Company: Public Storage
CIK: 1393311
SIC: 6798
Filing Date: 2015-02-25 00:00:00

ITEM 1 - BUSINESS
ITEM 1.Business
Forward Looking Statements
This Annual Report on Form 10-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this document, other than statements of historical fact, are forward-looking statements which may be identified by the use of the words "expects," "believes," "anticipates," "plans," "would," "should," "may," "estimates" and similar expressions.
These forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties, which may cause our actual results and performance to be materially different from those expressed or implied in the forward-looking statements. Factors and risks that may impact our future results and performance include, but are not limited to, those described in Item 1A, "Risk Factors" and in our other filings with the Securities and Exchange Commission (the “SEC”) including:
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general risks associated with the ownership and operation of real estate, including changes in demand, risks related to development of self-storage facilities, potential liability for environmental contamination, natural disasters and adverse changes in laws and regulations governing property tax, real estate and zoning;
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risks associated with downturns in the national and local economies in the markets in which we operate, including risks related to current economic conditions and the economic health of our customers;
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the impact of competition from new and existing self-storage and commercial facilities and other storage alternatives;
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difficulties in our ability to successfully evaluate, finance, integrate into our existing operations, and manage acquired and developed properties;
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risks associated with international operations including, but not limited to, unfavorable foreign currency rate fluctuations and local and global economic uncertainty that could adversely affect our earnings and cash flows;
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risks related to our participation in joint ventures;
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the impact of the regulatory environment as well as national, state, and local laws and regulations including, without limitation, those governing environmental, taxes and tenant insurance matters and real estate investment trusts (“REITs”), and risks related to the impact of new laws and regulations;
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risk of increased tax expense associated either with a possible failure by us to qualify as a REIT, or with challenges to intercompany transactions with our taxable REIT subsidiaries;
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changes in federal or state tax laws related to the taxation of REITs, which could impact our status as a REIT;
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disruptions or shutdowns of our automated processes, systems and the Internet or breaches of our data security;
			
		
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risks associated with the self-insurance of certain business risks, including property and casualty insurance, employee health insurance and workers compensation liabilities;
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difficulties in raising capital at a reasonable cost; and
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economic uncertainty due to the impact of terrorism or war.
These forward looking statements speak only as of the date of this report or as of the dates indicated in the statements. All of our forward-looking statements, including those in this report, are qualified in their entirety by this statement. We expressly disclaim any obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, new estimates, or other factors, events or circumstances after the date of these forward looking statements, except as required by law. Given these risks and uncertainties, you should not rely on any forward-looking statements in this report, or which management may make orally or in writing from time to time, as predictions of future events nor guarantees of future performance.
General
Public Storage (referred to herein as “the Company”, “the Trust”, “we”, “us”, or “our”), a Maryland REIT, was organized in 1980.
At December 31, 2014, our principal business activities were as follows:
(i)
Domestic Self-Storage: We acquire, develop, own, and operate self-storage facilities which offer storage spaces for lease on a month-to-month basis, for personal and business use. We are the largest owner and operator of self-storage facilities in the United States (the “U.S.”). We have direct and indirect equity interests in 2,250 self-storage facilities (146 million net rentable square feet of space) located in 38 states within the U.S. operating under the “Public Storage” brand name.
(ii)
European Self-Storage: We have a 49% equity interest in Shurgard Self Storage Europe Limited (“Shurgard Europe”) which owns 192 self-storage facilities (ten million net rentable square feet) located in seven countries in Western Europe operated under the “Shurgard” brand name. We believe Shurgard Europe is the largest owner and operator of self-storage facilities in Western Europe. We also wholly own one self-storage facility in the United Kingdom which is managed by Shurgard Europe.
(iii)
Commercial: We have a 42% equity interest in PS Business Parks, Inc. (“PSB”), a publicly held REIT which owns and operates 28.6 million net rentable square feet of commercial space. We also wholly-own 1.3 million net rentable square feet of commercial space, substantially all of which is managed by PSB.
In addition, we reinsure policies against losses to goods stored by customers in our self-storage facilities, sell merchandise at our self-storage facilities and manage self-storage facilities owned by third-party owners.
For all periods presented herein, we have elected to be treated as a REIT, as defined in the Internal Revenue Code. As a REIT, we do not incur federal income tax on our REIT taxable income (generally, net rents and gains from real property, dividends, and interest) that is fully distributed each year (for this purpose, certain distributions paid in a subsequent year may be considered), and if we meet certain organizational and operational rules. We believe we met these requirements in all periods presented herein, and we expect to continue to elect and qualify as a REIT.
			
		
We report annually to the SEC on Form 10-K, which includes financial statements certified by our independent registered public accountants. We also report quarterly to the SEC on Form 10-Q, which includes unaudited financial statements with such filings. We expect to continue such reporting.
On our website, www.publicstorage.com, we make available, free of charge, our Annual Reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and all amendments to those reports as soon as reasonably practicable after the reports and amendments are electronically filed with or furnished to the SEC.
Competition
We believe that storage customers generally store their goods within a five mile radius of their home or business. Most of our facilities compete with other nearby self-storage facilities that use the same marketing channels we use, including Internet advertising, signage, and banners, and offer the same service we do. As a result, competition is significant and affects the occupancy levels, rental rates, rental income and operating expenses of our facilities.
While competition is significant, the self-storage industry remains fragmented in the U.S. We believe that we own approximately 6% of the aggregate self-storage square footage in the U.S., and that collectively the five largest self-storage operators in the U.S. own approximately 13%, with all other self-storage space owned by numerous private regional and local operators. We believe this market fragmentation enhances the advantage of our brand name, as well as the economies of scale we enjoy with approximately 71% of our 2014 same-store revenues in the 20 Metropolitan Statistical Areas (each, an “MSA”, as defined by the U.S. Census Bureau) with the highest population levels.
Such fragmentation also provides opportunities for us to acquire additional facilities; however, we compete with a wide variety of institutions and other investors who also view self-storage facilities as attractive investments. The amount of capital available for real estate investments greatly influences the competition for ownership interests in facilities and, by extension, the yields that we can achieve on newly acquired investments.
Business Attributes
We believe that we possess several primary business attributes that permit us to compete effectively:
Centralized information networks: Our centralized reporting and information network enables us to identify changing market conditions and operating trends as well as analyze customer data and quickly change each of our individual properties’ pricing and promotions on an automated basis.
Convenient shopping experience: Customers can conveniently shop the space available at our facilities, reviewing attributes such as facility location, size, amenities such as climate-control, as well as pricing, and learn about ancillary businesses through the following marketing channels:
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Our Desktop and Mobile Websites: The online marketing channel continues to grow in prominence, with approximately 60% of our move-ins in 2014 sourced through our websites, as compared to 36% in 2010. In addition, we believe that many of our customers who directly call our call center, or who move-in to a facility on a walk-in basis, have already reviewed our pricing and space availability through our websites. We invest extensively in advertising on the Internet to attract potential customers, primarily through the use of search engines, and we regularly update and improve our websites to enhance their productivity.
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Our Call Center: Our call center is staffed by skilled sales specialists. Customers reach our call center by calling our advertised toll-free telephone referral number, (800) 44-
			
		
STORE, or telephone numbers provided on the Internet. We believe giving customers the option to interact with a call center agent, despite the higher marginal cost relative to an internet reservation, enhances our ability to close sales with potential customers.
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Our Properties: Customers can also shop at any one of our facilities. Property managers access the same information that is available on our website and to our call center agents, and can inform the customer of storage alternatives at that site or our other nearby storage facilities. Property managers are extensively trained to maximize the conversion of such “walk in” shoppers into customers.
Economies of scale: We are the largest provider of self-storage space in the U.S. As of December 31, 2014, we operated 2,250 self-storage facilities with 1.4 million self-storage spaces. These facilities are generally located in major markets within 38 states in the U.S. The size and scope of our operations have enabled us to achieve high operating margins and a low level of administrative costs relative to revenues through the centralization of many functions, such as facility maintenance, employee compensation and benefits programs, revenue management, as well as the development and documentation of standardized operating procedures. We also believe that our major market concentration provides managerial efficiencies stemming from having a large percentage of our facilities in close proximity to each other.
We believe that we have significant market share and concentration in major metropolitan centers, which increase the cost effectiveness of our promotional programs relative to our competitors. Our large market share in major metropolitan markets and well-recognized brand name improves our prominence in unpaid search results for self-storage on major online search engines, and enhances the efficiency of our bidding for paid multiple-keyword advertising. We can use television advertising in many markets, while most of our competitors cannot do so cost-effectively.
Brand name recognition: We believe that the “Public Storage” brand name is the most recognized and established name in the self-storage industry in the U.S, due to our national reach in major markets in 38 states, our highly visible facilities, and our facilities’ distinct orange colored doors and signage. We believe the “Public Storage” name is one of the most frequently used search terms used by customers using Internet search engines for self-storage. We believe that the “Shurgard” brand, used by Shurgard Europe, is a similarly established and valuable brand in Europe. We believe that the awareness of our brand name results in a high percentage of potential storage customers considering our facilities, relative to other operators.
Growth and Investment Strategies
Our growth strategies consist of: (i) improving the operating performance of our existing self-storage facilities, (ii) acquiring more facilities, (iii) developing new facilities and by adding more self-storage space to existing facilities, (iv) participating in the growth of the commercial operations we have an interest in, primarily our investment in PSB, and (v) participating in the growth of Shurgard Europe. While our long-term strategy includes each of these elements, in the short run the level of growth in our asset base in any period is dependent upon the cost and availability of capital, as well as the relative attractiveness of investment alternatives.
Improve the operating performance of existing facilities: We seek to increase the net cash flow of our existing self-storage facilities by (i) regularly analyzing our call volume, reservation activity, Internet activity, move-in/move-out rates and other market supply and demand factors and responding by adjusting our marketing activities and rental rates, (ii) attempting to maximize revenues through evaluating the appropriate balance between occupancy, rental rates, and promotional discounting and (iii) controlling operating costs. We believe that our property management personnel, systems, our convenient shopping options for the customer, our economies of scale, and our advertising programs will continue to enhance our ability to meet these goals.
			
		
Acquire properties owned or operated by others in the U.S.: We seek to capitalize on the fragmentation of the self-storage business through acquiring attractively priced, well-located existing self-storage facilities. We believe our presence in and knowledge of substantially all of the major markets in the U.S. enhances our ability to identify attractive acquisition opportunities. Data on the rental rates and occupancy levels of our existing facilities provides us an advantage in evaluating the potential of acquisition opportunities. Self-storage owners decide whether to market their facilities for sale based upon many factors, including potential reinvestment returns, expectations of future growth, estimated value, the cost of debt financing, as well as personal considerations. Our aggressiveness in competing for particular marketed facilities depends upon many factors including our opinion as to the potential for future growth, the quality of construction and location, the cash flow we expect from the facility when operated on our platform, how well the facility fits into our current geographic footprint, as well as our yield expectations. During 2014, 2013 and 2012, we acquired 44, 121 and 24 facilities, respectively, from third parties for approximately $431 million, $1.2 billion and $226 million, respectively, primarily through large portfolio acquisitions. We will continue to seek to acquire properties in 2015; however, there is significant competition to acquire existing facilities and there can be no assurance as to the level of facilities we may acquire.
Develop new self-storage facilities and expansion of existing facilities: The development of new self-storage locations and the expansion of existing facilities has been an important source of growth. Since the beginning of 2013, we have expanded our development efforts due in part to the significant increase in prices being paid for existing facilities, in many cases well above the cost of developing new facilities. At December 31, 2014, we had a development pipeline to develop new self-storage facilities and, to a lesser extent, expand existing self-storage facilities, which will add approximately 3.5 million net rentable square feet of self-storage space. The aggregate cost of these projects is estimated at $411 million, of which $105 million had been incurred at December 31, 2014, and the remaining costs will be incurred primarily in 2015. Some of these projects are subject to significant contingencies such as entitlement approval. We expect to continue to seek additional development projects; however, the level of future development may be limited due to various constraints such as difficulty in finding projects that meet our risk-adjusted yield expectations and challenges in obtaining building permits for self-storage activities in certain municipalities.
Participate in the growth of commercial facilities primarily through our ownership in PS Business Parks, Inc.: Our investment in PSB provides diversification into another asset type. PSB is a stand-alone public company traded on the NYSE. During 2013, we increased our investment in PSB by acquiring 1,356,748 shares of PSB common stock in open-market transactions and directly from PSB, for an aggregate cost of $105.0 million. As of December 31, 2014, we have a 42% equity interest in PSB.
PSB seeks to grow its asset base in favorable markets as well as increase the cash flows from its existing portfolio. From 2010 through 2014, PSB has acquired an aggregate total of 11.3 million rentable square feet in key markets for an aggregate purchase price of approximately $1.1 billion. In 2014, PSB disposed of certain nonstrategic assets with an aggregate of 1.9 million rentable square feet in Arizona and Oregon, receiving net proceeds aggregating $212.2 million. As of December 31, 2014, PSB owned and operated approximately 28.6 million net rentable square feet of commercial space, and had an enterprise value of approximately $4.0 billion (based upon the trading price of PSB’s common stock combined with the liquidation value of its debt and preferred stock as of December 31, 2014).
Participate in the growth of European self-storage through ownership in Shurgard Europe: We believe Shurgard Europe is the largest self-storage company in Western Europe. It owns and operates 192 facilities with approximately ten million net rentable square feet in: France (principally Paris), Sweden (principally Stockholm), the United Kingdom (principally London), the Netherlands, Denmark (principally Copenhagen), Belgium and Germany. We own 49% of Shurgard Europe, with the other 51% owned by a large U.S. institutional investor.
Customer awareness and availability of self-storage is significantly lower in Europe than in the U.S. However, with more awareness and product supply, we believe there is potential for increased demand for storage space in Europe. In the long run, we believe Shurgard Europe could capitalize on
			
		
potential increased demand through the development of new facilities or, to a lesser extent, acquiring existing facilities.
Financing of the Company’s Growth Strategies
Overview of financing strategy: As a REIT, we generally distribute 100% of our taxable income to our shareholders, which relative to a taxable C corporation, limits the amount of cash flow from operations that we can retain for investments. As a result, in order to grow our asset base, access to capital is important. Historically we have primarily financed our investment activities with retained operating cash flow and net proceeds from the issuance of preferred and common securities. Occasionally we use short-term bank debt as bridge financing when capital market conditions are not favorable to issue either preferred or common securities. We are evaluating raising additional capital through the issuance of medium or long-term debt instruments, and may do so over the next twelve months.
Permanent capital: We have generally been able to raise capital through the issuance of preferred securities at an attractive cost of capital relative to the issuance of our common shares and, as a result, issuances of common shares have been minimal over the past several years. However, rates and market conditions for the issuance of preferred securities can be volatile or inefficient from time to time, and the market coupon rate of our preferred securities is influenced by long-term interest rates. During the early part of 2013, we issued preferred securities with coupon rates of 5.2%, but later in 2013, rates increased and market conditions for the issuance of common and preferred capital worsened. As a result, in December 2013 we borrowed $750.1 million from banks to bridge finance our acquisition activities during that timeframe. Subsequently, preferred share coupon rates and market conditions steadily improved, and by September 2014, we repaid our bridge financing, in part, from the issuance of preferred securities. During 2014, we issued an aggregate of $762.5 million in preferred securities, with an average coupon rate of 6.11%. Notwithstanding the recent market turbulence, we continue to view preferred capital as an important source of capital over the long-term.
Bridge financing: We have in the past used our $300 million revolving line of credit as temporary “bridge” financing and repaid such borrowings with permanent capital. At December 31, 2013, we had approximately $50.1 million outstanding on our line of credit and $700 million due to Wells Fargo pursuant to a term loan which was used to fund our acquisitions of self-storage facilities in the fourth quarter of 2013. We repaid the $750.1 million of bridge financing by September 30, 2014, in part, through the issuance of preferred securities. See Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources” for more information.
Borrowing through mortgage loans or senior debt: Even though preferred securities have a higher coupon rate than long-term debt, we have generally not issued conventional debt due to refinancing risk associated with debt and other benefits of preferred securities described in more detail in Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources.” We have broad powers to borrow in furtherance of our objectives without a vote of our shareholders. These powers are subject to a limitation on unsecured borrowings in our Bylaws described in “Limitations on Debt” below. Our senior debt has an “A” credit rating by Standard and Poor’s. We believe this high rating, combined with our low level of debt, could allow us to issue a significant amount of unsecured debt at lower interest rates than the coupon rates on preferred securities if we chose to. Given the current low interest rate environment combined with having minimal debt outstanding at December 31, 2014, we may seek to raise capital through the issuance of a modest amount of medium to long-term debt.
Assumption of Debt: Substantially all of our mortgage debt outstanding was assumed in connection with real estate acquisitions. When we have assumed debt in the past, we did so because the nature of the loan terms did not allow prepayment, or a prepayment penalty made it economically disadvantageous to prepay.
Issuance of securities in exchange for property: We have issued both our common and preferred securities in exchange for real estate and other investments in the past. Future issuances will be dependent
			
		
upon our financing needs and capital market conditions at the time, including the market prices of our equity securities.
Joint Venture financing: We have used joint ventures with institutional investors and we may form additional joint ventures in the future, primarily to buy or develop self-storage facilities.
Disposition of properties: Generally, we have disposed of self-storage facilities only when compelled to do so through condemnation proceedings. We do not presently intend to sell any significant number of self-storage facilities in the future, though there can be no assurance that we will not.
Investments in Real Estate and Unconsolidated Real Estate Entities
Investment Policies and Practices with respect to our investments: Following are our investment practices and policies which, though we do not anticipate any significant alteration, can be changed by our board of trustees (the “Board”) without a shareholder vote:
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Our investments primarily consist of direct ownership of self-storage facilities (the nature of our self-storage facilities is described in Item 2, “Properties”), as well as partial interests in entities that own self-storage facilities.
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Our partial ownership interests primarily reflect general and limited partnership interests in entities that own self-storage facilities that are managed by us under the “Public Storage” brand name in the U.S., as well as storage facilities managed in Europe under the “Shurgard” brand name which are owned by Shurgard Europe.
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Additional acquired interests in real estate (other than the acquisition of properties from third parties) will include common equity interests in entities in which we already have an interest.
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To a lesser extent, we have interests in existing commercial properties (described in Item 2, “Properties”), containing commercial and industrial rental space, primarily through our investment in PSB.
Facilities Owned by Subsidiaries
In addition to our direct ownership of 2,223 self-storage facilities in the U.S. and one self-storage facility in London, England at December 31, 2014, we have controlling indirect interests in entities that own 14 self-storage facilities in the U.S. Due to our controlling interest in each of these entities, we consolidate the assets, liabilities, and results of operations of these entities in our financial statements.
Facilities Owned by Unconsolidated Real Estate Entities
At December 31, 2014, we also had ownership interests in entities that we do not control or consolidate. These entities include PSB, Shurgard Europe (each discussed above), and various limited partnerships that own an aggregate of 13 self-storage facilities. These entities are referred to collectively as the “Unconsolidated Real Estate Entities.”
PSB, which files financial statements with the SEC, and Shurgard Europe, have debt and other obligations that we do not consolidate in our financial statements. None of the other Unconsolidated Real Estate Entities have significant amounts of debt or other obligations. See Note 4 to our December 31, 2014 financial statements for further disclosure regarding the assets, liabilities and operating results of the Unconsolidated Real Estate Entities.
			
		
Limitations on Debt
Without the consent of holders of the various series of Preferred Shares, we may not take any action that would result in our “Debt Ratio” exceeding 50%. “Debt Ratio”, as defined in the related governing documents, represents generally the ratio of debt to total assets before accumulated depreciation and amortization on our balance sheet, in accordance with U.S. generally accepted accounting principles. As of December 31, 2014, the Debt Ratio was approximately 0.5%.
Our bank and senior unsecured debt agreements contain various customary financial covenants, including limitations on the level of indebtedness and the prohibition of the payment of dividends upon the occurrence of defined events of default. We believe we were in compliance with each of these covenants as of December 31, 2014.
Employees
We had approximately 5,300 employees in the U.S. at December 31, 2014 which are engaged primarily in property operations.
Seasonality
We experience minor seasonal fluctuations in the demand for self-storage space, with demand and rates generally higher in the summer months than in the winter months. We believe that these fluctuations result in part from increased moving activity during the summer months.
Insurance
We have historically carried customary property, earthquake, general liability, employee medical insurance and workers compensation coverage through internationally recognized insurance carriers, subject to customary levels of deductibles. The aggregate limits on these policies of approximately $75 million for property losses and $102 million for general liability losses are higher than estimates of maximum probable losses that could occur from individual catastrophic events determined in recent engineering and actuarial studies; however, in case of multiple catastrophic events, these limits could be exhausted.
We reinsure a program that provides insurance to our customers from an independent third-party insurer. This program covers tenant claims for losses to goods stored at our facilities as a result of specific named perils (earthquakes are not covered by this program), up to a maximum limit of $5,000 per storage unit. We reinsure all risks in this program, but purchase insurance from an independent third party insurance company for aggregate claims between $5.0 million and $15.0 million per occurrence. We are subject to licensing requirements and regulations in several states. At December 31, 2014, there were approximately 823,000 certificates held by our self-storage customers, representing aggregate coverage of approximately $2.2 billion.

ITEM 1A - RISK FACTORS
ITEM 1A. Risk Factors
In addition to the other information in our Annual Report on Form 10-K, you should consider the risks described below that we believe may be material to investors in evaluating the Company. This section contains forward-looking statements, and in considering these statements, you should refer to the qualifications and limitations on our forward-looking statements that are described in Forward Looking Statements at the beginning of Item 1.
We have significant exposure to real estate risk.
Since our business consists primarily of acquiring and operating real estate, we are subject to the risks related to the ownership and operation of real estate that can adversely impact our business and financial condition. These risks include the following:
Natural disasters or terrorist attacks could cause damage to our facilities, resulting in increased costs and reduced revenues. Natural disasters, such as earthquakes, hurricanes and floods, or terrorist attacks could cause significant damage and require significant repair costs, and make facilities temporarily uninhabitable, reducing our revenues. Damage and business interruption losses could exceed the aggregate limits of our insurance coverage. In addition, because we self-insure a portion of our risks, losses below a certain level may not be covered by insurance. See Note 13 to our December 31, 2014 financial statements for a description of the risks of losses that are not covered by third-party insurance contracts. We may not have sufficient insurance coverage for losses caused by a terrorist attack, or such insurance may not be maintained, available or cost-effective. In addition, significant natural disasters, terrorist attacks, threats of future terrorist attacks, or resulting wider armed conflicts could have negative impacts on the U.S. economy, reducing storage demand and impairing our operating results.
Operating costs could increase. We could be subject to increases in insurance premiums, increased or new property tax assessments or other taxes, repair and maintenance costs, payroll, utility costs, workers compensation, and other operating expenses due to various factors such as inflation, labor shortages, commodity and energy price increases, weather, as well as governmental actions.
The acquisition of existing properties is subject to risks that may adversely affect our growth and financial results. We have acquired self-storage facilities from third parties in the past, and we expect to continue to do so in the future. We face significant competition for suitable acquisition properties from other real estate investors. As a result, we may be unable to acquire additional properties we desire or the purchase price for desirable properties may be significantly increased. Failures or unexpected circumstances in integrating newly acquired properties into our operations or circumstances we did not detect during due diligence, such as environmental matters, needed repairs or deferred maintenance, or the effects of increased property tax following reassessment of a newly-acquired property, as well as the general risks of real estate investment, could jeopardize realization of the anticipated earnings from an acquisition.
Development of self-storage facilities can subject us to risks. At December 31, 2014, we have a pipeline of development projects totaling $411 million (subject to contingencies), and we expect to continue to seek additional development projects. There are significant risks involved in developing self-storage facilities, such as delays or cost increases due to changes in or failure to meet government or regulatory requirements, weather issues, unforeseen site conditions, or personnel problems. Self-storage space is generally not pre-leased, and rent-up of newly developed space can be delayed or ongoing cash flow yields can be reduced due to competition, reductions in storage demand, or other factors.
There is significant competition among self-storage facilities and from other storage alternatives. Our self-storage facilities generate most of our revenue and earnings. Competition in the local market areas in which many of our properties are located is significant and has affected our occupancy levels, rental rates and operating expenses. If development of self-storage facilities by other operators were to increase, due to increases in availability of funds for investment or other reasons, competition with our facilities could intensify.
			
		
We may incur significant liabilities from environmental contamination or moisture infiltration. Existing or future laws impose or may impose liability on us to clean up environmental contamination on or around properties that we currently or previously owned or operated, even if we were not responsible for or aware of the environmental contamination or even if such environmental contamination occurred prior to our involvement with the property. We have conducted preliminary environmental assessments on most of our properties, which have not identified material liabilities. These assessments, commonly referred to as “Phase 1 Environmental Assessments,” include an investigation (excluding soil or groundwater sampling or analysis) and a review of publicly available information regarding the site and other nearby properties.
We are also subject to potential liability relating to moisture infiltration, which can result in mold or other damage to our or our customers’ property, as well as potential health concerns. When we receive a complaint or otherwise become aware that an air quality concern exists, we implement corrective measures and seek to work proactively with our customers to resolve issues, subject to our contractual limitations on liability for such claims.
We are not aware of any environmental contamination or moisture infiltration related liabilities that could be material to our overall business, financial condition, or results of operation. However, we may not have detected all material liabilities, we could acquire properties with material undetected liabilities, or new conditions could arise or develop in the future. Settling any such liabilities could negatively impact our earnings and cash available for distribution to shareholders, and could also adversely affect our ability to sell, lease, operate, or encumber affected facilities.
We incur liability from tenant and employment-related claims. From time to time we have to make monetary settlements or defend actions or arbitration (including class actions) to resolve tenant or employment-related claims and disputes.
Economic conditions can adversely affect our business, financial condition, growth and access to capital.
Our revenues and operating cash flow can be negatively impacted by reductions in employment and population levels, household and disposable income, and other general economic factors that lead to a reduction in demand for rental space in each of the markets in which we operate.
Our ability to raise capital to fund our activities may be adversely affected by challenging market conditions. If we were unable to issue preferred shares or borrow at reasonable rates, prospective earnings growth through expanding our asset base could be limited.
We have exposure to European operations through our ownership in Shurgard Europe.
We own a 49% equity interest in Shurgard Europe, with our investment having a $395 million book value at December 31, 2014. As a result, we are exposed to additional risks related to international operations that may adversely impact our business and financial results, including the following:
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Currency risks: Currency fluctuations can impact the fair value of our equity investment in Shurgard Europe, as well as future repatriation of cash.
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Legislative, tax, and regulatory risks: We are subject to complex foreign laws and regulations related to permitting and land use, the environment, labor, and other areas, as well as income, property, sales, value added and employment tax laws. These laws can be difficult to apply or interpret and can vary in each country or locality, and are subject to unexpected changes in their form and application due to regional, national, or local political uncertainty and other factors. Such changes, or Shurgard’s failure to comply with these laws, could subject it to penalties or other sanctions, adverse changes in business processes, as well as potentially adverse income tax, property tax, or other tax burdens.
			
		
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Impediments to capital repatriation could negatively impact the realization of our investment in Shurgard Europe: Laws in Europe and the U.S. may create, impede or increase our cost to repatriate capital or earnings from Shurgard Europe.
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Risks of collective bargaining and intellectual property: Collective bargaining, which is prevalent in certain areas in Europe, could negatively impact Shurgard Europe’s labor costs or operations. Many of Shurgard Europe’s employees participate in various national unions.
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Potential operating and individual country risks: Economic slowdowns or extraordinary political or social change in the countries in which it operates have posed, and could continue to pose, challenges or result in future reductions of Shurgard Europe’s operating cash flows.
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Impediments of Shurgard Europe’s joint venture structure: Shurgard Europe’s significant decisions, involving activities such as borrowing money, capital contributions, raising capital from third parties, as well as selling or acquiring significant assets, require the consent of our joint venture partner. As a result, Shurgard Europe may be precluded from taking advantage of opportunities that we would find attractive. In addition, we could be unable to separately pursue such opportunities due to certain market exclusivity provisions of the Shurgard Europe joint venture agreement, and our 49% equity investment may not be easily sold or readily accepted as collateral by potential lenders to Public Storage due to the joint venture structure.
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Risks related to Shurgard Europe’s Debt: Shurgard Europe has a total of €407.5 million in debt outstanding at December 31, 2014, of which €35.0 million is due annually in each of 2015, 2016 and 2017 and €100.0 million is due annually in each of 2021, 2024 and 2025. If Shurgard Europe is not able to refinance its debt when due or otherwise service its debt obligations due to a constrained credit market, negative operating trends or other reasons, our equity investment in Shurgard Europe could be negatively impacted.
The Hughes Family could control us and take actions adverse to other shareholders.
At December 31, 2014, B. Wayne Hughes, our former Chairman, and his family (together, the “Hughes Family”), which includes two members of the Board, owned approximately 15.5% of our aggregate outstanding common shares. Our declaration of trust permits the Hughes Family to own up to 35.66% of our outstanding common shares while it generally restricts the ownership by other persons and entities to 3% of our outstanding common shares. Consequently, the Hughes Family may significantly influence matters submitted to a vote of our shareholders, including electing trustees, amending our organizational documents, dissolving and approving other extraordinary transactions, such as a takeover attempt, resulting in an outcome that may not be favorable to other shareholders.
Takeover attempts or changes in control could be thwarted, even if beneficial to shareholders.
In certain circumstances, shareholders might desire a change of control or acquisition of us, in order to realize a premium over the then-prevailing market price of our shares or for other reasons. However, the following could prevent, deter, or delay such a transaction:
·
Provisions of Maryland law may impose limitations that may make it more difficult for a third party to negotiate or effect a business combination transaction or control share acquisition with Public Storage. Currently, the Board has opted not to subject the Company to these provisions of Maryland law, but it could choose to do so in the future without shareholder approval.
·
To protect against the loss of our REIT status due to concentration of ownership levels, our declaration of trust generally limits the ability of a person, other than the Hughes Family or “designated investment entities” (each as defined in our declaration of trust), to own, actually or constructively, more than 3% of our outstanding common shares or 9.9%
			
		
of the outstanding shares of any class or series of preferred or equity shares, in either case unless a specific exemption is granted by our Board. These limits could discourage, delay or prevent a transaction involving a change in control of our company not approved by our Board.
·
Similarly, current provisions of our declaration of trust and powers of our Board could have the same effect, including (1) limitations on removal of trustees in our declaration of trust, (2) restrictions on the acquisition of our shares of beneficial interest, (3) the power to issue additional common shares, preferred shares or equity shares on terms approved by the Board without obtaining shareholder approval, (4) the advance notice provisions of our bylaws and (5) the Board’s ability under Maryland law, without obtaining shareholder approval, to implement takeover defenses that we may not yet have and to take, or refrain from taking, other actions that could have the effect of delaying, deterring or preventing a transaction or a change in control.
If we failed to qualify as a REIT, we would have to pay substantial income taxes.
REITs are subject to a range of complex organizational and operational requirements. A qualifying REIT does not generally incur federal income tax on its net income that is distributed to its shareholders. Our REIT status is also dependent upon the ongoing REIT qualification of PSB as a result of our substantial ownership interest in it. We believe that we are organized and have operated as a REIT and we intend to continue to operate to maintain our REIT status.
There can be no assurance that we qualify or will continue to qualify as a REIT. The highly technical nature of the REIT rules, the ongoing importance of factual determinations, the possibility of unidentified issues in prior periods or changes in our circumstances, all could adversely affect our ability to comply. For any taxable year that we fail to qualify as a REIT and statutory relief provisions did not apply, we would be taxed at the regular federal corporate rates on all of our taxable income and we also could be subject to penalties and interest. We would generally not be eligible to seek REIT status again until the fifth taxable year after the first year of our failure to qualify. Any taxes, interest and penalties incurred would reduce the amount of cash available for distribution to our shareholders or for reinvestment and would adversely affect our earnings, which could have a material adverse effect.
We may pay some taxes, reducing cash available for shareholders.
Even if we qualify as a REIT for federal income tax purposes, we may be subject to some federal, foreign, state and local taxes on our income and property. Since January 1, 2001, certain corporate subsidiaries of the Company have elected to be treated as “taxable REIT subsidiaries” for federal income tax purposes, and are taxable as regular corporations and subject to certain limitations on intercompany transactions. If tax authorities determine that amounts paid by our taxable REIT subsidiaries to us are not reasonable compared to similar arrangements among unrelated parties, we could be subject to a 100% penalty tax on the excess payments, and ongoing intercompany arrangements could have to change, resulting in higher ongoing tax payments. To the extent the Company is required to pay federal, foreign, state or local taxes or federal penalty taxes due to existing laws or changes thereto, we will have less cash available for distribution to shareholders. In addition, certain local and state governments have imposed a tax on self-storage rent which, while in most cases is paid by our customers, increases the cost of self-storage rental to our customers and can negatively impact our revenues. Other local and state governments may impose a self-storage rent tax in the future.
We are exposed to ongoing litigation and other legal and regulatory actions, which may divert management’s time and attention, require us to pay damages and expenses or restrict the operation of our business.
We are subject to the risk of legal claims and proceedings and regulatory enforcement actions in the ordinary course of our business and otherwise, and we could incur significant liabilities and substantial
			
		
legal fees as a result of these actions. Resolution of these claims and actions may divert time and attention by our management and could involve payment of damages or expenses by us, all of which may be significant. In addition, any such resolution could involve our agreement to terms that restrict the operation of our business. The results of legal proceedings cannot be predicted with certainty. We cannot guarantee losses incurred in connection with any current or future legal or regulatory proceedings or actions will not exceed any provisions we may have set aside in respect of such proceedings or actions or will not exceed any available insurance coverage. The occurrence of any of these events could have a material adverse effect on us.
We are heavily dependent on computer systems, telecommunications and the Internet to process transactions, summarize results and manage our business and security breaches or a failure of such networks, systems or technology could adversely impact our business, customer, and employee relationships.
We are heavily dependent upon automated information technology and Internet commerce, with more than half of our new customers coming from the telephone or over the Internet, and the nature of our business involves the receipt and retention of personal information about our customers. We also maintain personally identifiable information about our employees. We centrally manage significant components of our operations with our computer systems, including our financial information, and we also rely extensively on third-party vendors to retain data, process transactions and provide other systems services. These systems are subject to damage or interruption from power outages, computer and telecommunications failures, computer worms, viruses and other destructive or disruptive security breaches and catastrophic events.
As a result, our operations could be severely impacted by a natural disaster, terrorist attack or other circumstance that resulted in a significant outage at our systems or those of our third party providers, despite our use of back up and redundancy measures. Further, viruses and other related risks could negatively impact our information technology processes. Our or our customers’ or employees’ confidential information could be compromised or misappropriated, due to a breach of our network security. Such cybersecurity and data security breaches as well as system disruptions and shutdowns could result in additional costs to repair or replace such networks or information systems and possible legal liability, including government enforcement actions and private litigation. In addition, our customers could lose confidence in our ability to protect their personal information, which could cause them to discontinue leasing our self-storage facilities. Such events could lead to lost future revenues and adversely affect our results of operations and could result in remedial and other costs, fines or lawsuits, which could be in excess of any available insurance that we have procured.
We have no ownership interest in Canadian self-storage facilities owned or operated by the Hughes Family.
At December 31, 2014, the Hughes Family had ownership interests in, and operated, 54 self-storage facilities in Canada (the “Canadian Self-Storage Facilities”). These facilities are operated under the “Public Storage” tradename, which we license to the Hughes Family for use in Canada on a royalty-free, non-exclusive basis. We have a right of first refusal, subject to limitations, to acquire the stock or assets of the corporation engaged in the operation of the Canadian Self-Storage Facilities if the Hughes Family or the corporation agrees to sell them. However, we do not benefit from profits or potential appreciation in value of the Canadian Self-Storage Facilities because we have no ownership interest in these facilities. We do not currently operate in the Canadian self-storage market. If we choose to do so without acquiring the Hughes Family interests in the Canadian Self-Storage Facilities, we may have to share the use of the “Public Storage” name in Canada with the Hughes Family, unless we are able to terminate the license agreement.
Through our subsidiaries, we reinsure risks relating to loss of goods stored by customers in the Canadian Self-Storage Facilities. During the years ended December 31, 2014, 2013 and 2012, we received $0.5 million, $0.5 million and $0.6 million, respectively, in reinsurance premiums attributable to the
			
		
Canadian Self-Storage Facilities. Because our right to earn these premiums may be qualified, there is no assurance that these premiums will continue.
We are subject to laws and governmental regulations and actions that require us to incur compliance costs affecting our operating results and financial condition.
Our business is subject to regulation under a wide variety of U.S. federal, state and local laws, regulations and policies including those imposed by the SEC, the Sarbanes-Oxley Act of 2002, the Dodd-Frank Wall Street Reform and Consumer Protection Act and NYSE, as well as applicable labor laws. Although we have policies and procedures designed to comply with applicable laws and regulations, failure to comply with the various laws and regulations may result in civil and criminal liability, fines and penalties, increased costs of compliance, restatement of our financial statements and could also affect the marketability of our real estate facilities.
In response to current economic conditions or the current political environment or otherwise, laws and regulations could be implemented or changed in ways that adversely affect our operating results and financial condition, such as legislation that could facilitate union activity or that would otherwise increase operating costs.
All of our properties must comply with the Americans with Disabilities Act and with related regulations and similar state law requirements, as well as various real estate and zoning laws and regulations, which are subject to change and could become more costly to comply with in the future. Compliance with these requirements can require us to incur significant expenditures, which would reduce cash otherwise available for distribution to shareholders. A failure to comply with these laws could lead to fines or possible awards of damages to individuals affected by the non-compliance. Failure to comply with these requirements could also affect the marketability of our real estate facilities.
Our tenant reinsurance business is subject to governmental regulation which could reduce our profitability or limit our growth.
We hold Limited Lines Self-Service Storage Insurance Agent licenses from a number of individual state Departments of Insurance and are subject to state governmental regulation and supervision. Our continued ability to maintain these Limited Lines Self-Service Storage Insurance Agent licenses in the jurisdictions in which we are licensed depends on our compliance with related rules and regulations. The regulatory authorities in each jurisdiction generally have broad discretion to grant, renew and revoke licenses and approvals, to promulgate, interpret, and implement regulations, and to evaluate compliance with regulations through periodic examinations, audits and investigations of the affairs of insurance agents. As a result of regulatory or private action in any jurisdiction, we may be temporarily or permanently suspended from continuing some or all of our reinsurance activities, or otherwise fined or penalized or suffer an adverse judgment, which could reduce our net income.

ITEM 1B - UNRESOLVED STAFF COMMENTS
ITEM 1B.Unresolved Staff Comments
None.

ITEM 2 - PROPERTIES
ITEM 2.Properties
At December 31, 2014, we had direct and indirect ownership interests in 2,250 self-storage facilities located in 38 states within the U.S. and 193 storage facilities located in seven Western European nations:
			
		
(a)
See Schedule III: Real Estate and Accumulated Depreciation in the Company’s 2014 financials, for a complete list of properties consolidated by the Company.
(b)
The facilities located in Europe include one facility in the United Kingdom that we wholly own, as well as the facilities owned by Shurgard Europe.
We seek to maximize our facilities’ cash flow through the regular review and adjustment of rents charged and promotions granted to our existing and new incoming customers, and controlling expenses. For the year ended December 31, 2014, the weighted average occupancy level and the average realized rent per occupied square foot for our self-storage facilities were approximately 93.0% and $14.81, respectively, in the U.S. and 85.0% and $25.92, respectively, in Europe.
At December 31, 2014, 34 of our U.S. facilities with a net book value of $161 million were encumbered by an aggregate of $64 million in secured notes payable.
We have no specific policy as to the maximum size of any one particular self-storage facility. However, none of our facilities involves, or is expected to involve, 1% or more of our total assets, gross revenues or net income.
Description of Self-Storage Facilities: Self-storage facilities, which comprise the majority of our investments, offer accessible storage space for personal and business use at a relatively low cost. A user rents a fully enclosed space, securing the space with their lock, which is for the user's exclusive use and to which only the user has access. 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. Space is rented on a month-to-month basis and 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, its proximity to elevators, or if the space is climate controlled. All of our self-storage facilities in the U.S. are operated under the "Public Storage" brand name, while our facilities in Europe are operated under the “Shurgard” brand name.
Users include individuals from virtually all demographic groups, as well as businesses. Individuals usually store furniture, household appliances, personal belongings, motor vehicles, boats, campers, motorcycles and other household goods. Businesses normally store excess inventory, business records, seasonal goods, equipment and fixtures.
Our self-storage facilities generally consist of between 350 to 750 storage spaces. Most spaces have between 25 and 400 square feet and an interior height of approximately eight to 12 feet.
We experience minor seasonal fluctuations in the occupancy levels of self-storage facilities with occupancies generally higher in the summer months than in the winter months. We believe that these fluctuations result in part from increased demand from moving activity during the summer months and incremental demand from college students.
Our self-storage facilities are geographically diversified and are located primarily in or near major metropolitan markets in 38 states in the U.S. Generally our self-storage facilities are located in heavily populated areas and close to concentrations of apartment complexes, single family residences and commercial developments.
Competition from other self-storage facilities is significant and affects the occupancy levels, rental rates, rental income and operating expenses of our facilities.
We believe that self-storage facilities, upon achieving stabilized occupancy levels of approximately 90%, have attractive characteristics consisting of high profit margins, a broad tenant base and low levels of capital expenditures to maintain their condition and appearance. Historically, upon
			
		
reaching stabilization, our U.S. self-storage facilities have generally shown a high degree of stability in generating cash flows.
Description of Commercial Properties: We have an interest in PSB, which, as of December 31, 2014, owns and operates approximately 28.6 million net rentable square feet of commercial space in eight states. At December 31, 2014, the $412.1 million book value and $1.2 billion market value, respectively, of our investment in PSB represents approximately 4% and 12%, respectively, of our total assets. We also directly own 1.3 million net rentable square feet of commercial space managed primarily by PSB.
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 wide variety of uses (including office, assembly, showroom, laboratory, light manufacturing and warehouse space).
Environmental Matters: We accrue environmental assessments and estimated remediation cost when it is probable that such efforts will be required and the related costs can be reasonably estimated. Our current practice is to conduct environmental investigations in connection with property acquisitions. Although there can be no assurance, we are not aware of any environmental contamination of any of our facilities, which individually or in the aggregate would be material to our overall business, financial condition, or results of operations.

ITEM 3 - LEGAL PROCEEDINGS
ITEM 3.Legal Proceedings
We are a party to various legal proceedings and subject to various claims and complaints; however, we believe that the likelihood of these contingencies resulting in a material loss to the Company, either individually or in the aggregate, is remote.

ITEM 4 - RESERVED
ITEM 4.Mine Safety Disclosures
Not applicable.
			
		
PART II

ITEM 5 - MARKET FOR REGISTRANT'S COMMON EQUITY
ITEM 5.Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities
a.
Market Information of the Registrant’s Common Equity:
Our Common Shares of beneficial interest (the “Common Shares”) NYSE: PSA) have been listed on the NYSE since October 19, 1984. The following table sets forth the high and low sales prices of our Common Shares on the NYSE composite tapes for the applicable periods.
						
						
						
						
Range
Year
Quarter
High
Low
1st
$
157.95 				 $
144.35 				
2nd
168.66 				
145.04 				
3rd
168.30 				
149.46 				
4th
176.68 				
147.14 				
						
						
						
1st
172.11 				
148.04 				
2nd
176.72 				
167.41 				
3rd
178.26 				
162.34 				
4th
190.19 				
165.05 				
As of February 20, 2015, there were approximately 15,154 holders of record of our Common Shares. Because many of our shares of common stock are held by brokers and other institutions on behalf of stockholders, we are unable to estimate the total number of stockholders represented by these record holders.
b.
Dividends
We have paid quarterly distributions to our shareholders since 1981, our first full year of operations. During 2014 we paid distributions to our common shareholders of $1.40 per common share for each of the quarters ended March 31, June 30, September 30 and December 31, representing an aggregate of $964.6 million or $5.60 per share. During 2013 we paid distributions to our common shareholders of $1.25 per common share for each of the quarters ended March 31, June 30, September 30 and $1.40 per common share for the quarter ended December 31, representing an aggregate of $884.2 million or $5.15 per share. During 2012 we paid distributions to our common shareholders of $1.10 per common share for each of the quarters ended March 31, June 30, September 30 and December 31, representing an aggregate of $751.2 million or $4.40 per share.
Holders of common shares are entitled to receive distributions when and if declared by our Board out of any funds legally available for that purpose. As a REIT, we do not incur federal income tax on our REIT taxable income (generally, net rents and gains from real property, dividends, and interest) that is fully distributed each year (for this purpose, certain distributions paid in a subsequent year may be considered), and if we meet certain organizational and operational rules. We believe we have met these requirements in all periods presented herein, and we expect to continue to elect and qualify as a REIT.
For Federal income tax purposes, distributions to shareholders are treated as ordinary income, capital gains, return of capital or a combination thereof. For 2014, the dividends paid on common shares and preferred shares were classified as follows:
						
						
						
						
			
		
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
Ordinary Income.....................
100.0000% 				
99.7805% 				
100.0000% 				
91.2039% 				
Long-term Capital Gain...........
0.0000% 				
0.2195% 				
0.0000% 				
8.7961% 				
Total.........................................
100.0000% 				
100.0000% 				
100.0000% 				
100.0000% 				
For 2013, the dividends paid on common shares and preferred shares were classified as follows:
						
						
						
						
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
Ordinary Income.....................
100.0000% 				
100.0000% 				
99.8273% 				
99.9543% 				
Long-term Capital Gain...........
0.0000% 				
0.0000% 				
0.1727% 				
0.0457% 				
Total.........................................
100.0000% 				
100.0000% 				
100.0000% 				
100.0000% 				
c.
Equity Shares
We are authorized to issue 100,000,000 equity shares from time to time in one or more series and our Board has broad authority to fix the dividend and distribution rights, conversion and voting rights, redemption provisions and liquidation rights of each series of equity shares. We had no equity shares outstanding for any period in the years ended December 31, 2014 and 2013.
d.
Common Share Repurchases
Our Board has authorized management to repurchase up to 35,000,000 of our common shares on the open market or in privately negotiated transactions. From the inception of the repurchase program through February 24, 2015, we have repurchased a total of 23,721,916 common shares (all purchased prior to 2010) at an aggregate cost of approximately $679.1 million. Our common share repurchase program does not have an expiration date and there are 11,278,084 common shares that may yet be repurchased under our repurchase program as of December 31, 2014. We have no current plans to repurchase shares; however, future levels of common share repurchases will be dependent upon our available capital, investment alternatives, and the trading price of our common shares.
e.
Preferred Share Redemptions
We had no preferred redemptions during the year ended December 31, 2014.

ITEM 6 - SELECTED FINANCIAL DATA
ITEM 6.Selected Financial Data

ITEM 7 - MANAGEMENT'S DISCUSSION AND ANALYSIS
ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) should be read in conjunction with our financial statements and notes thereto.
Critical Accounting Policies
Our MD&A discusses our financial statements, which have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”). Our financial statements are affected by our judgments, assumptions and estimates. The notes to our December 31, 2014 financial statements, primarily Note 2, summarize our significant accounting policies.
We believe the following are our critical accounting policies, because they have a material impact on the portrayal of our financial condition and results, and they require us to make judgments and estimates about matters that are inherently uncertain.
Income Tax Expense: We have elected to be treated as a real estate investment trust (“REIT”), as defined in the Internal Revenue Code. As a REIT, we do not incur federal income tax on our REIT taxable income (generally, net rents and gains from real property, dividends, and interest) that is fully distributed each year (for this purpose, certain distributions paid in a subsequent year may be considered), and if we meet certain organizational and operational rules. We believe we have met these REIT requirements for all periods presented herein. Accordingly, we have recorded no federal income tax expense related to our REIT taxable income.
Our evaluation that we have met the REIT requirements could be incorrect, because compliance with the tax rules requires factual determinations, and circumstances we have not identified could result in noncompliance with the tax requirements in current or prior years. For any taxable year that we fail to qualify as a REIT and for which applicable statutory relief provisions did not apply, we would be taxed at the regular corporate rates on all of our taxable income for at least that year and the ensuing four years, we could be subject to penalties and interest, and our net income would be materially different from the amounts estimated in our financial statements.
In addition, our taxable REIT subsidiaries are taxable as regular corporations. To the extent that amounts paid to us by our taxable REIT subsidiaries are determined by the taxing authorities to not be reasonable when compared to similar arrangements among unrelated parties, we could be subject to a 100% penalty tax on the excess payments. Such a penalty tax could have a material adverse impact on our net income.
Impairment of Long-Lived Assets: The analysis of impairment of our long-lived assets involves identification of indicators of impairment, projections of future operating cash flows, and estimates of fair values, all of which require significant judgment and subjectivity. Others could come to materially different conclusions. In addition, we may not have identified all current facts and circumstances that may affect impairment. Any unidentified impairment loss, or change in conclusions, could have a material adverse impact on our net income.
Accrual for Uncertain and Contingent Liabilities: We accrue for certain contingent and other liabilities that have significant uncertain elements, such as property taxes, workers compensation claims, tenant reinsurance claims, as well as other legal claims and disputes involving customers, employees, governmental agencies and other third parties. Such liabilities we are aware of are estimated based upon many factors such as assumptions of past and future trends and our evaluation of likely outcomes. However, the estimates of known liabilities could be incorrect or we may not be aware of all such liabilities, in which case our accrued liabilities and net income could be misstated.
			
