Public Storage 2002 Annual Report Download - page 93

Download and view the complete annual report

Please find page 93 of the 2002 Public Storage annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 162

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162

PUBLIC STORAGE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2002
F-16
5. Real estate facilities
Activity in real estate facilities during 2002, 2001 and 2000 is as follows:
2002 2001 2000
(Amounts in thousands)
Operating facilities, at cost:
Beginning balance..................................................................... $ 4,431,054 $ 4,134,417 $ 3,822,433
Property acquisitions:
Business combinations (Note 3) ........................................... 330,426 - 82,163
Other acquisitions................................................................. 30,117 3,503 67,107
Disposition of facilities ............................................................. (4,619) (9,603) (20,516)
Newly developed facilities opened for operations..................... 134,775 264,161 135,095
Acquisition of minority interest (Note 8) .................................. 39,780 3,098 15,112
Capital improvements................................................................ 26,993 35,478 33,023
Ending balance.......................................................................... 4,988,526 4,431,054 4,134,417
Accumulated depreciation:
Beginning balance..................................................................... (819,932) (668,018) (533,412)
Additions during the year (a)..................................................... (168,023) (152,901) (134,857)
Disposition of facilities ............................................................. 409 987 251
Ending balance.......................................................................... (987,546) (819,932) (668,018)
Construction in process:
Beginning balance .................................................................... 121,181 217,140 125,812
Current development................................................................. 101,110 171,865 226,423
Transfers to land held for development .................................... - (3,663) -
Newly developed facilities opened for operations .................... (134,775) (264,161) (135,095)
Ending balance ......................................................................... 87,516 121,181 217,140
Land held for development:
Beginning balance..................................................................... 30,001 21,447 14,952
Acquisitions............................................................................... - 12,425 6,495
Transfers from construction in process...................................... - 3,663 -
Dispositions............................................................................... (12,194) (7,534) -
Ending balance.......................................................................... 17,807 30,001 21,447
Total real estate facilities .............................................................. $ 4,106,303 $ 3,762,304 $ 3,704,986
(a) Included in additions for the years ended December 31, 2002, 2001, and 2000, respectively, is $538,000, $454,000, and
$228,000 in real estate depreciation expense with respect to discontinued operations. See Note 4.
Operating Facilities
During 2002, we opened 14 newly developed traditional self-storage facilities with an aggregate cost
of $92,109,000 and two newly developed facilities that combine traditional self-storage facilities and
containerized storage facilities in the same location (“Combination Facilities”) with an aggregate cost of
$14,852,000. We also completed expansions to existing self-storage facilities with a total cost of $27,814,000.
and acquired nine self-storage facilities, in separate transactions from third parties, for $30,117,000 cash.
During 2002, we sold four plots of land and one commercial facility for an aggregate of $15,702,000,
consisting of $15,209,000 of cash and notes receivable in the amount of $493,000. An aggregate loss in the
amount of $702,000 was recorded on the sale of these properties.
During 2001, we opened 12 newly developed self-storage facilities at a total cost of approximately
$66,905,000 and 10 Combination Facilities at a total cost of approximately $106,004,000. In addition, we
opened an industrial facility we had acquired and renovated for use in the containerized storage operations, at a