Public Storage 2003 Annual Report Download - page 102

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PUBLIC STORAGE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2003
F-23
The following table summarizes the preferred partnership units outstanding:
At December 31, 2003 and 2002
Series
Distribution
Rate
Units
Outstanding
Carrying Amount
(Units and dollar amounts in thousands)
Series N .................... 9.500% 9,600 $240,000
Series O .................... 9.125% 1,800 45,000
Total ......................... 11,400 $285,000
These preferred units are not redeemable during the first 5 years, thereafter, at our option, we can call
the units for redemption at the issuance amount plus any unpaid distributions. The units are not redeemable by
the holder. Subject to certain conditions, the Series N preferred units are convertible into shares of 9.5% Series
N Cumulative Preferred Stock, and the Series O preferred units are convertible into shares of 9.125% Series O
Cumulative Preferred Stock of the Company.
Other partnership interests:
Minority interest at December 31, 2003 and 2002, and minority interest in income for the three years
ended December 31, 2003 with respect to the other partnership interests are comprised of the following:
Minority interest at Minority interest in income for the year ended
Description of Minority Interest
December 31,
2003
December 31,
2002
December 31,
2003
December 31,
2002
December 31,
2001
(Amounts in thousands)
Consolidated Development Joint
Venture ........................................
$ 68,490
$ 75,432
$ 2,905
$ 2,399
$ 1,074
Convertible Partnership Units ......... 6,259 6,274 305 283 359
Newly consolidated partnerships .... - 18,215 3,649 3,357 -
Other consolidated partnerships ...... 66,388 54,578 9,938 11,142 12,845
Total other partnership interests...... $ 141,137 $ 154,499 $ 16,797 $ 17,181 $ 14,278
The partnership agreements of the Other Consolidated Partnerships, the Consolidated Development
Joint Venture, and the Newly Consolidated Partnerships included in the table above have termination dates that
cannot be unilaterally extended by the Company and, upon termination of each partnership, the net assets of
these entities would be liquidated and paid to the minority interests and the Company based upon their relative
ownership interests. See Note 15, Recent Accounting Pronouncements  Accounting for Certain Financial
Instruments with Characteristics of both Liabilities and Equity for further discussion of the impact of recent
accounting pronouncements on the accounting for these interests.
Consolidated Development Joint Venture
In November 1999, we formed a development joint venture (the Consolidated Development Joint
Venture) with a joint venture partner (PSAC Storage Investors, LLC) whose partners include a third party
institutional investor and Mr. Hughes, to develop approximately $100 million of self-storage facilities and to
purchase $100 million of the Companys Equity Stock, Series AAA (see Note 10). At December 31, 2003, the
Consolidated Development Joint Venture was fully committed, having completed construction on 22 storage
facilities with a total cost of $108.6 million.