Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 04, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'Public Storage | ' |
Entity Central Index Key | '0001393311 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 172,066,884 |
Balance_Sheets
Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $56,965 | $17,239 |
Real estate facilities, at cost: | ' | ' |
Land | 3,001,267 | 2,863,464 |
Buildings | 8,532,067 | 8,170,355 |
Real estate facilities, gross | 11,533,334 | 11,033,819 |
Accumulated depreciation | -4,004,681 | -3,738,130 |
Real estate facilities, net | 7,528,653 | 7,295,689 |
Construction in process | 46,039 | 36,243 |
Total real estate facilities | 7,574,692 | 7,331,932 |
Investments in unconsolidated real estate entity | 766,489 | 735,323 |
Goodwill and other intangible assets, net | 217,023 | 209,374 |
Loan receivable from unconsolidated real estate entity | 420,441 | 410,995 |
Other assets | 114,330 | 88,540 |
Total assets | 9,149,940 | 8,793,403 |
LIABILITIES AND EQUITY | ' | ' |
Borrowings on bank credit facility | ' | 133,000 |
Notes payable | 100,118 | 335,828 |
Accrued and other liabilities | 243,033 | 201,711 |
Total liabilities | 343,151 | 670,539 |
Commitments and contingencies (Note 12) | ' | ' |
Public Storage shareholders equity: | ' | ' |
Preferred Shares, $0.01 par value, 100,000,000 shares authorized, 142,500 shares issued (in series) and outstanding, (113,5000 at December 2012), at liquidation preference | 3,562,500 | 2,837,500 |
Common Shares, $0.10 par value, 650,000,000 shares authorized, 171,760,994 shares issued and outstanding (171,388,286 shares at December 31, 2012) | 17,176 | 17,139 |
Paid-in capital | 5,525,639 | 5,519,596 |
Accumulated deficit | -321,890 | -279,474 |
Accumulated other comprehensive loss | -4,481 | -1,005 |
Total Public Storage shareholders’ equity | 8,778,944 | 8,093,756 |
Noncontrolling interests | 27,845 | 29,108 |
Total equity | 8,806,789 | 8,122,864 |
Total liabilities and equity | $9,149,940 | $8,793,403 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Cumulative Preferred Shares of beneficial interest | ' | ' |
Par value | $0.01 | $0.01 |
Shares authorized | 100,000,000 | 100,000,000 |
Shares issued (in series) | 142,500 | 113,500 |
Shares outstanding | 142,500 | 113,500 |
Common Shares of beneficial interest | ' | ' |
Par value | $0.10 | $0.10 |
Shares authorized | 650,000,000 | 650,000,000 |
Shares issued | 171,760,994 | 171,388,286 |
Shares outstanding | 171,760,994 | 171,388,286 |
Income_Statements
Income Statements (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues: | ' | ' | ' | ' |
Self-storage facilities | $477,978 | $445,169 | $1,369,219 | $1,279,788 |
Ancillary operations | 33,979 | 32,013 | 99,016 | 93,022 |
Total revenues | 511,957 | 477,182 | 1,468,235 | 1,372,810 |
Expenses: | ' | ' | ' | ' |
Self-storage cost of operations | 136,751 | 131,618 | 409,881 | 406,913 |
Ancillary cost of operations | 11,052 | 9,857 | 30,882 | 29,156 |
Depreciation and amortization | 96,537 | 89,897 | 278,475 | 265,195 |
General and administrative | 17,650 | 15,298 | 49,988 | 44,117 |
Operating expenses | 261,990 | 246,670 | 769,226 | 745,381 |
Operating income | 249,967 | 230,512 | 699,009 | 627,429 |
Interest and other income | 5,608 | 5,444 | 16,705 | 16,639 |
Interest expense | -478 | -4,926 | -4,622 | -15,327 |
Equity in earnings of unconsolidated real estate entities | 14,269 | 12,642 | 39,013 | 30,353 |
Foreign currency exchange gain (loss) | 16,094 | 9,019 | 9,281 | -2,481 |
Gain on real estate sales | 168 | 193 | 168 | 1,456 |
Income from continuing operations | 285,628 | 252,884 | 759,554 | 658,069 |
Discontinued operations | ' | 11,935 | ' | 12,403 |
Net income | 285,628 | 264,819 | 759,554 | 670,472 |
Allocation to noncontrolling interests | -1,430 | -927 | -3,670 | -2,585 |
Net income allocable to Public Storage shareholders | 284,198 | 263,892 | 755,884 | 667,887 |
Allocation of net income to: | ' | ' | ' | ' |
Preferred shareholders - distributions | -51,907 | -49,267 | -152,404 | -156,272 |
Preferred shareholders - redemptions | ' | -11,350 | ' | -49,677 |
Restricted share units | -930 | -810 | -2,498 | -1,787 |
Net income allocated to common shareholders | $231,361 | $202,465 | $600,982 | $460,151 |
Net income per common share - basic | ' | ' | ' | ' |
Continuing operations | $1.35 | $1.12 | $3.50 | $2.63 |
Discontinued operations | ' | $0.07 | ' | $0.07 |
Earnings per share, basic | $1.35 | $1.19 | $3.50 | $2.70 |
Net income per common share - diluted | ' | ' | ' | ' |
Continuing operations | $1.34 | $1.11 | $3.48 | $2.61 |
Discontinued operations | ' | $0.07 | ' | $0.07 |
Earnings per share, diluted | $1.34 | $1.18 | $3.48 | $2.68 |
Basic weighted average common shares outstanding | 171,721 | 170,576 | 171,597 | 170,460 |
Diluted weighted average common shares outstanding | 172,793 | 171,700 | 172,651 | 171,558 |
Cash dividends declared per common share | $1.25 | $1.10 | $3.75 | $3.30 |
Statements_Of_Comprehensive_In
Statements Of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement Of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $285,628 | $264,819 | $759,554 | $670,472 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Aggregate foreign currency exchange gain | 34,135 | 21,081 | 5,805 | 5,162 |
Adjust for foreign currency exchange (gain) loss, included in net income | -16,094 | -9,019 | -9,281 | 2,481 |
Other comprehensive income (loss) | 18,041 | 12,062 | -3,476 | 7,643 |
Total comprehensive income | 303,669 | 276,881 | 756,078 | 678,115 |
Allocation to noncontrolling interests | -1,430 | -927 | -3,670 | -2,585 |
Comprehensive income allocable to Public Storage shareholders | $302,239 | $275,954 | $752,408 | $675,530 |
Statement_Of_Equity
Statement Of Equity (USD $) | Cumulative Preferred Shares [Member] | Common Shares [Member] | Paid-In Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Loss [Member] | Total Public Storage Shareholders' Equity [Member] | Permanent Noncontrolling Interests [Member] | Total |
In Thousands, unless otherwise specified | ||||||||
Balance at Dec. 31, 2012 | $2,837,500 | $17,139 | $5,519,596 | ($279,474) | ($1,005) | $8,093,756 | $29,108 | $8,122,864 |
Issuance of 29,000,000 preferred depositary shares (Note 8) | 725,000 | ' | -23,313 | ' | ' | 701,687 | ' | 701,687 |
Issuance of common shares in connection with share-based compensation (Note 10) | ' | 37 | 20,445 | ' | ' | 20,482 | ' | 20,482 |
Share-based compensation expense, net of cash paid in lieu of common shares (Note 10) | ' | ' | 13,304 | ' | ' | 13,304 | ' | 13,304 |
Acquisition of noncontrolling interests | ' | ' | -4,393 | ' | ' | -4,393 | -89 | -4,482 |
Net income | ' | ' | ' | 759,554 | ' | 759,554 | ' | 759,554 |
Net income allocated to noncontrolling interests | ' | ' | ' | -3,670 | ' | -3,670 | 3,670 | ' |
Distributions to equity holders: | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred shares (Note 8) | ' | ' | ' | -152,404 | ' | -152,404 | ' | -152,404 |
Noncontrolling interests | ' | ' | ' | ' | ' | ' | -4,844 | -4,844 |
Common shares and restricted share units ($3.75 per share) | ' | ' | ' | -645,896 | ' | -645,896 | ' | -645,896 |
Other comprehensive loss (Note 2) | ' | ' | ' | ' | -3,476 | -3,476 | ' | -3,476 |
Balance at Sep. 30, 2013 | $3,562,500 | $17,176 | $5,525,639 | ($321,890) | ($4,481) | $8,778,944 | $27,845 | $8,806,789 |
Statement_Of_Equity_Parentheti
Statement Of Equity (Parenthetical) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Statement Of Equity [Abstract] | ' |
Issuance of preferred shares, shares | 29,000,000 |
Issuance of common shares in connection with share-based compensation, shares | 372,708 |
Common shares, per share distribution | $3.75 |
Statements_Of_Cash_Flows
Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net income | $759,554 | $670,472 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Gain on real estate sales, including amounts in discontinued operations | -168 | -13,191 |
Depreciation and amortization, including amounts in discontinued operations | 278,475 | 265,517 |
Distributions received from unconsolidated real estate entities (less than) in excess of equity in earnings | -5,182 | 3,119 |
Foreign currency exchange (gain) loss | -9,281 | 2,481 |
Other | 16,265 | 27,357 |
Total adjustments | 280,109 | 285,283 |
Net cash provided by operating activities | 1,039,663 | 955,755 |
Cash flows from investing activities: | ' | ' |
Capital expenditures to maintain real estate facilities | -55,883 | -58,642 |
Construction in process | -78,578 | -5,265 |
Acquisition of real estate facilities and intangibles (Note 3) | -392,380 | -143,827 |
Acquisition of investments in unconsolidated real estate entities | -29,752 | ' |
Proceeds from sales of other real estate investments | 257 | 15,973 |
Other | 9,674 | 4,022 |
Net cash used in investing activities | -546,662 | -187,739 |
Cash flows from financing activities: | ' | ' |
Repayments on bank credit facility | -133,000 | ' |
Repayments on notes payable | -234,936 | -49,287 |
Issuance of common shares | 20,482 | 21,007 |
Issuance of preferred shares | 701,687 | 1,651,456 |
Redemption of preferred shares | ' | -1,248,946 |
Acquisition of noncontrolling interests | -4,482 | -20,876 |
Distributions paid to Public Storage shareholders | -798,300 | -720,999 |
Distributions paid to noncontrolling interests | -4,844 | -4,341 |
Net cash used in financing activities | -453,393 | -371,986 |
Net increase in cash and cash equivalents | 39,608 | 396,030 |
Net effect of foreign exchange translation on cash and cash equivalents | 118 | 714 |
Cash and cash equivalents at the beginning of the period | 17,239 | 139,008 |
Cash and cash equivalents at the end of the period | 56,965 | 535,752 |
Foreign currency translation adjustment: | ' | ' |
Real estate facilities, net of accumulated depreciation | -9 | -643 |
Investments in unconsolidated real estate entities | 3,768 | -6,701 |
Intangible assets | ' | -3 |
Loan receivable from unconsolidated real estate entity | -9,446 | 2,899 |
Accumulated other comprehensive income | 5,805 | 5,162 |
Preferred shares called for redemption and reclassified: | ' | ' |
To liabilities | ' | 367,325 |
From equity | ' | -367,325 |
Consolidation of entities previously accounted for under the equity method of accounting: | ' | ' |
Real estate facilities | ' | -10,403 |
Investments in unconsolidated real estate entities | ' | 3,072 |
Intangible assets | ' | -949 |
Noncontrolling interests | ' | $8,224 |
Description_Of_The_Business
Description Of The Business | 9 Months Ended |
Sep. 30, 2013 | |
Description Of The Business [Abstract] | ' |
Description Of The Business | ' |
1.Description of the Business | |
Public Storage (referred to herein as “the Company”, “we”, “us”, or “our”), a Maryland real estate investment trust, was organized in 1980. Our principal business activities include the acquisition, development, ownership and operation of self-storage facilities which offer storage spaces for lease, generally on a month-to-month basis, for personal and business use. | |
At September 30, 2013, we have direct and indirect equity interests in 2,110 self-storage facilities (with approximately 135 million net rentable square feet) located in 38 states in the United States (“U.S.”) operating under the “Public Storage” name. In Europe, we own one self-storage facility in London, England and we have a 49% interest in Shurgard Europe, which owns 187 self-storage facilities (with approximately 10 million net rentable square feet) located in seven Western European countries, all operating under the “Shurgard” name. We also have direct and indirect equity interests in approximately 30 million net rentable square feet of commercial space located in 11 states in the U.S. primarily owned and operated by PS Business Parks, Inc. (“PSB”) under the “PS Business Parks” name. At September 30, 2013, we have an approximate 43% common equity interest in PSB. | |
Disclosures of the number and square footage of properties, as well as the number and coverage of tenant reinsurance policies are unaudited and outside the scope of our independent registered public accounting firm’s review of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). | |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Summary Of Significant Accounting Policies [Abstract] | ' | ||||||||||||
Summary Of Significant Accounting Policies | ' | ||||||||||||
2.Summary of Significant Accounting Policies | |||||||||||||
Basis of Presentation | |||||||||||||
The accompanying unaudited interim financial statements were prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) as defined in the Financial Accounting Standards Board Accounting Standards Codification (the “Codification”), including guidance with respect to interim financial information, and in conformity with the instructions to Form 10-Q and Article 10 of Regulation S-X. While they do not include all of the disclosures required by GAAP for complete financial statements, we believe that we have included all adjustments (consisting of normal and recurring adjustments) necessary for a fair presentation. Operating results for the three and nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013 due to seasonality and other factors. These interim financial statements should be read together with the audited financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. | |||||||||||||
Certain amounts previously reported in our December 31, 2012 and September 30, 2012 financial statements have been reclassified to conform to the September 30, 2013 presentation 1) for discontinued operations, 2) to separately present construction in process, and 3) to reflect credit card fees as part of cost of operations rather than as a reduction to revenues. | |||||||||||||
Consolidation and Equity Method of Accounting | |||||||||||||
We consider entities to be Variable Interest Entities (“VIEs”) when they have insufficient equity to finance their activities without additional subordinated financial support provided by other parties, or where the equity holders as a group do not have a controlling financial interest. We have no investments or other involvement in any VIEs. | |||||||||||||
We consolidate all entities that we control (these entities, for the period in which the reference applies, are referred to collectively as the “Subsidiaries”), and we eliminate intercompany transactions and balances. We account for our investments in entities that we have significant influence over, but do not control, using the equity method of accounting (these entities, for the periods in which the reference applies, are referred to collectively as the “Unconsolidated Real Estate Entities”). When we obtain control of an Unconsolidated Real Estate Entity, we commence consolidating the entity and record a gain representing the differential between the book value and fair value of our preexisting equity interest. All changes in consolidation status are reflected prospectively. | |||||||||||||
When we are general partner, we control the partnership unless the third-party limited partners can dissolve the partnership or otherwise remove us as general partner without cause, or if the limited partners have the right to participate in substantive decisions of the partnership. | |||||||||||||
Collectively, at September 30, 2013, the Company and the Subsidiaries own 2,096 self-storage facilities in the U.S., one self-storage facility in London, England and six commercial facilities in the U.S. At September 30, 2013, the Unconsolidated Real Estate Entities are comprised of PSB, Shurgard Europe, as well as limited partnerships that own an aggregate of 14 self-storage facilities in the U.S. (these limited partnerships, for the periods in which the reference applies, are referred to as the “Other Investments”). | |||||||||||||
Use of Estimates | |||||||||||||
The financial statements and accompanying notes reflect our estimates and assumptions. Actual results could differ from those estimates and assumptions. | |||||||||||||
Income Taxes | |||||||||||||
We have elected to be treated as a real estate investment trust (“REIT”), as defined in the Internal Revenue Code. As a REIT, we do not incur federal income tax if we distribute 100% of our REIT taxable income (generally, net rents and gains from real property, dividends, and interest) each year, and if we meet certain organizational and operational rules. We believe we will meet these REIT requirements in 2013, and that we have met them for all other periods presented herein. Accordingly, we have recorded no federal income tax expense related to our REIT taxable income. | |||||||||||||
Our merchandise and tenant reinsurance operations are subject to corporate income tax and such taxes are included in ancillary cost of operations. We also incur income and other taxes in certain states, which are included in general and administrative expense. | |||||||||||||
We recognize tax benefits of uncertain income tax positions that are subject to audit only if we believe it is more likely than not that the position would be sustained (including the impact of appeals, as applicable), assuming the relevant taxing authorities had full knowledge of the relevant facts and circumstances of our positions. As of September 30, 2013, we had no tax benefits that were not recognized. | |||||||||||||
Real Estate Facilities | |||||||||||||
