Public Storage 2015 Annual Report Download

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Public Storage
®
2015
Annual
Report

Table of contents

  • Page 1
    ® Public Storage 2 0 1 5 Annual Report

  • Page 2
    ...New York North Carolina Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina 22 44 421 66 15 5 274 107 11 126 31 21 7 11 61 25 43 47 1 38 1 27 2 57 65 85 31 8 39 29 3 53 Public Storage (cont.) 27 270 7 90 92 15 2,277 Shurgard Europe Belgium Denmark France Germany Netherlands Sweden United...

  • Page 3
    ...2015 2014 2013 2012 2011 (Amounts in thousands, except share and per share...Public Storage shareholders Per Common Share: Distributions Net income - diluted Weighted average common shares...,689 - 1,317,689 (6,445) 613,324 437,114 71,459 - 1,121,897 1,055,399 17,638 (6,781) 88,267 (7,047) 2,479 1,149...

  • Page 4
    ... 393 154 $ 2,786 $ 1,850 183 374 141 2,548 $ $ Net Operating Income (NOI)1 2015 2014 2013 U.S. self-storage European self-storage Commercial properties Ancillary businesses Total Public Storage's share $ 1,649 121 264 121 $ 2,155 $ 1,936 $ 1,483 109 262 108 $ 1,962 $ 1,750 $ 1,326 105 250...

  • Page 5
    ... and South Carolina. Financing and dividends of 2.175 annualized rate of $6.80 per share of $2.40 per share coupon of 6.7%. ฀...share on a long-term, sustainable basis. I believe this is the best metric to calculate our intrinsic business value and is also key to measuring in 2014 and 2015...

  • Page 6
    ... are located. Public Storage's Market Share Estimates by selected Metropolitan Statistical Areas (MSA) Percentage of 2015 NOI Next largest competitor's share Annual population growth 2010-2015 MSA Market share5 Los Angeles Miami New York San Francisco Washington DC Seattle Dallas-Ft.Worth...

  • Page 7
    ... 1,000 for 2016), which will eventually impact our pricing power. However, we have the best brand, dominant market share and an incredibly talented marketing and pricing team led by John Reyes and supported by Richard Craig, David Collins and John Kim. As I have often said, "The big dog Income from...

  • Page 8
    ... of operating results on a constant exchange rate basis is as follows. Net Operating Income (Amounts in millions, except sq. ft. occupancy and REVPAF) 2015 2014 2013 Same store Acquired/developed properties Total Public Storage's share Total assets (before depreciation reserves) Same store...

  • Page 9
    ... from its well-located portfolio on the West Coast, Texas, Washington DC and Florida markets. Net Operating Income (Amounts in millions) ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ 2015 2014 2013 Public Storage's owned commercial properties Total Public Storage's share Total assets...

  • Page 10
    Net Operating Income (Amounts in millions) 2015 2014 2013 Third party management Merchandise Tenant reinsurance European ancillary businesses Total Public Storage's share Total assets $ $ $ $ 2 13 84 22 121 110 10 $ $ $ $ 2 12 73 21 108 97 10 $ $ $ $ 2 12 68 20 102 92 10 We continue to...

  • Page 11
    ... on Public Storage have averaged 4.9. Google Reviews Cumulative number of reviews Average Rating 5 Cumulative number of reviews 250,000 200,000 150,000 4 3 100,000 50,000 0 2012 2013 2014 2015 2 1 Our operations team deserves a lot of credit. They are supported by a solid human resources team...

  • Page 12
    ...our "tool kit," giving us greater financial ï¬,exibility attractive rate and term, the issuance has the additional benefit of being denominated... Conclusion We are well positioned going into 2016. All of our businesses should continue to improve and take advantage of the current favorable operating...

