173 
1,894 

08/22/06

Lawrenceville

 -

2,076 
5,188 
102 
2,076 
5,290 
7,366 
1,649 

08/22/06

Fox Valley

 -

1,880 
3,622 
125 
1,879 
3,748 
5,627 
1,191 

08/22/06

Eagle Creek / Shore Terrace

 -

880 
2,878 
179 
880 
3,057 
3,937 
1,017 

08/22/06

N.Greenwood/E.County Line Rd

 -

 -

3,954 
130 

 -

4,084 
4,084 
1,286 

08/22/06

Annapolis

 -

 -

7,439 
134 

 -

7,573 
7,573 
2,349 

08/22/06

Creedmoor

 -

3,579 
7,366 
142 
3,578 
7,509 
11,087 
2,343 

08/22/06

Painters Crossing

 -

1,582 
4,527 
133 
1,582 
4,660 
6,242 
1,453 

08/22/06

Greenville Ave & Meadow

 -

2,066 
6,969 
219 
2,065 
7,189 
9,254 
2,205 

08/22/06

Potomac Mills

 -

2,806 
7,347 
108 
2,806 
7,455 
10,261 
2,298 

08/22/06

Sterling

 -

3,435 
7,713 
1,416 
3,434 
9,130 
12,564 
2,508 

08/22/06

Redmond / Plateau

 -

2,872 
7,603 
110 
2,871 
7,714 
10,585 
2,357 

08/22/06

Val Vista

 -

3,686 
6,223 
573 
3,685 
6,797 
10,482 
2,629 

08/22/06

Van Ness

 -

11,120 
13,555 
472 
11,118 
14,029 
25,147 
4,409 

08/22/06

Sandy Plains

 -

2,452 
4,669 
106 
2,451 
4,776 
7,227 
1,476 

08/22/06

Country Club Hills

 -

2,783 
5,438 
88 
2,782 
5,527 
8,309 
1,709 

08/22/06

Schaumburg / Irving Park Rd

 -

2,695 
4,781 
111 
2,695 
4,892 
7,587 
1,526 

08/22/06

Clinton Township

 -

1,917 
4,143 
64 
1,917 
4,207 
6,124 
1,297 

08/22/06

Champions

 -

1,061 
3,207 
113 
1,061 
3,320 
4,381 
1,059 

08/22/06

Southlake

 -

2,794 
4,760 
96 
2,793 
4,857 
7,650 
1,507 

08/22/06

City Place

 -

2,045 
5,776 
155 
2,044 
5,932 
7,976 
1,854 

08/22/06

Bee Cave Road

 -

3,546 
10,341 
130 
3,545 
10,472 
14,017 
3,200 

08/22/06

Oak Farms

 -

2,307 
8,481 
164 
2,307 
8,645 
10,952 
2,695 

08/22/06

Henderson Street

 -

542 
5,001 
150 
542 
5,151 
5,693 
1,589 

08/22/06

Merrifield

 -

5,061 
10,949 
153 
5,060 
11,103 
16,163 
3,420 

08/22/06

Mill Creek

 -

2,917 
7,252 
107 
2,917 
7,359 
10,276 
2,256 

08/22/06

Pier 57

 -

2,042 
8,719 
386 
2,137 
9,010 
11,147 
2,801 

F-97


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

08/22/06

Redmond / 90th

 -

3,717 
7,011 
232 
3,716 
7,244 
10,960 
2,250 

08/22/06

Seattle / Capital Hill

 -

3,811 
11,104 
461 
3,810 
11,566 
15,376 
3,463 

08/22/06

Costa Mesa

 -

3,622 
6,030 
133 
3,622 
6,163 
9,785 
1,864 

08/22/06

West Park

 -

11,715 
12,915 
381 
11,713 
13,298 
25,011 
3,941 

08/22/06

Cabot Road

 -

5,168 
9,253 
182 
5,167 
9,436 
14,603 
2,858 

08/22/06

San Juan Creek

4,095 
4,755 
10,749 
179 
4,754 
10,929 
15,683 
3,327 

08/22/06

Rancho San Diego

3,280 
4,226 
7,652 
126 
4,225 
7,779 
12,004 
2,368 

08/22/06

Palms

4,178 
2,491 
11,404 
180 
2,491 
11,584 
14,075 
3,521 

08/22/06

West Covina

3,346 
3,595 
7,360 
204 
3,594 
7,565 
11,159 
2,325 

08/22/06

Woodland Hills

4,227 
4,376 
11,898 
225 
4,375 
12,124 
16,499 
3,682 

08/22/06

Long Beach

 -

3,130 
11,211 
170 
3,130 
11,381 
14,511 
3,440 

08/22/06

Northridge

 -

4,674 
11,164 
229 
4,673 
11,394 
16,067 
3,477 

08/22/06

Rancho Mirage

 -

2,614 
4,744 
177 
2,614 
4,921 
7,535 
1,506 

08/22/06

Palm Desert

 -

1,910 
5,462 
162 
1,910 
5,624 
7,534 
1,715 

08/22/06

Davie

 -

4,842 
9,388 
204 
4,841 
9,593 
14,434 
2,964 

08/22/06

Portland / I-205

 -

2,026 
4,299 
128 
2,025 
4,428 
6,453 
1,397 

08/22/06

Milwaukie/Hwy224

 -

2,867 
5,926 
185 
2,867 
6,111 
8,978 
1,901 

08/22/06

River Oaks

 -

2,625 
8,930 
252 
2,624 
9,183 
11,807 
2,850 

08/22/06

Tacoma / South Sprague Ave

 -

2,189 
4,776 
183 
2,188 
4,960 
7,148 
1,592 

08/22/06

Vancouver / Hazel Dell

 -

2,299 
4,313 
83 
2,299 
4,396 
6,695 
1,369 

08/22/06

Canyon Park

 -

3,628 
7,327 
402 
3,628 
7,729 
11,357 
2,331 

08/22/06

South Boulevard

3,740 
3,090 
6,041 
2,011 
3,765 
7,377 
11,142 
2,445 

08/22/06

Weddington

2,564 
2,172 
4,263 
1,204 
2,646 
4,993 
7,639 
1,617 

08/22/06

Gastonia

 -

644 
2,808 
653 
785 
3,320 
4,105 
1,049 

08/22/06

Amity Ct

 -

610 
1,378 
406 
743 
1,651 
2,394 
559 

08/22/06

Pavilion

 -

1,490 
3,114 
1,891 
1,817 
4,678 
6,495 
1,419 

08/22/06

Randleman

 -

1,639 
2,707 
959 
