Public Storage 2003 Annual Report Download - page 20

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10
• Our partial ownership interests primarily reflect general and limited partnership interests in entities that
own self-storage facilities that are operated by the Company.
• Additional acquired interests in real estate (other than the acquisition 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
PS Business Parks.
• The Company has a pipeline of 38 development projects, including 25 expansions of real estate
facilities, for a total cost of $156.3 million. See Managements Discussion and Analysis of Financial
Condition and Results of Operations  Liquidity and Capital Resources.
The following table outlines our ownership interest in self-storage facilities at December 31, 2003:
Number of
Storage Facilities
Net Rentable Square
Footage of Storage
Space (a)
(in thousands)
Consolidated storage facilities:
Wholly-owned by the Company.................... 889 54,896
Owned by Consolidated Entities ................... 485 28,117
1,374 83,013
Facilities owned by Unconsolidated Entities..... 36 2,186
Total storage facilities in which the Company
has an ownership interest ..............................
1,410
85,199
(a) Square footage for the consolidated facilities includes 1,535,000 net rentable square feet of
industrial space for use in containerized storage activities.
In addition to the Companys interest in self-storage facilities noted above, the Company owns three stand-
alone commercial facilities with an aggregate of 204,000 net rentable square feet, owns five industrial facilities with
an aggregate of 404,000 net rentable square feet used by the continuing containerized storage operations, and has
1,187,000 net rentable square feet of commercial space at certain of the self-storage facilities. The Company and the
entities it controls also have a 44% common interest in PSB, which at December 31, 2003 owned and operated 18.3
million net rentable square feet of commercial space.
Facilities Owned by Controlled Entities
In addition to our direct ownership of 889 storage facilities, at December 31, 2003, we had controlling
ownership interests in 38 entities owning in aggregate 485 storage facilities. Because of our controlling interest in
each of these entities, we consolidate the assets, liabilities, and results of operations of these entities on the
Companys financial statements.
Facilities Owned by Unconsolidated Entities
At December 31, 2003, we had ownership interests in PSB and seven limited partnerships (collectively the
Unconsolidated Entities). Our ownership interest in these entities is less than 50%.
Due to the Companys limited ownership interest and limited control of these entities, we do not
consolidate the accounts of these entities for financial reporting purposes and account for such investments using the
equity method. PSB, which files financial statements with the Securities and Exchange Commission, has debt and
other obligations that are not included in the Companys consolidated financial statements. The seven limited