Public Storage 2015 Annual Report Download - page 57

Download and view the complete annual report

Please find page 57 of the 2015 Public Storage annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 144

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144



<HDU(QGHG'HFHPEHU
<HDU(QGHG'HFHPEHU


&KDQJH


&KDQJH
$PRXQWVLQWKRXVDQGV
6KDUHEDVHGFRPSHQVDWLRQH[SHQVH












&RVWVRIVHQLRUH[HFXWLYHV






'HYHORSPHQWDQGDFTXLVLWLRQFRVWV






7D[FRPSOLDQFHFRVWVDQGWD[HVSDLG






/HJDOFRVWV






3XEOLFFRPSDQ\FRVWV






2WKHUFRVWV






7RWDO












6KDUHEDVHG FRPSHQVDWLRQ H[SHQVH LQFOXGHV WKH DPRUWL]DWLRQ RI UHVWULFWHG VKDUH XQLWV DQG VWRFN
RSWLRQVJUDQWHGWRHPSOR\HHVDV ZHOODVUHODWHGHPSOR\HUWD[HV7KHOHYHORIVKDUHEDVHGFRPSHQVDWLRQ
H[SHQVHYDULHVEDVHGXSRQWKHOHYHORIJUDQWVDQGIRUIHLWXUHVDVZHOODVWKH&RPSDQ\¶VVWRFNSULFHRQWKH
GDWH RI JUDQW  7KH LQFUHDVH LQ VKDUHEDVHG FRPSHQVDWLRQ FRVWV LQ  DV FRPSDUHG WR  LV GXH
SULPDULO\WRDGGLWLRQDOVKDUHEDVHGJUDQWVDQGDKLJKHUDYHUDJHJUDQWGDWHIDLUYDOXHSHUVKDUH:HH[SHFW
VLPLODU LQFUHDVHV LQVKDUHEDVHG FRPSHQVDWLRQ LQ DV ZDV H[SHULHQFHG LQ  6HH 1RWH WR RXU
'HFHPEHUILQDQFLDOVWDWHPHQWVIRUIXUWKHULQIRUPDWLRQRQRXUVKDUHEDVHGFRPSHQVDWLRQ
&RVWVRIVHQLRUH[HFXWLYHVUHSUHVHQWWKHFDVKFRPSHQVDWLRQSDLGWRRXUFKLHIH[HFXWLYHRIILFHUDQG
FKLHIILQDQFLDORIILFHU
'HYHORSPHQW DQG DFTXLVLWLRQ FRVWV UHSUHVHQW LQWHUQDO DQG H[WHUQDO H[SHQVHV UHODWHG WR RXU
DFTXLVLWLRQ DQG GHYHORSPHQW DFWLYLWLHV DQG YDULHV SULPDULO\ EDVHG XSRQ WKH OHYHO RI GHYHORSPHQW DQG
DFTXLVLWLRQDFWLYLWLHVXQGHUWDNHQ'XULQJDQGZHLQFXUUHGLQFUHPHQWDOOHJDOWUDQVIHUWD[
DQG RWKHU UHODWHG FRVWV RI DSSUR[LPDWHO\  PLOOLRQ  PLOOLRQ DQG  PLOOLRQ UHVSHFWLYHO\ LQ
FRQQHFWLRQ ZLWK WKH DFTXLVLWLRQ RI VHOIVWRUDJH IDFLOLWLHV LQ HDFK SHULRG  7KH OHYHO RI VXFK FRVWV WR EH
LQFXUUHG LQ  ZLOO GHSHQG XSRQ WKH OHYHO RI DFTXLVLWLRQ DFWLYLWLHV ZKLFK LV QRW GHWHUPLQDEOH  7KH
DPRXQWV DERYH DUH QHW RI PLOOLRQ  PLOOLRQ DQG  PLOOLRQ LQ GHYHORSPHQW FRVWV WKDW ZHUH
FDSLWDOL]HGLQDQGUHVSHFWLYHO\WRQHZO\GHYHORSHGDQGH[SDQGHGVHOIVWRUDJHIDFLOLWLHV
7KHUHPDLQLQJLQFUHDVHLQHDFKSHULRGLVGXHWRWKHH[SDQVLRQRIRXUUHDOHVWDWHGHYHORSPHQWDFWLYLWLHVLQ
UHFHQW\HDUVDQGVXFKH[SHQVHVDUHH[SHFWHGWRLQFUHDVHPRGHVWO\LQ
7D[FRPSOLDQFHFRVWVDQGWD[HVSDLGLQFOXGHWD[HVSDLGWRYDULRXVVWDWHDQGORFDODXWKRULWLHVWKH
LQWHUQDODQGH[WHUQDOFRVWVRIILOLQJWD[UHWXUQVFRVWVDVVRFLDWHGZLWKFRPSO\LQJZLWKIHGHUDODQGVWDWHWD[
ODZV DQG PDLQWDLQLQJ RXU FRPSOLDQFH ZLWK ,QWHUQDO 5HYHQXH 6HUYLFH 5(,7 UXOHV  6XFK FRVWV YDU\
SULPDULO\EDVHGXSRQWKHWD[UDWHVRIWKHYDULRXVVWDWHVLQZKLFKZHGREXVLQHVV
/HJDO FRVWV LQFOXGH LQWHUQDO SHUVRQQHO DV ZHOODV IHHV SDLG WROHJDO ILUPV DQG RWKHU WKLUGSDUWLHV
ZLWK UHVSHFW WRJHQHUDO FRUSRUDWH OHJDO PDWWHUV DQG ULVN PDQDJHPHQW DQG YDULHV EDVHG XSRQWKH OHYHO RI
OLWLJDWLRQ 7KHLQFUHDVHRIPLOOLRQ LQ OHJDO FRVWV LQ  DV FRPSDUHG WR  LV GXH SULPDULO\ WR
OHJDO IHHV DQG H[SHQVHV DVVRFLDWHG ZLWK FHUWDLQ OLWLJDWHG PDWWHUV DV ZHOO DV  PLOOLRQ DFFUXHG LQ
FRQQHFWLRQZLWKWKHVHWWOHPHQWRIDOHJDOPDWWHU7KHIXWXUHOHYHORIOHJDOFRVWVLVQRWGHWHUPLQDEOH
3XEOLFFRPSDQ\FRVWVUHSUHVHQWWKHLQFUHPHQWDOFRVWVRIRSHUDWLQJDVDSXEOLFO\WUDGHGFRPSDQ\
VXFK DV LQWHUQDO DQG H[WHUQDO LQYHVWRU UHODWLRQV H[SHQVHV VWRFN OLVWLQJ DQG WUDQVIHU DJHQW IHHV ERDUG RI
WUXVWHHV¶ FRVWV DQG FRVWV DVVRFLDWHG ZLWK PDLQWDLQLQJ FRPSOLDQFH ZLWK DSSOLFDEOH ODZV DQG UHJXODWLRQV
LQFOXGLQJWKH'RGG)UDQN$FWDQG6DUEDQHV2[OH\$FW
2WKHUFRVWVUHSUHVHQWSURIHVVLRQDODQGFRQVXOWLQJIHHVSD\UROODQGRYHUKHDGWKDWDUHQRWGLUHFWO\
DWWULEXWDEOH WR RXU SURSHUW\RSHUDWLRQV  6XFK FRVWV YDU\GHSHQGLQJXSRQWKHOHYHORIFRUSRUDWH DFWLYLWLHV
DQGLQLWLDWLYHVDQGDVVXFKDUHQRWSUHGLFWDEOH