		
Accounting for acquired real estate facilities: We estimate the fair values of the land, buildings and intangible assets acquired, for purposes of allocating the purchase price of facilities acquired. Such estimates are based upon many assumptions and judgments, including (i) expected rates of return and capitalization rates on real estate assets, (ii) estimated costs to replace acquired buildings and equipment, (iii) comparisons of the acquired underlying land parcels to recent land transactions, and (iv) future cash flows from the real estate and the existing tenant base. Others could come to materially different conclusions as to the estimated fair values, which would result in different depreciation and amortization expense, gains and losses on sale of real estate assets, and real estate and intangible assets.
MD&A Overview
Our domestic self-storage facilities generated approximately 93% of our revenues for the year ended December 31, 2014, and also generated most of our net income and cash flow from operations. A significant portion of management’s time is devoted to maximizing cash flows from our existing self-storage facilities, as well as seeking additional investments in self-storage facilities.
Most of our facilities compete with other well-managed and well-located competitors and we are subject to general economic conditions, particularly those that affect the spending habits of consumers and moving trends. We believe that our centralized information networks, national telephone and online reservation system, the brand name “Public Storage,” and our economies of scale enable us to meet such challenges effectively.
During 2014, 2013 and 2012, we acquired 44, 121 and 24 facilities, respectively, from third parties for approximately $431 million, $1.2 billion and $226 million, respectively, primarily through large portfolio acquisitions. We will continue to seek to acquire properties in 2015; however, there is significant competition to acquire existing facilities and there can be no assurance as to the level of facilities we may acquire.
As of December 31, 2014, we had development and expansion projects which will add approximately 3.5 million net rentable square feet of storage space at a total cost of approximately $411 million. A total of $105 million in costs were incurred through December 31, 2014 with respect to these projects, with the remaining costs expected to be incurred primarily in 2015. We expect to continue to seek additional development projects; however, the level of future development may be limited due to various constraints such as difficulty in finding available sites that meet our risk-adjusted yield expectations, as well as challenges in obtaining building permits for self-storage activities in certain municipalities.
We believe that our real estate development activities are beneficial to our business operations over the long run. However, in the short run, due to the three to four year period that it takes to fill up newly developed storage space and reach a stabilized level of cash flows, our earnings will be diluted to the extent that earnings from those newly developed facilities are less than the cost of the capital that was required in order to fund the development cost. We believe that this negative impact will grow in 2015 and beyond due to the resulting level of growth of unstabilized facilities in our portfolio.
We also have equity investments in Shurgard Europe and PS Business Parks, Inc. (“PSB”). We may invest further in these entities in the future.
As of December 31, 2014, our capital resources totaled approximately $774 million, consisting of $188 million in cash, approximately $286 million of available borrowing capacity on our line of credit, and $300 million of expected retained operating cash flow for 2015. Retained operating cash flow represents our expected cash flow provided by operating activities, after deducting estimated distributions to our shareholders and estimated maintenance capital expenditure requirements for 2015.
At December 31, 2014, we had capital commitments totaling approximately $356 million, consisting of $306 million of remaining spend on our development pipeline, $32 million in property
			
		
acquisitions, and approximately $18 million in maturities on notes payable. In addition, we expect that our capital commitments will continue to grow during 2015 as we continue to seek additional development and acquisition opportunities.
See Liquidity and Capital Resources for further information regarding our capital requirements and anticipated sources of capital to fund such requirements.
Results of Operations
Operating results for 2014 as compared to 2013
For the year ended December 31, 2014, net income allocable to our common shareholders was $908.2 million or $5.25 per diluted common share, compared to $844.7 million or $4.89 per diluted common share for the same period in 2013, representing an increase of $63.5 million or $0.36 per diluted common share. This increase is due primarily to (i) a $157.2 million increase in self-storage net operating income and (ii) our $36.5 million equity share of PSB’s gain on sale of real estate included in our equity in earnings of real estate entities, offset partially by (iii) a $49.7 million increase in depreciation and amortization expense associated with acquired facilities, (iv) a $24.1 million reduction associated with foreign currency exchange gains and losses, (v) an $28.3 million increase in earnings allocated to preferred shareholders due to the issuance of additional preferred shares, and (vi) a $17.7 million decrease in interest and other income due primarily to the disposition of 51% of our loan receivable from Shurgard Europe.
Operating results for 2013 as compared to 2012
For the year ended December 31, 2013, net income allocable to our common shareholders was $844.7 million or $4.89 per diluted common share, compared to $669.7 million or $3.90 per diluted common share for the same period in 2012, representing an increase of $175.0 million or $0.99 per diluted common share. This increase is due primarily to (i) a $124.6 million increase in self-storage net operating income, (ii) a $68.9 million reduction in income allocated to preferred shareholders due to redemptions, including our equity share of PSB, (iii) an $8.2 million increase from foreign currency exchange gains, offset partially by (iv) a $29.6 million increase in depreciation and amortization associated with acquired real estate facilities.
Funds from Operations and Core Funds from Operations
Funds from Operations (“FFO”) and FFO per share are non-GAAP (generally accepted accounting principles) measures defined by the National Association of Real Estate Investment Trusts and are considered helpful measures of REIT performance by REITs and many REIT analysts. FFO represents net income before real estate depreciation, gains and losses, and impairment charges, which are excluded because they are based upon historical real estate costs and assume that building values diminish ratable over time, while we believe that real estate values fluctuate due to market conditions. FFO and FFO per share are not a substitute for net income or earnings per share. FFO is not a substitute for GAAP net cash flow in evaluating our liquidity or ability to pay dividends, because it excludes financing activities presented on our statements of cash flows. In addition, other REITs may compute these measures differently, so comparisons among REITs may not be helpful.
For the year ended December 31, 2014, FFO was $7.98 per diluted common share, as compared to $7.53 for the same period in 2013, representing an increase of 6.0%, or $0.45 per diluted common share.
For the year ended December 31, 2013, FFO was $7.53 per diluted common share, as compared to $6.31 for the same period in 2012, representing an increase of 19.3%, or $1.22 per diluted common share.
The following tables reconcile diluted earnings per share to FFO per share, and sets forth the computation of FFO per share:
						
						
						
						
						
						
						
						
						
			
		
We also present “Core FFO per share,” a non-GAAP measure that represents FFO per share excluding the impact of (i) foreign currency exchange gains and losses, (ii) certain other items such as legal settlements, recognition of deferred tax assets, costs associated with the acquisition of real estate facilities, and facility closure charges. We believe Core FFO per share is a helpful measure used by investors and REIT analysts to understand our performance. However, Core FFO per share is not a substitute for net income per share. Because other REITs may not compute Core FFO per share in the same manner as we do, may not use the same terminology, or may not present such a measure, Core FFO per share may not be comparable among REITs.
The following table reconciles FFO per share to Core FFO per share:
			
		
Real Estate Operations
Self-Storage Operations: Our self-storage operations are analyzed in two groups: (i) the Same Store Facilities, representing the facilities that we have owned and operated on a stabilized basis since January 1, 2012, and (ii) all other facilities, which are newly acquired, newly developed, or recently expanded facilities (the “Non Same Store Facilities”).
			
		
(a)
See “Net Operating Income” below for further information regarding this non-GAAP measure.
Net income from our Self-Storage operations has increased 11.4% in 2014 as compared to 2013 and 11.2% in 2013 as compared to 2012. These increases are due to improvements in our Same Store Facilities, as well as the acquisitions of new facilities and the fill-up of unstabilized facilities.
Same Store Facilities
The Same Store Facilities represent those facilities that have been owned and operated on a stabilized basis since January 1, 2012 and therefore provide meaningful comparisons for 2012, 2013 and 2014. The following table summarizes the historical operating results of these 1,982 facilities (125.4 million net rentable square feet) that represent approximately 87% of the aggregate net rentable square feet of our U.S. consolidated self-storage portfolio at December 31, 2014.
			
		
(a)
Revenues and cost of operations do not include ancillary revenues and expenses generated at the facilities with respect to tenant reinsurance and retail sales.
(b)
See “Net Operating Income” below for a reconciliation of this non-GAAP measure to our operating income in our income statements.
(c)
Realized annual rent per occupied square foot is computed by dividing rental income, before late charges and administrative fees, by the weighted average occupied square feet for the period. Realized annual rent per available square foot (“REVPAF”) is computed by dividing rental income, before late charges and administrative
			
		
fees, by the total available net rentable square feet for the period. These measures exclude late charges and administrative fees in order to provide a better measure of our ongoing level of revenue. Late charges are dependent upon the level of delinquency, and administrative fees are dependent upon the level of move-ins. In addition, the rates charged for late charges and administrative fees can vary independently from rental rates. These measures take into consideration promotional discounts, which reduce rental income.
(d)
Annual contract rent represents the applicable annualized contractual monthly rent charged to our tenants, excluding the impact of promotional discounts, late charges and administrative fees.
Analysis of Same Store Revenue
Revenues generated by our Same Store Facilities increased by 5.4% in 2014 as compared to the 2013 due primarily to a 4.8% increase in realized rent per occupied square foot and a 0.6% increase in average occupancy. Revenues generated by our Same Store Facilities increased by 5.4% in 2013 as compared to 2012 due primarily to a 3.9% increase in realized rent per occupied square foot and a 1.5% increase in average occupancy. The increases in realized rent per occupied square foot was due primarily to annual rent increases given to tenants that have been renting with us longer than one year, and to a lesser extent, increased move-in rates in 2014 as compared to 2013, and reduced promotional discounts given to new tenants in 2013 as compared to 2012.
Same Store average occupancy increased from 93.3% in 2013 to 93.9% in 2014, representing an increase of 0.6%. Same Store average occupancy increased from 91.9% in 2012 to 93.3% in 2013, representing an increase of 1.5%. At December 31, 2014, the year-over-year occupancy gap was 0.8%. Notwithstanding this increase, we expect the year over year occupancy gap to narrow because we believe we are reaching limitations to occupancy levels inherent with approximately 5% to 7% of our tenant base vacating each month without notice.
We believe that high occupancies help maximize our rental revenue. We seek to maintain an average occupancy level of at least 90%, by regularly adjusting the rental rates and promotions offered to attract new tenants as well as adjusting our marketing efforts on both television and the Internet in order to generate sufficient move-in volume to replace tenants that vacate. Demand fluctuates due to various local and regional factors, including the overall economy. Demand is higher in the summer months than in the winter months and, as a result, rental rates charged to new tenants are typically higher in the summer months than in the winter months.
We believe rental growth in 2015 will need to come from a combination of the following; (i) continued annual rent increases to tenants, (ii) higher rental rates charged to new tenants, and (iii) lower promotional discounts. Our future rental growth will also be dependent upon many factors for each market that we operate in, including demand for self-storage space, the level of competitor supply of self-storage space, and the average length of stay of our tenants.
Increasing rental rates to existing tenants, generally on an annual basis, is a key component of our revenue growth. We determine the level of rental increases based upon our expectations regarding the impact of existing tenant rate increases on incremental move-outs. We expect to continue to pass similar rent increases to long-term tenants in 2015, as we did in 2014.
During 2014, 2013 and 2012, the average annualized contractual rates per occupied square foot for tenants that moved in were $13.63, $13.02 and $12.81, respectively, and for tenants that vacated were $14.34, $13.81 and $13.58, respectively. Notwithstanding the negative impact of vacate rates exceeding move in rates in each of the past three years, we have continue to grow realized annual rental income per square foot during each of 2014 and 2013, as noted in the table above. The growth in realized annual rental income per square foot was primarily due to (i) annual rate increases to tenants, (ii) improved length of stay, (iii) for 2014, improved net positive move ins (move in volume less move out volume) versus 2013, and (iv) reduced levels of promotional discounts. Promotional discounts were approximately $81.4 million in 2014, $81.2 million in 2013, and $90.2 million in 2012. Promotional discounts have declined due to higher occupancy.
			
		
We believe that the current trends in move-in, move-out, in place contractual rents and occupancy levels are consistent with our expectation of continued revenue growth in 2015. However, such trends, when viewed in the short-run, are volatile and not necessarily predictive of our revenues going forward because they are subject to many short-term factors. Such factors include initial move-in rates, seasonal factors, the unit size and geographical mix of the specific tenants moving in or moving out, the length of stay of the tenants moving in or moving out, changes in our pricing strategies, and the degree and timing of rate increases previously passed to existing tenants.
Analysis of Same Store Cost of Operations
Cost of operations (excluding depreciation and amortization) increased 1.9% in 2014 as compared to 2013 and decreased 1.4% in 2013 as compared to 2012. The increase in 2014 was due primarily to increased repairs and maintenance, primarily snow removal expense, as well as increased property tax expense. The decrease in 2013 was due primarily to reduced advertising and selling expense, offset partially by increased property taxes.
Property tax expense increased 3.3% in 2014 as compared to 2013 and 4.8% in 2013 as compared to 2012. The increases in 2014 and 2013 were due primarily to higher assessed values and tax rates. We expect property tax expense growth of approximately 4% to 5% in 2015.
On-site property manager payroll expense decreased 1.7% in 2014 as compared to 2013 and 0.7% in 2013 as compared to 2012. The decrease in 2014 was due primarily to efficiencies which resulted in fewer hours worked, combined with reduced workers’ compensation expenses. The decrease in 2013 was due primarily to reductions in incentive compensation, offset partially by higher employee health plan expenses. We expect on-site property manager payroll expense to increase modestly in 2015 due to inflationary wage increases.
Supervisory payroll expense, which represents compensation paid to the management personnel who directly and indirectly supervise the on-site property managers, decreased 1.5% in 2014 as compared to 2013 and increased 1.6% in 2013 as compared to 2012. The decrease in 2014 was due primarily to reduced headcount, while the increase in 2013 was due primarily to increases in compensation rates. We expect inflationary increases in compensation rates and increased headcount in 2015.
Repairs and maintenance expense increased 8.1% in 2014 as compared to 2013, and decreased 2.0% in 2013 as compared to 2012. Repair and maintenance costs include snow removal expense totaling $7.9 million, $5.3 million and $2.8 million in 2014, 2013 and 2012, respectively. Excluding snow removal costs, repairs and maintenance increased 1.9% in 2014 as compared to 2013 and decreased 8.9% in 2013 as compared to 2012.
Repairs and maintenance expense levels are dependent upon many factors such as weather conditions, which can impact repair and maintenance needs including snow removal, inflation in material and labor costs, and random events. We expect inflationary increases in repairs and maintenance expense in 2015, excluding snow removal expense, which is primarily weather dependent and not predictable.
Our utility expenses are comprised primarily of electricity costs, which are dependent upon energy prices and usage levels. Changes in usage levels are driven primarily by weather and temperature. Utility expense increased 4.2% in 2014 and was flat in 2013 as compared to 2012. It is difficult to estimate future utility costs, because weather, temperature, and energy prices are volatile and not predictable. However, based upon current trends and expectations regarding commercial electricity rates, we expect inflationary increases in rates.
Advertising and selling expense is comprised principally of Internet advertising, media advertising and the operating costs of our telephone reservation center. Advertising and selling expense varies based upon demand, occupancy levels, and other factors; media and Internet advertising, in particular, can increase or decrease significantly in the short run in response to these factors. Advertising and selling expenses declined 4.0% in 2014 as compared to 2013, and 30.4% in 2013 as compared to 2012. The
			
		
significant decrease in 2013 is due to the phase-out of our yellow page advertising program as of December 31, 2012, as well as reduced television advertising and Internet search costs as a result of high occupancies. Based upon current trends in move-ins, move-outs, and occupancies, we expect advertising and selling expense to be approximately flat in 2015.
Other direct property costs include administrative expenses incurred at the self-storage facilities, such as property insurance, business license costs, bank charges related to processing the properties’ cash receipts, credit card fees, and the cost of operating each property’s rental office including supplies and telephone data communication lines. These costs increased 2.0% in 2014 as compared to 2013 and decreased 2.0% in 2013 as compared to 2012. The increase in 2014 is due primarily to higher credit card fees, offset partially by lower property insurance costs. The decrease in 2013 is due to lower property insurance costs and certain administrative cost-saving efforts, offset partially by an increase in credit card fees. Credit card fees increased in both periods due to a higher proportion of collections being received from credit cards. We expect moderate increases in other direct property costs in 2015.
Allocated overhead represents administrative expenses for shared general corporate functions, which are allocated to self-storage property operations to the extent their efforts are devoted to self-storage operations. Such functions include data processing, human resources, operational accounting and finance, marketing, and costs of senior executives (other than the Chief Executive Officer and Chief Financial Officer, which are included in general and administrative expense). Allocated overhead increased 4.3% in 2014 as compared to 2013, and decreased 1.2% in 2013 as compared to 2012. We expect inflationary growth in allocated overhead in 2015 as compared to 2014.
The following table summarizes selected quarterly financial data with respect to the Same Store Facilities:
			
		
			
		
Analysis of Market Trends
The following table sets forth selected market trends in our Same Store Facilities:
			
		
			
		
We believe that our geographic diversification and scale provide some insulation from localized economic effects and add to the stability of our cash flows. It is difficult to predict localized trends in short-term self-storage demand and operating results. Over the long run, we believe that markets that experience population growth, high employment, and otherwise exhibit economic strength and consistency will outperform markets that do not exhibit these characteristics.
Non Same Store Facilities
The Non Same Store Facilities at December 31, 2014 represent 256 facilities that were not stabilized with respect to occupancies or rental rates since January 1, 2012, or that we did not own as of January 1, 2012. As a result of the stabilization process and timing of when the facilities were acquired, year-over-year changes can be significant.
The following table summarizes operating data with respect to the Non Same Store Facilities:
			
		
			
		
(a)See “Net Operating Income” below for a reconciliation of this non-GAAP measure to our net income in our statements of income for the years ended December 31, 2014, 2013 and 2012.
						
						
						
						
						
						
						
						
During 2014, we acquired 44 operating self-storage facilities (3,442,000 net rentable square feet of storage space) for approximately $430.7 million. During 2013, we acquired 121 operating self-storage facilities (8,036,000 net rentable square feet of storage space) for approximately $1.16 billion. During 2012, we acquired 24 operating self-storage facilities (1,908,000 net rentable square feet of storage space and unfinished space that was converted to 209,000 net rentable square feet of self-storage space in 2013 for $20.3 million in additional development cost) for $225.5 million in cash.
For 2014, the weighted average annualized yield for the facilities acquired in 2013 and 2012, respectively, was 5.5% and 7.6%. The yields for the facilities acquired in 2014 were not meaningful due to our limited ownership period.
During 2014, we completed expansions to various facilities adding 614,000 net rentable square feet of self-storage space, for an aggregate cost of $48 million and we opened six newly developed facilities for an aggregate cost of $50 million with 531,000 net rentable square feet of self-storage space. In addition, during 2014, we gained possession of a self-storage facility due to termination by a tenant who had ground leased the facility from us. These facilities are included in “Other facilities” in the table above.
Subsequent to December 31, 2014, we acquired four self-storage facilities (one each in Florida, North Carolina, Washington and Texas), with an aggregate of 265,000 net rentable square feet, for approximately $32 million in cash.
We expect to increase the number of Non Same Store Facilities over at least the next 18 months through development of new self-storage facilities, expansions to existing facilities and acquisitions of facilities. As of December 31, 2014, we had development and expansion projects which will add approximately 3.5 million net rentable square feet of storage space at a total cost of approximately $411 million. A total of $105 million of these costs were incurred through December 31, 2014, with the remaining costs expected to be incurred primarily in 2015. Some of these projects are subject to significant contingencies such as entitlement approval. We expect to continue to seek additional development projects; however, the level of future development may be limited due to various constraints such as difficulty in finding projects that meet our risk-adjusted yield expectations and challenges in obtaining building permits for self-storage activities in certain municipalities. There is significant competition to acquire existing facilities and there can be no assurance that we will be able to acquire additional facilities at prices we will find attractive.
We believe that our management and operating infrastructure will result in newly acquired facilities stabilizing at a higher level of net operating income than was achieved by the previous owners. However, it can take 24 or more months for these newly acquired facilities to reach stabilization, and the ultimate levels of net operating income to be achieved can be affected by changes in general economic conditions. As a result, there can be no assurance that our expectations with respect to these facilities will be achieved. However, we expect the Non Same Store Facilities to continue to provide earnings growth during 2015 as these facilities approach stabilized occupancy levels and the earnings of the 2014 acquisitions are reflected in our operations for a longer period in 2015 as compared to 2014.
Equity in earnings of unconsolidated real estate entities
At December 31, 2014, we have equity investments in PSB, Shurgard Europe and various limited partnerships. We account for such investments using the equity method.
Equity in earnings of unconsolidated real estate entities for 2014, 2013 and 2012 consists of our pro-rata share of the net income of these unconsolidated real estate entities for each period. The following table sets forth the significant components of equity in earnings of unconsolidated real estate entities.
			
		
Investment in PSB: At December 31, 2014 and 2013, we had approximately a 42% common equity interest in PSB, comprised of our ownership of 7,158,354 shares of PSB’s common stock and 7,305,355 limited partnership units in an operating partnership controlled by PSB. The limited partnership units are convertible at our option, subject to certain conditions, on a one-for-one basis into PSB common stock. During the last six months of 2013, we acquired an aggregate of 1,356,748 shares of PSB common stock at an average cost of $77.42 per share in open market transactions as well as directly from PSB.
At December 31, 2014, PSB owned and operated 28.6 million rentable square feet of commercial space located in eight states. PSB also manages commercial space that we own pursuant to property management agreements.
Equity in earnings from PSB increased to $56.3 million for 2014 as compared to $23.2 million for 2013, due primarily to our $36.5 million equity share of PSB’s gain on sale of real estate in 2014. Equity in earnings from PSB increased to $23.2 million for 2013 as compared to $10.6 million in 2012, due primarily to the impact of PSB’s 2012 redemptions of preferred securities which reduced our equity earnings by $7.2 million in 2012, combined with improved property operations from newly acquired and same park facilities. See Note 4 to our December 31, 2014 financial statements for selected financial information on PSB, as well as PSB’s filings and selected financial information that can be accessed through the SEC, and on PSB’s website, www.psbusinessparks.com.
Investment in Shurgard Europe: Equity in earnings of Shurgard Europe represents our 49% equity share of Shurgard Europe’s net income. At December 31, 2014, Shurgard Europe’s operations are comprised of 192 wholly-owned facilities with ten million net rentable square feet. Selected financial data for Shurgard Europe for 2014, 2013 and 2012 is included in Note 4 to our December 31, 2014 financial statements. As described in more detail in Note 4, we receive trademark license fees from Shurgard Europe and, for certain periods, we received interest income from Shurgard Europe on a note payable to us.
In July 2014, Shurgard Europe completed the following financing transactions: (i) amended its bank term loan to, among other things, expand the outstanding borrowings from €82.9 million to €125.0 million, set the interest rate at Euribor plus 1.8%, and extend the maturity to January 2018, (ii) issued €300.0 million (issued in three equal tranches of 7, 10 and 12 year maturities) of unsecured senior notes with an average interest rate of 3.0%, and (iii) fully repaid its €311.0 million shareholder loan. As a result, we received a total of $204.9 million for our 49% share of the shareholder loan. In December 2014, Shurgard Europe amended its bank term loan to provide for the addition of a €40 million revolving line of credit.
On December 31, 2014, Shurgard Europe acquired five facilities in Germany, with an aggregate of 327,000 net rentable square feet, for $82 million (€66 million) payable in March 2015 and during the three months ended December 31, 2014, they acquired a building and ground lease on a self-storage property located in the United Kingdom for $11 million cash. The property, which is currently leased to a third party, is currently managed by Shurgard Europe and contains 83,000 square feet. The acquisition costs are to be funded with cash on hand combined with borrowings on the revolving credit facility.
Our equity in earnings from Shurgard Europe decreased to $29.9 million for 2014 as compared to $32.7 million for 2013. The decrease is due primarily to our equity share of increased interest expense
			
		
incurred in connection with Shurgard Europe’s refinancing activities completed in July 2014, costs associated with the facilities acquired in 2014, and a contingent loss incurred in 2014, offset partially by improved property operations. Equity in earnings from Shurgard Europe decreased to $32.7 million for 2013 from $33.2 million for the same period in 2012. For purposes of recording our equity in earnings from Shurgard Europe, the Euro was translated into U.S. Dollars based upon average exchange rates of 1.329 for 2014, 1.328 for 2013 and 1.285 for 2012.
At least in the short-term, our future earnings from Shurgard Europe will be affected primarily by the operating results of its existing facilities, as well as the exchange rate between the U.S. Dollar and currencies in the countries Shurgard Europe conducts its business, principally the Euro.
During the fourth quarter of 2014 and the early part of 2015, the value of the U.S. Dollar has increased substantially relative to the Euro. At February 20, 2015, the exchange rate was 1.14 U.S. Dollars per Euro. If the exchange rate remained constant throughout 2015 at the rate of 1.14 U.S. Dollars per Euro, our equity in earnings would decrease approximately 14% ($4.7 million) in 2015, all other things being equal.
Shurgard Europe’s Same Store Facilities: The Shurgard Europe’s Same Store facilities represents the 174 facilities (9.2 million net rentable square feet, representing 89% of the aggregate net rentable square feet of Shurgard Europe’s self-storage portfolio) that have been consolidated and operated by Shurgard Europe on a stabilized basis since January 1, 2012 and therefore provide meaningful comparisons for 2012, 2013 and 2014. We evaluate the performance of these facilities because Shurgard Europe’s ability to effectively manage stabilized facilities represents an important measure of its ability to grow its earnings over the long-term.
The following table reflects 100% of the operating results of those 174 facilities. For comparison purposes, the 2013 and 2012 results are presented in U.S. Dollars using the same historical exchange rate for 2014. However, only our pro rata share of the operating results for these facilities, based upon the actual exchange rates for each period, is included in “equity in earnings of unconsolidated real estate entities” on our statements of income.
In Note 4 to our December 31, 2014 financial statements, we disclose Shurgard Europe’s consolidated operating results for the years ended December 31, 2014, 2013 and 2012. Shurgard Europe’s consolidated operating results include 18 additional facilities that are not Same Store Facilities, and are based upon historical exchange rates rather than constant exchange rates for each of the respective periods.
			
		
(a)In order to isolate changes in the underlying operations from the impact of exchange rates, the amounts in this table are presented on a constant exchange rate basis. The amounts for years ended December 31, 2013 and 2012 have been restated using the actual exchange rates for the year ended December 31, 2014.
(b)We present Shurgard Europe’s same-store net operating income or “NOI,” which is a non-GAAP financial measure that excludes the impact of depreciation and amortization expense. We believe that NOI is a meaningful measure of operating performance, because we utilize NOI in making decisions with respect to capital allocations, in determining current property values, in evaluating property performance and in comparing period-to-period and market-to-market property operating results. In addition, we believe the investment community utilizes NOI in determining operating performance and real estate values, and does not consider depreciation expense because it is based upon historical cost. NOI is not a substitute for net income, net operating cash flow, or other related GAAP financial measures, in evaluating Shurgard Europe’s operating results.
(c)Realized annual rent per occupied square foot is computed by dividing annualized rental income, before late charges and administrative fees, by the weighted average occupied square feet for the period. Realized annual rent per available square foot (“REVPAF”) is computed by dividing annualized rental income, before late charges and administrative fees, by the total available net rentable square feet for the period. These measures exclude late charges and administrative fees in order to provide a better measure of our ongoing level of revenue. Late charges are dependent upon the level of delinquency, and administrative fees are dependent upon the level of move-ins. In addition, the rates charged for late charges and administrative fees can vary independently from rental rates. These measures take into consideration promotional discounts, which reduce rental income.
			
		
(d)Contract rent represents the applicable contractual monthly rent charged to tenants, excluding the impact of promotional discounts, late charges and administrative fees.
NOI increased 2.9% in 2014 as compared to 2013, principally due to an increase of 2.9% in revenue, partially offset by an increase of 2.7% in cost of operations. NOI decreased 2.9% in 2013 as compared to 2012, principally due to a decrease of 1.5% in revenue and an increase of 0.5% in cost of operations. Due to the limited number of facilities in this portfolio and lack of geographic concentration, as well as recent volatile economic conditions in Western Europe, it is difficult to estimate revenue growth. However, based upon current trends, it appears that revenue should increase modestly in the first quarter of 2015.
Other Investments: The “Other Investments” at December 31, 2014 are comprised primarily of our equity in earnings from various limited partnerships that own an aggregate of 13 self-storage facilities (750,000 net rentable square feet). Our future earnings with respect to the Other Investments will be dependent upon the operating results of the facilities these entities own.
Ancillary Operations
Ancillary revenues and expenses include amounts associated with (i) the reinsurance of policies against losses to goods stored by tenants in our self-storage facilities in the U.S., (ii) merchandise sales, (iii) commercial property operations, and (iv) management of 41 self-storage facilities owned by third parties and the Unconsolidated Real Estate Entities.
Commercial property operations are included in our commercial segment and all other ancillary revenues and costs of operations are not allocated to any segment. See Note 11 to our December 31, 2014 financial statements for further information regarding our segments and for a reconciliation of these ancillary revenues and cost of operations to our net income.
The following table sets forth our ancillary operations as presented on our income statements:
			
		
Tenant reinsurance operations: We reinsure policies offered through a non-affiliated insurance company against losses to goods stored by tenants in the domestic self-storage facilities we operate. The level of tenant reinsurance revenues is largely dependent upon the number of tenants that participate in the insurance program and the average premium rates charged. Cost of operations primarily includes claims paid that are not covered by our outside third-party insurers, as well as claims adjustment expenses. Tenant reinsurance cost of operations for 2014 includes a $7.8 million accrual related to a legal settlement and a $4.1 million reduction associated with the recognition of a deferred tax asset. The increase of $4.9 million in ongoing cost of operations for 2014 as compared to 2013 is due primarily to an increase in exposure associated with more insured tenants and, to a lesser extent, claims resulting from extreme weather conditions in early 2014.
Tenant reinsurance revenue at our Same Store Facilities increased from $73.1 million in 2012, to $78.4 million in 2013, and to $83.8 million in 2014, due to more insured tenants as a result of increased occupancies and a higher proportion of tenants having insurance and, to a lesser extent, higher average premium rates charged. The remaining increases in tenant reinsurance revenues are due primarily to the acquisition of 189 self-storage facilities from third parties since January 1, 2012.
We expect continued increases in tenant insurance revenues in 2015 as the tenant insurance revenues with respect to the facilities we acquired in 2014 are reflected for a full year, combined with the acquisition of additional facilities in 2015.
Commercial operations: We also own and operate commercial facilities, primarily the leasing of small retail storefronts and office space located on or near our existing self-storage facilities. We do not expect any significant changes in revenues or profitability from our commercial operations.
Merchandise sales and other: We sell locks, boxes, and packing supplies at our self-storage facilities, and the level of sales of these items is primarily impacted by the level of move-ins and other customer traffic at our self-storage facilities. These amounts include, to a much lesser extent, the results of our management of 41 self-storage facilities in the U.S. for third party owners and other partnerships that we account for on the equity method. We do not expect any significant changes in revenues or profitability from our merchandise sales and other in 2015.
Other Income and Expense Items
Interest and other income: Interest and other income was $4.9 million in 2014, $22.6 million in 2013 and $22.1 million in 2012, which included $1.5 million, $19.3 million and $18.7 million, respectively, in interest received on a loan receivable from Shurgard Europe which was extinguished in 2014, as described more fully in Note 5 to our December 31, 2014 financial statements.
The remainder of our interest and other income is comprised primarily of interest earned on cash balances, trademark license fees from Shurgard Europe, as well as sundry other income items that are received from time to time in varying amounts. Interest income on cash balances has been minimal, because rates have been at historic lows of 0.1% or less, and we expect this trend to continue in the foreseeable future. Future earnings from sundry other income items are not predictable.
Depreciation and amortization: Depreciation and amortization increased to $437.1 million for 2014 as compared to $387.4 million for 2013 and $357.8 million for 2012, due principally to the 189 facilities acquired from third parties since January 1, 2012. Included in depreciation and amortization is amortization expense of tenant intangibles for facilities acquired from third parties, which is being amortized relative to the expected future benefit of the customers in place for each period. Such amortization expense totaled $48.4 million, $24.1 million and $10.5 million in 2014, 2013 and 2012, respectively. Based upon the facilities we own at December 31, 2014, amortization expense with respect to such intangibles is estimated at $22.3 million in 2015. The level of future depreciation and amortization will primarily depend upon the level of acquisitions of facilities and the level of capital expenditures we incur on our facilities.
			
		
General and administrative expense: The following table sets forth our general and administrative expense:
Share-based compensation expense includes the amortization of restricted share units and stock options granted to employees, as well as related employer taxes. The level of share-based compensation expense varies based upon the level of grants and forfeitures as well as the Company’s stock price on the date of grant. We expect share-based compensation expense to increase in 2015 as compared to 2014. See Note 10 to our December 31, 2014 financial statements for further information on our share-based compensation.
Costs of senior executives represent the cash compensation paid to our chief executive officer and chief financial officer. The increases in 2014 as compared to 2013 and in 2013 as compared to 2012 are due to increases in incentive compensation.
Development and acquisition costs represent internal and external expenses related to our acquisition and development activities and varies primarily based upon the level of development and acquisition activities undertaken. Incremental legal, transfer tax, and other related costs of approximately $3.4 million, $5.0 million and $1.8 million were incurred in connection with the acquisition of real estate facilities in 2014, 2013 and 2012, respectively. The level of such costs to be incurred in 2015 will depend upon the level of acquisition activities, which is not determinable. The remaining increase in each period is due to the expansion of our real estate development activities in recent years, and such expenses are expected to increase modestly in 2015.
Tax compliance costs and taxes paid include taxes paid to various state and local authorities, the internal and external costs of filing tax returns, costs associated with complying with federal and state tax laws, and maintaining our compliance with Internal Revenue Service REIT rules. Such costs vary primarily based upon the tax rates of the various states in which we do business.
Legal costs include internal personnel as well as fees paid to legal firms and other third parties with respect to general corporate legal matters and risk management, and varies based upon the level of litigation. Given our current legal matters, we believe our legal costs could potentially be higher in 2015, the amount of which is not determinable.
Public company costs represent the incremental costs of operating as a publicly-traded company, such as internal and external investor relations expenses, stock listing and transfer agent fees, board of trustees’ costs, and costs associated with maintaining compliance with applicable laws and regulations, including the Dodd-Frank Act and Sarbanes-Oxley Act.
Other costs represent professional and consulting fees, payroll and overhead that are not directly attributable to our property operations. Such costs vary depending upon the level of corporate activities and initiatives, as such, are not predictable.
			
		
Our future general and administrative expenses are difficult to estimate, due to their dependence upon many factors, including those noted above.
Interest expense: Interest expense was $6.8 million, $6.4 million, and $19.8 million in 2014, 2013 and 2012, respectively. The decrease in 2013 as compared to 2012 is due primarily to the repayment of our senior unsecured notes in 2013, along with principal repayments on our secured mortgage debt. During 2014 and 2013, we incurred $4.7 million and $1.2 million, respectively, in interest expense on short-term borrowings, all of which were repaid in 2014.
During 2014, 2013 and 2012, we capitalized interest of $1.6 million, $2.9 million and $0.4 million, respectively, associated with our development activities. See Note 6 to our December 31, 2014 financial statements for a schedule of our notes payable balances, principal repayment requirements and average interest rates. The level of interest expense that we incur in 2015 will be dependent upon our level of debt.
Foreign Exchange Gain (Loss): We recorded a foreign currency translation loss of $7.0 million in 2014, and foreign currency translation gains $17.1 million and $8.9 million for 2013 and 2012, respectively, representing primarily the change in the U.S. Dollar equivalent of our Euro-based loan receivable from Shurgard Europe due to fluctuations in exchange rates. This loan receivable was repaid in 2014 and, as a result, no further material foreign exchange gains or losses are expected.
Net Income Allocable to Preferred Shareholders: Allocations of net income to our preferred shareholders generally consists of allocations (i) based on distributions and (ii) in applying EITF D-42 when we redeem preferred shares. Net income allocable to preferred shareholders associated with distributions increased during 2014 as compared to 2013 due primarily to higher average outstanding preferred shares, and decreased during 2013 as compared to 2012, due primarily to lower average dividend rates and lower average outstanding preferred shares. During 2012, we redeemed certain existing series of preferred shares and issued additional preferred shares at lower coupon rates. Net income allocable to preferred shareholders in applying EITF D-42 totaled $61.7 million in 2012 (there were no redemptions of preferred securities and as a result, no EITF D-42 allocations in 2013 and 2014). Based upon our preferred shares outstanding at December 31, 2014, our quarterly distribution to our preferred shareholders is expected to be approximately $63.6 million.
Net Operating Income
In our discussions above, we refer to net operating income or “NOI,” which is a non-GAAP financial measure that excludes the impact of depreciation and amortization expense. We believe that NOI is a meaningful measure of operating performance, because we utilize NOI in making decisions with respect to capital allocations, in determining current property values, in evaluating property performance and in comparing period-to-period and market-to-market property operating results. In addition, we believe the investment community utilizes NOI in determining operating performance and real estate values, and does not consider depreciation expense because it is based upon historical cost. NOI is not a substitute for net income, net operating cash flow, or other related GAAP financial measures, in evaluating our operating results. The following table reconciles NOI generated by our self-storage facilities to our operating income:
			
		
			
		
Liquidity and Capital Resources
Financial Strategy: Our financial profile is characterized by a low level of debt-to-total-capitalization. In general, we seek to finance our investment activities and debt obligations with retained operating cash flow, and when not sufficient, the net proceeds from the issuance of preferred and common securities. When market conditions are not favorable to issue either preferred or common securities, we will use bank debt as bridge financing. Given the low interest rate environment coupled with having only $64.4 million of debt outstanding at December 31, 2014, we may seek to issue a modest amount of medium or long-term debt. In that regard, we anticipate that we may seek to expand the borrowing capacity of our bank credit facility and utilize the facility as a bridge to the issuance of longer term debt.
Unlike most REITs, we have elected to use predominantly preferred securities in our capital structure as a form of leverage despite the fact that the dividend rates of our preferred securities exceed the prevailing market interest rates on conventional debt. We have chosen this method of financing for the following reasons: (i) under the REIT structure, a significant amount of operating cash flow needs to be distributed to our shareholders, making it difficult, relative to a traditional taxable corporation, to repay debt with operating cash flow alone, (ii) our perpetual preferred shares have no sinking fund requirement or maturity date and do not require redemption, all of which eliminate future refinancing risks, (iii) after the end of a non-call period, we have the option to redeem the preferred shares at any time, which enables us to refinance higher coupon preferred shares with new preferred shares at lower rates if appropriate, (iv) preferred shares do not subject us to covenants, thus allowing us to maintain significant financial flexibility, and (v) dividends on the preferred shares can be applied to satisfy our REIT distribution requirements.
We have generally been able to raise capital through the issuance of preferred securities at an attractive cost of capital relative to the issuance of our common shares and, as a result, issuances of common shares have been minimal over the past several years. During the early part of 2013, we issued preferred securities with coupon rates at 5.2%, but later in 2013, rates increased and market conditions for the issuance of common and preferred capital worsened. As a result, in December 2013 we borrowed $750.1 million from banks to bridge finance our acquisition activities during that timeframe. Subsequently, preferred share coupon rates and market conditions steadily improved, and by September 2014, we repaid our bridge financing, in part, from the issuance of preferred securities. During 2014, we issued an aggregate of $762.5 million in preferred securities, with an average coupon rate of 6.11%. We continue to view preferred capital as an important source of capital over the long-term. Notwithstanding the recent improvement in the preferred markets, rate spreads between a new issuance for us and U.S. treasuries have remained relatively wide as compared to historical levels. As a result of an inefficient preferred market, combined with only $64.4 million of debt as of December 31, 2014, we may seek to raise capital in 2015 through the issuance of debt securities.
Our credit ratings on each of our series of preferred shares are “A3” by Moody’s, “BBB+” by Standard & Poor’s and “A” by Fitch Ratings. In recent years, we have been one of the largest and most frequent issuers of preferred equity in the U.S.
Liquidity and Capital Resource Analysis: We believe that our net cash provided by our operating activities will continue to be sufficient to enable us to meet our ongoing requirements for operating expenses, capital improvements and distributions to our shareholders for the foreseeable future.
As of December 31, 2014, our capital resources totaled approximately $774 million, consisting of $188 million in cash, approximately $286 million of available borrowing capacity on our bank credit facility, and $300 million of expected retained operating cash flow for 2015. Retained operating cash flow represents our expected cash flow provided by operating activities, after deducting estimated distributions to our shareholders and estimated capital expenditure requirements for 2015.
At December 31, 2014, we had capital commitments totaling approximately $356 million, consisting of $306 million of remaining spend on our development pipeline, $32 million in property acquisitions, and approximately $18 million in maturities on notes payable. In addition, we expect that our
			
		
capital commitments will continue to grow during 2015 as we continue to seek additional development and acquisition opportunities. We may also redeem outstanding preferred securities in 2015 totaling $270 million.
We believe we have a variety of possibilities to raise additional capital, including the issuance of common or preferred securities, issuing debt, expanding the borrowing capacity of our bank credit facility, or entering into joint venture arrangements to acquire or develop facilities.
At February 24, 2015, we have no outstanding borrowings on our bank credit facility.
Debt Service Requirements: As of December 31, 2014, our outstanding debt totaled approximately $64.4 million. Approximate principal maturities of our outstanding debt are as follows (amounts in thousands):
The remaining maturities on our notes payable are nominal compared to our annual cash from operations.
Capital Expenditure Requirements: Capital expenditures include major repairs or replacements to elements of our facilities, which keep the facilities in good operating condition and maintain their visual appeal to the customer, which totaled $79.8 million in, 2014. Capital expenditures do not include costs relating to the development of new facilities or the expansion of net rentable square footage of existing facilities. For 2015, we expect to incur approximately $80 million for capital expenditures and to fund such amounts with cash provided by operating activities. For the last four years, such capital expenditures have ranged between approximately $0.55 and $0.60 per net rentable square foot per year.
Requirement to Pay Distributions: For all periods presented herein, we have elected to be treated as a REIT, as defined in the Internal Revenue Code. As a REIT, we do not incur federal income tax on our REIT taxable income (generally, net rents and gains from real property, dividends, and interest) that is fully distributed each year (for this purpose, certain distributions paid in a subsequent year may be considered), and if we meet certain organizational and operational rules. We believe we have met these requirements in all periods presented herein, and we expect to continue to elect and qualify as a REIT.
Distributions paid during 2014 totaled $1.2 billion, consisting of $232.6 million to preferred shareholders and $967.9 million to common shareholders and restricted share unitholders. All of these distributions were REIT qualifying distributions.
We estimate the annual distribution requirements with respect to our Preferred Shares outstanding at December 31, 2014 to be approximately $254.2 million per year.
On February 19, 2015, our Board declared a regular common quarterly dividend of $1.40 per common share. Our consistent, long-term dividend policy has been to distribute only our taxable income. Future quarterly distributions with respect to the common shares will continue to be determined based upon our REIT distribution requirements after taking into consideration distributions to the preferred shareholders and will be funded with cash provided by operating activities.
			
		
We are obligated to pay distributions to noncontrolling interests in our consolidated subsidiaries based upon the cash provided by operating activities of the respective subsidiary. Such distributions are estimated at approximately $7.0 million in 2015, with respect to such noncontrolling interests outstanding at December 31, 2014.
Real Estate Investment Activities: Subsequent to December 31, 2014, we acquired four self-storage facilities with an aggregate of 265,000 net rentable square feet for approximately $32 million in cash. During 2015, we will continue to seek to acquire other self-storage facilities from third parties; however, it is difficult to estimate the amount of third party acquisitions we will undertake.
As of December 31, 2014, we had development and expansion projects which will add approximately 3.5 million net rentable square feet of storage space at a total cost of approximately $411 million. A total of $105 million in costs were incurred through December 31, 2014 with respect to these projects, with the remaining costs expected to be incurred primarily in 2015. Some of these projects are subject to significant contingencies such as entitlement approval. We expect to continue to seek additional development projects; however, the level of future development may be limited due to various constraints such as difficulty in finding available sites for building that meet our risk-adjusted yield expectations, as well as the challenges in obtaining building permits for self-storage activities in certain municipalities.
Shurgard Europe: At December 31, 2014, Shurgard Europe has a bank term loan outstanding with a balance of approximately €107.5 million maturing in January 2018, and €300.0 million of unsecured senior notes maturing in equal amounts in 7, 10 and 12 years. In December 2014, Shurgard Europe obtained a €40 million bank revolving credit facility which expires in January 2018. There were no amounts outstanding on this facility at December 31, 2014.
On December 31, 2014, Shurgard Europe acquired five facilities located in Germany for a cash purchase price of approximately €65.5 million. The cash purchase price was payable in the first quarter of 2015. Shurgard Europe will use borrowings on its bank revolving credit facility combined with cash on hand to fund the purchase price.
Redemption of Preferred Securities: We have two series of preferred securities redeemable, at our option, in 2015. Our 6.875% Series O Preferred Shares, with $145 million outstanding becomes redeemable in April 2015, and our 6.5% Series P Preferred Shares, with $125 million outstanding, which are redeemable in October 2015. The timing of redemption of these series of preferred shares will depend upon many factors including whether we can issue capital at a lower cost of capital than the shares that would be redeemed. None of our preferred securities are redeemable at the option of the holders.
Repurchases of Company’s Common Shares: Our Board has authorized management to repurchase up to 35,000,000 of our common shares on the open market or in privately negotiated transactions. During 2014, we did not repurchase any of our common shares. From the inception of the repurchase program through February 24, 2015, we have repurchased a total of 23,721,916 common shares at an aggregate cost of approximately $679.1 million. We have no current plans to repurchase additional common shares; however, future levels of common share repurchases will be dependent upon our available capital, investment alternatives and the trading price of our common shares.
Contractual Obligations
Our significant contractual obligations at December 31, 2014 and their impact on our cash flows and liquidity are summarized below for the years ending December 31 (amounts in thousands):
			
		
(1)Amounts include principal and interest payments (all of which are fixed-rate) on our notes payable based on their contractual terms. See Note 6 to our December 31, 2014 financial statements for additional information on our notes payable.
(2)We lease land, equipment and office space under various operating leases. Certain leases are cancelable; however, significant penalties would be incurred upon cancellation. Amounts reflected above consider continuance of the lease without cancellation.
(3)Amounts exclude an additional $256.4 million in future expected development spending that was not under contract at December 31, 2014.
We estimate the annual distribution requirements with respect to our Preferred Shares outstanding at December 31, 2014, to be approximately $254.2 million per year. Dividends are paid when and if declared by our Board and accumulate if not paid.
Off-Balance Sheet Arrangements: At December 31, 2014, we had no material off-balance sheet arrangements as defined under Regulation S-K 303(a)(4) and the instructions thereto.

ITEM 7A - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
ITEM 7A. Quantitative and Qualitative Disclosures about Market Risk
To limit our exposure to market risk, we are capitalized primarily with preferred and common equity. Our preferred shares are redeemable at our option generally five years after issuance, but the holder has no redemption option. Our debt is our only market-risk sensitive portion of our capital structure, which totals $64.4 million and represents 0.1% of the book value of our equity at December 31, 2014.
We have foreign currency exposure related to our investment in Shurgard Europe, which has a book value of $394.8 million at December 31, 2014.
The fair value of our fixed rate debt at December 31, 2014 approximates book value. The table below summarizes the annual maturities of our fixed rate debt, which had a weighted average fixed rate of 4.0% at December 31, 2014. See Note 6 to our December 31, 2014 financial statements for further information regarding our fixed rate debt (amounts in thousands).

ITEM 8 - FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 9 - CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS

ITEM 9A - CONTROLS AND PROCEDURES
ITEM 9A. Controls and Procedures
Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures
We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in reports we file and submit under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) is recorded, processed, summarized and reported within the time periods specified in accordance with SEC guidelines and that such information is communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure based on the definition of "disclosure controls and procedures" in Rules 13a-15(e) and 15d-15(e) of the Exchange Act. In designing and evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures in reaching that level of reasonable assurance. We also have investments in certain unconsolidated real estate entities and because we do not control these entities, our disclosure controls and procedures with respect to such entities are substantially more limited than those we maintain with respect to our consolidated subsidiaries.
As of December 31, 2014, we carried out an evaluation, under the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act). Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of December 31, 2014, at a reasonable assurance level.
Management’s Report on Internal Control Over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act. Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework in Internal Control-Integrated Framework issued by the Committee on Sponsoring Organizations of the Treadway Commission (2013 Framework). Based on our evaluation under the framework in Internal Control-Integrated Framework, our management concluded that our internal control over financial reporting was effective as of December 31, 2014.
The effectiveness of internal control over financial reporting as of December 31, 2014, has been audited by Ernst & Young LLP, an independent registered public accounting firm. Ernst & Young LLP’s report on our internal control over financial reporting appears below.
Changes in Internal Control Over Financial Reporting
There have not been any changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fourth quarter of 2014 to which this report relates that have materially affected, or are reasonable likely to materially affect, our internal control over financial reporting.
			
		
Report of Independent Registered Public Accounting Firm
The Board of Trustees and Shareholders of
Public Storage
We have audited Public Storage’s internal control over financial reporting as of December 31, 2014, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). Public Storage’s management is responsible for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit.
We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and trustees of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
In our opinion, Public Storage maintained, in all material respects, effective internal control over financial reporting as of December 31, 2014, based on the COSO criteria.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of Public Storage as of December 31, 2014 and 2013, and the related consolidated statements of income, comprehensive income, equity and cash flows for each of the three years in the period ended December 31, 2014 and our report dated February 24, 2015 expressed an unqualified opinion thereon.
/s/ Ernst & Young LLP
Los Angeles, California
February 24, 2015

ITEM 9B - OTHER INFORMATION
ITEM 9B.Other Information
None.
			