Real estate facilities are recorded at cost. We capitalize all costs incurred to develop, construct, renovate and improve properties, including interest and property taxes incurred during the construction period. We expense internal and external transaction costs associated with acquisitions or dispositions of real estate, as well as repairs and maintenance costs, as incurred. We depreciate buildings and improvements on a straight-line basis over estimated useful lives ranging generally between 5 to 25 years. | |||||||||||||
We allocate the net acquisition cost of acquired operating self-storage facilities (consisting of the cash paid to third parties for their interests, the fair value of any existing investment, and the fair value of any liabilities assumed) to the underlying land, buildings, identified intangible assets, and remaining noncontrolling interests based upon their respective individual estimated fair values. Any difference between the net acquisition cost and the estimated fair value of the net tangible and intangible assets acquired is recorded as goodwill. | |||||||||||||
Other Assets | |||||||||||||
Other assets primarily consist of prepaid expenses, accounts receivable, land held for sale and restricted cash. | |||||||||||||
Accrued and Other Liabilities | |||||||||||||
Accrued and other liabilities consist primarily of trade payables, property tax accruals, tenant prepayments of rents, accrued interest payable, accrued payroll, accrued tenant reinsurance losses, casualty losses, and contingent loss accruals which are accrued when probable and estimable. We disclose the nature of significant unaccrued losses that are reasonably possible of occurring and, if estimable, a range of exposure. | |||||||||||||
Cash Equivalents and Marketable Securities | |||||||||||||
Cash equivalents represent highly liquid financial instruments such as money market funds with daily liquidity or short-term commercial paper or treasury securities maturing within three months of acquisition. Cash and cash equivalents which are restricted from general corporate use are included in other assets. Commercial paper not maturing within three months of acquisition, which we intend and have the capacity to hold until maturity, are included in marketable securities and accounted for using the effective interest method. | |||||||||||||
Fair Value Accounting | |||||||||||||
As used herein, the term “fair value” is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. We prioritize the inputs used in measuring fair value based upon a three-tier hierarchy described in Codification Section 820-10-35. | |||||||||||||
We believe that, during all periods presented, the carrying values approximate the fair values of our cash and cash equivalents, marketable securities, other assets, and accrued and other liabilities, based upon our evaluation of the underlying characteristics, market data, and short maturity of these financial instruments, which involved considerable judgment. The estimated fair values are not necessarily indicative of the amounts that could be realized in current market exchanges. The characteristics of these financial instruments, market data, and other comparative metrics utilized in determining these fair values are “Level 2” inputs as the term is defined in Codification Section 820-10-35-47. | |||||||||||||
We use significant judgment to estimate fair values in recording our business combinations, to evaluate real estate, investments in unconsolidated real estate entities, goodwill, and other intangible assets for impairment, and to determine the fair values of notes payable and receivable. In estimating fair values, we consider significant unobservable inputs such as market prices of land, market capitalization rates and earnings multiples for real estate facilities, projected levels of earnings, costs of construction, functional depreciation, and market interest rates for debt securities with a similar time to maturity and credit quality, which are “Level 3” inputs as the term is defined in Codification Section 820-10-35-52. We believe that, during all periods presented, the carrying values approximate the fair values of our notes payable and loan receivable. | |||||||||||||
Currency and Credit Risk | |||||||||||||
Financial assets that are exposed to credit risk consist primarily of cash and cash equivalents, accounts receivable, loans receivable, and restricted cash. Cash equivalents and marketable securities we invest in are either money market funds with a rating of at least AAA by Standard and Poor’s, commercial paper that is rated A1 by Standard and Poor’s or deposits with highly rated commercial banks. | |||||||||||||
At September 30, 2013, due primarily to our investment in and loan receivable from Shurgard Europe, our operating results and financial position are affected by fluctuations in currency exchange rates between the Euro, and to a lesser extent, other European currencies, against the U.S. Dollar. | |||||||||||||
Goodwill and Other Intangible Assets | |||||||||||||
Intangible assets are comprised of goodwill, the “Shurgard” trade name, acquired tenants in place, and leasehold interests in land. | |||||||||||||
Goodwill totaled $174.6 million at September 30, 2013 and December 31, 2012. The “Shurgard” trade name, which is used by Shurgard Europe pursuant to a fee-based licensing agreement, has a book value of $18.8 million at September 30, 2013 and December 31, 2012. Goodwill and the “Shurgard” trade name have indefinite lives and are not amortized. | |||||||||||||
Acquired tenants in place and leasehold interests in land are finite-lived and are amortized relative to the benefit of the tenants in place or the land lease expense to each period. At September 30, 2013, these intangibles have a net book value of $23.6 million ($15.9 million at December 31, 2012). Accumulated amortization totaled $24.0 million at September 30, 2013 ($24.8 million at December 31, 2012), and amortization expense of $9.8 million and $7.3 million was recorded in the nine months ended September 30, 2013 and 2012, respectively. During the nine months ended September 30, 2013, intangibles were increased $17.5 million in connection with the acquisition of self-storage facilities. | |||||||||||||
Evaluation of Asset Impairment | |||||||||||||
We evaluate our real estate, finite-lived intangible assets, investments in unconsolidated real estate entities, and loan receivable from Shurgard Europe for impairment on a quarterly basis. We evaluate indefinite-lived assets (including goodwill) for impairment on an annual basis, or more often if there are indicators of impairment. | |||||||||||||
In evaluating our real estate assets and finite-lived intangible assets for impairment, if there are indicators of impairment, and we determine that the asset is not recoverable from future undiscounted cash flows, an impairment charge is recorded for any excess of the carrying amount over the asset’s estimated fair value. For long-lived assets that we expect to dispose of prior to the end of their estimated useful lives, we record an impairment charge for any excess of the carrying value of the asset over the expected net proceeds from disposal. | |||||||||||||
Prior to January 1, 2013, we evaluated the “Shurgard” trade name for impairment through a quantitative analysis, and we would record impairment charges to the extent quantitatively estimated fair value was less than the carrying amount. Beginning January 1, 2013, if we determine, based upon the relevant events and circumstances and other such qualitative factors, that it is more likely than not that the asset is unimpaired, we do not record an impairment charge and no further analysis is performed. Otherwise, we record an impairment charge for any excess of carrying amount over quantitatively assessed fair value. The change made on January 1, 2013, which is not expected to have a material impact upon our net income, resulted from our adoption of the Financial Accounting Standards Board’s (the “FASB’s”) Accounting Standards Update No. 2012-02, “Testing Indefinite-Lived Intangible Assets for Impairment.” | |||||||||||||
In evaluating goodwill for impairment, we first evaluate, based upon the relevant events and circumstances and other such qualitative factors, whether the fair value of the reporting unit that the goodwill pertains to is greater than its aggregate carrying amount. If based upon this evaluation it is more likely than not that the fair value of the reporting unit is in excess of its aggregate carrying amount, no impairment charge is recorded and no further analysis is performed. Otherwise, we estimate the goodwill’s implied fair value based upon what would be allocated to goodwill if the reporting unit were acquired at estimated fair value in a transaction accounted for as a business combination, and record an impairment charge for any excess of book value over the goodwill’s implied fair value. | |||||||||||||
For our investments in unconsolidated real estate entities, if we determine that a decline in the estimated fair value of the investments below carrying amount is other than temporary, we record an impairment charge for any excess of carrying amount over the estimated fair value. | |||||||||||||
For our loan receivable from Shurgard Europe, if we determine that it is probable we will be unable to collect all amounts due based on the terms of the loan agreement, we record an impairment charge for any excess of book value over the present value of expected future cash flows. | |||||||||||||
No impairments were recorded in any of our evaluations for any period presented herein. | |||||||||||||
Revenue and Expense Recognition | |||||||||||||
Rental income, which is generally earned pursuant to month-to-month leases for storage space, as well as late charges and administrative fees, are recognized as earned. Promotional discounts reduce rental income over the promotional period. Ancillary revenues and interest and other income are recognized when earned. Equity in earnings of unconsolidated real estate entities represents our pro-rata share of the earnings of the Unconsolidated Real Estate Entities. | |||||||||||||
We accrue for property tax expense based upon actual amounts billed and, in some circumstances, estimates and historical trends when bills or assessments have not been received from the taxing authorities or such bills and assessments are in dispute. If these estimates are incorrect, the timing and amount of expense recognition could be incorrect. Cost of operations, general and administrative expense, interest expense, as well as television and other advertising expenditures are expensed as incurred. | |||||||||||||
Foreign Currency Exchange Translation | |||||||||||||
The local currency (primarily the Euro) is the functional currency for our interests in foreign operations. The related balance sheet amounts are translated into U.S. Dollars at the exchange rates at the respective financial statement date, while amounts on our statements of income are translated at the average exchange rates during the respective period. The Euro was translated at exchange rates of approximately 1.352 U.S. Dollars per Euro at September 30, 2013 (1.322 at December 31, 2012), and average exchange rates of 1.324 and 1.251 for the three months ended September 30, 2013 and 2012, respectively, and average exchange rates of 1.317 and 1.282 for the nine months ended September 30, 2013 and 2012, respectively. Cumulative translation adjustments, to the extent not included in cumulative net income, are included in equity as a component of accumulated other comprehensive income (loss). | |||||||||||||
Comprehensive Income (Loss) | |||||||||||||
Total comprehensive income (loss) represents net income, adjusted for changes in other comprehensive income (loss) for the applicable period. The aggregate foreign currency exchange gains and losses reflected on our statements of comprehensive income are comprised primarily of foreign currency exchange gains and losses on our investment in, and loan receivable from, Shurgard Europe. | |||||||||||||
Discontinued Operations | |||||||||||||
Discontinued operations represent the net income of those facilities that have been disposed of as of September 30, 2013, or which we plan to dispose of within a year. | |||||||||||||
Net Income per Common Share | |||||||||||||
Net income is allocated to (i) noncontrolling interests based upon their share of the net income of the Subsidiaries and (ii) preferred shareholders, when a preferred security is called for redemption, to the extent redemption cost exceeds the related original net issuance proceeds (an “EITF D-42 allocation.”), with (iii) the remaining net income allocated to each of our equity securities based upon the dividends declared or accumulated during the period, combined with participation rights in undistributed earnings. | |||||||||||||
Basic net income per share, basic net income from discontinued operations per share, and basic net income from continuing operations per share are computed using the weighted average common shares outstanding. Diluted net income per share, diluted net income from discontinued operations per share, and diluted net income from continuing operations per share are computed using the weighted average common shares outstanding, adjusted for the impact, if dilutive, of stock options outstanding (Note 10). | |||||||||||||
The following table reflects our calculations of basic and diluted net income per share, basic and diluted net income from discontinued operations per share, and basic and diluted net income from continuing operations per share: | |||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
(Amounts in thousands) | |||||||||||||
Net income allocable to common shareholders from continuing operations and discontinued operations: | |||||||||||||
Net income allocable to common shareholders | $ | 231,361 | $ | 202,465 | $ | 600,982 | $ | 460,151 | |||||
Eliminate: Discontinued operations | |||||||||||||
allocable to common shareholders | - | -11,935 | - | -12,403 | |||||||||
Net income from continuing operations | |||||||||||||
allocable to common shareholders | $ | 231,361 | $ | 190,530 | $ | 600,982 | $ | 447,748 | |||||
Weighted average common shares and equivalents outstanding: | |||||||||||||
Basic weighted average common shares outstanding | 171,721 | 170,576 | 171,597 | 170,460 | |||||||||
Net effect of dilutive stock options - based | |||||||||||||
on treasury stock method | 1,072 | 1,124 | 1,054 | 1,098 | |||||||||
Diluted weighted average common shares outstanding | 172,793 | 171,700 | 172,651 | 171,558 | |||||||||
Recent Accounting Pronouncements and Guidance | |||||||||||||
In January 2013, we adopted ASU No. 2013-02, “Reporting Amounts Classified out of Accumulated Other Comprehensive Income,” (ASU No. 2013-02”) which requires enhanced disclosures, in one place in our notes to financial statements, about items reclassified out of accumulated other comprehensive income. The adoption of ASU No. 2013-02 had no impact on our financial condition or results of operations. | |||||||||||||
Real_Estate_Facilities
Real Estate Facilities | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Real Estate Facilities [Abstract] | ' | |||
Real Estate Facilities | ' | |||
3.Real Estate Facilities | ||||
Activity in real estate facilities is as follows: | ||||
Nine Months Ended | ||||
30-Sep-13 | ||||
(Amounts in thousands) | ||||
Operating facilities, at cost: | ||||
Beginning balance | $ | 11,033,819 | ||
Capital expenditures to maintain real estate facilities | 55,883 | |||
Acquisitions | 374,947 | |||
Disposition | -89 | |||
Newly developed facilities opened for operation | 68,782 | |||
Impact of foreign exchange rate changes | -8 | |||
Ending balance | 11,533,334 | |||
Accumulated depreciation: | ||||
Beginning balance | -3,738,130 | |||
Depreciation expense | -266,568 | |||
Impact of foreign exchange rate changes | 17 | |||
Ending balance | -4,004,681 | |||
Construction in process: | ||||
Beginning balance | 36,243 | |||
Current development | 78,578 | |||
Newly developed facilities opened for operation | -68,782 | |||
Ending balance | 46,039 | |||
Total real estate facilities at September 30, 2013 | $ | 7,574,692 | ||
During the nine months ended September 30, 2013, we acquired 32 operating self-storage facilities from third parties (2,492,000 net rentable square feet of storage space) for $392.4 million in cash, with $374.9 million allocated to real estate facilities and $17.5 million allocated to intangible assets. We completed expansions to existing self-storage facilities during the nine months ended September 30, 2013, adding 502,000 net rentable square feet of self-storage space, at an aggregate cost of $68.8 million. Construction in process at September 30, 2013, consists of projects to develop new self-storage facilities and expand existing self-storage facilities, which would add a total of 1.6 million net rentable square feet of storage space, for an aggregate estimated cost of approximately $188 million. | ||||
Investments_In_Unconsolidated_
Investments In Unconsolidated Real Estate Entities | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Investments In Unconsolidated Real Estate Entities [Abstract] | ' | ||||||||||||
Investments In Unconsolidated Real Estate Entities | ' | ||||||||||||
4.Investments in Unconsolidated Real Estate Entities | |||||||||||||
The following table sets forth our investments in, and equity earnings of, the Unconsolidated Real Estate Entities (amounts in thousands): | |||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||
Investments in Unconsolidated Real Estate Entities | |||||||||||||
PSB | $ | 342,497 | $ | 316,078 | |||||||||
Shurgard Europe | 416,339 | 411,107 | |||||||||||
