Public Storage 2003 Annual Report Download - page 50
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40
Group, were employed in 2002, and enhanced marketing strategies were employed in 2003, which affected the
operations of these facilities in the same manner they affected the Consistent Group facilities.
Self-Storage Operations - Expansion Facilities
Throughout the three-year period ended December 31, 2003, we expanded 35 self-storage facilities or
converted them to facilities that combine both traditional self-storage and containerized storage at the same location.
These activities caused a drop in revenue levels, as existing capacity was made unavailable in order to accommodate
construction activities. Accordingly, the operating results are not comparable in each of the three years ended
December 31, 2003. At December 31, 2003, the weighted average occupancy level was approximately 78.9% as
compared to 68.7% one year earlier. The operating results for these facilities are presented in the Self-Storage
Operations table above under the caption, Expansion Facilities.
Depreciation expense with respect to the expansion facilities was $6,031,000 in 2003, $6,188,000 in 2002,
and $4,986,000 in 2001. The increases in depreciation expense are due to the opening of the expanded facilities.
These 35 facilities contain approximately 3,807,000 net rentable square feet at December 31, 2002 (which
includes the expanded space, and 823,000 square feet of industrial space developed for containerized storage
activities see Containerized Storage and Discontinued Operations). The aggregate construction costs to
complete these expansions totaled approximately $129,543,000 during the four years ended December 31, 2003.
Self-Storage Operations Developed Facilities
Since January 1, 1999, we have opened 63 newly developed self-storage facilities and 17 facilities that
contain both self-storage and containerized storage at the same location (Combination Facilities). These newly
developed facilities have an aggregate of 5,898,000 net rentable square feet (of which 712,000 net rentable square
feet is industrial space developed for containerized storage activities see Containerized Storage and
Discontinued Operations). Aggregate development cost for these 80 facilities was approximately $534.6 million.
The operating results of the self-storage facilities and Combination facilities are reflected in the Self-Storage
Operations table under the caption, Developed Facilities.