2.2.0.25falsefalse10701 - Disclosure - Noncontrolling Intereststruefalsefalse1falsefalseUSDfalsefalse1/1/2011 - 3/31/2011 USD ($) / shares USD ($) $Duration_1_1_2011_To_3_31_2011http://www.sec.gov/CIK0000866368duration2011-01-01T00:00:002011-03-31T00:00:00Unit13Dividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0Unit12Standardhttp://www.xbrl.org/2003/iso4217USDiso42170Unit1Standardhttp://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0us-gaap_MinorityInterestAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalseNoncontrolling Interests3false0us-gaap_MinorityInterestDisclosureTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1falsefalsefalse00<div> <div> 7. Noncontrolling interests   <div> As described in Note 2, the Company reports noncontrolling interests within equity in the consolidated financial statements, but separate from the Company's shareholders' equity. In addition, net income allocable to noncontrolling interests is shown as a reduction from net income in calculating net income allocable to common shareholders.   Common partnership units   The Company presents the accounts of PSB and the Operating Partnership on a consolidated basis. Ownership interests in the Operating Partnership that can be redeemed for common stock, other than PSB's interest, are classified as noncontrolling interests — common units in the consolidated financial statements. Net income allocable to noncontrolling interests — common units consists of the common units' share of the consolidated operating results after allocation to preferred units and shares. Beginning one year from the date of admission as a limited partner (common units) and subject to certain limitations described below, each limited partner other than PSB has the right to require the redemption of its partnership interest.   A limited partner (common units) that exercises its redemption right will receive cash from the Operating Partnership in an amount equal to the market value (as defined in the Operating Partnership Agreement) of the partnership interests redeemed. In lieu of the Operating Partnership redeeming the partner for cash, PSB, as general partner, has the right to elect to acquire the partnership interest directly from a limited partner exercising its redemption right, in exchange for cash in the amount specified above or by issuance of one share of PSB common stock for each unit of limited partnership interest redeemed.   A limited partner (common units) cannot exercise its redemption right if delivery of shares of PSB common stock would be prohibited under the applicable articles of incorporation, or if the general partner believes that there is a risk that delivery of shares of common stock would cause the general partner to no longer qualify as a REIT, would cause a violation of the applicable securities laws, or would result in the Operating Partnership no longer being treated as a partnership for federal income tax purposes.   At March 31, 2011, there were 7,305,355 common units owned by PS, which are accounted for as noncontrolling interests. On a fully converted basis, assuming all 7,305,355 noncontrolling interests — common units were converted into shares of common stock of PSB at March 31, 2011, the noncontrolling interests — common units would convert into 22.8% of the common shares outstanding. Combined with PS's common stock ownership, on a fully converted basis, PS has a combined ownership of 40.9% of the Company's common equity. At the end of each reporting period, the Company determines the amount of equity (book value of net assets) which is allocable to the noncontrolling interest based upon the ownership interest, and an adjustment is made to the noncontrolling interest, with a corresponding adjustment to paid-in capital, to reflect the noncontrolling interests' equity interest in the Company.   Preferred partnership units   Through the Operating Partnership, the Company had the following preferred units outstanding as of March 31, 2011 and December 31, 2010:   <table style="width: 94.7%; border-collapse: collapse; font-family: 'Calibri','sans-serif'; font-size: 11pt;" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="94%"> <tr><td style="padding-bottom: 0in; padding-left: 2.35pt; width: 62.2pt; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="83">  </td> <td style="padding-bottom: 0in; padding-left: 2.35pt; width: 64pt; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="85">  </td> <td style="padding-bottom: 0in; padding-left: 2.35pt; width: 63.4pt; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="85">  </td> <td style="padding-bottom: 0in; padding-left: 2.35pt; width: 41.6pt; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="55">  </td> <td style="padding-bottom: 0in; padding-left: 2.35pt; width: 108.8pt; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="145" colspan="2">                       March 31, 2011                </td> <td style="padding-bottom: 0in; padding-left: 2.35pt; width: 107.65pt; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="144" colspan="2">                  December 31, 2010               </td></tr> <tr><td style="padding-bottom: 0in; padding-left: 2.35pt; width: 62.2pt; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="83">   Series  </td> <td style="padding-bottom: 0in; padding-left: 2.35pt; width: 64pt; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="85">   <h6 style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 7pt; text-decoration: underline; text-underline: single;">       Issuance Date        </h6></td> <td style="padding-bottom: 0in; padding-left: 2.35pt; width: 63.4pt; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="85"> Earliest Potential Redemption Date      </td> <td style="padding-bottom: 0in; padding-left: 2.35pt; width: 41.6pt; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="55">     Dividend         Rate        </td> <td style="padding-bottom: 0in; padding-left: 2.35pt; width: 58.85pt; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="78">               Units        Outstanding     </td> <td style="padding-bottom: 0in; padding-left: 2.35pt; width: 49.95pt; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="67">        Amount       (in thousands)               </td> <td style="padding-bottom: 0in; padding-left: 2.35pt; width: 58.1pt; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="77">             Units      Outstanding      </td> <td style="padding-bottom: 0in; padding-left: 2.35pt; width: 49.55pt; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="66">        Amount       (in thousands)               </td></tr> <tr><td style="padding-bottom: 0in; padding-left: 