1,997 
3,308 
5,305 
1,096 

08/22/06

Matthews

 -

1,733 
6,457 
1,954 
2,112 
8,032 
10,144 
2,750 

08/22/06

Eastland

1,600 
949 
2,159 
835 
1,156 
2,787 
3,943 
998 

08/22/06

Albermarle

 -

1,557 
4,636 
1,243 
1,897 
5,539 
7,436 
1,795 

F-98


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

08/22/06

COTT

1,045 
429 
1,732 
415 
522 
2,054 
2,576 
685 

08/22/06

Ashley River

 -

1,907 
4,065 
1,444 
2,323 
5,093 
7,416 
1,725 

08/22/06

Clayton

 -

1,071 
2,869 
1,554 
1,306 
4,188 
5,494 
1,325 

08/22/06

Dave Lyle

 -

604 
2,111 
1,487 
737 
3,465 
4,202 
1,085 

08/22/06

English Rd

 -

437 
1,215 
355 
532 
1,475 
2,007 
485 

08/22/06

Sunset

 -

659 
1,461 
510 
803 
1,827 
2,630 
621 

08/22/06

Cone Blvd

 -

1,253 
2,462 
806 
1,526 
2,995 
4,521 
999 

08/22/06

Wake Forest

 -

1,098 
2,553 
725 
1,338 
3,038 
4,376 
985 

08/22/06

Silas Creek

 -

1,304 
2,738 
876 
1,589 
3,329 
4,918 
1,090 

08/22/06

Winston

1,973 
1,625 
3,368 
1,147 
1,979 
4,161 
6,140 
1,340 

08/22/06

Hickory

2,106 
1,091 
4,271 
1,193 
1,329 
5,226 
6,555 
1,707 

08/22/06

Wilkinson

1,836 
1,366 
3,235 
1,113 
1,664 
4,050 
5,714 
1,373 

08/22/06

Lexington NC

1,089 
874 
1,806 
708 
1,065 
2,323 
3,388 
828 

08/22/06

Florence

2,589 
952 
5,557 
1,548 
1,160 
6,897 
8,057 
2,256 

08/22/06

Sumter

1,028 
560 
2,002 
636 
683 
2,515 
3,198 
864 

08/22/06

Garners Ferry

 -

1,418 
2,516 
949 
1,727 
3,156 
4,883 
1,103 

08/22/06

Greenville

 -

1,816 
4,732 
1,394 
2,213 
5,729 
7,942 
1,890 

08/22/06

Spartanburg

 -

799 
1,550 
641 
974 
2,016 
2,990 
735 

08/22/06

Rockingham

 -

376 
1,352 
496 
458 
1,766 
2,224 
632 

08/22/06

Monroe

 -

1,578 
2,996 
1,134 
1,923 
3,785 
5,708 
1,300 

08/22/06

Salisbury

 -

40 
5,488 
1,113 
49 
6,592 
6,641 
2,121 

08/22/06

Pineville

 -

2,609 
6,829 
2,043 
3,179 
8,302 
11,481 
2,733 

08/22/06

Park Rd

 -

2,667 
7,243 
1,790 
3,249 
8,451 
11,700 
2,689 

08/22/06

Ballantyne

 -

1,758 
3,720 
1,683 
2,143 
5,018 
7,161 
1,603 

08/22/06

Stallings

 -

1,348 
2,882 
928 
1,642 
3,516 
5,158 
1,202 

08/22/06

Concord

 -

1,147 
2,308 
819 
1,398 
2,876 
4,274 
973 

08/22/06

Woodruff

 -

1,154 
1,616 
606 
1,406 
1,970 
3,376 
674 

08/22/06

Shriners

 -

758 
2,347 
653 
924 
2,834 
3,758 
948 

08/22/06

Charleston

 -

604 
3,313 
850 
736 
4,031 
4,767 
1,309 

08/22/06

Rock Hill

 -

993 
2,222 
1,634 
1,211 
3,638 
4,849 
1,151 

F-99


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

08/22/06

Arrowood

 -

2,014 
4,214 
1,258 
2,454 
5,032 
7,486 
1,660 

08/22/06

Country Club

 -

935 
3,439 
859 
1,139 
4,094 
5,233 
1,314 

08/22/06

Rosewood

 -

352 
2,141 
445 
429 
2,509 
2,938 
800 

08/22/06

James Island

 -

2,061 
3,708 
1,054 
2,512 
4,311 
6,823 
1,360 

08/22/06

Battleground

 -

1,995 
3,757 
1,006 
2,431 
4,327 
6,758 
1,340 

08/22/06

Greenwood Village / DTC Blvd

3,843 
684 
2,925 
119 
684 
3,044 
3,728 
913 

08/22/06

Highlands Ranch/ Colorado Blvd

3,045 
793 
2,000 
161 
793 
2,161 
2,954 
667 

08/22/06

Seneca Commons

 -

2,672 
5,354 
1,888 
3,256 
6,658 
9,914 
2,126 

08/22/06

Capital Blvd South

 -

3,002 
6,273 
1,908 
3,658 
7,525 
11,183 
2,416 

08/22/06

Southhaven

1,503 
1,286 
3,578 
551 
1,357 
4,058 
5,415 
1,243 

08/22/06

Wolfchase

1,198 
987 
2,816 
513 
1,042 
3,274 
4,316 
992 

08/22/06

Winchester

 -

676 
1,500 
659 
713 
2,122 
2,835 
755 

08/22/06

Sycamore View

 -

705 
1,936 
689 
744 
2,586 
3,330 
888 

08/22/06

South Main

 -

70 
186 
405 
58 
603 
661 
287 

08/22/06

Southfield at Telegraph

 -

1,757 
8,341 
74 
1,756 
8,416 
10,172 
2,564 

08/22/06

Westland

 -

1,572 
3,687 
74 
1,572 
3,761 
5,333 
1,156 

08/22/06

Dearborn

 -

1,030 
4,847 
95 
1,030 
4,942 
5,972 
1,537 

08/22/06

Roseville

 -

1,319 
5,210 
84 
1,319 
5,294 
6,613 
1,628 

08/22/06

Farmington Hills

 -

982 
2,878 
98 
982 
2,976 
3,958 
954 

08/22/06

Hunt Club

 -

2,527 
5,483 
896 
2,823 
6,083 
8,906 
1,885 

08/22/06

Speedway IN /N. High School Rd

 -

2,091 
3,566 
56 
1,991 
3,722 
5,713 
1,202 

08/22/06

Alafaya @ University Blvd.

