PSI PubStor Covers_rrd_revN1
3/30/05
3:39 PM
Page 1
2 0 0 4
A n n u a l
R e p o r
t
P
u
b
l
i
c
S
t
o
r
a
g
e
,
I
n
c
.
A
n
n
u
a
l
R
e
p
o
r
t
2
0
0
4
P u b l
i c
S t o r a g e ,
I n c .
701 Western Avenue, Glendale, California 91201-2349 • (818) 244-8080 • www.publicstorage.com
P u b l
i c
S t o r a g e ,
I n c .
(513-AR-05)
PSI PubStor Covers_rrd 3/31/05 5:51 PM Page 2
P r o p e r t i e s (as of December 31, 2004)
Location
Alabama
Arizona
California
Colorado
Connecticut
Delaware
Florida
Georgia
Hawaii
Illinois
Indiana
Kansas
Kentucky
Louisiana
Maryland
Massachusetts
Michigan
Minnesota
Missouri
Number
of Properties(1)
Net Rentable
Square Feet
Location
Number
of Properties(1)
Net Rentable
Square Feet
22
15
311
50
13
4
149
64
6
96
18
22
6
11
43
18
15
26
38
895,000
1,003,000
19,278,000
3,189,000
710,000
230,000
9,052,000
3,776,000
322,000
5,888,000
1,050,000
1,316,000
331,000
852,000
2,458,000
1,132,000
836,000
1,635,000
2,172,000
Nebraska
Nevada
New Hampshire
New Jersey
New York
North Carolina
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
Tennessee
Texas
Utah
Virginia
Washington
Wisconsin
1
22
2
44
39
24
30
8
25
20
2
24
23
169
7
39
43
15
46,000
1,409,000
131,000
2,583,000
2,335,000
1,266,000
1,863,000
429,000
1,171,000
1,360,000
64,000
1,082,000
1,311,000
11,438,000
398,000
2,388,000
2,747,000
1,071,000
(1) Storage and properties combining self-storage and commercial space.
Totals
1,464
89,217,000
C o r p o r a t e D a t a (as of March 15, 2005)
Directors
B. Wayne Hughes (1980)
Chairman of the Board
Ronald L. Havner, Jr. (2002)
Vice-Chairman of the Board and
Chief Executive Officer
Harvey Lenkin (1991)
President and Chief Operating
Officer
Robert J. Abernethy (1980)
President of American Standard
Development Company and
Self-Storage Management Company
Dann V. Angeloff (1980)
President of The Angeloff Company
William C. Baker (1991)
Chairman and Chief Executive Officer
of Callaway Golf Company
John T. Evans (2003)
Partner, Osler, Hoskin & Harcourt LLP
Uri P. Harkham (1993)
President and Chief Executive Officer
of the Jonathan Martin Fashion Group
B. Wayne Hughes, Jr. (1998)
President of Sweet Blessings, LLC and
Vice President of American Commercial
Equities, LLC
Daniel C. Staton (1999)
President of Walnut Capital Partners
( ) = date director was elected to the Board
Executive Officers
Self-Storage Operations
Ronald L. Havner, Jr.
Vice-Chairman of the Board and
Chief Executive Officer
Harvey Lenkin
President and Chief Operating Officer
John Reyes
Senior Vice President and Chief
Financial Officer
John E. Graul
Senior Vice President
John S. Baumann
Senior Vice President and Chief
Legal Officer
David F. Doll
Senior Vice President
Corporate Officers
Drew J. Adams
Vice President and Director of Taxes
Todd Andrews
Vice President and Controller
Nargis Choudhry
Vice President and Real Estate
Counsel
Obren B. Gerich
Vice President
David Goldberg
Vice President, Senior Counsel and
Secretary
Stephanie G. Heim
Vice President and Corporate Counsel
J. Alan Herd
Vice President and Director of
Human Resources
Brent C. Peterson
Vice President and Chief
Information Officer
A. Timothy Scott
Vice President and Tax Counsel
John E. Graul
President
Harvey A. Grindeland
Senior Vice President and Divisional
Manager
Peter G. Panos
Senior Vice President and Divisional
Manager
John M. Sambuco
Senior Vice President and Divisional
Manager
David D. Young
Senior Vice President and Divisional
Manager
Noel J. Evans
Senior Vice President—Marketing
Alan Grossman
Senior Vice President and Chief Financial
Officer
Randy L. Crossley
National Facilities Director
Ancillary Businesses
Thomas Miller
President—PS Orangeco
Obren B. Gerich
President—PS Insurance
Real Estate Division
David F. Doll
President
Michael F. Roach
Senior Vice President—Development and
Construction
Michael K. McGowan
Senior Vice President—Acquisitions
James F. Fitzpatrick
Senior Vice President—Entitlements
Louis Klichan
Senior Vice President and Controller
Professional Services
Certifications
Stock Exchange Listing
Additional Information Sources
Transfer Agent
EquiServe Trust Company, N.A.
