PUBLIC STORAGE
2 0 0 7
A N N U A L
R E P O R T
WA
91
OR
39
CO
60
NV
22
UT
7
AZ
37
CA
372
HI
8
NE
1
KS
22
OK
8
TX
235
MN
44
WI
16
MI
43
IL
123
IN
31
OH
30
KY
7
TN
33
AL
22
MS
1
MO
38
LA
9
NH
2
NY
62
MA
RI
CT
19
2
14
NJ
DE
MD
56
5
55
PA
28
VA
78
NC
69
SC
40
GA
92
FL
191
SWEDEN
26
DENMARK
10
UNITED
KINGDOM
20
NETHERLANDS
33
BELGIUM
21
GERMANY
11
FRANCE
53
P RO PE RT I E S (as of December 31, 2007)
Location
Number
of Properties(1)
Net Rentable
Square Feet
Location
Number
of Properties(1)
Net Rentable
Square Feet
UNITED STATES
Alabama
Arizona
California
Colorado
Connecticut
Delaware
Florida
Georgia
Hawaii
Illinois
Indiana
Kansas
Kentucky
Louisiana
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Nebraska
Nevada
New Hampshire
New Jersey
New York
North Carolina
22
37
372
60
14
5
191
92
8
123
31
22
7
9
55
19
43
44
1
38
1
22
2
56
62
69
890,000
2,259,000
23,764,000
3,810,000
869,000
288,000
12,470,000
5,964,000
555,000
7,800,000
1,880,000
1,310,000
330,000
608,000
3,185,000
1,179,000
2,755,000
2,990,000
63,000
2,144,000
46,000
1,404,000
132,000
3,524,000
3,967,000
4,775,000
UNITED STATES (cont.)
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
Tennessee
Texas
Utah
Virginia
Washington
Wisconsin
30
8
39
28
2
40
33
235
7
78
91
16
1,860,000
428,000
2,006,000
1,867,000
64,000
2,155,000
1,883,000
15,375,000
440,000
4,407,000
5,998,000
1,030,000
Totals
2,012
126,474,000
EUROPE
Belgium
Denmark
France
Germany
Netherlands
Sweden
United Kingdom
Totals
Grand Totals
21
10
53
11
33
26
20
174
2,186
1,219,000
502,000
2,776,000
550,000
1,749,000
1,372,000
947,000
9,115,000
135,589,000
(1) Storage and properties combining self-storage and commercial space.
SELECTED FINANCIAL HIGHLIGHTS
For the year ended December 31,
2007 1
2006 1
2005
2004
2003
(Amounts in thousands, except per share data)
Revenues:
Rental income and ancillary operations
Interest and other income
Total revenues
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 on disposition of real estate
investments, casualty loss, foreign currency
exchange gain, income from derivatives
and minority interest in income
Equity in earnings of real estate entities
Gain on disposition of real estate investments
and casualty gain or loss, net
Foreign currency exchange gain and income
from derivatives, net
Minority interest in income
Income from continuing operations
Cumulative effect of change in accounting
principle
Discontinued operations
Net income
Net income allocable to common shareholders
Per Common Share:
Distributions
Net income - basic
Net income - diluted
Weighted average common shares - basic
Weighted average common shares - diluted
$
$
$
$
$
$ 1,804,954 $ 1,349,212 $ 1,043,391 $ 952,766 $ 890,350
2,537
892,887
31,799
1,381,011
16,447
1,059,838
11,417
1,816,371
5,391
958,157
659,865
622,410
59,749
63,671
1,405,695
498,438
437,568
84,661
33,062
1,053,729
378,258
196,153
21,115
8,216
603,742
361,944
182,890
18,813
760
564,407
340,871
183,863
17,127
1,121
542,982
410,676
12,738
327,282
11,895
456,096
24,883
393,750
22,564
349,905
24,966
5,212
2,177
1,182
67
1,007
58,444
(29,543)
457,527
4,262
(31,883)
313,733
—
(32,651)
449,510
—
(49,913)
366,468
—
(43,703)
332,175
—
8
457,535 $
578
(285)
—
4,478
314,026 $ 456,393 $ 366,213 $ 336,653
—
6,883
—
(255)
199,354 $
46,891 $ 254,395 $ 178,063 $ 161,836
2.00 $
1.18 $
1.17 $
2.00 $
0.33 $
0.33 $
1.90 $
1.98 $
1.97 $
1.80 $
1.39 $
1.38 $
169,342
170,147
142,760
143,715
128,159
128,819
127,836
128,681
1.80
1.29
1.28
125,181
126,517
Balance Sheet Data:
$10,643,102 $ 11,198,473 $ 5,552,486 $ 5,204,790 $ 4,968,069
Total assets
$ 1,069,928 $ 1,848,542 $ 149,647 $ 145,614 $
76,030
Total debt
181,030 $
Minority interest (other partnership interests)
28,970 $ 118,903 $ 141,137
$
325,000 $ 225,000 $ 310,000 $ 285,000
Minority interest (preferred partnership interests) $
$ 8,763,129 $ 8,208,045 $ 4,817,009 $ 4,429,967 $ 4,219,799
Shareholders’ equity
181,688 $
325,000 $
Cash Flow Information:
Net cash provided by operating activities
Net cash used in investing activities
Net cash used in financing activities
$ 1,013,204 $
$ (247,475) $
$ (1,061,457) $
775,400 $ 673,871 $ 595,315 $ 547,918
(495,890) $ (453,146) $ (157,638) $ (205,133)
