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PUBLIC STORAGE
NOTES TO FINANCIAL STATEMENTS
December 31, 2013
F-22
On October 1, 2013, we borrowed $100.0 million from PSB under a term loan which was repaid in full
on October 18, 2013. The loan bore interest at 1.388%.
The carrying amounts of our notes payable at December 31, 2013 and 2012 consist of the following
(dollar amounts in thousands):
December 31, 2013 December 31, 2012
Carrying
amount Fair Value
Carrying
amount Fair Value
S
ecured Notes Payable:
4.8% average effective rate, secured by 45 real estate facilities
with a net book value of approximately $223.6 million at
December 31, 2013 and stated note rates between 2.92% and
7.13%, maturing at varying dates between June 2014 and
September 2028 (carrying amount includes $528 of
unamortized premium at December 31, 2013 and $1,192 at
December 31, 2012)
$ 88,953 $ 90,476 $ 149,368 $ 152,493
Unsecured Note Pa
y
able:
5.9% effective and stated note rate, interest only and payable
semi-annually, matured in March 2013 - - 186,460 187,141
Total notes payable $ 88,953 $ 90,476 $ 335,828 $ 339,634
Substantially all of our notes payable was assumed in connection with business combinations. An
initial premium or discount is established for any difference between the stated note balance and estimated fair
value of the debt assumed and amortized over the remaining term of the debt using the effective interest
method.
During 2013 and 2011, we assumed mortgage debt of $5.7 million and $8.8 million, respectively, in
connection with the acquisition of real estate facilities. The debt was recorded at its estimated fair value of
approximately $6.1 million and $9.7 million in 2013 and 2011, respectively, and we recorded premiums of
$0.4 million and $0.9 million, respectively. In determining estimated fair values, we used estimated market
rates of approximately 3.7% and 2.9%, in 2013 and 2011, respectively, compared to average contractual rates of
6.2% and 5.5%, respectively.
At December 31, 2013, approximate principal maturities of our notes payable are as follows (amounts
in thousands):
2014 $ 26,206
2015 30,842
2016 15,920
2017 1,343
2018 11,077
Thereafter 3,565
$ 88,953
Weighted average effective rate 4.8%