Profile: Public Storage (PSA)

Public Storage (the Trust), incorporated on March 13, 2007, is a real estate investment trust (REIT). The Trust’s principal business activities include the acquisition, development, ownership and operation of self-storage facilities which offer storage spaces for lease, generally on a month-to-month basis, for personal and business use, and it also has interests in commercial facilities. At December 31, 2011, its operating segments are consisted of Domestic Self-Storage, European Self-Storage and Commercial. At December 31, 2011, it has controlling indirect interests in entities that own 26 self-storage facilities in the United States with approximately two million net rentable square feet. It also has direct and indirect interests in approximately 28.9 million net rentable square feet of commercial space located in 11 states in the United States primarily owned and operated by PS Business Parks, Inc. (PSB) under the PS Business Parks name. At December 31, 2011, it has a 42% interest in PSB.

Domestic Self-Storage comprises its direct and indirect equity interests in 2,058 self-storage facilities (131 million net rentable square feet of space) located in 38 states within the United States operating under the Public Storage brand name. The Company is a owner and operator of self-storage facilities in the United States. European Self-Storage comprises its 49% interest in Shurgard Europe. Shurgard Europe owns 188 self-storage facilities (10 million net rentable square feet of space) located in seven countries in Western Europe which operate under the Shurgard brand name manages one facility located in the United Kingdom that is wholly owned by Public Storage. The Commercial segment comprises its investment in PSB, a self-managed REIT. The Commercial segment also includes our direct interest in certain commercial facilities, substantially all of which are managed by PSB. At December 31, 2011, the assets of the Commercial segment are comprised principally of its investment in PSB

Self-Storage Facilities

Self-storage facilities, which comprise the majority of its investments, are designed to offer accessible storage space for personal and business use. A user rents a enclosed space, securing the space with their lock, which is for the user's use and to which only the user has access on an unrestricted basis during business hours. On-site operation is the responsibility of property managers who are supervised by district managers. Some self-storage facilities also include rentable uncovered parking areas for vehicle storage. Storage facility spaces are rented on a month-to-month basis. Rental rates vary according to the location of the property, the size of the storage space, and other characteristics that affect the relative attractiveness of each particular space, such as whether the space has drive-up access or its proximity to elevators. Its self-storage facilities generally consist of three to seven buildings containing an aggregate of between 350 to 750 storage spaces, most of which have between 25 and 400 square feet and an interior height of approximately eight to 12 feet.

Commercial Properties

As of December 31, 2011, it owns and operates approximately 27.2 million net rentable square feet of commercial space in eight states. the Company also directly own 1.6 million net rentable square feet of commercial space managed primarily by PSB, primarily representing individual retail locations at its existing self-storage locations. 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 variety of uses, including office, assembly, showroom, laboratory, light manufacturing and warehouse space.