Public Storage 2015 Annual Report Download - page 86

Download and view the complete annual report

Please find page 86 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

PUBLIC STORAGE
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
)
GHWHUPLQHWKDWWKHIDLUYDOXHRIWKHUHSRUWLQJXQLWH[FHHGVWKHDJJUHJDWHFDUU\LQJDPRXQWQRLPSDLUPHQWFKDUJH
LV UHFRUGHG  2WKHUZLVH ZH UHFRUG DQ LPSDLUPHQW FKDUJH WR WKH H[WHQW WKH FDUU\LQJ DPRXQW RI WKH JRRGZLOO
H[FHHGVWKHDPRXQWWKDW ZRXOG EHDOORFDWHGWRJRRGZLOOLIWKHUHSRUWLQJXQLW ZHUHDFTXLUHGIRUHVWLPDWHG IDLU
YDOXH
:HHYDOXDWHWKH³6KXUJDUG´WUDGHQDPHIRULPSDLUPHQWDWOHDVWDQQXDOO\DQGZKHQHYHUUHOHYDQWHYHQWV
FLUFXPVWDQFHVDQGRWKHUUHODWHGIDFWRUVLQGLFDWHWKDWWKHIDLUYDOXHLVOHVVWKDQWKHFDUU\LQJDPRXQW:KHQZH
FRQFOXGHWKDWLWLVOLNHO\WKDWWKHDVVHWLVQRWLPSDLUHGZHGRQRWUHFRUGDQLPSDLUPHQWFKDUJHDQGQRIXUWKHU
DQDO\VLVLVSHUIRUPHG2WKHUZLVHZHUHFRUGDQLPSDLUPHQWFKDUJHWRWKHH[WHQWWKHFDUU\LQJDPRXQWH[FHHGV
WKHDVVHW¶VHVWLPDWHGIDLUYDOXH
1RLPSDLUPHQWVZHUHUHFRUGHGLQDQ\RIRXUHYDOXDWLRQVIRUDQ\SHULRGSUHVHQWHGKHUHLQ
5HYHQXHDQG([SHQVH5HFRJQLWLRQ
5HYHQXHVIURPVHOIVWRUDJHIDFLOLWLHVZKLFKLVSULPDULO\FRPSRVHGRIUHQWDOLQFRPHHDUQHGSXUVXDQWWR
PRQWKWRPRQWK OHDVHV IRU VWRUDJH VSDFH DV ZHOO DV DVVRFLDWHG ODWH FKDUJHV DQG DGPLQLVWUDWLYH IHHV DUH
UHFRJQL]HG DV HDUQHG  3URPRWLRQDO GLVFRXQWV UHGXFH UHQWDO LQFRPH RYHU WKH SURPRWLRQDO SHULRG ZKLFK LV
JHQHUDOO\RQHPRQWK$QFLOODU\UHYHQXHVDQGLQWHUHVWDQGRWKHULQFRPHDUHUHFRJQL]HGZKHQHDUQHG(TXLW\LQ
HDUQLQJV RI XQFRQVROLGDWHG UHDO HVWDWH HQWLWLHV UHSUHVHQWV RXU SURUDWD VKDUH RI WKH HDUQLQJV RI WKH
8QFRQVROLGDWHG5HDO(VWDWH(QWLWLHV
:H DFFUXH IRU SURSHUW\ WD[ H[SHQVH EDVHG XSRQ DFWXDO DPRXQWV ELOOHG DQG LQ VRPH FLUFXPVWDQFHV
HVWLPDWHVZKHQELOOVRUDVVHVVPHQWVKDYHQRWEHHQUHFHLYHGIURPWKHWD[LQJDXWKRULWLHV,IWKHVHHVWLPDWHVDUH
LQFRUUHFW WKH WLPLQJ DQG DPRXQW RI H[SHQVH UHFRJQLWLRQ FRXOG EH LQFRUUHFW  &RVW RI RSHUDWLRQV JHQHUDO DQG
DGPLQLVWUDWLYHH[SHQVHLQWHUHVWH[SHQVHDVZHOODVDGYHUWLVLQJH[SHQGLWXUHVDUHH[SHQVHGDVLQFXUUHG
)RUHLJQ&XUUHQF\([FKDQJH7UDQVODWLRQ
7KH ORFDO FXUUHQF\ SULPDULO\ WKH (XUR LV WKH IXQFWLRQDO FXUUHQF\ IRU RXU LQWHUHVWV LQ IRUHLJQ
RSHUDWLRQV  7KH UHODWHG EDODQFH VKHHW DPRXQWV DUH WUDQVODWHG LQWR 86 'ROODUV DW WKH H[FKDQJH UDWHV DW WKH
UHVSHFWLYH ILQDQFLDO VWDWHPHQW GDWH ZKLOH DPRXQWV RQ RXU VWDWHPHQWV RI LQFRPH DUH WUDQVODWHG DW WKH DYHUDJH
H[FKDQJHUDWHVGXULQJWKHUHVSHFWLYHSHULRG:KHQILQDQFLDOLQVWUXPHQWVGHQRPLQDWHGLQDFXUUHQF\RWKHUWKDQ
WKH86'ROODUDUHH[SHFWHGWREHVHWWOHGLQFDVKLQWKHIRUHVHHDEOHIXWXUHWKHLPSDFWRIFKDQJHVLQWKH86
'ROODUHTXLYDOHQWDUHUHIOHFWHGLQFXUUHQWHDUQLQJV7KH(XURZDVWUDQVODWHGDWH[FKDQJHUDWHVRIDSSUR[LPDWHO\
86'ROODUVSHU(XURDW'HFHPEHUDW'HFHPEHUDQGDYHUDJHH[FKDQJHUDWHV
RIDQGIRUWKH\HDUVHQGHG'HFHPEHUDQGUHVSHFWLYHO\&XPXODWLYH
WUDQVODWLRQ DGMXVWPHQWV WR WKH H[WHQW QRW LQFOXGHG LQ FXPXODWLYH QHW LQFRPH DUH LQFOXGHG LQ HTXLW\ DV D
FRPSRQHQWRIDFFXPXODWHGRWKHUFRPSUHKHQVLYHLQFRPHORVV
)RURXUORDQUHFHLYDEOH 1RWHLIZHGHWHUPLQHWKDW LWLVSUREDEOH ZHZLOOEH XQDEOH WRFROOHFWDOO
DPRXQWVGXHEDVHGRQWKHWHUPVRIWKHORDQDJUHHPHQWZHUHFRUGDQLPSDLUPHQWFKDUJHIRUDQ\H[FHVVRIERRN
YDOXHRYHUWKHSUHVHQWYDOXHRIH[SHFWHGIXWXUHFDVKIORZV
1RLPSDLUPHQWVZHUHUHFRUGHGLQDQ\RIRXUHYDOXDWLRQVIRUDQ\SHULRGSUHVHQWHGKHUHLQ
