Public Storage 2013 Annual Report Download - page 62

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52
ITEM 7A. Quantitative and Qualitative Disclosures about Market Risk
To limit our exposure to market risk, we are capitalized primarily with preferred and common equity. Our
preferred shares are redeemable at our option generally five years after issuance, but the holder has no redemption
option. Our debt is our only market-risk sensitive portion of our capital structure, which totals $839.1 million and
represents 9.5% of the book value of our equity at December 31, 2013.
We have foreign currency exposures related to our investment in Shurgard Europe, which has a book value
of $424.1 million at December 31, 2013. We also have a loan receivable from Shurgard Europe “the Shareholder
Loan”), which is denominated in Euros, totaling €311.0 million ($428.1 million) at December 31, 2013. On
January 28, 2014, our joint venture partner in Shurgard Europe acquired 51% of the Shareholder Loan at face value
for €158.6 million ($216.2 million) in cash, and the maturity date of the Shareholder Loan was extended to April
2019.
At December 31, 2013, we had $700 million payable under a term loan which matures on December 2,
2014 and $50.1 million outstanding on our line of credit, which expires in March 2017. As of December 31, 2013,
these balances bear interest at a variable rate of Libor plus 0.90%.
The fair value of our fixed rate debt at December 31, 2013 is $90.5 million. The table below summarizes
the annual maturities of our fixed rate debt which had a weighted average fixed rate of 4.8% at December 31, 2013.
See Note 6 to our December 31, 2013 financial statements for further information regarding our fixed rate debt
(dollar amounts in thousands).
2014 2015 2016 2017 2018 Thereafter Total
Fixed rate debt $ 26,206 $ 30,842 $ 15,920 $ 1,343 $ 11,077 $ 3,565 $ 88,953