1.0.0.3 false Noncontrolling Interests in Subsidiaries false 1 $ false false Unit_1 Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 Unit_2 Standard http://www.xbrl.org/2003/instance pure xbrli 0 Unit_3 Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 Unit_4 Standard http://www.xbrl.org/2003/instance shares xbrli 0 2 Noncontrolling Interests in Subsidiaries 0 psa_NoncontrollingInterestsInSubsidiaries psa false na duration string Noncontrolling Interests in Subsidiaries false false false false false true false false false 1 false false 0 0 false false Noncontrolling Interests in Subsidiaries false 3 Noncontrolling Interest Disclosure [Text Block] 1 us-gaap_MinorityInterestDisclosureTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 <div> <div><div><div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div> <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr valign="top"> <td style="width: 18pt;"> <div style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">7.</font></div> </td> <td> <div align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;"><font class="_mt" style="display: inline; text-decoration: underline;">Noncontrolling Interests in Subsidiaries</font></font></div> </td> </tr> </table> </div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">In consolidation, we classify ownership interests in the net assets of each of the Subsidiaries, other than our own, as “noncontrolling interests in subsidiaries.”  Interests that have the ability to require us, except in an entity liquidation, to redeem the underlying securities for cash, assets, or other securities that would not also be classified as equity are presented on our balance sheet outside of equity.  At the end of each reporting period, if the book value is less than the estimated amount to be paid upon a redemption occurring on the related balance sheet date, these interests are increased to adjust to their estimated liquidation value (which approximates fair value), with the offset against retained earnings.  All other noncontrolling interests in subsidiaries are presented as a component of equity, “permanent noncontrolling interests in subsidiaries.”</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 0pt; text-indent: 54pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;"><font class="_mt" style="display: inline; text-decoration: underline;">Redeemable Noncontrolling Interests in Subsidiaries</font></font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">At December 31, 2009, the Redeemable Noncontrolling Interests in Subsidiaries represent equity interests in three entities that own in aggregate 14 self-storage facilities.  During the years ended December 31, 2009 and 2008, these interests were increased by $1,392,000 and $6,469,000, respectively, to adjust to their estimated liquidation value (which approximates fair value).  We estimate the amount to be paid upon redemption of these interests by applying the related provisions of the governing documents to our estimate of the fair value of the underlying net assets (principally real estate assets).</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">During the years ended December 31, 2009, 2008 and 2007, we allocated a total of $993,000, $1,083,000 and $800,000, respectively, of income to these interests.  During the years ended December 31, 2009, 2008 and 2007, we paid distributions to these interests totaling $1,290,000, $1,335,000 and $1,092,000, respectively.</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">During 2009, we acquired for $750,000, a portion of our partner’s interest in certain of our other redeemable noncontrolling interests in subsidiaries, in connection with the exercise of our partner’s redemption option.  The $750,000 represents the fair value of the redemption amount.</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 0pt; text-indent: 54pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;"><font class="_mt" style="display: inline; text-decoration: underline;">Permanent Noncontrolling Interests in Subsidiaries</font></font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">At December 31, 2009, the Permanent Noncontrolling Interests in Subsidiaries represent (i) equity interests in 28 entities that own an aggregate of 94 self-storage facilities (the “Other Permanent Noncontrolling Interests in Subsidiaries”) and (ii) preferred partnership units (the “Preferred Partnership Interests”).  These interests are presented as equity because the holders of the interests do not have the ability to require us to redeem them for cash or other assets, or other securities that would not also be classified as equity.</font></div> <div style="display: block; text-indent: 0pt;">  </div> <div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;"><font class="_mt" style="display: inline; text-decoration: underline;">Other Permanent Noncontrolling Interests in Subsidiaries</font></font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">The total carrying amount of the Other Permanent Noncontrolling Interests in Subsidiaries was $32,974,000 at December 31, 2009 ($33,109,000 at December 31, 2008).  During the years ended December 31, 2009, 2008 and 2007, we allocated a total of $17,387,000, $16,001,000 and $7,131,000, respectively, in income to these interests.</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">During the years ended December 31, 2009, 2008 and 2007, we paid distributions to these interests totaling $17,522,000, $16,381,000 and $18,955,000, respectively.</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">In 2007, we sold an approximately 0.6% common equity interest in Shurgard Europe to various officers of the Company (the “PS Officers”), other than our chief executive officer.  Gross proceeds were $4,909,000 and we recorded a gain on disposition of $1,194,000.  For periods commencing from the sale of the interest through March 31, 2008, the PS Officers’ were allocated their pro rata share of the earnings of Shurgard Europe, and this was included on our consolidated statements of income as “Net income allocated (to) from noncontrolling equity interests.”  As described in Note 3, on March 31, 2008, we deconsolidated Shurgard Europe and, as a result, noncontrolling interests in subsidiaries with respect to the PS Officers’ investment was eliminated.  See Note 5 under “Investment in Shurgard Europe” for further historical information regarding Shurgard Europe.</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;"><font class="_mt" style="display: inline; text-decoration: underline;">Preferred Partnership Interests</font></font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">At December 31, 2009, our preferred partnership units outstanding were comprised of 4,000,000 units of our 7.250% Series J preferred units ($100,000,000 carrying amount, redeemable May 9, 2011).  Subject to certain conditions, the Series J preferred units are convertible into our 7.25% Series J Cumulative Preferred Shares.</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">At December 31, 2008, our preferred partnership units outstanding were comprised of 8,000,000 units of our 6.400% Series NN ($200,000,000 carrying amount, redeemable March 17, 2010), 1,000,000 units of our 6.250% Series Z ($25,000,000 carrying amount, redeemable October 12, 2009), and 4,000,000 units of our 7.250% Series J ($100,000,000 carrying amount, redeemable May 9, 2011) preferred partnership units.</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">In March 2009, we acquired all of the 6.40% Series NN preferred partnership units from a third party ($200.0 million carrying amount) for approximately $128.0 million.  This transaction resulted in an increase in paid-in capital of approximately $72.0 million for the year ended December 31, 2009, and an allocation of $72.0 million in income from these interests in determining net income allocable to Public Storage shareholders<font class="_mt" style="display: inline; font-size: 10pt;">  </font>based, upon the excess of the carrying amount over the amount paid.</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">Also in March 2009, we acquired all of the 6.25% Series Z preferred partnership units from a third party ($25.0 million carrying amount) for $25.0 million.  This resulted in no increase in income allocated to the common shareholders as they were acquired at par.</font></div> <div style="display: block; text-indent: 0pt;"><br /></div> <div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">During the years ended December 31, 2009, 2008 and 2007, we allocated a total of $9,455,000, $21,612,000 and $21,612,000, respectively, in income to these interests based upon distributions paid.</font></div> <br /></div></div></div> </div>    7. 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