 -

2,817 
4,549 
880 
3,147 
5,099 
8,246 
1,599 

08/22/06

McCoy @ 528

 -

2,656 
5,206 
162 
2,655 
5,369 
8,024 
1,697 

08/22/06

S. Orange Blossom Trail @ 417

 -

2,810 
6,849 
1,104 
3,139 
7,624 
10,763 
2,413 

08/22/06

Alafaya-Mitchell Hammock Road

 -

2,363 
5,092 
831 
2,639 
5,647 
8,286 
1,766 

08/22/06

Maitland / 17/92 @ Lake Ave

 -

5,146 
10,670 
1,777 
5,748 
11,845 
17,593 
3,664 

08/22/06

S. Semoran @ Hoffner Road

 -

2,633 
6,601 
1,014 
2,940 
7,308 
10,248 
2,298 

08/22/06

Red Bug @ Dodd Road

 -

2,552 
5,959 
925 
2,850 
6,586 
9,436 
2,054 

08/22/06

Altmonte Sprgs/SR434

 -

1,703 
5,125 
767 
1,902 
5,693 
7,595 
1,776 

08/22/06

Brandon

 -

2,810 
4,584 
822 
3,139 
5,077 
8,216 
1,580 

F-100


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

08/22/06

Granada @ U.S. 1

 -

2,682 
4,751 
869 
2,996 
5,306 
8,302 
1,689 

08/22/06

Daytona/Beville @ Nova Road

 -

2,616 
6,085 
1,057 
2,922 
6,836 
9,758 
2,168 

08/22/06

Eau Gallie

 -

1,962 
4,677 
706 
2,192 
5,153 
7,345 
1,604 

08/22/06

Hyde Park

 -

2,719 
7,145 
1,032 
3,037 
7,859 
10,896 
2,418 

08/22/06

Carrollwood

 -

2,050 
6,221 
866 
2,290 
6,847 
9,137 
2,115 

08/22/06

Conroy @ I-4

 -

2,091 
3,517 
703 
2,335 
3,976 
6,311 
1,270 

08/22/06

West Waters

 -

2,190 
5,186 
817 
2,446 
5,747 
8,193 
1,776 

08/22/06

Oldsmar

 -

2,276 
5,253 
797 
2,542 
5,784 
8,326 
1,810 

08/22/06

Mills North of Colonial

3,975 
1,995 
5,914 
863 
2,228 
6,544 
8,772 
2,066 

08/22/06

Alafaya @ Colonial

 -

2,836 
4,680 
950 
3,168 
5,298 
8,466 
1,719 

08/22/06

Fairbanks @ I-4

 -

2,846 
6,612 
993 
3,179 
7,272 
10,451 
2,271 

08/22/06

Maguire @ Colonial

 -

479 
7,521 
1,144 
815 
8,329 
9,144 
2,585 

10/20/06

Burbank-Rich R.

 -

3,793 
9,103 
(36)
3,793 
9,067 
12,860 
2,581 

10/24/06

Stonegate

4,430 
651 
4,278 
(631)
651 
3,647 
4,298 
1,048 

02/09/07

Portland/Barbur

 -

830 
3,273 
39 
830 
3,312 
4,142 
911 

03/27/07

Ewa Beach / Ft Weaver Road

 -

7,454 
14,825 
192 
7,454 
15,017 
22,471 
4,106 

06/01/07

South Bay

 -

1,017 
4,685 
67 
1,017 
4,752 
5,769 
1,269 

08/14/07

Murrieta / Whitewood Road

 -

5,764 
6,197 
90 
5,764 
6,287 
12,051 
1,605 

08/22/07

Palm Springs/S. Gene Autry Trl

 -

3,785 
7,859 
379 
3,785 
8,238 
12,023 
2,325 

09/07/07

Mahopac / Rte 6

 -

1,330 
8,407 
90 
1,330 
8,497 
9,827 
2,145 

09/11/07

East Point / N Desert Dr

 -

1,186 
9,239 
81 
1,186 
9,320 
10,506 
2,345 

09/11/07

Canton / Ridge Rd

 -

389 
4,197 
48 
389 
4,245 
4,634 
1,066 

09/13/07

Murrieta / Antelope Rd

 -

1,630 
2,991 
92 
1,630 
3,083 
4,713 
798 

10/14/07

New Orleans / I10 & Bullard

 -

1,286 
5,591 
(1,626)
1,292 
3,959 
5,251 
1,662 

04/22/08

Miramar Place

 -

7,225 
7,875 
222 
7,225 
8,097 
15,322 
1,845 

05/28/08

Bee Cave at the Galleria     

 -

621 
4,839 
25 
621 
4,864 
5,485 
1,084 

05/28/08

Carlsbad Village

9,458 
4,277 
10,075 
159 
4,277 
10,234 
14,511 
2,308 

07/21/08

Austell / Oak Ridge Rd.

 -

581 
2,446 
74 
581 
2,520 
3,101 
495 

07/21/08

Marietta / Piedmont Rd.

