Public Storage 2010 Annual Report Download - page 17
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3
PART I
ITEM 1. Business
Forward Looking Statements
This Annual Report on Form 10-K contains forward-looking statements within the meaning of the federal
securities laws. All statements in this document, other than statements of historical fact, are forward-looking
statements which may be identified by the use of the words "expects," "believes," "anticipates," "plans," "would,"
"should," "may," "estimates" and similar expressions. These forward-looking statements involve known and
unknown risks and uncertainties, which may cause Public Storage's actual results and performance to be materially
different from those expressed or implied in the forward-looking statements. As a result, you should not rely on any
forward-looking statements in this report, or which management may make orally or in writing from time to time, as
predictions of future events nor guarantees of future performance. We caution you not to place undue reliance on
forward-looking statements, which speak only as of the date of this report or as of the dates indicated in the
statements. All of our forward-looking statements, including those in this report, are qualified in their entirety by
this statement.
Factors and risks that may impact our future results and performance include, but are not limited to, those
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and the following:
general risks associated with the ownership and operation of real estate including changes in
demand, potential liability for environmental contamination, adverse changes in tax, including
property tax, real estate and zoning laws and regulations, and the impact of natural disasters;
risks associated with downturns in the national and local economies in the markets in which we
operate, including risks related to current economic conditions and the economic health of our
tenants;
the impact of competition from new and existing self-storage and commercial facilities and other
storage alternatives;
difficulties in our ability to successfully evaluate, finance, integrate into our existing operations
and manage acquired and developed properties;
risks associated with international operations including, but not limited to, unfavorable foreign
currency rate fluctuations, that could adversely affect our earnings and cash flows;
risks related to our participation in joint ventures;
the impact of the regulatory environment as well as national, state, and local laws and regulations
including, without limitation, those governing environmental, tax and tenant insurance matters and
UHDO HVWDWH LQYHVWPHQW WUXVWV ³5(,7V´ DQG ULVNV UHODWHG WR Whe impact of new laws and
regulations;
risks associated with a possible failure by us to qualify as a REIT under the Internal Revenue Code
of 1986, as amended;
disruptions or shutdowns of our automated processes and systems or breaches of our data security;
difficulties in raising capital at a reasonable cost; and
economic uncertainty due to the impact of war or terrorism.