P.O. Box 43010
Providence, RI 02940-3010
(781) 575-3120
www.equiserve.com
Independent Auditors
Ernst & Young LLP
Los Angeles, California
The most recent certifications by our
Chief Executive Officer, President and
Chief Operating Officer and Senior
Vice President and Chief Financial
Officer pursuant to Sections 302 and
906 of the Sarbanes-Oxley Act of
2002 are filed as exhibits to our Form
10-K. Our Chief Executive Officer's
most recent annual certification to the
New York Stock Exchange was sub-
mitted on May 19, 2004.
The Company’s common
stock trades under ticker
symbol PSA on the New York
Stock Exchange and Pacific
Exchange.
PSA
The Company’s website, www.publicstorage.com,
contains financial information of interest to share-
holders, brokers, etc.
Public Storage, Inc. is a member and active sup-
porter of the National Association of Real Estate
Investment Trusts.
PSI Letter doc_rrd_RD2 3/30/05 10:56 PM Page 1
Selected Financial Highlights
Revenues:
Rental income and tenant reinsurance premiums
Interest and other income
Expenses:
Cost of operations
Depreciation and amortization
General and administrative
Interest expense
Income from continuing operations before
equity in earnings of real estate entities,
gain (loss) on disposition of real estate
investments and casualty loss and minority
interest in income
Equity in earnings of real estate entities
Gain (loss) on disposition of real estate
investments and casualty loss
Minority interest in income (3)
Income from continuing operations
Discontinued operations (2)
Net income
Per Common Share:
Distributions
Net income - basic
Net income - diluted
Weighted average common shares - basic
Weighted average common shares - diluted
Balance Sheet Data:
Total assets
Total debt
Minority interest (other partnership interests)
Minority interest (preferred partnership interests)
Shareholders’ equity
Other Data:
Net cash provided by operating activities
Net cash used in investing activities
Net cash used in financing activities
For the year ended December 31,
2004(1)
2003(1)
2002(1)
2001(1)
2000(1)
(Amounts in thousands, except per share data)
$ 917,811 $ 856,040 $ 815,052 $ 755,020 $ 687,394
18,836
706,230
14,225
769,245
8,628
864,668
10,165
927,976
8,661
823,713
330,531
183,148
18,813
760
533,252
311,414
184,145
17,127
1,121
513,807
281,497
175,834
15,619
3,809
476,759
252,068
164,025
21,038
3,227
440,358
237,955
146,996
21,306
3,293
409,550
394,724
22,564
350,861
24,966
346,954
29,888
328,887
38,542
296,680
39,319
67
(49,913)
367,442
(1,229)
576
(38,356)
298,219
(1,131)
$ 366,213 $ 336,653 $ 318,738 $ 324,208 $ 297,088
1,007
(43,703)
333,131
3,522
(2,541)
(44,087)
330,214
(11,476)
4,091
(46,015)
325,505
(1,297)
$
$
$
1.80 $
1.39 $
1.38 $
1.80 $
1.29 $
1.28 $
1.80 $
1.15 $
1.14 $
1.69 $
1.41 $
1.39 $
127,836
128,681
125,181
126,517
123,005
124,571
122,310
123,577
1.48
1.41
1.41
131,566
131,657
$5,204,790 $ 4,968,069 $ 4,843,662 $ 4,625,879 $4,513,941
76,030 $ 115,867 $ 168,552 $ 156,003
$ 145,614 $
$ 118,903 $ 141,137 $ 154,499 $ 169,601 $ 167,918
$ 310,000 $ 285,000 $ 285,000 $ 285,000 $ 365,000
$4,429,967 $ 4,219,799 $ 4,158,969 $ 3,909,583 $3,724,117
$ 647,443 $ 608,624 $ 591,283 $ 538,534 $ 525,775
$ (188,417) $ (242,370) $ (325,786) $ (306,058) $ (465,464)
$ (297,604) $ (264,545) $ (211,720) $ (272,596) $ (25,969)
(1) During 2004, 2003, 2002, 2001 and 2000, we completed several significant asset acquisitions, business combinations and equity
transactions. See Notes 3, 6, 10 and 11 to our consolidated financial statements.