Other Investments | 7,653 | 8,138 | |||||||||||
Total | $ | 766,489 | $ | 735,323 | |||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Equity in Earnings of Unconsolidated Real Estate Entities | |||||||||||||
PSB | $ | 4,861 | $ | 2,801 | $ | 14,147 | $ | 5,427 | |||||
Shurgard Europe | 8,953 | 9,442 | 23,644 | 23,764 | |||||||||
Other Investments | 455 | 399 | 1,222 | 1,162 | |||||||||
Total | $ | 14,269 | $ | 12,642 | $ | 39,013 | $ | 30,353 | |||||
During the nine months ended September 30, 2013 and 2012, we received cash distributions from our investments in the Unconsolidated Real Estate Entities totaling $33.8 million and $22.1 million, respectively. | |||||||||||||
Investment in PSB | |||||||||||||
PSB is a REIT traded on the New York Stock Exchange. We have an approximate 43% common equity interest in PSB as of September 30, 2013, comprised of our ownership of 6,208,354 shares of PSB’s common stock, which includes 406,748 shares that we purchased in open-market transactions at an average cost of $73.15 per share during the three months ended September 30, 2013 and 7,305,355 limited partnership units in an operating partnership controlled by PSB (41% as of December 31, 2012, comprised of our ownership of 5,801,606 shares of PSB’s common stock and 7,305,355 limited partnership units at December 31, 2012). The limited partnership units are convertible at our option, subject to certain conditions, on a one-for-one basis into PSB common stock. Based upon the closing price at September 30, 2013 ($74.62 per share of PSB common stock), the shares and units we owned had a market value of approximately $1.0 billion. | |||||||||||||
The following table sets forth selected financial information of PSB. The amounts represent all of PSB’s balances and not our pro-rata share. | |||||||||||||
2013 | 2012 | ||||||||||||
(Amounts in thousands) | |||||||||||||
For the nine months ended September 30, | |||||||||||||
Total revenue | $ | 266,299 | $ | 257,813 | |||||||||
Costs of operations | -88,005 | -85,126 | |||||||||||
Depreciation and amortization | -80,187 | -81,326 | |||||||||||
General and administrative | -7,404 | -6,925 | |||||||||||
Other items | -12,391 | -15,541 | |||||||||||
Net income | 78,312 | 68,895 | |||||||||||
Net income allocated to preferred unitholders, preferred shareholders | |||||||||||||
and restricted stock unitholders (a) | -44,185 | -55,815 | |||||||||||
Net income allocated to common shareholders and common | |||||||||||||
unitholders | $ | 34,127 | $ | 13,080 | |||||||||
(a) Includes EITF D-42 allocations to preferred equity holders of $17.3 million during the nine months ended September 30, 2012 related to PSB’s redemption of preferred securities. | |||||||||||||
September 30, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
(Amounts in thousands) | |||||||||||||
Total assets (primarily real estate) | $ | 2,136,025 | $ | 2,151,817 | |||||||||
Debt | 340,000 | 468,102 | |||||||||||
Other liabilities | 75,114 | 69,454 | |||||||||||
Equity: | |||||||||||||
Preferred stock and units | 995,000 | 885,000 | |||||||||||
Common equity and units | 725,911 | 729,261 | |||||||||||
Investment in Shurgard Europe | |||||||||||||
For all periods presented, we had a 49% equity investment in Shurgard Europe. | |||||||||||||
Changes in foreign currency exchange rates caused our investment in Shurgard Europe to decrease approximately $3.8 million and increase approximately $6.7 million during the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||
We classify 49% of interest income and trademark license fees received from Shurgard Europe as equity in earnings of unconsolidated real estate entities and the remaining 51% as interest and other income, as set forth in the following table: | |||||||||||||
Nine Months Ended September 30, | |||||||||||||
2013 | 2012 | ||||||||||||
(Amounts in thousands) | |||||||||||||
Our 49% equity share of: | |||||||||||||
Shurgard Europe’s net income | $ | 9,024 | $ | 9,444 | |||||||||
Interest income and trademark license fee | 14,620 | 14,320 | |||||||||||
Total equity in earnings of Shurgard Europe | $ | 23,644 | $ | 23,764 | |||||||||
The following table sets forth selected consolidated financial information of Shurgard Europe based upon all of Shurgard Europe’s balances for all periods rather than our pro rata share. Such amounts are based upon our historical acquired book basis. | |||||||||||||
2013 | 2012 | ||||||||||||
For the nine months ended September 30, | (Amounts in thousands) | ||||||||||||
Self-storage and ancillary revenues | $ | 182,688 | $ | 182,315 | |||||||||
Self-storage and ancillary cost of operations | -74,040 | -73,616 | |||||||||||
Depreciation and amortization | -44,980 | -46,067 | |||||||||||
General and administrative | -8,783 | -10,141 | |||||||||||
Interest expense on third party debt | -3,920 | -6,290 | |||||||||||
Trademark license fee payable to Public Storage | -1,828 | -1,825 | |||||||||||
Interest expense on debt due to Public Storage | -28,009 | -27,400 | |||||||||||
Lease termination charge and other | -2,712 | 2,297 | |||||||||||
Net income | $ | 18,416 | $ | 19,273 | |||||||||
Average exchange rates Euro to the U.S. Dollar | 1.317 | 1.282 | |||||||||||
September 30, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
(Amounts in thousands) | |||||||||||||
Total assets (primarily self-storage facilities) | $ | 1,414,499 | $ | 1,427,037 | |||||||||
Total debt to third parties | 164,850 | 216,594 | |||||||||||
Total debt to Public Storage | 420,441 | 410,995 | |||||||||||
Other liabilities | 75,400 | 70,076 | |||||||||||
Equity | 753,808 | 729,372 | |||||||||||
Exchange rate of Euro to U.S. Dollar | 1.352 | 1.322 | |||||||||||
Other Investments | |||||||||||||
At September 30, 2013, the “Other Investments” include an average common equity ownership of approximately 26% in various limited partnerships that collectively own 14 self-storage facilities. | |||||||||||||
The following table sets forth certain condensed combined financial information (representing 100% of these entities’ balances, rather than our pro-rata share) with respect to these limited partnerships: | |||||||||||||
2013 | 2012 | ||||||||||||
(Amounts in thousands) | |||||||||||||
For the nine months ended September 30, | |||||||||||||
Total revenue | $ | 10,535 | $ | 10,200 | |||||||||
Cost of operations and other expenses | -3,655 | -3,843 | |||||||||||
Depreciation and amortization | -1,493 | -1,586 | |||||||||||
Net income | $ | 5,387 | $ | 4,771 | |||||||||
September 30, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
(Amounts in thousands) | |||||||||||||
Total assets (primarily self-storage facilities) | $ | 26,770 | $ | 27,710 | |||||||||
Total accrued and other liabilities | 1,471 | 1,291 | |||||||||||
Total Partners’ equity | 25,299 | 26,419 | |||||||||||
Loans_Receivable_From_Unconsol
Loans Receivable From Unconsolidated Real Estate Entity | 9 Months Ended |
Sep. 30, 2013 | |
Loans Receivable From Unconsolidated Real Estate Entity [Abstract] | ' |
Loans Receivable From Unconsolidated Real Estate Entity | ' |
5.Loan Receivable from Unconsolidated Real Estate Entity | |
As of September 30, 2013 and December 31, 2012, we had a Euro-denominated loan receivable from Shurgard Europe with a balance of €311.0 million at both periods ($420.4 million at September 30, 2013 and $411.0 million at December 31, 2012), which bears interest at a fixed rate of 9.0% per annum, has no required principal payments until maturity on February 15, 2015, but can be prepaid in part or in full at any time without penalty. Because we expect repayment of this loan in the foreseeable future, foreign exchange rate gains or losses due to changes in exchange rates between the Euro and the U.S. Dollar are recognized on our income statements as “foreign currency exchange gain (loss).” We recorded interest income with respect to this loan (representing 51% of the aggregate interest received, see Note 4) of approximately $4.8 million and $14.3 million for the three and nine months ended September 30, 2013, respectively, as compared to $4.6 million and $14.0 million for the same periods in 2012. | |
We believe that the interest rate on the loan to Shurgard Europe approximates the market rate for loans with similar terms, conditions, subordination features, and tenor, and that the fair value of the loan approximates book value. In our evaluation of market rates and fair value, we considered that Shurgard Europe has sufficient operating cash flow, liquidity and collateral, and we have sufficient creditor rights such that credit risk is mitigated. We have received a total of €80.9 million in principal repayments on this loan since its inception on March 31, 2008. | |
Line_Of_Credit_And_Notes_Payab
Line Of Credit And Notes Payable | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Line Of Credit And Notes Payable [Abstract] | ' | |||||||
Line Of Credit And Notes Payable | ' | |||||||
6.Line of Credit and Notes Payable | ||||||||
We have a $300 million revolving line of credit (the “Credit Facility”) that expires on March 21, 2017. Amounts drawn on the Credit Facility bear annual interest at rates ranging from LIBOR plus 0.900% to LIBOR plus 1.500% depending upon the ratio of our Total Indebtedness to Gross Asset Value (as defined in the Credit Facility) (LIBOR plus 0.900% at September 30, 2013). In addition, we are required to pay a quarterly facility fee ranging from 0.125% per annum to 0.300% per annum depending upon the ratio of our Total Indebtedness to our Gross Asset Value (0.125% per annum at September 30, 2013). At December 31, 2012, outstanding borrowings under this Credit Facility totaled $133.0 million, which was repaid in full on January 16, 2013. We had no outstanding borrowings on our Credit Facility at September 30, 2013. At November 5, 2013, we had outstanding borrowings on our Credit Facility of $135.0 million. We had undrawn standby letters of credit, which reduce our borrowing capacity, totaling $15.1 million at September 30, 2013. The Credit Facility has various customary restrictive covenants, all of which we were in compliance with at September 30, 2013. | ||||||||
The carrying amounts of our notes payable at September 30, 2013 and December 31, 2012 consist of the following (dollar amounts in thousands): | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Unsecured Note Payable: | ||||||||
5.9% effective and stated note rate, interest only and payable semi-annually, matured in March 2013 | $ | - | $ | 186,460 | ||||
Secured Notes Payable: | ||||||||
5.1% average effective rate, secured by 51 real estate facilities with a net book value of approximately $241.3 million at September 30, 2013 and stated note rates between 4.95% and 7.13%, maturing at varying dates between October 2013 and September 2028 (carrying amount includes $418 of unamortized premium at September 30, 2013 and $1,192 at December 31, 2012) | 100,118 | 149,368 | ||||||
Total notes payable | $ | 100,118 | $ | 335,828 | ||||
Substantially all of our debt 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. | ||||||||
At September 30, 2013, approximate principal maturities of our notes payable are as follows (amounts in thousands): | ||||||||
2013 (remainder) | $ | 18,895 | ||||||
2014 | 35,127 | |||||||
2015 | 30,009 | |||||||
2016 | 10,065 | |||||||
2017 | 1,003 | |||||||
Thereafter | 5,019 | |||||||
$ | 100,118 | |||||||
Weighted average effective rate | 5.1% | |||||||
Cash paid for interest totaled $7.8 million and $16.6 million for the nine months ended September 30, 2013 and 2012, respectively. Interest capitalized as real estate totaled $2.4 million in the nine months ended September 30, 2013 (no interest was capitalized for the same period in 2012). | ||||||||
Noncontrolling_Interests
Noncontrolling Interests | 9 Months Ended |
Sep. 30, 2013 | |
Noncontrolling Interests [Abstract] | ' |
Noncontrolling Interests | ' |
7.Noncontrolling Interests | |
At September 30, 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 September 30, 2013, the Noncontrolling Interests cannot require us to redeem their interests, other than pursuant to a liquidation of the Subsidiary. | |
During the three and nine months ended September 30, 2013, we allocated a total of $1.4 million and $3.7 million, respectively, in income, as compared to $0.9 million and $2.6 million for the same periods in 2012, respectively; and during the nine months ended September 30, 2013 and 2012, we paid distributions of $4.8 million and $4.3 million, respectively, to the Noncontrolling Interests. During the nine months ended September 30, 2013, we acquired Noncontrolling Interests for $4.5 million in cash, substantially all of which was allocated to paid-in-capital. | |
Shareholders_Equity
Shareholders' Equity | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Shareholders' Equity [Abstract] | ' | |||||||||||||||
Shareholders' Equity | ' | |||||||||||||||
8.Shareholders’ Equity | ||||||||||||||||
Preferred Shares | ||||||||||||||||
At September 30, 2013 and December 31, 2012, we had the following series of Cumulative Preferred Shares (“Preferred Shares”) outstanding: | ||||||||||||||||
At September 30, 2013 | At December 31, 2012 | |||||||||||||||
Series | Earliest Redemption Date | Dividend Rate | Shares Outstanding | Liquidation Preference | Shares Outstanding | Liquidation Preference | ||||||||||
(Dollar amounts in thousands) | ||||||||||||||||
Series O | 4/15/15 | 6.875% | 5,800 | $ | 145,000 | 5,800 | $ | 145,000 | ||||||||
Series P | 10/7/15 | 6.500% | 5,000 | 125,000 | 5,000 | 125,000 | ||||||||||
Series Q | 4/14/16 | 6.500% | 15,000 | 375,000 | 15,000 | 375,000 | ||||||||||
Series R | 7/26/16 | 6.350% | 19,500 | 487,500 | 19,500 | 487,500 | ||||||||||
Series S | 1/12/17 | 5.900% | 18,400 | 460,000 | 18,400 | 460,000 | ||||||||||
Series T | 3/13/17 | 5.750% | 18,500 | 462,500 | 18,500 | 462,500 | ||||||||||
Series U | 6/15/17 | 5.625% | 11,500 | 287,500 | 11,500 | 287,500 | ||||||||||
Series V | 9/20/17 | 5.375% | 19,800 | 495,000 | 19,800 | 495,000 | ||||||||||
Series W | 1/16/18 | 5.200% | 20,000 | 500,000 | - | - | ||||||||||
Series X | 3/13/18 | 5.200% | 9,000 | 225,000 | - | - | ||||||||||
Total Preferred Shares | 142,500 | $ | 3,562,500 | 113,500 | $ | 2,837,500 | ||||||||||
The holders of our Preferred Shares have general preference rights with respect to liquidation, quarterly distributions and any accumulated unpaid distributions. Except under certain conditions and as noted below, holders of the Preferred Shares will not be entitled to vote on most matters. In the event of a cumulative arrearage equal to six quarterly dividends, holders of all outstanding series of preferred shares (voting as a single class without regard to series) will have the right to elect two additional members to serve on our Board of Trustees until the arrearage has been cured. At September 30, 2013, there were no dividends in arrears. | ||||||||||||||||
Except under certain conditions relating to the Company’s qualification as a REIT, the Preferred Shares are not redeemable prior to the dates indicated on the table above. On or after the respective dates, each of the series of Preferred Shares is redeemable at our option, in whole or in part, at $25.00 per depositary share, plus accrued and unpaid dividends. Holders of the Preferred Shares cannot require us to redeem such shares. | ||||||||||||||||
Upon issuance of our Preferred Shares, we classify the liquidation value as preferred equity on our balance sheet with any issuance costs recorded as a reduction to paid-in capital. | ||||||||||||||||
During the nine months ended September 30, 2013, we issued an aggregate 29.0 million depositary shares, each representing 1/1,000 of a share of our Series W and Series X Preferred Shares, at an issuance price of $25.00 per depositary share, for a total of $725.0 million in gross proceeds, and we incurred an aggregate of $23.3 million in issuance costs. | ||||||||||||||||
During the nine months ended September 30, 2012, we issued an aggregate 68.2 million depositary shares, each representing 1/1,000 of a share of our Series S, Series T, Series U and Series V Preferred Shares, at an issuance price of $25.00 per depositary share, for a total of $1.7 billion in gross proceeds, and we incurred an aggregate of $53.5 million in issuance costs. | ||||||||||||||||
In the nine months ended September 30, 2012, we redeemed our Series C, Series E, Series L, Series M, Series N, Series W and Series Y Cumulative Preferred Shares, at par. The aggregate redemption amount, before payment of accrued dividends, was $1.2 billion. In the three months ended September 30 2012, we called for redemption our Series F and Series X Cumulative Preferred Shares; these shares were redeemed in October 2012, at par. We recorded $11.4 million and $49.7 million in EITF D-42 allocations of income from our common shareholders to the holders of our Preferred Shares in the three and nine months ended September 30, 2012, respectively, in connection with these redemptions. | ||||||||||||||||
Dividends | ||||||||||||||||
Common share dividends including amounts paid to our restricted share unitholders, totaled $215.5 million ($1.25 per share) and $188.3 million ($1.10 per share), for the three months ended September 30, 2013 and 2012, respectively, and $645.9 million ($3.75 per share) and $564.7 million ($3.30 per share), for the nine months ended September 30, 2013 and 2012, respectively. Preferred share dividends totaled $51.9 million and $49.3 million for three months ended September 30, 2013 and 2012, respectively, and $152.4 million and $156.3 million for the nine months ended September 30, 2013 and 2012, respectively. | ||||||||||||||||