(228,095) $ (102,969) $ (276,255) $ (241,076)
(1) The significant increase in our revenues, cost of operations, depreciation and amortization, and interest expense in 2006 and 2007,
and the significant increase in total assets, total debt and shareholders’ equity in 2006, is due to our acquisition of Shurgard Storage
Centers in August 2006. See Note 3 to our consolidated financial statements for the year ended December 31, 2007 for further
information.
TO OUR SHAREHOLDERS
O
ur progress in 2007 was substantial as we realized many of the benefits from
the 2006 Shurgard acquisition and continued to grow our business. Net
income per share increased from $0.33 to $1.17 and funds from operations (FFO) 1
per share increased from $3.57 to $4.97. Most important, our intrinsic 2 or
franchise value per share improved substantially. We measure our progress per
share, since changes in absolute size mean little unless translated into additional
value per share. Our growth this year was achieved even though we reduced our
financial leverage. Equally as important, we are very well positioned going into
2008 to take advantage of opportunities that may come our way from the turbulent
credit markets.
Businesses
Our principal business is owning and operating self-storage or mini-warehouse
properties, both in the United States (U.S.) and seven Western European countries.
Self-storage properties primarily serve consumers, offering month-to-month storage
units ranging in size from 2'x 2' to 30'x 30'. In the U.S., our properties are operated
under the “Public Storage” name and in Europe, under the “Shurgard” brand. We own
126 million net rentable square feet in the U.S. and about 9 million net rentable square
feet in Europe.
We also have meaningful investments in commercial properties, primarily business parks,
which consist mostly of “flex” space, or a combination of office and industrial space.
These properties are operated under the “PS Business Parks” name. Through our equity
investment in PS Business Parks, a separately listed public company (AMEX:PSB), and
our direct ownership of properties, we have interests in approximately 21 million rentable
square feet, concentrated primarily in eight states.
1. See accompanying schedule “Computation of Funds from Operations” for a definition.
2. See Public Storage, Inc. 2006 Annual Report letter to shareholders for a discussion of “intrinsic value.”
Our ancillary operations consist of businesses that contribute to or are incidental to our
self-storage business. These include the rental of trucks, the sale of locks, boxes and
packing materials and the re-insurance of customers’ stored goods.
Our properties are located in or near major metropolitan centers and serve customers
within a three-to-five mile radius. All operations are conducted on a localized basis and
are adapted to particular market customs, competition and customer preferences.
Customers are identified and targeted through a variety of marketing programs,
including property signage and banners, the Internet, television, on-site sales functions,
and for commercial properties, through local brokers. We have over one million
customers and generally must attract over one million new or repeat customers each year
due to customer turnover.
Summary of Financial Results
In 2007, total revenues grew by 32% to $1.8 billion, benefiting from a full year of
operating the acquired Shurgard domestic and European facilities compared to four
months in 2006. Net income to common shareholders rose by $152 million to $199
million. These results were driven by the organic growth in our legacy Same Store
properties and improvements in our newly developed, recently expanded and acquired
self-storage facilities, as well as from the acquired Shurgard facilities.
Our funds from operations per share improved in 2007 by 39% to $4.97 from $3.57 in
2006. Excluding items associated with foreign currency gains, Shurgard acquisition
integration costs and other non-cash charges, the per share amounts increased by 13% to
$4.73 in 2007 from $4.17 in 2006 from our core operations. These comparisons are
reflected in the following table.
