Public Storage 2003 Annual Report Download - page 66

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The development and fill-up of these storage facilities is subject to significant contingencies such as obtaining
appropriate governmental approvals. We estimate that the amount remaining to be spent of approximately $86.7
million will be incurred over the next 18  24 months. The following table sets forth certain information with
respect to our development pipeline.
DEVELOPMENT PIPELINE SUMMARY
Number
of
projects
Net
rentable
sq. ft.
Total estimated
development
costs
Costs incurred
through
12/31/03
Costs to
complete
(Amounts in thousands)
Facilities currently under construction:
Self-storage facilities 6 435 $ 50,186 $ 44,749 $ 5,437
Expansions to existing self-storage facilities 14 613 34,094 17,837 16,257
20 1,048 84,280 62,586 21,694
Facilities awaiting construction, where land is
acquired:
Self-storage facilities 2 123 10,361 4,432 5,929
Expansions to existing self-storage facilities 11 433 26,775 808 25,967
13 556 37,136 5,240 31,896
Self-storage facilities awaiting construction,
where land has not yet been acquired
5 326 34,920 1,794 33,126
Total Development Pipeline 38 1,930 $ 156,336 $ 69,620 $ 86,716
In addition to the above projects, we have five parcels of land held for development with total costs of
approximately $12,236,000 at December 31, 2003. These parcels will either be developed or sold.
Stock Repurchase Program: The Companys Board of Directors has authorized the repurchase from time
to time of up to 25,000,000 shares of the Companys common stock on the open market or in privately negotiated
transactions. During 2001, we repurchased a total of 10,585,593 common shares, for a total aggregate cost of
approximately $276.9 million. During 2003, we repurchased 175,000 shares for approximately $6.0 million. From
the inception of the repurchase program through December 31, 2003, we have repurchased a total of 21,672,020
shares of common stock at an aggregate cost of approximately $541.9 million.
ITEM 7A. Quantitative and Qualitative Disclosures about Market Risk
To limit our exposure to market risk, we principally finance our operations and growth with permanent
equity capital consisting either of common or preferred stock. At December 31, 2003, the Companys debt as a
percentage of total shareholders equity (based on book values) was 1.8%.
Our preferred stock is not redeemable at the option of the holders. Except under certain conditions relating
to the Companys qualification as a REIT, the Senior Preferred Stock is not redeemable by the Company prior to the
following dates: Series D  September 30, 2004, Series E  January 31, 2005, Series F  April 30, 2005, Series K 
January 19, 2004, Series L  March 10, 2004, Series M  August 17, 2004, Series Q  January 19, 2006, Series R 
September 28, 2006, Series S  October 31, 2006, Series T  January 18, 2007, Series U  February 19, 2007, Series
V  September 30, 2007, Series W  October 6, 2008, Series X  November 13, 2008, Series Y  January 2, 2009
and Series Z  March 5, 2009. On or after the respective dates, each of the series of Senior Preferred Stock will be
redeemable at the option of the Company, in whole or in part, at $25 per share (or depositary share in the case of the
Series K through Series X, and Series Z), plus accrued and unpaid dividends.
Our market risk sensitive instruments include notes payable, which totaled $76,030,000 at December 31,
2003. All of our notes payable bear interest at fixed rates. See Note 7 to the consolidated financial statements for
terms, valuations and approximate principal maturities of the notes payable as of December 31, 2003.