Public Storage 1997 Annual Report Download - page 6

Public Storage, Inc. 1997 Annual Report
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To be The First Choice requires our management team to
formulate the appropriate responses, system-wide or
incremental, to keep the Public Storage system finely
tuned for maximum competitive efficiency. In addition to being
familiar with our markets, this requires us to be aware of our
property management processes and our philosophy about
those processes. Our objective of maintaining self-storage industry
leadership has not changed. What we see more clearly are the
many resources available to us within the Public Storage system
to achieve our vision. We are referring to our human resources,
the men and women behind the Public Storage name.
We have evolved a plan to bring our vision of being The
First Choice to each employee by:
❑Making it known. We are conveying our vision to
employees and everyone else closely connected with
the Public Storage system by emphasizing our mutual
goals of productivity, pride and performance.
❑Structuring ourselves to realize our vision. We are orga-
nizing our property management system for optimum
efficiency. It uses state-of-the-art systems and controls,
performance standards and operating procedures to
manage the daily demands of our sizeable enterprise
effectively.
❑Allocating resources to achieve our vision. We are
allocating human and financial resources to achieve
our vision. Our national reservation center contributes
to our competitive edge by offering our customers new
and improved services and products. Our customer
service center helps resolve tenant concerns.
❑Sustaining our vision through policies, procedures and
training. Our policies and procedures help standardize
how we manage our national property system. Our
training of property management personnel emphasizes
customer service. Our on-site property managers are
normally the self-storage customer’s first face-to-face
contact with our Company. Portable self-storage truck
drivers are trained to be helpful and courteous; they
make the first in-person contact with the public. We
want employees who can successfully manage relation-
ships with consumers as well as perform under pres-
sure. We want people who can champion our vision.
❑Encouraging employees to convey our vision. We are
finding ways to enable our most important internal
resource
— employees — to convey the vision to
customers, the investment community, vendors and
potential employees.
Capitalization Strategy —
Maintaining low long-term capital costs
We believe that our strong financial position creates access to
capital. Low debt and unsecured credit facilities augment our
access to capital for growth. In the last five years we have issued
approximately $1.5 billion of common equity and perpetual
preferred in public offerings.
Access to capital for a growing company is essential.
Having the organizational structure that can utilize a steady
infusion of capital is equally important. Our real estate devel-
opment and acquisition department identifies and develops
properties, and our property management system incorporates
extensive technologies and systems and controls to absorb
newly developed or acquired properties efficiently.
We believe our access to long-term capital at favorable
costs is connected to our quality properties in prime locations,
strong trade name, industry position, experienced executives
and directors, real estate development/acquisition expertise,
long history of successful operations, property management
operational systems, innovation and flexibility and conservative
distribution policy.
Access to favorable financing and market presence are some
of the benefits accruing to a strong trade name. Our 1,073 self-
storage properties operate under the most recognized trade name
in the self-storage industry. We continue to find ways to augment
the status of the Public Storage sign in the marketplace, such as
through our “facility repackaging program,” which improves and
standardizes the appearance of our properties.
Leadership Strategy —
Implementing Our Vision
The national reservation center is the linchpin in our marketing strategies
and an important part of our vision to be The First Choice.