  • Page 13
    .../10 12/31/11 12/31/12 12/31/13 12/31/14 12/31/15 Public Storage S&P 500 Index NAREIT Equity Index $ 100.00 $ 100.00 $ 100.00 $ ...Shares for the five-year period ended December 31, 2015 to the cumulative total return of the Standard & Poor's 500 Stock Index ("S&P 500 Index") and the National...

  • Page 14
    ... represents Core FFO, less per share capital expenditures and non-cash stock based compensation expense. Core FFO and Free Cash Flow are not substitutes for EPS and may not be comparable with other REITs due to calculation differences; however, we believe they are helpful measures for investors and...

  • Page 15
    ...)   PUBLIC STORAGE Maryland State or other jurisdiction of incorporation or organization  95-3551121 I.R.S. Employer Identification Number    701 Western Avenue, Glendale, California 91201-2349 Address of principal executive offices  Zip Code   Registrant's telephone number...

  • Page 16
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  • Page 17
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  • Page 18
       PART I Business ITEM 1. Forward Looking Statements 7KLV$QQXDO5HSRUWRQ)RUP.FRQWDLQVIRUZDUGORRNLQJVWDWHPHQWVZLWKLQWKHPHDQLQJRIWKH 3ULYDWH6HFXULWLHV/LWLJDWLRQ5HIRUP$FWRI$OOVWDWHPHQWVLQWKLVGRFXPHQWRWKHUWKDQVWDWHPHQWVRI KLVWRULFDO IDFW DUH IRUZDUG...

  • Page 19
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  • Page 20
    ...Business Attributes :H EHOLHYH WKDW ZH SRVVHVV VHYHUDO SULPDU\ EXVLQHVV DWWULEXWHV WKDW SHUPLW XV WR FRPSHWH HIIHFWLYHO\ Centralized information... Desktop and Mobile Websites:7KHRQOLQHPDUNHWLQJFKDQQHOFRQWLQXHVWRJURZLQ SURPLQHQFH ZLWK DSSUR[LPDWHO\  RI RXU PRYHLQV...

  • Page 21
    ... WKH XVH RI VHDUFK HQJLQHV DQG ZH UHJXODUO\ XSGDWH RXU ZHEVLWHVWRHQKDQFHWKHLUSURGXFWLYLW\ x Our Call Center: 2XUFDOOFHQWHULV... Marketing and advertising efficiencies 2XU PDMRUPDUNHW FRQFHQWUDWLRQ UHODWLYH WR WKH IUDJPHQWHGRZQHUVKLSDQGRSHUDWLRQRIWKHUHVWRIWKH...

  • Page 22
    ...ODERUDQGGHVLJQHOHPHQWV Participate in the growth of PS Business Parks, Inc.:  2XU LQYHVWPHQW LQ 36% SURYLGHV GLYHUVLILFDWLRQLQWRDQRWKHUDVVHWW\SH36%LVDVWDQGDORQHSXEOLFFRPSDQ\WUDGHGRQWKH1

  • Page 23
    ... ZH H[SHFW WR UHPDLQ FRQVHUYDWLYHO\ FDSLWDOL]HG DQG QRW VXEMHFW RXUVHOYHV WR VLJQLILFDQW UHILQDQFLQJ ULVN IURP WKH LVVXDQFH RI GHEW Financing with unsecured debt:  :H KDYH EURDG SRZHUV WR LVVXH GHEW WR IXQG RXU EXVLQHVV 7KHVHSRZHUVDUHVXEMHFWWRDOLPLWDWLRQRQ...

  • Page 24
    ...GHSHQGHQW XSRQ RXU ILQDQFLQJ QHHGV DQG FDSLWDO PDUNHW FRQGLWLRQV DW WKH WLPH LQFOXGLQJ WKH PDUNHW SULFHV RI RXU HTXLW\VHFXULWLHV Joint Venture financing: :H KDYH XVHG MRLQW YHQWXUHV ZLWK LQVWLWXWLRQDO LQYHVWRUV DQG ZH PD\ IRUPDGGLWLRQDOMRLQWYHQWXUHVLQWKHIXWXUH...

