Public Storage 2003 Annual Report Download - page 95
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PUBLIC STORAGE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2003
F-16
The historical operations of the Closed Facilities (including the asset impairment and lease termination
costs) are classified as discontinued operations, with the rental income, cost of operations, and depreciation
expense with respect to these facilities for current and prior periods included in the line-item Discontinued
Operations on the income statement.
During 2003, we sold four self storage facilities that we owned in the Knoxville, Tennessee, and one
self-storage facility located in Perrysburg, Ohio. The operations of these facilities and the Knoxville Facilities
(collectively, the Sold Self-Storage Facilities), including the gain on sale of $5,476,000, are reported as
discontinued operations.
During 2002, we sold one of our commercial properties (the Sold Commercial Property) to a third
party. The historical operations of this property for 2002 and 2001 are included in Discontinued Operations.
The following table summarizes the historical operations of the Sold Self-Storage Facilities, the Closed
Facilities and the Sold Commercial Property:
Discontinued Operations: Year ended December 31,
2003 2002 2001
(Amounts in thousands)
Rental income (a):
Sold self-storage facilities ............... $ 1,579 $ 1,841 $ 1,897
Closed facilities............................... 9,385 22,396 19,212
Sold commercial property ............... - 268 460
Total rental income.................. 10,964 24,505 21,569
Cost of operations (a):
Sold self-storage facilities ............... 617 742 769
Closed facilities............................... 8,178 22,588 18,063
Sold commercial property ............... - 84 111
Total cost of operations ........... 8,795 23,414 18,943
Depreciation and amortization (a):
Sold self-storage facilities ............... 424 528 523
Closed facilities............................... 1,804 3,035 2,508
Sold commercial property ............... - 107 116
Total expenses......................... 2,228 3,670 3,147
Loss before other items....................... (59) (2,579) (521)
Other items:
Sold self-storage facilities (b).......... 5,476 - -
Closed facilities (c).......................... (3,584) (8,951) -
Commercial properties .................... - - -
Total other items...................... 1,892 (8,951) -
Total discontinued operations............. $ 1,833 $ (11,530) $ (521)
(a) These amounts represent the historical operations of the Sold Self-Storage Facilities, the Closed Facilities, and the Sold
Commercial Property, and include amounts previously classified as rental income, cost of operations, and depreciation
expense in the financial statements of prior periods.
(b) Represents the net gain on sale.