Public Storage 2003 Annual Report Download - page 21

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11
partnerships do not have any significant amounts of debt or other obligations. See Note 6 to the Companyî‚’s
financial statements for the year ended December 31, 2003 for further disclosure regarding the assets and liabilities
of the Unconsolidated Entities.
The following chart sets forth, as of December 31, 2003, the entities in which the Company has a
controlling interest and the entities in which the Company has a minority interest:
Subsidiaries (Controlled Entities)
of the Company
Entities in which the Company
has a Minority Interest (Unconsolidated Entities)
Carson Storage Ventures Public Storage Alameda, Ltd. (2)
Connecticut Storage Fund Public Storage Glendale Freeway, Ltd. (11)
Del Amo Storage Partners, Ltd. Metropublic Storage Fund (10)
Diversified Storage Venture Fund PS Business Parks, Inc. (3)
Downey Storage Partners, Ltd. Public Storage Crescent Fund, Ltd. (4)
Huntington Beach Storage Partners, Ltd. Public Storage Partners, Ltd. (5)
Monterey Park Properties, Ltd. Public Storage Partners II, Ltd. (6)
PS Co-Investment Partners Public Storage Properties, Ltd. (7)
PS Insurance Company, Ltd.
PS Orangeco Holdings, Inc.
PS Orangeco, Inc.
PS Partners, Ltd.
PS Partners VIII, Ltd.
Public Storage Properties IV, Ltd. (8)
Public Storage Properties V, Ltd. (9)
PSA Institutional Partners, L.P.
PSAC Development Partners, L.P. (1)
Public Storage Euro Fund III, Ltd. (2)
Public Storage Euro Fund IV, Ltd. (2)
Public Storage Euro Fund V, Ltd. (2)
Public Storage Euro Fund VI, Ltd. (2)
Public Storage Euro Fund VII, Ltd. (2)
Public Storage Euro Fund VIII, Ltd. (2)
Public Storage Euro Fund IX, Ltd. (2)
Public Storage Euro Fund X, Ltd. (2)
Public Storage Euro Fund XI, Ltd. (2)
Public Storage Euro Fund XII, Ltd. (2)
Public Storage Euro Fund XIII, Ltd. (2)
Public Storage German Fund II, Ltd. (2)
Public Storage Institutional Fund
Public Storage Institutional Fund II (10)
Public Storage Institutional Fund III
Public Storage Institutional Fund IV (10)
Public Storage Pickup & Delivery, L.P.
STOR-Re Mutual Insurance Company, Inc.
Storage Trust Properties, L.P.
Van Nuys Storage Partners, Ltd.
Whittier Storage Partners, Ltd.
(1) PSAC Storage Investors, LLC owns a direct 49% ownership interest in this entity. The partners of PSAC Storage Investors,
LLC are Mr. Hughes, having an approximately 65% ownership interest, and a third party institutional investor having an
approximately 35% ownership interest.
(2) B. Wayne Hughes owns approximately 20% of the general partner interest of these entities.
(3) B. Wayne Hughes owns approximately 0.5% of the common shares of PS Business Parks, Inc.
(4) B. Wayne Hughes owns approximately 17.9% of the general partnership interest of this entity.
(5) The Hughes Family owns approximately 24.3% of the limited partnership interests of this entity.
(6) The Hughes Family owns approximately 11.9% of the limited partnership interests of this entity.
(7) The Hughes Family owns 20% of the general partner interests and 30.5% of the limited partnership interests of this entity.
(8) The Hughes Family owns 20% of the general partner interests and 15.5% of the limited partnership interests of this entity.
(9) The Hughes Family owns 20% of the general partner interests and 11.4% of the limited partnership interests of this entity.