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PUBLIC STORAGE
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2010
F-8
1. Description of the Business
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real estate investment trust, was organized in 1980. Our principal business activities include the acquisition,
development, ownership and operation of self-storage facilities which offer storage spaces for lease, generally
on a month-to-month basis, for personal and business use. Our self-storage facilities are located primarily in the
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countries.
At December 31, 2010, we had direct and indirect equity interests in 2,048 self-storage facilities (with
approximately 129.6 million net rentable square feet) located in 38 states operating under the ³3XEOLF6WRUDJH´
name. In Europe, we own one facility in London, England and we have a 49% interest in Shurgard Europe,
which has an ownership interest in 188 self-storage facilities (with approximately 10.1 million net rentable
square feet), all operatinJ XQGHU WKH ³6KXUJDUG´ QDPH  :H DOVR KDYH GLUHFW DQG LQGLUHFW HTXLW\ LQWHUHVWV LQ
approximately 23.5 million net rentable square feet of commercial space located in 11 states in the U.S.
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Any reference to the number of properties, square footage, number of tenant reinsurance policies
outstanding and the aggregate coverage of such reinsurance policies are unaudited and outside the scope of our
independent registered pubOLF DFFRXQWLQJ ILUP¶V DXGLW RI RXU ILQDQFLDO VWDWHPHQWV LQ DFFRUGDQFH ZLWK WKH
standards of the Public Company Accounting Oversight Board (United States).
2. Summary of Significant Accounting Policies
Basis of Presentation
The consolidated financial statements are presented on an accrual basis in accordance with U.S.
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consolidated subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Certain amounts previously reported in our December 31, 2009 and 2008 financial statements have
been reclassified to conform to the December 31, 2010 presentation, as a result of discontinued operations.
Consolidation Policy
Codification Section 810-10-15-14 stipulates that generally any entity with a) insufficient equity to
finance its activities without additional subordinated financial support provided by any parties, or b) equity
holders that, as a group, lack the characteristics specified in the Codification which evidence a controlling
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When we are the general partner, we are presumed to control the partnership unless the limited
partners possess either a) the substantive ability to dissolve the partnership or otherwise remove us as general
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operating and financial decisions of the limited partnership that are expected to be made in the course of the
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in our consolidated financial statements, and all intercompany balances and transactions are eliminated. We
account for our investment in entities that we do not consolidate using the equity method of accounting or, if we
do not have the ability to exercise significant influence over an investee, the cost method of accounting.
Changes in consolidation status are reflected effective the date the change of control or determination of
primary beneficiary status occurred, and previously reported periods are not restated. The entities that we
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