Public Storage 2015 Annual Report Download - page 84
Download and view the complete annual report
Please find page 84 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.PUBLIC STORAGE
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
)
:HDOORFDWHWKHQHWDFTXLVLWLRQFRVWRIDFTXLUHGRSHUDWLQJVHOIVWRUDJHIDFLOLWLHVWRWKHXQGHUO\LQJODQG
EXLOGLQJVLGHQWLILHGLQWDQJLEOHDVVHWVDQGDQ\QRQFRQWUROOLQJLQWHUHVWVWKDWUHPDLQRXWVWDQGLQJEDVHGXSRQWKHLU
UHVSHFWLYHLQGLYLGXDOHVWLPDWHGIDLUYDOXHV$Q\GLIIHUHQFHEHWZHHQWKHQHWDFTXLVLWLRQFRVWDQGWKHHVWLPDWHG
IDLUYDOXHRIWKHQHWWDQJLEOHDQGLQWDQJLEOHDVVHWVDFTXLUHGLVUHFRUGHGDVJRRGZLOO
2WKHU$VVHWV
2WKHU DVVHWV SULPDULO\ FRQVLVW RI UHQWV UHFHLYDEOH IURP RXU WHQDQWV SUHSDLG H[SHQVHV DQG UHVWULFWHG
FDVK
$FFUXHGDQG2WKHU/LDELOLWLHV
$FFUXHGDQGRWKHUOLDELOLWLHVFRQVLVWSULPDULO\RIUHQWVSUHSDLGE\RXUWHQDQWVWUDGHSD\DEOHVSURSHUW\
WD[DFFUXDOVDFFUXHGSD\UROODFFUXHGWHQDQWUHLQVXUDQFHORVVHVDQGFRQWLQJHQWORVVDFFUXDOVZKHQSUREDEOHDQG
HVWLPDEOH:HGLVFORVHWKHQDWXUHRIVLJQLILFDQWXQDFFUXHGORVVHVWKDWDUHUHDVRQDEO\SRVVLEOHRIRFFXUULQJDQG
LIHVWLPDEOHDUDQJHRIH[SRVXUH
&DVK(TXLYDOHQWV0DUNHWDEOH6HFXULWLHVDQG2WKHU)LQDQFLDO,QVWUXPHQWV
&DVKHTXLYDOHQWVUHSUHVHQWKLJKO\OLTXLGILQDQFLDOLQVWUXPHQWVVXFKDVPRQH\PDUNHWIXQGVZLWKGDLO\
OLTXLGLW\ RU VKRUWWHUP FRPPHUFLDO SDSHU RU WUHDVXU\ VHFXULWLHV PDWXULQJ ZLWKLQ WKUHH PRQWKV RI DFTXLVLWLRQ
&DVK DQG FDVK HTXLYDOHQWV ZKLFK DUH UHVWULFWHG IURP JHQHUDO FRUSRUDWH XVH DUH LQFOXGHG LQ RWKHU DVVHWV
&RPPHUFLDOSDSHUQRWPDWXULQJZLWKLQWKUHHPRQWKVRIDFTXLVLWLRQZKLFKZHLQWHQGDQG KDYHWKHFDSDFLW\WR
KROGXQWLOPDWXULW\DUHLQFOXGHGLQPDUNHWDEOHVHFXULWLHVDQGDFFRXQWHGIRUXVLQJWKHHIIHFWLYHLQWHUHVWPHWKRG
7UDQVIHUVRIILQDQFLDODVVHWVDUHUHFRUGHGDVVDOHVZKHQWKHDVVHWLVSXWSUHVXPSWLYHO\EH\RQGRXUDQG
RXUFUHGLWRUV¶UHDFKWKHUHLVQRLPSHGLPHQWWRWKHWUDQVIHUHH¶VULJKWWRSOHGJHRUH[FKDQJHWKHDVVHWZHKDYH
VXUUHQGHUHGHIIHFWLYHFRQWURORIWKHDVVHWZHKDYHQRDFWXDORUHIIHFWLYHULJKWRUUHTXLUHPHQWWRUHSXUFKDVHWKH
DVVHWDQGLQWKHFDVHRIDWUDQVIHURIDSDUWLFLSDWLQJLQWHUHVWWKHUHLVQRLPSHGLPHQWWRRXUULJKWWRSOHGJHRU
H[FKDQJHWKHSDUWLFLSDWLQJLQWHUHVWZHUHWDLQ
)DLU9DOXH$FFRXQWLQJ
$V XVHG KHUHLQ WKH WHUP ³IDLU YDOXH´ LV WKH SULFH WKDW ZRXOG EH UHFHLYHG WR VHOO DQ DVVHW RU SDLG WR
WUDQVIHU D OLDELOLW\ LQ DQ RUGHUO\ WUDQVDFWLRQ EHWZHHQ PDUNHW SDUWLFLSDQWV :H SULRULWL]H WKH LQSXWV XVHG LQ
PHDVXULQJ IDLU YDOXH EDVHG XSRQ D WKUHHWLHU KLHUDUFK\ GHVFULEHG LQ &RGLILFDWLRQ 6HFWLRQ 2XU
HVWLPDWHV RI IDLU YDOXH LQYROYH FRQVLGHUDEOH MXGJPHQW DQG DUH QRW QHFHVVDULO\ LQGLFDWLYH RI WKH DPRXQWV WKDW
FRXOGEHUHDOL]HGLQFXUUHQWPDUNHWH[FKDQJHV
:HEHOLHYHWKDWGXULQJDOOSHULRGVSUHVHQWHGWKHFDUU\LQJYDOXHVDSSUR[LPDWHWKHHVWLPDWHGIDLUYDOXHV
RIRXUFDVKDQGFDVKHTXLYDOHQWVRWKHUDVVHWVDQGDFFUXHGDQGRWKHUOLDELOLWLHVEDVHGXSRQRXUHYDOXDWLRQRIWKH
XQGHUO\LQJ FKDUDFWHULVWLFV PDUNHW GDWD DQG VKRUW PDWXULW\ RI WKHVH ILQDQFLDO LQVWUXPHQWV ZKLFK LQYROYHG
FRQVLGHUDEOHMXGJPHQW7KHFKDUDFWHULVWLFVRIWKHVHILQDQFLDOLQVWUXPHQWVPDUNHWGDWDDQGRWKHUFRPSDUDWLYH
PHWULFV XWLOL]HG LQ GHWHUPLQLQJ WKHVH IDLU YDOXHV DUH ³/HYHO ´ LQSXWV DV WKH WHUP LV GHILQHG LQ &RGLILFDWLRQ
6HFWLRQ
:HHVWLPDWHIDLUYDOXHVLQUHFRUGLQJRXUEXVLQHVVFRPELQDWLRQVWRHYDOXDWHUHDOHVWDWHLQYHVWPHQWVLQ
XQFRQVROLGDWHGUHDOHVWDWHHQWLWLHVJRRGZLOODQGRWKHULQWDQJLEOHDVVHWVIRULPSDLUPHQWDQGWR GHWHUPLQHWKH
IDLU YDOXHV RI QRWHV SD\DEOH DQG UHFHLYDEOH ,Q HVWLPDWLQJ WKHVH IDLU YDOXHV ZH FRQVLGHU VLJQLILFDQW
XQREVHUYDEOH LQSXWV VXFK DV PDUNHW SULFHV RI ODQG PDUNHW FDSLWDOL]DWLRQ UDWHVDQG HDUQLQJV PXOWLSOHV IRU UHDO