Public Storage 2010 Annual Report Download - page 100

PUBLIC STORAGE
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2010
F-18
had sold a proportionate share of our investment in PSB. Concurrent with this public offering, we purchased
383,333 shares of PSB common stock from PSB at the same price per share as the public offering for a total
cost of $17,825,000.
The following table sets forth selected financial information of PSB; the amounts represent 100% of
36%¶VEDODQFHVDQGQRWRXUSUR-rata share.
2010
2009
2008
(Amounts in thousands)
For the year ended December 31,
Total revenue ........................................................................ $ 279,089
$ 271,655
$ 281,843
Costs of operations ............................................................... (90,534)
(85,912)
(87,182)
Depreciation and amortization ............................................. (78,868)
(84,504)
(99,317)
General and administrative ................................................... (9,651)
(6,202)
(8,099)
Other items ........................................................................... 1,986
(698)
(1,898)
Net income ....................................................................... $ 102,022
$ 94,339
$ 85,347
As of December 31,
Total assets (primarily real estate) ........................................ $ 1,621,057
$ 1,564,822
Debt ...................................................................................... 144,511
52,887
Other liabilities ..................................................................... 53,421
46,298
Preferred stock and units ....................................................... 651,964
699,464
Common equity and units ..................................................... 771,161
766,173
Investment in Shurgard Europe
At December 31, 2010, we had a 49% equity investment in Shurgard Europe, which owns 116
facilities directly and has a 20% interest in 72 self-storage facilities located in Europe which operate under the
³6KXUJDUG´QDPH As a result of our disposition of an interest in Shurgard Europe, we deconsolidated Shurgard
Europe effective March 31, 2008 (see Note 3) and subsequently account for our investment in Shurgard Europe
using the equity method.
Our equity in earnings of Shurgard Europe includes our 49% equity share of Shurgard (XURSH¶V
operations, as well as 49% of the interest and trademark license fees that we received from Shurgard Europe.
The following table sets forth our equity in earnings Shurgard Europe:
2010
2009
2008 (b)
(Amounts in thousands)
For the year ended December 31,
2XUHTXLW\VKDUHRI6KXUJDUG(XURSH¶VQHWORVV .. $ (8,262)
$ (7,589)
$ (13,640)
Add our 49% equity share of amounts received
from Shurgard Europe (a):
Interest on loan receivable ..................................... 23,316
23,071
17,161
Trademark license fee .......................................... 818
787
613
Total equity in earnings of Shurgard Europe ........... $ 15,872
$ 16,269
$ 4,134
(a) ,QDGGLWLRQWRUHFRUGLQJRXUHTXLW\VKDUHRI6KXUJDUG(XURSH¶VRSHUDWLRQVDVHTXLW\LQHDUQLQJVRIUHDOHVWDWH
entities, in consolidation we also reclassify 49% of the interest income on our loan receivable from Shurgard
Europe, and trademark license fees received from Shurgard Europe, from interest and other income to equity in
earnings. The remaining 51% of these amounts, which are attributable to the pro-rata share of Shurgard Europe
that we do not own, are included in interest and other income.
(b) As noted above, we deconsolidated Shurgard Europe effective March 31, 2008. Accordingly, the amounts
included in equity in earnings of real estate entities for 2008 are for the period April 1, 2008 through
December 31, 2008, as amounts (net of intercompany eliminations) prior to April 1, 2008 are included in our
consolidated financial statements.