Funds From Operations (FFO)
Year ended December 31,
2007
2006
FFO per common share prior to adjustments for the
following items
Foreign currency exchange and derivative gains
Shurgard acquisition integration costs
Termination of contract and development projects
EITF Topic D-42 charges
Other
FFO per common share, as reported
$ 4.73
0.34
(0.03)
(0.01)
—
(0.06)
$ 4.97
$ 4.17
0.03
(0.30)
(0.09)
(0.23)
(0.01)
$ 3.57
Stepping back and looking at what contributed to our growth, you will note that the
sources of growth in our operating earnings have changed since the Shurgard acquisition.
Net income before depreciation, minority interest, preferred dividends, interest income,
G&A and other items, or what we would consider operating earnings, was $1.2 billion for
2007. This is broken down as follows.
Operating Earnings(1)(2)
Dollar amounts in millions
U.S. self-storage operations
European self-storage operations
Commercial properties
Ancillary operations
Operating earnings
2007
$ 980
102
63
55
2006
$ 782
29
56
34
Change
$ 198
73
7
21
$1,200
$ 901
$ 299
(1) Operating earnings excludes the impact of other items which reduced net income approximately $743 million and
$587 million in 2007 and 2006, respectively, in reconciling from operating earnings to our net income. Such items are
comprised of interest income, depreciation and amortization expense, general and administrative expense, interest expense,
equity in earnings of real estate entities (except for our pro rata share of PS Business Parks’ net income, which is included in
operating earnings), casualty gains and losses, gains on disposition, foreign currency gains, derivative income or expense,
minority interest in income, cumulative effect adjustments and discontinued operations.
(2) Shurgard acquisition completed August 2006.
Self-Storage Operations
When evaluating our self-storage operations, we bifurcate our properties into two groups–
“Same Stores” and other properties.
The Same Store operations consist of those properties operated by the Company (or by
Shurgard) for the last three years that have achieved a stabilized occupancy level. Properties
that are either under redevelopment, recently acquired or developed are in “other
properties.” We consider the measurement of Same Store operations as a key barometer of
both the fundamental strength of our business and the efficacy of our personnel and
operating strategies.
We use certain metrics to evaluate our performance, the most important being revenue per
available square foot, or “REVPAF,” and gross profit margin. REVPAF measures how
much revenue is generated per foot we have to sell. We manage growth in REVPAF,
balancing increased pricing with higher customer volumes (occupancy). Also impacting
REVPAF are product quality, customer sales and service and local competition. Gross
profit margin reflects how capable we are at generating more revenue while controlling
expenses. As you can see in the table, both REVPAF and gross profit margin increased
across all portfolios last year, resulting in higher net operating income.
REVPAF (1)
(per sq. ft.)
2007
2006
Change
Public Storage–U.S. Same Store
$ 11.37
$ 11.13
$ 0.24
Shurgard–U.S. Same Store
Shurgard–Europe Same Store
11.91
24.03
11.36
21.99
0.55
2.04
Other properties–U.S. and Europe
$ 11.86
$ 10.98
$ 0.88
(1) Shurgard data for 2006 represents the historical data operated under Shurgard (January 1, 2006 through August 22, 2006)
along with the period operated under Public Storage (August 23, 2006 through December 31, 2006). Amounts with
respect to Europe are on a constant exchange rate basis using the 2007 exchange ratio.
Gross Profit Margin (1)(2)
Public Storage–U.S. Same Store
Shurgard–U.S. Same Store
Shurgard–Europe Same Store
Other properties–U.S. and Europe
2007
67.4%
67.3%
59.9%
59.0%
2006
Change
66.9%
62.5%
53.2%
54.0%
0.5%
4.8%
6.7%
5.0%
(1) Shurgard data for 2006 represents the historical data operated under Shurgard (January 1, 2006 through August 22, 2006)
along with the period operated under Public Storage (August 23, 2006 through December 31, 2006). Amounts with
respect to Europe are on a constant exchange rate basis using the 2007 exchange ratio.
(2) Net operating income (before depreciation) divided by total revenues.
Net Operating Income(1)(2)
(Before depreciation)
Dollar amounts in millions
Public Storage–U.S. Same Store
Shurgard–U.S. Same Store
Shurgard–Europe Same Store
Other properties–U.S. and Europe
2007
$ 624
180
77
201
2006
$ 607
160
62
124
Change
$ 17
20
15
77
Net operating income
$1,082
$ 953
$129
(1) Shurgard data for 2006 represents the historical data operated under Shurgard (January 1, 2006 through August 22, 2006)
along with the period operated under Public Storage (August 23, 2006 through December 31, 2006). Amounts with
respect to Europe are on a constant exchange rate basis using the 2007 exchange ratio.