		
PART III

ITEM 10 - DIRECTORS AND EXECUTIVE OFFICERS
ITEM 10.Trustees, Executive Officers and Corporate Governance
The following is a biographical summary of the current executive officers of the Company:
Ronald L. Havner, Jr., age 57, has been Chairman and Chief Executive Officer of Public Storage since August 2011 and November 2002, respectively. Mr. Havner joined Public Storage in 1986 and has held a variety of senior management positions. Mr. Havner has been Chairman of the Board of Public Storage’s affiliate, PS Business Parks, Inc. (“PSB”) since March 1998. Mr. Havner also serves as a director of AvalonBay Communities, Inc. and California Resources Corp. Mr. Havner is past Chairman of the Board of Governors of the National Association of Real Estate Investment Trusts, Inc. (“NAREIT”).
John Reyes, age 54, has served as Senior Vice President and Chief Financial Officer of Public Storage since 1996.
David F. Doll, age 56, became Senior Vice President and President, Real Estate Group, in February 2005, with responsibility for the real estate activities of Public Storage, including property acquisitions, developments, repackagings, and capital improvements.
Lily Y. Hughes, age 52, became Senior Vice President, Chief Legal Officer and Corporate Secretary in January 2015. Prior to joining Public Storage, Ms. Hughes was Vice President and Associate General Counsel-Corporate, M&A and Finance at Ingram Micro Inc., a Fortune 100 NYSE company with operations in 39 countries, which she joined in 1997. Before joining Ingram Micro, Ms. Hughes was a partner of Manatt, Phelps and Phillips.
Candace N. Krol, age 53, has served as Chief Human Resources Officer of Public Storage since February 2015 and has served as Senior Vice President of Human Resources since September 2005.
Shawn Weidmann, 51, Chief Operating Officer in August 2011. Prior to joining Public Storage, Mr. Weidmann was employed at Teleflora LLC, the world’s leading floral wire service, where he served as President since 2006.
Other information required by this item is hereby incorporated by reference to the material appearing in the Notice and Proxy Statement for the 2015 Annual Meeting of Shareholders, to be filed pursuant to Regulation 14A under the Exchange Act.

ITEM 11 - EXECUTIVE COMPENSATION
ITEM 11.Executive Compensation
The information required by this item is hereby incorporated by reference to the material appearing in the Notice and Proxy Statement for the 2015 Annual Meeting of Shareholders, to be filed pursuant to Regulation 14A under the Exchange Act.

ITEM 12 - SECURITY OWNERSHIP
ITEM 12.Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters
The following table sets forth information as of December 31, 2014 on the Company’s equity compensation plans:
						
						
						
Number of securities to be issued upon exercise of outstanding options, warrants and rights
Weighted average exercise price of outstanding options, warrants and rights
Number of securities remaining available for future issuance under equity compensation plans
Equity compensation plans approved by security holders (a)
2,836,592 (b)
$
82.32 				
1,140,322 				
						
						
						
Equity compensation plans not approved by security holders (c)
-
-
-
a)
The Company’s stock option and stock incentive plans are described more fully in Note 10 to the December 31, 2014 financial statements. All plans were approved by the Company’s shareholders.
b)
Includes 751,048 restricted share units that, if and when vested, will be settled in common shares of the Company on a one for one basis.
c)
There are no securities available for future issuance or currently outstanding under plans not approved by the Company’s shareholders as of December 31, 2014.
Other information required by this item is hereby incorporated by reference to the material appearing in the Notice and Proxy Statement for the 2015 Annual Meeting of Shareholders, to be filed pursuant to Regulation 14A under the Exchange Act.

ITEM 13 - CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
ITEM 13.Certain Relationships and Related Transactions and Trustee Independence
The information required by this item is hereby incorporated by reference to the material appearing in the Notice and Proxy Statement for the 2015 Annual Meeting of Shareholders, to be filed pursuant to Regulation 14A under the Exchange Act.

ITEM 14 - PRINCIPAL ACCOUNTANT FEES AND SERVICES
ITEM 14.Principal Accountant Fees and Services
The information required by this item is hereby incorporated by reference to the material appearing in the Notice and Proxy Statement for the 2015 Annual Meeting of Shareholders, to be filed pursuant to Regulation 14A under the Exchange Act of 1934.
			 		
			
		
PART IV

ITEM 15 - EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
ITEM 15.Exhibits and Financial Statement Schedules
						
						
						
a.
1.
Financial Statements
						
						
						
						
						
The financial statements listed in the accompanying Index to Financial Statements and Schedules hereof are filed as part of this report.
						
						
						
2.
Financial Statement Schedules
						
						
						
						
						
The financial statements schedules listed in the accompanying Index to Financial Statements and Schedules are filed as part of this report.
						
						
						
3.
Exhibits
						
						
						
						
						
See Index to Exhibits contained herein.
						
						
						
b.
Exhibits:
						
						
						
						
						
See Index to Exhibits contained herein.
						
						
						
c.
Financial Statement Schedules
						
						
						
						
						
Not applicable.
			
		
						
PUBLIC STORAGE
INDEX TO EXHIBITS (1)
(Items 15(a)(3) and 15(c))
3.1
Articles of Amendment and Restatement of Declaration of Trust of Public Storage, a Maryland real estate investment trust. Filed with the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2009 and incorporated by reference herein.
						
3.2
Bylaws of Public Storage, a Maryland real estate investment trust. Filed with the Registrant’s Current Report on Form 8-K dated May 11, 2010 and incorporated by reference herein.
						
3.3
Articles Supplementary for Public Storage 6.875% Cumulative Preferred Shares, Series O. Filed with the Registrant’s Current Report on Form 8-K dated April 8, 2010 and incorporated by reference herein.
						
3.4
Articles Supplementary for Public Storage 6.500% Cumulative Preferred Shares, Series P. Filed with the Registrant’s Current Report on Form 8-K dated October 6, 2010 and incorporated by reference herein.
						
3.5
Articles Supplementary for Public Storage 6.5% Cumulative Preferred Shares, Series Q. Filed with the Registrant’s Current Report on Form 8-K dated May 2, 2011 and incorporated by reference herein.
						
3.6
Articles Supplementary for Public Storage 6.35% Cumulative Preferred Shares, Series R. Filed with the Registrant’s Current Report on Form 8-K dated July 20, 2011 and incorporated by reference herein.
						
3.7
Articles Supplementary for Public Storage 5.900% Cumulative Preferred Shares, Series S. Filed with the Registrant’s Current Report on Form 8-K dated January 9, 2012 and incorporated by reference herein.
						
3.8
Articles Supplementary for Public Storage 5.750% Cumulative Preferred Shares, Series T. Filed with the Registrant’s Current Report on Form 8-K dated March 7, 2012 and incorporated by reference herein.
						
3.9
Articles Supplementary for Public Storage 5.625% Cumulative Preferred Shares, Series U. Filed with the Registrant’s Current Report on Form 8-K dated June 6, 2012 and incorporated by reference herein.
						
3.10
Articles Supplementary for Public Storage 5.375% Cumulative Preferred Shares, Series V. Filed with the Registrant’s Current Report on Form 8-K dated September 11, 2012 and incorporated by reference herein.
						
3.11
Articles Supplementary for Public Storage 5.20% Cumulative Preferred Shares, Series W. Filed with the Registrant’s Current Report on Form 8-K dated January 8, 2013 and incorporated by reference herein.
						
3.12
Articles Supplementary for Public Storage 5.20% Cumulative Preferred Shares, Series X. Filed with the Registrant’s Current Report on Form 8-K dated March 5, 2013 and incorporated by reference herein.
						
3.13
Articles Supplementary for Public Storage 6.375% Cumulative Preferred Shares, Series Y. Filed with the Registrant’s Current Report on Form 8-K dated March 11, 2014 and incorporated by reference herein.
						
3.14
Articles Supplementary for Public Storage 6.375% Cumulative Preferred Shares, Series Y. Filed with the Registrant’s Current Report on Form 8-K dated April 9, 2014 and incorporated by reference herein.
						
3.15
Articles Supplementary for Public Storage 6.00% Cumulative Preferred Shares, Series Z. Filed with the Registrant’s Current Report on Form 8-K dated May 29, 2014 and incorporated by reference herein.
						
			
		
3.16
Articles Supplementary for Public Storage 5.875% Cumulative Preferred Shares, Series A. Filed with the Registrant’s Current Report on Form 8-K/A dated November 24, 2014 and incorporated by reference herein.
						
4.1
Master Deposit Agreement, dated as of May 31, 2007. Filed with the Registrant’s Current Report on Form 8-K dated June 6, 2007 and incorporated by reference herein.
						
10.1
Amended Management Agreement between Registrant and Public Storage Commercial Properties Group, Inc. dated as of February 21, 1995. Filed with Public Storage Inc.’s (“PSI”) Annual Report on Form 10-K for the year ended December 31, 1994 (SEC File No. 001-0839) and incorporated herein by reference.
						
						
10.2
Second Amended and Restated Management Agreement by and among Registrant and the entities listed therein dated as of November 16, 1995. Filed with PS Partners, Ltd.’s Annual Report on Form 10-K for the year ended December 31, 1996 (SEC File No. 001-11186) and incorporated herein by reference.
						
10.3
Agreement of Limited Partnership of PS Business Parks, L.P. Filed with PS Business Parks, Inc.’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 1998 (SEC File No. 001-10709) and incorporated herein by reference.
						
10.4
Amended and Restated Agreement of Limited Partnership of Storage Trust Properties, L.P. (March 12, 1999). Filed with PSI’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 1999 (SEC File No. 001-0839) and incorporated herein by reference.
						
10.5
Amended and Restated Credit Agreement by and among Registrant, Wells Fargo Securities, LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated as joint lead arrangers, Wells Fargo Bank, National Association, as administrative agent, and the other financial institutions party thereto, dated as of March 21, 2012. Filed with PSI’s Current Report on Form 8-K on March 27, 2012 (SEC File No. 001-0839) and incorporated herein by reference.
						
10.5.1
Second Amendment to Amended and Restated Credit Agreement, dated as of July 17, 2013, by and among Public Storage, the Lenders party thereto and Wells Fargo Bank, National Association. Filed with the Registrant’s Current Report on Form 8-K on July 18, 2013 and incorporated herein by reference.
						
10.6*
Shurgard Storage Centers, Inc. 2004 Long Term Incentive Compensation Plan. Filed as Appendix A of Definitive Proxy Statement dated June 7, 2004 filed by Shurgard (SEC File No. 001-11455) and incorporated herein by reference.
						
10.7*
Public Storage, Inc. 2001 Stock Option and Incentive Plan (the “2001 Plan”). Filed with PSI’s Registration Statement on Form S-8 (SEC File No. 333-59218) and incorporated herein by reference.
						
10.8*
Form of 2001 Plan Non-qualified Stock Option Agreement. Filed with PSI’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2004 (SEC File No. 001-0839) and incorporated herein by reference.
						
10.9*
Form of 2001 Plan Restricted Share Unit Agreement. Filed with PSI’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2004 (SEC File No. 001-0839) and incorporated herein by reference.
						
10.10*
Form of 2001 Plan Non-Qualified Outside Director Stock Option Agreement. Filed with PSI’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2004 (SEC File No. 001-0839) and incorporated herein by reference.
						
10.11*
Form of 2007 Plan Restricted Stock Unit Agreement. Filed with Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2007 and incorporated herein by reference.
						
			
		
10.12*
Form of 2007 Plan Stock Option Agreement. Filed with Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2007 and incorporated herein by reference.
						
10.13*
Form of Indemnity Agreement. Filed with Registrant’s Amendment No. 1 to Registration Statement on Form S-4 (SEC File No. 333-141448) and incorporated herein by reference.
						
10.15*
Revised Form of Trustee Stock Option Agreement. Filed as Exhibit 10.31 to Registrant’s Annual Report on Form 10-K for the year ended December 31, 2010 and incorporated herein by reference.
						
10.16
Term Loan Agreement, by and among Public Storage, Wells Fargo Securities, LLC as Lead Arranger and Wells Fargo National Bank N.A. as Administrative Agent, dated as of December 2, 2013. Filed with Registrant’s Current Report on Form 8-K dated December 2, 2013 and incorporated herein by reference.
						
10.17*
Employment Agreement and General Release dated as of February 19, 2014 between Registrant and Steven M. Glick. Filed with the Registrant’s Current Report on Form 8-K dated February 24, 2014 and incorporated herein by reference.
						
10.18*
First Amendment to Employment Agreement and General Release dated December 22, 2014 between Registrant and Steven M. Glick. Filed herewith.
						
10.19*
Public Storage 2007 Equity and Performance-Based Incentive Compensation Plan, as Amended. Filed with Registrant’s Current Report on Form 8-K dated May 1, 2014 and incorporated herein by reference.
						
Statement Re: Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends. Filed herewith.
						
Listing of Subsidiaries. Filed herewith.
Consent of Ernst & Young LLP. Filed herewith.
31.1
Rule 13a - 14(a) Certification. Filed herewith.
31.2
Rule 13a - 14(a) Certification. Filed herewith.
Section 1350 Certifications. Filed herewith.
101 .INS
XBRL Instance Document. Filed herewith.
101 .SCH
XBRL Taxonomy Extension Schema. Filed herewith.
101 .CAL
XBRL Taxonomy Extension Calculation Linkbase. Filed herewith.
101 .DEF
XBRL Taxonomy Extension Definition Linkbase. Filed herewith.
101 .LAB
XBRL Taxonomy Extension Label Linkbase. Filed herewith.
101 .PRE
XBRL Taxonomy Extension Presentation Link. Filed herewith.
_
(1)
SEC File No. 001-33519 unless otherwise indicated.
						
*
Denotes management compensatory plan agreement or arrangement.
						
						
			
		
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
						
PUBLIC STORAGE
						
Date: February 24, 2015
By:/s/ Ronald L. Havner, Jr.
Ronald L. Havner, Jr., Chairman,
Chief Executive Officer and President
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
						
						
Signature
Title
Date
						
						
/s/ Ronald L. Havner, Jr.
Chairman, Chief Executive Officer, President and Trustee (principal executive officer)
February 24, 2015
Ronald L. Havner, Jr.
						
						
						
						
/s/ John Reyes
Senior Vice President and Chief Financial Officer
February 24, 2015
John Reyes
(principal financial officer and principal accounting officer)
						
						
						
/s/ Tamara Hughes Gustavson
Trustee
February 24, 2015
Tamara Hughes Gustavson
						
						
						
						
/s/ Uri P. Harkham
Trustee
February 24, 2015
Uri P. Harkham
						
						
						
						
/s/ B. Wayne Hughes, Jr.
Trustee
February 24, 2015
B. Wayne Hughes, Jr.
						
						
						
						
/s/ Avedick B. Poladian
Trustee
February 24, 2015
Avedick B. Poladian
						
						
						
						
/s/ Gary E. Pruitt
Trustee
February 24, 2015
Gary E. Pruitt
						
						
						
						
/s/ Ronald P. Spogli
Trustee
February 24, 2015
Ronald P. Spogli
						
						
						
						
/s/ Daniel C. Staton
Trustee
February 24, 2015
Daniel C. Staton
						
						
			
		
PUBLIC STORAGE
AND SCHEDULES
(Item 15 (a))
						
Page References
						
Report of Independent Registered Public Accounting Firm...........................................................................
						
Balance sheets as of December 31, 2014 and 2013.....................................................................................
						
For the years ended December 31, 2014, 2013 and 2012:
						
						
Statements of income.............................................................................................................................
						
Statements of comprehensive income.......................................................................................................
						
Statements of equity .............................................................................................................................
-
						
Statements of cash flows.......................................................................................................................
-
						
Notes to financial statements...................................................................................................................
-
						
Schedule:
						
						
III - Real estate and accumulated depreciation...........................................................................................
-
All other schedules have been omitted since the required information is not present or not present in amounts sufficient to require submission of the schedule, or because the information required is included in the financial statements or notes thereto.
			 		
			
		
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Trustees and Shareholders of Public Storage
We have audited the accompanying consolidated balance sheets of Public Storage as of December 31, 2014 and 2013, and the related consolidated statements of income, comprehensive income, equity, and cash flows for each of the three years in the period ended December 31, 2014. Our audits also included the financial statement schedule listed in the Index at Item 15(a). These financial statements and financial statement schedule are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements and financial statement schedule based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of Public Storage at December 31, 2014 and 2013, and the consolidated results of its operations and its cash flows for each of the three years in the period ended December 31, 2014, in conformity with U.S. generally accepted accounting principles. Also, in our opinion, the related financial statement schedule, when considered in relation to the basic financial statements taken as a whole, presents fairly in all material respects the information set forth therein.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Public Storage’s internal control over financial reporting as of December 31, 2014, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 Framework) and our report dated February 24, 2015 expressed an unqualified opinion thereon.
/s/ ERNST & YOUNG LLP
Los Angeles, California
February 24, 2015
			 		
PUBLIC STORAGE
BALANCE SHEETS
(Amounts in thousands, except share data)
			
		
			 		
See accompanying notes.
PUBLIC STORAGE
STATEMENTS OF INCOME
(Amounts in thousands, except per share amounts)
			
		
			 		
See accompanying notes.
PUBLIC STORAGE
STATEMENTS OF COMPREHENSIVE INCOME
(Amounts in thousands)
			
		
			 		
See accompanying notes.
PUBLIC STORAGE
STATEMENTS OF EQUITY
(Amounts in thousands, except share and per share amounts)
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Accumulated
						
Total
						
						
						
						
						
						
						
Cumulative
						
						
						
						
						
						
						
						
						
						
Other
						
Public Storage
						
						
						
						
						
						
Preferred
						
Common
						
Paid-in
						
Accumulated
						
Comprehensive
						
Shareholders’
						
Noncontrolling
						
Total
						
Shares
						
Shares
						
Capital
						
Deficit
						
Loss
						
Equity
						
Interests
						
Equity
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
			
		
See accompanying notes.
PUBLIC STORAGE
STATEMENTS OF EQUITY
(Amounts in thousands, except share and per share amounts)
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Accumulated
						
Total
						
						
						
						
						
						
						
Cumulative
						
						
						
						
						
						
						
						
						
						
Other
						
Public Storage
						
						
						
						
						
						
Preferred
						
Common
						
Paid-in
						
Accumulated
						
Comprehensive
						
Shareholders’
						
Noncontrolling
						
Total
						
Shares
						
Shares
						
Capital
						
Deficit
						
Loss
						
Equity
						
Interests
						
Equity
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
			
		
			 		
See accompanying notes.
PUBLIC STORAGE
STATEMENTS OF CASH FLOWS
(Amounts in thousands)
			
		
See accompanying notes.
PUBLIC STORAGE
STATEMENTS OF CASH FLOWS
(Amounts in thousands)
			
		
			 		
See accompanying notes.
PUBLIC STORAGE
NOTES TO FINANCIAL STATEMENTS
December 31, 2014
			
		
1.Description of the Business
Public Storage (referred to herein as “the Company”, “we”, “us”, or “our”), a Maryland real estate investment trust, was organized in 1980. Our 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.
At December 31, 2014, we have direct and indirect equity interests in 2,250 self-storage facilities (with approximately 146 million net rentable square feet) located in 38 states in the United States (“U.S.”) operating under the “Public Storage” name. We also own one self-storage facility in London, England and we have a 49% interest in Shurgard Europe, which owns 192 self-storage facilities (with approximately 10 million net rentable square feet) located in seven Western European countries, all operating under the “Shurgard” name. We also have direct and indirect equity interests in approximately 30 million net rentable square feet of commercial space located in 11 states in the U.S. primarily owned and operated by PS Business Parks, Inc. (“PSB”) under the “PS Business Parks” name. At December 31, 2014, we have an approximate 42% common equity interest in PSB.
Disclosures of the number and square footage of properties, as well as the number and coverage of tenant reinsurance policies are unaudited and outside the scope of our independent registered public accounting firm’s review of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (U.S.).
2.Summary of Significant Accounting Policies
Basis of Presentation
The financial statements are presented on an accrual basis in accordance with U.S. generally accepted accounting principles (“GAAP”) as defined in the Financial Accounting Standards Board Accounting Standards Codification (the “Codification”).
Consolidation and Equity Method of Accounting
We consider entities to be Variable Interest Entities (“VIEs”) when they have insufficient equity to finance their activities without additional subordinated financial support provided by other parties, or where the equity holders as a group do not have a controlling financial interest. We have no investments or other involvement in any VIEs.
We consolidate all entities that we control (these entities, for the period in which the reference applies, are referred to collectively as the “Subsidiaries”), and we eliminate intercompany transactions and balances. We account for our investments in entities that we have significant influence over, but do not control, using the equity method of accounting (these entities, for the periods in which the reference applies, are referred to collectively as the “Unconsolidated Real Estate Entities”), eliminating intra-entity profits and losses and amortizing any differences between the cost of our investment and the underlying equity in net assets against equity in earnings as if the Unconsolidated Real Estate Entity were a consolidated subsidiary. When we obtain control of an Unconsolidated Real Estate Entity, we commence consolidating the entity and record a gain representing the differential between the book value and fair value of our preexisting equity interest. All changes in consolidation status are reflected prospectively.
PUBLIC STORAGE
NOTES TO FINANCIAL STATEMENTS
December 31, 2014
			
		
When we are general partner, we control the partnership unless the third-party limited partners can dissolve the partnership or otherwise remove us as general partner without cause, or if the limited partners have the right to participate in substantive decisions of the partnership.
Collectively, at December 31, 2014, the Company and the Subsidiaries own 2,237 self-storage facilities in the U.S., one self-storage facility in London, England and five commercial facilities in the U.S. At December 31, 2014, the Unconsolidated Real Estate Entities are comprised of PSB, Shurgard Europe, as well as limited partnerships that own an aggregate of 13 self-storage facilities in the U.S. (these limited partnerships, for the periods in which the reference applies, are referred to as the “Other Investments”).
Use of Estimates
The financial statements and accompanying notes reflect our estimates and assumptions. Actual results could differ from those estimates and assumptions.
Income Taxes
We have elected to be treated as a real estate investment trust (“REIT”), as defined in the Internal Revenue Code. As a REIT, we do not incur federal income tax if we distribute 100% of our REIT taxable income (generally, net rents and gains from real property, dividends, and interest) each year, and if we meet certain organizational and operational rules. We believe we will meet these REIT requirements in 2014, and that we have met them for all other periods presented herein. Accordingly, we have recorded no federal income tax expense related to our REIT taxable income.
Our merchandise and tenant reinsurance operations are subject to corporate income tax and such taxes are included in ancillary cost of operations. We also incur income and other taxes in certain states, which are included in general and administrative expense.
We recognize tax benefits of uncertain income tax positions that are subject to audit only if we believe it is more likely than not that the position would ultimately be sustained assuming the relevant taxing authorities had full knowledge of the relevant facts and circumstances of our positions. As of December 31, 2014, we had no tax benefits that were not recognized.
Real Estate Facilities
Real estate facilities are recorded at cost. We capitalize all costs incurred to develop, construct, renovate and improve properties, including interest and property taxes incurred during the construction period. We expense internal and external transaction costs associated with acquisitions or dispositions of real estate, as well as repairs and maintenance costs, as incurred. We depreciate buildings and improvements on a straight-line basis over estimated useful lives ranging generally between 5 to 25 years.
We allocate the net acquisition cost of acquired operating self-storage facilities to the underlying land, buildings, identified intangible assets, and remaining noncontrolling interests based upon their respective individual estimated fair values. Any difference between the net acquisition cost and the estimated fair value of the net tangible and intangible assets acquired is recorded as goodwill.
PUBLIC STORAGE
NOTES TO FINANCIAL STATEMENTS
December 31, 2014
			
		
Other Assets
Other assets primarily consist of prepaid expenses, accounts receivable and restricted cash.
Accrued and Other Liabilities
Accrued and other liabilities consist primarily of trade payables, property tax accruals, tenant prepayments of rents, accrued interest payable, accrued payroll, accrued tenant reinsurance losses, casualty losses, and contingent loss accruals which are accrued when probable and estimable. We disclose the nature of significant unaccrued losses that are reasonably possible of occurring and, if estimable, a range of exposure.
Cash Equivalents, Marketable Securities and Other Financial Instruments
Cash equivalents represent highly liquid financial instruments such as money market funds with daily liquidity or short-term commercial paper or treasury securities maturing within three months of acquisition. Cash and cash equivalents which are restricted from general corporate use are included in other assets. Commercial paper not maturing within three months of acquisition, which we intend and have the capacity to hold until maturity, are included in marketable securities and accounted for using the effective interest method.
Transfers of financial assets are recorded as sales when the asset is put presumptively beyond our and our creditors’ reach, there is no impediment to the transferee’s right to pledge or exchange the asset, we have surrendered effective control of the asset, we have no actual or effective right or requirement to repurchase the asset and, in the case of a transfer of a participating interest, there is no impediment to our right to pledge or exchange the participating interest we retain.
Fair Value Accounting
As used herein, the term “fair value” is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. We prioritize the inputs used in measuring fair value based upon a three-tier hierarchy described in Codification Section 820-10-35.
We believe that, during all periods presented, the carrying values approximate the fair values of our cash and cash equivalents, marketable securities, other assets, and accrued and other liabilities, based upon our evaluation of the underlying characteristics, market data, and short maturity of these financial instruments, which involved considerable judgment. The estimated fair values are not necessarily indicative of the amounts that could be realized in current market exchanges. The characteristics of these financial instruments, market data, and other comparative metrics utilized in determining these fair values are “Level 2” inputs as the term is defined in Codification Section 820-10-35-47.
We use significant judgment to estimate fair values in recording our business combinations, to evaluate real estate, investments in unconsolidated real estate entities, goodwill, and other intangible assets for impairment, and to determine the fair values of notes payable and receivable. In estimating fair values, we consider significant unobservable inputs such as market prices of land, market capitalization rates and earnings multiples for real estate facilities, projected levels of earnings, costs of construction, functional depreciation, and market interest rates for debt securities with a similar time to maturity and credit quality, which are “Level 3” inputs as the term is defined in Codification Section 820-10-35-52.
PUBLIC STORAGE
NOTES TO FINANCIAL STATEMENTS
December 31, 2014
			
		
Currency and Credit Risk
Financial assets that are exposed to credit risk consist primarily of cash and cash equivalents, accounts receivable, loans receivable, and restricted cash. Cash equivalents and marketable securities we invest in are either money market funds with a rating of at least AAA by Standard and Poor’s, commercial paper that is rated A1 by Standard and Poor’s or deposits with highly rated commercial banks.
At December 31, 2014, due primarily to our investment in Shurgard Europe, our operating results and financial position are affected by fluctuations in currency exchange rates between the Euro, and to a lesser extent, other European currencies, against the U.S. Dollar.
Goodwill and Other Intangible Assets
Intangible assets are comprised of goodwill, the “Shurgard” trade name, acquired customers in place, and leasehold interests in land.
Goodwill totaled $174.6 million at December 31, 2014 and 2013. The “Shurgard” trade name, which is used by Shurgard Europe pursuant to a fee-based licensing agreement, has a book value of $18.8 million at December 31, 2014 and 2013. Goodwill and the “Shurgard” trade name have indefinite lives and are not amortized.
Acquired customers in place and leasehold interests in land are finite-lived and are amortized relative to the benefit of the customers in place or the benefit to land lease expense to each period. At December 31, 2014, these intangibles had a net book value of $35.2 million ($53.4 million at December 31, 2013). Accumulated amortization totaled $69.3 million at December 31, 2014 ($35.1 million at December 31, 2013), and amortization expense of $48.4 million, $24.1 million and $10.5 million was recorded in 2014, 2013 and 2012, respectively. The estimated future amortization expense for our finite-lived intangible assets at December 31, 2014 is $22.3 million in 2015, $5.6 million in 2016 and $7.3 million thereafter. During 2014, 2013 and 2012, intangibles were increased $30.2 million, $61.5 million and $9.1 million, respectively, in connection with the acquisition of self-storage facilities and leasehold interests (Note 3), and in 2012, $0.9 million, in connection with the consolidation of facilities previously accounted for under the equity method (Note 4).
Evaluation of Asset Impairment
We evaluate our real estate, finite-lived intangible assets, investments in unconsolidated real estate entities, and loans receivable for impairment on a quarterly basis. We evaluate indefinite-lived assets (including goodwill) for impairment on an annual basis, or more often if there are indicators of impairment.
In evaluating our real estate assets and finite-lived intangible assets for impairment, if there are indicators of impairment, and we determine that the asset is not recoverable from future undiscounted cash flows, an impairment charge is recorded for any excess of the carrying amount over the asset’s estimated fair value. For long-lived assets that we expect to dispose of prior to the end of their estimated useful lives, we record an impairment charge for any excess of the carrying value of the asset over the expected net proceeds from disposal.
Prior to January 1, 2013, we evaluated the “Shurgard” trade name for impairment through a quantitative analysis, and we would record impairment charges to the extent quantitatively estimated fair value was less than the carrying amount. Beginning January 1, 2013, if we determine, based upon the relevant events and circumstances and other such qualitative factors, that it is more likely than not that the “Shurgard” trade
PUBLIC STORAGE
NOTES TO FINANCIAL STATEMENTS
December 31, 2014
			
		
name is unimpaired, we do not record an impairment charge and no further analysis is performed. Otherwise, we record an impairment charge for any excess of carrying amount over quantitatively assessed fair value.
In evaluating goodwill for impairment, we first evaluate, based upon the relevant events and circumstances and other such qualitative factors, whether the fair value of the reporting unit that the goodwill pertains to is greater than its aggregate carrying amount. If based upon this evaluation it is more likely than not that the fair value of the reporting unit is in excess of its aggregate carrying amount, no impairment charge is recorded and no further analysis is performed. Otherwise, we estimate the goodwill’s implied fair value based upon what would be allocated to goodwill if the reporting unit were acquired at estimated fair value in a transaction accounted for as a business combination, and record an impairment charge for any excess of book value over the goodwill’s implied fair value.
For our investments in unconsolidated real estate entities, if we determine that a decline in the estimated fair value of the investments below carrying amount is other than temporary, we record an impairment charge for any excess of carrying amount over the estimated fair value.
For our loan receivable, if we determine that it is probable we will be unable to collect all amounts due based on the terms of the loan agreement, we record an impairment charge for any excess of book value over the present value of expected future cash flows.
No impairments were recorded in any of our evaluations for any period presented herein.
Revenue and Expense Recognition
Rental income, which is generally earned pursuant to month-to-month leases for storage space, as well as late charges and administrative fees, are recognized as earned. Promotional discounts reduce rental income over the promotional period. Ancillary revenues and interest and other income are recognized when earned. Equity in earnings of unconsolidated real estate entities represents our pro-rata share of the earnings of the Unconsolidated Real Estate Entities.
We accrue for property tax expense based upon actual amounts billed and, in some circumstances, estimates and historical trends when bills or assessments have not been received from the taxing authorities or such bills and assessments are in dispute. If these estimates are incorrect, the timing and amount of expense recognition could be incorrect. Cost of operations, general and administrative expense, interest expense, as well as television and other advertising expenditures are expensed as incurred.
Foreign Currency Exchange Translation
The local currency (primarily the Euro) is the functional currency for our interests in foreign operations. The related balance sheet amounts are translated into U.S. Dollars at the exchange rates at the respective financial statement date, while amounts on our statements of income are translated at the average exchange rates during the respective period. The Euro was translated at exchange rates of approximately 1.216 U.S. Dollars per Euro at December 31, 2014 (1.377 at December 31, 2013), and average exchange rates of 1.329, 1.328 and 1.285 for the years ended December 31, 2014, 2013 and 2012, respectively. Cumulative translation adjustments, to the extent not included in cumulative net income, are included in equity as a component of accumulated other comprehensive income (loss).
PUBLIC STORAGE
NOTES TO FINANCIAL STATEMENTS
December 31, 2014
			
		
Comprehensive Income
Total comprehensive income represents net income, adjusted for changes in other comprehensive income (loss) for the applicable period. The aggregate foreign currency exchange gains and losses reflected on our statements of comprehensive income are comprised primarily of foreign currency exchange gains and losses on our investment in, and loan receivable from, Shurgard Europe.
Discontinued Operations
Effective January 1, 2014, we present as discontinued operations only those facility disposals that represent a strategic shift and have a major impact upon operations. Previously, all facility disposals were presented as discontinued operations. Discontinued operations totaling $12.9 million in 2012 primarily represents a gain on disposal of self-storage facilities. No other discontinued operations are presented for any other periods.
Net Income per Common Share
Net income is allocated to (i) noncontrolling interests based upon their share of the net income of the Subsidiaries, (ii) preferred shareholders, to the extent redemption cost exceeds the related original net issuance proceeds (an “EITF D-42 allocation”), and (iii) the remaining net income allocated to each of our equity securities based upon the dividends declared or accumulated during the period, combined with participation rights in undistributed earnings.
Basic net income per share, basic net income from discontinued operations per share, and basic net income from continuing operations per share are computed using the weighted average common shares outstanding. Diluted net income per share, diluted net income from discontinued operations per share, and diluted net income from continuing operations per share are computed using the weighted average common shares outstanding, adjusted for the impact, if dilutive, of stock options outstanding (Note 10).
The following table reflects net income allocable to common shareholders and the weighted average common shares and equivalents outstanding, as used in our calculations of basic and diluted net income per share, basic and diluted net income from discontinued operations per share, and basic and diluted net income from continuing operations per share:
PUBLIC STORAGE
NOTES TO FINANCIAL STATEMENTS
December 31, 2014
			
		
3.Real Estate Facilities
Activity in real estate facilities during 2014, 2013 and 2012 is as follows:
During 2014, we acquired 44 self-storage facilities (3,442,000 net rentable square feet), for a total cost of $430.7 million, consisting of $410.2 million in cash and the assumption of $20.5 million in mortgage debt. Approximately $30.2 million of the total cost was allocated to intangible assets. We completed expansion and development activities during 2014, adding 1,145,000 net rentable square feet of self-storage space, at an aggregate cost of $98.2 million. Construction in process at December 31, 2014 consists of projects to develop new self-storage facilities and expand existing self-storage facilities, which would add a total of 3.5 million net rentable square feet of storage space, for an aggregate estimated cost of approximately $411.0 million. We received approximately $2.6 million in disposition proceeds during 2014.
During 2013, we acquired 121 operating self-storage facilities from third parties (8,036,000 net rentable square feet of storage space) for $1.151 billion in cash and assumed mortgage debt with a fair value of $6 million. We allocated approximately $1.095 billion to real estate facilities and $62 million to intangible assets. We completed expansion and development activities during 2013, adding 614,000 net rentable square feet of self-storage space, at an aggregate cost of $85.3 million. We disposed of real estate for an aggregate of $0.2 million in cash, recording a gain of approximately $0.1 million in connection with partial condemnations.
During 2012, we acquired 24 operating self-storage facilities from third parties (1,908,000 net rentable square feet of storage space) and unfinished space which was subsequently developed into self-storage space for
PUBLIC STORAGE
NOTES TO FINANCIAL STATEMENTS
December 31, 2014
			
		
an aggregate of $225.5 million in cash, with $187.9 million allocated to real estate facilities, $9.1 million allocated to intangible assets and $28.5 million allocated to construction in process. During 2012, we began to consolidate a limited partnership owning three self-storage facilities (183,000 net rentable square feet) that we gained control of, and recorded a gain of $1.3 million representing the differences between the aggregate fair values of our existing investments and their book values. The fair values of our existing investments in 2012 was allocated to real estate facilities ($10.4 million), intangible assets ($0.9 million), and noncontrolling interests ($8.2 million). We also completed various expansion activities to our existing facilities for an aggregate cost of approximately $7.2 million.
During 2012, we also disposed of four operating self-storage facilities and portions of other facilities in connection with eminent domain proceedings. We received aggregate proceeds totaling $20.0 million and recorded gains totaling of $12.3 million, of which $12.1 million was included in discontinued operations and $0.2 million was included in gain on real estate sales in our statement of income for the year ended December 31, 2012.
At December 31, 2014, the adjusted basis of real estate facilities for federal tax purposes was approximately $8.9 billion (unaudited).
4.Investments in Unconsolidated Real Estate Entities
The following table sets forth our investments in, and equity earnings of, the Unconsolidated Real Estate Entities (amounts in thousands):
(A)
At December 31, 2014, the “Other Investments” include an average common equity ownership of approximately 26% in various limited partnerships that collectively own 13 self-storage facilities (14 at December 31, 2013).
During 2014, 2013 and 2012, we received cash distributions from our investments in the Unconsolidated Real Estate Entities totaling $83.5 million, $45.9 million and $44.7 million, respectively. At December 31, 2014, the cost of our investment in the Unconsolidated Real Estate Entities exceeds our pro rata share of the underlying equity by approximately $68 million ($79 million at December 31, 2013). This differential is being amortized as a reduction in equity in earnings of the Unconsolidated Real Estate Entities based upon allocations to the underlying net assets. Such amortization was approximately $4.4 million during 2014 (none in 2013 or 2012), of which $2.5 million related to PSB’s disposition of assets.
Investment in PSB
PSB is a REIT traded on the New York Stock Exchange. We have an approximate 42% common equity interest in PSB as of December 31, 2014 and 2013, comprised of our ownership of 7,158,354 shares of PSB’s common stock and 7,305,355 limited partnership units (“LP Units”) in an operating partnership controlled by PSB. The LP Units are convertible at our option, subject to certain conditions, on a one-for-one
PUBLIC STORAGE
NOTES TO FINANCIAL STATEMENTS
December 31, 2014
			
		
basis into PSB common stock. Based upon the closing price at December 31, 2014 ($79.54 per share of PSB common stock), the shares and units we owned had a market value of approximately $1.2 billion.
During 2014, PSB recognized gains on the sale of real estate totaling $92.4 million. Our equity share of such gains totaled $36.5 million, which is included in our equity in earnings of unconsolidated real estate entities on our income statement for 2014. During 2013, we purchased 406,748 shares of PSB common stock in open-market transactions at an average cost of $73.15 per share. Subsequently, on November 7, 2013, PSB completed a public offering of 1,495,000 shares of its common stock for $79.25 per share. Concurrent with the public offering, we purchased an additional 950,000 shares of PSB common stock from PSB at the same price per share as the public offering for a total cost of $75.3 million. In connection with PSB’s common share issuance, we recognized a gain on sale of real estate totaling $4.1 million as if we had sold a proportionate share of our investment in PSB.
The following table sets forth selected financial information of PSB. The amounts represent all of PSB’s balances and not our pro-rata share.
Investment in Shurgard Europe
For all periods presented, we had a 49% equity investment in Shurgard Europe and our joint venture partner owns the remaining 51% interest. In addition, Shurgard Europe pays a license fee to us for the use of the “Shurgard” trademark, and through July 2014, paid us interest on a shareholder loan which was repaid at that time (see Note 5).
PUBLIC STORAGE
NOTES TO FINANCIAL STATEMENTS
December 31, 2014
			
		
Changes in foreign currency exchange rates caused our investment in Shurgard Europe to decrease by approximately $47.3 million in 2014 and to increase our investment by $45.0 thousand in 2013 and $21.6 million in 2012.
The following table sets forth selected consolidated financial information of Shurgard Europe based upon all of Shurgard Europe’s balances for all periods, rather than our pro rata share. Such amounts are based upon our historical acquired book basis.
As reflected in the table above, Shurgard Europe’s net income has been reduced by expenses it pays to its shareholders, including a trademark license fee and interest expense on the shareholder loan. The following table set forth the calculation of our equity in earnings in Shurgard Europe:
PUBLIC STORAGE
NOTES TO FINANCIAL STATEMENTS
December 31, 2014
			
		
As indicated in the table above, 49% of the trademark license fees and interest paid by Shurgard Europe to its shareholders is included in our equity in earnings of Shurgard Europe and any remaining amount paid to us is included in “interest and other income” on our income statements. See Note 5 for further information.
5.Loan Receivable from Unconsolidated Real Estate Entity
At December 31, 2013, we owned 100% of the shareholder loan due from Shurgard Europe, which had a balance of €311.0 million ($428.1 million) and bore interest at 9.0% per annum. On January 28, 2014, our joint venture partner in Shurgard Europe acquired a 51% interest in the loan at face value for €158.6 million ($216.2 million) in cash. In July 2014, Shurgard Europe fully repaid its €311.0 million shareholder loan accordingly, we received a total of €152.4 million ($204.9 million), representing our 49% share of the loan.
For 2014, 2013 and 2012, we recorded interest income with respect to this loan of approximately $1.5 million, $19.3 million and $18.7 million, respectively. The reduction in amounts classified as interest and other income during 2014, as compared to 2013 and 2012 is due to the sale, on January 28, 2014 of 51% of the shareholder loan to our joint venture partner, who collected 51% of the loan interest following the sale.
Based upon our continued expectation of repayment of the loan in the foreseeable future, we reflected changes in the U.S. Dollar equivalent of the amount due us, as a result of changes in foreign exchange rates as “foreign currency exchange gain (loss)” on our income statement until repayment of the loan in full in July 2014.
We believed that the interest rate on the loan approximated the market rate for loans with similar terms, conditions, subordination features, and tenor, and that the fair value of the loan approximated book value. In our evaluation of market rates and fair value, we considered that Shurgard Europe had sufficient operating cash flow, liquidity and collateral, and we have sufficient creditor rights such that credit risk was mitigated.
6.Credit Facility, Term Loan and Notes Payable
We have a $300 million revolving line of credit (the “Credit Facility”) that expires on March 21, 2017. Amounts drawn on the Credit Facility bear annual interest at rates ranging from LIBOR plus 0.900% to LIBOR plus 1.500% depending upon the ratio of our Total Indebtedness to Gross Asset Value (as defined in the Credit Facility) (LIBOR plus 0.900% at December 31, 2014). In addition, we are required to pay a quarterly facility fee ranging from 0.125% per annum to 0.300% per annum depending upon the ratio of our Total Indebtedness to our Gross Asset Value (0.125% per annum at December 31, 2014). At December 31, 2014 and February 20, 2015, we had no outstanding borrowings under this Credit Facility ($50.1 million at December 31, 2013). We had undrawn standby letters of credit, which reduce our borrowing capacity, totaling $13.9 million at
PUBLIC STORAGE
NOTES TO FINANCIAL STATEMENTS
December 31, 2014
			
		
December 31, 2014 and $15.1 million at December 31, 2013. The Credit Facility has various customary restrictive covenants, all of which we were in compliance with at December 31, 2014.
On December 2, 2013, we entered into a one year $700 million unsecured term loan (the “Term Loan”) with Wells Fargo Bank, with an interest rate and covenants the same as for the Credit Facility. The Term Loan was repaid in 2014. We incurred origination costs of $1.9 million for the Term Loan which were amortized using the effective interest method through the date of extinguishment.
The carrying amounts of our notes payable at December 31, 2014 and 2013, totaled $64.4 million and $89.0 million, respectively, with unamortized premium totaling $0.6 million and $0.5 million, respectively. These notes were assumed or issued in connection with acquisitions of real estate facilities and recorded at fair value with any premium or discount over the stated note balance amortized using the effective interest method. At December 31, 2014, the notes are secured by 34 real estate facilities with a net book value of approximately $161 million, have contractual interest rates between 2.9% and 7.1%, and mature between March 2015 and September 2028.
During 2014 and 2013, we assumed mortgage debt with estimated fair values of $20.5 million and $6.1 million, respectively, market rates of 3.6% and 3.7%, respectively, (contractual balances of $19.8 million and $5.7 million, respectively, and contractual interest rates of 5.2% and 6.2%, respectively,) in connection with the acquisition of real estate facilities.
On October 1, 2013, we borrowed $100.0 million from PSB under a term loan which was repaid in full on October 18, 2013. The loan bore interest at 1.388%.
At December 31, 2014, approximate principal maturities of our notes payable are as follows (amounts in thousands):
Cash paid for interest totaled $9.0 million, $10.4 million and $21.7 million for 2014, 2013 and 2012, respectively. Interest capitalized as real estate totaled $1.6 million, $2.9 million and $0.4 million in 2014, 2013 and 2012, respectively.
7.Noncontrolling Interests
At December 31, 2014, the noncontrolling interests represent (i) third-party equity interests in subsidiaries owning 14 self-storage facilities and (ii) 231,978 partnership units held by third-parties in a subsidiary that are convertible on a one-for-one basis (subject to certain limitations) into common shares of the Company at the option of the unitholder (collectively, the “Noncontrolling Interests”). At December 31, 2014, the Noncontrolling Interests cannot require us to redeem their interests, other than pursuant to a liquidation of the subsidiary. During 2014, 2013 and 2012, we allocated a total of $5.8 million, $5.1 million and $3.7 million,
PUBLIC STORAGE
NOTES TO FINANCIAL STATEMENTS
December 31, 2014
			
		
respectively, to these interests; and we paid $6.5 million, $6.5 million and $5.9 million, respectively, in distributions to these interests.
During 2014 and 2013, we acquired Noncontrolling Interests for $0.7 million and $6.2 million, respectively, in cash, substantially all of which was allocated to paid-in-capital.
During 2012, we acquired Noncontrolling Interests for $21.3 million in cash, including $19.9 million for interests that were redeemable at the option of the holder, of which $0.1 million was recorded as a reduction to permanent noncontrolling interests, $11.9 million was recorded as a reduction to redeemable noncontrolling interests, and $9.3 million was recorded as a reduction to paid-in capital.
8.Shareholders’ Equity
Preferred Shares
At December 31, 2014 and 2013, we had the following series of Cumulative Preferred Shares (“Preferred Shares”) outstanding:
PUBLIC STORAGE
NOTES TO FINANCIAL STATEMENTS
December 31, 2014
			
		
The holders of our Preferred Shares have general preference rights with respect to liquidation, quarterly distributions and any accumulated unpaid distributions. Except under certain conditions and as noted below, holders of the Preferred Shares will not be entitled to vote on most matters. In the event of a cumulative arrearage equal to six quarterly dividends, holders of all outstanding series of preferred shares (voting as a single class without regard to series) will have the right to elect two additional members to serve on our board of trustees (the “Board”) until the arrearage has been cured. At December 31, 2014, there were no dividends in arrears.
Except under certain conditions relating to the Company’s qualification as a REIT, the Preferred Shares are not redeemable prior to the dates indicated on the table above. On or after the respective dates, each of the series of Preferred Shares is redeemable at our option, in whole or in part, at $25.00 per depositary share, plus accrued and unpaid dividends. Holders of the Preferred Shares cannot require us to redeem such shares.
Upon issuance of our Preferred Shares, we classify the liquidation value as preferred equity on our balance sheet with any issuance costs recorded as a reduction to paid-in capital.
During 2014, we issued an aggregate 30.5 million depositary shares, each representing 1/1,000 of a share of our Series Y, Series Z, and Series A Preferred Shares, at an issuance price of $25.00 per depositary share, for a total of $762.5 million in gross proceeds, and we incurred $23.5 million in issuance costs.
During 2013, we issued an aggregate 29.0 million depositary shares, each representing 1/1,000 of a share of our Series W and Series X Preferred Shares, at an issuance price of $25.00 per depositary share, for a total of $725.0 million in gross proceeds, and we incurred $23.3 million in issuance costs.
PUBLIC STORAGE
NOTES TO FINANCIAL STATEMENTS
December 31, 2014
			
		
During 2012, we issued an aggregate 68.2 million depositary shares, each representing 1/1,000 of a share of our Series S, Series T, Series U, and Series V Preferred Shares, at an issuance price of $25.00 per depositary share, for a total of $1.7 billion in gross proceeds, and we incurred $53.5 million in issuance costs.
In 2012, we redeemed our Series A, Series C, Series D, Series E, Series F, Series L, Series M, Series N, Series W, Series X, Series Y and Series Z Preferred Shares, at par. The aggregate redemption amount, before payment of accrued dividends, was $2.0 billion. We recorded $61.7 million in EITF D-42 allocations of income from our common shareholders to the holders of our Preferred Shares in 2012 in connection with these redemptions.
Common Shares
During 2014, 2013 and 2012, activity with respect to the issuance or repurchase of our common shares was as follows (amounts in thousands):
Our Board previously authorized the repurchase from time to time of up to 35.0 million of our common shares on the open market or in privately negotiated transactions. Through December 31, 2014, we repurchased approximately 23.7 million shares pursuant to this authorization; none of which were repurchased during the three years ended December 31, 2014.
In December 2012, we sold 712,400 of our common shares for aggregate proceeds of approximately $101.3 million in cash.
At December 31, 2014 and 2013, we had 2,836,592 and 2,810,540 respectively, of common shares reserved in connection with our share-based incentive plans (see Note 10), and 231,978 shares reserved for the conversion of partnership units owned by Noncontrolling Interests.
The unaudited characterization of dividends for Federal income tax purposes is made based upon earnings and profits of the Company, as defined by the Internal Revenue Code. Common share dividends including amounts paid to our restricted share unitholders totaled $967.9 million ($5.60 per share), $887.1 million ($5.15 per share) and $753.9 million ($4.40 per share), for the years ended December 31, 2014, 2013 and 2012, respectively. Preferred share dividends totaled $232.6 million, $204.3 million and $205.2 million for the years ended December 31, 2014, 2013 and 2012, respectively.
For the tax year ended December 31, 2014, distributions for the common shares and all the various series of preferred shares were classified as follows:
PUBLIC STORAGE
NOTES TO FINANCIAL STATEMENTS
December 31, 2014
			