  • Page 25
    ...  WR RXU 'HFHPEHU   ILQDQFLDO VWDWHPHQWV IRU IXUWKHU GLVFORVXUHUHJDUGLQJWKHDVVHWVOLDELOLWLHVDQGRSHUDWLQJUHVXOWVRI36%DQG6KXUJDUG(XURSH Canadian self-storage facilities owned by Former Chairman and Member of Board of Trustees $W 'HFHPEHU   % :D\QH +XJKHV...

  • Page 26
    ... LQFUHDVHG SURSHUW\ WD[ IROORZLQJ UHDVVHVVPHQW RI D QHZO\DFTXLUHG SURSHUW\ DV ZHOO DV WKH JHQHUDO ULVNV RI UHDO HVWDWH LQYHVWPHQW FRXOG MHRSDUGL]H UHDOL]DWLRQ RI WKH DQWLFLSDWHG HDUQLQJV IURP DQ DFTXLVLWLRQ Development of self-storage facilities can subject us to...

  • Page 27
    ...storage operators and from other storage alternatives2XU VHOIVWRUDJH IDFLOLWLHV JHQHUDWH PRVW RI RXU UHYHQXH DQG HDUQLQJV  &RPSHWLWLRQ LQ WKH ORFDO PDUNHW DUHDV LQ ZKLFK PDQ\ RI...incur liability from tenant and employment-related claims.  )URP WLPH... our business, financial...

  • Page 28
    ...6WRUDJHGXHWRWKHMRLQWYHQWXUHVWUXFWXUH Risks related to Shurgard Europe's Debt:  6KXUJDUG (XURSH KDV D WRWDO RI ¼ PLOOLRQ LQ XQVHFXUHGGHEWRXWVWDQGLQJDW'HFHPEHURIZKLFK¼PLOOLRQLVGXHDQQXDOO\LQ HDFKRIDQG¼PLOOLRQLVGXHLQ...

  • Page 29
    ...DQG WR WDNHRUUHIUDLQIURPWDNLQJRWKHUDFWLRQVWKDWFRXOGKDYHWKHHIIHFWRIGHOD\LQJGHWHUULQJ RUSUHYHQWLQJDWUDQVDFWLRQRUDFKDQJHLQFRQWURO x x If ... ZHZRXOGEHWD[HGDWWKHUHJXODUIHGHUDOFRUSRUDWHUDWHVRQDOORIRXUWD[DEOHLQFRPHDQGZHDOVRFRXOGEH VXEMHFWWRSHQDOWLHVDQG...

  • Page 30
    ... of such networks, systems or technology could adversely impact our business, customer, and employee relationships.  :HDUHKHDYLO\GHSHQGHQW XSRQDXWRPDWHGLQIRUPDWLRQWHFKQRORJ\DQG,QWHUQHWFRPPHUFH ZLWK PRUHWKDQKDOIRIRXUQHZFXVWRPHUVFRPLQJIURPWKHWHOHSKRQHRURYHUWKH,QWHUQHW...

  • Page 31
    ...WRLQGLYLGXDOVDIIHFWHGE\WKHQRQFRPSOLDQFH)DLOXUHWRFRPSO\ZLWK WKHVHUHTXLUHPHQWVFRXOGDOVRDIIHFWWKHPDUNHWDELOLW\RIRXUUHDOHVWDWHIDFLOLWLHV Our tenant reinsurance business is subject to governmental regulation which could reduce our profitability or limit our growth. :H KROG...

  • Page 32
    ... 7HQQHVVHH .DQVDV :LVFRQVLQ 2WKHUVWDWHV VWDWHV  7RWDO86 Europe (b): 1HWKHUODQGV )UDQFH 6ZHGHQ %HOJLXP 8QLWHG.LQJGRP *HUPDQ\ 'HQPDUN 7RWDO(XURSH *UDQG7RWDO   At December 31, 2015 1XPEHURI6WRUDJH 1HW5HQWDEOH6TXDUH )DFLOLWLHV D   )HHW LQWKRXVDQGV...