 -

1,748 
3,172 
67 
1,748 
3,239 
4,987 
672 

09/03/08

N. Las Vegas/Cheyenne

 -

1,144 
4,020 
255 
1,144 
4,275 
5,419 
977 

F-101


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

09/04/08

Las Vegas/Boulder Hwy II

 -

1,151 
4,281 
123 
1,151 
4,404 
5,555 
967 

11/07/08

Wash DC / Bladensburg Rd NE  

 -

1,726 
6,194 
24 
1,726 
6,218 
7,944 
1,243 

12/23/08

East Palo Alto

 -

2,655 
2,235 
72 
2,655 
2,307 
4,962 
472 

11/30/09

Danbury / Mill Plain Rd      

 -

1,861 
10,033 
3,167 
1,862 
13,199 
15,061 
3,113 

04/27/10

Bloomington / Linden Ave     

 -

1,044 
2,011 
49 
1,044 
2,060 
3,104 
361 

04/27/10

Fontana / Valley Blvd        

 -

2,122 
3,444 
109 
2,122 
3,553 
5,675 
638 

04/27/10

Monterey Park/Potrero Grande Dr

 -

1,900 
6,001 
193 
1,900 
6,194 
8,094 
1,059 

04/27/10

Panorama City / Roscoe Blvd  

 -

1,233 
4,815 
44 
1,233 
4,859 
6,092 
781 

04/27/10

Pomona / E. 1st St           

 -

363 
2,498 
41 
363 
2,539 
2,902 
442 

04/27/10

Diamond Bar / E.Washington Ave

 -

1,709 
4,901 
131 
1,709 
5,032 
6,741 
944 

04/27/10

Arlington Hgts / E. Davis St 

 -

542 
3,018 
32 
542 
3,050 
3,592 
496 

04/27/10

Elgin / RT 31S & Jerusha St  

 -

280 
1,569 
39 
280 
1,608 
1,888 
276 

05/13/10

Alhambra/Mission Rd&Fremont Av

 -

2,458 
6,980 
15 
2,458 
6,995 
9,453 
1,051 

05/27/10

Anaheim/S.Knott Av & W.Lincoln

 -

2,020 
4,991 
42 
2,020 
5,033 
7,053 
804 

05/27/10

Canoga Park / 8050 Deering Ave

 -

1,932 
2,082 
31 
1,932 
2,113 
4,045 
382 

05/27/10

Canoga Park / 7900 Deering Ave

 -

1,117 
3,499 
241 
1,117 
3,740 
4,857 
653 

05/27/10

Colton / Fairway Dr          

 -

819 
3,195 
44 
819 
3,239 
4,058 
542 

05/27/10

Goleta / Hollister Ave       

 -

2,860 
2,318 
51 
2,860 
2,369 
5,229 
396 

05/27/10

Irwindale / Arrow Hwy        

 -

2,665 
4,562 
43 
2,665 
4,605 
7,270 
805 

05/27/10

Long Beach / Long Beach Blvd 

 -

3,398 
5,439 
173 
3,398 
5,612 
9,010 
930 

05/27/10

Culver City/ W.Washington Blvd

 -

1,755 
2,319 
48 
1,755 
2,367 
4,122 
386 

05/27/10

Los Angeles / S Grand Ave    

 -

2,653 
5,048 
2,555 
2,653 
7,603 
10,256 
1,526 

05/27/10

Los Angeles / Avery St       

 -

1,488 
7,359 
387 
1,488 
7,746 
9,234 
1,391 

05/27/10

Los Angeles / W. 6th St      

 -

1,745 
5,382 
2,690 
1,745 
8,072 
9,817 
1,934 

05/27/10

Montclair / Mission Blvd     

 -

2,070 
4,052 
140 
2,070 
4,192 
6,262 
695 

05/27/10

Pasadena / S. Fair Oaks Ave  

 -

5,972 
5,457 
2,257 
5,972 
7,714 
13,686 
1,679 

05/27/10

Santa Clarita / Bouquet Cyn Rd

 -

1,273 
2,983 
145 
1,273 
3,128 
4,401 
526 

05/27/10

Ventura / McGrath St         

 -

1,876 
5,057 
28 
1,876 
5,085 
6,961 
803 

06/16/10

Marietta / Dallas Hwy        

 -

485 
3,340 
65 
485 
3,405 
3,890 
499 

06/30/10

Inglewood / S. Prairie Ave   

 -

1,641 
2,148 
189 
1,641 
2,337 
3,978 
361 

F-102


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

06/30/10

La Verne / N. White Ave      

 -

4,421 
4,877 
179 
4,421 
5,056 
9,477 
839 

06/30/10

Los Angeles / W. Pico Blvd   

 -

3,832 
3,428 
3,239 
3,832 
6,667 
10,499 
1,378 

06/30/10

Riverside / Hole Ave         

 -

305 
2,841 
183 
305 
3,024 
3,329 
523 

06/30/10

Sun Valley / San Fernando Rd 

 -

4,936 
6,229 
209 
4,936 
6,438 
11,374 
1,052 

06/30/10

Sylmar / Foothill Blvd       

 -

1,146 
3,971 
127 
1,146 
4,098 
5,244 
684 

08/18/10

Waipio / Waipio Uka St       

 -

3,125 
3,453 
85 
3,125 
3,538 
6,663 
542 

08/18/10

Berkeley II /2nd & Harrison St

 -

 -

2,113 
695 

 -

2,808 
2,808 
539 

08/18/10

Los Angeles / Washington Blvd

 -

1,275 
1,937 
186 
1,275 
2,123 
3,398 
361 

08/18/10

San Francsco / Treat Ave     

 -

1,907 
2,629 
304 
1,907 
2,933 
4,840 
486 

08/18/10

Vallejo / Couch St           

 -

1,714 
2,823 
53 
1,714 
2,876 
4,590 
445 

08/19/10

Palatine / E. Lake Cook Rd   

 -

608 
849 
325 
608 
1,174 
1,782 
259 

09/09/10

New Orleans / Washington Ave 

 -

468 
2,875 
193 
468 
3,068 
3,536 
481 

11/17/10

Mangonia Park / 45th St      

 -

317 
2,428 
2,605 
317 
5,033 
5,350 
1,016 

11/17/10

Fort Pierce / S. US Hwy 1    

 -

230 
2,246 
109 
230 
2,355 
2,585 
331 

12/02/10

Groveport / S. Hamilton Road 

 -

128 
1,118 
320 
128 
1,438 
1,566 
306 

12/08/10

Hillside / 625 Glenwood Ave  

 -

3,031 
4,331 
530 
3,031 
4,861 
7,892 
790 

01/18/11

Gardnerville / Venture Dr.

