Public Storage 2001 Annual Report Download - page 19

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17
P
UBLIC
S
TORAGE
,I
NC
. 2001 A
NNUAL
R
EPORT
Note 4 — Real Estate Facilities
Activity in real estate facilities during 2001, 2000 and 1999 is as follows:
(Amounts in thousands) 2001 2000 1999
Operating facilities, at cost:
Beginning balance $4,134,417 $3,822,433 $2,962,291
Property acquisitions:
Business combinations (Note 3) — 82,163 727,925
Other acquisitions 3,503 67,107 36,013
Disposition of facilities (9,603) (20,516) (26,021)
Facilities contributed to unconsolidated real estate entities — — (15,415)
Newly developed facilities opened for operations 264,161 135,095 62,870
Acquisition of minority interest (Note 8) 3,098 15,112 45,747
Capital improvements 35,478 33,023 29,023
Ending balance 4,431,054 4,134,417 3,822,433
Accumulated depreciation:
Beginning balance (668,018) (533,412) (411,176)
Additions during the year (152,901) (134,857) (123,495)
Disposition of facilities 987 251 1,259
Ending balance (819,932) (668,018) (533,412)
Construction in process:
Beginning balance 217,140 125,812 69,666
Current development 171,865 226,423 107,567
Property acquisitions – merger with Storage Trust — — 11,449
Transfers to land held for development (3,663) — —
Newly developed facilities opened for operations (264,161) (135,095) (62,870)
Ending balance 121,181 217,140 125,812
Land held for development:
Beginning balance 21,447 14,952 13,472
Acquisitions 12,425 6,495 1,480
Transfers from construction in process 3,663 —
Dispositions (7,534) — —
Ending balance 30,001 21,447 14,952
Total real estate facilities $3,762,304 $3,704,986 $3,429,785
Operating Facilities
During 2001, we opened 23 newly developed facilities having approximately 1,511,000 aggregate net rentable square feet
and a total cost of approximately $179,213,000. In addition, expansions of existing facilities with a total cost of approximately
$84,948,000 with a total of 895,000 net rentable square feet were completed during 2001.
During 2001, we purchased one existing storage facility from a third party for approximately $3,503,000 in cash.
During 2001, we disposed of two existing real estate facilities and a parcel of land for a total of $20,241,000, composed
of $19,936,000 cash and a note receivable of $305,000. An aggregate gain of $4,091,000 was recorded on these dispositions.
During 2000, we acquired a total of 13 facilities for an aggregate cost of $82,163,000 in connection with a business
combination (Note 3). In addition, we acquired 12 storage facilities and 2 industrial facilities for an aggregate cost of $67,107,000,
consisting of $62,938,000 cash, the issuance of Equity Stock, Series A ($1,025,000) and an existing investment ($3,144,000). In
addition, we opened 24 facilities we had developed with a total cost of $122,889,000 and completed various expansions of
existing storage facilities at an aggregate cost of $12,206,000.