  • Page 33
    ...RXUWRWDODVVHWVJURVV UHYHQXHVRUQHWLQFRPH Description of Self-Storage Facilities: 6HOIVWRUDJHIDFLOLWLHVZKLFKFRPSULVHWKHPDMRULW\RIRXU LQYHVWPHQWVRIIHUDFFHVVLEOHVWRUDJHVSDFHIRUSHUVRQDODQGEXVLQHVVXVHDWDUHODWLYHO\ORZFRVW$XVHU UHQWVDIXOO\HQFORVHGVSDFHVHFXULQJ...

  • Page 34
    ...]DWLRQ RXU 86 VHOIVWRUDJH IDFLOLWLHV KDYH JHQHUDOO\ VKRZQ D KLJK GHJUHH RI VWDELOLW\ LQ JHQHUDWLQJFDVKIORZV Description of Commercial Properties:HKDYHDQLQWHUHVWLQ36%ZKLFKDVRI'HFHPEHU RZQVDQGRSHUDWHVDSSUR[LPDWHO\PLOOLRQUHQWDEOHVTXDUHIHHW...

  • Page 35
     PART II ITEM 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities D 0DUNHW,QIRUPDWLRQRIWKH5HJLVWUDQW¶V&RPPRQ(TXLW\ 2XU &RPPRQ 6KDUHV RI EHQHILFLDO LQWHUHVW WKH ³&RPPRQ 6KDUHV´  1

  • Page 36
    ...%RDUGKDVEURDGDXWKRULW\WRIL[WKHGLYLGHQGDQGGLVWULEXWLRQULJKWVFRQYHUVLRQDQG YRWLQJULJKWVUHGHPSWLRQSURYLVLRQVDQGOLTXLGDWLRQULJKWVRIHDFKVHULHVRIHTXLW\VKDUHV:HKDG QRHTXLW\VKDUHVRXWVWDQGLQJIRUDQ\SHULRGLQWKH\HDUVHQGHG'HFHPEHUDQG G &RPPRQ6KDUH...

  • Page 37
    ... ,QWHUHVWDQGRWKHULQFRPH  ,QWHUHVWH[SHQVH  (TXLW\LQHDUQLQJVRIXQFRQVROLGDWHGUHDO  HVWDWHHQWLWLHV  )RUHLJQFXUUHQF\H[FKDQJHJDLQ ORVV   *...WR3XEOLF6WRUDJH   VKDUHKROGHUV     Per Common Share: 'LVWULEXWLRQV  1HWLQFRPH±%DVLF  1HWLQFRPH±'LOXWHG  :...

  • Page 38
    ... WR TXDOLI\DVD5(,7DQGIRUZKLFKDSSOLFDEOHVWDWXWRU\UHOLHISURYLVLRQVGLGQRWDSSO\ZHZRXOGEHWD[HGDW WKHUHJXODUFRUSRUDWHUDWHVRQDOORIRXUWD[DEOHLQFRPHIRUDWOHDVWWKDW\HDUDQGWKHHQVXLQJIRXU\HDUVZH FRXOG EH VXEMHFW WR SHQDOWLHV DQG LQWHUHVW DQG RXU QHW...

  • Page 39
    ...DVZHOODVVHHNLQJDGGLWLRQDOLQYHVWPHQWVLQVHOIVWRUDJHIDFLOLWLHV 0RVWRIRXUIDFLOLWLHVFRPSHWHZLWKRWKHUZHOOPDQDJHGDQGZHOOORFDWHGFRPSHWLWRUVDQG...ZLOOJURZLQDQGEH\RQG GXHWRWKHLQFUHDVLQJOHYHORIGHYHORSPHQWDQGXQVWDELOL]HGSURSHUWLHVLQRXUSRUWIROLR :HDOVRKDYHHTXLW...

