Public Storage 2003 Annual Report Download - page 29

Download and view the complete annual report

Please find page 29 of the 2003 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 169

  • 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
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169

19
ITEM 2. Properties
At December 31, 2003, we had direct and indirect ownership interests in 1,410 storage facilities located in
37 states:
At December 31, 2003
Number of Storage
Facilities (a)
Net Rentable Square Feet
(in thousands)
California:
Northern........................... 143 8,222
Southern........................... 167 10,852
Texas ....................................... 163 10,989
Florida ..................................... 139 8,199
Illinois ..................................... 95 5,829
Georgia.................................... 62 3,626
Colorado.................................. 50 3,145
Washington.............................. 43 2,736
Maryland ................................. 43 2,458
New Jersey .............................. 42 2,449
Missouri................................... 38 2,172
Virginia.................................... 38 2,294
New York ................................ 36 2,127
Ohio......................................... 30 1,863
Oregon..................................... 25 1,171
North Carolina......................... 24 1,266
South Carolina......................... 24 1,082
Tennessee ................................ 23 1,311
Kansas ..................................... 22 1,316
Nevada..................................... 22 1,409
Alabama .................................. 22 895
Other states (17 states)............. 159 9,788
Totals ............................... 1,410 85,199
(a) Includes 1,374 self-storage facilities owned by the Company and entities controlled by the Company. The remaining 36
facilities are self-storage facilities owned by entities in which the Company has an interest; however, the Company does not
have a controlling interest in such entities. See Schedule III: Real Estate and Accumulated Depreciation in the Companyî‚’s
2003 financials, for a complete list of properties consolidated by the Company.
Our facilities are generally operated to maximize cash flow through the regular review and, when
warranted by market conditions, adjustment of scheduled rents. For the year ended December 31, 2003, the
weighted average occupancy level and the average total rental income per rentable square foot for our self-storage
facilities were approximately 87.9% and $11.37, respectively. Included in the 1,410 storage facilities are 80 newly
developed facilities opened since January 1, 1999, substantially all of which were in the fill-up stage in the year
ended December 31, 2003.
At December 31, 2003, 21 of our facilities were encumbered by an aggregate of $16.6 million in mortgage
debt.
The Company has no specific policy as to the maximum size of any one particular self-storage facility.
However, none of our facilities involves, or is expected to involve, 1% or more of the Company's total assets, gross
revenues or net income.
Description of Storage facilities: Storage facilities, which comprise the majority of our investments
(approximately 95% based on rental revenue), are designed to offer accessible storage space for personal and
business use at a relatively low cost. A user rents a fully enclosed space which is for the user's exclusive use and to
which only the user has access on an unrestricted basis during business hours. On-site operation is the responsibility
of property managers who are supervised by district managers. Some storage facilities also include rentable