Public Storage 1996 Annual Report Download - page 8

P UBLIC S TORAGE , I NC . 1996 A NNUAL R EPORT
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Self Storage. We offered over half a million self-storage spaces, encompass-
ing about sixty-four million net rentable square feet, to the market at the
end of 1996. At December 31, 1996, we had direct and indirect equity inter-
ests in 1,109 properties located in 38 states, including 1,064 self-storage
facilities and 45 commercial properties. This level of market penetration,
complemented by our property management system’s practice of operating
properties in groups in major markets, provided competitive advantages to
Public Storage last year. We believe Public Storage enjoys strengths which
are difficult to imitate and, as such, are competitive advantages. These
strengths include a strong operating business, size and national presence,
trade name, and financial solidity. Our mini-warehouses are our primary real
estate product. We plan to continue finding ways to ensure that we maintain
our position as the preeminent provider of quality mini-warehouse space in
major metropolitan markets in the United States.
Container Storage. Public Storage Pickup & DeliverySM (PSPUD) is our newest
complementary business activity. Customers of this service enjoy certain benefits.
Customers do not need to rent a truck or unload their possessions. PSPUD delivers
a storage container to the customer’s home or business. The container, made of
wood, holds the items found in a typical living room. These containers feature remov-
able center posts for easier access and locking hasps. Customers pack their items,
lock the container and retain the key. We can provide any needed boxes and packing
supplies. The customer takes as much time as needed to load the container. When
finished, we will pick it up and transport it to our storage center. Customers can
access their containers at any time during regular business hours at our storage
center or we can deliver the container to their home or business.
Retail Stores. Retail stores address additional aspects of a customer’s relocation
decision. Retail stores expand how Public Storage’s mini-warehouses accommodate
customers’ needs. Tenants and other customers can purchase a variety of move-
related merchandise, including corrugated boxes in a range of sizes, locks, packing
supplies, and furniture covers. We are opening stores which are devoted primarily
to selling these products, and have 13 so far. We have also converted 20 traditional
mini-warehouses to offer enhanced retail products. Almost all newly constructed
Public Storage mini-warehouses will feature a retail operation.
Truck Rentals. Our truck rental operation meets the public’s
need for transportation of personal possessions. We currently
have about 65 trucks available for rent in 45 locations. The
trucks feature the amenities users demand, including automatic
transmissions, low loading ramps, and air conditioning.
Under the Public Storage Umbrella