  • Page 40
    ...DFTXLVLWLRQRSSRUWXQLWLHV 6HH Liquidity and Capital Resources IRU IXUWKHU LQIRUPDWLRQ UHJDUGLQJ RXU FDSLWDO UHTXLUHPHQWV DQGDQWLFLSDWHGVRXUFHVRIFDSLWDOWRIXQGVXFKUHTXLUHPHQWV Results of Operations Operating results for 2015 as compared to 2014 )RU WKH \HDU HQGHG 'HFHPEHU...

  • Page 41
    ... GLOXWHG HDUQLQJV SHU VKDUH WR ))2 SHU VKDUH DQG VHW IRUWK WKH FRPSXWDWLRQRI))2SHUVKDUH              Reconciliation of Diluted Earnings per Share to FFO per Share: 'LOXWHG(DUQLQJVSHU6KDUH (OLPLQDWHDPRXQWVSHUVKDUHH[FOXGHGIURP))2 'HSUHFLDWLRQDQGDPRUWL]DWLRQ...

  • Page 42
    ...SSOLFDWLRQRI(,7)'  3URSHUW\DFTXLVLWLRQFRVWV  2WKHULWHPV  &RUH))2SHUVKDUH     Analysis of Net Income by Reportable Segment...LQFRPHDQGIRUIXUWKHULQIRUPDWLRQRQRXUUHSRUWDEOHVHJPHQWV Self-Storage Operations 2XUVHOIVWRUDJHRSHUDWLRQVDUHDQDO\]HGLQWZRJURXSV...

  • Page 43
                       Self-Storage Operations Summary     

  • Page 44
    ...IRRW     $W'HFHPEHU 6TXDUHIRRWRFFXSDQF\ $QQXDOFRQWUDFWUHQWSHU RFFXSLHGVTXDUHIRRW F               D 5HYHQXHVDQGFRVWRIRSHUDWLRQVGRQRWLQFOXGHWHQDQWUHLQVXUDQFHDQGPHUFKDQGLVHVDOHUHYHQXHVDQGH[SHQVHV JHQHUDWHGDWWKHIDFLOLWLHV...

  • Page 45
    ...QRWLFH :H EHOLHYH WKDW KLJK RFFXSDQFLHV KHOS PD[LPL]H RXU UHQWDO LQFRPH  :H VHHN WR PDLQWDLQ D ZHLJKWHGDYHUDJHVTXDUHIRRWRFFXSDQF\OHYHORIDWOHDVWE\UHJXODUO\DGMXVWLQJWKHUHQWDOUDWHVDQG SURPRWLRQVRIIHUHGWRDWWUDFWQHZWHQDQWVDVZHOODVDGMXVWLQJRXUPDUNHWLQJ...

  • Page 46
    ... IDFWRUVWKHXQLWVL]HDQGJHRJUDSKLFDOPL[RIWKHVSHFLILFWHQDQWVPRYLQJLQRUPRYLQJRXWWKHOHQJWKRI VWD\RIWKHWHQDQWVPRYLQJLQRUPRYLQJRXWFKDQJHV...DQGQRWSUHGLFWDEOH 2XUXWLOLW\H[SHQVHVDUHFRPSULVHGSULPDULO\RIHOHFWULFLW\FRVWVZKLFKDUHGHSHQGHQWXSRQHQHUJ\ SULFHVDQG...

  • Page 47
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  • Page 48
    ...                         7RWDOFRVWRIRSHUDWLRQV      3URSHUW\WD[HV                               5HSDLUV...