(2) During the years ended December 31, 2002, 2003 and 2004, we adopted and modified a business plan that included the closure or
consolidation of certain non-strategic containerized storage facilities. We sold two commercial properties - one in 2002, the other in
2004. During 2003, we sold five self-storage facilities. The historical operations of these facilities are classified as discontinued
operations, with the rental income, cost of operations, depreciation expense and gain or loss on disposition of these facilities for
current and prior periods included in the line item “Discontinued Operations” on the consolidated income statement.
(3) During 2004, holders of $200,000,000 of our Series N preferred partnership units agreed to a restructuring which included
reducing their distribution rate from 9.5% to 6.4% in exchange for a special distribution of $8,000,000. This special distribution,
combined with $2,063,000 in costs incurred at the time the units were originally issued that were charged against income in
accordance with the Securities and Exchange Commission’s clarification of EITF Topic D-42, are included in minority interest in
income.
PSI Letter doc_rrd_RD2 3/30/05 10:58 PM Page 2
To Our Shareholders
We had a pretty good year. Funds from operations per share increased 4.3 percent
in 2004 to $2.93 from $2.81 in 2003. See the Computation of Funds from
Operations table for a reconciliation of net income to funds from operations.
Several of the initiatives we started in 2002 are coming to fruition. In addition, we
expanded our franchise and positioned ourselves for meaningful growth in 2005. Let’s look
at what we did in 2004 and its implications for 2005.
Self-Storage Business
Our self-storage business generated the bulk of our earnings and cash flow growth in 2004.
This came from three main areas: our “consistent group” of properties, the lease-up of our
development properties and the acquisition of mostly mature facilities from third parties. The
contribution to earnings for each is as follows:
(Dollar amounts in thousands)
2003
2004
Change
Consistent group properties
$ 453,867
$ 475,804
Development properties
Expansion properties
Acquisition properties
18,575
15,017
30,220
32,278
18,053
36,407
Total net operating income before depreciation
517,679
562,542
4.8%
73.8%
20.2%
20.5%
8.7%
Depreciation expense
(176,929)
(176,488)
(0.2%)
Total earnings for self-storage
$ 340,750
$ 386,054
13.3%
Consistent Group Properties
Our consistent group properties, which constitute approximately 80 percent of the aggregate
net rentable square feet of our total portfolio, generated net operating income (before
depreciation) growth of 4.8 percent. This was due to a 4.9 percent growth in revenues
combined with a 4.9 percent increase in expenses. The expense increase was more modest than
we anticipated and the revenue growth greater, a wonderful combination.
We were able to drive average occupancies to 91 percent in 2004, up almost 2 percent from
2003 and 7 percent from 2002. This, combined with higher average rental rates, led us to a
PSI Letter doc_rrd 3/29/05 2:45 AM Page 3
very acceptable 4.9 percent revenue growth. We are hopeful of modest revenue growth going
into 2005, but it won’t come from occupancy growth. Rental rates and customer management,
including use of promotional discounts and media, will need to produce 2005 revenue growth.
With respect to expenses, 2004’s increase of 4.9 percent was far more moderate than 2003’s at
10.5 percent. Our 2004 expense increase was driven primarily by property taxes, payroll and
repairs and maintenance. Going into 2005, we expect about the same level of overall expense
increase, somewhere between 4 percent to 5 percent.
