Public Storage 2011 Annual Report Download - page 36

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22
We also directly own 1.6 million net rentable square feet of commercial space managed primarily by PSB, primarily
representing individual retail locations at our existing self-storage locations.
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 other legal proceedings and subject to various claims and complaints that have
arisen in the normal course of business. We believe that the likelihood of these pending legal matters and other
contingencies resulting in a material loss to the Company, either individually or in the aggregate, is remote.
ITEM 4. Mine Safety Disclosures
Not applicable.