Public Storage 2010 Annual Report Download - page 36

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22
Commercial Properties: In addition to our interests in 2,237 self-storage facilities, we have an interest in
PSB, which, as of December 31, 2010, owns and operates approximately 21.8 million net rentable square feet of
commercial space in eight states. At December 31, 2010, the $324 million book value of our investment in PSB
represents approximately 3% of our total assets. The $730 million market value of our investment in PSB at
December 31, 2010 represents approximately 8% of the book value of our total assets. We also directly own
1.6 million net rentable square feet of commercial space, primarily located at our existing self-storage locations,
comprised primarily of individual retail locations. This space is managed for us by PSB.
The commercial properties owned by PSB consist primarily of flex, multi-tenant office and industrial
space. Flex space is defined as buildings that are configured with a combination of office and warehouse space and
can be designed to fit a wide variety of uses (including office, assembly, showroom, laboratory, light manufacturing
and warehouse space).
Environmental Matters: Our policy is to accrue environmental assessments and estimated remediation
cost when it is probable that such efforts will be required and the related costs can be reasonably estimated. Our
current practice is to conduct environmental investigations in connection with property acquisitions. Although there
can be no assurance, we are not aware of any environmental contamination of any of our facilities, which
individually or in the aggregate would be material to our overall business, financial condition, or results of
operations.
ITEM 3. Legal Proceedings
We are a party to various claims, complaints, and other legal actions that have arisen in the normal course
of business from time to time. We believe that it is unlikely that the outcome of these pending legal proceedings
including employment and tenant claims, in the aggregate, will have a material adverse impact upon the results of
our operations or financial position.
ITEM 4. (Removed and reserved)