Two bright spots on the expense front are the telephone reservation center, where we saw a
25 percent decrease in the fourth quarter and a 2 percent decline for the year. We expect a
10 percent plus decline in 2005, as a result of our initiative, now substantially completed, to
eliminate the sale of both trucks and Pick-Up and Delivery service out of the national phone
center. The other area is insurance cost which declined 10 percent in the fourth quarter and
was up only 1.6 percent for the year. We expect a “softer” renewal market and improved cost
controls to reduce our property insurance costs by at least 5 percent in 2005.
We expect advertising and media costs to remain volatile, as we adapt to competitive
conditions, which leads us to one of our few disappointments in 2004. Despite an increase in
excess of a million dollars in promotional spending, our gross customer move-in volume was
down 5 percent, to 586,000 compared to 617,000 last year. Our media costs in addition to
our promotional discounts per move-in are exceeding $50. It is clear we have some work to
do in this area. We hope to report more positive news regarding the efficacy of our media
programs as 2005 unfolds.
In this regard, in mid-February, we kicked off a new coordinated advertising campaign
designed to enhance our rental activity and generate increases in brand preference. Our
campaign slogan, “Your stuff will be happy here,” is designed to focus the consumer on
Public Storage versus generic self-storage product awareness. We expect positive customer
traffic and greater brand awareness to validate this new program.
In 2005 and 2006, we expect an increase in repairs and maintenance expense as well as
capitalized (long life) expenditures. We have reorganized our facilities maintenance function,
expanded staffing and are completing a physical assessment of our real estate assets. We want
all of our properties in rent-ready condition at all times.
PSI Letter doc_rrd 3/29/05 2:45 AM Page 4
In 2005, we will undertake new initiatives to improve and standardize how we hire, manage,
train and retain our personnel. These efforts, along with others already in place, are designed
to further reduce field personnel and supervisory staff turnover, increase productivity and
improve customer service. The action words in our organization with respect to people are
standardization, enhanced training and increased accountability. In the near term, we expect
an above inflation rate increase in personnel costs.
Development Properties
Our development properties continued their lease-up. Returns on our invested capital are
still relatively modest, but improved to 5.5 percent. We anticipate our development
property yields and income will improve for the next couple of years as we increase rates
and continue to drive occupancies. We are hopeful of expanded growth in this area in
future years.
(Dollar amounts in thousands)
2002
2003
2004
NOI (before depreciation)*
$
9,120
$ 18,575
$ 32,278
Invested capital
$ 396,010
$ 509,414
$ 584,599
Yield
2.3%
3.6%
5.5%
* This non-GAAP number is used by us, and we believe it is used by many investors, to better
understand our underlying operational results and trends. Net operating income before depreciation
is reconciled to GAAP for 2003 and 2004 in the table on page 1 of this letter. Total earnings
from self-storage in 2002 was $340,344, including net operating income from self-storage
properties other than development properties of $502,111 and depreciation of $170,887.
Longer term, we hope to start expanding our development pipeline. The challenges are great
and the competition is fierce.
Expansion Properties and Pick-Up and Delivery Conversions
We have 20 former Pick-Up and Delivery (PUD) locations being converted to self-storage.
These are great locations where we already own the land and building and for marginal
PSI Letter doc_rrd_RD2 3/30/05 11:00 PM Page 5
costs of about $35 per foot we can add self-storage space. Many of these are contiguous to
existing self-storage properties, so we are reasonably confident of demand. Our
opportunity here is about 1.4 million net rentable square feet which we hope to build out
in 2005 and 2006.
Last year we also initiated what we call a repackaging program. This applies primarily to our
older facilities that have strong consumer demand, but lack a “retail” facade. We also can
expand the density of the properties, increasing the rentable square footage without any
additional land costs. Some of these repackagings will be done just to maintain our
competitive position in the marketplace. However, we expect most will generate attractive
returns in excess of 10 percent on the marginal capital invested to enhance the property. In
2004, we spent $13 million on these activities and expect this to be a growing area of capital
investment going forward.
