Public Storage 2003 Annual Report Download - page 14

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4
Management
Ronald L. Havner, Jr. (46) was appointed as a director, vice chairman, and chief executive officer of the
Company on November 7, 2002. Mr. Havner has been employed by Public Storage or its affiliates in various
financial and operational capacities since 1986 and served as senior vice president and chief financial officer of the
Company from November 1991 until December 1996 when he became chairman, president, and chief executive
officer of PS Business Parks, Inc., (PSB) an affiliate of the Company. Mr. Havner continues as chairman of PSB.
B. Wayne Hughes (70) is chairman of the board of directors, a position he has held since 1991. Mr.
Hughes plans to remain active in the Companys business, focusing primarily on strategic and marketing initiatives.
Mr. Hughes established the Public Storage Organization in 1972 and has managed the Company through several
market cycles. Our executive management team and their years of experience with the Company are as follows:
Harvey Lenkin (67), President and Chief Operating Officer, 26 years; John Reyes (43), Senior Vice President -
Chief Financial Officer, 13 years; and John S. Baumann (43), Senior Vice President  Chief Legal Officer, who
joined the Company in June 2003.
Our senior management has a significant ownership position in the Company with executive officers,
directors and their families owning approximately 46.7 million shares or 37% of the common stock as of March 11,
2004.
Investment Objective
Our primary objective is to increase the value of each share through internal growth (by increasing funds
from operations and cash available for distribution) and acquisitions of additional real estate investments and
development of real estate facilities. We believe that our access to capital, geographic diversification and operating
efficiencies resulting from our size will enhance our ability to achieve this objective.
Competition
Competition in the market areas in which we operate is significant and affects the occupancy levels, rental
rates and operating expenses of certain of our facilities. The continued development of new storage facilities has
intensified the competition among storage operators in many market areas in which we operate.
In seeking investments, we compete with a wide variety of institutions and other investors. An increase in
the amount of funds available for real estate investments may increase competition for ownership interests in
facilities and may reduce yields.
We believe that the significant operating and financial experience of our executive officers and directors,
combined with the Company's capital structure, national investment scope, geographic diversity, economies of scale
and the ''Public Storage'' name, should enable us to compete effectively with other entities.
In recent years consolidation has occurred in the fragmented storage industry. In addition to the Company,
there are two other publicly traded REITs and numerous private regional and local operators operating in the self
storage industry. We believe that we are well positioned to capitalize on this consolidation trend due to our
demonstrated access to capital and national presence.