Related_Party_Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
9.Related Party Transactions | |
The Hughes Family owns approximately 15.8% of our common shares outstanding at September 30, 2013. | |
The Hughes Family has ownership interests in, and operates, approximately 53 self-storage facilities in Canada (“PS Canada”) using the “Public Storage” brand name pursuant to a non-exclusive, royalty-free trademark license agreement with the Company. We currently do not own any interests in these facilities. We have a right of first refusal to acquire the stock or assets of the corporation that manages the 53 self-storage facilities in Canada, if the Hughes Family or the corporation agrees to sell them. We reinsure risks relating to loss of goods stored by tenants in these facilities. During each of the nine month periods ended September 30, 2013 and 2012, we received $0.4 million in reinsurance premiums attributed to these facilities. There is no assurance that these premiums will continue, as our rights to reinsure these risks may be qualified. | |
PS Canada holds approximately a 2.2% interest in Stor-RE, a Subsidiary that provided liability and casualty insurance for PS Canada, the Company, and certain affiliates of the Company for occurrences prior to April 1, 2004. | |
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%. On November 7, 2013, we expect to acquire 950,000 shares of PSB common stock at $79.25 per share (a total of $75.3 million), in a private placement that is expected to close concurrently with PSB’s public offering of approximately 1.3 million common shares (prior to exercise of the underwriter’s over-allotment option) at $79.25 per share. | |
ShareBased_Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 2013 | |
Share-Based Compensation [Abstract] | ' |
Share-Based Compensation | ' |
10.Share-Based Compensation | |
Under various share-based compensation plans and under terms established by a committee of our Board of Trustees, the Company grants non-qualified options to purchase the Company’s common shares, as well as restricted share units (“RSUs”), to trustees, officers, service providers and key employees. | |
Stock options and RSUs are considered “granted” and “outstanding” as the terms are used herein, when i) the Company and the recipient reach a mutual understanding of the key terms of the award, ii) the award has been authorized, iii) the recipient is affected by changes in the market price of our stock, and iv) it is probable that any performance and service conditions will be met. | |
We amortize the grant-date fair value of awards (net of anticipated forfeitures) as compensation expense over the service period. The service period begins on the grant date and ends on the vesting date. For awards that are earned solely upon the passage of time and continued service, the entire cost of the award is amortized on a straight-line basis over the service period. For awards with performance conditions, the individual cost of each vesting is amortized separately over each individual service period (the “accelerated attribution” method). | |
Stock Options | |
Stock options vest over a three to five-year period, expire ten years after the grant date, and the exercise price is equal to the closing trading price of our common shares on the grant date. Employees cannot require the Company to settle their award in cash. We use the Black-Scholes option valuation model to estimate the fair value of our stock options. | |
Outstanding stock option grants are included on a one-for-one basis in our diluted weighted average shares, to the extent dilutive, after applying the treasury stock method (based upon the average common share price during the period) to assumed exercise proceeds and measured but unrecognized compensation. | |
For the three and nine months ended September 30, 2013, we recorded $0.9 million and $2.3 million, respectively, in compensation expense related to stock options, as compared to $0.7 million and $2.0 million for the same periods in 2012. | |
During the nine months ended September 30, 2013, 235,000 stock options were granted, 275,179 options were exercised and 28,000 options were forfeited. A total of 2,185,331 stock options were outstanding at September 30, 2013 (2,253,510 at December 31, 2012). | |
Restricted Share Units | |
RSUs generally vest ratably over a three to eight-year period from the grant date. The grantee receives dividends for each outstanding RSU equal to the per-share dividends received by our common shareholders. We expense any dividends previously paid upon forfeiture of the related RSU. Upon vesting, the grantee receives common shares equal to the number of vested RSUs, less common shares withheld in exchange for tax deposits made by the Company to satisfy the grantee’s statutory tax liabilities arising from the vesting. | |
The fair value of our RSUs is determined based upon the applicable closing trading price of our common shares. | |
During the nine months ended September 30, 2013, 196,675 RSUs were granted, 39,833 RSUs were forfeited and 147,665 RSUs vested. This vesting resulted in the issuance of 97,529 common shares. In addition, tax deposits totaling $7.2 million were made on behalf of employees in exchange for 50,136 common shares withheld upon vesting. | |
RSUs outstanding at September 30, 2013 and December 31, 2012 were 651,824 and 642,647, respectively. A total of $7.7 million and $19.2 million in RSU expense was recorded for the three and nine months ended September 30, 2013, respectively, which include approximately $0.1 million and $0.9 million, respectively, in employer taxes incurred upon vesting, as compared to $6.4 million and $16.4 million for the same periods in 2012, which include approximately $0.1 million and $1.0 million, respectively, in employer taxes incurred upon vesting. | |
See also “net income per common share” in Note 2 for further discussion regarding the impact of RSUs and stock options on our net income per common and income allocated to common shareholders. | |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||
Sep. 30, 2013 | |||||||||||||||
Segment Information [Abstract] | ' | ||||||||||||||
Segment Information | ' | ||||||||||||||
11.Segment Information | |||||||||||||||
Our reportable segments reflect the significant components of our operations that are evaluated separately by our chief operating decision maker (“CODM”) and have discrete financial information available. We organize our segments based primarily upon the nature of the underlying products and services, and whether the operation is located in the U.S. or outside the U.S. In making resource allocation decisions, our CODM considers the net income from continuing operations of each reportable segment included in the tables below, excluding the impact of depreciation and amortization, gains or losses on disposition of real estate facilities, and asset impairment charges. The amounts for each reportable segment included in the tables below are in conformity with GAAP and our significant accounting policies as denoted in Note 2. Ancillary revenues and expenses, interest and other income (other than from Shurgard Europe), interest expense, general and administrative expense and gains and losses on the early repayment of debt are not allocable to any of our reportable segments. Our CODM does not consider the book value of assets in making resource allocation decisions. | |||||||||||||||
Following is the description of and basis for presentation for each of our segments. | |||||||||||||||
Domestic Self-Storage Segment | |||||||||||||||
The Domestic Self-Storage Segment includes the operations of the 2,097 self-storage facilities owned by the Company and the Subsidiaries, as well as our equity share of the Other Investments. For all periods presented, substantially all of our real estate facilities, goodwill and other intangible assets, other assets, and accrued and other liabilities are associated with the Domestic Self-Storage Segment. | |||||||||||||||
European Self-Storage Segment | |||||||||||||||
The European Self-Storage segment comprises our interest in Shurgard Europe, which has a separate management team reporting directly to our CODM and our joint venture partner. The European Self-Storage segment includes our equity share of Shurgard Europe’s operations, the interest and other income received from Shurgard Europe, and foreign currency exchange gains and losses that are attributable to Shurgard Europe. Our balance sheet includes an investment in Shurgard Europe (Note 4) and a loan receivable from Shurgard Europe (Note 5). | |||||||||||||||
Commercial Segment | |||||||||||||||
The Commercial segment comprises our investment in PSB, a publicly-traded REIT with a separate management team that makes its financing, capital allocation and other significant decisions. The Commercial segment also includes our direct interest in certain commercial facilities, substantially all of which are managed by PSB. The Commercial segment presentation includes our equity earnings and interest income from PSB, as well as the revenues and expenses of our commercial facilities. At September 30, 2013, the assets of the Commercial segment are comprised principally of our investment in PSB (Note 4). | |||||||||||||||
Presentation of Segment Information | |||||||||||||||
The following tables reconcile the performance of each segment, in terms of segment income, to our net income (amounts in thousands): | |||||||||||||||
Three months ended September 30, 2013 | |||||||||||||||
Domestic Self-Storage | European Self-Storage | Commercial | Other Items Not Allocated to Segments | Total | |||||||||||
(Amounts in thousands) | |||||||||||||||
Revenues: | |||||||||||||||
Self-storage facilities | $ | 477,978 | $ | - | $ | - | $ | - | $ | 477,978 | |||||
Ancillary operations | - | - | 3,593 | 30,386 | 33,979 | ||||||||||
477,978 | - | 3,593 | 30,386 | 511,957 | |||||||||||
Expenses: | |||||||||||||||
Self-storage cost of operations | 136,751 | - | - | - | 136,751 | ||||||||||
Ancillary cost of operations | - | - | 1,329 | 9,723 | 11,052 | ||||||||||
Depreciation and amortization | 95,841 | - | 696 | - | 96,537 | ||||||||||
General and administrative | - | - | - | 17,650 | 17,650 | ||||||||||
232,592 | - | 2,025 | 27,373 | 261,990 | |||||||||||
Operating income | 245,386 | - | 1,568 | 3,013 | 249,967 | ||||||||||
Interest and other income | - | 5,149 | - | 459 | 5,608 | ||||||||||
Interest expense | - | - | - | -478 | -478 | ||||||||||
Equity in earnings of | |||||||||||||||
unconsolidated real estate entities | 455 | 8,953 | 4,861 | - | 14,269 | ||||||||||
Foreign currency exchange gain | - | 16,094 | - | - | 16,094 | ||||||||||
Gain on real estate sales | 168 | - | - | - | 168 | ||||||||||
Net income | $ | 246,009 | $ | 30,196 | $ | 6,429 | $ | 2,994 | $ | 285,628 | |||||
Three months ended September 30, 2012 | |||||||||||||||
Domestic Self-Storage | European Self-Storage | Commercial | Other Items Not Allocated to Segments | Total | |||||||||||
(Amounts in thousands) | |||||||||||||||
Revenues: | |||||||||||||||
Self-storage facilities | $ | 445,169 | $ | - | $ | - | $ | - | $ | 445,169 | |||||
Ancillary operations | - | - | 3,457 | 28,556 | 32,013 | ||||||||||
445,169 | - | 3,457 | 28,556 | 477,182 | |||||||||||
Expenses: | |||||||||||||||
Self-storage cost of operations | 131,618 | - | - | - | 131,618 | ||||||||||
Ancillary cost of operations | - | - | 1,100 | 8,757 | 9,857 | ||||||||||
Depreciation and amortization | 89,194 | - | 703 | - | 89,897 | ||||||||||
General and administrative | - | - | - | 15,298 | 15,298 | ||||||||||
220,812 | - | 1,803 | 24,055 | 246,670 | |||||||||||
Operating income | 224,357 | - | 1,654 | 4,501 | 230,512 | ||||||||||
Interest and other income | - | 4,890 | - | 554 | 5,444 | ||||||||||
Interest expense | - | - | - | -4,926 | -4,926 | ||||||||||
Equity in earnings of | |||||||||||||||
unconsolidated real estate entities | 399 | 9,442 | 2,801 | - | 12,642 | ||||||||||
Foreign currency exchange gain | - | 9,019 | - | - | 9,019 | ||||||||||
Gain on real estate sales | 193 | - | - | - | 193 | ||||||||||
Income from continuing operations | 224,949 | 23,351 | 4,455 | 129 | 252,884 | ||||||||||
Discontinued operations | 11,935 | - | - | - | 11,935 | ||||||||||
Net income | $ | 236,884 | $ | 23,351 | $ | 4,455 | $ | 129 | $ | 264,819 | |||||
Nine months ended September 30, 2013 | |||||||||||||||
Domestic Self-Storage | European Self-Storage | Commercial | Other Items Not Allocated to Segments | Total | |||||||||||
(Amounts in thousands) | |||||||||||||||
Revenues: | |||||||||||||||
Self-storage facilities | $ | 1,369,219 | $ | - | $ | - | $ | - | $ | 1,369,219 | |||||
Ancillary operations | - | - | 10,617 | 88,399 | 99,016 | ||||||||||
1,369,219 | - | 10,617 | 88,399 | 1,468,235 | |||||||||||
Expenses: | |||||||||||||||
Self-storage cost of operations | 409,881 | - | - | - | 409,881 | ||||||||||
Ancillary cost of operations | - | - | 3,958 | 26,924 | 30,882 | ||||||||||
Depreciation and amortization | 276,392 | - | 2,083 | - | 278,475 | ||||||||||
General and administrative | - | - | - | 49,988 | 49,988 | ||||||||||
686,273 | - | 6,041 | 76,912 | 769,226 | |||||||||||
Operating income | 682,946 | - | 4,576 | 11,487 | 699,009 | ||||||||||
Interest and other income | - | 15,217 | - | 1,488 | 16,705 | ||||||||||
Interest expense | - | - | - | -4,622 | -4,622 | ||||||||||
Equity in earnings of | |||||||||||||||
unconsolidated real estate entities | 1,222 | 23,644 | 14,147 | - | 39,013 | ||||||||||
Foreign currency exchange gain | - | 9,281 | - | - | 9,281 | ||||||||||
Gain on real estate sales | 168 | - | - | - | 168 | ||||||||||
Net income | $ | 684,336 | $ | 48,142 | $ | 18,723 | $ | 8,353 | $ | 759,554 | |||||
Nine months ended September 30, 2012 | |||||||||||||||
Domestic Self-Storage | European Self-Storage | Commercial | Other Items Not Allocated to Segments | Total | |||||||||||
(Amounts in thousands) | |||||||||||||||
Revenues: | |||||||||||||||
Self-storage facilities | $ | 1,279,788 | $ | - | $ | - | $ | - | $ | 1,279,788 | |||||
Ancillary operations | - | - | 10,596 | 82,426 | 93,022 | ||||||||||
1,279,788 | - | 10,596 | 82,426 | 1,372,810 | |||||||||||
Expenses: | |||||||||||||||
Self-storage cost of operations | 406,913 | - | - | - | 406,913 | ||||||||||
Ancillary cost of operations | - | - | 3,620 | 25,536 | 29,156 | ||||||||||
Depreciation and amortization | 263,109 | - | 2,086 | - | 265,195 | ||||||||||
General and administrative | - | - | - | 44,117 | 44,117 | ||||||||||
670,022 | - | 5,706 | 69,653 | 745,381 | |||||||||||
Operating income | 609,766 | - | 4,890 | 12,773 | 627,429 | ||||||||||
Interest and other income | - | 14,905 | 141 | 1,593 | 16,639 | ||||||||||
Interest expense | - | - | - | -15,327 | -15,327 | ||||||||||
Equity in earnings of | |||||||||||||||
unconsolidated real estate entities | 1,162 | 23,764 | 5,427 | - | 30,353 | ||||||||||
Foreign currency exchange loss | - | -2,481 | - | - | -2,481 | ||||||||||
Gain on real estate sales | 1,456 | - | - | - | 1,456 | ||||||||||
Income (loss) from continuing operations | 612,384 | 36,188 | 10,458 | -961 | 658,069 | ||||||||||
Discontinued operations | 12,403 | - | - | - | 12,403 | ||||||||||
Net income (loss) | $ | 624,787 | $ | 36,188 | $ | 10,458 | $ | -961 | $ | 670,472 | |||||
Commitments_And_Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments And Contingencies [Abstract] | ' |
Commitments And Contingencies | ' |
12.Commitments and Contingencies | |
Contingent Losses | |
We are a party to various legal proceedings and subject to various claims and complaints; however, we believe that the likelihood of these contingencies resulting in a material loss to the Company, either individually or in the aggregate, is remote. | |
Insurance and Loss Exposure | |
We have historically carried customary property, earthquake, general liability, employee medical insurance, and workers compensation coverage through internationally recognized insurance carriers, subject to customary levels of deductibles. The aggregate limits on these policies of approximately $75 million for property losses and $102 million for general liability losses are higher than estimates of maximum probable losses that could occur from individual catastrophic events determined in recent engineering and actuarial studies; however, in case of multiple catastrophic events, these limits could be exhausted. | |
We reinsure a program that provides insurance to our tenants from an independent third-party insurer. This program covers tenant claims for losses to goods stored at our facilities as a result of specific named perils (earthquakes are not covered by this program), up to a maximum limit of $5,000 per storage unit. We reinsure all risks in this program, but purchase insurance from an independent third party insurance company for aggregate claims between $5.0 million and $15.0 million per occurrence. We are subject to licensing requirements and regulations in several states. At September 30, 2013, there were approximately 762,000 certificate holders held by our self-storage tenants, representing aggregate coverage of approximately $1.7 billion. | |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
13.Subsequent Events | |