Acquisition Properties
Our acquisition properties were truly the bright spot of our capital deployment activities
in 2004. We acquired more properties, in better markets and of better quality, than
anyone in the industry last year. We invested approximately $270 million in 47
properties, more volume than the last several years. Our high quality acquisitions give us
a highly visible market presence in several markets where we had modest to nascent
presence before. We acquired most of these properties at prices close to or modestly above
what it would cost to build. We expect our return on these investments to appreciate over
the next couple of years.
Overall, the self-storage business generated very positive growth in 2004. New supply was
modest, at 1 to 2 percent of the industry, less than underlying demand growth. We do not
expect a dramatic increase in supply, despite abundant capital for real estate investments. The
risks of building and prolonged fill-up rates have increased developer uncertainty—despite
record low interest rates.
Pick-Up and Delivery
We contracted our containerized storage business further in 2004, narrowing its scope to 12
facilities in six markets. We think we have the markets and management team focused, with
the right potential customers and the correct operating strategy. We don’t expect immediate
PSI Letter doc_rrd 3/29/05 2:45 AM Page 6
results, as 2005 will be a transition year to a stabilized business model that can produce
acceptable returns on invested capital on a consistent basis. We believe in the business and
believe it can be an attractive investment long term.
We expect profitability at the operating unit level in 2005—but we will be investing all of it
in expanded yellow pages and media programs. Over the last two years, we have closed over
30 facilities and extracted over $10 million of capital from this business. We have narrowed
our focus and 2005 will see us concentrate on marketing and execution.
Investment in PS Business Parks
Our investment in PS Business Parks (PSB) produced modest results in 2004. That is
the “rear view mirror.” Unlike self-storage, PSB’s business is much more volatile and
susceptible to economic cycles. The last three years have been the “down cycle” as
customer demand evaporated and landlords were left fighting for modestly viable
customers. Generous concessions, especially in the form of tenant improvements,
have lead to dramatically reduced returns on invested capital. For PSB, the pain has
been much less than most. A good product, minimal “dot com” and “telcom” tenants
and very capable operating personnel helped manage the storm. In 2005, PSB needs
to adapt to a dramatically improved economic environment and we expect to
significantly reduce our capital commitment to customer space. Similar to the self-
storage business, PSB faces an extremely competitive environment to acquire
additional properties. As Warren Buffet says, “When money is cheap - assets are
dear,” and money is cheap right now.
PSB refinanced several preferred stock issues this year, lowering its “permanent” funding costs
to below 8 percent. PSB may have additional opportunities in the coming years to refinance
about $100 million of these preferred equities.
PSB should produce modest earnings improvement but dramatically improved “value
creation” going forward. The winds are shifting in its favor and PSB’s shorter than average
lease duration should enable it to take advantage of improving market fundamentals sooner
than most.
PSI Letter doc_rrd 3/29/05 2:45 AM Page 7
Financing
During the first quarter of 2005, we completed the major planned refinancing of our high
coupon preferreds, which we started last year about this time. Upon completion, our $2.4 billion
of outstanding preferred equities will have a blended cost of about 7 percent. We will see
the benefits of this program in 2005, which will be partially offset by some possible pre-
funding for potential 2006 redemptions. In 2006, we have an opportunity to redeem three
large preferred stock issues totaling approximately $825 million at a blended rate of 8.1 percent,
assuming a favorable rate environment.
With respect to our financial reporting, internal controls and Sarbanes-Oxley, we are happy to
report that our financial team, lead by John Reyes, did an absolutely superb job. We hired no
consultants or special advisors. Existing personnel under the direction of Todd Andrews, our
exceptional Controller, performed all compliance work and testing and we received a “clean
opinion” from our auditors.
Conclusion
During 2004, two long-time competitors went “public” via IPO’s. The self-storage industry
is gaining broader investor acceptance along with the Real Estate Investment Trust (REIT)
industry. This is positive for our owners and management. Good competition will hopefully
better enable us to generate growing returns on invested capital.
In 2005, we will continue to differentiate ourselves from the competition and continue our
focus on People, Product and Pricing, with the objective of long-term, sustained growth in
earnings and cash flow per share. With our focus on the three P's, we believe we are well
positioned to maintain our leadership role in the self-storage industry.
Ronald L. Havner, Jr.