		
The ordinary income dividends distributed for the tax year ended December 31, 2014 do not constitute qualified dividend income.
9.Related Party Transactions
The Hughes Family owns approximately 15.5% of our common shares outstanding at December 31, 2014.
The Hughes Family has ownership interests in, and operates, approximately 54 self-storage facilities in Canada (“PS Canada”) using the “Public Storage” brand name pursuant to a non-exclusive, royalty-free trademark license agreement with the Company. We currently do not own any interests in these facilities. We have a right of first refusal to acquire the stock or assets of the corporation that manages the 54 self-storage facilities in Canada, if the Hughes Family or the corporation agrees to sell them. We reinsure risks relating to loss of goods stored by customers in these facilities. During the years ended December 31, 2014, 2013 and 2012, we received $0.5 million, $0.5 million and $0.6 million, respectively, in reinsurance premiums attributed to these facilities. There is no assurance that these premiums will continue, as our rights to reinsure these risks may be qualified.
At December 31, 2012, PS Canada and PSB held approximately a 2.2% and 4.0%, respectively, interest in STOR-Re Mutual Insurance Company, Inc. (“STOR-Re”), a Subsidiary that provided liability and casualty insurance for PS Canada, PSB, the Company, and certain affiliates of the Company for occurrences prior to April 1, 2004. During 2013, we acquired PS Canada’s 2.2% interest and PSB’s 4.0% interest in STOR-Re for $0.6 million and $1.1 million, respectively, in cash.
On October 1, 2013, we borrowed $100.0 million from PSB under a term loan which was repaid in full on October 18, 2013. The loan bore interest at 1.388% per annum and interest paid to PSB totaled $0.1 million.
10.Share-Based Compensation
Under various share-based compensation plans and under terms established by a committee of our Board, the Company grants non-qualified options to purchase the Company’s common shares, as well as restricted share units (“RSUs”), to trustees, officers, service providers and key employees.
Stock options and RSUs are considered “granted” and “outstanding” as the terms are used herein, when (i) the Company and the recipient reach a mutual understanding of the key terms of the award, (ii) the award has been authorized, (iii) the recipient is affected by changes in the market price of our stock, and (iv) it is probable that any performance and service conditions will be met.
We amortize the grant-date fair value of awards (net of anticipated forfeitures) as compensation expense over the service period. The service period begins on the grant date and ends on the vesting date. For awards that are earned solely upon the passage of time and continued service, the entire cost of the award is
PUBLIC STORAGE
NOTES TO FINANCIAL STATEMENTS
December 31, 2014
			
		
amortized on a straight-line basis over the service period. For awards with performance conditions, the individual cost of each vesting is amortized separately over each individual service period (the “accelerated attribution” method).
Stock Options
Stock options vest over a three to five-year period, expire ten years after the grant date, and the exercise price is equal to the closing trading price of our common shares on the grant date. Employees cannot require the Company to settle their award in cash. We use the Black-Scholes option valuation model to estimate the fair value of our stock options.
Outstanding stock option grants are included on a one-for-one basis in our diluted weighted average shares, to the extent dilutive, after applying the treasury stock method (based upon the average common share price during the period) to assumed exercise proceeds and measured but unrecognized compensation.
The stock options outstanding at December 31, 2014 have an aggregate intrinsic value (the excess, if any, of each option’s market value over the exercise price) of approximately $152.0 million and remaining average contractual lives of approximately six years. Other than stock options granted in 2014, all stock options outstanding at December 31, 2014 have exercise prices of $165 or less. The aggregate intrinsic value of exercisable stock options at December 31, 2014 amounted to approximately $135.3 million.
Additional information with respect to stock options during 2014, 2013 and 2012 is as follows:
PUBLIC STORAGE
NOTES TO FINANCIAL STATEMENTS
December 31, 2014
			
		
Restricted Share Units
RSUs generally vest ratably over a three to eight-year period from the grant date. The grantee receives dividends for each outstanding RSU equal to the per-share dividends received by our common shareholders. We expense any dividends previously paid upon forfeiture of the related RSU. Upon vesting, the grantee receives common shares equal to the number of vested RSUs, less common shares withheld in exchange for tax deposits made by the Company to satisfy the grantee’s statutory tax liabilities arising from the vesting.
The fair value of our RSUs is determined based upon the applicable closing trading price of our common shares.
The fair value of our RSUs outstanding at December 31, 2014 was approximately $138.8 million. Remaining compensation expense related to RSUs outstanding at December 31, 2014 totals approximately $68.9 million (which is net of expected forfeitures) and is expected to be recognized as compensation expense over the next three years on average. The following tables set forth relevant information with respect to restricted shares (dollar amounts in thousands):
PUBLIC STORAGE
NOTES TO FINANCIAL STATEMENTS
December 31, 2014
			
		
See also “net income per common share” in Note 2 for further discussion regarding the impact of RSUs and stock options on our net income per common and income allocated to common shareholders.
11.Segment Information
Our reportable segments reflect the significant components of our operations that are evaluated separately by our chief operating decision maker (“CODM”) and have discrete financial information available. We organize our segments based primarily upon the nature of the underlying products and services, and whether the operation is located in the U.S. or outside the U.S. In making resource allocation decisions, our CODM considers the net income from continuing operations of each reportable segment included in the tables below, excluding the impact of depreciation and amortization, gains or losses on disposition of real estate facilities, and asset impairment charges. The amounts for each reportable segment included in the tables below are in conformity with GAAP and our significant accounting policies as denoted in Note 2. Ancillary revenues and expenses, interest and other income (other than from Shurgard Europe), interest expense, general and administrative expense and gains and losses on the early repayment of debt are not allocable to any of our reportable segments. Our CODM does not consider the book value of assets in making resource allocation decisions.
Following is the description of and basis for presentation for each of our segments.
Domestic Self-Storage Segment
The Domestic Self-Storage Segment includes the operations of the 2,238 self-storage facilities owned by the Company and the Subsidiaries, as well as our equity share of the Other Investments. For all periods presented, substantially all of our real estate facilities, goodwill and other intangible assets, other assets, and accrued and other liabilities are associated with the Domestic Self-Storage Segment.
PUBLIC STORAGE
NOTES TO FINANCIAL STATEMENTS
December 31, 2014
			
		
European Self-Storage Segment
The European Self-Storage segment comprises our interest in Shurgard Europe, which has a separate management team reporting directly to our CODM and our joint venture partner. The European Self-Storage segment includes our equity share of Shurgard Europe’s operations, the interest and other income received from Shurgard Europe, and foreign currency exchange gains and losses that are attributable to Shurgard Europe. Our balance sheet includes an investment in Shurgard Europe (Note 4) and a loan receivable from Shurgard Europe (Note 5).
Commercial Segment
The Commercial segment comprises our investment in PSB, a publicly-traded REIT with a separate management team that makes its financing, capital allocation and other significant decisions. The Commercial segment also includes our direct interest in certain commercial facilities, substantially all of which are managed by PSB. The Commercial segment presentation includes our equity earnings from PSB, as well as the revenues and expenses of our commercial facilities. At December 31, 2014, the assets of the Commercial segment are comprised principally of our investment in PSB (Note 4).
Presentation of Segment Information
The following tables reconcile the performance of each segment, in terms of segment income, to our net income (amounts in thousands):
PUBLIC STORAGE
NOTES TO FINANCIAL STATEMENTS
December 31, 2014
			
		
PUBLIC STORAGE
NOTES TO FINANCIAL STATEMENTS
December 31, 2014
			
		
PUBLIC STORAGE
NOTES TO FINANCIAL STATEMENTS
December 31, 2014
			
		
Year ended December 31, 2012
12. Recent Accounting Pronouncements and Guidance
In April 2014, the Financial Accounting Standards Board (“FASB”) revised standards to limit the presentation as discontinued operations only to those facility disposals that represent a strategic shift and have a major impact upon operations, rather than to all facility disposals under previous standards. This change applies to disposals occurring after our early adoption date (as encouraged by the standard) of January 1, 2014. This change has no material impact on our financial statements.
In May 2014, the FASB issued an accounting standard (ASU No. 2014-09), requiring an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU No. 2014-09 will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective and permits the use of either the retrospective or cumulative effect transition method. The new standard is effective for us on January 1, 2017. Early adoption is not permitted. We have not yet selected a transition method. We do not believe the adoption of ASU No. 2014-09 will have a material impact on our results of operations or financial condition.
PUBLIC STORAGE
NOTES TO FINANCIAL STATEMENTS
December 31, 2014
			
		
13.Commitments and Contingencies
Contingent Losses
We are a party to various legal proceedings and subject to various claims and complaints; however, we believe that the likelihood of these contingencies resulting in a material loss to the Company, either individually or in the aggregate, is remote.
Insurance and Loss Exposure
We have historically carried customary property, earthquake, general liability, employee medical insurance and workers compensation coverage through internationally recognized insurance carriers, subject to customary levels of deductibles. The aggregate limits on these policies of approximately $75 million for property losses and $102 million for general liability losses are higher than estimates of maximum probable losses that could occur from individual catastrophic events determined in recent engineering and actuarial studies; however, in case of multiple catastrophic events, these limits could be exhausted.
We reinsure a program that provides insurance to our customers from an independent third-party insurer. This program covers tenant claims for losses to goods stored at our facilities as a result of specific named perils (earthquakes are not covered by this program), up to a maximum limit of $5,000 per storage unit. We reinsure all risks in this program, but purchase insurance from an independent third party insurance company for aggregate claims between $5.0 million and $15.0 million per occurrence. We are subject to licensing requirements and regulations in several states. At December 31, 2014, there were approximately 823,000 certificates held by our self-storage customers, representing aggregate coverage of approximately $2.2 billion.
14.Supplementary Quarterly Financial Data (unaudited)
PUBLIC STORAGE
NOTES TO FINANCIAL STATEMENTS
December 31, 2014
			
		
15.Subsequent Events
Subsequent to December 31, 2014, we acquired four self-storage facilities (one each in Florida, North Carolina, Washington and Texas), with an aggregate of 265,000 net rentable square feet, for approximately $32 million in cash.
			 		
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Self-storage Facilities - United States
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
01/01/81
Newport News / Jefferson Avenue
-
				
1,071 				
				
				
1,992 				
2,100 				
1,864 				
01/01/81
Virginia Beach / Diamond Springs
-
				
1,094 				
1,072 				
				
2,166 				
2,352 				
2,060 				
08/01/81
San Jose / Snell
-
				
1,815 				
				
				
2,362 				
2,674 				
2,312 				
10/01/81
Tampa / Lazy Lane
-
				
1,899 				
1,038 				
				
2,937 				
3,219 				
2,849 				
06/01/82
San Jose / Tully
-
				
1,579 				
16,541 				
2,972 				
15,793 				
18,765 				
7,218 				
06/01/82
San Carlos / Storage
-
				
1,387 				
				
				
2,263 				
3,043 				
2,227 				
06/01/82
Mountain View
-
1,180 				
1,182 				
2,554 				
1,046 				
3,870 				
4,916 				
2,365 				
06/01/82
Cupertino / Storage
-
				
1,270 				
				
				
1,875 				
2,447 				
1,811 				
10/01/82
Sorrento Valley
-
1,002 				
1,343 				
(664) 				
				
1,030 				
1,681 				
				
10/01/82
Northwood
-
1,034 				
1,522 				
6,835 				
1,034 				
8,357 				
9,391 				
3,150 				
12/01/82
Port/Halsey
-
				
1,150 				
				
				
1,290 				
1,647 				
1,019 				
12/01/82
Sacto/Folsom
-
				
				
1,117 				
				
1,446 				
1,842 				
1,227 				
01/01/83
Platte
-
				
				
1,359 				
				
2,312 				
2,721 				
1,875 				
01/01/83
Semoran
-
				
1,882 				
9,231 				
				
11,113 				
11,555 				
6,382 				
01/01/83
Raleigh/Yonkers
-
-
1,117 				
1,127 				
-
2,244 				
2,244 				
1,754 				
03/01/83
Blackwood
-
				
1,559 				
1,239 				
				
2,798 				
3,011 				
2,316 				
04/01/83
Vailsgate
-
				
				
1,603 				
				
2,593 				
2,696 				
2,179 				
05/01/83
Delta Drive
-
				
				
				
				
1,252 				
1,320 				
1,083 				
06/01/83
Ventura
-
				
1,734 				
1,014 				
				
2,748 				
3,406 				
2,295 				
09/01/83
Southington
-
				
1,233 				
				
				
2,072 				
2,195 				
1,705 				
09/01/83
Southhampton
-
				
1,738 				
1,852 				
				
3,590 				
3,921 				
2,951 				
09/01/83
Webster/Keystone
-
				
1,688 				
2,110 				
				
3,813 				
4,247 				
3,217 				
09/01/83
Dover
-
				
1,462 				
1,624 				
				
3,086 				
3,193 				
2,538 				
09/01/83
Newcastle
-
				
2,163 				
1,583 				
				
3,746 				
3,973 				
3,121 				
09/01/83
Newark
-
				
2,031 				
1,392 				
				
3,423 				
3,631 				
2,861 				
09/01/83
Langhorne
-
				
3,549 				
2,743 				
				
6,292 				
6,555 				
5,278 				
09/01/83
Hobart
-
				
1,491 				
2,423 				
				
3,914 				
4,129 				
3,133 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
09/01/83
Ft. Wayne/W. Coliseum
-
				
1,395 				
1,232 				
				
2,627 				
2,787 				
2,229 				
09/01/83
Ft. Wayne/Bluffton
-
				
				
				
				
1,402 				
1,490 				
1,138 				
10/01/83
Orlando J. Y. Parkway
-
				
1,512 				
1,404 				
				
2,916 				
3,299 				
2,366 				
11/01/83
Aurora
-
				
				
				
				
1,724 				
2,229 				
1,468 				
11/01/83
Campbell
-
1,379 				
1,849 				
				
1,379 				
2,096 				
3,475 				
1,799 				
11/01/83
Col Springs/Ed
-
				
1,640 				
1,245 				
				
2,886 				
3,356 				
2,384 				
11/01/83
Col Springs/Mv
-
				
1,036 				
1,109 				
				
2,145 				
2,465 				
1,762 				
11/01/83
Thorton
-
				
1,400 				
1,024 				
				
2,424 				
2,842 				
2,004 				
11/01/83
Oklahoma City
-
				
1,030 				
1,934 				
				
2,964 				
3,418 				
2,480 				
11/01/83
Tucson
-
				
				
1,646 				
				
2,424 				
2,767 				
1,965 				
11/01/83
Webster/Nasa
-
1,570 				
2,457 				
3,774 				
1,570 				
6,231 				
7,801 				
5,196 				
12/01/83
Charlotte
-
				
1,274 				
1,264 				
				
2,538 				
2,703 				
2,085 				
12/01/83
Greensboro/Market
-
				
1,653 				
2,203 				
				
3,856 				
4,070 				
3,286 				
12/01/83
Greensboro/Electra
-
				
				
				
				
1,793 				
1,905 				
1,521 				
12/01/83
Columbia
-
				
1,318 				
1,252 				
				
2,570 				
2,741 				
2,100 				
12/01/83
Richmond
-
				
1,360 				
1,432 				
				
2,792 				
2,968 				
2,363 				
12/01/83
Augusta
-
				
				
				
				
1,718 				
1,815 				
1,457 				
12/01/83
Tacoma
-
				
1,173 				
1,138 				
				
2,311 				
2,864 				
1,947 				
01/01/84
Fremont/Albrae
-
				
1,659 				
1,230 				
				
2,889 				
3,525 				
2,426 				
01/01/84
Belton
-
				
				
1,788 				
				
2,646 				
2,821 				
2,297 				
01/01/84
Gladstone
-
				
1,799 				
1,690 				
				
3,490 				
3,764 				
2,905 				
01/01/84
Hickman/112
-
				
1,848 				
				
				
2,318 				
2,476 				
				
01/01/84
Holmes
-
				
1,333 				
1,207 				
				
2,540 				
2,829 				
2,117 				
01/01/84
Independence
-
				
1,848 				
1,541 				
				
3,389 				
3,610 				
2,890 				
01/01/84
Merriam
-
				
1,469 				
1,471 				
				
2,940 				
3,195 				
2,505 				
01/01/84
Olathe
-
				
				
				
				
1,958 				
2,065 				
1,665 				
01/01/84
Shawnee
-
				
1,420 				
1,659 				
				
3,079 				
3,284 				
2,657 				
01/01/84
Topeka
-
				
1,049 				
1,024 				
				
2,073 				
2,148 				
1,773 				
03/01/84
Marrietta/Cobb
-
				
				
				
				
1,481 				
1,554 				
1,253 				
03/01/84
Manassas
-
				
1,556 				
1,178 				
				
2,734 				
3,054 				
2,292 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
03/01/84
Pico Rivera
-
				
				
				
				
1,674 				
2,417 				
1,325 				
04/01/84
Providence
-
				
1,087 				
1,120 				
				
2,207 				
2,299 				
1,868 				
04/01/84
Milwaukie/Oregon
-
				
				
				
				
1,444 				
1,733 				
1,227 				
05/01/84
Raleigh/Departure
-
				
2,484 				
2,150 				
				
4,634 				
4,936 				
3,958 				
05/01/84
Virginia Beach
-
				
2,121 				
2,234 				
				
4,365 				
4,864 				
3,730 				
05/01/84
Philadelphia/Grant
-
1,041 				
3,262 				
2,265 				
1,040 				
5,528 				
6,568 				
4,767 				
05/01/84
Garland
-
				
				
1,011 				
				
1,855 				
2,211 				
1,514 				
06/01/84
Lorton
-
				
2,040 				
2,020 				
				
4,060 				
4,495 				
3,348 				
06/01/84
Baltimore
-
				
1,793 				
1,966 				
				
3,759 				
4,141 				
3,208 				
06/01/84
Laurel
-
				
2,349 				
2,331 				
				
4,681 				
5,181 				
3,872 				
06/01/84
Delran
-
				
1,472 				
1,214 				
				
2,686 				
2,965 				
2,243 				
06/01/84
Orange Blossom
-
				
				
				
				
1,718 				
1,944 				
1,435 				
06/01/84
Cincinnati
-
				
1,573 				
2,007 				
				
3,580 				
3,982 				
2,998 				
06/01/84
Florence
-
				
				
1,435 				
				
2,175 				
2,360 				
1,753 				
07/01/84
Trevose/Old Lincoln
-
				
1,749 				
1,478 				
				
3,227 				
3,648 				
2,733 				
08/01/84
Medley
-
				
1,016 				
2,011 				
				
3,091 				
3,611 				
2,224 				
08/01/84
Oklahoma City
-
				
1,310 				
1,747 				
				
3,057 				
3,397 				
2,490 				
08/01/84
Newport News
-
				
2,395 				
2,227 				
				
4,622 				
4,978 				
3,772 				
08/01/84
Kaplan/Walnut Hill
-
				
2,359 				
2,421 				
				
4,780 				
5,751 				
4,017 				
08/01/84
Kaplan/Irving
-
				
1,592 				
5,623 				
				
7,219 				
7,892 				
4,972 				
09/01/84
Cockrell Hill
-
				
				
2,256 				
				
3,169 				
3,549 				
2,617 				
11/01/84
Omaha
-
				
				
1,249 				
				
2,055 				
2,164 				
1,649 				
11/01/84
Hialeah
-
				
1,784 				
1,558 				
				
3,342 				
4,228 				
2,822 				
12/01/84
Austin/Lamar
-
				
				
1,338 				
				
2,286 				
2,928 				
1,937 				
12/01/84
Pompano
-
				
1,386 				
2,068 				
				
3,454 				
3,853 				
2,947 				
12/01/84
Fort Worth
-
				
				
				
				
1,465 				
1,587 				
1,173 				
12/01/84
Montgomeryville
-
				
2,085 				
1,519 				
				
3,604 				
3,819 				
3,000 				
01/01/85
Cranston
-
				
				
				
				
1,546 				
1,721 				
1,300 				
01/01/85
Bossier City
-
				
1,542 				
1,652 				
				
3,194 				
3,378 				
2,706 				
02/01/85
Simi Valley
-
				
1,389 				
1,000 				
				
2,389 				
3,126 				
1,989 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
02/01/85
Hurst
-
				
1,220 				
				
				
2,160 				
2,391 				
1,795 				
03/01/85
Chattanooga
-
				
1,573 				
1,994 				
				
3,567 				
3,769 				
2,974 				
03/01/85
Portland
-
				
				
				
				
1,927 				
2,212 				
1,528 				
03/01/85
Fern Park
-
				
1,107 				
				
				
1,976 				
2,120 				
1,654 				
03/01/85
Fairfield
-
				
1,187 				
1,536 				
				
2,723 				
3,061 				
2,277 				
03/01/85
Houston / Westheimer
-
				
1,179 				
1,170 				
				
2,349 				
3,199 				
2,144 				
04/01/85
Austin/ S. First
-
				
1,282 				
1,370 				
				
2,652 				
3,430 				
2,221 				
04/01/85
Cincinnati/ E. Kemper
-
				
1,573 				
1,374 				
				
2,947 				
3,179 				
2,460 				
04/01/85
Cincinnati/ Colerain
-
				
1,717 				
1,882 				
				
3,599 				
3,852 				
3,068 				
04/01/85
Florence/ Tanner Lane
-
				
1,477 				
1,743 				
				
3,220 				
3,438 				
2,713 				
04/01/85
Laguna Hills
-
1,224 				
3,303 				
1,817 				
1,223 				
5,121 				
6,344 				
4,261 				
05/01/85
Tacoma/ Phillips Rd.
-
				
1,204 				
1,173 				
				
2,377 				
2,773 				
1,954 				
05/01/85
Milwaukie/ Mcloughlin
-
				
				
1,366 				
				
2,108 				
2,566 				
1,680 				
05/01/85
Manchester/ S. Willow
-
				
2,129 				
1,117 				
				
3,246 				
3,617 				
2,724 				
05/01/85
Longwood
-
				
1,645 				
1,369 				
				
3,014 				
3,369 				
2,559 				
05/01/85
Columbus/Busch Blvd.
-
				
1,559 				
1,666 				
				
3,225 				
3,427 				
2,704 				
05/01/85
Columbus/Kinnear Rd.
-
				
1,865 				
1,802 				
				
3,667 				
3,908 				
3,071 				
05/01/85
Worthington
-
				
1,824 				
1,621 				
				
3,445 				
3,666 				
2,866 				
05/01/85
Arlington
-
				
1,497 				
1,624 				
				
3,121 				
3,322 				
2,628 				
06/01/85
N. Hollywood/ Raymer
-
				
				
6,405 				
				
7,252 				
8,220 				
3,114 				
06/01/85
Grove City/ Marlane Drive
-
				
1,157 				
1,142 				
				
2,299 				
2,449 				
1,931 				
06/01/85
Reynoldsburg
-
				
1,568 				
1,670 				
				
3,238 				
3,442 				
2,759 				
07/01/85
San Diego/ Kearny Mesa Rd
-
				
1,750 				
1,557 				
				
3,307 				
4,090 				
2,774 				
07/01/85
Scottsdale/ 70th St
-
				
1,368 				
1,450 				
				
2,818 				
3,450 				
2,267 				
07/01/85
Concord/ Hwy 29
-
				
				
1,376 				
				
2,126 				
2,276 				
1,773 				
07/01/85
Columbus/Morse Rd.
-
				
1,510 				
1,541 				
				
3,051 				
3,246 				
2,448 				
07/01/85
Columbus/Kenney Rd.
-
				
1,531 				
1,482 				
				
3,013 				
3,212 				
2,566 				
07/01/85
Westerville
-
				
1,517 				
1,684 				
				
3,095 				
3,400 				
2,568 				
07/01/85
Springfield
-
				
				
1,009 				
				
1,708 				
1,798 				
1,410 				
07/01/85
Dayton/Needmore Road
-
				
1,108 				
1,219 				
				
2,327 				
2,471 				
1,898 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
07/01/85
Dayton/Executive Blvd.
-
				
1,207 				
1,536 				
				
2,744 				
2,903 				
2,255 				
07/01/85
Lilburn
-
				
				
				
				
1,843 				
2,173 				
1,496 				
09/01/85
Columbus/ Sinclair
-
				
				
1,232 				
				
2,125 				
2,432 				
1,766 				
09/01/85
Philadelphia/ Tacony St
-
				
1,782 				
1,454 				
				
3,236 				
3,354 				
2,691 				
10/01/85
N. Hollywood/ Whitsett
-
1,524 				
2,576 				
1,836 				
1,524 				
4,412 				
5,936 				
3,693 				
10/01/85
Portland/ SE 82nd St
-
				
				
				
				
1,386 				
1,740 				
1,118 				
10/01/85
Columbus/ Ambleside
-
				
1,526 				
1,054 				
				
2,580 				
2,704 				
2,164 				
10/01/85
Indianapolis/ Pike Place
-
				
1,531 				
1,550 				
				
3,081 				
3,310 				
2,791 				
10/01/85
Indianapolis/ Beach Grove
-
				
1,342 				
1,352 				
				
2,694 				
2,892 				
2,274 				
10/01/85
Hartford/ Roberts
-
				
1,481 				
6,990 				
				
8,281 				
8,690 				
4,323 				
10/01/85
Wichita/ S. Rock Rd.
-
				
1,478 				
1,448 				
				
2,785 				
3,427 				
2,214 				
10/01/85
Wichita/ E. Harry
-
				
1,050 				
				
				
2,011 				
2,296 				
1,646 				
10/01/85
Wichita/ S. Woodlawn
-
				
				
				
				
1,873 				
2,136 				
1,569 				
10/01/85
Wichita/ E. Kellogg
-
				
				
				
				
1,073 				
1,258 				
				
10/01/85
Wichita/ S. Tyler
-
				
1,004 				
				
				
1,858 				
2,152 				
1,505 				
10/01/85
Wichita/ W. Maple
-
				
				
				
				
1,327 				
1,561 				
1,072 				
10/01/85
Wichita/ Carey Lane
-
				
				
				
				
1,289 				
1,481 				
				
10/01/85
Wichita/ E. Macarthur
-
				
				
				
				
1,252 				
1,472 				
				
10/01/85
Joplin/ S. Range Line
-
				
				
				
				
1,707 				
1,971 				
1,360 				
10/01/85
San Antonio/ Wetmore Rd.
-
				
1,079 				
1,510 				
				
2,589 				
2,895 				
2,199 				
10/01/85
San Antonio/ Callaghan
-
				
1,016 				
1,252 				
				
2,268 				
2,556 				
1,931 				
10/01/85
San Antonio/ Zarzamora
-
				
1,281 				
1,645 				
				
2,926 				
3,290 				
2,479 				
10/01/85
San Antonio/ Hackberry
-
				
1,367 				
3,987 				
				
5,354 				
5,742 				
3,764 				
10/01/85
San Antonio/ Fredericksburg
-
				
1,009 				
1,564 				
				
2,573 				
2,860 				
2,297 				
10/01/85
Dallas/ S. Westmoreland
-
				
1,670 				
1,336 				
				
3,006 				
3,480 				
2,607 				
10/01/85
Dallas/ Alvin St.
-
				
1,266 				
1,329 				
				
2,595 				
2,954 				
2,197 				
10/01/85
Fort Worth/ W. Beach St.
-
				
1,252 				
1,001 				
				
2,253 				
2,609 				
1,968 				
10/01/85
Fort Worth/ E. Seminary
-
				
1,346 				
1,051 				
				
2,397 				
2,779 				
2,087 				
10/01/85
Fort Worth/ Cockrell St.
-
				
1,136 				
				
				
2,001 				
2,324 				
1,775 				
11/01/85
Everett/ Evergreen
-
				
2,294 				
2,120 				
				
4,415 				
5,120 				
3,733 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
11/01/85
Seattle/ Empire Way
-
1,652 				
5,348 				
2,967 				
1,651 				
8,316 				
9,967 				
7,290 				
12/01/85
Milpitas
-
1,623 				
1,577 				
1,419 				
1,623 				
2,996 				
4,619 				
2,521 				
12/01/85
Pleasanton/ Santa Rita
-
1,226 				
2,078 				
1,765 				
1,225 				
3,844 				
5,069 				
3,206 				
12/01/85
Amherst/ Niagra Falls
-
				
				
				
				
1,632 				
1,764 				
1,441 				
12/01/85
West Sams Blvd.
-
				
1,159 				
				
				
1,425 				
1,589 				
1,195 				
12/01/85
MacArthur Rd.
-
				
1,628 				
				
				
2,615 				
2,819 				
2,323 				
12/01/85
Brockton/ Main
-
				
2,020 				
				
				
2,756 				
2,909 				
2,423 				
12/01/85
Eatontown/ Hwy 35
-
				
4,067 				
3,057 				
				
7,124 				
7,432 				
6,382 				
12/01/85
Denver/ Leetsdale
-
				
				
				
				
1,672 				
2,275 				
1,486 				
01/01/86
Mapleshade/ Rudderow
-
				
1,811 				
1,599 				
				
3,410 				
3,772 				
3,083 				
01/01/86
Bordentown/ Groveville
-
				
				
				
				
1,819 				
2,015 				
1,613 				
01/01/86
Sun Valley/ Sheldon
-
				
1,836 				
1,318 				
				
3,154 				
3,698 				
2,796 				
02/01/86
Costa Mesa/ Pomona
-
1,405 				
1,520 				
1,454 				
1,404 				
2,975 				
4,379 				
2,656 				
02/01/86
Brea/ Imperial Hwy
-
1,069 				
2,165 				
1,699 				
1,069 				
3,864 				
4,933 				
3,381 				
02/01/86
Skokie/ McCormick
-
				
1,912 				
1,453 				
				
3,365 				
4,003 				
2,978 				
02/01/86
Colorado Springs/ Sinton
-
				
1,115 				
1,479 				
				
2,594 				
3,129 				
2,304 				
02/01/86
Oklahoma City/ Penn
-
				
				
				
				
1,624 				
1,770 				
1,387 				
02/01/86
Oklahoma City/ 39th
-
				
				
1,003 				
				
1,815 				
2,053 				
1,595 				
03/01/86
Jacksonville/ Wiley
-
				
				
				
				
1,260 				
1,400 				
1,087 				
03/01/86
St. Louis/ Forder
-
				
1,133 				
1,258 				
				
2,392 				
2,908 				
2,021 				
03/03/86
Tampa / 56th
-
				
1,360 				
				
				
2,183 				
2,633 				
2,065 				
04/01/86
Reno/ Telegraph
-
				
1,051 				
1,750 				
				
2,801 				
3,450 				
2,513 				
04/01/86
St. Louis/Kirkham
-
				
1,001 				
				
				
1,887 				
2,086 				
1,705 				
04/01/86
St. Louis/Reavis
-
				
				
				
				
1,679 				
1,871 				
1,502 				
04/01/86
Fort Worth/East Loop
-
				
				
				
				
1,667 				
1,863 				
1,452 				
05/01/86
Westlake Village
-
1,205 				
				
5,829 				
1,256 				
6,773 				
8,029 				
3,322 				
05/01/86
Sacramento/Franklin Blvd.
-
				
				
4,130 				
1,139 				
4,841 				
5,980 				
4,702 				
06/01/86
Richland Hills
-
				
				
1,122 				
				
1,979 				
2,522 				
1,673 				
06/01/86
West Valley/So. 3600
-
				
1,552 				
1,191 				
				
2,743 				
2,951 				
2,481 				
07/01/86
Colorado Springs/ Hollow Tree
-
				
				
				
				
1,706 				
2,280 				
1,508 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
07/01/86
West LA/Purdue Ave.
-
2,415 				
3,585 				
1,688 				
2,416 				
5,272 				
7,688 				
4,785 				
07/01/86
Capital Heights/Central Ave.
-
				
3,851 				
7,731 				
				
11,582 				
12,231 				
6,702 				
07/01/86
Pontiac/Dixie Hwy.
-
				
2,091 				
1,290 				
				
3,381 				
3,640 				
2,979 				
08/01/86
Laurel/Ft. Meade Rd.
-
				
1,475 				
1,265 				
				
2,740 				
3,215 				
2,432 				
08/01/86
Hammond / Calumet
-
				
				
1,303 				
				
2,054 				
2,151 				
1,871 				
09/01/86
Kansas City/S. 44th.
-
				
1,906 				
1,952 				
				
3,859 				
4,367 				
3,515 				
09/01/86
Lakewood / Wadsworth - 6th
-
1,070 				
3,155 				
1,969 				
1,070 				
5,124 				
6,194 				
4,809 				
10/01/86
Peralta/Fremont
-
				
1,074 				
				
				
1,917 				
2,768 				
1,704 				
10/01/86
Birmingham/Highland
-
				
				
				
				
1,662 				
1,811 				
1,376 				
10/01/86
Birmingham/Riverchase
-
				
1,338 				
1,423 				
				
2,745 				
3,023 				
2,406 				
10/01/86
Birmingham/Eastwood
-
				
1,184 				
1,354 				
				
2,472 				
2,704 				
2,168 				
10/01/86
Birmingham/Forestdale
-
				
				
				
				
1,904 				
2,094 				
1,700 				
10/01/86
Birmingham/Centerpoint
-
				
1,305 				
1,201 				
				
2,498 				
2,771 				
2,241 				
10/01/86
Birmingham/Roebuck Plaza
-
				
				
				
				
1,134 				
1,474 				
				
10/01/86
Birmingham/Greensprings
-
				
1,173 				
				
				
2,446 				
2,462 				
2,134 				
10/01/86
Birmingham/Hoover-Lorna
-
				
1,128 				
1,010 				
				
2,244 				
2,510 				
2,012 				
10/01/86
Midfield/Bessemer
-
				
				
				
				
1,193 				
1,288 				
1,038 				
10/01/86
Huntsville/Leeman Ferry Rd.
-
				
				
1,124 				
				
2,076 				
2,274 				
1,873 				
10/01/86
Huntsville/Drake
-
				
1,172 				
1,128 				
				
2,305 				
2,553 				
2,046 				
10/01/86
Anniston/Whiteside
-
				
				
				
				
1,146 				
1,253 				
				
10/01/86
Houston/Glenvista
-
				
1,043 				
1,726 				
				
2,770 				
3,364 				
2,504 				
10/01/86
Houston/I-45
-
				
1,146 				
2,417 				
				
3,564 				
4,267 				
3,240 				
10/01/86
Houston/Rogerdale
-
1,631 				
2,792 				
2,674 				
1,631 				
5,466 				
7,097 				
4,915 				
10/01/86
Houston/Gessner
-
1,032 				
1,693 				
2,353 				
1,032 				
4,046 				
5,078 				
3,673 				
10/01/86
Houston/Richmond-Fairdale
-
1,502 				
2,506 				
3,037 				
1,501 				
5,544 				
7,045 				
5,073 				
10/01/86
Houston/Gulfton
-
1,732 				
3,036 				
3,017 				
1,732 				
6,053 				
7,785 				
5,477 				
10/01/86
Houston/Westpark
-
				
				
1,080 				
				
1,935 				
2,437 				
1,742 				
10/01/86
Jonesboro
-
				
				
				
				
1,501 				
1,657 				
1,348 				
10/01/86
Houston / South Loop West
-
1,299 				
3,491 				
3,431 				
1,298 				
6,923 				
8,221 				
6,344 				
10/01/86
Houston / Plainfield Road
-
				
2,319 				
2,691 				
				
5,011 				
5,914 				
4,611 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
10/01/86
Houston / North Freeway
-
-
2,706 				
1,618 				
-
4,324 				
4,324 				
3,417 				
10/01/86
Houston / Old Katy Road
-
1,365 				
3,431 				
2,637 				
1,163 				
6,270 				
7,433 				
4,692 				
10/01/86
Houston / Long Point
-
				
1,187 				
1,645 				
				
2,832 				
3,283 				
2,580 				
10/01/86
Austin / Research Blvd.
-
1,390 				
1,710 				
1,798 				
1,390 				
3,508 				
4,898 				
3,087 				
11/01/86
Arleta / Osborne Street
-
				
				
				
				
1,462 				
2,448 				
1,301 				
12/01/86
Lynnwood / 196th Street
-
1,063 				
1,602 				
8,198 				
1,405 				
9,458 				
10,863 				
5,998 				
12/01/86
N. Auburn / Auburn Way N.
-
				
1,144 				
1,246 				
				
2,390 				
2,996 				
2,108 				
12/01/86
Gresham / Burnside & 202nd
-
				
1,056 				
1,169 				
				
2,225 				
2,576 				
2,037 				
12/01/86
Denver / Sheridan Boulevard
-
1,033 				
2,792 				
2,669 				
1,033 				
5,461 				
6,494 				
5,129 				
12/01/86
Marietta / Cobb Parkway
-
				
2,764 				
2,322 				
				
5,087 				
5,622 				
4,665 				
12/01/86
Hillsboro / T.V. Highway
-
				
				
1,443 				
				
1,497 				
2,478 				
1,273 				
12/01/86
San Antonio / West Sunset Road
-
1,206 				
1,594 				
1,633 				
1,207 				
3,226 				
4,433 				
2,902 				
12/31/86
Monrovia / Myrtle Avenue
-
1,149 				
2,446 				
				
1,149 				
2,838 				
3,987 				
2,652 				
12/31/86
Chatsworth / Topanga
-
1,447 				
1,243 				
3,896 				
1,448 				
5,138 				
6,586 				
3,050 				
12/31/86
Houston / Larkwood
-
				
				
				
				
1,321 				
1,567 				
1,126 				
12/31/86
Northridge
-
3,624 				
1,922 				
7,445 				
3,642 				
9,349 				
12,991 				
4,824 				
12/31/86
Santa Clara / Duane
-
1,950 				
1,004 				
				
1,950 				
1,793 				
3,743 				
1,554 				
12/31/86
Oyster Point
-
1,569 				
1,490 				
				
1,569 				
2,184 				
3,753 				
1,976 				
12/31/86
Walnut
-
				
				
5,654 				
				
6,265 				
7,034 				
3,577 				
03/01/87
Annandale / Ravensworth
-
				
1,621 				
1,369 				
				
2,990 				
3,669 				
2,530 				
04/01/87
City Of Industry / Amar
-
				
2,052 				
1,488 				
				
3,540 				
4,288 				
2,798 				
05/01/87
Oklahoma City / W. Hefner
-
				
				
1,006 				
				
1,947 				
2,406 				
1,794 				
07/01/87
Oakbrook Terrace
-
				
2,688 				
2,355 				
1,580 				
4,375 				
5,955 				
4,095 				
08/01/87
San Antonio/Austin Hwy.
-
				
				
				
				
1,201 				
1,601 				
1,147 				
10/01/87
Plantation/S. State Rd.
-
				
1,801 				
				
				
2,075 				
2,999 				
2,004 				
10/01/87
Rockville/Fredrick Rd.
-
1,695 				
3,305 				
9,943 				
1,702 				
13,241 				
14,943 				
7,231 				
02/01/88
Anaheim/Lakeview
-
				
1,505 				
				
				
1,936 				
2,931 				
1,872 				
06/07/88
Mesquite / Sorrento Drive
-
				
1,011 				
7,399 				
1,045 				
8,293 				
9,338 				
4,515 				
07/01/88
Fort Wayne
-
				
1,524 				
				
				
2,476 				
2,577 				
2,109 				
01/01/92
Costa Mesa
-
				
				
				
				
1,849 				
2,384 				
1,793 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
03/01/92
Dallas / Walnut St.
-
				
1,008 				
				
				
1,518 				
2,055 				
1,494 				
05/01/92
Camp Creek
-
				
1,075 				
				
				
1,840 				
2,415 				
1,649 				
09/01/92
Orlando/W. Colonial
-
				
				
				
				
1,223 				
1,590 				
1,097 				
09/01/92
Jacksonville/Arlington
-
				
1,065 				
				
				
1,663 				
2,217 				
1,460 				
10/01/92
Stockton/Mariners
-
				
				
				
				
1,036 				
1,416 				
				
11/18/92
Virginia Beach/General Booth Blvd
-
				
1,119 				
1,056 				
				
2,175 				
2,774 				
1,732 				
01/01/93
Redwood City/Storage
-
				
1,684 				
				
				
2,107 				
3,014 				
1,823 				
01/01/93
City Of Industry
-
1,611 				
2,991 				
1,161 				
1,610 				
4,153 				
5,763 				
3,695 				
01/01/93
San Jose/Felipe
-
1,124 				
2,088 				
1,514 				
1,124 				
3,602 				
4,726 				
3,214 				
01/01/93
Baldwin Park/Garvey Ave
-
				
1,561 				
1,247 				
				
2,877 				
3,648 				
2,520 				
03/19/93
Westminister / W. 80th
-
				
1,586 				
				
				
2,218 				
3,058 				
1,925 				
04/26/93
Costa Mesa / Newport
				
2,141 				
3,989 				
5,816 				
3,732 				
8,214 				
11,946 				
5,826 				
05/13/93
Austin /N. Lamar
-
				
1,695 				
8,852 				
1,421 				
10,045 				
11,466 				
6,283 				
05/28/93
Tampa/Nebraska Avenue
-
				
1,043 				
				
				
1,627 				
2,177 				
1,475 				
06/09/93
Calabasas / Ventura Blvd.
-
1,762 				
3,269 				
				
1,761 				
3,676 				
5,437 				
3,250 				
06/09/93
Carmichael / Fair Oaks
-
				
1,052 				
				
				
1,466 				
2,039 				
1,303 				
06/09/93
Santa Clara / Duane
-
				
				
				
				
1,125 				
1,578 				
1,003 				
06/10/93
Citrus Heights / Sylvan Road
-
				
				
				
				
1,280 				
1,717 				
1,158 				
06/25/93
Trenton / Allen Road
-
				
1,166 				
				
				
1,829 				
2,452 				
1,618 				
06/30/93
Los Angeles/W.Jefferson Blvd
-
1,085 				
2,017 				
				
1,085 				
2,420 				
3,505 				
2,085 				
07/16/93
Austin / So. Congress Ave
-
				
1,445 				
				
				
2,222 				
2,999 				
1,781 				
08/01/93
Gaithersburg / E. Diamond
-
				
1,139 				
				
				
1,521 				
2,123 				
1,275 				
08/11/93
Atlanta / Northside
-
1,150 				
2,149 				
				
1,150 				
2,815 				
3,965 				
2,473 				
08/11/93
Smyrna/ Rosswill Rd
-
				
				
				
				
1,221 				
1,667 				
1,084 				
08/13/93
So. Brunswick/Highway
-
1,076 				
2,033 				
				
1,076 				
2,811 				
3,887 				
2,398 				
10/01/93
Denver / Federal Blvd
-
				
1,633 				
				
				
2,219 				
3,094 				
1,824 				
10/01/93
Citrus Heights
-
				
				
				
				
1,355 				
1,882 				
1,185 				
10/01/93
Lakewood / 6th Ave
-
				
1,489 				
				
				
1,827 				
2,512 				
1,556 				
10/27/93
Houston / S Shaver St
-
				
				
				
				
1,325 				
1,806 				
1,114 				
11/03/93
Upland/S. Euclid Ave.
-
				
				
				
				
1,434 				
1,942 				
1,246 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
11/16/93
Norcross / Jimmy Carter
-
				
1,167 				
				
				
1,579 				
2,205 				
1,325 				
11/16/93
Seattle / 13th
-
1,085 				
2,015 				
1,027 				
1,085 				
3,042 				
4,127 				
2,559 				
12/09/93
Salt Lake City
-
				
1,422 				
				
				
1,688 				
2,321 				
1,111 				
12/16/93
West Valley City
-
				
1,276 				
				
				
1,814 				
2,496 				
1,562 				
12/21/93
Pinellas Park / 34th St. W
-
				
1,134 				
				
				
1,567 				
2,174 				
1,341 				
12/28/93
New Orleans / S. Carrollton Ave
-
1,575 				
2,941 				
				
1,575 				
3,707 				
5,282 				
3,288 				
12/29/93
Orange / Main
-
1,238 				
2,317 				
1,843 				
1,593 				
3,805 				
5,398 				
3,254 				
12/29/93
Sunnyvale / Wedell
-
				
1,037 				
				
				
1,717 				
2,442 				
1,459 				
12/29/93
El Cajon / Magnolia
-
				
				
				
				
1,549 				
2,090 				
1,307 				
12/29/93
Orlando / S. Semoran Blvd.
-
				
				
				
				
1,600 				
2,201 				
1,424 				
12/29/93
Tampa / W. Hillsborough Ave
-
				
				
				
				
1,252 				
1,688 				
1,079 				
12/29/93
Irving / West Loop 12
-
				
				
				
				
				
1,343 				
				
12/29/93
Fullerton / W. Commonwealth
-
				
1,687 				
1,618 				
1,159 				
3,050 				
4,209 				
2,541 				
12/29/93
N. Lauderdale / Mcnab Rd
-
				
1,182 				
				
				
1,923 				
2,721 				
1,633 				
12/29/93
Los Alimitos / Cerritos
-
				
1,299 				
				
				
2,034 				
2,908 				
1,683 				
12/29/93
Frederick / Prospect Blvd.
-
				
1,082 				
				
				
1,706 				
2,398 				
1,448 				
12/29/93
Indianapolis / E. Washington
-
				
				
				
				
1,567 				
2,072 				
1,387 				
12/29/93
Gardena / Western Ave.
-
				
1,035 				
				
				
1,784 				
2,479 				
1,450 				
12/29/93
Palm Bay / Bobcock Street
-
				
				
				
				
1,310 				
1,835 				
1,158 				
01/10/94
Hialeah / W. 20Th Ave.
-
1,855 				
3,497 				
				
1,590 				
4,001 				
5,591 				
3,418 				
01/12/94
Sunnyvale / N. Fair Oaks Ave
-
				
1,285 				
				
				
1,731 				
2,388 				
1,476 				
01/12/94
Honolulu / Iwaena
-
-
3,382 				
1,281 				
-
4,663 				
4,663 				
3,928 				
01/12/94
Miami / Golden Glades
-
				
1,081 				
				
				
1,914 				
2,471 				
1,632 				
01/21/94
Herndon / Centreville Road
-
1,584 				
2,981 				
				
1,358 				
3,893 				
5,251 				
3,544 				
02/28/94
Arlingtn/Old Jefferson
-
				
1,399 				
1,668 				
				
3,172 				
3,802 				
2,539 				
03/08/94
Beaverton / Sw Barnes Road
-
				
1,810 				
				
				
2,309 				
3,116 				
2,012 				
03/21/94
Austin / Arboretum
-
				
				
8,038 				
1,553 				
7,855 				
9,408 				
2,612 				
03/25/94
Tinton Falls / Shrewsbury Ave
-
1,074 				
2,033 				
				
				
2,768 				
3,689 				
2,376 				
03/25/94
East Brunswick / Milltown Road
-
1,282 				
2,411 				
				
1,099 				
3,162 				
4,261 				
2,719 				
03/25/94
Mercerville / Quakerbridge Road
-
1,109 				
2,111 				
				
				
3,055 				
4,005 				
2,653 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
03/31/94
Hypoluxo
-
				
1,404 				
3,530 				
				
5,039 				
5,669 				
4,486 				
04/26/94
No. Highlands / Roseville Road
-
				
1,835 				
				
				
2,548 				
3,388 				
2,218 				
05/12/94
Fort Pierce/Okeechobee Road
-
				
				
				
				
1,241 				
1,616 				
1,232 				
05/24/94
Hempstead/Peninsula Blvd.
-
2,053 				
3,832 				
				
1,762 				
4,985 				
6,747 				
4,120 				
05/24/94
La/Huntington
-
				
				
				
				
1,381 				
1,795 				
1,192 				
06/09/94
Chattanooga / Brainerd Road
-
				
1,170 				
				
				
1,881 				
2,406 				
1,553 				
06/09/94
Chattanooga / Ringgold Road
-
				
1,433 				
				
				
2,504 				
3,156 				
2,146 				
06/18/94
Las Vegas / S. Valley View Blvd
-
				
1,571 				
				
				
2,183 				
2,901 				
1,855 				
06/23/94
Las Vegas / Tropicana
-
				
1,408 				
				
				
2,284 				
2,927 				
1,872 				
06/23/94
Henderson / Green Valley Pkwy
-
1,047 				
1,960 				
				
				
2,600 				
3,497 				
2,185 				
06/24/94
Las Vegas / N. Lamb Blvd.
-
				
1,629 				
				
				
2,174 				
2,843 				
1,535 				
06/30/94
Birmingham / W. Oxmoor Road
-
				
1,004 				
				
				
1,914 				
2,370 				
1,704 				
07/20/94
Milpitas / Dempsey Road
-
1,260 				
2,358 				
				
1,080 				
2,894 				
3,974 				
2,434 				
08/17/94
Beaverton / S.W. Denny Road
-
				
1,245 				
				
				
1,607 				
2,175 				
1,314 				
08/17/94
Irwindale / Central Ave.
-
				
1,263 				
				
				
1,653 				
2,231 				
1,364 				
08/17/94
Suitland / St. Barnabas Rd
-
1,530 				
2,913 				
				
1,312 				
3,973 				
5,285 				
3,299 				
08/17/94
North Brunswick / How Lane
-
1,238 				
2,323 				
				
1,061 				
2,885 				
3,946 				
2,402 				
08/17/94
Lombard / 64th
-
				
1,583 				
				
				
2,161 				
2,887 				
1,850 				
08/17/94
Alsip / 27th
-
				
				
				