During the three months ending December 31, 2013, we expect to complete the acquisition of 88 self-storage facilities (26 in Florida, 16 in Texas, 12 in South Carolina, eleven in Georgia, nine each in North Carolina and Virginia, four in Colorado and one in California), consisting of approximately 2.3 million in net rentable square feet, at a total cost of approximately $754 million in cash. A total of $324 million (representing 44 self-storage facilities) of these acquisitions have been completed as of November 5, 2013, while the remainder is under contract and subject to customary closing conditions. | |
On October 1, 2013, we borrowed $100.0 million from PSB under a term loan that was repaid in full on October 18, 2013. The loan bore interest at 1.388%. On November 7, 2013, we expect to acquire 950,000 shares of PSB common stock at $79.25 per share (a total of $75.3 million), in a private placement that is expected to close concurrently with PSB’s public offering of approximately 1.3 million common shares (prior to exercise of the underwriter’s over-allotment option) at $79.25 per share. | |
On November 5, 2013, we had outstanding borrowings on our Credit Facility of $135.0 million. | |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policy) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Summary Of Significant Accounting Policies [Abstract] | ' | ||||||||||||
Basis Of Presentation | ' | ||||||||||||
Basis of Presentation | |||||||||||||
The accompanying unaudited interim financial statements were prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) as defined in the Financial Accounting Standards Board Accounting Standards Codification (the “Codification”), including guidance with respect to interim financial information, and in conformity with the instructions to Form 10-Q and Article 10 of Regulation S-X. While they do not include all of the disclosures required by GAAP for complete financial statements, we believe that we have included all adjustments (consisting of normal and recurring adjustments) necessary for a fair presentation. Operating results for the three and nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013 due to seasonality and other factors. These interim financial statements should be read together with the audited financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. | |||||||||||||
Certain amounts previously reported in our December 31, 2012 and September 30, 2012 financial statements have been reclassified to conform to the September 30, 2013 presentation 1) for discontinued operations, 2) to separately present construction in process, and 3) to reflect credit card fees as part of cost of operations rather than as a reduction to revenues. | |||||||||||||
Consolidation And Equity Method Of Accounting | ' | ||||||||||||
Consolidation and Equity Method of Accounting | |||||||||||||
We consider entities to be Variable Interest Entities (“VIEs”) when they have insufficient equity to finance their activities without additional subordinated financial support provided by other parties, or where the equity holders as a group do not have a controlling financial interest. We have no investments or other involvement in any VIEs. | |||||||||||||
We consolidate all entities that we control (these entities, for the period in which the reference applies, are referred to collectively as the “Subsidiaries”), and we eliminate intercompany transactions and balances. We account for our investments in entities that we have significant influence over, but do not control, using the equity method of accounting (these entities, for the periods in which the reference applies, are referred to collectively as the “Unconsolidated Real Estate Entities”). When we obtain control of an Unconsolidated Real Estate Entity, we commence consolidating the entity and record a gain representing the differential between the book value and fair value of our preexisting equity interest. All changes in consolidation status are reflected prospectively. | |||||||||||||
When we are general partner, we control the partnership unless the third-party limited partners can dissolve the partnership or otherwise remove us as general partner without cause, or if the limited partners have the right to participate in substantive decisions of the partnership. | |||||||||||||
Collectively, at September 30, 2013, the Company and the Subsidiaries own 2,096 self-storage facilities in the U.S., one self-storage facility in London, England and six commercial facilities in the U.S. At September 30, 2013, the Unconsolidated Real Estate Entities are comprised of PSB, Shurgard Europe, as well as limited partnerships that own an aggregate of 14 self-storage facilities in the U.S. (these limited partnerships, for the periods in which the reference applies, are referred to as the “Other Investments”). | |||||||||||||
Use Of Estimates | ' | ||||||||||||
Use of Estimates | |||||||||||||
The financial statements and accompanying notes reflect our estimates and assumptions. Actual results could differ from those estimates and assumptions. | |||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes | |||||||||||||
We have elected to be treated as a real estate investment trust (“REIT”), as defined in the Internal Revenue Code. As a REIT, we do not incur federal income tax if we distribute 100% of our REIT taxable income (generally, net rents and gains from real property, dividends, and interest) each year, and if we meet certain organizational and operational rules. We believe we will meet these REIT requirements in 2013, and that we have met them for all other periods presented herein. Accordingly, we have recorded no federal income tax expense related to our REIT taxable income. | |||||||||||||
Our merchandise and tenant reinsurance operations are subject to corporate income tax and such taxes are included in ancillary cost of operations. We also incur income and other taxes in certain states, which are included in general and administrative expense. | |||||||||||||
We recognize tax benefits of uncertain income tax positions that are subject to audit only if we believe it is more likely than not that the position would be sustained (including the impact of appeals, as applicable), assuming the relevant taxing authorities had full knowledge of the relevant facts and circumstances of our positions. As of September 30, 2013, we had no tax benefits that were not recognized. | |||||||||||||
Real Estate Facilities | ' | ||||||||||||
Real Estate Facilities | |||||||||||||
Real estate facilities are recorded at cost. We capitalize all costs incurred to develop, construct, renovate and improve properties, including interest and property taxes incurred during the construction period. We expense internal and external transaction costs associated with acquisitions or dispositions of real estate, as well as repairs and maintenance costs, as incurred. We depreciate buildings and improvements on a straight-line basis over estimated useful lives ranging generally between 5 to 25 years. | |||||||||||||
We allocate the net acquisition cost of acquired operating self-storage facilities (consisting of the cash paid to third parties for their interests, the fair value of any existing investment, and the fair value of any liabilities assumed) to the underlying land, buildings, identified intangible assets, and remaining noncontrolling interests based upon their respective individual estimated fair values. Any difference between the net acquisition cost and the estimated fair value of the net tangible and intangible assets acquired is recorded as goodwill. | |||||||||||||
Other Assets | ' | ||||||||||||
Other Assets | |||||||||||||
Other assets primarily consist of prepaid expenses, accounts receivable, land held for sale and restricted cash. | |||||||||||||
Accrued And Other Liabilities | ' | ||||||||||||
Accrued and Other Liabilities | |||||||||||||
Accrued and other liabilities consist primarily of trade payables, property tax accruals, tenant prepayments of rents, accrued interest payable, accrued payroll, accrued tenant reinsurance losses, casualty losses, and contingent loss accruals which are accrued when probable and estimable. We disclose the nature of significant unaccrued losses that are reasonably possible of occurring and, if estimable, a range of exposure. | |||||||||||||
Cash Equivalents And Marketable Securities | ' | ||||||||||||
Cash Equivalents and Marketable Securities | |||||||||||||
Cash equivalents represent highly liquid financial instruments such as money market funds with daily liquidity or short-term commercial paper or treasury securities maturing within three months of acquisition. Cash and cash equivalents which are restricted from general corporate use are included in other assets. Commercial paper not maturing within three months of acquisition, which we intend and have the capacity to hold until maturity, are included in marketable securities and accounted for using the effective interest method. | |||||||||||||
Fair Value Accounting | ' | ||||||||||||
Fair Value Accounting | |||||||||||||
As used herein, the term “fair value” is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. We prioritize the inputs used in measuring fair value based upon a three-tier hierarchy described in Codification Section 820-10-35. | |||||||||||||
We believe that, during all periods presented, the carrying values approximate the fair values of our cash and cash equivalents, marketable securities, other assets, and accrued and other liabilities, based upon our evaluation of the underlying characteristics, market data, and short maturity of these financial instruments, which involved considerable judgment. The estimated fair values are not necessarily indicative of the amounts that could be realized in current market exchanges. The characteristics of these financial instruments, market data, and other comparative metrics utilized in determining these fair values are “Level 2” inputs as the term is defined in Codification Section 820-10-35-47. | |||||||||||||
We use significant judgment to estimate fair values in recording our business combinations, to evaluate real estate, investments in unconsolidated real estate entities, goodwill, and other intangible assets for impairment, and to determine the fair values of notes payable and receivable. In estimating fair values, we consider significant unobservable inputs such as market prices of land, market capitalization rates and earnings multiples for real estate facilities, projected levels of earnings, costs of construction, functional depreciation, and market interest rates for debt securities with a similar time to maturity and credit quality, which are “Level 3” inputs as the term is defined in Codification Section 820-10-35-52. We believe that, during all periods presented, the carrying values approximate the fair values of our notes payable and loan receivable. | |||||||||||||
Currency And Credit Risk | ' | ||||||||||||
Currency and Credit Risk | |||||||||||||
Financial assets that are exposed to credit risk consist primarily of cash and cash equivalents, accounts receivable, loans receivable, and restricted cash. Cash equivalents and marketable securities we invest in are either money market funds with a rating of at least AAA by Standard and Poor’s, commercial paper that is rated A1 by Standard and Poor’s or deposits with highly rated commercial banks. | |||||||||||||
At September 30, 2013, due primarily to our investment in and loan receivable from Shurgard Europe, our operating results and financial position are affected by fluctuations in currency exchange rates between the Euro, and to a lesser extent, other European currencies, against the U.S. Dollar. | |||||||||||||
Goodwill And Other Intangible Assets | ' | ||||||||||||
Goodwill and Other Intangible Assets | |||||||||||||
Intangible assets are comprised of goodwill, the “Shurgard” trade name, acquired tenants in place, and leasehold interests in land. | |||||||||||||
Goodwill totaled $174.6 million at September 30, 2013 and December 31, 2012. The “Shurgard” trade name, which is used by Shurgard Europe pursuant to a fee-based licensing agreement, has a book value of $18.8 million at September 30, 2013 and December 31, 2012. Goodwill and the “Shurgard” trade name have indefinite lives and are not amortized. | |||||||||||||
Acquired tenants in place and leasehold interests in land are finite-lived and are amortized relative to the benefit of the tenants in place or the land lease expense to each period. At September 30, 2013, these intangibles have a net book value of $23.6 million ($15.9 million at December 31, 2012). Accumulated amortization totaled $24.0 million at September 30, 2013 ($24.8 million at December 31, 2012), and amortization expense of $9.8 million and $7.3 million was recorded in the nine months ended September 30, 2013 and 2012, respectively. During the nine months ended September 30, 2013, intangibles were increased $17.5 million in connection with the acquisition of self-storage facilities. | |||||||||||||
Evaluation Of Asset Impairment | ' | ||||||||||||
Evaluation of Asset Impairment | |||||||||||||
We evaluate our real estate, finite-lived intangible assets, investments in unconsolidated real estate entities, and loan receivable from Shurgard Europe for impairment on a quarterly basis. We evaluate indefinite-lived assets (including goodwill) for impairment on an annual basis, or more often if there are indicators of impairment. | |||||||||||||
In evaluating our real estate assets and finite-lived intangible assets for impairment, if there are indicators of impairment, and we determine that the asset is not recoverable from future undiscounted cash flows, an impairment charge is recorded for any excess of the carrying amount over the asset’s estimated fair value. For long-lived assets that we expect to dispose of prior to the end of their estimated useful lives, we record an impairment charge for any excess of the carrying value of the asset over the expected net proceeds from disposal. | |||||||||||||
Prior to January 1, 2013, we evaluated the “Shurgard” trade name for impairment through a quantitative analysis, and we would record impairment charges to the extent quantitatively estimated fair value was less than the carrying amount. Beginning January 1, 2013, if we determine, based upon the relevant events and circumstances and other such qualitative factors, that it is more likely than not that the asset is unimpaired, we do not record an impairment charge and no further analysis is performed. Otherwise, we record an impairment charge for any excess of carrying amount over quantitatively assessed fair value. The change made on January 1, 2013, which is not expected to have a material impact upon our net income, resulted from our adoption of the Financial Accounting Standards Board’s (the “FASB’s”) Accounting Standards Update No. 2012-02, “Testing Indefinite-Lived Intangible Assets for Impairment.” | |||||||||||||
In evaluating goodwill for impairment, we first evaluate, based upon the relevant events and circumstances and other such qualitative factors, whether the fair value of the reporting unit that the goodwill pertains to is greater than its aggregate carrying amount. If based upon this evaluation it is more likely than not that the fair value of the reporting unit is in excess of its aggregate carrying amount, no impairment charge is recorded and no further analysis is performed. Otherwise, we estimate the goodwill’s implied fair value based upon what would be allocated to goodwill if the reporting unit were acquired at estimated fair value in a transaction accounted for as a business combination, and record an impairment charge for any excess of book value over the goodwill’s implied fair value. | |||||||||||||
For our investments in unconsolidated real estate entities, if we determine that a decline in the estimated fair value of the investments below carrying amount is other than temporary, we record an impairment charge for any excess of carrying amount over the estimated fair value. | |||||||||||||
For our loan receivable from Shurgard Europe, if we determine that it is probable we will be unable to collect all amounts due based on the terms of the loan agreement, we record an impairment charge for any excess of book value over the present value of expected future cash flows. | |||||||||||||
No impairments were recorded in any of our evaluations for any period presented herein. | |||||||||||||
Revenue And Expense Recognition | ' | ||||||||||||
Revenue and Expense Recognition | |||||||||||||
Rental income, which is generally earned pursuant to month-to-month leases for storage space, as well as late charges and administrative fees, are recognized as earned. Promotional discounts reduce rental income over the promotional period. Ancillary revenues and interest and other income are recognized when earned. Equity in earnings of unconsolidated real estate entities represents our pro-rata share of the earnings of the Unconsolidated Real Estate Entities. | |||||||||||||
We accrue for property tax expense based upon actual amounts billed and, in some circumstances, estimates and historical trends when bills or assessments have not been received from the taxing authorities or such bills and assessments are in dispute. If these estimates are incorrect, the timing and amount of expense recognition could be incorrect. Cost of operations, general and administrative expense, interest expense, as well as television and other advertising expenditures are expensed as incurred. | |||||||||||||
Foreign Currency Exchange Translation | ' | ||||||||||||
Foreign Currency Exchange Translation | |||||||||||||
