Public Storage 2009 Annual Report Download - page 107

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PUBLIC STORAGE
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2009
F-20
2009
2008
2007
(Amounts in thousands)
For the year ended December 31,
Self-storage and ancillary revenues ......................................
$ 225,777
$ 238,842
$ 209,997
Interest and other income (expense) .....................................
515
1,192
704
Self-storage and ancillary cost of operations ........................
(100,135)
(102,658)
(96,875)
Trademark license fee payable to Public Storage .................
(1,606)
(1,894)
-
Depreciation and amortization .............................................
(59,926)
(93,915)
(123,546)
General and administrative ...................................................
(9,966)
(16,098)
(20,291)
Interest expense on third party debt .....................................
(15,557)
(23,937)
(22,242)
Interest expense on loan payable to Public Storage ..............
(47,084)
(45,528)
(38,733)
Income (expenses) from foreign currency exchange ...........
736
(4,214)
286
Discontinued operations .......................................................
8
(131)
(1,081)
Net loss (a) .......................................................................
$ (7,238)
$ (48,341)
$ (91,781)
As of December 31,
Total assets (primarily self-storage facilities) ......................
$ 1,629,457
$ 1,615,370
Total debt to third parties .....................................................
328,510
362,352
Total debt to Public Storage .................................................
561,703
552,361
Other liabilities ....................................................................
75,074
82,247
Equity ..................................................................................
664,170
618,410
(a) During the years ended December 31, 2009, 2008 and 2007, approximately $8,250,000 in net income and $10,217,000 and $9,387,000
in net loss, respectively, was allocated to permanent noncontrolling equity interests in subsidiaries, of which $9,931,000, $12,752,000
and $11,513,000, respectively, represented depreciation and amortization expense.
Our equity in earnings from our investment in Shurgard Europe for the years ended December 31, 2009 and 2008,
totaling $16,269,000 and $4,134,000, respectively, are comprised of (i) losses of $7,589,000 and $13,640,000, respectively,
representing our 49% pro-rata share of Shurgard Europe’s net loss for the respective periods and (ii) income of $23,858,000 and
$17,774,000, respectively, representing our 49% pro-rata share of the interest income and trademark license fees received from
Shurgard Europe for the respective periods (such amounts are presented as equity in earnings of real estate entities rather than
interest and other income).
Other Investments
At December 31, 2009, the “Other Investments” include an aggregate common equity ownership of approximately 24%
in entities that collectively own 19 self-storage facilities. We account for our investments in these entities using the equity
method.
The following table sets forth certain condensed financial information (representing 100% of these entities’ balances and
not our pro-rata share) with respect to the Other Investments’ 19 facilities that we have an interest in at December 31, 2009:
2009
2008
2007
(Amounts in thousands)
For the year ended December 31,
Total revenue ...........................................
$ 16,641
$ 17,154
$ 16,421
Cost of operations and other expenses .....
(6,075)
(6,159)
(6,173)
Depreciation and amortization.................
(2,103)
(2,023)
(1,890)
Net income ........................................
$ 8,463
$ 8,972
$ 8,358
As of December 31,
Total assets (primarily self-storage
facilities) ............................................
$ 37,386
$ 40,168
Total accrued and other liabilities ...........
876
888
Total Partners’ equity ..............................
36,510
39,280