Public Storage 1999 Annual Report Download - page 37

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35
U B LI C T O RAG E,N C . 1999 N N UAL RE P O RT
The Board of Directors and Shareholders
Public Storage, Inc.
We have audited the accompanying consolidated balance sheets of Public Storage, Inc. as of December 31, 1999 and 1998, and the related
consolidated statements of income, shareholders’equity, and cash flows for each of the three years in the period ended December 31, 1999.
These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement
presentation.We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial
position of Public Storage, Inc. at December 31, 1999 and 1998, and the consolidated results of its operations and its cash flows for each of
the three years in the period ended December 31, 1999, in conformity with accounting principles generally accepted in the United States.
Los Angeles, California
February 14, 2000
REPORT OF INDEPENDENT AUDITORS