 -

305 
3,072 
133 
305 
3,205 
3,510 
416 

01/18/11

Reno / N. McCarran Blvd.

 -

1,114 
3,219 
122 
1,114 
3,341 
4,455 
436 

01/18/11

Sparks / Boxington Way

 -

1,360 
3,684 
149 
1,360 
3,833 
5,193 
495 

01/18/11

Reno / S. Virginia St.

 -

618 
2,120 
123 
618 
2,243 
2,861 
295 

01/18/11

Reno / Selmi Dr.

 -

361 
3,021 
117 
361 
3,138 
3,499 
405 

02/08/11

Wanut Creek

 -

615 
9,422 
327 
615 
9,749 
10,364 
1,279 

05/26/11

Southern Blvd./Bronx

8,459 
2,280 
14,836 
2,747 
2,280 
17,583 
19,863 
2,575 

07/07/11

Aventura/NE 188th St

 -

5,968 
5,129 
204 
5,968 
5,333 
11,301 
561 

07/12/11

Torrance/Crenshaw & Del Amo

 -

2,040 
8,269 
340 
2,040 
8,609 
10,649 
914 

08/01/11

Glendale/San Fernando & 2 Fwy

 -

2,685 
5,487 
27 
2,685 
5,514 
8,199 
548 

08/01/11

Alameda / Webster St.

 -

3,008 
8,235 
77 
3,008 
8,312 
11,320 
814 

09/27/11

Laurel / Cherry Lane Court

 -

1,110 
2,483 
139 
1,110 
2,622 
3,732 
273 

10/25/11

Moorpark/W. Los Angeles Ave.

 -

1,848 
7,649 
166 
1,848 
7,815 
9,663 
745 

12/21/11

Dallas / Ross Ave.

 -

917 
4,494 
206 
917 
4,700 
5,617 
425 

F-103


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

03/21/12

Montclair/Arrow Hwy

 -

2,221 
7,540 
75 
2,221 
7,615 
9,836 
547 

03/21/12

Hialeah/W. 4th Ave.

 -

1,814 
4,727 
102 
1,814 
4,829 
6,643 
352 

03/21/12

PompanoBch/Copans & Andrews

 -

2,441 
4,263 
59 
2,441 
4,322 
6,763 
313 

03/21/12

Randolph/North St & Oak St

 -

1,842 
2,941 
234 
1,842 
3,175 
5,017 
263 

03/21/12

Wayne/Route 23

 -

1,545 
3,558 
241 
1,545 
3,799 
5,344 
311 

03/21/12

Philadelphia/Castor Ave.

 -

2,410 
4,906 
1,579 
2,410 
6,485 
8,895 
783 

05/25/12

Ft. Lauderdale/ SE 24th St

 -

1,557 
8,762 
311 
1,557 
9,073 
10,630 
596 

05/25/12

Brooklyn/Fulton St.

 -

4,675 
4,602 
237 
4,675 
4,839 
9,514 
331 

06/01/12

Hialeah / Palmetto Expressway

 -

1,886 
3,300 
75 
1,886 
3,375 
5,261 
344 

06/01/12

Clearwater/Gulf To Bay

 -

1,147 
1,613 
80 
1,147 
1,693 
2,840 
187 

06/01/12

Clearwater/ E. Bay Drive

 -

782 
1,664 

 -

782 
1,664 
2,446 
175 

06/19/12

Valencia/Kelly Johnson Pkwy

 -

4,112 
9,117 
88 
4,112 
9,205 
13,317 
570 

06/27/12

Sylmar/Foothill & Yarnell

 -

3,102 
7,333 
210 
3,102 
7,543 
10,645 
491 

07/19/12

Whittier/Penn St

 -

823 
4,343 
754 
823 
5,097 
5,920 
379 

08/29/12

Burlington/Route 130

 -

579 
1,981 
217 
579 
2,198 
2,777 
148 

09/27/12

Waipio/Ka Uka Blvd

 -

5,832 
16,175 
160 
5,832 
16,335 
22,167 
829 

09/27/12

Pearl City/Kuala St.

 -

6,828 
17,291 
140 
6,828 
17,431 
24,259 
882 

10/04/12

Missouri City/Rocky Creek

 -

957 
4,336 
188 
957 
4,524 
5,481 
234 

10/10/12

Bronx/GerardAve.

 -

4,941 
23,559 
20,332 
5,260 
43,572 
48,832 
499 

10/11/12

Mesa/E Baseline & Lindsay

 -

633 
2,199 
267 
633 
2,466 
3,099 
148 

11/08/12

Marietta/Lower Roswell Rd.

 -

703 
4,964 
52 
703 
5,016 
5,719 
224 

12/11/12

Suwanee/McGinnis Ferry

 -

1,344 
3,343 
403 
1,344 
3,746 
5,090 
170 

12/18/12

Santa Clara/Lafayette

 -

3,639 
11,250 
391 
3,639 
11,641 
15,280 
490 

12/20/12

Orlando/Silver Star Rd.

 -

1,803 
2,334 
199 
1,803 
2,533 
4,336 
116 

12/20/12

Orlando/S. Goldenrod  Rd.

 -

1,517 
2,740 
167 
1,517 
2,907 
4,424 
128 

12/20/12

Kissimmee/N John Young

 -

1,083 
2,772 
167 
1,083 
2,939 
4,022 
130 

12/21/12

Oxnard/ E. Ventura Blvd.

 -

604 
4,386 
152 
604 
4,538 
5,142 
193 

03/20/13

Surprise/W. Willow Ave.

 -

658 
6,255 
66 
658 
6,321 
6,979 
381 

03/21/13

Atlanta/Donald Lee Hollowell Pky

 -

365 
5,878 
264 
365 
6,142 
6,507 
387 

05/22/13

Phoenix / N. Cave Creek Rd

 -

731 
7,062 
116 
731 
7,178 
7,909 
337 

F-104


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

08/01/13

Brighton/Lincoln St.

 -

6,734 
16,200 
57 
6,734 
16,257 
22,991 
491 

08/01/13

Everett/Broadway St.

 -

981 
16,027 
58 
981 
16,085 
17,066 
477 

08/01/13

Waltham/Moody St.