(2) Net operating income is prior to depreciation expense. Management evaluates net cash flows which excludes
depreciation.
Overall, the domestic portfolio performed reasonably well in 2007, as we achieved higher
REVPAF through increased occupancies and rental rates, offset in part by higher
promotional discounting. Most expenses were down in the U.S. as we realized the
operating synergies associated with the Shurgard acquisition, offset in part by higher
advertising expenses required to drive customer volume. The acquired Shurgard
properties benefited from our pricing and promotional strategies as well as bringing the
expense structure in line with the Public Storage operating model. Our recently acquired,
developed and redeveloped properties continue to lease-up generating higher revenues. In
Europe, our operating team was able to take the “best practices” from the U.S. and adapt
them to local market conditions. The results were exceptional.
Net Operating Income by Category
Dollar amounts in millions
Public Storage–U.S. Same Store
Shurgard–U.S. Same Store
Shurgard–Europe Same Store
Other properties–U.S. and Europe
Net operating income
Depreciation and amortization expense
2007
$ 624
180
77
201
1,082
(619)
2006
$ 607
59
24
121
811
(434)
2005
$ 574
—
—
57
631
(191)
Total earnings from self-storage
$ 463
$ 377
$ 440
Maintenance capital expenditures
(65)
(66)
(26)
Operating cash flow
$ 1,017
$ 745
$ 605
Commercial Properties
Our investment in commercial properties consists of our 45% equity ownership of PS
Business Parks (PSB) and our wholly-owned properties which are generally contiguous to
our self-storage properties. PSB owns and operates about 20 million square feet. We
effectively own ten million square feet of commercial space.
The Same Store performance metrics used for self-storage are applicable to commercial
properties. Operating performance for the commercial properties was as follows.
Same Store Key Operating Metrics(1)
REVPAF
Gross profit margin
2007
2006
Change
$13.18
68.4%
$12.74
68.3%
$ 0.44
0.1%
(1) Reflects pro rata share of PS Business Parks and wholly-owned Public Storage properties.
Net Operating Income
(Before depreciation)
Dollar amounts in millions
PS Business Parks (1)
Public Storage
Net operating income
2007
$ 54
9
$ 63
2006
$ 48
8
$56
Change
$ 6
1
$ 7
(1) Reflects Public Storage’s pro rata share of PS Business Parks’ funds from operations.
Growth Potential in Europe
The European market presents us with excellent growth opportunities. If the European
market were to build self-storage facilities on the same population density as in the U.S.,
we could see a need for approximately 34,000 facilities in Western Europe. With less than
1,500 self-storage facilities currently operating in Western Europe, there is enormous
potential. In the city of Paris alone, where there are approximately 60 facilities, the
population base could support 1,200 facilities.
The key for us to take advantage of this opportunity is to access the appropriate capital.
We believe a public entity with a European-based capital structure is the best and most
efficient long-term structure to realize this potential. We started down this path in the
first half of 2007 with a public offering to sell 51% of Shurgard Europe, but terminated
the public offering due to adverse capital market conditions. Fortunately, institutional
investor interest in partnering with us in Europe is strong, and we are working on a
transaction that would accomplish most of the objectives of the public offering. Our plan
is to retain a significant equity interest in Shurgard Europe and participate in this huge
growth opportunity.
Financial Policies
Owning real estate is a capital intensive business. When conducted within the structure
of a Real Estate Investment Trust (REIT), it is even more capital intensive, as there is little
ability to retain earnings.
There are four ways to finance the Company’s growth: debt, preferred stock, common
equity and retained earnings. Most REITs utilize 40% to 50% debt in their capital
structures and retain a de minimus amount of earnings. The average amount of retained
cash after recurring maintenance capital is about 7% 3 of free cash flow. In 2007, we
retained 53%. Accordingly, for most REITs, acquiring additional real estate necessitates
the need for additional leverage and issuance of additional common equity (which dilutes
current owners’ interest).
We have chosen a different path, using preferred stock and retained earnings (net operating
cash flow). Preferred stock is similar to debt for us, except that it is perpetual (never has
to be repaid, unlike debt), can be redeemed after five years if we choose (if the coupon
rate is better) and has no financial covenants (unlike debt, which has many). So we get
the benefits of leverage without the attendant risks associated with debt.
