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4
PART I
ITEM 1. Business
Forward Looking Statements
This Annual Report on Form 10-K contains forward-looking statements within the meaning of the federal
securities laws. All statements in this document, other than statements of historical fact, are forward-looking
statements which may be identified by the use of the words "expects," "believes," "anticipates," "plans," "would,"
"should," "may," "estimates" and similar expressions. These forward-looking statements involve known and
unknown risks and uncertainties, which may cause Public Storage's actual results and performance to be materially
different from those expressed or implied in the forward-looking statements. As a result, you should not rely on any
forward-looking statements in this report, or which management may make orally or in writing from time to time, as
predictions of future events nor guarantees of future performance. We caution you not to place undue reliance on
forward-looking statements, which speak only as the date of this report or as of the dates indicated in the statements.
All of our forward-looking statements, including those in this report, are qualified in their entirety by this statement.
We expressly disclaim any obligation to update publicly or otherwise revise any forward-looking statements,
whether as a result of new information, new estimates, or other factors, events or circumstances after the date of this
document, except where expressly required by law. Accordingly, you should use caution in relying on past forward-
looking statements to anticipate future results. Factors and risks that may impact our future results and performance
include, but are not limited to, those described in Item 1A, "Risk Factors" and in our other filings with the Securities
and Exchange Commission (“SEC”).
General
Public Storage was organized in 1980. Effective June 1, 2007, we reorganized Public Storage, Inc. into
Public Storage (referred to herein as “the Company”, “the Trust”, “we”, “us”, or “our”), a Maryland real estate
investment trust (“REIT”). 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. We are the largest owner and operator of self-storage facilities in the United States
(“U.S.”), and we have an equity interest in Shurgard Europe, a private company that we believe is the largest owner
and operator of self-storage facilities in Europe and we have an equity interest in PS Business Parks, Inc. whose
business activities primarily include the ownership and operations of commercial properties. At December 31,
2009, we operate within three reportable segments described below: (i) Domestic Self-Storage, (ii) Europe Self-
Storage and (iii) Commercial. See also Note 11 to our December 31, 2009 consolidated financial statements for
further discussion with respect to our reportable segments.
The Domestic Self-Storage segment, at December 31, 2009, includes our direct and indirect equity interests
in 2,010 self-storage facilities (127 million net rentable square feet of space) located in 38 states within the U.S.
operating under the “Public Storage” brand name.
The Europe Self-Storage segment, at December 31, 2009, comprises our 49% equity interest in Shurgard
Europe which owns 187 self-storage facilities (10 million net rentable square feet of space) located in seven
countries in Europe which operate under the “Shurgard Storage Centers” brand name and manages one facility
located in the United Kingdom that we wholly own.
The Commercial segment, at December 31, 2009, includes direct and indirect equity interests in
approximately 21 million net rentable square feet of commercial space located in 11 states in the U.S., including our
41% ownership interest in PS Business Parks, Inc. (“PSB”), a publicly traded REIT whose common stock trades on
the New York Stock Exchange under the symbol “PSB” (see “Investment in PSB” under “Equity in Earnings of
Real Estate Entities” included in Item 7. “Management’s Discussion and Analysis of Financial Condition and
Results of Operations” below for further information regarding our investment in PSB). This commercial space is
primarily operated under the “PS Business Parks” brand name.