Profile: Public Storage (PSA.N)

PSA.N on New York Stock Exchange

161.28USD
1 Aug 2013
Price Change (% chg)

$2.06 (+1.29%)
Prev Close
$159.22
Open
$159.83
Day's High
$161.95
Day's Low
$159.26
Volume
238,059
Avg. Vol
233,201
52-wk High
$168.66
52-wk Low
$135.64

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Public Storage (the Trust), incorporated on March 13, 2007, is a real estate investment trust (REIT). As of December 31, 2012, the Trust’s principal business activities included: Domestic Self-Storage, European Self-Storage and Commercial. The Trust acquires, develops, owns, and operates self-storage facilities which offer storage spaces for lease, on a month-to-month basis, for personal and business use. It is a owner and operator of self-storage facilities in the United States. It has direct and indirect equity interests in 2,078 self-storage facilities (132 million net rentable square feet of space) located in 38 states within the United States operating under the Public Storage brand name. The Trust has a 49% equity interest in Shurgard Europe, with an institutional investor owning the remaining 51% interest. It has a 41% equity interest in PS Business Parks, Inc. (PSB), which owns and operates 28.3 million net rentable square feet of commercial space.

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, and manages one facility located in the United Kingdom that it wholly owns. It also wholly owns 1.4 million net rentable square feet of commercial space, substantially all of which is managed by PSB. As of December 31, 2012, the Trust had direct and indirect ownership interests in 2,078 self-storage facilities located in 38 states within the United States and 189 storage facilities located in seven Western European nations.

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. All of its self-storage facilities in the United States are operated under the Public Storage brand name, while our facilities in Europe are operated under the Shurgard brand name. The Trust’s self-storage facilities consist 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. Its self-storage facilities are geographically diversified and are located primarily in or near major metropolitan markets in 38 states in the United States.

Commercial Properties

The Trust has an interest in PSB, which, as of December 31, 2012, owns and operates approximately 28.3 million net rentable square feet of commercial space in eight states. As of December 31, 2012, its investment in PSB represents approximately 4% and 10%, respectively of its total assets. It also directly owns 1.4 million net rentable square feet of commercial space managed primarily by PSB, primarily representing individual retail locations at our existing self-storage locations. The commercial properties owned by PSB consist primarily of flex, multi-tenant office and industrial space.

Investment in PS Business Parks, Inc.

As of December 31, 2012, the Trust had an approximate 41% common equity interest in PSB. As of December 31, 2012, PSB owned and operated 28.3 million rentable square feet of commercial space located in eight states. PSB also manages commercial space that it owns pursuant to property management agreements.

Investment in Shurgard Europe

Equity in earnings of Shurgard Europe represents the Trust’s 49% equity share of Shurgard Europe’s net income. As of December 31, 2011 and 2012, Shurgard Europe’s operations are comprised of 188 wholly owned facilities with 10.1 million net rentable square feet.

European Same Store Facilities

The Shurgard Europe Same Store Pool represents the 162 facilities. These include 8.6 million net rentable square feet, representing 86% of the aggregate net rentable square feet of Shurgard Europe’s self-storage portfolio that have been consolidated and operated by Shurgard Europe.

Other Investments

The Other Investments, as of December 31, 2012, are comprised primarily of its equity in earnings from various limited partnerships that own an aggregate of 14 self-storage facilities. It consists of 792,000 net rentable square feet.

Company Address

Public Storage

FL 2, 701 Western Avenue
GLENDALE   CA   91201-2349
P: +1818.2448080
F: +1818.2449530

Name Compensation

Ronald Havner

15,339,100

John Reyes

4,298,320

Shawn Weidmann

1,750,960

Candace Krol

1,673,080

David Doll

1,782,790
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