Public Storage 2003 Annual Report Download - page 101

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PUBLIC STORAGE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2003
F-22
At December 31, 2003, approximate principal maturities of notes payable are as follows:
Unsecured
Senior Notes
Mortgage debt
Total
(dollar amounts in thousands)
2004.......................................... $ 25,800 $ 15,010 $ 40,810
2005.......................................... 11,200 156 11,356
2006.......................................... 11,200 170 11,370
2007.......................................... 11,200 185 11,385
2008.......................................... - 202 202
Thereafter ................................. - 907 907
$ 59,400 $ 16,630 $ 76,030
Weighted average rate .............. 7.6% 10.3% 8.2%
Interest paid (including interest related to the borrowings under the Credit Agreement) during 2003,
2002 and 2001 was $7,131,000, $10,322,000, and $12,219,000, respectively. In addition, in 2003, 2002 and
2001, capitalized interest totaled $6,010,000, $6,513,000, and $8,992,000, respectively, related to construction
of real estate facilities.
9. Minority interest
In consolidation, we classify ownership interests in the net assets of each of the Consolidated Entities,
other than our own, as minority interest on the consolidated financial statements. Minority interest in income
consists of the minority interestsî‚’ share of the operating results of the Company relating to the consolidated
operations of the Consolidated Entities.
Preferred partnership interests:
During 2000, one of our consolidated operating partnerships issued in aggregate $365.0 million of
preferred partnership units: March 17, 2000, - $240.0 million of 9.5% Series N Cumulative Redeemable
Perpetual Preferred Units, March 29, 2000 - $75.0 million of 9.125% Series O Cumulative Redeemable
Perpetual Preferred Units, and August 11, 2000 - $50.0 million of 8.75% Series P Cumulative Redeemable
Perpetual Preferred Units.
We incurred approximately $3,750,000 in costs in connection with the issuances; these costs were
recorded as a reduction to Paid in Capital during 2000. The issuance of these units in 2000 had the effect of
increasing minority interest by $365.0 million. For each of the years ended December 31, 2003, 2002, and
2001, the holders of these preferred units were paid in aggregate approximately $26,906,000, $26,906,000, and
$31,737,000, respectively, in distributions and received an equivalent allocation of minority interest in earnings.
During 2001, we repurchased all of the 8.75% Series P Cumulative Redeemable Perpetual Preferred
Units and $30 million of the 9.125% Series O Cumulative Redeemable Perpetual Preferred Units. The units
were repurchased at an amount equal to the original issuance price.