				
1,071 				
1,419 				
				
09/15/94
Huntsville / Old Monrovia Rd
-
				
1,157 				
				
				
1,714 				
2,239 				
1,438 				
09/27/94
West Haven / Bull Hill Lane
-
				
				
5,595 				
1,963 				
4,960 				
6,923 				
3,332 				
09/30/94
San Francisco / Marin St.
-
1,227 				
2,339 				
1,520 				
1,371 				
3,715 				
5,086 				
3,016 				
09/30/94
Baltimore / Hillen Street
-
				
1,095 				
				
				
2,046 				
2,543 				
1,646 				
09/30/94
San Francisco /10th & Howard
-
1,423 				
2,668 				
				
1,221 				
3,414 				
4,635 				
2,873 				
09/30/94
Montebello / E. Whittier
-
				
				
				
				
1,136 				
1,465 				
				
09/30/94
Arlington / Collins
-
				
				
				
				
1,030 				
1,225 				
				
09/30/94
Miami / S.W. 119th Ave
-
				
1,221 				
				
				
1,525 				
2,087 				
1,261 				
09/30/94
Blackwood / Erial Road
-
				
1,437 				
				
				
1,795 				
2,458 				
1,504 				
09/30/94
Concord / Monument
-
1,092 				
2,027 				
				
				
2,820 				
3,756 				
2,351 				
09/30/94
Rochester / Lee Road
-
				
				
				
				
1,518 				
1,920 				
1,270 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
09/30/94
Houston / Bellaire
-
				
1,157 				
				
				
1,818 				
2,352 				
1,532 				
09/30/94
Austin / Lamar Blvd
-
				
1,452 				
				
				
1,959 				
2,628 				
1,582 				
09/30/94
Milwaukee / Lovers Lane Rd
-
				
				
				
				
1,412 				
1,814 				
1,134 				
09/30/94
Monterey / Del Rey Oaks
-
1,093 				
1,897 				
				
				
2,259 				
3,162 				
1,935 				
09/30/94
St. Petersburg / 66Th St.
-
				
				
				
				
1,306 				
1,672 				
1,127 				
09/30/94
Dayton Bch / N. Nova Road
-
				
				
				
				
1,112 				
1,451 				
				
09/30/94
Maple Shade / Route 38
-
				
1,846 				
				
				
2,499 				
3,351 				
2,101 				
09/30/94
Marlton / Route 73 N.
-
				
1,742 				
(776) 				
				
1,347 				
1,904 				
1,219 				
09/30/94
Naperville / E. Ogden Ave
-
				
1,268 				
				
				
1,768 				
2,353 				
1,495 				
09/30/94
Long Beach / South Street
-
1,778 				
3,307 				
				
1,524 				
4,409 				
5,933 				
3,629 				
09/30/94
Aloha / S.W. Shaw
-
				
1,495 				
				
				
1,927 				
2,617 				
1,548 				
09/30/94
Alexandria / S. Pickett
-
1,550 				
2,879 				
				
1,329 				
3,541 				
4,870 				
2,961 				
09/30/94
Houston / Highway 6 North
-
1,120 				
2,083 				
				
				
2,768 				
3,728 				
2,322 				
09/30/94
San Antonio/Nacogdoches Rd
-
				
1,060 				
				
				
1,658 				
2,147 				
1,371 				
09/30/94
San Ramon/San Ramon Valley
-
1,530 				
2,840 				
1,006 				
1,311 				
4,065 				
5,376 				
3,405 				
09/30/94
San Rafael / Merrydale Rd
-
1,705 				
3,165 				
				
1,461 				
3,752 				
5,213 				
3,118 				
09/30/94
San Antonio / Austin Hwy
-
				
1,098 				
				
				
1,671 				
2,178 				
1,377 				
09/30/94
Sharonville / E. Kemper
-
				
1,070 				
				
				
1,827 				
2,319 				
1,521 				
10/13/94
Davie / State Road 84
-
				
1,467 				
1,115 				
				
2,689 				
3,326 				
1,966 				
10/13/94
Carrollton / Marsh Lane
-
				
1,437 				
1,678 				
1,022 				
2,863 				
3,885 				
2,321 				
10/31/94
Sherman Oaks / Van Nuys Blvd
-
1,278 				
2,461 				
1,525 				
1,423 				
3,841 				
5,264 				
3,238 				
12/19/94
Salt Lake City/West North Temple
-
				
				
				
				
1,096 				
1,481 				
				
12/28/94
Milpitas / Watson
-
1,575 				
2,925 				
				
1,350 				
3,692 				
5,042 				
3,073 				
12/28/94
Las Vegas / Jones Blvd
-
1,208 				
2,243 				
				
1,035 				
2,800 				
3,835 				
2,297 				
12/28/94
Venice / Guthrie
-
				
1,073 				
				
				
1,434 				
1,929 				
1,162 				
12/30/94
Apple Valley / Foliage Ave
-
				
1,695 				
				
				
2,480 				
3,260 				
2,114 				
01/04/95
Chula Vista / Main Street
-
				
1,802 				
				
				
2,370 				
3,105 				
2,016 				
01/05/95
Pantego / West Park
-
				
				
				
				
1,039 				
1,354 				
				
01/12/95
Roswell / Alpharetta
-
				
				
				
				
1,449 				
1,872 				
1,268 				
01/23/95
San Leandro / Hesperian
-
				
1,726 				
				
				
1,969 				
2,702 				
1,595 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
01/24/95
Nashville / Elm Hill
-
				
				
				
				
1,453 				
1,790 				
1,215 				
02/03/95
Reno / S. Mccarron Blvd
-
1,080 				
2,537 				
				
1,080 				
3,064 				
4,144 				
2,461 				
02/15/95
Schiller Park
-
1,688 				
3,939 				
3,162 				
1,688 				
7,101 				
8,789 				
5,554 				
02/15/95
Lansing
-
1,514 				
3,534 				
				
1,514 				
4,461 				
5,975 				
3,362 				
02/15/95
Pleasanton
-
1,257 				
2,932 				
				
1,256 				
3,168 				
4,424 				
2,371 				
02/15/95
LA/Sepulveda
-
1,453 				
3,390 				
				
1,453 				
3,655 				
5,108 				
2,733 				
02/28/95
Decatur / Flat Shoal
-
				
2,288 				
1,106 				
				
3,397 				
4,364 				
2,777 				
02/28/95
Smyrna / S. Cobb
-
				
1,559 				
				
				
2,386 				
3,049 				
1,970 				
02/28/95
Downey / Bellflower
-
				
2,158 				
				
				
2,546 				
3,462 				
2,081 				
02/28/95
Vallejo / Lincoln
-
				
1,052 				
				
				
1,541 				
1,986 				
1,312 				
02/28/95
Lynnwood / 180th St
-
				
1,205 				
				
				
1,593 				
2,109 				
1,308 				
02/28/95
Kent / Pacific Hwy
-
				
1,711 				
				
				
1,966 				
2,694 				
1,597 				
02/28/95
Kirkland
-
1,254 				
2,932 				
				
1,253 				
3,517 				
4,770 				
2,921 				
02/28/95
Federal Way/Pacific
-
				
1,832 				
				
				
2,231 				
3,016 				
1,854 				
02/28/95
Tampa / S. Dale
-
				
1,852 				
				
				
2,284 				
3,075 				
1,926 				
02/28/95
Burlingame/Adrian Rd
-
2,280 				
5,349 				
1,099 				
2,280 				
6,448 				
8,728 				
5,160 				
02/28/95
Miami / Cloverleaf
-
				
1,426 				
				
				
1,896 				
2,502 				
1,602 				
02/28/95
Pinole / San Pablo
-
				
1,502 				
				
				
1,991 				
2,630 				
1,678 				
02/28/95
South Gate / Firesto
-
1,442 				
3,449 				
				
1,442 				
4,023 				
5,465 				
3,351 				
02/28/95
San Jose / Mabury
-
				
2,088 				
				
				
2,477 				
3,369 				
1,987 				
02/28/95
La Puente / Valley Blvd
-
				
1,390 				
				
				
1,706 				
2,297 				
1,433 				
02/28/95
San Jose / Capitol E
-
1,215 				
2,852 				
				
1,215 				
3,282 				
4,497 				
2,666 				
02/28/95
Milwaukie / 40th Street
-
				
1,388 				
				
				
1,781 				
2,360 				
1,382 				
02/28/95
Portland / N. Lombard
-
				
1,900 				
				
				
2,409 				
3,221 				
1,916 				
02/28/95
Miami / Biscayne
-
1,313 				
3,076 				
7,995 				
1,313 				
11,071 				
12,384 				
3,835 				
02/28/95
Chicago / Clark Street
-
				
1,031 				
				
				
1,946 				
2,388 				
1,529 				
02/28/95
Palatine / Dundee
-
				
1,643 				
				
				
2,388 				
3,086 				
2,103 				
02/28/95
Williamsville/Transit
-
				
				
				
				
1,109 				
1,393 				
				
02/28/95
Amherst / Sheridan
-
				
1,151 				
				
				
1,542 				
2,025 				
1,273 				
03/02/95
Everett / Highway 99
-
				
2,022 				
				
				
2,546 				
3,404 				
1,961 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
03/02/95
Burien / 1St Ave South
-
				
1,783 				
				
				
2,504 				
3,267 				
2,054 				
03/02/95
Kent / South 238th Street
-
				
1,783 				
				
				
2,241 				
3,004 				
1,814 				
03/31/95
Cheverly / Central Ave
-
				
2,164 				
				
				
2,805 				
3,715 				
2,293 				
05/01/95
Sandy / S. State Street
-
1,043 				
2,442 				
				
				
2,705 				
3,628 				
1,791 				
05/03/95
Largo / Ulmerton Roa
-
				
				
				
				
				
1,191 				
				
05/08/95
Fairfield/Western Street
-
				
1,030 				
				
				
1,225 				
1,664 				
				
05/08/95
Dallas / W. Mockingbird
-
1,440 				
3,371 				
				
1,440 				
3,917 				
5,357 				
3,103 				
05/08/95
East Point / Lakewood
-
				
2,071 				
				
				
2,887 				
3,771 				
2,231 				
05/25/95
Falls Church / Gallows Rd
-
				
				
9,454 				
3,560 				
7,079 				
10,639 				
3,040 				
06/12/95
Baltimore / Old Waterloo
-
				
1,850 				
				
				
2,195 				
2,964 				
1,752 				
06/12/95
Pleasant Hill / Hookston
-
				
1,848 				
				
				
2,358 				
3,100 				
1,888 				
06/12/95
Mountain View/Old Middlefield
-
2,095 				
4,913 				
				
2,094 				
5,150 				
7,244 				
4,126 				
06/30/95
San Jose / Blossom Hill
-
1,467 				
3,444 				
				
1,467 				
4,048 				
5,515 				
3,211 				
06/30/95
Fairfield / Kings Highway
-
1,811 				
4,273 				
				
1,810 				
5,249 				
7,059 				
4,232 				
06/30/95
Pacoima / Paxton Street
-
				
1,976 				
				
				
2,396 				
3,236 				
1,885 				
06/30/95
Portland / Prescott
-
				
1,509 				
				
				
1,816 				
2,463 				
1,486 				
06/30/95
St. Petersburg
-
				
				
				
				
1,226 				
1,578 				
1,042 				
06/30/95
Dallas / Audelia Road
-
1,166 				
2,725 				
5,195 				
1,166 				
7,920 				
9,086 				
4,159 				
06/30/95
Miami Gardens
-
				
1,929 				
				
				
2,643 				
3,466 				
2,117 				
06/30/95
Grand Prairie / 19th
-
				
1,329 				
				
				
1,692 				
2,258 				
1,365 				
06/30/95
Joliet / Jefferson Street
-
				
1,181 				
				
				
1,547 				
2,048 				
1,272 				
06/30/95
Bridgeton / Pennridge
-
				
				
				
				
				
1,270 				
				
06/30/95
Portland / S.E.92nd
-
				
1,497 				
				
				
1,815 				
2,453 				
1,468 				
06/30/95
Houston / S.W. Freeway
-
				
1,254 				
7,332 				
1,140 				
7,983 				
9,123 				
4,639 				
06/30/95
Milwaukee / Brown
-
				
				
				
				
1,310 				
1,668 				
1,094 				
06/30/95
Orlando / W. Oak Ridge
-
				
1,642 				
				
				
2,291 				
2,988 				
1,868 				
06/30/95
Lauderhill / State Road
-
				
1,508 				
				
				
2,007 				
2,651 				
1,640 				
06/30/95
Orange Park /Blanding Blvd
-
				
				
				
				
1,376 				
1,770 				
1,150 				
06/30/95
St. Petersburg /Joe'S Creek
-
				
1,642 				
				
				
2,107 				
2,810 				
1,756 				
06/30/95
St. Louis / Page Service Drive
-
				
1,241 				
				
				
1,590 				
2,121 				
1,297 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
06/30/95
Independence /E. 42nd
-
				
1,023 				
				
				
1,433 				
1,871 				
1,168 				
06/30/95
Cherry Hill / Dobbs Lane
-
				
1,676 				
				
				
2,132 				
2,847 				
1,776 				
06/30/95
Edgewater Park / Route 130
-
				
1,593 				
				
				
1,912 				
2,595 				
1,534 				
06/30/95
Beaverton / S.W. 110
-
				
1,342 				
				
				
1,684 				
2,256 				
1,371 				
06/30/95
Markham / W. 159Th Place
-
				
				
				
				
				
1,187 				
				
06/30/95
Houston / N.W. Freeway
-
				
1,066 				
				
				
1,443 				
1,890 				
1,173 				
06/30/95
Portland / Gantenbein
-
				
1,262 				
				
				
1,584 				
2,121 				
1,306 				
06/30/95
Upper Chichester/Market St.
-
				
1,329 				
				
				
1,678 				
2,247 				
1,381 				
06/30/95
Fort Worth / Hwy 80
-
				
				
				
				
1,273 				
1,652 				
1,065 				
06/30/95
Greenfield/ S. 108th
-
				
1,707 				
				
				
2,375 				
3,102 				
1,956 				
06/30/95
Altamonte Springs
-
				
1,326 				
				
				
1,725 				
2,291 				
1,434 				
06/30/95
Seattle / Delridge Way
-
				
1,779 				
				
				
2,139 				
2,899 				
1,730 				
06/30/95
Elmhurst / Lake Frontage Rd
-
				
1,758 				
				
				
2,327 				
3,075 				
1,847 				
06/30/95
Los Angeles / Beverly Blvd
-
				
1,886 				
8,639 				
				
10,525 				
11,312 				
5,107 				
06/30/95
Lawrenceville / Brunswick
-
				
1,961 				
				
				
2,250 				
3,090 				
1,806 				
06/30/95
Richmond / Carlson
-
				
2,025 				
				
				
2,583 				
3,447 				
2,072 				
06/30/95
Liverpool / Oswego Road
-
				
1,279 				
				
				
1,928 				
2,473 				
1,531 				
06/30/95
Rochester / East Ave
-
				
1,375 				
				
				
2,169 				
2,747 				
1,837 				
06/30/95
Pasadena / E. Beltway
-
				
1,767 				
				
				
2,285 				
3,042 				
1,842 				
07/13/95
Tarzana / Burbank Blvd
-
2,895 				
6,823 				
				
2,894 				
7,604 				
10,498 				
6,155 				
07/31/95
Orlando / Lakehurst
-
				
1,063 				
				
				
1,426 				
1,876 				
1,168 				
07/31/95
Livermore / Portola
-
				
2,157 				
				
				
2,576 				
3,497 				
2,072 				
07/31/95
San Jose / Tully
-
				
2,137 				
				
				
2,732 				
3,644 				
2,264 				
07/31/95
Mission Bay
-
1,617 				
3,785 				
1,025 				
1,617 				
4,810 				
6,427 				
3,904 				
07/31/95
Las Vegas / Decatur
-
1,147 				
2,697 				
				
1,147 				
3,470 				
4,617 				
2,734 				
07/31/95
Pleasanton / Stanley
-
1,624 				
3,811 				
				
1,624 				
4,402 				
6,026 				
3,557 				
07/31/95
Castro Valley / Grove
-
				
1,772 				
				
				
1,955 				
2,711 				
1,568 				
07/31/95
Honolulu / Kaneohe
-
1,215 				
2,846 				
2,482 				
2,133 				
4,410 				
6,543 				
3,381 				
07/31/95
Chicago / Wabash Ave
-
				
1,535 				
4,320 				
				
5,855 				
6,500 				
3,427 				
07/31/95
Springfield / Parker
-
				
1,834 				
				
				
2,332 				
3,097 				
1,860 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
07/31/95
Huntington Bch/Gotham
-
				
1,808 				
				
				
2,125 				
2,890 				
1,725 				
07/31/95
Tucker / Lawrenceville
-
				
1,480 				
				
				
1,893 				
2,523 				
1,508 				
07/31/95
Marietta / Canton Road
-
				
1,423 				
				
				
1,944 				
2,544 				
1,588 				
07/31/95
Wheeling / Hintz
-
				
1,054 				
				
				
1,383 				
1,833 				
1,102 				
08/01/95
Gresham / Division
-
				
1,428 				
				
				
1,731 				
2,338 				
1,362 				
08/01/95
Tucker / Lawrenceville
-
				
1,405 				
				
				
1,952 				
2,552 				
1,591 				
08/01/95
Decatur / Covington
-
				
1,694 				
				
				
2,311 				
3,031 				
1,846 				
08/11/95
Studio City/Ventura
-
1,285 				
3,015 				
				
1,285 				
3,499 				
4,784 				
2,849 				
08/12/95
Smyrna / Hargrove Road
-
1,020 				
3,038 				
				
1,020 				
3,780 				
4,800 				
2,997 				
09/01/95
Hayward / Mission Blvd
-
1,020 				
2,383 				
				
1,020 				
2,778 				
3,798 				
2,243 				
09/01/95
Park City / Belvider
-
				
1,405 				
				
				
1,736 				
2,336 				
1,338 				
09/01/95
New Castle/Dupont Parkway
-
				
2,369 				
2,136 				
				
4,505 				
5,495 				
2,671 				
09/01/95
Las Vegas / Rainbow
-
1,050 				
2,459 				
				
1,050 				
2,742 				
3,792 				
2,161 				
09/01/95
Mountain View / Reng
-
				
2,216 				
				
				
2,456 				
3,401 				
1,955 				
09/01/95
Venice / Cadillac
-
				
2,182 				
				
				
2,763 				
3,693 				
2,225 				
09/01/95
Simi Valley /Los Angeles
-
1,590 				
3,724 				
				
1,590 				
4,388 				
5,978 				
3,451 				
09/01/95
Spring Valley/Foreman
-
1,095 				
2,572 				
				
1,095 				
3,230 				
4,325 				
2,602 				
09/06/95
Darien / Frontage Road
-
				
2,321 				
				
				
2,707 				
3,682 				
2,162 				
09/30/95
Whittier
-
				
				
1,106 				
				
1,490 				
1,705 				
1,232 				
09/30/95
Van Nuys/Balboa
-
				
				
1,489 				
				
2,146 				
2,441 				
1,747 				
09/30/95
Huntington Beach
-
				
				
1,068 				
				
1,389 				
1,565 				
1,132 				
09/30/95
Monterey Park
-
				
				
1,087 				
				
1,433 				
1,557 				
1,257 				
09/30/95
Downey
-
				
				
1,160 				
				
1,477 				
1,668 				
1,171 				
09/30/95
Del Amo
-
				
				
1,653 				
				
2,395 				
2,869 				
1,947 				
09/30/95
Carson
-
				
				
				
				
1,705 				
2,080 				
1,412 				
09/30/95
Van Nuys/Balboa Blvd
-
1,920 				
4,504 				
				
1,920 				
5,373 				
7,293 				
3,992 				
10/31/95
San Lorenzo /Hesperian
-
1,590 				
3,716 				
				
1,590 				
4,384 				
5,974 				
3,215 				
10/31/95
Chicago / W. 47th Street
-
				
				
				
				
1,412 				
1,712 				
1,116 				
10/31/95
Los Angeles / Eastern
-
				
1,070 				
				
				
1,414 				
1,868 				
1,050 				
11/15/95
Costa Mesa
-
				
1,218 				
				
				
1,395 				
1,917 				
1,101 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
11/15/95
Plano / E. 14th
-
				
1,646 				
				
				
1,958 				
2,663 				
1,540 				
11/15/95
Citrus Heights/Sunrise
-
				
1,213 				
				
				
1,545 				
2,065 				
1,241 				
11/15/95
Modesto/Briggsmore Ave
-
				
1,097 				
				
				
1,367 				
1,837 				
1,058 				
11/15/95
So San Francisco/Spruce
-
1,905 				
4,444 				
				
1,904 				
5,427 				
7,331 				
4,206 				
11/15/95
Pacheco/Buchanan Circle
-
1,681 				
3,951 				
				
1,681 				
4,919 				
6,600 				
3,860 				
11/16/95
Palm Beach Gardens
-
				
1,540 				
				
				
1,914 				
2,571 				
1,522 				
11/16/95
Delray Beach
-
				
1,407 				
				
				
1,703 				
2,303 				
1,382 				
01/01/96
Bensenville/York Rd
-
				
1,602 				
1,502 				
				
3,104 				
3,771 				
1,925 				
01/01/96
Louisville/Preston
-
				
1,060 				
				
				
2,041 				
2,252 				
1,186 				
01/01/96
San Jose/Aborn Road
-
				
1,342 				
				
				
2,307 				
2,922 				
1,467 				
01/01/96
Englewood/Federal
-
				
1,395 				
				
				
2,382 				
2,863 				
1,555 				
01/01/96
W. Hollywood/Santa Monica
-
3,415 				
4,577 				
3,251 				
3,414 				
7,829 				
11,243 				
5,084 				
01/01/96
Orland Hills/W. 159th
-
				
2,392 				
1,923 				
				
4,315 				
5,232 				
2,856 				
01/01/96
Merrionette Park
-
				
2,020 				
1,565 				
				
3,585 				
4,403 				
2,255 				
01/01/96
Denver/S Quebec
-
1,849 				
1,941 				
1,866 				
1,849 				
3,807 				
5,656 				
2,358 				
01/01/96
Tigard/S.W. Pacific
-
				
1,206 				
1,065 				
				
2,271 				
2,904 				
1,434 				
01/01/96
Coram/Middle Count
-
				
1,421 				
1,090 				
				
2,511 				
3,018 				
1,590 				
01/01/96
Houston/FM 1960
-
				
1,294 				
1,266 				
				
2,560 				
3,195 				
1,699 				
01/01/96
Kent/Military Trail
-
				
1,670 				
1,366 				
				
3,036 				
3,445 				
1,978 				
01/01/96
Turnersville/Black
-
				
1,360 				
1,097 				
				
2,457 				
2,622 				
1,592 				
01/01/96
Sewell/Rts. 553
-
				
1,138 				
				
				
2,068 				
2,391 				
1,290 				
01/01/96
Maple Shade/Fellowship
-
				
1,421 				
1,120 				
				
2,541 				
2,872 				
1,629 				
01/01/96
Hyattsville/Kenilworth
-
				
1,757 				
1,346 				
				
3,104 				
3,612 				
2,078 				
01/01/96
Waterbury/Captain
-
				
2,089 				
1,817 				
				
3,906 				
4,340 				
2,303 				
01/01/96
Bedford Hts/Miles
-
				
1,577 				
1,658 				
				
3,235 				
4,070 				
2,089 				
01/01/96
Livonia/Newburgh
-
				
1,407 				
1,077 				
				
2,484 				
3,119 				
1,569 				
01/01/96
Sunland/Sunland Blvd.
-
				
1,965 				
1,303 				
				
3,268 				
3,899 				
2,135 				
01/01/96
Des Moines
-
				
1,350 				
				
				
2,289 				
2,736 				
1,408 				
01/01/96
Oxonhill/Indianhead
-
				
2,017 				
1,935 				
				
3,952 				
4,724 				
2,479 				
01/01/96
Sacramento/N. 16th
-
				
2,610 				
1,889 				
				
4,499 				
5,081 				
2,369 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
01/01/96
Houston/Westheimer
-
1,508 				
2,274 				
1,949 				
1,508 				
4,223 				
5,731 				
2,827 				
01/01/96
San Pablo/San Pablo
-
				
1,232 				
1,042 				
				
2,274 				
2,839 				
1,512 				
01/01/96
Bowie/Woodcliff
-
				
2,336 				
1,633 				
				
3,969 				
4,687 				
2,516 				
01/01/96
Milwaukee/S. 84th
-
				
1,868 				
1,589 				
				
3,457 				
3,901 				
2,144 				
01/01/96
Clinton/Malcolm Road
-
				
2,123 				
1,525 				
				
3,649 				
4,241 				
2,293 				
01/03/96
San Gabriel
-
1,005 				
2,345 				
				
1,005 				
2,820 				
3,825 				
2,264 				
01/05/96
San Francisco, Second St.
-
2,880 				
6,814 				
				
2,879 				
7,214 				
10,093 				
5,546 				
01/12/96
San Antonio, TX
-
				
2,170 				
				
				
2,467 				
3,379 				
1,903 				
02/29/96
Naples, FL/Old US 41
-
				
2,016 				
				
				
2,423 				
3,272 				
1,906 				
02/29/96
Lake Worth, FL/S. Military Tr.
-
1,782 				
4,723 				
				
1,781 				
5,116 				
6,897 				
3,955 				
02/29/96
Brandon, FL/W Brandon Blvd.
-
1,928 				
4,523 				
1,147 				
1,928 				
5,670 				
7,598 				
4,559 				
02/29/96
Coral Springs FL/W Sample Rd.
-
3,480 				
8,148 				
				
3,479 				
8,596 				
12,075 				
6,730 				
02/29/96
Delray Beach FL/S Military Tr.
-
				
2,222 				
				
				
2,589 				
3,529 				
2,036 				
02/29/96
Jupiter FL/Military Trail
-
2,280 				
5,347 				
				
2,280 				
5,878 				
8,158 				
4,559 				
02/29/96
Lakeworth FL/Lake Worth Rd
-
				
1,742 				
				
				
2,089 				
2,825 				
1,671 				
02/29/96
New Port Richey/State Rd 54
-
				
2,025 				
				
				
2,557 				
3,413 				
1,974 				
02/29/96
Sanford FL/S Orlando Dr
-
				
1,749 				
2,299 				
				
3,808 				
4,782 				
2,947 				
03/08/96
Atlanta/Roswell
-
				
3,649 				
				
				
4,027 				
4,925 				
3,023 				
03/31/96
Oakland
-
1,065 				
2,764 				
				
1,065 				
3,512 				
4,577 				
2,739 				
03/31/96
Saratoga
-
2,339 				
6,081 				
				
2,339 				
7,024 				
9,363 				
5,265 				
03/31/96
Randallstown
-
1,359 				
3,527 				
				
1,359 				
4,384 				
5,743 				
3,455 				
03/31/96
Plano
-
				
1,682 				
				
				
1,954 				
2,603 				
1,490 				
03/31/96
Houston
-
				
1,402 				
				
				
1,759 				
2,302 				
1,357 				
03/31/96
Irvine
-
1,920 				
4,975 				
2,050 				
1,920 				
7,025 				
8,945 				
5,321 				
03/31/96
Milwaukee
-
				
1,402 				
				
				
1,697 				
2,239 				
1,321 				
03/31/96
Carrollton
-
				
1,495 				
				
				
1,769 				
2,347 				
1,362 				
03/31/96
Torrance
-
1,415 				
3,675 				
1,083 				
1,415 				
4,758 				
6,173 				
3,221 				
03/31/96
Jacksonville
-
				
1,845 				
				
				
2,296 				
3,008 				
1,794 				
03/31/96
Dallas
-
				
				
1,938 				
				
2,748 				
3,063 				
1,784 				
03/31/96
Houston
-
				
1,724 				
2,588 				
				
4,312 				
4,981 				
2,426 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
03/31/96
Baltimore
-
				
2,180 				
				
				
2,710 				
3,552 				
2,174 				
03/31/96
New Haven
-
				
1,907 				
				
				
2,103 				
2,770 				
1,679 				
04/01/96
Chicago/Pulaski
-
				
1,869 				
				
				
2,514 				
3,277 				
1,875 				
04/01/96
Las Vegas/Desert Inn
-
1,115 				
2,729 				
				
1,115 				
3,121 				
4,236 				
2,294 				
04/01/96
Torrance/Crenshaw
-
				
2,243 				
				
				
2,654 				
3,570 				
1,898 				
04/01/96
Weymouth
-
				
1,187 				
1,019 				
				
2,206 				
2,691 				
1,693 				
04/01/96
St. Louis/Barrett Station Road
-
				
1,542 				
				
				
2,248 				
2,878 				
1,609 				
04/01/96
Rockville/Randolph
-
1,153 				
2,823 				
				
1,153 				
3,236 				
4,389 				
2,382 				
04/01/96
Simi Valley/East Street
-
				
2,374 				
				
				
2,556 				
3,526 				
1,885 				
04/01/96
Houston/Westheimer
-
1,390 				
3,402 				
6,581 				
1,390 				
9,983 				
11,373 				
6,635 				
04/03/96
Naples
-
1,187 				
2,809 				
				
1,186 				
3,496 				
4,682 				
2,771 				
06/26/96
Boca Raton
-
3,180 				
7,468 				
1,625 				
3,179 				
9,094 				
12,273 				
7,261 				
06/28/96
Venice
-
				
1,575 				
				
				
1,866 				
2,535 				
1,454 				
06/30/96
Las Vegas
-
				
2,155 				
				
				
2,751 				
3,672 				
2,166 				
06/30/96
Bedford Park
-
				
1,419 				
				
				
1,869 				
2,475 				
1,458 				
06/30/96
Los Angeles
-
				
1,616 				
				
				
1,886 				
2,577 				
1,440 				
06/30/96
Silver Spring
-
1,513 				
3,535 				
				
1,513 				
4,255 				
5,768 				
3,313 				
06/30/96
Newark
-
1,051 				
2,458 				
				
1,051 				
2,682 				
3,733 				
2,040 				
06/30/96
Brooklyn
-
				
1,830 				
3,128 				
				
4,958 				
5,741 				
4,399 				
07/02/96
Glen Burnie/Furnace Br Rd
-
1,755 				
4,150 				
				
1,755 				
5,000 				
6,755 				
3,559 				
07/22/96
Lakewood/W Hampton
-
				
2,092 				
				
				
2,258 				
2,974 				
1,697 				
08/13/96
Norcross/Holcomb Bridge Rd
-
				
3,117 				
				
				
3,573 				
4,527 				
2,635 				
09/05/96
Spring Valley/S Pascack rd
-
1,260 				
2,966 				
1,240 				
1,260 				
4,206 				
5,466 				
3,288 				
09/16/96
Dallas/Royal Lane
-
1,008 				
2,426 				
				
1,007 				
2,926 				
3,933 				
2,186 				
09/16/96
Colorado Springs/Tomah Drive
-
				
1,759 				
				
				
2,095 				
2,825 				
1,579 				
09/16/96
Lewisville/S. Stemmons
-
				
1,451 				
				
				
1,740 				
2,343 				
1,311 				
09/16/96
Las Vegas/Boulder Hwy.
-
				
2,279 				
				
				
3,016 				
3,962 				
2,331 				
09/16/96
Sarasota/S. Tamiami Trail
-
				
1,407 				
1,539 				
				
2,946 				
3,530 				
1,902 				
09/16/96
Willow Grove/Maryland Road
-
				
1,620 				
				
				
1,941 				
2,614 				
1,460 				
09/16/96
Houston/W. Montgomery Rd.
-
				
1,261 				
				
				
1,726 				
2,249 				
1,321 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
09/16/96
Denver/W. Hampden
-
1,084 				
2,609 				
				
1,083 				
2,969 				
4,052 				
2,231 				
09/16/96
Littleton/Southpark Way
-
				
2,221 				
				
				
2,832 				
3,754 				
2,185 				
09/16/96
Petaluma/Baywood Drive
-
				
2,074 				
				
				
2,481 				
3,342 				
1,870 				
09/16/96
Canoga Park/Sherman Way
-
1,543 				
3,716 				
5,273 				
1,543 				
8,989 				
10,532 				
4,086 				
09/16/96
Jacksonville/South Lane Ave.
-
				
1,334 				
				
				
1,754 				
2,308 				
1,355 				
09/16/96
Newport News/Warwick Blvd.
-
				
1,385 				
				
				
1,766 				
2,341 				
1,290 				
09/16/96
Greenbrook/Route 22
-
1,227 				
2,954 				
				
1,226 				
3,784 				
5,010 				
2,837 				
09/16/96
Monsey/Route 59
-
1,068 				
2,572 				
				
1,068 				
3,106 				
4,174 				
2,370 				
09/16/96
Santa Rosa/Santa Rosa Ave.
-
				
1,385 				
				
				
1,616 				
2,191 				
1,223 				
09/16/96
Fort Worth/Brentwood
-
				
2,016 				
				
				
2,411 				
3,234 				
1,849 				
09/16/96
Glendale/San Fernando Road
-
2,500 				
6,124 				
				
2,500 				
6,609 				
9,109 				
4,926 				
09/16/96
Houston/Harwin
-
				
1,344 				
				
				
1,786 				
2,335 				
1,398 				
09/16/96
Irvine/Cowan Street
-
1,890 				
4,631 				
				
1,890 				
5,311 				
7,201 				
4,035 				
09/16/96
Fairfield/Dixie Highway
-
				
1,046 				
				
				
1,306 				
1,733 				
				
09/16/96
Mesa/Country Club Drive
-
				
1,718 				
				
				
2,582 				
3,283 				
1,980 				
09/16/96
San Francisco/Geary Blvd.
-
2,957 				
7,244 				
1,824 				
2,957 				
9,068 				
12,025 				
6,870 				
09/16/96
Houston/Gulf Freeway
-
				
1,718 				
5,496 				
				
7,214 				
7,915 				
4,221 				
09/16/96
Las Vegas/S. Decatur Blvd.
-
1,037 				
2,539 				
				
1,036 				
2,968 				
4,004 				
2,245 				
09/16/96
Tempe/McKellips Road
-
				
1,972 				
				
				
2,525 				
3,348 				
1,949 				
09/16/96
Richland Hills/Airport Fwy.
-
				
1,158 				
				
				
1,537 				
2,009 				
1,165 				
10/11/96
Hampton/Pembroke Road
-
1,080 				
2,346 				
				
				
2,647 				
3,561 				
1,732 				
10/11/96
Norfolk/Widgeon Road
-
1,110 				
2,405 				
				
				
2,621 				
3,529 				
1,823 				
						
						
						
						
						
						
						
						
						
10/11/96
Richmond/Bloom Lane
-
1,188 				
2,512 				
				
				
2,733 				
3,727 				
1,862 				
10/11/96
Virginia Beach/Southern Blvd
-
				
				
				
				
1,033 				
1,315 				
				
10/11/96
Chesapeake/Military Hwy
-
-
2,886 				
				
-
3,650 				
3,650 				
2,140 				
10/11/96
Richmond/Midlothian Park
-
				
1,588 				
				
				
2,358 				
3,120 				
1,884 				
10/11/96
Roanoke/Peters Creek Road
-
				
1,776 				
				
				
2,329 				
3,148 				
1,757 				
10/11/96
Orlando/E Oakridge Rd
-
				
2,020 				
				
				
2,758 				
3,685 				
2,215 				
10/11/96
Orlando/South Hwy 17-92
-
1,170 				
2,549 				
				
1,170 				
3,227 				
4,397 				
2,506 				
10/25/96
Austin/Renelli
-
1,710 				
3,990 				
				
1,710 				
4,668 				
6,378 				
3,518 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
10/25/96
Austin/Santiago
-
				
2,100 				
				
				
2,669 				
3,569 				
1,991 				
10/25/96
Dallas/East N.W. Highway
-
				
1,628 				
1,030 				
				
2,659 				
3,356 				
1,751 				
10/25/96
Dallas/Denton Drive
-
				
2,100 				
1,116 				
				
3,216 				
4,116 				
2,481 				
10/25/96
Houston/Hempstead
-
				
1,207 				
				
				
1,968 				
2,485 				
1,488 				
10/25/96
Pasadena/So. Shaver
-
				
				
				
				
1,756 				
2,176 				
1,405 				
10/31/96
Houston/Joel Wheaton Rd
-
				
1,085 				
1,449 				
				
2,534 				
2,999 				
1,189 				
10/31/96
Mt Holly/541 Bypass
-
				
				
				
				
1,495 				
1,855 				
1,229 				
11/13/96
Town East/Mesquite
-
				
				
				
				
1,219 				
1,549 				
				
11/14/96
Bossier City LA
-
				
1,488 				
				
				
1,616 				
2,173 				
1,125 				
12/05/96
Lake Forest/Bake Parkway
-
				
2,173 				
4,974 				
				
7,146 				
8,118 				
3,221 				
12/16/96
Cherry Hill/Old Cuthbert
-
				
1,505 				
1,023 				
				
2,528 				
3,173 				
2,110 				
12/16/96
Oklahoma City/SW 74th
-
				
				
				
				
1,465 				
1,840 				
1,129 				
12/16/96
Oklahoma City/S Santa Fe
-
				
				
				
				
1,130 				
1,490 				
				
12/16/96
Oklahoma City/S. May
-
				
				
				
				
1,149 				
1,509 				
				
12/16/96
Arlington/S. Watson Rd.
-
				
2,170 				
1,149 				
				
3,319 				
4,249 				
2,535 				
12/16/96
Richardson/E. Arapaho
-
1,290 				
3,010 				
				
1,290 				
3,928 				
5,218 				
2,891 				
12/23/96
Eagle Rock/Colorado
-
				
				
				
				
1,174 				
1,618 				
				
12/23/96
Upper Darby/Lansdowne
-
				
2,272 				
				
				
2,778 				
3,677 				
2,137 				
12/23/96
Plymouth Meeting /Chemical
-
1,109 				
2,802 				
				
1,109 				
3,220 				
4,329 				
2,056 				
12/23/96
Philadelphia/Byberry
-
1,019 				
2,575 				
				
1,019 				
3,395 				
4,414 				
2,546 				
12/23/96
Ft. Lauderdale/State Road
-
1,199 				
3,030 				
				
1,199 				
3,707 				
4,906 				
2,765 				
12/23/96
Englewood/Costilla
-
1,739 				
4,393 				
				
1,738 				
4,898 				
6,636 				
3,628 				
12/23/96
Lilburn/Beaver Ruin Road
-
				
1,515 				
				
				
1,894 				
2,493 				
1,407 				
12/23/96
Carmichael/Fair Oaks
-
				
2,045 				
				
				
2,498 				
3,307 				
1,904 				
12/23/96
Portland/Division Street
-
				
2,499 				
				
				
2,935 				
3,924 				
2,154 				
12/23/96
Napa/Industrial
-
				
1,666 				
				
				
1,935 				
2,594 				
1,455 				
12/23/96
Las Vegas/Charleston
-
1,049 				
2,651 				
				
1,049 				
3,074 				
4,123 				
2,277 				
12/23/96
Las Vegas/South Arvill
-
				
2,348 				
				
				
2,843 				
3,772 				
2,143 				
12/23/96
Los Angeles/Santa Monica
-
3,328 				
8,407 				
				
3,327 				
9,217 				
12,544 				
6,874 				
12/23/96
Warren/Schoenherr Rd.
-
				
1,894 				
				
				
2,383 				
3,132 				
1,837 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
12/23/96
Portland/N.E. 71st Avenue
-
				
2,196 				
				
				
2,562 				
3,431 				
1,953 				
12/23/96
Broadview/S. 25th Avenue
-
1,289 				
3,257 				
1,332 				
1,289 				
4,589 				
5,878 				
3,372 				
12/23/96
Winter Springs/W. St. Rte 434
-
				
1,742 				
				
				
2,007 				
2,696 				
1,560 				
12/23/96
Tampa/15th Street
-
				
1,060 				
				
				
1,522 				
1,942 				
1,202 				
12/23/96
Pompano Beach/S. Dixie Hwy.
-
				
2,292 				
				
				
3,150 				
4,080 				
2,451 				
12/23/96
Overland Park/Mastin
-
				
2,440 				
3,433 				
1,306 				
5,557 				
6,863 				
3,567 				
12/23/96
Auburn/R Street
-
				
1,700 				
				
				
2,108 				
2,798 				
1,572 				
12/23/96
Federal Heights/W. 48th Ave.
-
				
1,774 				
				
				
2,169 				
2,889 				
1,657 				
12/23/96
Decatur/Covington
-
				
2,292 				
				
				
2,747 				
3,677 				
2,073 				
12/23/96
Forest Park/Jonesboro Rd.
-
				
1,331 				
				
				
1,723 				
2,263 				
1,335 				
12/23/96
Mangonia Park/Australian Ave.
-
				
2,070 				
				
				
2,498 				
3,338 				
1,833 				
12/23/96
Whittier/Colima
-
				
1,331 				
				
				
1,547 				
2,087 				
1,154 				
12/23/96
Kent/Pacific Hwy South
-
				
2,292 				
				
				
2,590 				
3,520 				
1,933 				
12/23/96
Topeka/8th Street
-
				
				
				
				
				
1,093 				
				
12/23/96
Denver East Evans
-
1,740 				
4,288 				
				
1,740 				
4,795 				
6,535 				
3,558 				
12/23/96
Pittsburgh/California Ave.
-
				
1,552 				
				
				
1,760 				
2,390 				
1,290 				
12/23/96
Ft. Lauderdale/Powerline
-
-
2,286 				
				
-
3,023 				
3,023 				
1,712 				
12/23/96
Philadelphia/Oxford
-
				
2,218 				
				
				
2,779 				
3,679 				
2,067 				
12/23/96
Dallas/Lemmon Ave.
-
1,710 				
4,214 				
				
1,710 				
4,678 				
6,388 				
3,461 				
12/23/96
Alsip/115th Street
-
				
1,848 				
4,846 				
				
6,694 				
7,444 				
3,703 				
12/23/96
Green Acres/Jog Road
-
				
1,479 				
				
				
1,760 				
2,360 				
1,349 				
12/23/96
Pompano Beach/Sample Road
-
1,320 				
3,253 				
1,904 				
1,320 				
5,157 				
6,477 				
2,855 				
12/23/96
Wyndmoor/Ivy Hill
-
2,160 				
5,323 				
				
2,160 				
5,957 				
8,117 				
4,502 				
12/23/96
W. Palm Beach/Belvedere
-
				
2,366 				
				
				
3,093 				
4,053 				
2,137 				
12/23/96
Renton 174th St.
-
				
2,366 				
				
				
2,918 				
3,878 				
2,245 				
12/23/96
Sacramento/Northgate
-
1,021 				
2,647 				
				
1,021 				
2,931 				
3,952 				
2,194 				
12/23/96
Phoenix/19th Avenue
-
				
2,569 				
				
				
3,310 				
4,301 				
2,540 				
12/23/96
Bedford Park/Cicero
-
1,321 				
3,426 				
(1,013) 				
				
2,957 				
3,734 				
2,285 				
12/23/96
Lake Worth/Lk Worth
-
1,111 				
2,880 				
				
1,111 				
3,447 				
4,558 				
2,615 				
12/23/96
Arlington/Algonquin
-
				
2,569 				
1,093 				
				
3,662 				
4,653 				
2,887 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
12/23/96
Seattle/15th Avenue
-
				
2,024 				
				
				
2,406 				
3,187 				
1,818 				
12/23/96
Southington/Spring
-
				
2,102 				
				
				
2,804 				
3,615 				
2,125 				
12/23/96
Nashville/Dickerson Pike
-
				
2,440 				
				
				
2,821 				
3,811 				
2,098 				
12/23/96
Madison/Gallatin Road
-
				
1,922 				
				
				
2,639 				
3,419 				
2,018 				
12/30/96
Concorde/Treat
-
1,396 				
3,258 				
				
1,396 				
3,647 				
5,043 				
2,762 				
12/30/96
Virginia Beach
-
				
1,248 				
				
				
1,627 				
2,162 				
1,213 				
12/30/96
San Mateo
-
2,408 				
5,619 				
				
2,408 				
6,071 				
8,479 				
4,428 				
01/22/97
Austin, 1033 E. 41 Street
-
				
3,633 				
				
				
4,127 				
4,384 				
2,949 				
04/12/97
Annandale / Backlick
-
				
2,229 				
				
				
2,727 				
3,682 				
2,009 				
04/12/97
Ft. Worth / West Freeway
-
				
1,556 				
				
				
1,998 				
2,665 				
1,491 				
04/12/97
Campbell / S. Curtner
-
2,550 				
5,950 				
1,022 				
2,549 				
6,973 				
9,522 				
5,019 				
04/12/97
Aurora / S. Idalia
-
1,002 				
2,338 				
1,076 				
1,002 				
3,414 				
4,416 				
2,562 				
04/12/97
Santa Cruz / Capitola
-
1,037 				
2,420 				
				
1,037 				
2,842 				
3,879 				
2,066 				
04/12/97
Indianapolis / Lafayette Road
-
				
1,590 				
				
				
2,314 				
2,995 				
1,799 				
04/12/97
Indianapolis / Route 31
-
				
1,444 				
				
				
2,148 				
2,767 				
1,671 				
04/12/97
Farmingdale / Broad Hollow Rd.
-
1,568 				
3,658 				
1,263 				
1,567 				
4,922 				
6,489 				
3,672 				
04/12/97
Tyson's Corner / Springhill Rd.
-
3,861 				
9,010 				
1,652 				
3,781 				
10,742 				
14,523 				
7,820 				
04/12/97
Fountain Valley / Newhope
-
1,137 				
2,653 				
				
1,137 				
3,192 				
4,329 				
2,328 				
04/12/97
Dallas / Winsted
-
1,375 				
3,209 				
				
1,375 				
3,974 				
5,349 				
2,866 				
04/12/97
Columbia / Broad River Rd.
-
				
				
				
				
				
				
				
04/12/97
Livermore / S. Front Road
-
				
2,044 				
				
				
2,341 				
3,217 				
1,702 				
04/12/97
Garland / Plano
-
				
2,073 				
				
				
2,455 				
3,343 				
1,799 				
04/12/97
San Jose / Story Road
-
1,352 				
3,156 				
1,018 				
1,352 				
4,174 				
5,526 				
3,087 				
04/12/97
Aurora / Abilene
-
1,406 				
3,280 				
				
1,405 				
4,167 				
5,572 				
3,052 				
04/12/97
Antioch / Sunset Drive
-
1,035 				
2,416 				
				
1,035 				
2,803 				
3,838 				
2,031 				
04/12/97
Rancho Cordova / Sunrise
-
1,048 				
2,445 				
				
1,048 				
2,995 				
4,043 				
2,197 				
04/12/97
Berlin / Wilbur Cross
-
				
1,764 				
				
				
2,381 				
3,137 				
1,763 				
04/12/97
Whittier / Whittier Blvd.
-
				
1,513 				
				
				
1,810 				
2,458 				
1,317 				
04/12/97
Peabody / Newbury Street
-
1,159 				
2,704 				
1,365 				
1,159 				
4,069 				
5,228 				
3,142 				
04/12/97
Denver / Blake
-
				
1,405 				
				
				
2,050 				
2,652 				
1,574 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
04/12/97
Evansville / Green River Road
-
				
1,096 				
				
				
1,513 				
1,983 				
1,118 				
04/12/97
Burien / First Ave. So.
-
				
1,847 				
				
				
2,220 				
3,011 				
1,648 				
04/12/97
Rancho Cordova / Mather Field
-
				
1,153 				
				
				
1,623 				
2,117 				
1,250 				
04/12/97
Sugar Land / Eldridge
-
				
1,644 				
				
				
2,077 				
2,782 				
1,544 				
04/12/97
Columbus / Eastland Drive
-
				
1,405 				
				
				
1,882 				
2,484 				
1,423 				
04/12/97
Slickerville / Black Horse Pike
-
				
1,258 				
				
				
1,693 				
2,232 				
1,288 				
04/12/97
Seattle / Aurora
-
1,145 				
2,671 				
				
1,144 				
3,166 				
4,310 				
2,330 				
04/12/97
Gaithersburg / Christopher Ave.
-
				
2,268 				
				
				
2,788 				
3,760 				
2,081 				
04/12/97
Manchester / Tolland Turnpike
-
				
1,883 				
				
				
2,431 				
3,238 				
1,813 				
06/25/97
L.A./Venice Blvd.
-
				
1,221 				
1,966 				
1,044 				
2,666 				
3,710 				
1,714 				
06/25/97
Kirkland-Totem
-
2,131 				
4,972 				
1,199 				
2,099 				
6,203 				
8,302 				
4,506 				
06/25/97
Idianapolis
-
				
1,098 				
				
				
1,573 				
2,044 				
1,245 				
06/25/97
Dallas
-
				
1,631 				
				
				
1,884 				
2,583 				
1,367 				
06/25/97
Atlanta
-
1,183 				
2,761 				
				
1,183 				
3,130 				
4,313 				
2,220 				
06/25/97
Bensalem
-
1,159 				
2,705 				
				
1,159 				
3,097 				
4,256 				
2,254 				
06/25/97
Evansville
-
				
1,000 				
				
				
1,369 				
1,770 				
				
06/25/97
Austin
-
				
1,897 				
				
				
2,305 				
3,118 				
1,608 				
06/25/97
Harbor City
-
1,244 				
2,904 				
				
1,244 				
3,323 				
4,567 				
2,447 				
06/25/97
Birmingham
-
				
1,258 				
				
				
1,535 				
2,074 				
1,134 				
06/25/97
Sacramento
-
				
1,396 				
				
				
1,569 				
2,058 				
1,161 				
06/25/97
Carrollton
-
				
1,029 				
				
				
1,152 				
1,593 				
				
06/25/97
La Habra
-
				
1,918 				
				
				
2,303 				
3,125 				
1,656 				
06/25/97
Lombard
-
1,527 				
3,564 				
1,975 				
2,047 				
5,019 				
7,066 				
3,548 				
06/25/97
Fairfield
-
				
