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PUBLIC STORAGE
NOTES TO FINANCIAL STATEMENTS
December 31, 2013
F-23
Cash paid for interest totaled $10.4 million, $21.7 million and $27.6 million for 2013, 2012 and 2011,
respectively. Interest capitalized as real estate totaled $2.9 million, $0.4 million and $0.4 million in 2013, 2012
and 2011, respectively.
7. Noncontrolling Interests
At December 31, 2013, third parties own i) interests in Subsidiaries that own an aggregate of 14 self-
storage facilities, and ii) 231,978 partnership units in a Subsidiary that are convertible on a one-for-one basis
(subject to certain limitations) into common shares of the Company at the option of the unitholder. These
interests are referred to collectively hereinafter as the “Noncontrolling Interests.” At December 31, 2013, the
Noncontrolling Interests cannot require us to redeem their interests, other than pursuant to a liquidation of the
Subsidiary.
Redeemable Noncontrolling Interests
At December 31, 2013 and 2012, we had no Redeemable Noncontrolling Interests. At December 31,
2011, the Redeemable Noncontrolling Interests represented ownership interests in Subsidiaries that owned 14
self-storage facilities. During 2012, we acquired all the outstanding Redeemable Noncontrolling Interests for
$19.9 million in cash, of which $11.9 million was recorded as a reduction to Redeemable Noncontrolling
Interests and $8.0 million was recorded as a reduction to paid-in capital. During 2012 and 2011, we allocated a
total of $0.2 million and $0.9 million, respectively, of income to these interests and paid distributions to these
interests totaling $0.6 million and $1.6 million, respectively.
Permanent Noncontrolling Interests
At December 31, 2013, the Permanent Noncontrolling Interests have ownership interests in
Subsidiaries that owned 14 self-storage facilities and 231,978 partnership units in a subsidiary that are
convertible on a one-for-one basis (subject to certain limitations) into common shares of the Company at the
option of the unitholder. During 2013, 2012 and 2011, we allocated a total of $5.1 million, $3.5 million and
$11.7 million, respectively, in income to these interests; and we paid $6.5 million, $5.3 million and $12.8
million, respectively, in distributions to these interests.
As described more fully in Note 4, we increased Permanent Noncontrolling Interests during 2012 and
2011 by $8.2 million and $17.7 million, respectively, in connection with consolidating partnerships.
During 2013, we acquired Permanent Noncontrolling Interests for $6.2 million in cash, substantially
all of which was allocated to paid-in-capital.
During 2012, we acquired Permanent Noncontrolling Interests for $1.4 million in cash, of which
$0.1 million was recorded as a reduction to permanent noncontrolling interests and the remainder as a reduction
to paid-in capital.
During 2011, we acquired Permanent Noncontrolling Interests for an aggregate of $175.5 million in
cash and our common shares. Permanent Noncontrolling Interests were reduced by $26.2 million, with the
excess cost over the underlying book value ($149.3 million) recorded as a reduction to paid-in capital.