Public Storage 2009 Annual Report Download - page 16

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Unlike the mall or hotel business, self-storage is highly fragmented. The top ten operators
own about 10% of the estimated 55,000 self-storage facilities. Most of our competitors
used CMBS or bank debt to grow during the past decade. Many will be challenged to
refinance maturing loans. We hope to provide a source of liquidity for our competitors and
their lenders while simultaneously creating value for our shareholders.
Public Storage is well positioned both to endure a challenging operating environment and to
seize opportunities to deploy significant capital in 2010 and beyond. We are positioning our
company for another decade of meaningful returns to our shareholders.
Ronald L. Havner, Jr.
President and Chief Executive Officer
February 26, 2010
2,500
2,000
1,500
1,000
500
0
Public U-Haul Extra Space Sovran U-Store-It Simply A-American Dahn Metro StorageMart
Storage International Storage Self Storage Trust Self Storage Storage Corp. Storage
U.S. Self-Storage Facilities
2,010
1,090
642
381 367
220 111 100 86 70
The self-storage industry is highly fragmented.
The top ten operators own about 10% of the estimated 55,000 facilities.
Source: Public companies based on 12/31/2009 SEC filings and other public disclosures; Private companies based on ISS 2009 Top Operators report 2/25/2009