The local currency (primarily the Euro) is the functional currency for our interests in foreign operations. The related balance sheet amounts are translated into U.S. Dollars at the exchange rates at the respective financial statement date, while amounts on our statements of income are translated at the average exchange rates during the respective period. The Euro was translated at exchange rates of approximately 1.352 U.S. Dollars per Euro at September 30, 2013 (1.322 at December 31, 2012), and average exchange rates of 1.324 and 1.251 for the three months ended September 30, 2013 and 2012, respectively, and average exchange rates of 1.317 and 1.282 for the nine months ended September 30, 2013 and 2012, respectively. Cumulative translation adjustments, to the extent not included in cumulative net income, are included in equity as a component of accumulated other comprehensive income (loss). | |||||||||||||
Comprehensive Income (Loss) | ' | ||||||||||||
Comprehensive Income (Loss) | |||||||||||||
Total comprehensive income (loss) represents net income, adjusted for changes in other comprehensive income (loss) for the applicable period. The aggregate foreign currency exchange gains and losses reflected on our statements of comprehensive income are comprised primarily of foreign currency exchange gains and losses on our investment in, and loan receivable from, Shurgard Europe. | |||||||||||||
Discontinued Operations | ' | ||||||||||||
Discontinued Operations | |||||||||||||
Discontinued operations represent the net income of those facilities that have been disposed of as of September 30, 2013, or which we plan to dispose of within a year. | |||||||||||||
Net Income Per Common Share | ' | ||||||||||||
Net Income per Common Share | |||||||||||||
Net income is allocated to (i) noncontrolling interests based upon their share of the net income of the Subsidiaries and (ii) preferred shareholders, when a preferred security is called for redemption, to the extent redemption cost exceeds the related original net issuance proceeds (an “EITF D-42 allocation.”), with (iii) the remaining net income allocated to each of our equity securities based upon the dividends declared or accumulated during the period, combined with participation rights in undistributed earnings. | |||||||||||||
Basic net income per share, basic net income from discontinued operations per share, and basic net income from continuing operations per share are computed using the weighted average common shares outstanding. Diluted net income per share, diluted net income from discontinued operations per share, and diluted net income from continuing operations per share are computed using the weighted average common shares outstanding, adjusted for the impact, if dilutive, of stock options outstanding (Note 10). | |||||||||||||
The following table reflects our calculations of basic and diluted net income per share, basic and diluted net income from discontinued operations per share, and basic and diluted net income from continuing operations per share: | |||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
(Amounts in thousands) | |||||||||||||
Net income allocable to common shareholders from continuing operations and discontinued operations: | |||||||||||||
Net income allocable to common shareholders | $ | 231,361 | $ | 202,465 | $ | 600,982 | $ | 460,151 | |||||
Eliminate: Discontinued operations | |||||||||||||
allocable to common shareholders | - | -11,935 | - | -12,403 | |||||||||
Net income from continuing operations | |||||||||||||
allocable to common shareholders | $ | 231,361 | $ | 190,530 | $ | 600,982 | $ | 447,748 | |||||
Weighted average common shares and equivalents outstanding: | |||||||||||||
Basic weighted average common shares outstanding | 171,721 | 170,576 | 171,597 | 170,460 | |||||||||
Net effect of dilutive stock options - based | |||||||||||||
on treasury stock method | 1,072 | 1,124 | 1,054 | 1,098 | |||||||||
Diluted weighted average common shares outstanding | 172,793 | 171,700 | 172,651 | 171,558 | |||||||||
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Summary Of Significant Accounting Policies [Abstract] | ' | ||||||||||||
Net Income Per Common Share | ' | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
(Amounts in thousands) | |||||||||||||
Net income allocable to common shareholders from continuing operations and discontinued operations: | |||||||||||||
Net income allocable to common shareholders | $ | 231,361 | $ | 202,465 | $ | 600,982 | $ | 460,151 | |||||
Eliminate: Discontinued operations | |||||||||||||
allocable to common shareholders | - | -11,935 | - | -12,403 | |||||||||
Net income from continuing operations | |||||||||||||
allocable to common shareholders | $ | 231,361 | $ | 190,530 | $ | 600,982 | $ | 447,748 | |||||
Weighted average common shares and equivalents outstanding: | |||||||||||||
Basic weighted average common shares outstanding | 171,721 | 170,576 | 171,597 | 170,460 | |||||||||
Net effect of dilutive stock options - based | |||||||||||||
on treasury stock method | 1,072 | 1,124 | 1,054 | 1,098 | |||||||||
Diluted weighted average common shares outstanding | 172,793 | 171,700 | 172,651 | 171,558 | |||||||||
Real_Estate_Facilities_Tables
Real Estate Facilities (Tables) | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Real Estate Facilities [Abstract] | ' | |||
Schedule Of Real Estate Activities | ' | |||
Nine Months Ended | ||||
30-Sep-13 | ||||
(Amounts in thousands) | ||||
Operating facilities, at cost: | ||||
Beginning balance | $ | 11,033,819 | ||
Capital expenditures to maintain real estate facilities | 55,883 | |||
Acquisitions | 374,947 | |||
Disposition | -89 | |||
Newly developed facilities opened for operation | 68,782 | |||
Impact of foreign exchange rate changes | -8 | |||
Ending balance | 11,533,334 | |||
Accumulated depreciation: | ||||
Beginning balance | -3,738,130 | |||
Depreciation expense | -266,568 | |||
Impact of foreign exchange rate changes | 17 | |||
Ending balance | -4,004,681 | |||
Construction in process: | ||||
Beginning balance | 36,243 | |||
Current development | 78,578 | |||
Newly developed facilities opened for operation | -68,782 | |||
Ending balance | 46,039 | |||
Total real estate facilities at September 30, 2013 | $ | 7,574,692 | ||
Investments_In_Unconsolidated_1
Investments In Unconsolidated Real Estate Entities (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ||||||||||||
Schedule Of Investments In Real Estate Entities And Equity In Earnings Of Real Estate | ' | ||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||
Investments in Unconsolidated Real Estate Entities | |||||||||||||
PSB | $ | 342,497 | $ | 316,078 | |||||||||
Shurgard Europe | 416,339 | 411,107 | |||||||||||
Other Investments | 7,653 | 8,138 | |||||||||||
Total | $ | 766,489 | $ | 735,323 | |||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Equity in Earnings of Unconsolidated Real Estate Entities | |||||||||||||
PSB | $ | 4,861 | $ | 2,801 | $ | 14,147 | $ | 5,427 | |||||
Shurgard Europe | 8,953 | 9,442 | 23,644 | 23,764 | |||||||||
Other Investments | 455 | 399 | 1,222 | 1,162 | |||||||||
Total | $ | 14,269 | $ | 12,642 | $ | 39,013 | $ | 30,353 | |||||
Schedule Of Equity In Earnings | ' | ||||||||||||
Nine Months Ended September 30, | |||||||||||||
2013 | 2012 | ||||||||||||
(Amounts in thousands) | |||||||||||||
Our 49% equity share of: | |||||||||||||
Shurgard Europe’s net income | $ | 9,024 | $ | 9,444 | |||||||||
Interest income and trademark license fee | 14,620 | 14,320 | |||||||||||
Total equity in earnings of Shurgard Europe | $ | 23,644 | $ | 23,764 | |||||||||
Schedule Of Condensed Financial Information Of Other Investments | ' | ||||||||||||
2013 | 2012 | ||||||||||||
(Amounts in thousands) | |||||||||||||
For the nine months ended September 30, | |||||||||||||
Total revenue | $ | 10,535 | $ | 10,200 | |||||||||
Cost of operations and other expenses | -3,655 | -3,843 | |||||||||||
Depreciation and amortization | -1,493 | -1,586 | |||||||||||
Net income | $ | 5,387 | $ | 4,771 | |||||||||
September 30, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
(Amounts in thousands) | |||||||||||||
Total assets (primarily self-storage facilities) | $ | 26,770 | $ | 27,710 | |||||||||
Total accrued and other liabilities | 1,471 | 1,291 | |||||||||||
Total Partners’ equity | 25,299 | 26,419 | |||||||||||
PSB [Member] | ' | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ||||||||||||
Schedule Of Selected Financial Information | ' | ||||||||||||
2013 | 2012 | ||||||||||||
(Amounts in thousands) | |||||||||||||
For the nine months ended September 30, | |||||||||||||
Total revenue | $ | 266,299 | $ | 257,813 | |||||||||
Costs of operations | -88,005 | -85,126 | |||||||||||
Depreciation and amortization | -80,187 | -81,326 | |||||||||||
General and administrative | -7,404 | -6,925 | |||||||||||
Other items | -12,391 | -15,541 | |||||||||||
Net income | 78,312 | 68,895 | |||||||||||
Net income allocated to preferred unitholders, preferred shareholders | |||||||||||||
and restricted stock unitholders (a) | -44,185 | -55,815 | |||||||||||
Net income allocated to common shareholders and common | |||||||||||||
unitholders | $ | 34,127 | $ | 13,080 | |||||||||
(a) Includes EITF D-42 allocations to preferred equity holders of $17.3 million during the nine months ended September 30, 2012 related to PSB’s redemption of preferred securities. | |||||||||||||
September 30, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
(Amounts in thousands) | |||||||||||||
Total assets (primarily real estate) | $ | 2,136,025 | $ | 2,151,817 | |||||||||
Debt | 340,000 | 468,102 | |||||||||||
Other liabilities | 75,114 | 69,454 | |||||||||||
Equity: | |||||||||||||
Preferred stock and units | 995,000 | 885,000 | |||||||||||
Common equity and units | 725,911 | 729,261 | |||||||||||
Shurgard Europe [Member] | ' | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ||||||||||||
Schedule Of Selected Financial Information | ' | ||||||||||||
2013 | 2012 | ||||||||||||
For the nine months ended September 30, | (Amounts in thousands) | ||||||||||||
Self-storage and ancillary revenues | $ | 182,688 | $ | 182,315 | |||||||||
Self-storage and ancillary cost of operations | -74,040 | -73,616 | |||||||||||
Depreciation and amortization | -44,980 | -46,067 | |||||||||||
General and administrative | -8,783 | -10,141 | |||||||||||
Interest expense on third party debt | -3,920 | -6,290 | |||||||||||
Trademark license fee payable to Public Storage | -1,828 | -1,825 | |||||||||||
Interest expense on debt due to Public Storage | -28,009 | -27,400 | |||||||||||
Lease termination charge and other | -2,712 | 2,297 | |||||||||||
Net income | $ | 18,416 | $ | 19,273 | |||||||||
Average exchange rates Euro to the U.S. Dollar | 1.317 | 1.282 | |||||||||||
September 30, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
(Amounts in thousands) | |||||||||||||
Total assets (primarily self-storage facilities) | $ | 1,414,499 | $ | 1,427,037 | |||||||||
Total debt to third parties | 164,850 | 216,594 | |||||||||||
Total debt to Public Storage | 420,441 | 410,995 | |||||||||||
Other liabilities | 75,400 | 70,076 | |||||||||||
Equity | 753,808 | 729,372 | |||||||||||
Exchange rate of Euro to U.S. Dollar | 1.352 | 1.322 | |||||||||||
Line_Of_Credit_And_Notes_Payab1
Line Of Credit And Notes Payable (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Line Of Credit And Notes Payable [Abstract] | ' | |||||||
Carrying Amount Of Notes Payable | ' | |||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Unsecured Note Payable: | ||||||||
5.9% effective and stated note rate, interest only and payable semi-annually, matured in March 2013 | $ | - | $ | 186,460 | ||||
Secured Notes Payable: | ||||||||
5.1% average effective rate, secured by 51 real estate facilities with a net book value of approximately $241.3 million at September 30, 2013 and stated note rates between 4.95% and 7.13%, maturing at varying dates between October 2013 and September 2028 (carrying amount includes $418 of unamortized premium at September 30, 2013 and $1,192 at December 31, 2012) | 100,118 | 149,368 | ||||||
Total notes payable | $ | 100,118 | $ | 335,828 | ||||
Maturities Of Notes Payable | ' | |||||||
2013 (remainder) | $ | 18,895 | ||||||
2014 | 35,127 | |||||||
2015 | 30,009 | |||||||
2016 | 10,065 | |||||||
2017 | 1,003 | |||||||
Thereafter | 5,019 | |||||||
$ | 100,118 | |||||||
Weighted average effective rate | 5.1% | |||||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Shareholders' Equity [Abstract] | ' | |||||||||||||||
Preferred Shares Outstanding | ' | |||||||||||||||
At September 30, 2013 | At December 31, 2012 | |||||||||||||||
Series | Earliest Redemption Date | Dividend Rate | Shares Outstanding | Liquidation Preference | Shares Outstanding | Liquidation Preference | ||||||||||
(Dollar amounts in thousands) | ||||||||||||||||
Series O | 4/15/15 | 6.875% | 5,800 | $ | 145,000 | 5,800 | $ | 145,000 | ||||||||
Series P | 10/7/15 | 6.500% | 5,000 | 125,000 | 5,000 | 125,000 | ||||||||||
Series Q | 4/14/16 | 6.500% | 15,000 | 375,000 | 15,000 | 375,000 | ||||||||||
Series R | 7/26/16 | 6.350% | 19,500 | 487,500 | 19,500 | 487,500 | ||||||||||
Series S | 1/12/17 | 5.900% | 18,400 | 460,000 | 18,400 | 460,000 | ||||||||||
Series T | 3/13/17 | 5.750% | 18,500 | 462,500 | 18,500 | 462,500 | ||||||||||
Series U | 6/15/17 | 5.625% | 11,500 | 287,500 | 11,500 | 287,500 | ||||||||||
Series V | 9/20/17 | 5.375% | 19,800 | 495,000 | 19,800 | 495,000 | ||||||||||
Series W | 1/16/18 | 5.200% | 20,000 | 500,000 | - | - | ||||||||||
Series X | 3/13/18 | 5.200% | 9,000 | 225,000 | - | - | ||||||||||
Total Preferred Shares | 142,500 | $ | 3,562,500 | 113,500 | $ | 2,837,500 | ||||||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||
Sep. 30, 2013 | |||||||||||||||
Segment Information [Abstract] | ' | ||||||||||||||
Summary Of Segment Information | ' | ||||||||||||||
Three months ended September 30, 2013 | |||||||||||||||
Domestic Self-Storage | European Self-Storage | Commercial | Other Items Not Allocated to Segments | Total | |||||||||||
(Amounts in thousands) | |||||||||||||||
Revenues: | |||||||||||||||
Self-storage facilities | $ | 477,978 | $ | - | $ | - | $ | - | $ | 477,978 | |||||
Ancillary operations | - | - | 3,593 | 30,386 | 33,979 | ||||||||||
477,978 | - | 3,593 | 30,386 | 511,957 | |||||||||||
Expenses: | |||||||||||||||
Self-storage cost of operations | 136,751 | - | - | - | 136,751 | ||||||||||
Ancillary cost of operations | - | - | 1,329 | 9,723 | 11,052 | ||||||||||
Depreciation and amortization | 95,841 | - | 696 | - | 96,537 | ||||||||||
General and administrative | - | - | - | 17,650 | 17,650 | ||||||||||
232,592 | - | 2,025 | 27,373 | 261,990 | |||||||||||
Operating income | 245,386 | - | 1,568 | 3,013 | 249,967 | ||||||||||
Interest and other income | - | 5,149 | - | 459 | 5,608 | ||||||||||
Interest expense | - | - | - | -478 | -478 | ||||||||||
Equity in earnings of | |||||||||||||||
unconsolidated real estate entities | 455 | 8,953 | 4,861 | - | 14,269 | ||||||||||
Foreign currency exchange gain | - | 16,094 | - | - | 16,094 | ||||||||||
Gain on real estate sales | 168 | - | - | - | 168 | ||||||||||
Net income | $ | 246,009 | $ | 30,196 | $ | 6,429 | $ | 2,994 | $ | 285,628 | |||||
Three months ended September 30, 2012 | |||||||||||||||
Domestic Self-Storage | European Self-Storage | Commercial | Other Items Not Allocated to Segments | Total | |||||||||||
(Amounts in thousands) | |||||||||||||||
Revenues: | |||||||||||||||
Self-storage facilities | $ | 445,169 | $ | - | $ | - | $ | - | $ | 445,169 | |||||
Ancillary operations | - | - | 3,457 | 28,556 | 32,013 | ||||||||||
445,169 | - | 3,457 | 28,556 | 477,182 | |||||||||||
Expenses: | |||||||||||||||
Self-storage cost of operations | 131,618 | - | - | - | 131,618 | ||||||||||
Ancillary cost of operations | - | - | 1,100 | 8,757 | 9,857 | ||||||||||
Depreciation and amortization | 89,194 | - | 703 | - | 89,897 | ||||||||||
General and administrative | - | - | - | 15,298 | 15,298 | ||||||||||
220,812 | - | 1,803 | 24,055 | 246,670 | |||||||||||
Operating income | 224,357 | - | 1,654 | 4,501 | 230,512 | ||||||||||
Interest and other income | - | 4,890 | - | 554 | 5,444 | ||||||||||
Interest expense | - | - | - | -4,926 | -4,926 | ||||||||||
Equity in earnings of | |||||||||||||||
unconsolidated real estate entities | 399 | 9,442 | 2,801 | - | 12,642 | ||||||||||
Foreign currency exchange gain | - | 9,019 | - | - | 9,019 | ||||||||||
Gain on real estate sales | 193 | - | - | - | 193 | ||||||||||
Income from continuing operations | 224,949 | 23,351 | 4,455 | 129 | 252,884 | ||||||||||
Discontinued operations | 11,935 | - | - | - | 11,935 | ||||||||||
Net income | $ | 236,884 | $ | 23,351 | $ | 4,455 | $ | 129 | $ | 264,819 | |||||
Nine months ended September 30, 2013 | |||||||||||||||
Domestic Self-Storage | European Self-Storage | Commercial | Other Items Not Allocated to Segments | Total | |||||||||||
(Amounts in thousands) | |||||||||||||||
Revenues: | |||||||||||||||
Self-storage facilities | $ | 1,369,219 | $ | - | $ | - | $ | - | $ | 1,369,219 | |||||
Ancillary operations | - | - | 10,617 | 88,399 | 99,016 | ||||||||||
1,369,219 | - | 10,617 | 88,399 | 1,468,235 | |||||||||||
Expenses: | |||||||||||||||
Self-storage cost of operations | 409,881 | - | - | - | 409,881 | ||||||||||
Ancillary cost of operations | - | - | 3,958 | 26,924 | 30,882 | ||||||||||
Depreciation and amortization | 276,392 | - | 2,083 | - | 278,475 | ||||||||||
General and administrative | - | - | - | 49,988 | 49,988 | ||||||||||
686,273 | - | 6,041 | 76,912 | 769,226 | |||||||||||
Operating income | 682,946 | - | 4,576 | 11,487 | 699,009 | ||||||||||