We have worked hard to maximize retained earnings through careful tax planning and
structuring transactions to maximize tax depreciation. The Shurgard acquisition was
particularly advantageous, as it was a taxable acquisition and produced over $4 billion of
depreciable assets plus it allowed us to retain an existing net operating loss carryforward
of over $350 million in Europe.
3. “Real Estate Securities Monthly,” Green Street Advisors, February 1, 2008, p. 16.
As a result, our earnings have been able to grow substantially without the need to increase
our common share dividend (REITs must distribute their taxable income to avoid paying
a corporate or entity level tax). In 2008, we expect to retain over $400 million of net
operating cash flow in the Company (after required maintenance capital expenditures and
our required distribution requirements) which can be “leveraged” with preferred stock to
provide “growth” capital.
Over the last ten years, we have generally issued common equity only in connection with
acquisitions and have aggressively repurchased shares when we believed it was more value
enhancing to our shareholders than acquiring additional properties. In 2008, we have
already used over $100 million of retained cash to repurchase common shares.
Conclusion
We are in a great business. Demand for our product is not directly dictated by the general
economy but by recurring lifestyle changes–marriages, divorces, births, deaths and
business expansions and contractions. We are geographically diversified with over 2,000
U.S. facilities across 38 states and nearly 200 facilities in Western Europe, with over one
million customers. The stability and predictability of our business is reflected in our 15-
year history of consistent Same Store growth. Over this period, Same Store NOI has
increased an average of 5.3% per year.
In summary, we have successfully integrated the Shurgard operations we acquired in 2006,
achieved stabilized occupancies across all portfolios and realized many of the anticipated
cost reductions from the acquisition. Going into 2008, we are in a solid financial position
and poised for opportunities.
Ronald L. Havner, Jr.
President and Chief Executive Officer
February 29, 2008
CUMULATIVE TOTAL RETURN
Public Storage, S&P 500 Index and NAREIT Equity Index
December 31, 2002 - December 31, 2007
$400
$350
$300
$250
$200
$150
$100
$50
$0
Public Storage
S&P 500 Index
NAREIT Equity Index
12/31/02
12/31/03
12/31/04
12/31/05
12/31/06
12/31/07
12/31/02
12/31/03
12/31/04
12/31/05
12/31/06
12/31/07
Public Storage
S&P 500 Index
$100.00
$141.12
$187.96
$235.21
$346.72
$267.66
$100.00
$128.68
$142.69
$149.70
$173.34
$182.86
NAREIT Equity Index
$100.00
$137.13
$180.44
$202.38
$273.34
$230.45
The graph set forth above compares the yearly change in the Company’s cumulative total shareholder return on its Common Stock
for the five-year period ended December 31, 2007 to the cumulative total return of the Standard & Poor’s 500 Stock Index (“S&P
500 Index”) and the National Association of Real Estate Investment Trusts Equity Index (“NAREIT Equity Index”) for the same
period (total shareholder return equals price appreciation plus dividends). The stock price performance graph assumes that the value
of the investment in the Company’s Common Stock and each index was $100 on December 31, 2002 and that all dividends were
reinvested. The stock price performance shown in the graph is not necessarily indicative of future price performance.
Computation of Funds from Operations (unaudited)
Funds from operations (“FFO”) is a term defined by the National Association of Real Estate Investment
Trusts (“NAREIT”). FFO is a supplemental non-GAAP financial disclosure, and 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 REITs may not compute FFO in the same manner; accordingly, FFO may not be
comparable among REITs.
