Public Storage 2001 Annual Report Download - page 37

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35
P
UBLIC
S
TORAGE
,I
NC
. 2001 A
NNUAL
R
EPORT
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, 2001 and 2000, and
the related consolidated statements of income, shareholders’ equity, and cash flows for each of the three years in the period ended
December 31, 2001. 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, 2001 and 2000, and the consolidated results of its operations and its cash
flows for each of the three years in the period ended December 31, 2001, in conformity with accounting principles generally
accepted in the United States.
Los Angeles, California
February 22, 2002
R
EPORT OF
I
NDEPENDENT
A
UDITORS