2.35pt; width: 62.2pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="83"> Series N </td> <td style="padding-bottom: 0in; padding-left: 2.35pt; width: 64pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="85"> December, 2005</td> <td style="padding-bottom: 0in; padding-left: 2.35pt; width: 63.4pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="85"> December, 2010</td> <td style="padding-bottom: 0in; padding-left: 2.35pt; width: 41.6pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="55">        7.125%</td> <td style="padding-bottom: 0in; padding-left: 2.35pt; width: 58.85pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="78">              223,300</td> <td style="padding-bottom: 0in; padding-left: 2.35pt; width: 49.95pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="67">     $     5,583</td> <td style="padding-bottom: 0in; padding-left: 2.35pt; width: 58.1pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="77">            223,300</td> <td style="padding-bottom: 0in; padding-left: 2.35pt; width: 49.55pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="66">    $         5,583</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 2.35pt; width: 62.2pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="83"> Series J </td> <td style="padding-bottom: 0in; padding-left: 2.35pt; width: 64pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="85"> May & June, 2004</td> <td style="padding-bottom: 0in; padding-left: 2.35pt; width: 63.4pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="85"> N/A</td> <td style="padding-bottom: 0in; padding-left: 2.35pt; width: 41.6pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="55">        7.500%</td> <td style="padding-bottom: 0in; padding-left: 2.35pt; width: 58.85pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="78">                         —</td> <td style="padding-bottom: 0in; padding-left: 2.35pt; width: 49.95pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="67">                   —</td> <td style="padding-bottom: 0in; padding-left: 2.35pt; width: 58.1pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="77">        1,710,000</td> <td style="padding-bottom: 0in; padding-left: 2.35pt; width: 49.55pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="66">             42,750</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 2.35pt; width: 62.2pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="83"> Series Q </td> <td style="padding-bottom: 0in; padding-left: 2.35pt; width: 64pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="85"> March, 2007</td> <td style="padding-bottom: 0in; padding-left: 2.35pt; width: 63.4pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="85"> N/A</td> <td style="padding-bottom: 0in; padding-left: 2.35pt; width: 41.6pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="55">        6.550%</td> <td style="padding-bottom: 0in; padding-left: 2.35pt; width: 58.85pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="78">                         —</td> <td style="padding-bottom: 0in; padding-left: 2.35pt; width: 49.95pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="67">                   —</td> <td style="padding-bottom: 0in; padding-left: 2.35pt; width: 58.1pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="77">            203,400 </td> <td style="padding-bottom: 0in; padding-left: 2.35pt; width: 49.55pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="66">               5,085</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 2.35pt; width: 62.2pt; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="83"> Total </td> <td style="padding-bottom: 0in; padding-left: 2.35pt; width: 64pt; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="85">  </td> <td style="padding-bottom: 0in; padding-left: 2.35pt; width: 63.4pt; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="85">  </td> <td style="padding-bottom: 0in; padding-left: 2.35pt; width: 41.6pt; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="55">  </td> <td style="padding-bottom: 0in; padding-left: 2.35pt; width: 58.85pt; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="78">              223,300 </td> <td style="padding-bottom: 0in; padding-left: 2.35pt; width: 49.95pt; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="67">      $    5,583 </td> <td style="padding-bottom: 0in; padding-left: 2.35pt; width: 58.1pt; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="77">        2,136,700 </td> <td style="padding-bottom: 0in; padding-left: 2.35pt; width: 49.55pt; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="66">    $      53,418 </td></tr></table>   In February, 2011, the Company paid an aggregate of $39.1 million to repurchase 1,710,000 units of its 7.50% Series J Cumulative Redeemable Preferred Units and 203,400 units of its 6.55% Series Q Cumulative Redeemable Preferred Units for a weighted average purchase price of $20.43 per unit. The aggregate par value of the repurchased preferred units was $47.8 million, which generated a gain of $7.4 million, net of original issuance costs of $1.4 million, which was added to net income allocable to common shareholders.  The Operating Partnership has the right to redeem preferred units on or after the fifth anniversary of the applicable issuance date at the original capital contribution plus the cumulative priority return, as defined, to the redemption date to the extent not previously distributed. The preferred units are exchangeable for Cumulative Redeemable Preferred Stock of the respective series of PSB on or after the tenth anniversary of the date of issuance at the option of the Operating Partnership or a majority of the holders of the respective preferred units. The Cumulative Redeemable Preferred Stock will have the same distribution rate and par value as the corresponding preferred units and will otherwise have equivalent terms to the other series of preferred stock described in Note 9. As of March 31, 2011, the Company had $149,000 of deferred costs in connection with the issuance of preferred units, which the Company will report as additional distributions upon notice of redemption.</div></div> </div>7. Noncontrolling interests   As described in Note 2, the Company reports noncontrolling interests within equity in the consolidated financialfalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringDescription of noncontrolling interest in consolidated subsidiaries which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net income (loss) of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 38 falsefalseNoncontrolling Interests12Noncontrolling InterestsUnKnownUnKnownUnKnownUnKnownfalsetrue