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PUBLIC STORAGE
NOTES TO FINANCIAL STATEMENTS
December 31, 2013
F-19
2013 2012 2011
(Amounts in thousands)
For the year ended December 31,
Our 49% equity share of:
Shurgard Europe’s net income (net of $2,834
allocated to noncontrolling interests in 2011) $ 12,944 $ 14,040 $ 3,473
Interest income and trademark license fee 19,750 19,183 25,679
Total equity in earnings of Shurgard Europe $ 32,694
$ 33,223 $ 29,152
The following table sets forth selected consolidated financial information of Shurgard Europe based
upon all of Shurgard Europe’s balances for all periods (including the consolidated operations of 72 self-storage
facilities formerly owned by the two joint ventures), rather than our pro rata share. Such amounts are based
upon our historical acquired book basis.
2013 2012 2011
For the year ended December 31, (Amounts in thousands)
Self-storage and ancillary revenues $ 246,615 $ 243,687 $ 259,618
Self-storage and ancillary cost of operations (98,222) (96,341) (107,056)
Depreciation and amortization (60,029) (60,404) (61,244)
General and administrative (13,651) (13,327) (12,458)
Interest expense on third party debt (5,082) (7,689) (16,299)
Trademark license fee payable to Public Storage (2,468) (2,439) (2,481)
Interest expense on debt due to Public Storage (37,838) (36,710) (49,925)
Lease termination charge, gain on sale of real estate and
other (2,909) 1,876 (234)
N
et income ($2,834 of net income was allocated to
noncontrolling interests in 2011) $ 26,416 $ 28,653 $ 9,921
Average exchange rates Euro to the U.S. Dollar 1.328 1.285 1.392
2013 2012
(Amounts in thousands)
As of December 31,
Total assets (primarily self-storage facilities) $ 1,468,155 $ 1,468,111
Total debt to third parties 154,119 216,594
Total debt to Public Storage 428,139 410,995
Other liabilities 107,550 103,425
Equity 778,347 737,097
Exchange rate of Euro to U.S. Dollar 1.377 1.322