  • Page 49
    ... 7KHIROORZLQJWDEOHVHWVIRUWKVHOHFWHGPDUNHWWUHQGVLQRXU6DPH6WRUH)DFLOLWLHV Same Store Facilities Operating Trends by Market HDU(QGHG'HFHPEHU 

  • Page 50
          Same Store Facilities Operating Trends by Market  :HLJKWHGDYHUDJHVTXDUHIRRW RFFXSDQF\ /RV$QJHOHV 6DQ)UDQFLVFR 1HZ

  • Page 51
     Same Store Facilities Operating Trends by Market (Continued) 5(93$) /RV$QJHOHV 6DQ)UDQFLVFR 1HZ

  • Page 52
    ...2WKHUIDFLOLWLHV 7RWDOUHYHQXHV Cost of operations: DFTXLVLWLRQV DFTXLVLWLRQV DFTXLVLWLRQV 2WKHUIDFLOLWLHV 7RWDOFRVWRIRSHUDWLRQV

  • Page 53
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  • Page 54
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  • Page 55
    ...HDUO\ Merchandise sales: :HVHOOORFNVER[HVDQGSDFNLQJVXSSOLHVDWRXUVHOIVWRUDJHIDFLOLWLHVDQG WKHOHYHORIVDOHVRIWKHVHLWHPVLVSULPDULO\LPSDFWHGE\WKHOHYHORIPRYHLQVDQGRWKHUFXVWRPHUWUDIILFDW RXUVHOIVWRUDJHIDFLOLWLHV:HGRQRWH[SHFWDQ\VLJQLILFDQWFKDQJHVLQ...

  • Page 56
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  • Page 57
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  • Page 58
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  • Page 60
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  • Page 61
    ...\IDFWRUVLQFOXGLQJZKHWKHUZHFDQLVVXHFDSLWDODWDORZHUFRVWRIFDSLWDOWKDQWKHVKDUHV WKDWZRXOGEHUHGHHPHG1RQHRIRXUSUHIHUUHGVHFXULWLHVDUHUHGHHPDEOHDWWKHRSWLRQRIWKHKROGHUV Repurchases of Company's Common Shares 2XU %RDUG KDV DXWKRUL]HG PDQDJHPHQW WR UHSXUFKDVH XS...

  • Page 62
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  • Page 63
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     ITEM 9B. 1RQH Other Information 

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    ... and Chief Executive Officer of Public Storage since August 2011 and November 2002, respectively. Mr. Havner joined Public Storage in 1986 and has held a variety of senior management positions. Mr. Havner has been Chairman of the Board of Public Storage's affiliate, PS Business Parks, Inc. ("PSB...

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        PUBLIC STORAGE BALANCE SHEETS (Amounts in thousands, except share data)      December 31,  ASSETS &DVKDQGFDVKHTXLYDOHQWV 5HDOHVWDWHIDFLOLWLHVDW...HTXLW\ 7RWDOOLDELOLWLHVDQGHTXLW\       December 31, 2014 2015  6HHDFFRPSDQ\LQJQRWHV )

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    ...OF CHANGES IN CAPITALIZATION. 8.1 Changes in Shares. ,IWKHQXPEHURIRXWVWDQGLQJVKDUHVRI&RPPRQ6WRFNLVLQFUHDVHGRUGHFUHDVHGRUFKDQJHGLQWRRUH[FKDQJHG IRUDGLIIHUHQWQXPEHURUNLQGRIVWRFNRURWKHUVHFXULWLHVRIWKH7UXVWE\UHDVRQRIDQ\UHFDSLWDOL]DWLRQUHFODVVLILFDWLRQ VWRFNVSOLW...

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    ...RUGHOLYHUHGWRWKH7UXVWDWLWVSULQFLSDORIILFHDGGUHVVHGWRWKHDWWHQWLRQRIWKH&RUSRUDWH6HFUHWDU\RULIVRPDLOHGRU GHOLYHUHGWRVXFKRWKHU...JUHHPHQWWREHGXO\H[HFXWHGRQWKHLUEHKDOIDVRIWKHGD\DQG\HDUILUVWDERYHZULWWHQ  PUBLIC STORAGE: %\ 1DPH 7LWOH    ...