Interest and other income | - | 15,217 | - | 1,488 | 16,705 | ||||||||||
Interest expense | - | - | - | -4,622 | -4,622 | ||||||||||
Equity in earnings of | |||||||||||||||
unconsolidated real estate entities | 1,222 | 23,644 | 14,147 | - | 39,013 | ||||||||||
Foreign currency exchange gain | - | 9,281 | - | - | 9,281 | ||||||||||
Gain on real estate sales | 168 | - | - | - | 168 | ||||||||||
Net income | $ | 684,336 | $ | 48,142 | $ | 18,723 | $ | 8,353 | $ | 759,554 | |||||
Nine months ended September 30, 2012 | |||||||||||||||
Domestic Self-Storage | European Self-Storage | Commercial | Other Items Not Allocated to Segments | Total | |||||||||||
(Amounts in thousands) | |||||||||||||||
Revenues: | |||||||||||||||
Self-storage facilities | $ | 1,279,788 | $ | - | $ | - | $ | - | $ | 1,279,788 | |||||
Ancillary operations | - | - | 10,596 | 82,426 | 93,022 | ||||||||||
1,279,788 | - | 10,596 | 82,426 | 1,372,810 | |||||||||||
Expenses: | |||||||||||||||
Self-storage cost of operations | 406,913 | - | - | - | 406,913 | ||||||||||
Ancillary cost of operations | - | - | 3,620 | 25,536 | 29,156 | ||||||||||
Depreciation and amortization | 263,109 | - | 2,086 | - | 265,195 | ||||||||||
General and administrative | - | - | - | 44,117 | 44,117 | ||||||||||
670,022 | - | 5,706 | 69,653 | 745,381 | |||||||||||
Operating income | 609,766 | - | 4,890 | 12,773 | 627,429 | ||||||||||
Interest and other income | - | 14,905 | 141 | 1,593 | 16,639 | ||||||||||
Interest expense | - | - | - | -15,327 | -15,327 | ||||||||||
Equity in earnings of | |||||||||||||||
unconsolidated real estate entities | 1,162 | 23,764 | 5,427 | - | 30,353 | ||||||||||
Foreign currency exchange loss | - | -2,481 | - | - | -2,481 | ||||||||||
Gain on real estate sales | 1,456 | - | - | - | 1,456 | ||||||||||
Income (loss) from continuing operations | 612,384 | 36,188 | 10,458 | -961 | 658,069 | ||||||||||
Discontinued operations | 12,403 | - | - | - | 12,403 | ||||||||||
Net income (loss) | $ | 624,787 | $ | 36,188 | $ | 10,458 | $ | -961 | $ | 670,472 | |||||
Description_Of_The_Business_De
Description Of The Business (Details) | 9 Months Ended |
Sep. 30, 2013 | |
sqft | |
item | |
state | |
Number of facilities owned by Shurgard Europe | 53 |
Public Storage [Member] | ' |
PSA self-storage facilities | 2,110 |
Net rentable square feet | 135,000,000 |
Number of states with facilities | 38 |
PSB [Member] | ' |
Net rentable square feet | 30,000,000 |
Number of states with facilities | 11 |
Ownership interest, percentage | 43.00% |
Western Europe [Member] | ' |
Direct interest in self-storage facilities, number of countries | 7 |
Shurgard Europe [Member] | ' |
Net rentable square feet | 10,000,000 |
Ownership interest, percentage | 49.00% |
Number of facilities owned by Shurgard Europe | 187 |
London [Member] | ' |
Number of facilities owned by Shurgard Europe | 1 |
Summary_Of_Significant_Account3
Summary Of Significant Accounting Policies (Consolidation And Equity Method Of Accounting) (Narrative) (Details) (USD $) | Sep. 30, 2013 |
item | |
Summary Of Significant Accounting Policies [Line Items] | ' |
Investments in VIEs | $0 |
Commercial facilities in U.S. | 6 |
London [Member] | ' |
Summary Of Significant Accounting Policies [Line Items] | ' |
Owned self-storage facilities | 1 |
U.S. [Member] | ' |
Summary Of Significant Accounting Policies [Line Items] | ' |
Owned self-storage facilities | 2,096 |
Other Investments [Member] | U.S. [Member] | ' |
Summary Of Significant Accounting Policies [Line Items] | ' |
Owned self-storage facilities | 14 |
Summary_Of_Significant_Account4
Summary Of Significant Accounting Policies (Income Taxes And Real Estate Facilities) (Narrative) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Percentage of real estate investment trust taxable income distributed for exemption of federal income tax | 100.00% |
Income tax expense | $0 |
Unrecognized tax benefits | $0 |
Maximum [Member] | ' |
Estimated useful lives of buildings and improvements | '25 years |
Minimum [Member] | ' |
Estimated useful lives of buildings and improvements | '5 years |
Summary_Of_Significant_Account5
Summary Of Significant Accounting Policies (Goodwill And Intangible Assets) (Narrative) (Details) (USD $) | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Business Acquisition [Line Items] | ' | ' | ' |
Goodwill balance | $174.60 | ' | $174.60 |
Shurgard trade name, book value | 18.8 | ' | 18.8 |
Tenant intangibles net book value | 23.6 | ' | 15.9 |
Accumulated amortization, tenant intangibles | 24 | ' | 24.8 |
Amortization expense, tenant intangibles | 9.8 | 7.3 | ' |
Acquisition Of Self-Storage Facilities [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Increase in tenant intangibles | $17.50 | ' | ' |
Summary_Of_Significant_Account6
Summary Of Significant Accounting Policies (Evaluation Of Asset Impairment, Foreign Currency Exchange Translation, And Discontinued Operations) (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | |
Foreign Currency Average Exchange Rate [Member] | Foreign Currency Average Exchange Rate [Member] | Foreign Currency Average Exchange Rate [Member] | Foreign Currency Average Exchange Rate [Member] | Foreign Currency Actual [Member] | Foreign Currency Actual [Member] | |
Trading Activity, Gains and Losses, Net [Line Items] | ' | ' | ' | ' | ' | ' |
Exchange rate | ' | ' | ' | ' | 1.352 | 1.322 |
Average exchange rates USD to Euro | 1.324 | 1.251 | 1.317 | 1.282 | ' | ' |
Summary_Of_Significant_Account7
Summary Of Significant Accounting Policies (Net Income Per Common Share) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Summary Of Significant Accounting Policies [Abstract] | ' | ' | ' | ' |
Net income allocated to common shareholders | $231,361 | $202,465 | $600,982 | $460,151 |
Eliminate: Discontinued operations allocable to common shareholders | ' | -11,935 | ' | -12,403 |
Net income from continuing operations allocable to common shareholders | $231,361 | $190,530 | $600,982 | $447,748 |
Basic weighted average common shares outstanding | 171,721 | 170,576 | 171,597 | 170,460 |
Net effect of dilutive stock options - based on treasury stock method | 1,072 | 1,124 | 1,054 | 1,098 |
Diluted weighted average common shares outstanding | 172,793 | 171,700 | 172,651 | 171,558 |
Real_Estate_Facilities_Narrati
Real Estate Facilities (Narrative) (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
sqft | ||
Schedule Of Real Estate Facilities [Line Items] | ' | ' |
Cash to acquire self-storage facilities | $392,380,000 | $143,827,000 |
Fair value of aggregate cost allocated to real estate | 374,947,000 | ' |
Square footage of additional space | 502,000 | ' |
Cost of newly developed or expanded facilities opened for operations | 68,800,000 | ' |
Addtional net rentable square feet from expansion projects | 1,600,000 | ' |
Aggregate costs to develop new self-storage facilities and expand existing self-storage facilities | 188,000,000 | ' |
Acquisition Of Self-Storage Facilities [Member] | ' | ' |
Schedule Of Real Estate Facilities [Line Items] | ' | ' |
Number of operating self-storage facilities | 32 | ' |
Net rentable square feet | 2,492,000 | ' |
Aggregate cost, intangibles | $17,500,000 | ' |
Real_Estate_Facilities_Schedul
Real Estate Facilities (Schedule Of Real Estate Activities) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Real Estate Facilities [Abstract] | ' | ' |
Beginning balance (Operating facilities, at cost) | $11,033,819 | ' |
Capital expenditures to maintain real estate facilities | 55,883 | ' |
Acquisitions | 374,947 | ' |
Dispositions | -89 | ' |
Newly developed facilities opened for operation | 68,782 | ' |
Impact of foreign exchange rate changes | -8 | ' |
Ending balance (Operating facilities, at cost) | 11,533,334 | ' |
Beginning balance, (Accumulated depreciation) | -3,738,130 | ' |
Depreciation expense | -266,568 | ' |
Impact of foreign exchange rate changes | 17 | ' |
Ending balance, (Accumulated depreciation) | -4,004,681 | ' |
Beginning Balance (Construction in Progress) | 36,243 | ' |
Current development | 78,578 | ' |
Newly developed facilities opened for operation | -68,782 | ' |
Ending Balance (Construction in Progress) | 46,039 | ' |
Total real estate facilities at September 30, 2013 | $7,574,692 | $7,331,932 |
Investments_In_Unconsolidated_2
Investments In Unconsolidated Real Estate Entities (Investments) (Narrative) (Details) (USD $) | 9 Months Ended | 3 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | |
PSB Real Estate Investment [Member] | PSB Real Estate Investment [Member] | |||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Cash distributions from Unconsolidated Real Estate Entities | $33,800,000 | $22,100,000 | ' | ' |
Ownership interest, percentage | ' | ' | 43.00% | 41.00% |
Common stock owned of PSB | ' | ' | 6,208,354 | 5,801,606 |
Number of shares acquired during period | ' | ' | 406,748 | ' |
Shares acquired during period, price per share | ' | ' | $73.15 | ' |
Limited partnership units in PSB | ' | ' | 7,305,355 | 7,305,355 |
Closing price per share PSB stock | ' | ' | $74.62 | ' |
Market value of PSB stock and LP units | ' | ' | $1,000,000,000 | ' |
Investments_In_Unconsolidated_3
Investments In Unconsolidated Real Estate Entities (Investment In Shurgard Europe) (Narrative) (Details) (Shurgard Europe [Member], USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Shurgard Europe [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Interest in Shurgard Europe | 49.00% | ' |
Increase (decrease) in Shurgard Europe investment from foreign currency exchange rates | ($3.80) | $6.70 |
Interest and other income | 51.00% | ' |
Investments_In_Unconsolidated_4
Investments In Unconsolidated Real Estate Entities (Other Investments) (Narrative) (Details) (Other Investments [Member]) | Sep. 30, 2013 |
item | |
Other Investments [Member] | ' |
Schedule of Equity Method Investments [Line Items] | ' |
Other equity ownership | 26.00% |
Number of self-storage facilities owned, other | 14 |
Investments_In_Unconsolidated_5
Investments In Unconsolidated Real Estate Entities (Schedule Of Investments In Real Estate Entities And Equity In Earnings Of Real Estate) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Investments in Unconsolidated Real Estate Entities | $766,489 | ' | $766,489 | ' | $735,323 |
Equity in Earnings of Unconsolidated Real Estate Entities | 14,269 | 12,642 | 39,013 | 30,353 | ' |
PSB Real Estate Investment [Member] | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Investments in Unconsolidated Real Estate Entities | 342,497 | ' | 342,497 | ' | 316,078 |
Equity in Earnings of Unconsolidated Real Estate Entities | 4,861 | 2,801 | 14,147 | 5,427 | ' |
Shurgard Europe [Member] | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Investments in Unconsolidated Real Estate Entities | 416,339 | ' | 416,339 | ' | 411,107 |
Equity in Earnings of Unconsolidated Real Estate Entities | 8,953 | 9,442 | 23,644 | 23,764 | ' |
Other Investments [Member] | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Investments in Unconsolidated Real Estate Entities | 7,653 | ' | 7,653 | ' | 8,138 |
Equity in Earnings of Unconsolidated Real Estate Entities | $455 | $399 | $1,222 | $1,162 | ' |
Investments_In_Unconsolidated_6
Investments In Unconsolidated Real Estate Entities (Schedule Of Selected Financial Information Of PSB) (Details) (PSB [Member], USD $) | 9 Months Ended | ||||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |||
PSB [Member] | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ||
Total revenue | $266,299,000 | $257,813,000 | ' | ||
Costs of operations | -88,005,000 | -85,126,000 | ' | ||
Depreciation and amortization | -80,187,000 | -81,326,000 | ' | ||
General and administrative | -7,404,000 | -6,925,000 | ' | ||
Other items | -12,391,000 | -15,541,000 | ' | ||
Net income | 78,312,000 | 68,895,000 | ' | ||
Net income allocated to preferred unitholders, preferred shareholders and restricted stock unitholders | -44,185,000 | [1] | -55,815,000 | [1] | ' |
Net income allocated to common shareholders and common unitholders | 34,127,000 | 13,080,000 | ' | ||
Total assets (primarily real estate) | 2,136,025,000 | ' | 2,151,817,000 | ||
Debt | 340,000,000 | ' | 468,102,000 | ||
Other liabilities | 75,114,000 | ' | 69,454,000 | ||
Preferred stock and units | 995,000,000 | ' | 885,000,000 | ||
Common equity and units | 725,911,000 | ' | 729,261,000 | ||
Income allocated to preferred equity holders, relating to PSB's redemption of preferred securities | ' | $17,300,000 | ' | ||
[1] | Includes EITF D-42 allocations to preferred equity holders of $17.3 million during the nine months ended September 30, 2012 related to PSB’s redemption of preferred securities. |
Investments_In_Unconsolidated_7
Investments In Unconsolidated Real Estate Entities (Schedule Of Equity In Earnings) (Details) (Shurgard Europe [Member], USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Shurgard Europe [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Our 49% equity share of Shurgard Europe’s net income | $9,024 | $9,444 |
Interest income and trademark license fee | 14,620 | 14,320 |
Total equity in earnings of Shurgard Europe | $23,644 | $23,764 |
Equity share percentage in Shurgard Europe | 49.00% | ' |
Investments_In_Unconsolidated_8
Investments In Unconsolidated Real Estate Entities (Schedule Of Selected Financial Information Of Shurgard Europe) (Details) (Shurgard Europe [Member], USD $) | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Shurgard Europe [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Self-storage and ancillary revenues | $182,688 | $182,315 | ' |
Self-storage and ancillary cost of operations | -74,040 | -73,616 | ' |
Depreciation and amortization | -44,980 | -46,067 | ' |
General and administrative | -8,783 | -10,141 | ' |
Interest expense on third party debt | -3,920 | -6,290 | ' |
Trademark license fee payable to Public Storage | -1,828 | -1,825 | ' |
Interest expense on debt due to Public Storage | -28,009 | -27,400 | ' |
Lease termination charge and other | -2,712 | 2,297 | ' |
Net income | 18,416 | 19,273 | ' |
Average exchange rates Euro to the U.S. Dollar | 1.317 | 1.282 | ' |
Total assets (primarily self-storage facilities) | 1,414,499 | ' | 1,427,037 |
Total debt to third parties | 164,850 | ' | 216,594 |
Total debt to Public Storage | 420,441 | ' | 410,995 |
Other liabilities | 75,400 | ' | 70,076 |
Equity | $753,808 | ' | $729,372 |
Exchange rate of Euro to U.S. Dollar | 1.352 | ' | 1.322 |
Investments_In_Unconsolidated_9
Investments In Unconsolidated Real Estate Entities (Schedule Of Condensed Financial Information Of Other Investments) (Details) (Other Investments [Member], USD $) | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Other Investments [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Total revenue | $10,535 | $10,200 | ' |
Cost of operations and other expenses | -3,655 | -3,843 | ' |
Depreciation and amortization | -1,493 | -1,586 | ' |
Net income | 5,387 | 4,771 | ' |
Total assets (primarily self-storage facilities) | 26,770 | ' | 27,710 |
Total accrued and other liabilities | 1,471 | ' | 1,291 |
Total Partners' equity | $25,299 | ' | $26,419 |
Loans_Receivable_From_Unconsol1
Loans Receivable From Unconsolidated Real Estate Entity (Narrative) (Details) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 |
USD ($) | USD ($) | Shurgard Europe [Member] | Shurgard Europe [Member] | Shurgard Europe [Member] | Shurgard Europe [Member] | Shurgard Europe [Member] | |
Existing Loan [Member] | Existing Loan [Member] | Existing Loan [Member] | Existing Loan [Member] | Existing Loan [Member] | |||
USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | |||
Loans Receivable From Real Estate Entities [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Loans receivable from affiliates | $420,441,000 | $410,995,000 | ' | ' | ' | € 311,000,000 | ' |
Interest rate for real estate loans | ' | ' | ' | ' | 9.00% | 9.00% | ' |
Maturity date | ' | ' | ' | ' | 15-Feb-15 | 15-Feb-15 | ' |
Percentage of aggregate interest on the loans | ' | ' | ' | 51.00% | 51.00% | 51.00% | 51.00% |
Interest income, loan receivable | ' | ' | 4,800,000 | 4,600,000 | 14,300,000 | ' | 14,000,000 |
Proceeds from repayments of loan receivable | ' | ' | ' | ' | ' | € 80,900,000 | ' |
Line_Of_Credit_And_Notes_Payab2
Line Of Credit And Notes Payable (Narrative) (Details) (USD $) | 9 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Nov. 05, 2013 |
Maximum [Member] | Minimum [Member] | Subsequent Event [Member] | ||||
Credit Facility borrowing capacity | $300 | ' | ' | ' | ' | ' |
Expiration of Credit Facility | 21-Mar-17 | ' | ' | ' | ' | ' |
Credit Facility interest rate spread (LIBOR) | ' | ' | ' | 1.50% | 0.90% | ' |
Credit facility interest at period end spread (LIBOR) | 0.90% | ' | ' | ' | ' | ' |
Quarterly facility fee | 0.13% | ' | ' | 0.30% | 0.13% | ' |
Outstanding borrowings on Credit Facility | 0 | ' | 133 | ' | ' | 135 |
Reduction in borrowing capacity to amount of letters of credit | 15.1 | ' | ' | ' | ' | ' |
Cash paid for interest expense | 7.8 | 16.6 | ' | ' | ' | ' |
Interest capitalized as real estate | $2.40 | $0 | ' | ' | ' | ' |
Line_Of_Credit_And_Notes_Payab3
Line Of Credit And Notes Payable (Carrying Amount Of Notes Payable) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Total notes payable | $100,118 | $335,828 |
5.9% Unsecured Notes Payable Due March 2013 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Unsecured Notes Payable | ' | 186,460 |
5.1% Secured Notes Payable Maturing At Varying Dates Between October 2013 and September 2028 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Secured Notes Payable | $100,118 | $149,368 |