 -

7,715 
18,398 
47 
7,715 
18,445 
26,160 
557 

08/01/13

Woburn/Washington St.

 -

5,688 
20,744 
69 
5,688 
20,813 
26,501 
624 

08/01/13

Cranston/Park Ave.

 -

728 
9,397 
58 
728 
9,455 
10,183 
277 

08/08/13

Boca Raton/Holland Dr

 -

16,165 
7,567 
123 
16,165 
7,690 
23,855 
225 

08/08/13

Boca Raton/Clint Moore

 -

8,797 
7,813 
157 
8,797 
7,970 
16,767 
233 

08/08/13

North Palm Beach / Northlake

 -

5,215 
5,328 
52 
5,215 
5,380 
10,595 
156 

08/08/13

North Palm Beach / US Hwy 1

 -

13,069 
6,497 
118 
13,069 
6,615 
19,684 
191 

08/08/13

Palm Beach Gardens / E Park

 -

7,610 
6,382 
167 
7,610 
6,549 
14,159 
190 

08/08/13

Palm Beach Gardens / Burns

 -

11,334 
12,279 
166 
11,334 
12,445 
23,779 
361 

08/08/13

Vero Beach / 5th St SW

 -

286 
1,603 
102 
286 
1,705 
1,991 
48 

08/08/13

W. Palm Beach / Okeechobee

 -

4,726 
5,345 
223 
4,726 
5,568 
10,294 
159 

08/08/13

W. Palm Beach / N Jog Rd.

 -

2,716 
5,914 
113 
2,716 
6,027 
8,743 
174 

08/08/13

Lantana / Hypoluxo Rd.

 -

4,625 
4,792 
191 
4,625 
4,983 
9,608 
143 

08/08/13

Bradenton / 53rd Ave E

 -

3,005 
4,239 
146 
3,005 
4,385 
7,390 
125 

08/08/13

Clearwater / 66th St N

 -

1,466 
6,609 
140 
1,466 
6,749 
8,215 
194 

08/08/13

New Port Richey / Mitchell

 -

934 
5,048 
108 
934 
5,156 
6,090 
149 

08/08/13

Port Richey / Embassy Blvd.

 -

689 
2,724 
65 
689 
2,789 
3,478 
80 

08/08/13

Tampa / N Dale Mabry Hwy

 -

1,661 
3,036 
171 
1,661 
3,207 
4,868 
90 

08/08/13

Fort Myers / Colonial Bl

 -

2,365 
5,852 
145 
2,365 
5,997 
8,362 
172 

08/08/13

Kissimmee / Simpson Rd

 -

2,975 
2,368 
270 
2,975 
2,638 
5,613 
72 

08/08/13

Ocala / 2110 NE 36th Ave (South)

 -

293 
2,781 
172 
293 
2,953 
3,246 
84 

08/08/13

Ocala / 3407 NE 36th Ave (North)

 -

207 
1,744 
103 
207 
1,847 
2,054 
52 

08/08/13

Orlando / N John Young Pkwy

 -

797 
5,835 
186 
797 
6,021 
6,818 
173 

08/08/13

Orlando / Silver Star Rd

 -

775 
4,297 
201 
775 
4,498 
5,273 
130 

08/29/13

Westwood/S. Sepulveda Blvd.

 -

15,228 
15,758 
344 
15,228 
16,102 
31,330 
427 

09/18/13

Somerville/Middlesex Ave.