(Amounts in thousands, except per share amounts)
Net income:
Depreciation and amortization
Depreciation and amortization included in
discontinued operations
Less - depreciation with respect to non-real estate assets
Depreciation from unconsolidated real estate investments
Gain on sale of real estate assets
Less - our share of gain on sale of real estate included
in equity of earnings of real estate entities
Minority interest share of income
Net cash provided by operating activities
FFO to minority interest - common
FFO to minority interest - preferred
Funds from operations
Less: allocations to preferred and equity shareholders:
Senior Preferred
Equity Shares, Series A
For the year ended December 31,
2007
2006
2005
$ 457,535
622,410
$314,026
437,568
$456,393
196,153
484
(406)
45,307
(6,883)
—
29,543
1,147,990
(21,989)
(21,612)
650
(225)
38,890
(4,547)
(1,047)
31,883
817,198
(17,312)
(19,055)
332
(1,789)
35,425
(8,279)
(7,858)
32,651
703,028
(18,782)
(17,021)
1,104,389
780,831
667,225
(236,757)
(21,424)
(245,711)
(21,424)
(180,555)
(21,443)
FFO allocable to our common shareholders
$ 846,208
$513,696
$465,227
Weighted average shares outstanding:
Common shares
Stock-based compensation dilution
169,342
805
142,760
955
128,159
660
Weighted average common shares for purposes of
computing fully-diluted FFO per common share
170,147
143,715
128,819
FFO per common share
$
4.97
$
3.57
$
3.61
CO R P O R AT E D ATA (as of February 29, 2008)
Directors
B. Wayne Hughes (1980)
Chairman of the Board
Ronald L. Havner, Jr. (2002)
Vice-Chairman of the Board,
Chief Executive Officer and President
Harvey Lenkin (1991)
Retired President and Chief Operating Officer
Dann V. Angeloff (1980)
President of The Angeloff Company
William C. Baker (1991)
Principal, Baker & Associates
John T. Evans (2003)
Partner, Osler, Hoskin & Harcourt LLP
Uri P. Harkham (1993)
President and Chief Executive Officer
Harkham Industries
B. Wayne Hughes, Jr. (1998)
Vice President of American Commercial
Equities, LLC
Gary E. Pruitt (2006)
Chief Executive Officer of Univar N.V.
Daniel C. Staton (1999)
Chairman of Staton Capital
( ) = date director was elected to the Board
Executive Officers
Ronald L. Havner, Jr.
Vice-Chairman of the Board,
Chief Executive Officer and President
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
Candace N. Krol
Senior Vice President, Human Resources
Corporate Officers
Self-Storage Operations
Drew J. Adams
Vice President and Director of Taxes
Todd Andrews
Vice President and Controller
Mark B. Bilfield
Senior Vice President—Marketing
John E. Graul
President
Kim DeRuyter
Senior Vice President and Divisional Manager
Brian J. Devlin
Senior Vice President and Divisional Manager
Capri L. Haga
Senior Vice President—Risk Management
Harvey A. Grindeland
Senior Vice President and Divisional Manager
Stephanie G. Heim
Vice President, Corporate Counsel
and Secretary
Ken A. Kederian
Vice President of Internal Audit
A. Ammar Kharouf
Vice President and Litigation Counsel
Brent C. Peterson
Senior Vice President and Chief
Information Officer
A. Timothy Scott
Vice President and Tax Counsel
Clemente Teng
Vice President of Investor Services
Real Estate Group
David F. Doll
President
David W. Marzocchi
Senior Vice President—Development and
Construction
Michael K. McGowan
Senior Vice President—Acquisitions and
Development
James F. Fitzpatrick
Senior Vice President—Entitlements
Kenneth H. Morrison
Senior Vice President and Divisional Manager
Peter G. Panos
Senior Vice President and Divisional Manager
David D. Young
Senior Vice President and Divisional Manager
Alan Grossman
Senior Vice President and Chief Financial Officer
Ancillary Businesses
Thomas Miller
President—PS Orangeco
Obren B. Gerich
President—PS Insurance
Shurgard Self Storage S.C.A. (Europe)
Steven De Tollenaere
Chief Executive Officer
John M. Sambuco
Chief Operating Officer
Frank J.E. Boot
Vice President—Marketing
A. Stefan Nilsson
Senior Vice President—Development
Jean L.H. Kreusch
Chief Financial Officer
Kris S.A. Van Mieghem
General Counsel
David L. Coupez
Chief Information Officer
Veronique A.I. Burguet
Vice President—Human Resources
Professional Services
Certifications
Stock Exchange Listing
Additional Information Sources
Transfer Agent
Computershare Trust
Company, N.A.
P.O. Box 43078
Providence, RI 02940-3078
(781) 575-3120
www.computershare.com
Independent Registered
Public Accounting Firm
Ernst & Young LLP
Los Angeles, California
The most recent certifications
by our Chief Executive
Officer 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 certifica-
tion to the New York Stock
Exchange was submitted on
April 5, 2007.
The Company’s Common
Shares trade under ticker
symbol PSA on the New York
Stock Exchange.
The Company’s website, www.publicstorage.com,
contains financial information of interest to
shareholders, brokers, etc.
Public Storage is a member and active
supporter of the National Association of Real
Estate Investment Trusts.
PUBLIC STORAGE
701 Western Avenue, Glendale, California 91201-2349
(818) 244-8080 (cid:129) www.publicstorage.com
(SKU 002CS-61164)