Line_Of_Credit_And_Notes_Payab4
Line Of Credit And Notes Payable (Secured Notes Payable) (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Dec. 31, 2012 | |
item | ||
Debt Instrument [Line Items] | ' | ' |
Effective note rate | 5.10% | ' |
5.9% Unsecured Notes Payable Due March 2013 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Effective note rate | 5.90% | ' |
Stated note rate | 5.90% | ' |
Maturity date | 1-Mar-13 | ' |
5.1% Secured Notes Payable Maturing At Varying Dates Between October 2013 and September 2028 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Average effective rate fixed rate mortgage notes payable | 5.10% | ' |
Secured by real estate facilities | 51 | ' |
Net book value of real estate facilities securing notes payable | $241,300,000 | ' |
Secured notes payable stated rate minimum | 4.95% | ' |
Secured notes payable stated rates maximum | 7.13% | ' |
Secured notes payable stated maturity minimum | 'October 2013 | ' |
Secured notes payable stated maturity maximum | 'September 2028 | ' |
Carrying amount of unamortized premium of unsecured notes payable (parenthetical of notes payable) | $418,000 | $1,192,000 |
Line_Of_Credit_And_Notes_Payab5
Line Of Credit And Notes Payable (Maturities Of Notes Payable) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Line Of Credit And Notes Payable [Abstract] | ' | ' |
2013 (remainder) | $18,895 | ' |
2014 | 35,127 | ' |
2015 | 30,009 | ' |
2016 | 10,065 | ' |
2017 | 1,003 | ' |
Thereafter | 5,019 | ' |
Total notes payable | $100,118 | $335,828 |
Weighted average effective rate | 5.10% | ' |
Noncontrolling_Interests_Redee
Noncontrolling Interests (Redeemable And Permanent Noncontrolling Interests Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Noncontrolling Interest [Line Items] | ' | ' | ' | ' |
Outstanding Redeemable Noncontrolling Interests, in cash | ' | ' | $4.50 | ' |
Permanent Noncontrolling Interests In Subsidiaries [Member] | ' | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' | ' |
Permanent Noncontrolling Interests in Subsidiaries, number of self-storage facilities | 14 | ' | 14 | ' |
Convertible partnership units | ' | ' | 231,978 | ' |
Permanent Noncontrolling Interests [Member] | ' | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' | ' |
Distributions paid | ' | ' | 4.8 | 4.3 |
Income allocated to other Permanent Noncontrolling Interest in Subsidiaries | $1.40 | $0.90 | $3.70 | $2.60 |
Shareholders_Equity_Narrative_
Shareholders' Equity (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
Share data in Millions, except Per Share data, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
item | |||
Class of Stock [Line Items] | ' | ' | ' |
Number of quarterly dividends in arrearage before preferred shareholders can elect additional board members | ' | 6 | ' |
Number of additional board members the preferred shareholders can elect in the case of an excess arrearage of quarterly dividends | ' | 2 | ' |
Preferred stock, amount of preferred dividends in arrears | ' | $0 | ' |
Redeemable preferred stock redemption price per share | ' | $25 | ' |
Proceeds from issuance of preferred stock | ' | 701,687,000 | 1,651,456,000 |
EITF D-42 allocations | 11,400,000 | ' | 49,700,000 |
Series W And Series X Preferred Shares [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Number of stock issued in sale | ' | 29 | ' |
Preferred shares per depositary share | ' | 0.10% | ' |
Issuance price per depository share | ' | $25 | ' |
Proceeds from issuance of preferred stock | ' | 725,000,000 | ' |
Original issuance costs on preferred shares redeemed during the period | ' | 23,300,000 | ' |
Series S, Series T, Series U, And Series V Preferred Shares [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Number of stock issued in sale | ' | ' | 68.2 |
Preferred shares per depositary share | ' | ' | 0.10% |
Issuance price per depository share | $25 | ' | $25 |
Proceeds from issuance of preferred stock | ' | ' | 1,700,000,000 |
Original issuance costs on preferred shares redeemed during the period | ' | ' | 53,500,000 |
Series C, Series E, Series L, Series M, Series N, Series W, And Series Y Cumulative Preferred Shares [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Redemption of cumulative preferred shares | $1,200,000,000 | ' | $1,200,000,000 |
Shareholders_Equity_Dividends_
Shareholders’ Equity (Dividends) (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Shareholders' Equity [Abstract] | ' | ' | ' | ' |
Common stock dividends paid in aggregate | $215,500,000 | $188,300,000 | $645,900,000 | $564,700,000 |
Common stock dividends paid per share | $1.25 | $1.10 | $3.75 | $3.30 |
Preferred shareholders based on distributions paid | $51,907,000 | $49,267,000 | $152,404,000 | $156,272,000 |
Shareholders_Equity_Preferred_
Shareholders’ Equity (Preferred Shares Outstanding) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Class of Stock [Line Items] | ' | ' |
Shares Outstanding | 142,500 | 113,500 |
Liquidation Preference | $3,562,500 | $2,837,500 |
Series O Preferred Stock [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Earliest Redemption Date | 15-Apr-15 | ' |
Dividend Rate % | 6.88% | ' |
Shares Outstanding | 5,800 | 5,800 |
Liquidation Preference | 145,000 | 145,000 |
Series P Preferred Stock [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Earliest Redemption Date | 7-Oct-15 | ' |
Dividend Rate % | 6.50% | ' |
Shares Outstanding | 5,000 | 5,000 |
Liquidation Preference | 125,000 | 125,000 |
Series Q Preferred Stock [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Earliest Redemption Date | 14-Apr-16 | ' |
Dividend Rate % | 6.50% | ' |
Shares Outstanding | 15,000 | 15,000 |
Liquidation Preference | 375,000 | 375,000 |
Series R Preferred Stock [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Earliest Redemption Date | 26-Jul-16 | ' |
Dividend Rate % | 6.35% | ' |
Shares Outstanding | 19,500 | 19,500 |
Liquidation Preference | 487,500 | 487,500 |
Series S Preferred Stock [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Earliest Redemption Date | 12-Jan-17 | ' |
Dividend Rate % | 5.90% | ' |
Shares Outstanding | 18,400 | 18,400 |
Liquidation Preference | 460,000 | 460,000 |
Series T Preferred Stock [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Earliest Redemption Date | 13-Mar-17 | ' |
Dividend Rate % | 5.75% | ' |
Shares Outstanding | 18,500 | 18,500 |
Liquidation Preference | 462,500 | 462,500 |
Series U Preferred Stock [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Earliest Redemption Date | 15-Jun-17 | ' |
Dividend Rate % | 5.63% | ' |
Shares Outstanding | 11,500 | 11,500 |
Liquidation Preference | 287,500 | 287,500 |
Series V Preferred Stock [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Earliest Redemption Date | 20-Sep-17 | ' |
Dividend Rate % | 5.38% | ' |
Shares Outstanding | 19,800 | 19,800 |
Liquidation Preference | 495,000 | 495,000 |
Series W | ' | ' |
Class of Stock [Line Items] | ' | ' |
Earliest Redemption Date | 16-Jan-18 | ' |
Dividend Rate % | 5.20% | ' |
Shares Outstanding | 20,000 | ' |
Liquidation Preference | 500,000 | ' |
Series X | ' | ' |
Class of Stock [Line Items] | ' | ' |
Earliest Redemption Date | 13-Mar-18 | ' |
Dividend Rate % | 5.20% | ' |
Shares Outstanding | 9,000 | ' |
Liquidation Preference | $225,000 | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 9 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Nov. 07, 2013 | Nov. 07, 2013 | Oct. 01, 2013 | Nov. 07, 2013 |
item | Forecasted [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||
PSB Loan [Member] | Forecasted [Member] | |||||
Related Party [Line Items] | ' | ' | ' | ' | ' | ' |
Hughes Family percentage ownership of common shares outstanding | 15.80% | ' | ' | ' | ' | ' |
Number of self-storage facilities Hughes Family owns and operates in Canada | 53 | ' | ' | ' | ' | ' |
Tenants reinsurance premiums earned by Public Storage from the Canadian facilities Hughes Family has an interest in | $0.40 | $0.40 | ' | ' | ' | ' |
The percentage ownership that PS Canada, an entity that the Hughes Family has an interest in, has in Stor-RE, a consolidated entity | 2.20% | ' | ' | ' | ' | ' |
Amount borrowed | ' | ' | ' | ' | 100 | ' |
Stated note rate | ' | ' | ' | ' | 1.39% | ' |
Number Of PSB shares expected to be acquired | ' | ' | 950,000 | ' | ' | ' |
Price per share of PSB shares expected to be acquired | ' | ' | $79.25 | ' | ' | $79.25 |
Value of PSB shares expected to be acquired | ' | ' | $75.30 | ' | ' | $75.30 |
Number of shares expected to be offered by PSB | ' | ' | 1,300,000 | 1,300,000 | ' | ' |
ShareBased_Compensation_Stock_
Share-Based Compensation (Stock Options) (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Expiration period, number of years | ' | ' | '10 years | ' | ' |
Stock options compensation expense | $0.90 | $0.70 | $2.30 | $2 | ' |
Stock options granted | ' | ' | 235,000 | ' | ' |
Stock options exercised | ' | ' | 275,179 | ' | ' |
Stock options forfeited | ' | ' | 28,000 | ' | ' |
Stock options outstanding | 2,185,331 | ' | 2,185,331 | ' | 2,253,510 |
Maximum [Member] | Stock Options [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Vesting period, number of years | ' | ' | '5 years | ' | ' |
Minimum [Member] | Stock Options [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Vesting period, number of years | ' | ' | '3 years | ' | ' |
ShareBased_Compensation_Restri
Share-Based Compensation (Restricted Share Units) (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Share Based Compensation [Line Items] | ' | ' | ' | ' | ' |
Restricted share units granted | ' | ' | 196,675 | ' | ' |
Restricted share units forfeited | ' | ' | 39,833 | ' | ' |
Restricted share units vested | ' | ' | 147,665 | ' | ' |
Common shares issued upon vesting | ' | ' | 97,529 | ' | ' |
Tax deposits made in exchange for RSUs | $7.20 | ' | $7.20 | ' | ' |
Common shares withheld upon vesting in exchange for tax deposits | ' | ' | 50,136 | ' | ' |
Restricted share units outstanding | 651,824 | ' | 651,824 | ' | 642,647 |
Taxes incurred upon vesting of restricted share units | 0.1 | 0.1 | 0.9 | 1 | ' |
Restricted Share Units [Member] | ' | ' | ' | ' | ' |
Share Based Compensation [Line Items] | ' | ' | ' | ' | ' |
Restricted share unit expense | $7.70 | $6.40 | $19.20 | $16.40 | ' |
Maximum [Member] | Restricted Share Units [Member] | ' | ' | ' | ' | ' |
Share Based Compensation [Line Items] | ' | ' | ' | ' | ' |
Vesting period, number of years | ' | ' | '8 years | ' | ' |
Minimum [Member] | Restricted Share Units [Member] | ' | ' | ' | ' | ' |
Share Based Compensation [Line Items] | ' | ' | ' | ' | ' |
Vesting period, number of years | ' | ' | '3 years | ' | ' |
Segment_Information_Narrative_
Segment Information (Narrative) (Details) (Domestic Self-Storage [Member]) | Sep. 30, 2013 |
item | |
Domestic Self-Storage [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Number of self-storage facilities owned by the Company | 2,097 |
Segment_Information_Summary_Of
Segment Information (Summary Of Segment Information) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Self-storage facilities | $477,978 | $445,169 | $1,369,219 | $1,279,788 |
Ancillary operations | 33,979 | 32,013 | 99,016 | 93,022 |
Total revenues | 511,957 | 477,182 | 1,468,235 | 1,372,810 |
Self-storage cost of operations | 136,751 | 131,618 | 409,881 | 406,913 |
Ancillary cost of operations | 11,052 | 9,857 | 30,882 | 29,156 |
Depreciation and amortization | 96,537 | 89,897 | 278,475 | 265,195 |
General and administrative | 17,650 | 15,298 | 49,988 | 44,117 |
Operating expenses | 261,990 | 246,670 | 769,226 | 745,381 |
Operating income | 249,967 | 230,512 | 699,009 | 627,429 |
Interest and other income | 5,608 | 5,444 | 16,705 | 16,639 |
Interest expense | -478 | -4,926 | -4,622 | -15,327 |
Equity in earnings of unconsolidated real estate entities | 14,269 | 12,642 | 39,013 | 30,353 |
Foreign currency exchange gain (loss) | 16,094 | 9,019 | 9,281 | -2,481 |
Gain on real estate sales | 168 | 193 | 168 | 1,456 |
Income (loss) from continuing operations | 285,628 | 252,884 | 759,554 | 658,069 |
Discontinued operations | ' | 11,935 | ' | 12,403 |
Net income (loss) | 285,628 | 264,819 | 759,554 | 670,472 |
Domestic Self-Storage [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Self-storage facilities | 477,978 | 445,169 | 1,369,219 | 1,279,788 |
Total revenues | 477,978 | 445,169 | 1,369,219 | 1,279,788 |
Self-storage cost of operations | 136,751 | 131,618 | 409,881 | 406,913 |
Depreciation and amortization | 95,841 | 89,194 | 276,392 | 263,109 |
Operating expenses | 232,592 | 220,812 | 686,273 | 670,022 |
Operating income | 245,386 | 224,357 | 682,946 | 609,766 |
Equity in earnings of unconsolidated real estate entities | 455 | 399 | 1,222 | 1,162 |
Gain on real estate sales | 168 | 193 | 168 | 1,456 |
Income (loss) from continuing operations | ' | 224,949 | ' | 612,384 |
Discontinued operations | ' | 11,935 | ' | 12,403 |
Net income (loss) | 246,009 | 236,884 | 684,336 | 624,787 |
Europe Self-Storage [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Interest and other income | 5,149 | 4,890 | 15,217 | 14,905 |
Equity in earnings of unconsolidated real estate entities | 8,953 | 9,442 | 23,644 | 23,764 |
Foreign currency exchange gain (loss) | 16,094 | 9,019 | 9,281 | -2,481 |
Income (loss) from continuing operations | ' | 23,351 | ' | 36,188 |
Net income (loss) | 30,196 | 23,351 | 48,142 | 36,188 |
Commercial [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Ancillary operations | 3,593 | 3,457 | 10,617 | 10,596 |
Total revenues | 3,593 | 3,457 | 10,617 | 10,596 |
Ancillary cost of operations | 1,329 | 1,100 | 3,958 | 3,620 |
Depreciation and amortization | 696 | 703 | 2,083 | 2,086 |
Operating expenses | 2,025 | 1,803 | 6,041 | 5,706 |
Operating income | 1,568 | 1,654 | 4,576 | 4,890 |
Interest and other income | ' | ' | ' | 141 |
Equity in earnings of unconsolidated real estate entities | 4,861 | 2,801 | 14,147 | 5,427 |
Income (loss) from continuing operations | ' | 4,455 | ' | 10,458 |
Net income (loss) | 6,429 | 4,455 | 18,723 | 10,458 |
Other Items Not Allocated To Segments [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Ancillary operations | 30,386 | 28,556 | 88,399 | 82,426 |
Total revenues | 30,386 | 28,556 | 88,399 | 82,426 |
Ancillary cost of operations | 9,723 | 8,757 | 26,924 | 25,536 |
General and administrative | 17,650 | 15,298 | 49,988 | 44,117 |
Operating expenses | 27,373 | 24,055 | 76,912 | 69,653 |
Operating income | 3,013 | 4,501 | 11,487 | 12,773 |
Interest and other income | 459 | 554 | 1,488 | 1,593 |
Interest expense | -478 | -4,926 | -4,622 | -15,327 |
Income (loss) from continuing operations | ' | 129 | ' | -961 |
Net income (loss) | $2,994 | $129 | $8,353 | ($961) |
Commitments_And_Contingencies_
Commitments And Contingencies (Details) (USD $) | Sep. 30, 2013 |
item | |
Commitments And Contingencies [Abstract] | ' |
Aggregate limit for property coverage | $75,000,000 |
Aggregate limit for general liability coverage | 102,000,000 |
Tenant insurance program against claims, maximum amount | 5,000 |
Third-party insurance coverage for claims paid exceeding amount for individual event | 5,000,000 |
Third-party limit for insurance coverage claims paid for individual event | 15,000,000 |
Tenant certificate holders participating in insurance program, approximate | 762,000 |
Aggregate coverage of tenants participating in insurance program | $1,700,000,000 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Nov. 07, 2013 | Nov. 07, 2013 | Nov. 05, 2013 | Sep. 30, 2013 | Nov. 07, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 01, 2013 |
In Millions, except Share data, unless otherwise specified | Forecasted [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Florida [Member] | Texas [Member] | South Carolina [Member] | Georgia [Member] | North Carolina [Member] | Virginia [Member] | Colorado [Member] | California [Member] | PSB Loan [Member] | ||
item | Forecasted [Member] | Forecasted [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||||
sqft | Forecasted [Member] | Forecasted [Member] | Forecasted [Member] | Forecasted [Member] | Forecasted [Member] | Forecasted [Member] | Forecasted [Member] | Forecasted [Member] | ||||||||
item | item | item | item | item | item | item | item | item | ||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of self-storage facilities to be acquired | ' | ' | ' | ' | ' | 88 | ' | 26 | 16 | 12 | 11 | 9 | 9 | 4 | 1 | ' |
Net rentable square feet | ' | ' | ' | ' | ' | 2,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition price of properties | ' | ' | ' | ' | ' | $754 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price of completed acquisitions | ' | ' | ' | ' | 324 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of self-storage facilities acquired | ' | ' | ' | ' | 44 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount borrowed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100 |
Stated note rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.39% |
Number Of PSB shares expected to be acquired | ' | ' | 950,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Price per share of PSB shares expected to be acquired | ' | ' | $79.25 | ' | ' | ' | $79.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of PSB shares expected to be acquired | ' | ' | 75.3 | ' | ' | ' | 75.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares expected to be offered by PSB | ' | ' | 1,300,000 | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding borrowings on Credit Facility | $0 | $133 | ' | ' | $135 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |