Public Storage 2003 Annual Report Download - page 104

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PUBLIC STORAGE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2003
F-25
Other Consolidated Partnerships
At December 31, 2003, the Other Consolidated Partnerships reflect common equity interests that the
Company does not own in 25 entities owning an aggregate of 123 self-storage facilities.
During 2003, we acquired through a merger all of the remaining limited partnership interest not
currently owned by the Company in PS Partners IV, Ltd., a partnership which is consolidated with the
Company. The acquisition cost was approximately $23,377,000, consisting of the issuance of 426,859 shares of
our common stock ($13,510,000) valued at the closing trading price of the shares at the date of the acquisition,
and cash of approximately $9,867,000; this acquisition had the effect of reducing minority interest by
$6,690,000, with the excess of cost over underlying book value ($16,687,000) allocated to real estate.
During 2002, we acquired minority interests in the Consolidated Entities for an aggregate cash cost of
$27,544,000 and issued an aggregate of 1,091,608 shares ($37,904,000) of our common stock valued at the
closing trading price of the shares at the date of the acquisition; these acquisitions had the effect of reducing
minority interest by $25,668,000, with the excess of cost over underlying book value ($39,780,000) allocated to
real estate.
In addition, during 2002, we recorded the pending sale of a partnership interest in the Consolidated
Entities for an aggregate of $1,450,000. We recorded a loss on sale of the interest in the amount of $1,839,000.
As a result of this pending sale, minority interest increased by $3,289,000. This sale was completed in 2003,
with no additional gain or loss on sale recorded. See Note 16 Commitments and Contingencies.
During 2001, we acquired minority interests in the Consolidated Entities for an aggregate cash cost of
$11,841,000; these acquisitions had the effect of reducing minority interest by $8,743,000, with the excess of
cost over underlying book value ($3,098,000) to real estate.