Public Storage 2003 Annual Report Download - page 13

Download and view the complete annual report

Please find page 13 of the 2003 Public Storage annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 169

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169

3
PART I
ITEM 1. Business
Forward Looking Statements
When used within this document, the words expects, believes, anticipates, should, estimates, and
similar expressions are intended to identify forward-looking statements within the meaning of that term in Section
27A of the Securities Exchange Act of 1933, as amended, and in Section 21F of the Securities Exchange Act of
1934, as amended. Such forward-looking statements involve known and unknown risks, uncertainties, and other
factors, which may cause the actual results and performance of the Company to be materially different from those
expressed or implied in the forward looking statements. Such factors are described in Item 1A, Risk Factors and
include changes in general economic conditions and in the markets in which the Company operates and the impact
of competition from new and existing storage and commercial facilities and other storage alternatives, which could
impact rents and occupancy levels at the Companys facilities; difficulties in the Companys ability to evaluate,
finance and integrate acquired and developed properties into the Companys existing operations and to fill up those
properties, which could adversely affect the Companys profitability; the impact of the regulatory environment as
well as national, state, and local laws and regulations including, without limitation, those governing Real Estate
Investment Trusts, which could increase the Companys expense and reduce the Companys cash available for
distribution; consumers failure to accept the containerized storage concept which would reduce the Companys
profitability; difficulties in raising capital at reasonable rates, which would impede the Companys ability to grow;
delays in the development process, which could adversely affect the Companys profitability; and economic
uncertainty due to the impact of war or terrorism could adversely affect our business plan. We disclaim any
obligation to publicly release the results of any revisions to these forward-looking statements reflecting new
estimates, events or circumstances after the date of this report.
General
Public Storage, Inc. (the "Company") is an equity real estate investment trust ("REIT") organized as a
corporation under the laws of California on July 10, 1980. We are a fully integrated, self-administered and self-
managed real estate investment trust (REIT) that acquires, develops, owns and operates storage facilities. We are
the largest owner and operator of storage space in the United States with direct and indirect equity investments in
1,410 storage facilities containing approximately 85.2 million square feet of net rentable space at December 31,
2003. Our common stock is traded on the New York Stock Exchange under the symbol PSA. We also have a
44% ownership interest in PS Business Parks, Inc., which, as of December 31, 2003, owned and operated
commercial properties containing approximately 18.3 million net rentable square feet of space. PS Business Parks,
Inc. is a public REIT whose common stock trades on the American Stock Exchange under the symbol PSB.
We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended. To the
extent that the Company continues to qualify as a REIT, it will not be subject to tax, with certain limited exceptions,
on the taxable income that is distributed to our shareholders.
The Company has reported annually to the Securities and Exchange Commission (SEC)on Form 10-K,
which includes financial statements certified by independent public accountants. The Company has also reported
quarterly to the Securities and Exchange Commission on Form 10-Q, and includes unaudited financial statements
with such filings. The Company expects to continue such reporting.
The Companys website is www.publicstorage.com, and the Company makes available free of charge on its
website its reports on Forms 10-K, 10-Q, and 8-K, and all amendments to those reports as soon as reasonably
practicable after the reports and amendments are electronically filed with or furnished to the SEC.