 -

2,249 
14,496 
95 
2,249 
14,591 
16,840 
312 

09/26/13

Spring / I-45 & Spring Stuebner

 -

549 
5,343 
57 
549 
5,400 
5,949 
111 

10/03/13

Alpharetta / S. Main St

 -

1,296 
7,673 
87 
1,296 
7,760 
9,056 
153 

F-105


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

10/03/13

Barnwell / Ellenton St

 -

429 
2,286 
81 
429 
2,367 
2,796 
46 

10/03/13

Austin / W 5th Street

 -

10,825 
5,612 
95 
10,825 
5,707 
16,532 
113 

10/03/13

North Charleston/Dorchester Rd

 -

1,346 
7,604 
51 
1,346 
7,655 
9,001 
151 

10/03/13

Summerville / N. Main St

 -

1,556 
4,604 
80 
1,556 
4,684 
6,240 
92 

10/03/13

Charlotte / Reames Rd

 -

2,467 
5,785 
77 
2,467 
5,862 
8,329 
115 

10/03/13

Monroe Indian Trail / W Highway 74

 -

1,294 
5,340 
90 
1,294 
5,430 
6,724 
106 

10/03/13

Mooresville / Brawley School Rd

 -

4,569 
3,601 
14 
4,569 
3,615 
8,184 
71 

10/03/13

Charlotte / Tyvola Crossing

 -

658 
7,062 
92 
658 
7,154 
7,812 
141 

10/03/13

Charlotte / Mount Holly Rd

 -

735 
2,855 
55 
735 
2,910 
3,645 
57 

10/03/13

Charlotte / N. Tryon-Uptown

 -

1,016 
3,759 
52 
1,016 
3,811 
4,827 
74 

10/03/13

Orangeburg / North Rd 

 -

1,975 
3,017 
64 
1,975 
3,081 
5,056 
60 

10/03/13

Sumter / N Guignard Dr

 -

959 
2,218 
74 
959 
2,292 
3,251 
44 

10/03/13

Sumter / Broad St

 -

1,327 
2,655 
72 
1,327 
2,727 
4,054 
53 

10/03/13

Dallas City Place/N Central

 -

6,999 
4,638 
73 
6,999 
4,711 
11,710 
93 

10/03/13

Plano / W. Plano Pkwy

 -

4,044 
4,935 
106 
4,044 
5,041 
9,085 
99 

10/03/13

Florence / 2nd Loop Rd

 -

1,161 
4,671 
52 
1,161 
4,723 
5,884 
93 

10/03/13

Friendswood E FM 528 Rd

 -

1,381 
5,326 
73 
1,381 
5,399 
6,780 
106 

10/03/13

Houston / San Felipe St

 -

11,762 
5,585 
172 
11,762 
5,757 
17,519 
107 

10/03/13

Conroe / I-45 South

 -

1,222 
4,102 
104 
1,222 
4,206 
5,428 
82 

10/03/13

Houston / Barker Cypress Rd

 -

2,765 
3,386 
107 
2,765 
3,493 
6,258 
68 

10/03/13

Houston / W Little York Rd

 -

1,385 
2,768 
88 
1,385 
2,856 
4,241 
56 

10/03/13

Houston / Louetta Rd

 -

1,780 
2,351 
97 
1,780 
2,448 
4,228 
47 

10/03/13

Houston / Kuykendahl Rd

 -

845 
1,711 
193 
845 
1,904 
2,749 
35 

10/03/13

Jersey Village / Northwest Fwy

 -

5,653 
6,017 
207 
5,653 
6,224 
11,877 
121 

10/03/13

Magnolia / FM 1488 Rd

 -

4,343 
3,597 
121 
4,343 
3,718 
8,061 
72 

10/03/13

Spring / Cypresswood Dr

 -

1,154 
2,919 
125 
1,154 
3,044 
4,198 
59 

10/03/13

Spring / Stuebner Airline Rd

 -

1,093 
1,996 
130 
1,093 
2,126 
3,219 
40 

10/03/13

Tomball / Kuykendahl Rd

 -

1,613 
3,806 
112 
1,613 
3,918 
5,531 
77 

10/03/13

Norfolk / W. 35th St

 -

1,438 
8,710 
93 
1,438 
8,803 
10,241 
173 

10/03/13

Virginia Beach / Haden Rd

 -

1,008 
5,737 
73 
1,008 
5,810 
6,818 
114 

F-106


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

10/03/13

Chesapeake/ Battlefield Blvd N

 -

3,732 
4,673 
214 
3,732 
4,887 
8,619 
95 

10/03/13

Carrboro Chapel Hill / Greensboro

 -

8,712 
4,219 
128 
8,712 
4,347 
13,059 
84 

10/03/13

Carrboro / Jones Ferry Rd

 -

 -

3,630 
99 

 -

3,729 
3,729 
72 

10/03/13

San Antonio / NE Loop 410

 -

1,313 
4,696 
73 
1,313 
4,769 
6,082 
94 

10/03/13

Pooler / Pipemaker Circle

 -

6,398 
5,161 
130 
6,398 
5,291 
11,689 
103 

10/03/13

Savannah / Largo Dr

 -

2,537 
3,411 
60 
2,537 
3,471 
6,008 
69 

10/03/13

Statesboro / Stambuk Lane

 -

4,565 
3,961 
102 
4,565 
4,063 
8,628 
80 

10/03/13

Beaufort / Storage Rd

 -

1,971 
4,850 
76 
1,971 
4,926 
6,897 
97 

10/03/13

Hilton Head /Mathews Dr

 -

3,904 
4,437 
160 
3,904 
4,597 
8,501 
88 

10/03/13

Hilton Head /Dillon Rd

 -

1,283 
1,217 
211 
1,283 
1,428 
2,711 
26 

10/03/13

Hilton Head /Arrow Rd

 -

654 
1,049 
83 
654 
1,132 
1,786 
21 

10/03/13

Hilton Head/Marshland

 -

1,301 
1,287 
179 
1,301 
1,466 
2,767 
26 

10/30/13

Long Beach / Atlantic Ave.

