Public Storage 2003 Annual Report Download - page 93
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PUBLIC STORAGE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2003
F-14
PS Insurance Company, Ltd.
On December 31, 2001, we acquired all of the capital stock of PS Insurance Company, Ltd. (PS
Insurance Company), which reinsures policies against losses to goods stored by tenants in our self-storage
facilities and which owned, and continues to own, 301,032 shares of the Companys common stock. Prior to
December 31, 2001, PS Insurance Company was owned by our chairman and former chief executive officer, B.
Wayne Hughes, and members of his family (collectively, Hughes).
The acquisition cost was $24,538,000, which was composed of $30,814,000 in common stock
(1,439,765 shares issued to Hughes less the 301,032 shares held by PS Insurance Company valued at the market
price of the common stock at the time the acquisition agreement was entered into and announced publicly) less
$6,276,000 cash held by PS Insurance Company.
The purchase price was allocated first to the tangible assets and liabilities of PS Insurance Company.
The difference between the purchase price and the net tangible assets was determined to be related to the value
of the ongoing operations of the enterprise as a whole (and not to any specific intangible asset) and was
therefore allocated to goodwill. The goodwill has an indeterminate life and therefore will not be amortized.
Each of the business combinations, indicated above, has been accounted for using the purchase
method. Accordingly, allocations of the total acquisition cost to the net assets acquired were made based upon
the fair value of such assets and liabilities assumed with respect to the transactions, with the remainder, if any,
allocated to goodwill. Accordingly, allocations of the total acquisition cost to the net assets acquired were made
based upon the fair value of such assets and liabilities assumed with respect to the transactions occurring in
2002 and 2001 (none in 2003) are summarized as follows:
Development
Joint Venture
STOR - Re
Partnership
Acquisitions
PS Insurance
Acquisition
Total
(Amounts in thousands)
2002 business combinations:
Real estate facilities.............. $ 269,898 $ - $ 60,528 $ - $ 330,426
Cash ...................................... - 12,647 751 - 13,398
Other assets ........................... 1,122 14,553 1,053 - 16,728
Accrued and other liabilities (2,811) (18,659) (2,421) - (23,891)
Minority interest ................... - - (14,806) - (14,806)
$ 268,209 $ 8,541 $ 45,105 $ - $ 321,855
2001 business combinations:
Goodwill ............................... $ - $ - $ - $ 26,993 $ 26,993
Other assets ........................... - - - 4,538 4,538
Accrued and other liabilities . - - - (6,993) (6,993)
$ - $ - $ - $ 24,538 $ 24,538