Vice-Chairman and Chief Executive Officer
Harvey Lenkin
President and Chief Operating Officer
March 22, 2005
PSI Letter doc_rrd 3/29/05 2:45 AM Page 8
Computation of Funds from Operations (unaudited)
Funds from operations (“FFO”) is a term defined by the National Association of Real Estate Investment
Trusts (“NAREIT”). It is generally defined as net income before depreciation and gains and losses on real
estate assets. FFO is presented because management and many analysts consider FFO to be one measure
of the performance of real estate companies and because we believe that FFO is helpful to investors as an
additional measure of the performance of a REIT. FFO computations do not consider scheduled principal
payments on debt, capital improvements, distribution and other obligations of the Company. FFO is not
a substitute for our cash flow or net income as a measure of our liquidity or operating performance or our
ability to pay dividends. Other REIT’s may not compute FFO in the same manner; accordingly, FFO
may not be comparable among REIT’s.
(Amounts in thousands, except per share amounts)
Net income
Depreciation and amortization
Depreciation/amortization included in discontinued
operations
Less - depreciation with respect to non-real estate assets
(Gain) loss on sale of real estate assets
Less - our share of PSB’s gain on sale of real estate
Depreciation from unconsolidated real estate investments
Minority interest in income
Net cash provided by operating activities
FFO to minority interests - common
FFO to minority interests - preferred
Funds from operations
Less: allocations to preferred and equity stock shareholders
Senior Preferred
Equity Stock, Series A
Funds from operations to Common and Class B
For the year ended December 31,
2004
2003
2002
$ 366,213 $ 336,653 $ 318,738
175,834
184,145
183,148
1,197
(4,252)
(2,288)
(6,715)
33,720
49,913
3,858
(6,206)
(6,128)
(2,786)
27,753
43,703
5,814
(6,053)
2,541
(4,133)
27,078
44,087
620,936
(23,473)
(32,486)
580,992
(23,125)
(26,906)
563,906
(25,268)
(26,906)
564,977
530,961
511,732
(166,649)
(21,501)
(153,316)
(21,501)
(155,814)
(21,501)
Common Stock
Weighted average shares
Regular common shares
Class B Common Stock
Stock option dilution
$ 376,827 $ 356,144 $ 334,417
127,836
—
845
125,181
—
1,336
116,075
7,000
1,566
Weighted average common shares for purpose of
computing fully-diluted FFO per common share
128,681
126,517
124,641
FFO per common share
$
2.93 $
2.81 $
2.68
PSI PubStor Covers_rrd 3/31/05 5:51 PM Page 2
P r o p e r t i e s (as of December 31, 2004)
Location
Alabama
Arizona
California
Colorado
Connecticut
Delaware
Florida
Georgia
Hawaii
Illinois
Indiana
Kansas
Kentucky
Louisiana
Maryland
Massachusetts
Michigan
Minnesota
Missouri
Number
of Properties(1)
Net Rentable
Square Feet
Location
Number
of Properties(1)
Net Rentable
Square Feet
22
15
311
50
13
4
149
64
6
96
18
22
6
11
43
18
15
26
38
895,000
1,003,000
19,278,000
3,189,000
710,000
230,000
9,052,000
3,776,000
322,000
5,888,000
1,050,000
1,316,000
331,000
852,000
2,458,000
1,132,000
836,000
1,635,000
2,172,000
Nebraska
Nevada
New Hampshire
New Jersey
New York
North Carolina
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
Tennessee
Texas
Utah
Virginia
Washington
Wisconsin
1
22
2
44
39
24
30
8
25
20
2
24
23
169
7
39
43
15
46,000
1,409,000
131,000
2,583,000
2,335,000
1,266,000
1,863,000
429,000
1,171,000
1,360,000
64,000
1,082,000
1,311,000
11,438,000
398,000
2,388,000
2,747,000
1,071,000
(1) Storage and properties combining self-storage and commercial space.
