Public Storage 2014 Annual Report Download - page 34

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20
reaching stabilization, our U.S. self-storage facilities have generally shown a high degree of stability in
generating cash flows.
Description of Commercial Properties: We have an interest in PSB, which, as of December 31,
2014, owns and operates approximately 28.6 million net rentable square feet of commercial space in eight
states. At December 31, 2014, the $412.1 million book value and $1.2 billion market value, respectively,
of our investment in PSB represents approximately 4% and 12%, respectively, of our total assets. We also
directly own 1.3 million net rentable square feet of commercial space managed primarily 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: We 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 legal proceedings and subject to various claims and complaints;
however, we believe that the likelihood of these contingencies resulting in a material loss to the Company,
either individually or in the aggregate, is remote.
ITEM 4. Mine Safety Disclosures
Not applicable.