Public Storage 2011 Annual Report Download - page 101

PUBLIC STORAGE
NOTES TO FINANCIAL STATEMENTS
December 31, 2011
F-21
Unsecured
Notes Payable
Secured Notes
Payable
Total
2012 ..........................................
$ -
$ 52,170
$ 52,170
2013 ..........................................
186,460
78,391
264,851
2014 ..........................................
-
35,127
35,127
2015 ..........................................
-
30,009
30,009
2016 ..........................................
-
10,065
10,065
Thereafter .................................
-
6,092
6,092
$ 186,460
$ 211,854
$ 398,314
Weighted average effective rate
5.9%
4.9%
5.4%
Cash paid for interest totaled $27.6 million, $35.3 million and $34.3 million for the years ended
December 31, 2011, 2010 and 2009, respectively. Interest capitalized as real estate totaled $0.4 million,
$0.4 million and $0.7 million for the years ended December 31, 2011, 2010 and 2009, respectively.
7. Noncontrolling Interests in Subsidiaries
Third party interests in the net assets of the Subsidiaries that can require us to redeem their interests,
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estimate of the fair value of the underlying net assets (principally real estate assets). Any adjustments recorded
due to changes in the fair value of these interests are recorded against retained earnings. All other
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Redeemable Noncontrolling Interests
At December 31, 2011, the Redeemable Noncontrolling Interests represent ownership interests in
Subsidiaries that own 14 self-storage facilities. During 2011, 2010 and 2009, we allocated a total of
$0.9 million, $0.9 million and $1.0 million, respectively, of income to these interests and paid distributions to
these interests totaling $1.6 million, $1.2 million and $1.3 million, respectively. During 2010 and 2009, we
acquired for cash payments of $1.0 million and $0.8 million, respectively, Redeemable Noncontrolling Interests
where the owner of these interests had exercised a cash redemption option, at fair value.
Permanent Noncontrolling Interests
At December 31, 2011, the Permanent Noncontrolling Interests have ownership interests in
Subsidiaries that own 12 self-storage facilities and own 231,978 SDUWQHUVKLSXQLWVWKH³&RQYHUWLEOH3DUWQHUVKLS
8QLWV´LQDVXEVLGLDU\WKDWDUHFRQYHUWLEOHRQDRQH-for-one basis (subject to certain limitations) into common
share of the Company at the option of the unitholder. During 2011, 2010 and 2009, we allocated a total of
$11.7 million, $16.8 million and $17.4 million, respectively, in income, and paid distributions to these interests
totaling $12.8 million, $17.5 million and $17.5 million, respectively.
During the year ended December 31, 2011, we acquired Permanent Noncontrolling Interests in 19
Subsidiaries, which includes five Subsidiaries representing public limited partnerships pursuant to mergers
described in Note 9. These interests were acquired for an aggregate cost of approximately $175.5 million,
consisting of $118.4 million in cash and 477,928 of our common shares with an aggregate fair value of
$57.1 million based on the closing trading price of our common shares on the date of acquisition. Permanent
Noncontrolling Interests were reduced by $26.2 million, representing the aggregate underlying book value of
the interests acquired, and the excess cost over the underlying book value of $149.3 million was recorded as a
reduction to paid-in capital.
As described more fully in Note 4, we increased Permanent Noncontrolling Interests during 2011 a
total of $17.7 million in connection with consolidating two partnerships.