Public Storage 2014 Annual Report Download - page 104

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PUBLIC STORAGE
NOTES TO FINANCIAL STATEMENTS
December 31, 2014
F-28
European Self-Storage Segment
The European Self-Storage segment comprises our interest in Shurgard Europe, which has a separate
management team reporting directly to our CODM and our joint venture partner. The European Self-Storage
segment includes our equity share of Shurgard Europe’s operations, the interest and other income received from
Shurgard Europe, and foreign currency exchange gains and losses that are attributable to Shurgard Europe. Our
balance sheet includes an investment in Shurgard Europe (Note 4) and a loan receivable from Shurgard Europe
(Note 5).
Commercial Segment
The Commercial segment comprises our investment in PSB, a publicly-traded REIT with a separate
management team that makes its financing, capital allocation and other significant decisions. The Commercial
segment also includes our direct interest in certain commercial facilities, substantially all of which are managed
by PSB. The Commercial segment presentation includes our equity earnings from PSB, as well as the revenues
and expenses of our commercial facilities. At December 31, 2014, the assets of the Commercial segment are
comprised principally of our investment in PSB (Note 4).
Presentation of Segment Information
The following tables reconcile the performance of each segment, in terms of segment income, to our
net income (amounts in thousands):