Public Storage 2015 Annual Report Download - page 28

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x Legislative, tax, and regulatory risks::HDUHVXEMHFWWRFRPSOH[IRUHLJQODZVDQGUHJXODWLRQV
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SURSHUW\VDOHVYDOXHDGGHGDQGHPSOR\PHQWWD[ODZV7KHVHODZVFDQEHGLIILFXOWWRDSSO\RU
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IDFWRUV  6XFK FKDQJHV RU 6KXUJDUG¶V IDLOXUH WR FRPSO\ ZLWK WKHVH ODZV FRXOG VXEMHFW LW WR
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x Impediments to capital repatriation could negatively impact the realization of our investment
in Shurgard Europe: /DZVLQ(XURSHDQGWKH86PD\FUHDWHLPSHGHRULQFUHDVHRXUFRVWWR
UHSDWULDWHFDSLWDORUHDUQLQJVIURP6KXUJDUG(XURSH
x Risks of collective bargaining and intellectual property:  &ROOHFWLYH EDUJDLQLQJ ZKLFK LV
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x Potential operating and individual country risks:  (FRQRPLF VORZGRZQV RU H[WUDRUGLQDU\
SROLWLFDORUVRFLDOFKDQJHLQWKHFRXQWULHVLQZKLFKLWRSHUDWHVKDYHSRVHGDQGFRXOGFRQWLQXH
WRSRVHFKDOOHQJHVRUUHVXOWLQIXWXUHUHGXFWLRQVRI6KXUJDUG(XURSH¶VRSHUDWLQJFDVKIORZV
x Impediments of Shurgard Europe’s joint venture structure:  6KXUJDUG (XURSH¶V VLJQLILFDQW
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IURPWKLUGSDUWLHVDVZHOODVVHOOLQJRUDFTXLULQJVLJQLILFDQWDVVHWVUHTXLUHWKHFRQVHQWRIRXU
MRLQWYHQWXUHSDUWQHU$VDUHVXOW6KXUJDUG(XURSHPD\EHSUHFOXGHGIURPWDNLQJDGYDQWDJHRI
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MRLQW YHQWXUH DJUHHPHQW DQG RXU  HTXLW\ LQYHVWPHQW PD\ QRW EH HDVLO\ VROG RU UHDGLO\
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x Risks related to Shurgard Europe’s Debt: 6KXUJDUG(XURSHKDVDWRWDORI¼PLOOLRQLQ
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HDFKRIDQG¼PLOOLRQLVGXHLQ¼PLOOLRQLVGXHLQDQG
¼PLOOLRQ LVGXH ,I6KXUJDUG (XURSHLVQRWDEOH WR UHILQDQFH LWV GHEW ZKHQ GXH RU
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The Hughes Family could control us and take actions adverse to other shareholders. 
$W'HFHPEHU%:D\QH+XJKHVRXUIRUPHU&KDLUPDQDQGKLVIDPLO\ZKLFKLQFOXGHV
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Takeover attempts or changes in control could be thwarted, even if beneficial to shareholders.
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