1,727 				
				
				
1,958 				
2,698 				
1,422 				
06/25/97
Seattle
-
1,498 				
3,494 				
10,503 				
1,498 				
13,997 				
15,495 				
6,764 				
06/25/97
Bellevue
-
1,653 				
3,858 				
				
1,653 				
4,166 				
5,819 				
3,054 				
06/25/97
Citrus Heights
-
				
1,244 				
				
				
2,077 				
2,719 				
1,546 				
06/25/97
San Jose
-
1,273 				
2,971 				
				
1,273 				
3,144 				
4,417 				
2,228 				
06/25/97
Stanton
-
				
2,212 				
				
				
2,502 				
3,450 				
1,783 				
06/25/97
Garland
-
				
1,135 				
				
				
1,343 				
1,829 				
				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
06/25/97
Westford
-
				
1,999 				
				
				
2,727 				
3,584 				
2,018 				
06/25/97
Dallas
-
1,627 				
3,797 				
1,498 				
1,627 				
5,295 				
6,922 				
3,928 				
06/25/97
Wheat Ridge
-
1,054 				
2,459 				
				
1,054 				
3,080 				
4,134 				
2,232 				
06/25/97
Berlin
-
				
1,925 				
4,592 				
				
6,837 				
7,342 				
3,185 				
06/25/97
Gretna
-
1,069 				
2,494 				
				
1,069 				
3,381 				
4,450 				
2,632 				
06/25/97
Spring
-
				
1,077 				
				
				
1,513 				
1,974 				
1,122 				
06/25/97
Sacramento
-
				
1,380 				
1,256 				
				
2,508 				
3,228 				
1,821 				
06/25/97
Houston/South Dairyashford
-
				
1,997 				
				
				
2,548 				
3,404 				
1,888 				
06/25/97
Naperville
-
1,108 				
2,585 				
1,077 				
1,108 				
3,662 				
4,770 				
2,461 				
06/25/97
Carrollton
-
1,158 				
2,702 				
				
1,158 				
3,666 				
4,824 				
2,706 				
06/25/97
Waipahu
-
1,620 				
3,780 				
				
1,620 				
4,759 				
6,379 				
3,500 				
06/25/97
Davis
-
				
1,465 				
				
				
1,923 				
2,551 				
1,374 				
06/25/97
Decatur
-
				
2,220 				
				
				
2,871 				
3,822 				
2,065 				
06/25/97
Jacksonville
-
				
1,525 				
				
				
2,014 				
2,667 				
1,498 				
06/25/97
Chicoppe
-
				
1,546 				
				
				
2,195 				
2,857 				
1,675 				
06/25/97
Alexandria
-
1,533 				
3,576 				
				
1,532 				
4,517 				
6,049 				
3,210 				
06/25/97
Houston/Veterans Memorial Dr.
-
				
1,070 				
				
				
1,492 				
1,950 				
1,120 				
06/25/97
Los Angeles/Olympic
-
4,392 				
10,247 				
1,593 				
4,391 				
11,841 				
16,232 				
8,435 				
06/25/97
Littleton
-
1,340 				
3,126 				
1,329 				
1,340 				
4,455 				
5,795 				
3,386 				
06/25/97
Metairie
-
1,229 				
2,868 				
				
1,229 				
3,306 				
4,535 				
2,403 				
06/25/97
Louisville
-
				
1,672 				
				
				
2,257 				
2,973 				
1,643 				
06/25/97
East Hazel Crest
-
				
1,757 				
2,705 				
1,213 				
4,002 				
5,215 				
3,094 				
06/25/97
Edmonds
-
1,187 				
2,770 				
				
1,187 				
3,612 				
4,799 				
2,680 				
06/25/97
Foster City
-
1,064 				
2,483 				
				
1,064 				
2,951 				
4,015 				
2,113 				
06/25/97
Chicago
-
1,160 				
2,708 				
				
1,160 				
3,595 				
4,755 				
2,581 				
06/25/97
Philadelphia
-
				
2,155 				
				
				
2,717 				
3,640 				
1,970 				
06/25/97
Dallas/Vilbig Rd.
-
				
1,184 				
				
				
1,598 				
2,105 				
1,189 				
06/25/97
Staten Island
-
1,676 				
3,910 				
2,004 				
1,675 				
5,915 				
7,590 				
4,279 				
06/25/97
Pelham Manor
-
1,209 				
2,820 				
1,062 				
1,208 				
3,883 				
5,091 				
2,900 				
06/25/97
Irving
-
				
1,093 				
				
				
1,427 				
1,895 				
1,041 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
06/25/97
Elk Grove
-
				
1,497 				
				
				
2,052 				
2,694 				
1,538 				
06/25/97
LAX
-
1,312 				
3,062 				
				
1,312 				
3,847 				
5,159 				
2,789 				
06/25/97
Denver
-
1,316 				
3,071 				
1,033 				
1,316 				
4,104 				
5,420 				
3,013 				
06/25/97
Plano
-
1,369 				
3,193 				
				
1,368 				
3,906 				
5,274 				
2,837 				
06/25/97
Lynnwood
-
				
1,959 				
				
				
2,606 				
3,445 				
1,862 				
06/25/97
Lilburn
-
				
1,182 				
				
				
1,713 				
2,220 				
1,267 				
06/25/97
Parma
-
				
2,055 				
				
				
2,969 				
3,849 				
2,208 				
06/25/97
Davie
-
1,086 				
2,533 				
				
1,085 				
3,322 				
4,407 				
2,469 				
06/25/97
Allen Park
-
				
2,223 				
				
				
2,977 				
3,930 				
2,167 				
06/25/97
Aurora
-
				
1,886 				
				
				
2,596 				
3,404 				
1,802 				
06/25/97
San Diego/16th Street
-
				
2,175 				
				
				
3,055 				
3,987 				
2,276 				
06/25/97
Sterling Heights
-
				
1,787 				
				
				
2,448 				
3,214 				
1,821 				
06/25/97
East L.A./Boyle Heights
-
				
2,232 				
				
				
2,906 				
3,863 				
2,084 				
06/25/97
Springfield/Alban Station
-
1,317 				
3,074 				
				
1,317 				
4,071 				
5,388 				
2,958 				
06/25/97
Littleton
-
				
2,026 				
				
				
2,662 				
3,530 				
1,927 				
06/25/97
Sacramento/57th Street
-
				
2,029 				
				
				
2,694 				
3,563 				
1,967 				
06/25/97
Miami
-
1,762 				
4,111 				
1,275 				
1,762 				
5,386 				
7,148 				
3,858 				
08/13/97
Santa Monica / Wilshire Blvd.
-
2,040 				
4,760 				
1,555 				
2,040 				
6,315 				
8,355 				
4,632 				
10/01/97
Marietta /Austell Rd
-
				
1,326 				
1,117 				
				
2,401 				
2,841 				
1,629 				
10/01/97
Denver / Leetsdale
-
1,407 				
1,682 				
1,512 				
1,554 				
3,047 				
4,601 				
2,025 				
10/01/97
Baltimore / York Road
-
1,538 				
1,952 				
2,077 				
1,700 				
3,867 				
5,567 				
2,613 				
10/01/97
Bolingbrook
-
				
1,776 				
1,682 				
				
3,381 				
4,195 				
2,126 				
10/01/97
Kent / Central
-
				
1,321 				
1,200 				
				
2,471 				
3,004 				
1,528 				
10/01/97
Geneva / Roosevelt
-
				
1,302 				
1,087 				
				
2,352 				
2,744 				
1,515 				
10/01/97
Denver / Sheridan
-
				
1,105 				
1,054 				
				
2,114 				
2,588 				
1,431 				
10/01/97
Mountlake Terrace
-
1,017 				
1,783 				
1,468 				
1,123 				
3,145 				
4,268 				
2,022 				
10/01/97
Carol Stream/ St.Charles
-
				
1,187 				
1,053 				
				
2,220 				
2,425 				
1,409 				
10/01/97
Marietta / Cobb Park
-
				
1,131 				
1,071 				
				
2,158 				
2,622 				
1,359 				
10/01/97
Venice / Rose
-
5,468 				
5,478 				
4,922 				
6,042 				
9,826 				
15,868 				
6,231 				
10/01/97
Ventura / Ventura Blvd
-
				
2,227 				
1,802 				
1,006 				
3,934 				
4,940 				
2,660 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
10/01/97
Studio City/ Ventura
-
2,421 				
1,610 				
1,394 				
2,675 				
2,750 				
5,425 				
1,732 				
10/01/97
Madison Heights
-
				
1,686 				
4,269 				
				
5,910 				
6,383 				
2,621 				
10/01/97
LAX / Imperial
-
1,662 				
2,079 				
1,604 				
1,836 				
3,509 				
5,345 				
2,310 				
10/01/97
Justice / Industrial
-
				
1,181 				
				
				
2,062 				
2,320 				
1,299 				
10/01/97
Burbank / San Fernando
-
1,825 				
2,210 				
1,640 				
2,016 				
3,659 				
5,675 				
2,488 				
10/01/97
Pinole / Appian Way
-
				
1,827 				
1,298 				
				
3,049 				
3,853 				
2,037 				
10/01/97
Denver / Tamarac Park
-
2,545 				
1,692 				
2,141 				
2,812 				
3,566 				
6,378 				
3,384 				
10/01/97
Gresham / Powell
-
				
1,298 				
				
				
2,237 				
2,593 				
1,457 				
10/01/97
Warren / Mound Road
-
				
1,025 				
				
				
1,833 				
2,129 				
1,183 				
10/01/97
Woodside/Brooklyn
-
5,016 				
3,950 				
5,429 				
5,542 				
8,853 				
14,395 				
5,708 				
10/01/97
Enfield / Elm Street
-
				
1,900 				
1,496 				
				
3,354 				
3,795 				
2,214 				
10/01/97
Roselle / Lake Street
-
				
1,411 				
1,101 				
				
2,480 				
2,824 				
1,597 				
10/01/97
Milwaukee / Appleton
-
				
1,385 				
1,189 				
				
2,540 				
2,898 				
1,658 				
10/01/97
Emeryville / Bay St
-
1,602 				
1,830 				
1,406 				
1,770 				
3,068 				
4,838 				
2,206 				
10/01/97
Monterey / Del Rey
-
				
1,048 				
				
				
1,901 				
2,185 				
1,184 				
10/01/97
San Leandro / Washington
-
				
1,142 				
				
				
2,004 				
2,734 				
1,328 				
10/01/97
Boca Raton / N.W. 20
-
1,140 				
2,256 				
1,955 				
1,259 				
4,092 				
5,351 				
2,340 				
10/01/97
Washington Dc/So Capital
-
1,437 				
4,489 				
4,193 				
1,588 				
8,531 				
10,119 				
4,502 				
10/01/97
Lynn / Lynnway
-
				
3,059 				
2,839 				
				
5,850 				
6,361 				
3,710 				
10/01/97
Pompano Beach
-
1,077 				
1,527 				
1,946 				
1,190 				
3,360 				
4,550 				
1,886 				
10/01/97
Lake Oswego/ N.State
-
				
1,956 				
1,349 				
				
3,256 				
3,770 				
1,824 				
10/01/97
Daly City / Mission
-
				
2,921 				
2,296 				
				
5,176 				
5,606 				
2,749 				
10/01/97
Odenton / Route 175
-
				
2,104 				
1,645 				
				
3,701 				
4,205 				
2,186 				
10/01/97
Novato / Landing
-
2,416 				
3,496 				
2,846 				
2,904 				
5,854 				
8,758 				
4,186 				
10/01/97
St. Louis / Lindberg
-
				
1,508 				
1,194 				
				
2,558 				
3,286 				
1,880 				
10/01/97
Oakland/International
-
				
1,568 				
1,354 				
				
2,805 				
3,280 				
2,009 				
10/01/97
Stockton / March Lane
-
				
1,398 				
1,033 				
				
2,283 				
3,094 				
1,645 				
10/01/97
Des Plaines / Golf Rd
-
1,363 				
3,093 				
1,685 				
1,630 				
4,511 				
6,141 				
3,155 				
10/01/97
Morton Grove / Wauke
-
2,658 				
3,232 				
7,460 				
3,111 				
10,239 				
13,350 				
5,589 				
10/01/97
Los Angeles / Jefferson
-
1,090 				
1,580 				
1,177 				
1,323 				
2,524 				
3,847 				
1,705 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
10/01/97
Los Angeles / Martin
-
				
1,152 				
				
1,066 				
1,867 				
2,933 				
1,286 				
10/01/97
San Leandro / E. 14th
-
				
1,289 				
1,002 				
				
2,143 				
2,918 				
1,482 				
10/01/97
Tucson / Tanque Verde
-
				
1,709 				
1,142 				
				
2,727 				
3,196 				
1,965 				
10/01/97
Randolph / Warren St
-
2,330 				
1,914 				
2,128 				
2,719 				
3,653 				
6,372 				
2,371 				
10/01/97
Forrestville / Penn.
-
1,056 				
2,347 				
1,566 				
1,312 				
3,657 				
4,969 				
2,617 				
10/01/97
Bridgeport
-
4,877 				
2,739 				
2,840 				
5,612 				
4,844 				
10,456 				
3,401 				
10/01/97
North Hollywood/Vine
-
				
2,379 				
1,591 				
1,166 				
3,710 				
4,876 				
2,505 				
10/01/97
Santa Cruz / Portola
-
				
1,526 				
1,036 				
				
2,408 				
3,097 				
1,654 				
10/01/97
Hyde Park / River St
-
				
1,748 				
1,697 				
				
3,312 				
4,071 				
2,424 				
10/01/97
Dublin / San Ramon Rd
-
				
1,999 				
1,189 				
1,119 				
3,011 				
4,130 				
2,065 				
10/01/97
Vallejo / Humboldt
-
				
1,651 				
1,044 				
				
2,548 				
3,168 				
1,773 				
10/01/97
Fremont/Warm Springs
-
				
2,885 				
1,623 				
1,072 				
4,284 				
5,356 				
2,968 				
10/01/97
Seattle / Stone Way
-
				
2,180 				
1,652 				
1,078 				
3,583 				
4,661 				
2,406 				
10/01/97
W. Olympia
-
				
1,096 				
				
				
2,008 				
2,217 				
1,350 				
10/01/97
Mercer/Parkside Ave
-
				
1,763 				
1,493 				
				
3,112 				
3,615 				
2,040 				
10/01/97
Bridge Water / Main
-
				
2,054 				
1,375 				
				
3,298 				
3,874 				
2,212 				
10/01/97
Norwalk / Hoyt Street
-
2,369 				
3,049 				
2,192 				
2,793 				
4,817 				
7,610 				
3,343 				
11/02/97
Lansing
-
				
1,768 				
				
				
1,860 				
2,590 				
1,352 				
11/07/97
Phoenix
-
1,197 				
2,793 				
				
1,197 				
3,227 				
4,424 				
2,336 				
11/13/97
Tinley Park
-
1,422 				
3,319 				
				
1,422 				
3,610 				
5,032 				
2,517 				
03/17/98
Houston/De Soto Dr.
-
				
1,537 				
				
				
1,940 				
2,599 				
1,370 				
03/17/98
Houston / East Freeway
-
				
1,384 				
				
				
2,094 				
2,687 				
1,598 				
03/17/98
Austin/Ben White
-
				
1,614 				
				
				
1,951 				
2,633 				
1,354 				
03/17/98
Arlington/E.Pioneer
-
				
2,152 				
				
				
2,615 				
3,537 				
1,857 				
03/17/98
Las Vegas/Tropicana
-
1,285 				
2,998 				
				
1,285 				
3,481 				
4,766 				
2,389 				
03/17/98
Branford / Summit Place
-
				
1,698 				
				
				
2,238 				
2,965 				
1,586 				
03/17/98
Las Vegas / Charleston
-
				
1,845 				
				
				
2,220 				
3,011 				
1,489 				
03/17/98
So. San Francisco
-
1,550 				
3,617 				
				
1,550 				
3,959 				
5,509 				
2,759 				
03/17/98
Pasadena / Arroyo Prkwy
-
3,005 				
7,012 				
1,065 				
3,004 				
8,078 				
11,082 				
5,766 				
03/17/98
Tempe / E. Broadway
-
				
1,476 				
				
				
1,926 				
2,559 				
1,427 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
03/17/98
Phoenix / N. 43rd Ave
-
				
1,033 				
				
				
1,557 				
2,000 				
1,140 				
03/17/98
Phoenix/No. 43rd
-
				
				
				
				
1,747 				
2,127 				
1,283 				
03/17/98
Phoenix / Black Canyon
-
				
				
				
				
1,285 				
1,665 				
				
03/17/98
Phoenix/Black Canyon
-
				
				
				
				
				
				
				
03/17/98
Nesconset / Southern
-
1,423 				
3,321 				
				
1,423 				
3,922 				
5,345 				
2,789 				
04/01/98
St. Louis / Hwy. 141
-
				
1,628 				
4,710 				
1,344 				
5,653 				
6,997 				
3,779 				
04/01/98
Island Park / Austin
-
2,313 				
3,015 				
(124) 				
1,374 				
3,830 				
5,204 				
2,781 				
04/01/98
Akron / Brittain Rd.
-
				
2,248 				
				
				
2,362 				
3,031 				
1,667 				
04/01/98
Patchogue/W.Sunrise
-
				
2,184 				
				
				
2,694 				
3,630 				
1,949 				
04/01/98
Havertown/West Chester
-
1,254 				
2,926 				
				
1,249 				
3,293 				
4,542 				
2,309 				
04/01/98
Schiller Park/River
-
				
1,390 				
				
				
1,675 				
2,243 				
1,187 				
04/01/98
Chicago / Cuyler
-
1,400 				
2,695 				
				
1,400 				
3,105 				
4,505 				
2,242 				
04/01/98
Chicago Heights/West
-
				
1,804 				
				
				
2,176 				
2,644 				
1,596 				
04/01/98
Arlington Hts/University
-
				
3,004 				
				
				
3,474 				
4,144 				
2,437 				
04/01/98
Cicero / Ogden
-
1,678 				
2,266 				
				
1,677 				
3,176 				
4,853 				
2,296 				
04/01/98
Chicago/W. Howard St.
-
				
2,875 				
1,273 				
				
4,148 				
5,122 				
3,088 				
04/01/98
Chicago/N. Western Ave
-
1,453 				
3,205 				
				
1,453 				
3,736 				
5,189 				
2,730 				
04/01/98
Chicago/Northwest Hwy
-
				
2,412 				
				
				
2,654 				
3,579 				
1,880 				
04/01/98
Chicago/N. Wells St.
-
1,446 				
2,828 				
				
1,446 				
3,096 				
4,542 				
2,213 				
04/01/98
Chicago / Pulaski Rd.
-
1,276 				
2,858 				
				
1,276 				
3,149 				
4,425 				
2,242 				
04/01/98
Artesia / Artesia
-
				
1,419 				
				
				
1,728 				
2,353 				
1,340 				
04/01/98
Arcadia / Lower Azusa
-
				
1,369 				
				
				
1,732 				
2,553 				
1,381 				
04/01/98
Manassas / Centreville
-
				
2,137 				
				
				
2,654 				
3,059 				
2,054 				
04/01/98
La Downtwn/10 Fwy
-
1,608 				
3,358 				
				
1,607 				
3,793 				
5,400 				
2,914 				
04/01/98
Bellevue / Northup
-
1,232 				
3,306 				
				
1,231 				
3,988 				
5,219 				
3,131 				
04/01/98
Hollywood/Cole & Wilshire
-
1,590 				
1,785 				
				
1,590 				
2,048 				
3,638 				
1,568 				
04/01/98
Atlanta/John Wesley
-
1,233 				
1,665 				
				
1,233 				
2,234 				
3,467 				
1,809 				
04/01/98
Montebello/S. Maple
-
1,274 				
2,299 				
				
1,273 				
2,519 				
3,792 				
1,927 				
04/01/98
Lake City/Forest Park
-
				
1,445 				
				
				
1,751 				
1,999 				
1,325 				
04/01/98
Baltimore / W. Patap
-
				
2,650 				
				
				
3,034 				
3,436 				
2,289 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
04/01/98
Fraser/Groesbeck Hwy
-
				
1,796 				
				
				
2,017 				
2,385 				
1,544 				
04/01/98
Vallejo / Mini Drive
-
				
1,803 				
				
				
2,048 				
2,608 				
1,537 				
04/01/98
San Diego/54th & Euclid
-
				
2,550 				
				
				
3,127 				
4,079 				
2,526 				
04/01/98
Miami / 5th Street
-
2,327 				
3,234 				
				
2,327 				
3,773 				
6,100 				
2,991 				
04/01/98
Silver Spring/Hill
-
				
2,080 				
				
				
2,392 				
3,313 				
1,865 				
04/01/98
Chicago/E. 95th St.
-
				
2,357 				
				
				
2,721 				
3,118 				
2,178 				
04/01/98
Chicago / S. Harlem
-
				
1,424 				
				
				
1,680 				
2,471 				
1,345 				
04/01/98
St. Charles /Highway
-
				
1,501 				
				
				
1,882 				
2,505 				
1,497 				
04/01/98
Chicago/Burr Ridge Rd.
-
				
2,165 				
				
				
2,547 				
2,968 				
2,085 				
04/01/98
Yonkers / Route 9a
-
1,722 				
3,823 				
				
1,722 				
4,528 				
6,250 				
3,571 				
04/01/98
Silverlake/Glendale
-
2,314 				
5,481 				
				
2,313 				
5,865 				
8,178 				
4,655 				
04/01/98
Chicago/Harlem Ave
-
1,430 				
3,038 				
				
1,430 				
3,499 				
4,929 				
2,781 				
04/01/98
Bethesda / Butler Rd
-
1,146 				
2,509 				
				
1,146 				
2,740 				
3,886 				
2,087 				
04/01/98
Dundalk / Wise Ave
-
				
2,005 				
				
				
2,383 				
2,830 				
1,832 				
04/01/98
St. Louis / Hwy. 141
-
				
1,628 				
				
				
1,829 				
2,488 				
1,472 				
04/01/98
Island Park / Austin
-
2,313 				
3,015 				
1,402 				
2,313 				
4,417 				
6,730 				
3,566 				
04/01/98
Dallas / Kingsly
-
1,095 				
1,712 				
				
1,095 				
2,174 				
3,269 				
1,612 				
05/01/98
Berkeley / 2nd St.
-
1,914 				
4,466 				
7,029 				
1,837 				
11,572 				
13,409 				
5,845 				
05/08/98
Cleveland / W. 117th
-
				
2,277 				
				
				
2,946 				
3,876 				
2,086 				
05/08/98
La /Venice Blvd
-
1,470 				
3,599 				
				
1,470 				
3,840 				
5,310 				
2,602 				
05/08/98
Aurora / Farnsworth
-
				
2,350 				
				
				
2,640 				
3,600 				
1,786 				
05/08/98
Santa Rosa / Hopper
-
1,020 				
2,497 				
				
1,020 				
2,819 				
3,839 				
1,942 				
05/08/98
Golden Valley / Winn
-
				
1,542 				
				
				
1,863 				
2,493 				
1,318 				
05/08/98
St. Louis / Benham
-
				
1,983 				
				
				
2,305 				
3,115 				
1,627 				
05/08/98
Chicago / S. Chicago
-
				
2,057 				
				
				
2,356 				
3,196 				
1,640 				
10/01/98
El Segundo / Sepulveda
-
6,586 				
5,795 				
				
6,585 				
6,575 				
13,160 				
4,519 				
10/01/98
Atlanta / Memorial Dr.
-
				
2,239 				
				
				
2,761 				
3,175 				
1,939 				
10/01/98
Chicago / W. 79th St
-
				
2,789 				
				
				
3,312 				
4,173 				
2,327 				
10/01/98
Chicago / N. Broadway
-
1,918 				
3,824 				
				
1,917 				
4,557 				
6,474 				
3,208 				
10/01/98
Dallas / Greenville
-
1,933 				
2,892 				
				
1,933 				
3,243 				
5,176 				
2,208 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
10/01/98
Tacoma / Orchard
-
				
1,987 				
				
				
2,290 				
2,648 				
1,601 				
10/01/98
St. Louis / Gravois
-
				
2,327 				
				
				
2,860 				
3,172 				
2,035 				
10/01/98
White Bear Lake
-
				
2,079 				
				
				
2,481 				
3,059 				
1,711 				
10/01/98
Santa Cruz / Soquel
-
				
2,385 				
				
				
2,638 				
3,470 				
1,793 				
10/01/98
Coon Rapids / Hwy 10
-
				
1,646 				
				
				
1,933 				
2,263 				
1,332 				
10/01/98
Oxnard / Hueneme Rd
-
				
3,925 				
				
				
4,296 				
5,219 				
2,929 				
10/01/98
Vancouver/ Millplain
-
				
2,000 				
				
				
2,176 				
2,518 				
1,498 				
10/01/98
Tigard / Mc Ewan
-
				
1,652 				
				
				
1,793 				
2,390 				
1,216 				
10/01/98
Griffith / Cline
-
				
2,118 				
				
				
2,416 				
2,715 				
1,634 				
10/01/98
Miami / Sunset Drive
-
1,656 				
2,321 				
2,000 				
2,266 				
3,711 				
5,977 				
2,366 				
10/01/98
Farmington / 9 Mile
-
				
2,526 				
				
				
2,970 				
3,550 				
2,089 				
10/01/98
Los Gatos / University
-
2,234 				
3,890 				
				
2,234 				
4,245 				
6,479 				
2,861 				
10/01/98
N. Hollywood
-
1,484 				
3,143 				
				
1,484 				
3,342 				
4,826 				
2,263 				
10/01/98
Petaluma / Transport
-
				
1,840 				
5,328 				
				
6,771 				
7,628 				
3,907 				
10/01/98
Chicago / 111th
-
				
2,898 				
2,407 				
				
5,215 				
5,646 				
3,192 				
10/01/98
Upper Darby / Market
-
				
5,011 				
				
				
5,690 				
6,498 				
3,916 				
10/01/98
San Jose / Santa
-
				
3,870 				
				
				
4,160 				
5,126 				
2,826 				
10/01/98
San Diego / Morena
-
3,173 				
5,469 				
				
3,173 				
5,948 				
9,121 				
4,022 				
10/01/98
Brooklyn /Rockaway Ave
-
6,272 				
9,691 				
7,061 				
7,337 				
15,687 				
23,024 				
8,361 				
10/01/98
Revere / Charger St
-
1,997 				
3,727 				
1,298 				
1,996 				
5,026 				
7,022 				
3,651 				
10/01/98
Las Vegas / E. Charles
-
				
2,545 				
				
				
3,059 				
3,661 				
2,125 				
10/01/98
Laurel / Baltimore Ave
-
1,899 				
4,498 				
				
1,899 				
4,824 				
6,723 				
3,278 				
10/01/98
East La/Figueroa & 4th
-
1,213 				
2,689 				
				
1,213 				
2,921 				
4,134 				
1,989 				
10/01/98
Oldsmar / Tampa Road
-
				
2,154 				
3,047 				
1,049 				
4,912 				
5,961 				
3,118 				
10/01/98
Ft. Lauderdale /S.W.
-
1,046 				
2,928 				
				
1,046 				
3,467 				
4,513 				
2,463 				
10/01/98
Miami / Nw 73rd St
-
1,050 				
3,064 				
				
1,049 				
3,355 				
4,404 				
2,356 				
12/09/98
Miami / Nw 115th Ave
-
1,095 				
2,349 				
5,104 				
1,185 				
7,363 				
8,548 				
3,299 				
01/01/99
New Orleans/St.Charles
-
1,463 				
2,634 				
				
1,039 				
3,781 				
4,820 				
2,303 				
01/06/99
Brandon / E. Brandon Blvd
-
1,560 				
3,695 				
				
1,560 				
3,965 				
5,525 				
2,496 				
03/12/99
St. Louis / N. Lindbergh Blvd.
-
1,688 				
3,939 				
				
1,688 				
4,581 				
6,269 				
3,137 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
03/12/99
St. Louis /Vandeventer Midtown
-
				
1,631 				
				
				
2,242 				
2,941 				
1,581 				
03/12/99
St. Ann / Maryland Heights
-
1,035 				
2,414 				
				
1,035 				
3,286 				
4,321 				
2,156 				
03/12/99
Florissant / N. Hwy 67
-
				
2,265 				
				
				
2,688 				
3,659 				
1,816 				
03/12/99
Ferguson Area-W.Florissant
-
1,194 				
2,732 				
				
1,178 				
3,680 				
4,858 				
2,478 				
03/12/99
Florissant / New Halls Ferry Rd
-
1,144 				
2,670 				
				
1,144 				
3,477 				
4,621 				
2,533 				
03/12/99
St. Louis / Airport
-
				
1,833 				
				
				
2,267 				
3,052 				
1,577 				
03/12/99
St. Louis/ S.Third St
-
1,096 				
2,557 				
				
1,096 				
2,877 				
3,973 				
1,909 				
03/12/99
Kansas City / E. 47th St.
-
				
1,424 				
				
				
1,926 				
2,536 				
1,329 				
03/12/99
Kansas City /E. 67th Terrace
-
1,136 				
2,643 				
				
1,134 				
3,178 				
4,312 				
2,174 				
03/12/99
Kansas City / James A. Reed Rd
-
				
1,748 				
				
				
2,042 				
2,791 				
1,385 				
03/12/99
Independence / 291
-
				
2,032 				
				
				
2,405 				
3,276 				
1,620 				
03/12/99
Raytown / Woodson Rd
-
				
2,134 				
				
				
2,449 				
3,363 				
1,643 				
03/12/99
Kansas City / 34th Main Street
-
				
2,599 				
1,300 				
				
3,899 				
4,013 				
2,735 				
03/12/99
Columbia / River Dr
-
				
1,566 				
				
				
2,020 				
2,691 				
1,394 				
03/12/99
Columbia / Buckner Rd
-
				
1,665 				
				
				
2,226 				
2,939 				
1,576 				
03/12/99
Columbia / Decker Park Rd
-
				
1,412 				
				
				
1,643 				
2,248 				
1,094 				
03/12/99
Columbia / Rosewood Dr
-
				
1,814 				
				
				
2,177 				
2,954 				
1,442 				
03/12/99
W. Columbia / Orchard Dr.
-
				
				
				
				
				
1,242 				
				
03/12/99
W. Columbia / Airport Blvd
-
				
1,151 				
				
				
1,484 				
1,977 				
1,035 				
03/12/99
Greenville / Whitehorse Rd
-
				
2,058 				
				
				
2,435 				
3,317 				
1,618 				
03/12/99
Greenville / Woods Lake Rd
-
				
				
				
				
1,099 				
1,463 				
				
03/12/99
Mauldin / N. Main Street
-
				
1,333 				
				
				
1,689 				
2,260 				
1,180 				
03/12/99
Simpsonville / Grand View Dr
-
				
1,358 				
				
				
1,638 				
2,212 				
1,078 				
03/12/99
Taylors / Wade Hampton Blvd
-
				
1,517 				
				
				
1,848 				
2,498 				
1,237 				
03/12/99
Charleston/Ashley Phosphate
-
				
1,950 				
				
				
2,664 				
3,487 				
1,800 				
03/12/99
N. Charleston / Dorchester Rd
-
				
				
				
				
1,202 				
1,581 				
				
03/12/99
N. Charleston / Dorchester
-
				
1,137 				
				
				
1,540 				
2,027 				
1,062 				
03/12/99
Charleston / Sam Rittenberg Blvd
-
				
1,296 				
				
				
1,571 				
2,126 				
1,067 				
03/12/99
Hilton Head / Office Park Rd
-
1,279 				
2,985 				
				
1,279 				
3,311 				
4,590 				
2,185 				
03/12/99
Columbia / Plumbers Rd
-
				
				
				
				
1,220 				
1,588 				
				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
03/12/99
Greenville / Pineknoll Rd
-
				
2,163 				
				
				
2,596 				
3,523 				
1,710 				
03/12/99
Hilton Head / Yacht Cove Dr
-
1,182 				
2,753 				
				
				
3,290 				
4,116 				
2,227 				
03/12/99
Spartanburg / Chesnee Hwy
-
				
1,244 				
				
				
2,164 				
2,644 				
1,610 				
03/12/99
Charleston / Ashley River Rd
-
1,114 				
2,581 				
				
1,108 				
2,855 				
3,963 				
1,921 				
03/12/99
Columbia / Broad River
-
1,463 				
3,413 				
				
1,463 				
4,021 				
5,484 				
2,725 				
03/12/99
Charlotte / East Wt Harris Blvd
-
				
1,718 				
				
				
2,178 				
2,914 				
1,458 				
03/12/99
Charlotte / North Tryon St.
-
				
1,653 				
				
				
2,490 				
3,198 				
1,776 				
03/12/99
Charlotte / South Blvd
-
				
1,496 				
				
				
1,871 				
2,512 				
1,268 				
03/12/99
Kannapolis / Oregon St
-
				
1,081 				
				
				
1,428 				
1,891 				
				
03/12/99
Durham / E. Club Blvd
-
				
2,209 				
				
				
2,544 				
3,491 				
1,677 				
03/12/99
Durham / N. Duke St.
-
				
1,794 				
				
				
2,116 				
2,885 				
1,387 				
03/12/99
Raleigh / Maitland Dr
-
				
1,585 				
				
				
1,999 				
2,678 				
1,396 				
03/12/99
Greensboro / O'henry Blvd
-
				
1,345 				
				
				
1,930 				
2,507 				
1,390 				
03/12/99
Gastonia / S. York Rd
-
				
1,089 				
				
				
1,478 				
1,944 				
1,020 				
03/12/99
Durham / Kangaroo Dr.
-
1,102 				
2,572 				
				
1,102 				
3,398 				
4,500 				
2,291 				
03/12/99
Pensacola / Brent Lane
-
				
				
				
				
1,202 				
1,431 				
				
03/12/99
Pensacola / Creighton Road
-
				
1,060 				
				
				
1,385 				
1,839 				
1,063 				
03/12/99
Jacksonville / Park Avenue
-
				
2,113 				
				
				
2,509 				
3,414 				
1,694 				
03/12/99
Jacksonville / Phillips Hwy
-
				
1,545 				
				
				
2,346 				
3,009 				
1,697 				
03/12/99
Clearwater / Highland Ave
-
				
1,690 				
				
				
2,253 				
2,977 				
1,493 				
03/12/99
Tarpon Springs / Us Highway 19
-
				
2,081 				
				
				
2,664 				
3,556 				
1,833 				
03/12/99
Orlando /S. Orange Blossom Trail
-
1,229 				
2,867 				
				
1,228 				
3,377 				
4,605 				
2,257 				
03/12/99
Casselberry Ii
-
1,160 				
2,708 				
				
1,160 				
3,140 				
4,300 				
2,114 				
03/12/99
Miami / Nw 14th Street
-
1,739 				
4,058 				
3,818 				
1,739 				
7,876 				
9,615 				
3,007 				
03/12/99
Tarpon Springs / Highway 19
-
1,179 				
2,751 				
				
1,179 				
3,271 				
4,450 				
2,265 				
03/12/99
Ft. Myers / Tamiami Trail South
-
				
1,945 				
(125) 				
				
1,820 				
2,654 				
1,334 				
03/12/99
Jacksonville / Ft. Caroline Rd.
-
1,037 				
2,420 				
				
1,037 				
2,960 				
3,997 				
2,007 				
03/12/99
Orlando / South Semoran
-
				
1,319 				
				
				
1,500 				
2,065 				
1,025 				
03/12/99
Jacksonville / Southside Blvd.
-
1,278 				
2,982 				
				
1,278 				
3,645 				
4,923 				
2,484 				
03/12/99
Miami / Nw 7th Ave
-
				
1,827 				
4,866 				
				
6,691 				
7,476 				
3,376 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
03/12/99
Vero Beach / Us Hwy 1
-
				
1,583 				
				
				
1,875 				
2,553 				
1,323 				
03/12/99
Ponte Vedra / Palm Valley Rd.
-
				
2,749 				
				
				
3,677 				
4,422 				
2,549 				
03/12/99
Miami Lakes / Nw 153rd St.
-
				
				
				
				
1,313 				
1,738 				
				
03/12/99
Deerfield Beach / Sw 10th St.
-
1,844 				
4,302 				
				
1,843 				
4,571 				
6,414 				
2,960 				
03/12/99
Apopka / S. Orange Blossom
-
				
				
				
				
1,162 				
1,469 				
				
03/12/99
Davie / University
-
				
4,379 				
				
				
5,191 				
5,504 				
3,512 				
03/12/99
Arlington / Division
-
				
2,328 				
				
				
2,727 				
3,724 				
1,786 				
03/12/99
Duncanville/S.Cedar Ridge
-
1,477 				
3,447 				
				
1,477 				
4,127 				
5,604 				
2,759 				
03/12/99
Carrollton / Trinity Mills West
-
				
1,237 				
				
				
1,443 				
1,973 				
				
03/12/99
Houston / Wallisville Rd.
-
				
1,736 				
				
				
2,049 				
2,793 				
1,382 				
03/12/99
Houston / Fondren South
-
				
1,510 				
				
				
1,808 				
2,455 				
1,225 				
03/12/99
Houston / Addicks Satsuma
-
				
				
				
				
1,446 				
1,855 				
1,026 				
03/12/99
Addison / Inwood Road
-
1,204 				
2,808 				
				
1,203 				
3,067 				
4,270 				
2,021 				
03/12/99
Garland / Jackson Drive
-
				
1,761 				
				
				
2,008 				
2,763 				
1,316 				
03/12/99
Garland / Buckingham Road
-
				
1,149 				
				
				
1,384 				
1,876 				
				
03/12/99
Houston / South Main
-
1,461 				
3,409 				
				
1,461 				
3,988 				
5,449 				
2,610 				
03/12/99
Plano / Parker Road-Avenue K
-
1,517 				
3,539 				
				
1,516 				
3,943 				
5,459 				
2,603 				
03/12/99
Houston / Bingle Road
-
				
1,345 				
				
				
1,880 				
2,456 				
1,322 				
03/12/99
Houston / Mangum Road
-
				
1,719 				
				
				
2,273 				
3,010 				
1,578 				
03/12/99
Houston / Hayes Road
-
				
2,138 				
				
				
2,516 				
3,432 				
1,657 				
03/12/99
Katy / Dominion Drive
-
				
2,321 				
				
				
2,522 				
3,516 				
1,636 				
03/12/99
Houston / Fm 1960 West
-
				
1,198 				
				
				
1,621 				
2,134 				
1,163 				
03/12/99
Webster / Fm 528 Road
-
				
1,764 				
				
				
2,064 				
2,820 				
1,335 				
03/12/99
Houston / Loch Katrine Lane
-
				
1,352 				
				
				
1,736 				
2,315 				
1,177 				
03/12/99
Houston / Milwee St.
-
				
1,815 				
				
				
2,251 				
3,029 				
1,571 				
03/12/99
Lewisville / Highway 121
-
				
1,605 				
				
				
1,887 				
2,575 				
1,264 				
03/12/99
Richardson / Central Expressway
-
				
1,085 				
				
				
1,376 				
1,841 				
				
03/12/99
Houston / Hwy 6 South
-
				
1,328 				
				
				
1,565 				
2,134 				
1,037 				
03/12/99
Houston / Westheimer West
-
1,075 				
2,508 				
				
1,075 				
2,716 				
3,791 				
1,752 				
03/12/99
Ft. Worth / Granbury Road
-
				
1,781 				
				
				
2,069 				
2,832 				
1,336 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
03/12/99
Houston / New Castle
-
2,346 				
5,473 				
1,573 				
2,345 				
7,047 				
9,392 				
4,454 				
03/12/99
Dallas / Inwood Road
-
1,478 				
3,448 				
				
1,477 				
3,724 				
5,201 				
2,415 				
03/12/99
Fort Worth / Loop 820 North
-
				
1,702 				
				
				
2,154 				
2,883 				
1,515 				
03/12/99
Arlington / Cooper St
-
				
1,818 				
				
				
2,128 				
2,907 				
1,392 				
03/12/99
Webster / Highway 3
-
				
1,580 				
				
				
1,873 				
2,550 				
1,248 				
03/12/99
Augusta / Peach Orchard Rd
-
				
2,007 				
				
				
2,579 				
3,439 				
1,781 				
03/12/99
Martinez / Old Petersburg Rd
-
				
				
				
				
1,309 				
1,716 				
				
03/12/99
Jonesboro / Tara Blvd
-
				
1,827 				
				
				
2,479 				
3,263 				
1,711 				
03/12/99
Atlanta / Briarcliff Rd
-
2,171 				
5,066 				
				
2,171 				
5,699 				
7,870 				
3,741 				
03/12/99
Decatur / N Decatur Rd
-
				
2,177 				
				
				
2,722 				
3,655 				
1,855 				
03/12/99
Douglasville / Westmoreland
-
				
1,056 				
				
				
1,397 				
1,850 				
				
03/12/99
Doraville / Mcelroy Rd
-
				
1,931 				
				
				
2,407 				
3,234 				
1,629 				
03/12/99
Roswell / Alpharetta
-
1,772 				
4,135 				
				
1,772 				
4,584 				
6,356 				
2,986 				
03/12/99
Douglasville / Duralee Lane
-
				
1,244 				
				
				
1,672 				
2,205 				
1,133 				
03/12/99
Douglasville / Highway 5
-
				
1,875 				
				
				
2,822 				
3,626 				
1,986 				
03/12/99
Forest Park / Jonesboro
-
				
1,537 				
				
				
1,932 				
2,590 				
1,311 				
03/12/99
Marietta / Whitlock
-
1,016 				
2,370 				
				
1,016 				
2,712 				
3,728 				
1,787 				
03/12/99
Marietta / Cobb
-
				
1,696 				
				
				
2,300 				
3,027 				
1,651 				
03/12/99
Norcross / Jones Mill Rd
-
1,142 				
2,670 				
				
1,142 				
3,079 				
4,221 				
2,021 				
03/12/99
Norcross / Dawson Blvd
-
1,232 				
2,874 				
				
1,231 				
3,733 				
4,964 				
2,572 				
03/12/99
Forest Park / Old Dixie Hwy
-
				
2,070 				
				
				
2,865 				
3,754 				
1,944 				
03/12/99
Decatur / Covington
-
1,764 				
4,116 				
				
1,763 				
4,691 				
6,454 				
3,040 				
03/12/99
Alpharetta / Maxwell Rd
-
1,075 				
2,509 				
				
1,075 				
2,891 				
3,966 				
1,863 				
03/12/99
Alpharetta / N. Main St
-
1,240 				
2,893 				
				
1,240 				
3,208 				
4,448 				
2,065 				
03/12/99
Atlanta / Bolton Rd
-
				
2,019 				
				
				
2,378 				
3,243 				
1,593 				
03/12/99
Riverdale / Georgia Hwy 85
-
1,075 				
2,508 				
				
1,075 				
2,951 				
4,026 				
1,943 				
03/12/99
Kennesaw / Rutledge Road
-
				
1,874 				
				
				
2,397 				
3,200 				
1,672 				
03/12/99
Lawrenceville / Buford Dr.
-
				
				
				
				
				
1,051 				
				
03/12/99
Hanover Park / W. Lake Street
-
1,320 				
3,081 				
				
1,320 				
3,463 				
4,783 				
2,275 				
03/12/99
Chicago / W. Jarvis Ave
-
				
				
				
				
				
1,235 				
				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
03/12/99
Chicago / N. Broadway St
-
				
1,249 				
				
				
1,824 				
2,359 				
1,232 				
03/12/99
Carol Stream / Phillips Court
-
				
1,780 				
				
				
2,532 				
3,314 				
1,467 				
03/12/99
Winfield / Roosevelt Road
-
1,109 				
2,587 				
				
1,108 				
3,079 				
4,187 				
2,042 				
03/12/99
Schaumburg / S. Roselle Road
-
				
1,537 				
				
				
1,860 				
2,519 				
1,241 				
03/12/99
Tinley Park / Brennan Hwy
-
				
1,799 				
				
				
2,311 				
3,082 				
1,569 				
03/12/99
Schaumburg / Palmer Drive
-
1,333 				
3,111 				
				
1,333 				
3,818 				
5,151 				
2,615 				
03/12/99
Mobile / Hillcrest Road
-
				
1,293 				
				
				
1,609 				
2,163 				
1,090 				
03/12/99
Mobile / Azalea Road
-
				
1,206 				
1,318 				
				
2,524 				
3,041 				
2,051 				
03/12/99
Mobile / Moffat Road
-
				
1,254 				
				
				
1,718 				
2,255 				
1,208 				
03/12/99
Mobile / Grelot Road
-
				
1,877 				
				
				
2,246 				
3,050 				
1,518 				
03/12/99
Mobile / Government Blvd
-
				
				
				
				
1,382 				
1,789 				
				
03/12/99
New Orleans / Tchoupitoulas
-
1,092 				
2,548 				
				
1,092 				
3,308 				
4,400 				
2,324 				
03/12/99
Louisville / Breckenridge Lane
-
				
1,356 				
				
				
1,650 				
2,231 				
1,106 				
03/12/99
Louisville
-
				
1,292 				
				
				
1,710 				
2,264 				
1,100 				
03/12/99
Louisville / Poplar Level
-
				
1,080 				
				
				
1,422 				
1,885 				
1,016 				
03/12/99
Chesapeake / Western Branch
-
1,274 				
2,973 				
				
1,274 				
3,395 				
4,669 				
2,225 				
03/12/99
Centreville / Lee Hwy
-
1,650 				
3,851 				
4,542 				
1,635 				
8,408 				
10,043 				
4,399 				
03/12/99
Sterling / S. Sterling Blvd
-
1,282 				
2,992 				
				
1,271 				
3,384 				
4,655 				
2,182 				
03/12/99
Manassas / Sudley Road
-
				
1,810 				
				
				
2,091 				
2,867 				
1,420 				
03/12/99
Longmont / Wedgewood Ave
-
				
1,673 				
				
				
1,884 				
2,601 				
1,254 				
03/12/99
Fort Collins / So.College Ave
-
				
1,739 				
				
				
2,381 				
3,126 				
1,552 				
03/12/99
Colo Sprngs / Parkmoor Village
-
				
1,446 				
				
				
2,288 				
2,908 				
1,600 				
03/12/99
Colo Sprngs / Van Teylingen
-
1,216 				
2,837 				
				
1,215 				
3,334 				
4,549 				
2,188 				
03/12/99
Denver / So. Clinton St.
-
				
1,609 				
				
				
1,886 				
2,348 				
1,251 				
03/12/99
Denver / Washington St.
-
				
1,846 				
				
				
2,463 				
3,255 				
1,664 				
03/12/99
Colo Sprngs / Centennial Blvd
-
1,352 				
3,155 				
				
1,352 				
3,389 				
4,741 				
2,201 				
03/12/99
Colo Sprngs / Astrozon Court
-
				
1,889 				
				
				
2,468 				
3,277 				
1,701 				
03/12/99
Arvada / 64th Ave
-
				
1,566 				
				
				
1,791 				
2,462 				
1,192 				
03/12/99
Golden / Simms Street
-
				
2,143 				
				
				
2,877 				
3,795 				
1,984 				
03/12/99
Lawrence / Haskell Ave
-
				
1,484 				
				
				
1,861 				
2,497 				
1,251 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
03/12/99
Overland Park / Hemlock St
-
1,168 				
2,725 				
				
1,168 				
3,027 				
4,195 				
2,013 				
03/12/99
Lenexa / Long St.
-
				
1,644 				
				
				
1,835 				
2,544 				
1,209 				
03/12/99
Shawnee / Hedge Lane Terrace
-
				
1,331 				
				
				
1,536 				
2,106 				
1,040 				
03/12/99
Mission / Foxridge Dr
-
1,657 				
3,864 				
				
1,656 				
4,307 				
5,963 				
2,862 				
03/12/99
Milwaukee / W. Dean Road
-
1,362 				
3,163 				
				
1,357 				
4,088 				
5,445 				
2,805 				
03/12/99
Columbus / Morse Road
-
1,415 				
3,302 				
1,526 				
1,415 				
4,828 				
6,243 				
3,477 				
03/12/99
Milford / Branch Hill
-
				
1,229 				
2,682 				
				
3,911 				
4,438 				
2,333 				
03/12/99
Fairfield / Dixie
-
				
1,211 				
				
				
1,637 				
2,156 				
1,158 				
03/12/99
Cincinnati / Western Hills
-
				
1,769 				
				
				
2,239 				
2,997 				
1,543 				
03/12/99
Austin / N. Mopac Expressway
-
				
2,791 				
				
				
3,049 				
3,914 				
1,927 				
03/12/99
Atlanta / Dunwoody Place
-
1,410 				
3,296 				
				
1,390 				
3,929 				
5,319 				
2,573 				
03/12/99
Kennedale/Bowman Sprgs
-
				
				
				
				
1,217 				
1,642 				
				
03/12/99
Colo Sprngs/N.Powers
-
1,124 				
2,622 				
1,215 				
1,123 				
3,838 				
4,961 				
2,596 				
03/12/99
St. Louis/S. Third St
-
				
				
				
				
				
				
				
03/12/99
Orlando / L.B. Mcleod Road
-
				
1,217 				
				
				
1,508 				
2,029 				
1,056 				
03/12/99
Jacksonville / Roosevelt Blvd.
-
				
1,986 				
				
				
2,506 				
3,357 				
1,750 				
03/12/99
Miami-Kendall / Sw 84th Street
-
				
2,180 				
				
				
2,852 				
3,786 				
1,862 				
03/12/99
North Miami Beach / 69th St
-
1,594 				
3,720 				
				
