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4
PART I
ITEM 1. Business
Forward Looking Statements
This Annual Report on Form 10-K contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. All statements in this document, other than statements
of historical fact, are forward-looking statements which may be identified by the use of the words
"expects," "believes," "anticipates," "plans," "would," "should," "may," "estimates" and similar
expressions.
These forward-looking statements are based on current expectations and assumptions that are
subject to risks and uncertainties, which may cause our actual results and performance to be materially
different from those expressed or implied in the forward-looking statements. Factors and risks that may
impact our future results and performance include, but are not limited to, those described in Item 1A, "Risk
Factors" and in our other filings with the Securities and Exchange Commission (the “SEC”) including:
x general risks associated with the ownership and operation of real estate, including
changes in demand, risks related to development of self-storage facilities, potential
liability for environmental contamination, natural disasters and adverse changes in laws
and regulations governing property tax, real estate and zoning;
x risks associated with downturns in the national and local economies in the markets in
which we operate, including risks related to current economic conditions and the
economic health of our customers;
x the impact of competition from new and existing self-storage and commercial facilities
and other storage alternatives;
x difficulties in our ability to successfully evaluate, finance, integrate into our existing
operations, and manage acquired and developed properties;
x risks associated with international operations including, but not limited to, unfavorable
foreign currency rate fluctuations and local and global economic uncertainty that could
adversely affect our earnings and cash flows;
x risks related to our participation in joint ventures;
x the impact of the regulatory environment as well as national, state, and local laws and
regulations including, without limitation, those governing environmental, taxes and
tenant insurance matters and real estate investment trusts (“REITs”), and risks related to
the impact of new laws and regulations;
x risk of increased tax expense associated either with a possible failure by us to qualify as a
REIT, or with challenges to intercompany transactions with our taxable REIT
subsidiaries;
x changes in federal or state tax laws related to the taxation of REITs, which could impact
our status as a REIT;
x disruptions or shutdowns of our automated processes, systems and the Internet or
breaches of our data security;