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     Exhibit 10.14 PUBLIC STORAGE 2007 EQUITY AND PERFORMANCE-BASED INCENTIVE COMPENSATION PLAN, AS AMENDED FORM OF NON-QUALIFIED STOCK OPTION AGREEMENT  THIS STOCK OPTION AGREEMENT WKH³2SWLRQ$JUHHPHQW´ LVPDGHDVRIWKHBBBBGD\RI BBBBBBBBBBB WKH³*UDQW'DWH´ E\DQGEHWZHHQ...

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    ...WRWKH 2SWLRQZKHWKHURUQRWWKH2SWLRQZDVH[HUFLVDEOHLPPHGLDWHO\SULRUWRWKH'LVDELOLW\ 3.8 Reduction in Number of Shares Subject to Option. 7KHQXPEHURIVKDUHVRI&RPPRQ6WRFNZKLFKPD\EHSXUFKDVHGXSRQH[HUFLVHRIWKH2SWLRQSXUVXDQWWRWKLV 6HFWLRQVKDOOEHUHGXFHGE\WKHQXPEHU...

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  • Page 138
    PUBLIC STORAGE EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Year Ended December 31, 2015 2014 2013 2012 2011 1,317,689 (6,088) (15,242) 610 1,296,... (including capitalized interest) $ $ Cumulative preferred share cash dividends Allocations pursuant to EITF Topic D-42...

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     ([KLELW Consent of Independent Registered Public Accounting Firm  :HFRQVHQWWRWKHLQFRUSRUDWLRQE\UHIHUHQFHLQWKHIROORZLQJ...RQ)RUP6 1R DQGUHODWHGSURVSHFWXVRI3XEOLF6WRUDJHIRU WKH UHJLVWUDWLRQ RI FRPPRQ VKDUHV RI EHQHILFLDO LQWHUHVW SHUWDLQLQJ WR...

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    ...DQGRWKHUILQDQFLDOLQIRUPDWLRQLQFOXGHGLQWKLVUHSRUWIDLUO\ SUHVHQWLQDOOPDWHULDOUHVSHFWVWKHILQDQFLDOFRQGLWLRQUHVXOWVRIRSHUDWLRQVDQGFDVKIORZVRIWKHUHJLVWUDQWDV RIDQGIRUWKHSHULRGVSUHVHQWHGLQWKLVUHSRUW  7KH UHJLVWUDQW V RWKHU FHUWLI\LQJ RIILFHUV DQG , DUH...

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    ...DQGRWKHUILQDQFLDOLQIRUPDWLRQLQFOXGHGLQWKLVUHSRUWIDLUO\ SUHVHQWLQDOOPDWHULDOUHVSHFWVWKHILQDQFLDOFRQGLWLRQUHVXOWVRIRSHUDWLRQVDQGFDVKIORZVRIWKHUHJLVWUDQWDV RIDQGIRUWKHSHULRGVSUHVHQWHGLQWKLVUHSRUW  7KH UHJLVWUDQW V RWKHU FHUWLI\LQJ RIILFHUV DQG , DUH...

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    ... In connection with the Annual Report on Form 10-K of Public Storage (the "Company") for the year ended December 31, 2015, as filed with the Securities and Exchange Commission (the "SEC") on the date hereof (the "Report"), Ronald L. Havner, Jr., as Chairman, Chief Executive Officer and President of...

  • Page 143
    ... Senior Vice President and Chief Human Resources Officer Corporate Headquarters 701 Western Avenue Glendale, CA 91201-2349 Investor Relations Additional information contact Clemente Teng Vice President of Investor Services (818) 244-8080 Transfer Agent Computershare Trust Company, N.A. P.O. Box...

  • Page 144
    ® Public Storage 701 Western Avenue, Glendale, California 91201-2349 ฀ ฀฀ ฀฀ (SKU 002CSN5FC3)