Public Storage 2014 Annual Report Download - page 12

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9
Financing
John Reyes, our extremely capable CFO, was busy in 2014 remixing the balance sheet:
• Shurgard Europe repaid our inter-company loan with the third-party financing previously mentioned.
• We repaid almost all our debt.
• We raised an additional $763 million of preferred capital.
• We acquired or developed $530 million of properties.
We start 2015 with a stronger than ever fortress balance sheet. With interest rates at record low levels, in the U.S.
and Europe, we may issue debt. Stay tuned.
Conclusion
We had a solid 2014 and are well positioned for 2015. The favorable operating environment and our exceptional
teams should enable us to produce another year of positive results for all of our businesses.
Ronald L. Havner, Jr.
Chairman and CEO
February 27, 2015