Public Storage 2009 Annual Report Download - page 38

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20
assurances can be given that our businesses can continue to be conducted in any given jurisdiction as it has been
conducted in the past. For the year ended December 31, 2009, revenues from our tenant reinsurance business
represented approximately 4% of our revenues.
Terrorist attacks and the possibility of wider armed conflict may have an adverse impact on our business and
operating results and could decrease the value of our assets.
Terrorist attacks and other acts of violence or war could have a material adverse impact on our business and
operating results. There can be no assurance that there will not be further terrorist attacks against the U.S., the
European Community, or their businesses or interests. Attacks or armed conflicts that directly impact one or more
of our properties could significantly affect our ability to operate those properties and thereby impair our operating
results. Further, we may not have insurance coverage for losses caused by a terrorist attack. Such insurance may
not be available, or if it is available and we decide to obtain such terrorist coverage, the cost for the insurance may
be significant in relationship to the risk overall. In addition, the adverse effects that such violent acts and threats of
future attacks could have on the U.S. economy could similarly have a material adverse effect on our business and
results of operations. Finally, further terrorist acts could cause the U.S. to enter into a wider armed conflict, which
could further impact our business and operating results.
Developments in California may have an adverse impact on our business and financial results.
We are headquartered in, and approximately one-fifth of our properties in the U.S. are located in California.
The state of California and many local jurisdictions are facing severe budgetary problems and deficits. Action that
may be taken in response to these problems, such as increases in property taxes on commercial properties, changes
to sales taxes, adoption of a proposed “Business Net Receipts Tax” or other governmental efforts to raise revenues
could adversely impact our business and results of operations. In addition, we could be adversely impacted by
efforts to reenact legislation mandating medical insurance for employees of California businesses and members of
their families.
ITEM 1B. Unresolved Staff Comments
Not applicable.