Totals
1,464
89,217,000
C o r p o r a t e D a t a (as of March 15, 2005)
Directors
B. Wayne Hughes (1980)
Chairman of the Board
Ronald L. Havner, Jr. (2002)
Vice-Chairman of the Board and
Chief Executive Officer
Harvey Lenkin (1991)
President and Chief Operating
Officer
Robert J. Abernethy (1980)
President of American Standard
Development Company and
Self-Storage Management Company
Dann V. Angeloff (1980)
President of The Angeloff Company
William C. Baker (1991)
Chairman and Chief Executive Officer
of Callaway Golf Company
John T. Evans (2003)
Partner, Osler, Hoskin & Harcourt LLP
Uri P. Harkham (1993)
President and Chief Executive Officer
of the Jonathan Martin Fashion Group
B. Wayne Hughes, Jr. (1998)
President of Sweet Blessings, LLC and
Vice President of American Commercial
Equities, LLC
Daniel C. Staton (1999)
President of Walnut Capital Partners
( ) = date director was elected to the Board
Executive Officers
Self-Storage Operations
Ronald L. Havner, Jr.
Vice-Chairman of the Board and
Chief Executive Officer
Harvey Lenkin
President and Chief Operating Officer
John Reyes
Senior Vice President and Chief
Financial Officer
John E. Graul
Senior Vice President
John S. Baumann
Senior Vice President and Chief
Legal Officer
David F. Doll
Senior Vice President
Corporate Officers
Drew J. Adams
Vice President and Director of Taxes
Todd Andrews
Vice President and Controller
Nargis Choudhry
Vice President and Real Estate
Counsel
Obren B. Gerich
Vice President
David Goldberg
Vice President, Senior Counsel and
Secretary
Stephanie G. Heim
Vice President and Corporate Counsel
J. Alan Herd
Vice President and Director of
Human Resources
Brent C. Peterson
Vice President and Chief
Information Officer
A. Timothy Scott
Vice President and Tax Counsel
John E. Graul
President
Harvey A. Grindeland
Senior Vice President and Divisional
Manager
Peter G. Panos
Senior Vice President and Divisional
Manager
John M. Sambuco
Senior Vice President and Divisional
Manager
David D. Young
Senior Vice President and Divisional
Manager
Noel J. Evans
Senior Vice President—Marketing
Alan Grossman
Senior Vice President and Chief Financial
Officer
Randy L. Crossley
National Facilities Director
Ancillary Businesses
Thomas Miller
President—PS Orangeco
Obren B. Gerich
President—PS Insurance
Real Estate Division
David F. Doll
President
Michael F. Roach
Senior Vice President—Development and
Construction
Michael K. McGowan
Senior Vice President—Acquisitions
James F. Fitzpatrick
Senior Vice President—Entitlements
Louis Klichan
Senior Vice President and Controller
Professional Services
Certifications
Stock Exchange Listing
Additional Information Sources
Transfer Agent
EquiServe Trust Company, N.A.
P.O. Box 43010
Providence, RI 02940-3010
(781) 575-3120
www.equiserve.com
Independent Auditors
Ernst & Young LLP
Los Angeles, California
The most recent certifications by our
Chief Executive Officer, President and
Chief Operating Officer and Senior
Vice President and Chief Financial
Officer pursuant to Sections 302 and
906 of the Sarbanes-Oxley Act of
2002 are filed as exhibits to our Form
10-K. Our Chief Executive Officer's
most recent annual certification to the
New York Stock Exchange was sub-
mitted on May 19, 2004.
The Company’s common
stock trades under ticker
symbol PSA on the New York
Stock Exchange and Pacific
Exchange.
PSA
The Company’s website, www.publicstorage.com,
contains financial information of interest to share-
holders, brokers, etc.
Public Storage, Inc. is a member and active sup-
porter of the National Association of Real Estate
Investment Trusts.
PSI PubStor Covers_rrd_revN1
3/30/05
3:39 PM
Page 1
2 0 0 4
A n n u a l
R e p o r
t
P
u
b
l
i
c
S
t
o
r
a
g
e
,
I
n
c
.
A
n
n
u
a
l
R
e
p
o
r
t
2
0
0
4
P u b l
i c
S t o r a g e ,
I n c .
701 Western Avenue, Glendale, California 91201-2349 • (818) 244-8080 • www.publicstorage.com
P u b l
i c
S t o r a g e ,
I n c .
(513-AR-05)