1,594 				
4,426 				
6,020 				
2,984 				
03/12/99
Miami Beach / Dade Blvd
-
				
2,245 				
2,275 				
				
4,520 				
5,482 				
2,870 				
03/12/99
Chicago / N. Natchez Ave
-
1,684 				
3,930 				
				
1,684 				
4,658 				
6,342 				
3,111 				
03/12/99
Chicago / W. Cermak Road
-
1,294 				
3,019 				
1,542 				
1,294 				
4,561 				
5,855 				
3,421 				
03/12/99
Kansas City / State Ave
-
				
1,505 				
				
				
1,930 				
2,575 				
1,348 				
03/12/99
Lenexa / Santa Fe Trail Road
-
				
1,663 				
				
				
1,946 				
2,659 				
1,291 				
03/12/99
Waukesha / Foster Court
-
				
1,785 				
				
				
2,630 				
3,395 				
1,684 				
03/12/99
River Grove / N. 5th Ave.
-
1,094 				
2,552 				
				
1,034 				
3,176 				
4,210 				
2,213 				
03/12/99
St. Charles / E. Main St.
-
				
2,220 				
(134) 				
				
2,235 				
3,037 				
1,655 				
03/12/99
Chicago / West 47th St.
-
				
1,645 				
				
				
1,900 				
2,605 				
1,242 				
03/12/99
Carol Stream / S. Main Place
-
1,320 				
3,079 				
				
1,319 				
3,592 				
4,911 				
2,413 				
03/12/99
Carpentersville /N. Western Ave
-
				
2,120 				
				
				
2,423 				
3,332 				
1,617 				
03/12/99
Elgin / E. Chicago St.
-
				
2,163 				
				
				
2,375 				
2,945 				
1,521 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
03/12/99
Elgin / Big Timber Road
-
1,347 				
3,253 				
				
1,347 				
4,213 				
5,560 				
2,891 				
03/12/99
Chicago / S. Pulaski Road
-
-
2,576 				
				
-
3,104 				
3,104 				
1,705 				
03/12/99
Aurora / Business 30
-
				
2,097 				
				
				
2,468 				
3,367 				
1,675 				
03/12/99
Streamwood / Old Church Road
-
				
1,991 				
				
				
2,172 				
3,025 				
1,407 				
03/12/99
Mt. Prospect / Central Road
-
				
1,847 				
				
				
2,644 				
3,439 				
1,868 				
03/12/99
Geneva / Gary Ave
-
1,072 				
2,501 				
				
1,072 				
2,843 				
3,915 				
1,901 				
03/12/99
Naperville / Lasalle Ave
-
1,501 				
3,502 				
				
1,501 				
3,714 				
5,215 				
2,417 				
03/31/99
Forest Park
-
				
3,378 				
4,742 				
				
8,120 				
8,390 				
5,063 				
04/01/99
Fresno
-
				
				
				
				
				
				
				
05/01/99
Stockton
-
				
				
2,168 				
				
2,131 				
2,721 				
1,427 				
06/30/99
Winter Park/N. Semor
-
				
				
1,241 				
				
1,794 				
2,221 				
				
06/30/99
N. Richland Hills
-
				
				
1,308 				
				
1,963 				
2,532 				
1,026 				
06/30/99
Rolling Meadows/Lois
-
				
				
1,667 				
				
2,406 				
2,957 				
1,301 				
06/30/99
Gresham/Burnside
-
				
				
				
				
1,430 				
1,871 				
				
06/30/99
Jacksonville/University
-
				
				
1,201 				
				
1,890 				
2,153 				
1,021 				
06/30/99
Houston/Highway 6 So.
-
				
1,006 				
2,214 				
				
3,035 				
3,971 				
1,505 				
06/30/99
Concord/Arnold
-
				
1,553 				
2,535 				
1,031 				
3,884 				
4,915 				
1,999 				
06/30/99
Rockville/Gude Drive
-
				
				
7,381 				
				
8,000 				
8,751 				
2,970 				
06/30/99
Bradenton/Cortez Road
-
				
				
1,427 				
				
2,200 				
2,788 				
1,156 				
06/30/99
San Antonio/Nw Loop
-
				
				
1,428 				
				
2,087 				
2,725 				
1,045 				
06/30/99
Anaheim / La Palma
-
1,378 				
				
1,624 				
1,720 				
2,133 				
3,853 				
1,036 				
06/30/99
Spring Valley/Sweetwater
-
				
				
5,528 				
				
5,823 				
6,179 				
2,390 				
06/30/99
Ft. Myers/Tamiami
-
				
				
1,976 				
1,184 				
2,702 				
3,886 				
1,344 				
06/30/99
Littleton/Centennial
-
				
				
1,262 				
				
1,961 				
2,487 				
1,055 				
06/30/99
Newark/Cedar Blvd
-
				
				
1,680 				
				
2,470 				
3,380 				
1,350 				
06/30/99
Falls Church/Columbia
-
				
				
1,600 				
1,126 				
2,350 				
3,476 				
1,210 				
06/30/99
Fairfax / Lee Highway
-
				
1,078 				
1,673 				
				
2,605 				
3,337 				
1,403 				
06/30/99
Wheat Ridge / W. 44th
-
				
				
1,259 				
				
1,929 				
2,528 				
1,070 				
06/30/99
Huntington Bch/Gotham
-
				
				
1,607 				
1,189 				
2,260 				
3,449 				
1,208 				
06/30/99
Fort Worth/McCart
-
				
				
				
				
1,848 				
2,312 				
				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
06/30/99
San Diego/Clairemont
-
1,601 				
2,035 				
2,720 				
1,999 				
4,357 				
6,356 				
2,336 				
06/30/99
Houston/Millridge N.
-
1,160 				
1,983 				
4,466 				
1,449 				
6,160 				
7,609 				
3,632 				
06/30/99
Woodbridge/Jefferson
-
				
1,689 				
1,888 				
1,048 				
3,369 				
4,417 				
1,455 				
06/30/99
Mountainside
-
1,260 				
1,237 				
4,513 				
1,595 				
5,415 				
7,010 				
2,460 				
06/30/99
Woodbridge / Davis
-
1,796 				
1,623 				
2,834 				
2,243 				
4,010 				
6,253 				
2,314 				
06/30/99
Huntington Beach
-
1,026 				
1,437 				
1,719 				
1,282 				
2,900 				
4,182 				
1,574 				
06/30/99
Edison / Old Post Rd
-
				
1,267 				
1,707 				
				
2,851 				
3,472 				
1,613 				
06/30/99
Northridge/Parthenia
-
1,848 				
1,486 				
2,202 				
2,308 				
3,228 				
5,536 				
1,775 				
06/30/99
Brick Township/Brick
-
				
1,431 				
1,814 				
				
3,099 				
3,835 				
1,682 				
06/30/99
Stone Mountain/Rock
-
1,233 				
				
1,488 				
1,540 				
1,469 				
3,009 				
				
06/30/99
Hyattsville
-
				
2,186 				
2,447 				
				
4,442 				
5,401 				
2,552 				
06/30/99
Union City / Alvarado
-
				
1,776 				
2,059 				
1,239 				
3,588 				
4,827 				
2,031 				
06/30/99
Oak Park / Greenfield
-
				
1,735 				
1,903 				
				
3,485 				
4,259 				
2,028 				
06/30/99
Tujunga/Foothill Blvd
-
1,746 				
2,383 				
3,193 				
2,180 				
5,142 				
7,322 				
2,665 				
07/01/99
Pantego/W. Pioneer Pkwy
-
				
1,228 				
				
				
1,524 				
1,956 				
				
07/01/99
Nashville/Lafayette St
-
				
1,135 				
				
				
2,114 				
2,600 				
1,638 				
07/01/99
Nashville/Metroplex Dr
-
				
				
				
				
1,328 				
1,707 				
				
07/01/99
Madison / Myatt Dr
-
				
1,028 				
				
				
1,333 				
1,774 				
				
07/01/99
Hixson / Highway 153
-
				
1,138 				
				
				
1,707 				
2,194 				
1,193 				
07/01/99
Hixson / Gadd Rd
-
				
				
				
				
1,109 				
1,316 				
				
07/01/99
Red Bank / Harding Rd
-
				
1,056 				
				
				
1,479 				
1,931 				
1,064 				
07/01/99
Nashville/Welshwood Dr
-
				
2,179 				
				
				
2,704 				
3,638 				
1,827 				
07/01/99
Madison/Williams Ave
-
1,318 				
3,076 				
1,362 				
1,318 				
4,438 				
5,756 				
3,110 				
07/01/99
Nashville/Mcnally Dr
-
				
2,062 				
1,033 				
				
3,095 				
3,979 				
2,238 				
07/01/99
Hermitage/Central Ct
-
				
1,508 				
				
				
1,860 				
2,506 				
1,246 				
07/01/99
Antioch/Cane Ridge Rd
-
				
				
				
				
1,424 				
1,776 				
1,019 				
09/01/99
Charlotte / Ashley Road
-
				
1,551 				
				
				
1,873 				
2,524 				
1,268 				
09/01/99
Raleigh / Capital Blvd
-
				
2,166 				
1,278 				
				
3,463 				
4,371 				
1,752 				
09/01/99
Charlotte / South Blvd.
-
				
1,715 				
				
				
1,953 				
2,672 				
1,282 				
09/01/99
Greensboro/W.Market St.
-
				
1,409 				
				
				
1,602 				
2,193 				
1,027 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
10/08/99
Belmont / O'neill Ave
-
				
4,659 				
				
				
4,901 				
5,779 				
3,162 				
10/11/99
Matthews
-
				
3,165 				
2,008 				
1,500 				
4,610 				
6,110 				
2,530 				
11/15/99
Poplar, Memphis
-
1,631 				
3,093 				
2,636 				
2,377 				
4,983 				
7,360 				
2,663 				
12/17/99
Dallas / Swiss Ave
-
1,862 				
4,344 				
				
1,878 				
4,857 				
6,735 				
3,172 				
12/30/99
Oak Park/Greenfield Rd
-
1,184 				
3,685 				
				
1,196 				
3,885 				
5,081 				
2,444 				
12/30/99
Santa Anna
-
2,657 				
3,293 				
3,697 				
3,704 				
5,943 				
9,647 				
3,077 				
01/21/00
Hanover Park
-
				
3,104 				
				
				
3,236 				
3,492 				
1,945 				
01/25/00
Memphis / N.Germantwn Pkwy
-
				
3,024 				
1,616 				
1,301 				
4,223 				
5,524 				
2,370 				
01/31/00
Rowland Heights/Walnut
-
				
1,589 				
				
				
1,783 				
2,470 				
1,119 				
02/08/00
Lewisville / Justin Rd
-
				
2,919 				
4,396 				
1,679 				
6,165 				
7,844 				
3,052 				
02/28/00
Plano / Avenue K
-
2,064 				
10,407 				
3,432 				
1,220 				
14,683 				
15,903 				
9,627 				
04/01/00
Hyattsville/Edmonson
-
1,036 				
2,657 				
				
1,036 				
2,869 				
3,905 				
1,748 				
04/29/00
St.Louis/Ellisville Twn Centre
-
				
4,377 				
2,096 				
1,311 				
5,927 				
7,238 				
3,303 				
05/02/00
Mill Valley
-
1,412 				
3,294 				
(250) 				
1,283 				
3,173 				
4,456 				
1,988 				
05/02/00
Culver City
-
2,439 				
5,689 				
6,435 				
2,221 				
12,342 				
14,563 				
6,911 				
05/26/00
Phoenix/N. 35th Ave
-
				
2,967 				
				
				
3,135 				
4,002 				
1,087 				
06/05/00
Mount Sinai / Route 25a
-
				
3,338 				
2,315 				
1,599 				
5,004 				
6,603 				
2,662 				
06/15/00
Pinellas Park
-
				
2,247 				
1,466 				
				
3,352 				
4,239 				
1,724 				
06/30/00
San Antonio/Broadway St
-
1,131 				
4,558 				
1,465 				
1,130 				
6,024 				
7,154 				
3,480 				
07/13/00
Lincolnwood
-
1,598 				
3,727 				
				
1,613 				
4,130 				
5,743 				
2,661 				
07/17/00
La Palco/New Orleans
-
1,023 				
3,204 				
2,094 				
1,609 				
4,712 				
6,321 				
2,442 				
07/29/00
Tracy/1615& 1650 W.11th S
-
1,745 				
4,530 				
				
1,761 				
4,909 				
6,670 				
2,963 				
						
						
						
						
						
						
						
						
						
08/01/00
Pineville
-
2,197 				
3,417 				
2,669 				
2,965 				
5,318 				
8,283 				
2,826 				
08/23/00
Morris Plains
-
1,501 				
4,300 				
4,363 				
2,719 				
7,445 				
10,164 				
3,662 				
08/31/00
Florissant/New Halls Fry
-
				
4,225 				
				
				
4,458 				
5,265 				
2,696 				
08/31/00
Orange, CA
-
				
1,542 				
6,150 				
				
7,686 				
8,353 				
3,400 				
09/01/00
Bayshore, NY
-
1,277 				
2,980 				
2,000 				
1,533 				
4,724 				
6,257 				
2,843 				
09/01/00
Los Angeles, CA
-
				
1,376 				
				
				
1,925 				
2,633 				
1,264 				
09/13/00
Merrillville
-
				
2,474 				
1,693 				
				
3,678 				
4,510 				
1,905 				
09/15/00
Gardena / W. El Segundo
-
1,532 				
3,424 				
				
1,532 				
3,690 				
5,222 				
1,952 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
09/15/00
Chicago / Ashland Avenue
-
				
4,880 				
2,335 				
				
7,216 				
8,065 				
4,316 				
09/15/00
Oakland / Macarthur
-
				
2,751 				
				
				
3,146 				
3,824 				
1,741 				
09/15/00
Alexandria / Pickett Ii
-
2,743 				
6,198 				
				
2,743 				
6,738 				
9,481 				
3,664 				
09/15/00
Royal Oak / Coolidge Highway
-
1,062 				
2,576 				
				
1,062 				
2,935 				
3,997 				
1,573 				
09/15/00
Hawthorne / Crenshaw Blvd.
-
1,079 				
2,913 				
				
1,079 				
3,283 				
4,362 				
1,799 				
09/15/00
Rockaway / U.S. Route 46
-
2,424 				
4,945 				
				
2,423 				
5,482 				
7,905 				
3,023 				
09/15/00
Evanston / Greenbay
-
				
4,436 				
				
				
4,998 				
5,844 				
2,758 				
09/15/00
Los Angeles / Coliseum
-
3,109 				
4,013 				
				
3,108 				
4,397 				
7,505 				
2,370 				
09/15/00
Bethpage / Hempstead Turnpike
-
2,899 				
5,457 				
1,482 				
2,899 				
6,939 				
9,838 				
3,778 				
09/15/00
Northport / Fort Salonga Road
-
2,999 				
5,698 				
1,037 				
2,998 				
6,736 				
9,734 				
3,845 				
09/15/00
Brooklyn / St. Johns Place
-
3,492 				
6,026 				
1,594 				
3,491 				
7,621 				
11,112 				
4,356 				
09/15/00
Lake Ronkonkoma / Portion Rd.
-
				
4,199 				
				
				
4,793 				
5,730 				
2,577 				
09/15/00
Tampa/Gunn Hwy
-
1,843 				
4,300 				
				
1,843 				
4,630 				
6,473 				
2,710 				
09/18/00
Tampa/N. Del Mabry
-
2,204 				
2,447 				
10,337 				
2,239 				
12,749 				
14,988 				
8,165 				
09/30/00
Marietta/Kennestone& Hwy5
-
				
3,388 				
1,555 				
				
4,937 				
5,565 				
2,844 				
09/30/00
Lilburn/Indian Trail
-
1,695 				
5,170 				
1,850 				
1,711 				
7,004 				
8,715 				
3,946 				
11/15/00
Largo/Missouri
-
1,092 				
4,270 				
2,641 				
1,838 				
6,165 				
8,003 				
3,219 				
11/21/00
St. Louis/Wilson
-
1,608 				
3,913 				
2,104 				
1,627 				
5,998 				
7,625 				
3,338 				
12/21/00
Houston/7715 Katy Frwy
-
2,274 				
5,307 				
(1,482) 				
1,500 				
4,599 				
6,099 				
2,168 				
12/21/00
Houston/10801 Katy Frwy
-
1,664 				
3,884 				
				
1,618 				
4,128 				
5,746 				
2,321 				
12/21/00
Houston/Main St
-
1,681 				
3,924 				
				
1,684 				
4,349 				
6,033 				
2,445 				
12/21/00
Houston/W. Loop/S. Frwy
-
2,036 				
4,749 				
				
2,038 				
5,146 				
7,184 				
2,822 				
12/29/00
Chicago
-
1,946 				
6,002 				
				
1,949 				
6,195 				
8,144 				
3,531 				
12/29/00
Gardena
-
1,737 				
5,456 				
5,017 				
1,737 				
10,473 				
12,210 				
3,067 				
12/30/00
Raleigh/Glenwood
-
1,545 				
3,628 				
				
1,560 				
3,818 				
5,378 				
2,252 				
12/30/00
Frazier
-
				
3,324 				
				
				
3,423 				
4,223 				
1,852 				
01/05/01
Troy/E. Big Beaver Rd
-
2,195 				
4,221 				
2,173 				
2,820 				
5,769 				
8,589 				
2,907 				
01/11/01
Ft Lauderdale
-
				
3,972 				
2,777 				
1,746 				
5,957 				
7,703 				
2,990 				
01/16/01
No Hollywood/Sherman Way
-
2,173 				
5,442 				
3,715 				
2,200 				
9,130 				
11,330 				
4,405 				
01/18/01
Tuscon/E. Speedway
-
				
2,895 				
1,317 				
1,095 				
3,852 				
4,947 				
2,052 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
01/25/01
Lombard/Finley
-
				
3,806 				
2,685 				
1,564 				
5,778 				
7,342 				
2,963 				
03/15/01
Los Angeles/West Pico
-
8,579 				
8,630 				
2,408 				
8,294 				
11,323 				
19,617 				
6,203 				
04/01/01
Lakewood/Cedar Dr.
-
1,329 				
9,356 				
4,228 				
1,331 				
13,582 				
14,913 				
7,216 				
04/07/01
Farmingdale/Rte 110
-
2,364 				
5,807 				
2,198 				
1,779 				
8,590 				
10,369 				
4,271 				
04/17/01
Philadelphia/Aramingo
-
				
4,539 				
				
				
4,716 				
5,684 				
2,615 				
04/18/01
Largo/Walsingham Road
-
1,000 				
3,545 				
(179) 				
				
3,566 				
4,366 				
2,000 				
06/17/01
Port Washington/Seaview &W.Sh
-
2,381 				
4,608 				
1,927 				
2,359 				
6,557 				
8,916 				
3,310 				
06/18/01
Silver Springs/Prosperity
-
1,065 				
5,391 				
2,189 				
1,065 				
7,580 				
8,645 				
3,841 				
06/19/01
Tampa/W. Waters Ave & Wilsky
-
				
3,785 				
				
				
3,896 				
4,850 				
2,147 				
06/26/01
Middletown
-
1,535 				
4,258 				
2,830 				
2,295 				
6,328 				
8,623 				
3,061 				
07/29/01
Miami/Sw 85th Ave
-
2,755 				
4,951 				
3,758 				
2,730 				
8,734 				
11,464 				
4,349 				
08/28/01
Hoover/John Hawkins Pkwy
-
1,050 				
2,453 				
				
1,051 				
2,642 				
3,693 				
1,446 				
09/30/01
Syosset
-
2,461 				
5,312 				
2,225 				
3,089 				
6,909 				
9,998 				
3,382 				
12/27/01
Los Angeles/W.Jefferson
-
8,285 				
9,429 				
4,896 				
8,333 				
14,277 				
22,610 				
6,660 				
12/27/01
Howell/Hgwy 9
-
				
4,070 				
1,721 				
1,365 				
5,367 				
6,732 				
2,678 				
12/29/01
Catonsville/Kent
-
1,378 				
5,289 				
2,773 				
1,377 				
8,063 				
9,440 				
4,025 				
12/29/01
Old Bridge/Rte 9
-
1,244 				
4,960 				
				
1,250 				
5,069 				
6,319 				
2,669 				
12/29/01
Sacremento/Roseville
-
				
5,344 				
2,059 				
				
7,753 				
8,279 				
4,002 				
12/31/01
Santa Ana/E.Mcfadden
-
7,587 				
8,612 				
5,334 				
7,600 				
13,933 				
21,533 				
6,010 				
01/01/02
Concord
-
				
1,332 				
				
				
1,492 				
2,141 				
				
01/01/02
Tustin
-
				
1,465 				
				
				
1,812 				
2,774 				
				
01/01/02
Pasadena/Sierra Madre
-
				
				
				
				
				
1,681 				
				
01/01/02
Azusa
-
				
1,659 				
7,726 				
				
9,386 				
10,318 				
2,716 				
01/01/02
Redlands
-
				
1,202 				
				
				
1,629 				
2,051 				
				
01/01/02
Airport I
-
				
				
				
				
1,267 				
1,614 				
				
01/01/02
Miami / Marlin Road
-
				
1,345 				
				
				
1,604 				
2,166 				
				
01/01/02
Riverside
-
				
1,106 				
				
				
1,180 				
1,274 				
				
01/01/02
Oakland / San Leandro
-
				
1,116 				
				
				
1,301 				
1,631 				
				
01/01/02
Richmond / Jacuzzi
-
				
1,224 				
				
				
1,315 				
1,734 				
				
01/01/02
Santa Clara / Laurel
-
1,178 				
1,789 				
				
1,179 				
1,966 				
3,145 				
				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
01/01/02
Pembroke Park
-
				
1,259 				
				
				
1,518 				
1,993 				
				
01/01/02
Ft. Lauderdale / Sun
-
				
1,254 				
				
				
1,549 				
2,001 				
				
01/01/02
San Carlos / Shorewa
-
				
1,360 				
				
				
1,535 				
2,272 				
				
01/01/02
Ft. Lauderdale / Sun
-
				
1,444 				
				
				
1,790 				
2,323 				
				
01/01/02
Sacramento / Howe
-
				
1,181 				
				
				
1,265 				
1,626 				
				
01/01/02
Sacramento / Capitol
-
				
1,284 				
				
				
1,646 				
1,832 				
				
01/01/02
Miami / Airport
-
				
				
				
				
1,268 				
1,785 				
				
01/01/02
Marietta / Cobb Park
-
				
1,571 				
				
				
2,022 				
2,442 				
1,021 				
01/01/02
Sacramento / Florin
-
				
1,710 				
1,248 				
				
2,959 				
3,582 				
1,763 				
01/01/02
Belmont / Dairy Lane
-
				
1,252 				
				
				
1,420 				
2,334 				
				
01/01/02
So. San Francisco
-
1,018 				
2,464 				
				
1,018 				
2,899 				
3,917 				
1,308 				
01/01/02
Palmdale / P Street
-
				
1,287 				
				
				
1,470 				
1,688 				
				
01/01/02
Tucker / Montreal Rd
-
				
1,485 				
				
				
1,795 				
2,553 				
				
01/01/02
Pasadena / S Fair Oaks
-
1,313 				
1,905 				
				
1,312 				
2,577 				
3,889 				
1,182 				
01/01/02
Carmichael/Fair Oaks
-
				
1,431 				
				
				
1,611 				
2,195 				
				
01/01/02
Carson / Carson St
-
				
				
				
				
1,078 				
1,584 				
				
01/01/02
San Jose / Felipe Ave
-
				
1,482 				
				
				
1,645 				
2,161 				
				
01/01/02
Miami / 27th Ave
-
				
1,572 				
				
				
2,045 				
2,316 				
				
01/01/02
San Jose / Capitol
-
				
1,183 				
				
				
1,456 				
1,857 				
				
01/01/02
Tucker / Mountain
-
				
1,385 				
				
				
1,717 				
2,237 				
				
01/03/02
St Charles/Veterans Memorial Pkwy
-
				
1,602 				
				
				
1,930 				
2,617 				
1,099 				
01/07/02
Bothell/ N. Bothell Way
-
1,063 				
4,995 				
				
1,062 				
5,232 				
6,294 				
2,727 				
01/15/02
Houston / N.Loop
-
2,045 				
6,178 				
2,178 				
2,045 				
8,356 				
10,401 				
4,064 				
01/16/02
Orlando / S. Kirkman
-
				
3,180 				
				
				
3,459 				
4,348 				
2,056 				
01/16/02
Austin / Us Hwy 183
-
				
3,856 				
				
				
4,076 				
4,684 				
2,449 				
01/16/02
Rochelle Park / 168
-
				
4,430 				
				
				
4,755 				
5,499 				
2,758 				
01/16/02
Honolulu / Waialae
-
10,631 				
10,783 				
				
10,629 				
11,664 				
22,293 				
6,516 				
01/16/02
Sunny Isles Bch
-
				
2,845 				
				
				
3,160 				
4,091 				
1,959 				
01/16/02
San Ramon / San Ramo
-
1,522 				
3,510 				
				
1,521 				
3,624 				
5,145 				
2,109 				
01/16/02
Austin / W. 6th St
-
2,399 				
4,493 				
				
2,399 				
5,057 				
7,456 				
3,029 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
01/16/02
Schaumburg / W. Wise
-
1,158 				
2,598 				
				
1,157 				
2,707 				
3,864 				
1,605 				
01/16/02
Laguna Hills / Moulton
-
2,319 				
5,200 				
				
2,318 				
5,515 				
7,833 				
3,183 				
01/16/02
Annapolis / West St
-
				
3,669 				
				
				
3,811 				
4,766 				
2,226 				
01/16/02
Birmingham / Commons
-
1,125 				
3,938 				
				
1,125 				
4,274 				
5,399 				
2,511 				
01/16/02
Crestwood / Watson Rd
-
1,232 				
3,093 				
				
1,176 				
3,217 				
4,393 				
1,875 				
01/16/02
Northglenn /Huron St
-
				
2,075 				
				
				
2,250 				
2,938 				
1,333 				
01/16/02
Skokie / Skokie Blvd
-
				
5,285 				
				
				
5,541 				
6,257 				
3,107 				
01/16/02
Garden City / Stewart
-
1,489 				
4,039 				
				
1,489 				
4,438 				
5,927 				
2,655 				
01/16/02
Millersville / Veterans
-
1,036 				
4,229 				
				
1,035 				
4,504 				
5,539 				
2,680 				
01/16/02
W. Babylon / Sunrise
-
1,609 				
3,959 				
				
1,608 				
4,204 				
5,812 				
2,440 				
01/16/02
Memphis / Summer Ave
-
1,103 				
2,772 				
				
1,103 				
2,969 				
4,072 				
1,734 				
01/16/02
Santa Clara/Lafayette
-
1,393 				
4,626 				
				
1,393 				
4,676 				
6,069 				
2,550 				
01/16/02
Naperville / Washington
-
2,712 				
2,225 				
				
2,712 				
2,773 				
5,485 				
1,619 				
01/16/02
Phoenix/W Union Hills
-
1,071 				
2,934 				
				
1,065 				
3,085 				
4,150 				
1,810 				
01/16/02
Woodlawn / Whitehead
-
2,682 				
3,355 				
				
2,682 				
3,509 				
6,191 				
2,033 				
01/16/02
Issaquah / Pickering
-
1,138 				
3,704 				
				
1,137 				
3,790 				
4,927 				
2,182 				
01/16/02
West La /W Olympic
-
6,532 				
5,975 				
				
6,531 				
6,231 				
12,762 				
3,482 				
01/16/02
Pasadena / E. Colorado
-
1,125 				
5,160 				
				
1,124 				
5,351 				
6,475 				
2,951 				
01/16/02
Memphis / Covington
-
				
3,076 				
				
				
3,366 				
3,986 				
1,958 				
01/16/02
Hiawassee / N.Hiawassee
-
1,622 				
1,892 				
				
1,622 				
2,072 				
3,694 				
1,264 				
01/16/02
Longwood / State Rd
-
2,123 				
3,083 				
				
2,123 				
3,379 				
5,502 				
2,106 				
01/16/02
Casselberry / State
-
1,628 				
3,308 				
				
1,628 				
3,445 				
5,073 				
1,982 				
01/16/02
Honolulu/Kahala
-
3,722 				
8,525 				
				
3,721 				
8,812 				
12,533 				
4,862 				
01/16/02
Waukegan / Greenbay
-
				
3,826 				
				
				
3,940 				
4,873 				
2,215 				
01/16/02
Southfield / Telegraph
-
2,869 				
5,507 				
				
2,869 				
5,756 				
8,625 				
3,251 				
01/16/02
San Mateo / S. Delaware
-
1,921 				
4,602 				
				
1,921 				
4,815 				
6,736 				
2,641 				
01/16/02
Scottsdale/N.Hayden
-
2,111 				
3,564 				
				
2,117 				
3,670 				
5,787 				
2,047 				
01/16/02
Gilbert/W Park Ave
-
				
3,534 				
				
				
3,607 				
4,104 				
2,019 				
01/16/02
W.Palm Beach/Okeechobee
-
2,149 				
4,650 				
(218) 				
2,148 				
4,433 				
6,581 				
2,539 				
01/16/02
Indianapolis / W.86th
-
				
2,421 				
				
				
2,862 				
3,674 				
1,674 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
01/16/02
Indianapolis / Madison
-
				
2,655 				
				
				
3,269 				
3,985 				
1,668 				
01/16/02
Indianapolis / Rockville
-
				
2,704 				
1,007 				
				
3,711 				
4,415 				
1,826 				
01/16/02
Santa Cruz / River
-
2,148 				
6,584 				
				
2,147 				
6,799 				
8,946 				
3,588 				
01/16/02
Novato / Rush Landing
-
1,858 				
2,574 				
				
1,858 				
2,697 				
4,555 				
1,522 				
01/16/02
Martinez / Arnold Dr
-
				
5,422 				
				
				
5,505 				
6,352 				
2,880 				
01/16/02
Charlotte/Cambridge
-
				
3,908 				
				
				
4,002 				
4,838 				
2,234 				
01/16/02
Rancho Cucamonga
-
				
3,222 				
3,702 				
1,130 				
6,373 				
7,503 				
2,998 				
01/16/02
Renton / Kent
-
				
4,078 				
				
				
4,193 				
4,907 				
2,368 				
01/16/02
Hawthorne / Goffle Rd
-
2,414 				
4,918 				
				
2,413 				
5,048 				
7,461 				
2,742 				
02/02/02
Nashua / Southwood Dr
-
2,493 				
4,326 				
				
2,493 				
4,652 				
7,145 				
2,458 				
02/15/02
Houston/Fm 1960 East
-
				
2,004 				
				
				
2,208 				
3,067 				
1,187 				
03/07/02
Baltimore / Russell Street
-
1,763 				
5,821 				
				
1,763 				
6,129 				
7,892 				
3,171 				
03/11/02
Weymouth / Main St
-
1,440 				
4,433 				
				
1,439 				
4,706 				
6,145 				
2,466 				
03/28/02
Clinton / Branch Ave & Schultz
-
1,257 				
4,108 				
3,871 				
2,358 				
6,878 				
9,236 				
3,275 				
04/17/02
La Mirada/Alondra
-
1,749 				
5,044 				
2,862 				
2,575 				
7,080 				
9,655 				
3,389 				
05/01/02
N.Richlnd Hls/Rufe Snow Dr
-
				
6,337 				
2,540 				
				
8,878 				
9,509 				
4,405 				
05/02/02
Parkville/E.Joppa
-
				
4,306 				
				
				
4,497 				
5,395 				
2,293 				
06/17/02
Waltham / Lexington St
-
3,183 				
5,733 				
				
3,203 				
6,086 				
9,289 				
3,085 				
06/30/02
Nashville / Charlotte
-
				
2,004 				
				
				
2,206 				
3,082 				
1,181 				
07/02/02
Mt Juliet / Lebonan Rd
-
				
1,203 				
				
				
1,470 				
1,986 				
				
07/14/02
Yorktown / George Washington
-
				
1,684 				
				
				
1,869 				
2,576 				
1,016 				
07/22/02
Brea/E. Lambert & Clifwood Pk
-
2,114 				
3,555 				
				
2,113 				
3,759 				
5,872 				
1,908 				
08/01/02
Bricktown/Route 70
-
1,292 				
3,690 				
				
1,292 				
3,924 				
5,216 				
1,975 				
08/01/02
Danvers / Newbury St.
-
1,311 				
4,140 				
				
1,326 				
4,863 				
6,189 				
2,415 				
08/15/02
Montclair / Holt Blvd.
-
				
2,074 				
				
				
2,807 				
3,696 				
1,653 				
08/21/02
Rockville Centre/Merrick Rd
-
3,693 				
6,990 				
				
3,692 				
7,468 				
11,160 				
3,738 				
09/13/02
Lacey / Martin Way
-
1,379 				
3,217 				
				
1,379 				
3,372 				
4,751 				
1,541 				
09/13/02
Lakewood / Bridgeport
-
1,286 				
3,000 				
				
1,286 				
3,181 				
4,467 				
1,457 				
09/13/02
Kent / Pacific Highway
-
1,839 				
4,291 				
				
1,839 				
4,626 				
6,465 				
2,126 				
11/04/02
Scotch Plains /Route 22
-
2,124 				
5,072 				
				
2,126 				
5,225 				
7,351 				
2,653 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
12/23/02
Snta Clarita/Viaprincssa
-
2,508 				
3,008 				
3,669 				
2,508 				
6,677 				
9,185 				
3,127 				
02/13/03
Pasadena / Ritchie Hwy
-
2,253 				
4,218 				
				
2,253 				
4,253 				
6,506 				
2,042 				
02/13/03
Malden / Eastern Ave
-
3,212 				
2,739 				
				
3,212 				
2,966 				
6,178 				
1,435 				
02/24/03
Miami / SW 137th Ave
-
1,600 				
4,684 				
(173) 				
1,600 				
4,511 				
6,111 				
2,179 				
03/03/03
Chantilly / Dulles South Court
-
2,190 				
4,314 				
				
2,101 				
4,544 				
6,645 				
2,152 				
03/06/03
Medford / Mystic Ave
-
3,886 				
4,982 				
				
3,885 				
5,040 				
8,925 				
2,395 				
05/27/03
Castro Valley / Grove Way
-
2,247 				
5,881 				
1,040 				
2,307 				
6,861 				
9,168 				
3,291 				
08/02/03
Sacramento / E.Stockton Blvd
-
				
4,175 				
				
				
4,297 				
4,851 				
2,040 				
08/13/03
Timonium / W. Padonia Road
-
1,932 				
3,681 				
				
1,932 				
3,754 				
5,686 				
1,741 				
08/21/03
Van Nuys / Sepulveda
-
1,698 				
3,886 				
2,400 				
1,698 				
6,286 				
7,984 				
2,600 				
09/09/03
Westwood / East St
-
3,267 				
5,013 				
				
3,288 				
5,427 				
8,715 				
2,549 				
10/21/03
San Diego / Miramar Road
-
2,244 				
6,653 				
				
2,243 				
7,358 				
9,601 				
3,359 				
11/03/03
El Sobrante/San Pablo
-
1,255 				
4,990 				
1,424 				
1,257 				
6,412 				
7,669 				
3,275 				
11/06/03
Pearl City / Kamehameha Hwy
-
4,428 				
4,839 				
1,040 				
4,430 				
5,877 				
10,307 				
2,549 				
12/23/03
Boston / Southampton Street
-
5,334 				
7,511 				
				
5,345 				
8,381 				
13,726 				
3,752 				
01/09/04
Farmingville / Horseblock Road
-
1,919 				
4,420 				
				
1,918 				
4,463 				
6,381 				
2,005 				
02/27/04
Salem / Goodhue St.
-
1,544 				
6,160 				
				
1,544 				
6,333 				
7,877 				
2,785 				
03/18/04
Seven Corners / Arlington Blvd.
-
6,087 				
7,553 				
(176) 				
6,085 				
7,379 				
13,464 				
3,220 				
06/30/04
Marlton / Route 73
-
1,103 				
5,195 				
(13) 				
1,103 				
5,182 				
6,285 				
2,451 				
07/01/04
Long Island City/Northern Blvd.
-
4,876 				
7,610 				
(51) 				
4,876 				
7,559 				
12,435 				
3,289 				
07/09/04
West Valley Cty/Redwood
-
				
2,067 				
				
				
2,753 				
3,636 				
1,483 				
07/12/04
Hicksville/E. Old Country Rd.
-
1,693 				
3,910 				
				
1,692 				
4,165 				
5,857 				
1,788 				
07/15/04
Harwood/Ronald
-
1,619 				
3,778 				
				
1,619 				
4,142 				
5,761 				
1,838 				
09/24/04
E. Hanover/State Rt
-
3,895 				
4,943 				
				
3,895 				
5,221 				
9,116 				
2,158 				
10/14/04
Apple Valley/148th St
				
				
1,375 				
				
				
1,650 				
2,242 				
				
10/14/04
Blaine / Hwy 65 NE
				
				
1,833 				
				
				
2,777 				
3,490 				
1,186 				
10/14/04
Brooklyn Park / Lakeland Ave
-
1,411 				
3,278 				
				
1,413 				
3,618 				
5,031 				
1,634 				
10/14/04
Brooklyn Park / Xylon Ave
				
1,120 				
2,601 				
				
1,121 				
3,016 				
4,137 				
1,459 				
10/14/04
St Paul(Eagan)/Sibley Mem'l Hwy
				
				
1,431 				
				
				
1,614 				
2,230 				
				
10/14/04
Maple Grove / Zachary Lane
				
1,337 				
3,105 				
				
1,338 				
3,227 				
4,565 				
1,359 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
10/14/04
Minneapolis / Hiawatha Ave
				
1,480 				
3,437 				
				
1,481 				
3,746 				
5,227 				
1,672 				
10/14/04
New Hope / 36th Ave
				
1,332 				
3,094 				
				
1,333 				
4,050 				
5,383 				
2,066 				
10/14/04
Rosemount / Chippendale Ave
				
				
2,008 				
				
				
2,178 				
3,043 				
				
10/14/04
St Cloud/Franklin
				
				
1,338 				
				
				
1,460 				
2,036 				
				
10/14/04
Savage / W 128th St
				
1,522 				
3,535 				
				
1,523 				
3,785 				
5,308 				
1,630 				
10/14/04
Spring Lake Park/Hwy 65 NE
				
1,534 				
3,562 				
				
1,535 				
4,154 				
5,689 				
1,981 				
10/14/04
St Paul / Eaton St
-
1,161 				
2,698 				
				
1,163 				
2,909 				
4,072 				
1,287 				
10/14/04
St Paul-Hartzell / Wabash Ave
-
1,207 				
2,816 				
				
1,206 				
3,250 				
4,456 				
1,518 				
10/14/04
West St Paul / Marie Ave
-
1,447 				
3,361 				
1,455 				
1,449 				
4,814 				
6,263 				
2,589 				
10/14/04
Stillwater / Memorial Ave
				
1,669 				
3,876 				
				
1,671 				
4,107 				
5,778 				
1,763 				
10/14/04
St Paul-VadnaisHts/Birch Lake Rd
				
				
2,157 				
				
				
2,530 				
3,459 				
1,218 				
10/14/04
Woodbury / Hudson Road
-
1,863 				
4,327 				
				
1,857 				
4,644 				
6,501 				
2,091 				
10/14/04
Brown Deer / N Green Bay Rd
				
1,059 				
2,461 				
				
1,060 				
2,662 				
3,722 				
1,178 				
10/14/04
Germantown / Spaten Court
				
				
1,411 				
				
				
1,505 				
2,113 				
				
10/14/04
Milwaukee/ N 77th St
				
1,241 				
2,882 				
				
1,242 				
3,230 				
4,472 				
1,445 				
10/14/04
Milwaukee/ S 13th St
				
1,484 				
3,446 				
				
1,485 				
3,756 				
5,241 				
1,636 				
10/14/04
Oak Creek / S 27th St
				
				
1,746 				
				
				
1,958 				
2,710 				
				
10/14/04
Waukesha / Arcadian Ave
				
1,665 				
3,868 				
				
1,667 				
4,230 				
5,897 				
1,891 				
10/14/04
West Allis / W Lincoln Ave
				
1,390 				
3,227 				
				
1,391 				
3,526 				
4,917 				
1,569 				
10/14/04
Garland / O'Banion Rd
-
				
1,414 				
				
				
1,613 				
2,221 				
				
10/14/04
Grand Prairie/ Hwy360
-
				
2,198 				
				
				
2,375 				
3,319 				
1,055 				
10/14/04
Duncanville/N Duncnvill
-
1,524 				
3,556 				
				
1,525 				
4,170 				
5,695 				
1,932 				
10/14/04
Lancaster/ W Pleasant
-
				
2,317 				
				
				
2,503 				
3,498 				
1,099 				
10/14/04
Mesquite / Oates Dr
-
				
2,186 				
				
				
2,368 				
3,307 				
1,051 				
10/14/04
Dallas / E NW Hwy
-
				
2,198 				
				
				
2,381 				
3,325 				
1,055 				
11/24/04
Pompano Beach/E. Sample
-
1,608 				
3,754 				
				
1,621 				
4,037 				
5,658 				
1,726 				
11/24/04
Davie / SW 41st St.
-
2,467 				
5,758 				
				
2,466 				
6,088 				
8,554 				
2,599 				
11/24/04
North Bay Village/Kennedy
-
3,275 				
7,644 				
				
3,274 				
8,017 				
11,291 				
3,384 				
11/24/04
Miami / Biscayne Blvd
-
3,538 				
8,258 				
				
3,537 				
8,544 				
12,081 				
3,640 				
11/24/04
Miami Gardens/NW 57th St
-
2,706 				
6,316 				
				
2,706 				
6,548 				
9,254 				
2,789 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
11/24/04
Tamarac/ N University Dr
-
2,580 				
6,022 				
				
2,580 				
6,324 				
8,904 				
2,662 				
11/24/04
Miami / SW 31st Ave
-
11,574 				
27,009 				
				
11,571 				
27,419 				
38,990 				
11,322 				
11/24/04
Hialeah / W 20th Ave
-
2,224 				
5,192 				
				
2,224 				
5,699 				
7,923 				
2,665 				
11/24/04
Miami / SW 42nd St
-
2,955 				
6,897 				
				
2,958 				
7,506 				
10,464 				
3,454 				
11/24/04
Miami / SW 40th St
-
2,933 				
6,844 				
				
2,932 				
7,498 				
10,430 				
3,480 				
11/25/04
Carlsbad/CorteDelAbeto
-
2,861 				
6,676 				
3,221 				
2,861 				
9,897 				
12,758 				
3,864 				
01/19/05
Cheektowaga / William St
-
				
2,262 				
				
				
2,378 				
3,342 				
1,104 				
01/19/05
Amherst / Millersport Hwy
-
1,431 				
3,350 				
				
1,431 				
3,452 				
4,883 				
1,621 				
01/19/05
Lancaster / Walden Ave
-
				
1,244 				
				
				
1,410 				
1,938 				
				
01/19/05
Tonawanda/HospitalityCentreWay
-
1,205 				
2,823 				
				
1,205 				
2,933 				
4,138 				
1,364 				
01/19/05
Wheatfield / Niagara Falls Blv
-
1,130 				
2,649 				
				
1,130 				
2,740 				
3,870 				
1,280 				
01/20/05
Oak Lawn / Southwest Hwy
-
1,850 				
4,330 				
				
1,850 				
4,644 				
6,494 				
2,179 				
02/25/05
Owings Mills / Reisterstown Rd
-
				
3,865 				
				
				
3,885 				
4,772 				
1,551 				
04/26/05
Hoboken / 8th St
-
3,963 				
9,290 				
				
3,962 				
9,858 				
13,820 				
4,630 				
05/03/05
Bayville / 939 Route 9
-
1,928 				
4,519 				
				
1,928 				
4,656 				
6,584 				
2,132 				
05/03/05
Bricktown / Burnt Tavern Rd
-
3,522 				
8,239 				
				
3,521 				
8,454 				
11,975 				
3,854 				
05/03/05
JacksonTwnshp/N.County Line Rd
-
1,555 				
3,647 				
				
1,554 				
3,789 				
5,343 				
1,718 				
05/16/05
Methuen / Pleasant Valley St
-
2,263 				
4,540 				
				
2,263 				
4,749 				
7,012 				
1,875 				
05/19/05
Libertyville / Kelley Crt
-
2,042 				
4,783 				
				
2,042 				
4,939 				
6,981 				
2,245 				
05/19/05
Joliet / Essington
-
1,434 				
3,367 				
				
1,434 				
3,548 				
4,982 				
1,639 				
06/15/05
Atlanta/Howell Mill Rd NW
-
1,864 				
4,363 				
				
1,864 				
4,468 				
6,332 				
2,002 				
06/15/05
Smyrna / Herodian Way SE
-
1,294 				
3,032 				
				
1,293 				
3,295 				
4,588 				
1,481 				
07/07/05
Lithonia / Minola Dr
-
1,273 				
2,985 				
				
1,272 				
3,203 				
4,475 				
1,446 				
07/14/05
Kennesaw / Bells Ferry Rd NW
-
1,264 				
2,976 				
				
1,264 				
3,860 				
5,124 				
1,676 				
07/28/05
Atlanta / Monroe Dr NE
-
2,914 				
6,829 				
1,123 				
2,913 				
7,953 				
10,866 				
3,495 				
08/11/05
Suwanee / Old Peachtree Rd NE
-
1,914 				
4,497 				
				
1,914 				
4,786 				
6,700 				
2,171 				
09/08/05
Brandon / Providence Rd
-
2,592 				
6,067 				
				
2,592 				
6,308 				
8,900 				
2,770 				
09/15/05
Woodstock / Hwy 92
-
1,251 				
2,935 				
				
1,250 				
3,076 				
4,326 				
1,355 				
09/22/05
Charlotte / W. Arrowood Rd
-
1,426 				
3,335 				
(70) 				
1,153 				
3,538 				
4,691 				
1,529 				
10/05/05
Jacksonville Beach / Beach Bl
-
2,552 				
5,981 				
				
2,552 				
6,216 				
8,768 				
2,733 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
10/05/05
Bronx / Brush Ave
-
4,517 				
10,581 				
				
4,516 				
10,829 				
15,345 				
4,697 				
10/11/05
Austin / E. Ben White Blvd
-
				
3,461 				
				
				
3,528 				
3,741 				
1,233 				
10/13/05
Deerfield Beach/S. Powerline R
-
3,365 				
7,874 				
				
3,364 				
8,177 				
11,541 				
3,549 				
10/14/05
Cooper City / Sheridan St
-
3,035 				
7,092 				
				
3,034 				
7,421 				
10,455 				
3,255 				
10/20/05
Staten Island / Veterans Rd W.
-
3,599 				
8,430 				
				
3,598 				
8,723 				
12,321 				
3,791 				
10/20/05
Pittsburg / LoveridgeCenter
-
3,602 				
8,448 				
				
3,601 				
8,639 				
12,240 				
3,713 				
10/21/05
Norristown / W.Main St
-
1,465 				
4,818 				
				
1,465 				
5,197 				
6,662 				
1,921 				
11/02/05
Miller Place / Route 25A
-
2,757 				
6,459 				
				
2,757 				
6,726 				
9,483 				
5,289 				
11/18/05
Miami / Biscayne Blvd
-
7,434 				
17,268 				
				
7,433 				
17,731 				
25,164 				
7,559 				
12/01/05
Manchester / Taylor St
-
1,305 				
3,029 				
				
1,305 				
3,230 				
4,535 				
1,463 				
12/07/05
Buffalo Grove/E. Aptakisic Rd
-
1,986 				
4,635 				
				
1,986 				
4,764 				
6,750 				
2,056 				
12/13/05
Lorton / Pohick Rd & I95
-
1,167 				
4,582 				
				
1,184 				
5,004 				
6,188 				
1,878 				
12/16/05
Pico Rivera / Washington Blvd
-
4,719 				
11,012 				
				
4,719 				
11,134 				
15,853 				
4,728 				
12/27/05
Queens Village / Jamaica Ave
-
3,409 				
5,494 				
				
3,409 				
5,610 				
9,019 				
2,243 				
01/01/06
Costa Mesa / Placentia-A
-
				
				
				
				
				
1,268 				
				
01/01/06
Van Nuys / Sepulveda-A
-
				
				
				
				
1,040 				
1,537 				
				
01/01/06
Pico Rivera / Beverly
-
				
				
				
				
				
1,233 				
				
01/01/06
San Dimas
-
				
1,505 				
				
				
1,790 				
2,012 				
				
01/01/06
Long Beach / Cherry Ave
-
				
1,723 				
3,145 				
				
4,868 				
5,669 				
				
01/01/06
E.LA / Valley Blvd
-
				
1,845 				
				
				
2,236 				
2,921 				
				
01/01/06
Glendale / Eagle Rock Blvd
-
1,240 				
1,831 				
				
1,240 				
2,097 				
3,337 				
1,574 				
01/01/06
N. Pasadena / Lincoln Ave
-
				
				
				
				
				
				
				
01/01/06
Crossroads Pkwy/ 605 & 60 Fwys
-
				
				
				
				
				
				
				
01/01/06
Fremont / Enterprise
-
				
				
				
				
				
1,077 				
				
01/01/06
Milpitas/Montague I &Watson Ct
-
				
				
				
				
				