6,024 
3,835 
5,177 
320 
3,835 
5,497 
9,332 
70 

12/12/13

Duluth/Pleasant Hill

 -

1,631 
5,344 
1,631 
5,351 
6,982 
29 

12/12/13

Decatur/Austin Dr & Redwing Cir

 -

2,139 
3,463 
54 
2,139 
3,517 
5,656 
19 

12/12/13

Dunwoody / Dunwoody Park

 -

2,519 
4,797 
2,519 
4,804 
7,323 
26 

12/12/13

Marietta/Johnson Ferry & Roswell Rd

 -

2,956 
5,964 
40 
2,956 
6,004 
8,960 
32 

12/12/13

Roswell/Hwy 92 & Sandy Plains Rd

 -

2,168 
3,012 
2,168 
3,019 
5,187 
16 

12/12/13

Sandy Springs/Roswell &Windsor

 -

5,512 
6,362 
57 
5,512 
6,419 
11,931 
34 

12/12/13

Tucker / Montreal Circle

 -

1,112 
4,732 
57 
1,112 
4,789 
5,901 
26 

12/12/13

Charlotte/N.Tryon & University City Bl

 -

5,004 
3,937 
5,004 
3,942 
8,946 
21 

12/12/13

Denver / I-25 & Santa Fe Dr

 -

5,462 
6,681 

 -

5,462 
6,681 
12,143 
36 

12/12/13

Aurora / S.Reservoir & Quincy Ave

 -

3,326 
3,707 
3,326 
3,708 
7,034 
21 

12/12/13

Littleton / Kipling & Bowles

 -

3,994 
3,253 
3,994 
3,254 
7,248 
18 

12/12/13

Lone Tree/Park Meadows & Yosemite

 -

6,862 
5,506 
12 
6,862 
5,518 
12,380 
30 

12/12/13

Aventura / Biscayne Blvd

 -

7,969 
3,401 

 -

7,969 
3,401 
11,370 
18 

12/12/13

Coconut Creek / N.State Rd 7 & NW 61st

 -

5,375 
4,387 
5,375 
4,388 
9,763 
24 

12/12/13

Davie/S University & Griffin Rd

 -

3,489 
4,406 
30 
3,489 
4,436 
7,925 
24 

12/12/13

Deerfield Beach/W.Hillsboro Bl

 -

4,914 
4,600 
50 
4,914 
4,650 
9,564 
25 

12/12/13

Fort Lauderdale / NE 14th Ave

 -

1,179 
6,281 

 -

1,179 
6,281 
7,460 
34 

F-107


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

12/12/13

Sunrise / Commercial West

 -

4,639 
4,964 
4,639 
4,965 
9,604 
27 

12/12/13

Miami / Doral Blvd

 -

3,585 
7,100 

 -

3,585 
7,100 
10,685 
38 

12/12/13

Pembroke Pines/Sheridan & I-75

 -

3,537 
6,387 

 -

3,537 
6,387 
9,924 
35 

12/12/13

Weston / S Commerce Pkwy  West

 -

4,140 
6,154 

 -

4,140 
6,154 
10,294 
33 

12/12/13

Weston / S Commerce Pkwy  East

 -

5,804 
5,253 

 -

5,804 
5,253 
11,057 
28 

12/12/13

Coral Springs/Coral Ridge & Sawgrass

 -

4,667 
7,797 
4,667 
7,802 
12,469 
42 

12/12/13

Davie/ Orange Dr & Flamingo Rd

 -

3,572 
6,560 
50 
3,572 
6,610 
10,182 
36 

12/12/13

Miami Gardens / NW 167th

 -

2,654 
5,627 
70 
2,654 
5,697 
8,351 
30 

12/12/13

Merritt Island / S. Plumosa St

 -

2,424 
3,450 

 -

2,424 
3,450 
5,874 
19 

12/12/13

Orlando/N. Goldenrod & Yucatan

 -

1,945 
3,771 

 -

1,945 
3,771 
5,716 
21 

12/12/13

Oviedo / Aloma & Red Bug Lake

 -

4,633 
3,927 

 -

4,633 
3,927 
8,560 
21 

12/12/13

Palm Bay/Babcock St & Palm Bay

 -

572 
2,993 

 -

572 
2,993 
3,565 
16 

12/12/13

Midlothian / Hull Street Road

 -

2,613 
3,088 
11 
2,613 
3,099 
5,712 
17 

12/12/13

Fairfax/Waples Mill

 -

12,388 
10,427 
22 
12,388 
10,449 
22,837 
56 

12/12/13

Manassas/Sudley Rd

 -

12,471 
4,555 
12,471 
4,560 
17,031 
25 

12/12/13

Sterling/Gentry Dr & Cascades Pky

 -

8,454 
4,454 
8,454 
4,463 
12,917 
24 

12/12/13

Centreville/Stone Rd & Lee Hwy

 -

12,913 
6,287 
11 
12,913 
6,298 
19,211 
34 

12/12/13

Woodbridge / Prince William Pkwy

 -

6,991 
3,746 
6,991 
3,753 
10,744 
20 

12/12/13

Boynton Beach/E. Industrial Ave

 -

3,683 
5,458 
3,683 
5,459 
9,142 
30 

12/12/13

Boynton Beach / Boynton Mall

 -

3,140 
6,529 

 -

3,140 
6,529 
9,669 
35 

12/12/13

Lake Worth / Hypoluxo & Jog Rd

 -

2,158 
4,207 

 -

2,158 
4,207 
6,365 
23 

12/12/13

Boca Raton / Turnpike & Glades

 -

5,559 
6,779 
5,559 
6,780 
12,339 
37 

12/12/13

Fort Pierce / US Hwy 1 S

 -

2,827 
3,066 

 -

2,827 
3,066 
5,893 
17 

12/12/13

Greenacres/Lake Worth & Jog Rd

 -

1,441 
2,384 
1,441 
2,385 
3,826 
13 

12/12/13

Lantana/Hypoluxo & Military Trl

 -

4,207 
3,432 
4,207 
3,433 
7,640 
19 

12/12/13

Stuart/SE Federal Hwy & Kanner

 -

1,495 
2,850 

 -

1,495 
2,850 
4,345 
15 

12/12/13

Vero Beach / 4th St

 -

3,530 
3,444 
3,530 
3,449 
6,979 
19 

12/19/13

Miramar/SW 29th St.

 -

2,299 
7,665 
37 
2,299 
7,702 
10,001 
36 

12/20/13

Hawthorne/Rosecrans& Inglewood

 -

5,615 
10,953 

 -

5,615 
10,953 
16,568 
32 

 

 

 

 

 

 

 

 

 

 

F-108


 

 

 

 

 

 

 

 

 

 

 

PUBLIC STORAGE

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

Initial Cost

Costs

Gross Carrying Amount

 

Date

 

Encum-

 

Buildings &

Subsequent

At December 31, 2013

Accumulated

Acquired

Description

brances

Land

Improvements

to Acquisition

Land

Buildings

Total

Depreciation

 

Self-storage Facility - Europe

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3/31/08

West London

 -

5,730 
14,278 
3,011 
4,824 
18,195 
23,019 
10,600 

 

 

 

 

 

 

 

 

 

 

Other properties

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

02/16/96

Glendale/Western Avenue

 -

1,622 
3,771 
17,441 
1,612 
21,222 
22,834 
20,876 

12/13/99

Burlingame

 -

4,043 
9,434 
952 
4,042 
10,387 
14,429 
6,143 

04/28/00

San Diego/Sorrento

 -

1,282 
3,016 
996 
1,023 
4,271 
5,294 
2,543 

12/30/99

Tamarac Parkway

 -

1,902 
4,467 
1,373 
1,890 
5,852 
7,742 
5,238 

04/02/02

Long Beach

 -

887 
6,251 
344 
887 
6,595 
7,482 
2,060 

08/22/06

Lakewood 512

 -

4,437 
6,685 
2,162 
4,437 
8,847 
13,284 
3,654 

08/22/06

Olive Innerbelt

 -

787 
3,023 
67 
787 
3,090 
3,877 
943 

08/22/06

St. Peters (land)

 -

1,138 

 -

 -

1,138 

 -

1,138 

 -

08/22/06

Monocacy (land)

 -

1,386 

 -

 -

1,386 

 -

1,386 

 -

08/22/06

Dolfield (land)

 -

643 

 -

 -

643 

 -

643 

 -

08/22/06

Village of Bee Caves (land)

 -

544 

 -

 -

544 

 -

544 

 -

08/22/06

Fontana (land)

 -

99 

 -

 -

99 

 -

99 

 -

 

 

 

 

 

 

 

 

 

 

 

Construction in progress

 -

 -

 -

52,336 

 -

52,336 
52,336 

 -

 

 

 

 

 

 

 

 

 

 

 

 

$
88,953 
$
3,262,447 
$
7,279,413 
$
1,796,732 
$
3,321,236 
$
9,017,356 
$
12,338,592 
$
4,098,814 

 

 

 

 

 

 

 

 

 

 

Note:

Buildings are depreciated over a useful life of 25 years.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

F-109