1,006 				
				
01/01/06
Wilmington
-
				
1,345 				
				
				
1,550 				
2,440 				
				
01/01/06
Sun Valley / Glenoaks
-
				
				
				
				
				
1,071 				
				
01/01/06
Corona
-
				
				
				
				
1,013 				
1,176 				
				
01/01/06
Norco
-
				
				
				
				
				
				
				
01/01/06
N. Hollywood / Vanowen
-
				
				
				
				
				
				
				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
01/05/06
Norfolk/Widgeon Rd.
-
1,328 				
3,125 				
				
1,328 				
3,426 				
4,754 				
1,422 				
01/11/06
Goleta/Hollister&Stork
-
2,873 				
6,788 				
				
2,873 				
7,005 				
9,878 				
3,009 				
02/15/06
RockvilleCtr/Sunrs
-
1,813 				
4,264 				
1,630 				
1,813 				
5,894 				
7,707 				
2,550 				
03/16/06
Deerfield/S. Pfingsten Rd.
-
1,953 				
4,569 				
				
1,953 				
4,738 				
6,691 				
1,994 				
03/28/06
Pembroke Pines/S. Douglas Rd.
-
3,008 				
7,018 				
				
3,008 				
7,246 				
10,254 				
2,980 				
03/30/06
Miami/SW 24th Ave.
-
4,272 				
9,969 				
				
4,272 				
10,252 				
14,524 				
4,188 				
03/31/06
San Diego/MiraMesa&PacHts
-
2,492 				
7,127 				
5,404 				
3,794 				
11,229 				
15,023 				
2,844 				
05/01/06
Wilmington/Kirkwood Hwy
-
1,572 				
3,672 				
				
1,572 				
3,941 				
5,513 				
1,649 				
05/01/06
Jupiter/5100 Military Trail
-
4,397 				
10,266 				
				
4,397 				
10,521 				
14,918 				
4,282 				
05/01/06
Neptune/Neptune Blvd.
-
3,240 				
7,564 				
				
3,240 				
7,774 				
11,014 				
3,183 				
05/15/06
Suwanee/Peachtree Pkwy
-
2,483 				
5,799 				
				
2,483 				
5,915 				
8,398 				
2,391 				
05/26/06
Honolulu/Kapiolani&Kamake
-
9,329 				
20,400 				
				
9,329 				
21,354 				
30,683 				
7,421 				
06/06/06
Tampa/30th St
-
2,283 				
5,337 				
				
2,283 				
5,544 				
7,827 				
2,259 				
06/22/06
Centennial/S. Parker Rd.
-
1,786 				
4,173 				
				
1,786 				
4,419 				
6,205 				
1,781 				
07/01/06
Brooklyn/Knapp St
-
6,701 				
5,088 				
				
6,701 				
5,168 				
11,869 				
1,785 				
08/22/06
Scottsdale North
-
5,037 				
14,000 				
				
5,036 				
14,378 				
19,414 				
5,104 				
08/22/06
Dobson Ranch
-
1,896 				
5,065 				
				
1,896 				
5,293 				
7,189 				
1,879 				
08/22/06
Scottsdale Air Park
-
1,560 				
7,060 				
				
1,560 				
7,163 				
8,723 				
2,476 				
08/22/06
Shea
-
2,271 				
6,402 				
				
2,270 				
6,498 				
8,768 				
2,255 				
08/22/06
Collonade Mall
-
-
3,569 				
				
-
3,672 				
3,672 				
1,292 				
08/22/06
Union Hills
-
2,618 				
5,357 				
				
2,617 				
5,473 				
8,090 				
1,924 				
08/22/06
Speedway
-
1,921 				
6,105 				
				
1,920 				
6,346 				
8,266 				
2,299 				
08/22/06
Mill Avenue
-
				
2,447 				
				
				
2,638 				
3,259 				
				
08/22/06
Cooper Road
-
2,378 				
3,970 				
				
2,377 				
4,107 				
6,484 				
1,469 				
08/22/06
Desert Sky
-
1,603 				
4,667 				
				
1,603 				
4,847 				
6,450 				
1,736 				
08/22/06
Tanque Verde Road
-
1,636 				
3,714 				
				
1,636 				
3,812 				
5,448 				
1,339 				
08/22/06
Oro Valley
-
1,729 				
6,158 				
				
1,728 				
6,255 				
7,983 				
2,186 				
08/22/06
Sunnyvale
-
5,647 				
16,555 				
9,638 				
5,646 				
26,194 				
31,840 				
7,924 				
08/22/06
El Cerito
-
2,002 				
8,710 				
				
2,001 				
8,981 				
10,982 				
3,147 				
08/22/06
Westwood
-
7,826 				
13,848 				
				
7,824 				
14,562 				
22,386 				
5,324 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
08/22/06
El Cajon
-
7,490 				
13,341 				
1,912 				
7,488 				
15,255 				
22,743 				
5,727 				
08/22/06
Santa Ana
-
12,432 				
10,961 				
				
12,429 				
11,861 				
24,290 				
4,520 				
08/22/06
Culver City / 405 & Jefferson
-
3,689 				
14,555 				
				
3,688 				
14,809 				
18,497 				
5,160 				
08/22/06
Solana Beach
-
-
11,163 				
				
-
11,556 				
11,556 				
4,139 				
08/22/06
Huntington Beach
-
3,914 				
11,064 				
				
3,913 				
11,356 				
15,269 				
3,985 				
08/22/06
Ontario
-
2,904 				
5,762 				
				
2,904 				
6,131 				
9,035 				
2,231 				
08/22/06
Orange
-
2,421 				
9,184 				
				
2,421 				
9,492 				
11,913 				
3,362 				
08/22/06
Daly City
-
4,034 				
13,280 				
1,120 				
4,033 				
14,401 				
18,434 				
5,204 				
08/22/06
Castro Valley
-
3,682 				
5,986 				
				
3,681 				
6,247 				
9,928 				
2,179 				
08/22/06
Newark
-
3,550 				
6,512 				
				
3,550 				
6,650 				
10,200 				
2,308 				
08/22/06
Sacramento
-
1,864 				
4,399 				
				
1,864 				
4,513 				
6,377 				
1,600 				
08/22/06
San Leandro
-
2,979 				
4,776 				
				
2,979 				
4,923 				
7,902 				
1,732 				
08/22/06
San Lorenzo
-
1,842 				
4,387 				
				
1,841 				
4,541 				
6,382 				
1,635 				
08/22/06
Tracy
-
				
3,791 				
				
				
3,957 				
4,916 				
1,418 				
08/22/06
Aliso Viejo
-
6,640 				
11,486 				
				
6,639 				
11,720 				
18,359 				
4,062 				
08/22/06
Alicia Parkway
-
5,669 				
12,680 				
				
5,668 				
13,266 				
18,934 				
4,844 				
08/22/06
Capitol Expressway
-
-
3,970 				
				
-
4,075 				
4,075 				
1,441 				
08/22/06
Vista Park
-
-
-
				
-
				
				
				
08/22/06
Oakley
-
2,419 				
5,452 				
				
2,418 				
5,701 				
8,119 				
2,099 				
08/22/06
Livermore
-
2,972 				
6,816 				
				
2,971 				
6,979 				
9,950 				
2,429 				
08/22/06
Sand City
-
2,563 				
8,291 				
				
2,563 				
8,403 				
10,966 				
2,905 				
08/22/06
Tracy II
-
1,762 				
4,487 				
				
1,762 				
4,641 				
6,403 				
1,645 				
08/22/06
SF-Evans
-
3,966 				
7,487 				
				
3,965 				
8,006 				
11,971 				
3,030 				
08/22/06
Natomas
-
1,302 				
5,063 				
				
1,302 				
5,193 				
6,495 				
1,841 				
08/22/06
Golden / 6th & Simms
-
				
2,817 				
				
				
3,092 				
3,945 				
1,145 				
08/22/06
Littleton / Hampden - South
-
1,040 				
2,261 				
				
1,040 				
2,315 				
3,355 				
				
08/22/06
Margate
-
3,482 				
5,742 				
				
3,482 				
6,073 				
9,555 				
2,202 				
08/22/06
Delray Beach
-
3,546 				
7,076 				
				
3,546 				
7,278 				
10,824 				
2,578 				
08/22/06
Lauderhill
-
2,807 				
6,668 				
				
2,807 				
6,842 				
9,649 				
2,421 				
08/22/06
Roswell
-
				
3,308 				
				
				
3,634 				
4,542 				
1,339 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
08/22/06
Morgan Falls
-
3,229 				
7,844 				
				
3,228 				
8,100 				
11,328 				
2,829 				
08/22/06
Norcross
-
				
2,197 				
				
				
2,404 				
3,128 				
				
08/22/06
Stone Mountain
-
				
2,055 				
				
				
2,254 				
2,754 				
				
08/22/06
Tucker
-
				
2,664 				
				
				
2,970 				
3,701 				
1,120 				
08/22/06
Forest Park
-
				
1,731 				
				
				
1,963 				
2,465 				
				
08/22/06
Clairmont Road
-
				
2,345 				
				
				
2,524 				
3,328 				
				
08/22/06
Gwinnett Place
-
1,728 				
3,982 				
				
1,728 				
4,140 				
5,868 				
1,468 				
08/22/06
Perimeter Center
-
3,414 				
8,283 				
				
3,413 				
8,551 				
11,964 				
3,002 				
08/22/06
Peachtree Industrial Blvd.
-
2,443 				
6,682 				
				
2,442 				
6,991 				
9,433 				
2,476 				
08/22/06
Satellite Blvd
-
1,940 				
3,907 				
				
1,940 				
4,142 				
6,082 				
1,498 				
08/22/06
Hillside
-
1,949 				
3,611 				
				
1,949 				
3,871 				
5,820 				
1,417 				
08/22/06
Orland Park
-
2,977 				
5,443 				
				
2,976 				
5,670 				
8,646 				
2,043 				
08/22/06
Bolingbrook / Brook Ct
-
1,342 				
2,133 				
				
1,342 				
2,305 				
3,647 				
				
08/22/06
Wheaton
-
1,531 				
5,584 				
				
1,531 				
5,841 				
7,372 				
2,080 				
08/22/06
Lincolnwood / Touhy
-
				
3,307 				
				
				
3,417 				
4,117 				
1,212 				
08/22/06
Niles
-
				
1,473 				
				
				
1,670 				
2,496 				
				
08/22/06
Berwyn
-
				
5,310 				
				
				
5,596 				
6,324 				
2,029 				
08/22/06
Chicago Hts / N Western
-
1,367 				
3,359 				
				
1,367 				
3,497 				
4,864 				
1,269 				
08/22/06
River West
-
				
2,443 				
				
				
2,689 				
2,985 				
1,024 				
08/22/06
Fullerton
-
1,369 				
6,500 				
				
1,369 				
6,920 				
8,289 				
2,592 				
08/22/06
Glenview West
-
1,283 				
2,621 				
				
1,282 				
2,915 				
4,197 				
1,073 				
08/22/06
Glendale / Keystone Ave.
-
1,733 				
3,958 				
				
1,733 				
4,183 				
5,916 				
1,522 				
08/22/06
College Park / W. 86th St.
-
1,381 				
2,669 				
				
1,381 				
2,725 				
4,106 				
				
08/22/06
Carmel / N. Range Line Rd.
-
2,580 				
5,025 				
				
2,580 				
5,287 				
7,867 				
1,894 				
08/22/06
Geogetown / Georgetown Rd.
-
1,263 				
4,224 				
				
1,263 				
4,399 				
5,662 				
1,562 				
08/22/06
Fishers / Allisonville Rd.
-
2,106 				
3,629 				
				
2,105 				
4,008 				
6,113 				
1,548 				
08/22/06
Castleton / Corporate Dr.
-
				
2,465 				
				
				
2,605 				
3,519 				
				
08/22/06
Geist / Fitness Lane
-
2,133 				
3,718 				
				
2,133 				
3,816 				
5,949 				
1,359 				
08/22/06
Indianapolis / E. 6nd St.
-
				
2,141 				
				
				
2,224 				
2,668 				
				
08/22/06
Suitland
-
2,337 				
5,799 				
				
2,336 				
6,079 				
8,415 				
2,200 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
08/22/06
Gaithersburg
-
4,239 				
8,516 				
				
4,238 				
8,790 				
13,028 				
3,151 				
08/22/06
Germantown
-
2,057 				
4,510 				
				
2,057 				
4,778 				
6,835 				
1,758 				
08/22/06
Briggs Chaney
-
2,073 				
2,802 				
				
2,024 				
2,986 				
5,010 				
1,069 				
08/22/06
Oxon Hill
-
1,557 				
3,971 				
				
1,556 				
4,135 				
5,691 				
1,469 				
08/22/06
Frederick / Thomas Johnson
-
1,811 				
2,695 				
				
1,811 				
2,958 				
4,769 				
1,132 				
08/22/06
Clinton
-
2,728 				
5,363 				
				
2,728 				
5,450 				
8,178 				
1,915 				
08/22/06
Reisterstown
-
				
2,035 				
				
				
2,181 				
3,014 				
				
08/22/06
Plymouth
-
2,018 				
4,415 				
				
2,017 				
4,574 				
6,591 				
1,645 				
08/22/06
Madison Heights
-
2,354 				
4,391 				
				
2,354 				
4,553 				
6,907 				
1,660 				
08/22/06
Ann Arbor
-
1,921 				
4,068 				
				
1,920 				
4,195 				
6,115 				
1,497 				
08/22/06
Canton
-
				
4,287 				
				
				
4,505 				
5,215 				
1,643 				
08/22/06
Fraser
-
2,026 				
5,393 				
				
2,025 				
5,573 				
7,598 				
1,996 				
08/22/06
Livonia
-
1,849 				
3,860 				
				
1,848 				
4,038 				
5,886 				
1,448 				
08/22/06
Sterling Heights
-
2,996 				
5,358 				
				
2,995 				
5,581 				
8,576 				
1,994 				
08/22/06
Warren
-
3,345 				
7,004 				
				
3,344 				
7,147 				
10,491 				
2,502 				
08/22/06
Rochester
-
1,876 				
3,032 				
				
1,876 				
3,270 				
5,146 				
1,224 				
08/22/06
Taylor
-
1,635 				
4,808 				
				
1,634 				
4,992 				
6,626 				
1,796 				
08/22/06
Jackson
-
				
1,756 				
				
				
2,046 				
2,488 				
				
08/22/06
Troy
-
1,237 				
2,093 				
				
1,237 				
2,139 				
3,376 				
				
08/22/06
Rochester Hills
-
1,780 				
4,559 				
				
1,780 				
4,641 				
6,421 				
1,620 				
08/22/06
Auburn Hills
-
1,888 				
3,017 				
				
1,887 				
3,180 				
5,067 				
1,162 				
08/22/06
Flint South
-
				
3,068 				
				
				
3,222 				
3,764 				
1,157 				
08/22/06
Troy - Maple
-
2,570 				
5,775 				
				
2,570 				
5,907 				
8,477 				
2,071 				
08/22/06
Matawan
-
4,282 				
7,813 				
				
4,282 				
8,397 				
12,679 				
3,139 				
08/22/06
Marlboro
-
2,214 				
5,868 				
				
2,214 				
6,126 				
8,340 				
2,193 				
08/22/06
Voorhees
-
2,705 				
5,486 				
				
2,705 				
5,612 				
8,317 				
1,966 				
08/22/06
Dover/Rockaway
-
3,395 				
5,327 				
				
3,394 				
5,472 				
8,866 				
1,927 				
08/22/06
Marlton
-
1,635 				
2,273 				
				
1,635 				
2,384 				
4,019 				
				
08/22/06
West Paterson
-
				
5,689 				
				
				
6,042 				
6,743 				
2,232 				
08/22/06
Yonkers
-
4,473 				
9,925 				
3,113 				
4,473 				
13,038 				
17,511 				
5,877 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
08/22/06
Van Dam Street
-
3,527 				
6,935 				
3,015 				
3,527 				
9,950 				
13,477 				
4,784 				
08/22/06
Northern Blvd
-
5,373 				
9,970 				
3,040 				
5,372 				
13,011 				
18,383 				
7,063 				
08/22/06
Gold Street
-
6,747 				
16,544 				
3,829 				
6,746 				
20,374 				
27,120 				
9,293 				
08/22/06
Utica Avenue
-
7,746 				
13,063 				
1,717 				
7,744 				
14,782 				
22,526 				
6,093 				
08/22/06
Melville
-
4,659 				
6,572 				
3,636 				
4,658 				
10,209 				
14,867 				
3,310 				
08/22/06
Westgate
-
				
1,211 				
				
				
1,418 				
2,115 				
				
08/22/06
Capital Boulevard
-
				
1,681 				
				
				
1,817 				
2,574 				
				
08/22/06
Cary
-
1,145 				
5,104 				
				
1,145 				
5,441 				
6,586 				
1,961 				
08/22/06
Garner
-
				
1,211 				
				
				
1,344 				
1,873 				
				
08/22/06
Morrisville
-
				
1,880 				
				
				
2,109 				
2,812 				
				
08/22/06
Atlantic Avenue
-
1,693 				
6,293 				
				
1,692 				
6,557 				
8,249 				
2,345 				
08/22/06
Friendly Avenue
-
1,169 				
3,043 				
				
1,169 				
3,310 				
4,479 				
1,238 				
08/22/06
Glenwood Avenue
-
1,689 				
4,948 				
				
1,689 				
5,209 				
6,898 				
1,869 				
08/22/06
Poole Road
-
1,271 				
2,919 				
				
1,271 				
3,116 				
4,387 				
1,147 				
08/22/06
South Raleigh
-
				
2,219 				
				
				
2,426 				
3,226 				
				
08/22/06
Wendover
-
2,891 				
7,656 				
				
2,891 				
7,925 				
10,816 				
2,846 				
08/22/06
Beaverton / Hwy 217
-
2,130 				
3,908 				
				
2,130 				
4,084 				
6,214 				
1,460 				
08/22/06
Gresham / Hogan Rd
-
1,957 				
4,438 				
				
1,957 				
4,608 				
6,565 				
1,671 				
08/22/06
Hillsboro / TV Hwy
-
3,095 				
8,504 				
				
3,095 				
8,633 				
11,728 				
3,008 				
08/22/06
Westchester
-
-
5,735 				
				
-
6,191 				
6,191 				
2,287 				
08/22/06
Airport
-
4,597 				
8,728 				
				
4,596 				
9,095 				
13,691 				
3,279 				
08/22/06
Oxford Valley
-
2,430 				
5,365 				
				
2,430 				
5,535 				
7,965 				
1,960 				
08/22/06
Valley Forge
-
-
-
				
-
				
				
				
08/22/06
Jenkintown
-
-
-
				
-
				
				
				
08/22/06
Burke
-
2,522 				
4,019 				
				
2,521 				
4,129 				
6,650 				
1,449 				
08/22/06
Midlothian Turnpike
-
1,978 				
3,244 				
				
1,978 				
3,402 				
5,380 				
1,216 				
08/22/06
South Military Highway
-
1,611 				
2,903 				
				
1,610 				
3,049 				
4,659 				
1,081 				
08/22/06
Newport News North
-
2,073 				
4,067 				
				
2,072 				
4,267 				
6,339 				
1,506 				
08/22/06
Virginia Beach Blvd.
-
2,743 				
4,786 				
				
2,743 				
5,031 				
7,774 				
1,787 				
08/22/06
Bayside
-
1,570 				
2,708 				
				
1,570 				
2,882 				
4,452 				
				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
08/22/06
Chesapeake
-
1,507 				
4,296 				
				
1,506 				
4,504 				
6,010 				
1,576 				
08/22/06
Leesburg
-
1,935 				
2,485 				
				
1,935 				
2,609 				
4,544 				
				
08/22/06
Dale City
-
1,885 				
3,335 				
				
1,885 				
3,582 				
5,467 				
1,293 				
08/22/06
Gainesville
-
1,377 				
2,046 				
				
1,377 				
2,216 				
3,593 				
				
08/22/06
Charlottesville
-
1,481 				
2,397 				
				
1,481 				
2,575 				
4,056 				
				
08/22/06
Laskin Road
-
1,448 				
2,634 				
				
1,447 				
2,832 				
4,279 				
				
08/22/06
Holland Road
-
1,565 				
2,227 				
1,041 				
1,387 				
3,446 				
4,833 				
1,043 				
08/22/06
Princess Anne Road
-
1,479 				
2,766 				
				
1,478 				
2,838 				
4,316 				
1,006 				
08/22/06
Cedar Road
-
1,138 				
2,083 				
				
1,138 				
2,205 				
3,343 				
				
08/22/06
Crater Road
-
1,497 				
2,266 				
				
1,497 				
2,449 				
3,946 				
				
08/22/06
Temple
-
				
2,231 				
				
				
2,448 				
3,441 				
				
08/22/06
Jefferson Davis Hwy
-
				
2,156 				
				
				
2,261 				
3,215 				
				
08/22/06
McLean
-
-
8,815 				
				
-
9,128 				
9,128 				
6,006 				
08/22/06
Burke Centre
-
4,756 				
8,705 				
				
4,756 				
8,991 				
13,747 				
3,184 				
08/22/06
Fordson
-
3,063 				
5,235 				
				
3,063 				
5,386 				
8,449 				
1,910 				
08/22/06
Fullerton
-
4,199 				
8,867 				
				
4,199 				
9,208 				
13,407 				
3,286 				
08/22/06
Telegraph
-
2,183 				
4,467 				
				
2,183 				
4,683 				
6,866 				
1,690 				
08/22/06
Mt Vernon
-
4,876 				
11,544 				
				
4,875 				
11,918 				
16,793 				
4,247 				
08/22/06
Bellingham
-
2,160 				
4,340 				
				
2,160 				
4,540 				
6,700 				
1,653 				
08/22/06
Everett Central
-
2,137 				
4,342 				
				
2,136 				
4,484 				
6,620 				
1,595 				
08/22/06
Tacoma / Highland Hills
-
2,647 				
5,533 				
				
2,647 				
5,787 				
8,434 				
2,108 				
08/22/06
Edmonds
-
5,883 				
10,514 				
				
5,882 				
10,901 				
16,783 				
3,906 				
08/22/06
Kirkland 124th
-
2,827 				
5,031 				
				
2,826 				
5,241 				
8,067 				
1,921 				
08/22/06
Woodinville
-
2,603 				
5,723 				
				
2,603 				
5,903 				
8,506 				
2,108 				
08/22/06
Burien / Des Moines
-
3,063 				
5,952 				
				
3,062 				
6,310 				
9,372 				
2,329 				
08/22/06
SeaTac
-
2,439 				
4,623 				
				
2,439 				
5,340 				
7,779 				
2,129 				
08/22/06
Southcenter
-
2,054 				
3,665 				
				
2,053 				
3,873 				
5,926 				
1,426 				
08/22/06
Puyallup / Canyon Rd
-
1,123 				
1,940 				
				
1,123 				
2,054 				
3,177 				
				
08/22/06
Puyallup / South Hill
-
1,567 				
2,610 				
				
1,567 				
2,922 				
4,489 				
1,103 				
08/22/06
Queen Anne/Magnolia
-
3,191 				
11,723 				
				
3,190 				
11,982 				
15,172 				
4,179 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
08/22/06
Kennydale
-
3,424 				
7,799 				
				
3,424 				
8,430 				
11,854 				
3,015 				
08/22/06
Bellefield
-
3,019 				
5,541 				
				
3,018 				
5,938 				
8,956 				
2,227 				
08/22/06
Factoria Square
-
3,431 				
8,891 				
				
3,431 				
9,112 				
12,543 				
3,213 				
08/22/06
Auburn / 16th Ave
-
2,491 				
4,716 				
				
2,491 				
4,865 				
7,356 				
1,748 				
08/22/06
East Bremerton
-
1,945 				
5,203 				
				
1,944 				
5,466 				
7,410 				
1,922 				
08/22/06
Port Orchard
-
1,144 				
2,885 				
				
1,143 				
3,069 				
4,212 				
1,144 				
08/22/06
West Seattle
-
3,573 				
8,711 				
				
3,572 				
8,819 				
12,391 				
3,050 				
08/22/06
Vancouver / Salmon Creek
-
2,667 				
5,597 				
				
2,666 				
5,709 				
8,375 				
2,014 				
08/22/06
West Bremerton
-
1,778 				
3,067 				
				
1,777 				
3,178 				
4,955 				
1,140 				
08/22/06
Kent / 132nd
-
1,806 				
3,880 				
				
1,805 				
4,011 				
5,816 				
1,439 				
08/22/06
Lacey / Martin Way
-
1,211 				
2,162 				
				
1,211 				
2,285 				
3,496 				
				
08/22/06
Lynwood / Hwy 9
-
2,172 				
3,518 				
				
2,171 				
3,756 				
5,927 				
1,386 				
08/22/06
W Olympia / Black Lake Blvd
-
1,295 				
2,300 				
				
1,295 				
2,338 				
3,633 				
				
08/22/06
Parkland / A St
-
1,855 				
3,819 				
				
1,854 				
4,053 				
5,907 				
1,507 				
08/22/06
Lake Union
-
11,602 				
32,019 				
14,667 				
11,600 				
46,688 				
58,288 				
13,271 				
08/22/06
Bellevue / 122nd
-
9,552 				
21,891 				
1,053 				
9,550 				
22,946 				
32,496 				
8,460 				
08/22/06
Gig Harbor/Olympic
-
1,762 				
3,196 				
				
1,762 				
3,330 				
5,092 				
1,201 				
08/22/06
Seattle /Ballinger Way
-
-
7,098 				
				
-
7,174 				
7,174 				
2,489 				
08/22/06
Scottsdale South
-
2,377 				
3,524 				
				
2,377 				
3,856 				
6,233 				
1,410 				
08/22/06
Phoenix
-
2,516 				
5,638 				
				
2,515 				
5,993 				
8,508 				
2,133 				
08/22/06
Chandler
-
2,910 				
5,460 				
				
2,909 				
5,646 				
8,555 				
2,005 				
08/22/06
Phoenix East
-
1,524 				
5,151 				
				
1,524 				
5,392 				
6,916 				
1,936 				
08/22/06
Mesa
-
1,604 				
4,434 				
				
1,604 				
4,880 				
6,484 				
1,815 				
08/22/06
Union City
-
1,905 				
3,091 				
5,062 				
1,904 				
8,154 				
10,058 				
2,704 				
08/22/06
La Habra
-
5,439 				
10,239 				
				
5,438 				
10,608 				
16,046 				
3,755 				
08/22/06
Palo Alto
-
4,259 				
6,362 				
				
4,258 				
6,572 				
10,830 				
2,324 				
08/22/06
Kearney - Balboa
-
4,565 				
11,584 				
				
4,564 				
11,938 				
16,502 				
4,245 				
08/22/06
South San Francisco
-
1,593 				
4,995 				
				
1,593 				
5,386 				
6,979 				
2,025 				
08/22/06
Mountain View
-
1,505 				
3,839 				
				
1,505 				
3,939 				
5,444 				
1,388 				
08/22/06
Denver / Tamarac
-
				
1,109 				
				
				
1,182 				
1,847 				
1,084 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
08/22/06
Littleton / Windermere
-
2,214 				
4,186 				
				
2,213 				
4,353 				
6,566 				
1,595 				
08/22/06
Thornton / Quivas
-
				
1,439 				
				
				
1,630 				
2,177 				
				
08/22/06
Northglenn / Irma Dr.
-
1,579 				
3,716 				
2,276 				
1,579 				
5,992 				
7,571 				
2,085 				
08/22/06
Oakland Park
-
8,821 				
20,512 				
2,477 				
8,820 				
22,990 				
31,810 				
8,572 				
08/22/06
Seminole
-
1,821 				
3,817 				
				
1,820 				
3,995 				
5,815 				
1,423 				
08/22/06
Military Trail
-
6,514 				
10,965 				
				
6,513 				
11,823 				
18,336 				
4,421 				
08/22/06
Blue Heron
-
8,121 				
11,641 				
1,290 				
8,119 				
12,933 				
21,052 				
4,635 				
08/22/06
Alsip / 127th St
-
1,891 				
3,414 				
				
1,891 				
3,567 				
5,458 				
1,303 				
08/22/06
Dolton
-
1,784 				
4,508 				
				
1,783 				
4,664 				
6,447 				
1,658 				
08/22/06
Lombard / 330 North Ave
-
1,506 				
2,596 				
				
1,506 				
2,917 				
4,423 				
1,197 				
08/22/06
Rolling Meadows / Rohlwing
-
1,839 				
3,620 				
				
1,838 				
3,988 				
5,826 				
1,506 				
08/22/06
Schaumburg / Hillcrest Blvd
-
1,732 				
4,026 				
				
1,732 				
4,217 				
5,949 				
1,540 				
08/22/06
Bridgeview
-
1,396 				
3,651 				
				
1,395 				
3,872 				
5,267 				
1,439 				
08/22/06
Willowbrook
-
1,730 				
3,355 				
				
1,729 				
3,539 				
5,268 				
1,309 				
08/22/06
Lisle
-
1,967 				
3,525 				
				
1,967 				
3,941 				
5,908 				
1,426 				
08/22/06
Laurel
-
1,323 				
2,577 				
				
1,323 				
2,784 				
4,107 				
1,032 				
08/22/06
Crofton
-
1,373 				
3,377 				
				
1,373 				
3,625 				
4,998 				
1,315 				
08/22/06
Lansing
-
				
1,126 				
				
				
1,372 				
1,486 				
				
08/22/06
Southfield
-
4,181 				
6,338 				
				
4,180 				
6,446 				
10,626 				
2,259 				
08/22/06
Troy - Oakland Mall
-
2,281 				
4,953 				
				
2,281 				
5,160 				
7,441 				
1,849 				
08/22/06
Walled Lake
-
2,788 				
4,784 				
				
2,787 				
4,969 				
7,756 				
1,748 				
08/22/06
Salem / Lancaster
-
2,036 				
4,827 				
				
2,035 				
5,194 				
7,229 				
1,943 				
08/22/06
Tigard / King City
-
1,959 				
7,189 				
				
1,959 				
7,390 				
9,349 				
2,550 				
08/22/06
Portland / SE 82nd Ave
-
1,519 				
4,390 				
				
1,518 				
4,612 				
6,130 				
1,660 				
08/22/06
Beaverton/HWY 217
-
3,294 				
7,186 				
				
3,294 				
7,344 				
10,638 				
2,589 				
08/22/06
Beaverton / Cornell Rd
-
1,869 				
3,814 				
				
1,869 				
3,873 				
5,742 				
1,350 				
08/22/06
Fairfax
-
6,895 				
10,006 				
				
6,893 				
10,374 				
17,267 				
3,706 				
08/22/06
Falls Church
-
2,488 				
15,341 				
				
2,487 				
15,733 				
18,220 				
5,482 				
08/22/06
Manassas West
-
				
2,826 				
				
				
3,032 				
3,944 				
1,101 				
08/22/06
Herndon
-
2,625 				
3,105 				
				
2,625 				
3,321 				
5,946 				
1,231 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
08/22/06
Newport News South
-
2,190 				
5,264 				
				
2,190 				
5,438 				
7,628 				
1,900 				
08/22/06
North Richmond
-
1,606 				
2,411 				
				
1,605 				
2,643 				
4,248 				
1,020 				
08/22/06
Kempsville
-
1,165 				
1,951 				
				
1,165 				
2,087 				
3,252 				
				
08/22/06
Manassas East
-
1,297 				
2,843 				
				
1,297 				
2,977 				
4,274 				
1,072 				
08/22/06
Vancouver / Vancouver Mall
-
1,751 				
3,251 				
				
1,750 				
3,410 				
5,160 				
1,232 				
08/22/06
White Center
-
2,091 				
4,530 				
				
2,091 				
4,720 				
6,811 				
1,702 				
08/22/06
Factoria
-
2,770 				
5,429 				
				
2,769 				
5,954 				
8,723 				
2,339 				
08/22/06
Federal Way/Pac Hwy& 320th St
-
4,027 				
8,554 				
2,502 				
4,030 				
11,053 				
15,083 				
3,857 				
08/22/06
Renton
-
2,752 				
6,378 				
				
2,751 				
6,582 				
9,333 				
2,361 				
08/22/06
Issaquah
-
3,739 				
5,624 				
				
3,738 				
5,791 				
9,529 				
2,008 				
08/22/06
East Lynnwood
-
2,250 				
4,790 				
				
2,249 				
5,140 				
7,389 				
1,827 				
08/22/06
Tacoma / 96th St & 32nd Ave
-
1,604 				
2,394 				
				
1,604 				
2,572 				
4,176 				
				
08/22/06
Smokey Point
-
				
1,723 				
				
				
1,889 				
2,496 				
				
08/22/06
Shoreline / 145th
-
2,926 				
4,910 				
6,956 				
2,926 				
11,866 				
14,792 				
3,266 				
08/22/06
Mt. Clemens
-
1,247 				
3,590 				
				
1,246 				
3,705 				
4,951 				
1,320 				
08/22/06
Ramsey
-
				
2,155 				
				
				
2,260 				
2,812 				
				
08/22/06
Apple Valley / 155th St
-
1,203 				
3,136 				
				
1,203 				
3,237 				
4,440 				
1,161 				
08/22/06
Brooklyn Park / 73rd Ave
-
1,953 				
3,902 				
				
1,953 				
4,483 				
6,436 				
1,735 				
08/22/06
Burnsville Parkway W
-
1,561 				
4,359 				
				
1,561 				
4,499 				
6,060 				
1,602 				
08/22/06
Chanhassen
-
3,292 				
6,220 				
				
3,291 				
6,418 				
9,709 				
2,277 				
08/22/06
Coon Rapids / Robinson Dr
-
1,991 				
4,975 				
				
1,990 				
5,327 				
7,317 				
2,009 				
08/22/06
Eden Prairie East
-
3,516 				
5,682 				
				
3,516 				
6,033 				
9,549 				
2,255 				
08/22/06
Eden Prairie West
-
3,713 				
7,177 				
				
3,712 				
7,390 				
11,102 				
2,602 				
08/22/06
Edina
-
4,422 				
8,190 				
				
4,422 				
8,292 				
12,714 				
2,868 				
08/22/06
Hopkins
-
1,460 				
2,510 				
				
1,459 				
2,633 				
4,092 				
				
08/22/06
Little Canada
-
3,490 				
7,062 				
				
3,489 				
7,541 				
11,030 				
2,771 				
08/22/06
Maple Grove / Lakeland Dr
-
1,513 				
3,272 				
				
1,513 				
4,121 				
5,634 				
1,455 				
08/22/06
Minnetonka
-
1,318 				
2,087 				
				
1,318 				
2,237 				
3,555 				
				
08/22/06
Plymouth 169
-
				
1,323 				
				
				
1,684 				
2,368 				
				
08/22/06
Plymouth 494
-
2,000 				
4,260 				
1,769 				
2,356 				
5,673 				
8,029 				
2,241 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
08/22/06
Plymouth West
-
1,973 				
6,638 				
				
1,973 				
6,826 				
8,799 				
2,396 				
08/22/06
Richfield
-
1,641 				
5,688 				
				
1,641 				
6,341 				
7,982 				
2,529 				
08/22/06
Shorewood
-
2,805 				
7,244 				
				
2,805 				
7,542 				
10,347 				
2,687 				
08/22/06
Woodbury / Wooddale Dr
-
2,220 				
5,307 				
				
2,220 				
5,548 				
7,768 				
2,006 				
08/22/06
Central Parkway
-
2,545 				
4,637 				
				
2,544 				
4,998 				
7,542 				
1,814 				
08/22/06
Kirkman East
-
2,479 				
3,717 				
				
2,478 				
3,982 				
6,460 				
1,493 				
08/22/06
Pinole
-
1,703 				
3,047 				
				
1,703 				
3,192 				
4,895 				
1,159 				
08/22/06
Martinez
-
3,277 				
7,126 				
				
3,277 				
7,297 				
10,574 				
2,578 				
08/22/06
Portland / 16th & Sandy Blvd
-
1,053 				
3,802 				
				
1,052 				
3,969 				
5,021 				
1,416 				
08/22/06
Houghton
-
2,694 				
4,132 				
				
2,693 				
4,297 				
6,990 				
1,525 				
08/22/06
Antioch
-
1,853 				
6,475 				
				
1,853 				
6,583 				
8,436 				
2,285 				
08/22/06
Holcomb Bridge
-
1,906 				
4,303 				
				
1,905 				
4,426 				
6,331 				
1,555 				
08/22/06
Palatine / Rand Rd
-
1,215 				
1,895 				
				
1,215 				
1,962 				
3,177 				
				
08/22/06
Washington Sq/Wash. Point Dr
-
				
1,073 				
				
				
1,201 				
1,724 				
				
08/22/06
Indianapolis/N.Illinois
-
				
2,795 				
				
				
2,927 				
3,109 				
1,079 				
08/22/06
Canton South
-
				
3,316 				
				
				
3,462 				
4,230 				
1,254 				
08/22/06
Bricktown
-
2,881 				
5,834 				
				
2,880 				
6,020 				
8,900 				
2,143 				
08/22/06
Commack
-
2,688 				
6,376 				
4,406 				
2,687 				
10,783 				
13,470 				
2,925 				
08/22/06
Nesconset / Nesconset Hwy
-
1,374 				
3,151 				
				
1,373 				
3,265 				
4,638 				
1,159 				
08/22/06
Great Neck
-
1,229 				
3,299 				
				
1,229 				
3,379 				
4,608 				
1,190 				
08/22/06
Hempstead / S. Franklin St.
-
				
3,042 				
				
				
3,262 				
3,771 				
1,193 				
08/22/06
Bethpage / Stuart Ave
-
2,387 				
7,104 				
				
2,387 				
7,377 				
9,764 				
2,596 				
08/22/06
Helotes
-
1,833 				
3,557 				
				
1,833 				
3,641 				
5,474 				
1,329 				
08/22/06
Medical Center San Antonio
-
1,571 				
4,217 				
				
1,571 				
4,354 				
5,925 				
1,544 				
08/22/06
Oak Hills
-
-
7,449 				
				
-
7,615 				
7,615 				
2,671 				
08/22/06
Olympia
-
2,382 				
4,182 				
				
2,382 				
4,256 				
6,638 				
1,476 				
08/22/06
Las Colinas
-
				
3,338 				
				
				
3,495 				
4,171 				
1,250 				
08/22/06
Old Towne
-
2,756 				
13,080 				
				
2,755 				
13,298 				
16,053 				
4,579 				
08/22/06
Juanita
-
2,318 				
7,554 				
				
2,220 				
7,689 				
9,909 				
2,691 				
08/22/06
Ansley Park
-
3,132 				
11,926 				
				
3,131 				
12,235 				
15,366 				
4,284 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
08/22/06
Brookhaven
-
2,740 				
8,333 				
				
2,739 				
8,609 				
11,348 				
3,017 				
08/22/06
Decatur
-
2,556 				
10,146 				
				
2,556 				
10,324 				
12,880 				
3,580 				
08/22/06
Oregon City
-
1,582 				
3,539 				
				
1,581 				
3,667 				
5,248 				
1,306 				
08/22/06
Portland/Barbur
-
2,328 				
9,134 				
				
2,327 				
9,283 				
11,610 				
3,246 				
08/22/06
Salem / Liberty Road
-
1,994 				
5,304 				
				
1,993 				
5,470 				
7,463 				
1,961 				
08/22/06
Edgemont
-
3,585 				
7,704 				
				
3,585 				
7,912 				
11,497 				
2,767 				
08/22/06
Bedford
-
2,042 				
4,176 				
				
2,041 				
4,378 				
6,419 				
1,583 				
08/22/06
Kingwood
-
1,625 				
2,926 				
				
1,625 				
3,132 				
4,757 				
1,162 				
08/22/06
Hillcroft
-
-
3,994 				
				
-
4,176 				
4,176 				
1,494 				
08/22/06
T.C. Jester
-
2,047 				
4,819 				
				
2,047 				
5,139 				
7,186 				
1,879 				
08/22/06
Windcrest
-
				
2,601 				
				
				
3,019 				
3,783 				
1,219 				
08/22/06
Mission Bend
-
1,381 				
3,141 				
				
1,381 				
3,300 				
4,681 				
1,189 				
08/22/06
Parker Road & Independence
-
2,593 				
5,464 				
				
2,593 				
5,579 				
8,172 				
1,964 				
08/22/06
Park Cities East
-
4,205 				
6,259 				
				
4,204 				
6,298 				
10,502 				
2,172 				
08/22/06
MaCarthur Crossing
-
2,635 				
5,698 				
				
2,635 				
6,169 				
8,804 				
2,162 				
08/22/06
Arlington/S.Cooper
-
2,305 				
4,308 				
				
2,305 				
4,486 				
6,791 				
1,566 				
08/22/06
Woodforest
-
1,534 				
3,545 				
1,144 				
1,534 				
4,689 				
6,223 				
1,669 				
08/22/06
Preston Road
-
1,931 				
3,246 				
				
1,930 				
3,422 				
5,352 				
1,234 				
08/22/06
East Lamar
-
1,581 				
2,878 				
				
1,581 				
3,090 				
4,671 				
1,123 				
08/22/06
Lewisville/Interstate 35
-
2,696 				
4,311 				
				
2,696 				
4,583 				
7,279 				
1,705 				
08/22/06
Round Rock
-
1,256 				
2,153 				
				
1,256 				
2,274 				
3,530 				
				
08/22/06
Slaughter Lane
-
1,881 				
3,326 				
				
1,881 				
3,491 				
5,372 				
1,265 				
						
						
						
						
						
						
						
						
						
08/22/06
Valley Ranch
-
1,927 				
5,390 				
				
1,926 				
5,643 				
7,569 				
2,041 				
08/22/06
Nacogdoches
-
1,422 				
2,655 				
				
1,422 				
2,845 				
4,267 				
1,040 				
08/22/06
Thousand Oaks
-
1,815 				
3,814 				
				
1,814 				
4,037 				
5,851 				
1,439 				
08/22/06
Highway 78
-
1,344 				
2,288 				
				
1,344 				
2,416 				
3,760 				
				
08/22/06
The Quarry
-
1,841 				
8,765 				
				
1,840 				
8,983 				
10,823 				
3,156 				
08/22/06
Cinco Ranch
-
				
2,085 				
				
				
2,205 				
3,143 				
				
08/22/06
North Carrollton
-
2,408 				
4,204 				
				
2,407 				
4,368 				
6,775 				
1,579 				
08/22/06
First Colony
-
1,181 				
2,930 				
				
1,180 				
3,033 				
4,213 				
1,061 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
08/22/06
North Park
-
1,444 				
3,253 				
				
1,443 				
3,383 				
4,826 				
1,203 				
08/22/06
South Main
-
				
				
				
				
1,030 				
1,551 				
				
08/22/06
Westchase
-
				
3,748 				
				
				
3,897 				
4,799 				
1,396 				
08/22/06
Lakeline
-
1,289 				
3,762 				
4,929 				
1,837 				
8,143 				
9,980 				
1,495 				
08/22/06
Highway 26
-
1,353 				
3,147 				
				
1,353 				
3,275 				
4,628 				
1,167 				
08/22/06
Shavano Park
-
				
4,973 				
				
				
5,102 				
6,074 				
1,790 				
08/22/06
Oltorf
-
				
3,693 				
				
				
3,858 				
4,738 				
1,384 				
08/22/06
Irving
-
				
1,367 				
				
				
1,772 				
2,458 				
				
08/22/06
Hill Country Village
-
				
3,524 				
				
				
3,976 				
4,964 				
1,555 				
08/22/06
San Antonio NE
-
				
				
				
				
1,172 				
1,425 				
				
08/22/06
East Pioneer II
-
				
1,784 				
				
				
2,111 				
2,897 				
				
08/22/06
Westheimer
-
				
2,316 				
				
				
2,815 				
3,409 				
1,153 				
08/22/06
San Antonio/Jones-Maltsberger
-
1,102 				
2,637 				
				
1,102 				
2,778 				
3,880 				
				
08/22/06
Beltline
-
1,291 				
2,336 				
				
1,291 				
2,606 				
3,897 				
1,037 				
08/22/06
MacArthur
-
1,590 				
2,265 				
				
1,590 				
2,598 				
4,188 				
1,040 				
08/22/06
Hurst / S. Pipeline Rd
-
				
1,317 				
				
				
1,706 				
2,367 				
				
08/22/06
Balcones Hts/Fredericksburg Rd
-
2,372 				
4,718 				
				
2,372 				
4,953 				
7,325 				
1,756 				
08/22/06
Blanco Road
-
1,742 				
4,813 				
				
1,742 				
5,114 				
6,856 				
1,821 				
08/22/06
Leon Valley/Bandera Road
-
				
1,044 				
2,501 				
				
3,545 				
4,046 				
1,160 				
08/22/06
Imperial Valley
-
1,166 				
2,756 				
				
1,166 				
2,937 				
4,103 				
1,087 				
08/22/06
Sugarland
-
1,714 				
3,407 				
				
1,714 				
3,541 				
5,255 				
1,268 				
08/22/06
Woodlands
-
1,353 				
3,131 				
				
1,353 				
3,350 				
4,703 				
1,244 				
08/22/06
Federal Road
-
1,021 				
3,086 				
				
1,021 				
3,316 				
4,337 				
1,227 				
08/22/06
West University
-
1,940 				
8,121 				
				
1,939 				
8,428 				
10,367 				
2,985 				
08/22/06
Medical Center/Braeswood
-
1,121 				
4,678 				
				
1,120 				
4,742 				
5,862 				
1,660 				
08/22/06
Richardson/Audelia
-
1,034 				
2,703 				
				
1,034 				
2,765 				
3,799 				
				
08/22/06
North Austin
-
2,143 				
3,674 				
				
2,142 				
4,086 				
6,228 				
1,555 				
08/22/06
Warner
-
1,603 				
3,998 				
				
1,602 				
4,233 				
5,835 				
1,561 				
08/22/06
Universal City
-
				
3,194 				
				
				
3,439 				
4,216 				
1,286 				
08/22/06
Seattle / Lake City Way
-
3,406 				
7,789 				
				
3,405 				
8,028 				
11,433 				
2,868 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
08/22/06
Arrowhead
-
2,372 				
5,818 				
				
2,372 				
5,978 				
8,350 				
2,109 				
08/22/06
Ahwatukee
-
3,017 				
5,975 				
				
3,017 				
6,098 				
9,115 				
2,136 				
08/22/06
Blossom Valley
-
2,721 				
8,418 				
				
2,721 				
8,533 				
11,254 				
2,952 				
08/22/06
Jones Bridge
-
3,065 				
6,015 				
				
3,064 				
6,123 				
9,187 				
2,141 				
08/22/06
Lawrenceville
-
2,076 				
5,188 				
				
2,076 				
5,302 				
7,378 				
1,866 				
08/22/06
Fox Valley
-
1,880 				
3,622 				
				
1,879 				
3,750 				
5,629 				
1,345 				
08/22/06
Eagle Creek / Shore Terrace
-
				
2,878 				
				
				
3,058 				
3,938 				
1,144 				
08/22/06
N.Greenwood/E.County Line Rd
-
-
3,954 				
				
-
4,106 				
4,106 				
1,462 				
08/22/06
Annapolis
-
-
7,439 				
				
-
7,578 				
7,578 				
2,662 				
08/22/06
Creedmoor
-
3,579 				
7,366 				
				
3,578 				
7,516 				
11,094 				
2,645 				
08/22/06
Painters Crossing
-
1,582 				
4,527 				
				
1,582 				
4,668 				
6,250 				
1,653 				
08/22/06
Greenville Ave & Meadow
-
2,066 				
6,969 				
				
2,065 				
7,233 				
9,298 				
2,520 				
08/22/06
Potomac Mills
-
2,806 				
7,347 				
				
2,806 				
7,465 				
10,271 				
2,604 				
08/22/06
Sterling
-
3,435 				
7,713 				
1,427 				
3,434 				
9,141 				
12,575 				
2,925 				
08/22/06
Redmond / Plateau
-
2,872 				
7,603 				
				
2,871 				
7,718 				
10,589 				
2,679 				
08/22/06
Val Vista
-
3,686 				
6,223 				
				
3,686 				
6,809 				
10,495 				
2,903 				
08/22/06
Van Ness
-
11,120 				
13,555 				
				
11,118 				
14,042 				
25,160 				
5,008 				
08/22/06
Sandy Plains
-
2,452 				
4,669 				
				
2,451 				
4,783 				
7,234 				
1,676 				
08/22/06
Country Club Hills
-
2,783 				
5,438 				
				
2,782 				
5,533 				
8,315 				
1,937 				
08/22/06
Schaumburg / Irving Park Rd
-
2,695 				
4,781 				
				
2,695 				
4,894 				
7,589 				
1,725 				
08/22/06
Clinton Township
-
1,917 				
4,143 				
				
1,917 				
4,208 				
6,125 				
1,472 				
08/22/06
Champions
-
1,061 				
3,207 				
				
1,061 				
3,320 				
4,381 				
1,197 				
08/22/06
Southlake
-
2,794 				
4,760 				
				
2,793 				
4,870 				
7,663 				
1,711 				
08/22/06
City Place
-
2,045 				
5,776 				
				
2,045 				
5,973 				
8,018 				
2,113 				
08/22/06
Bee Cave Road
-
3,546 				
10,341 				
				
3,545 				
10,477 				
14,022 				
3,629 				
08/22/06
Oak Farms
-
2,307 				
8,481 				
				
2,307 				
8,647 				
10,954 				
3,048 				
08/22/06
Henderson Street
-
				
5,001 				
				
				
5,168 				
5,710 				
1,810 				
08/22/06
Merrifield
-
5,061 				
10,949 				
				
5,060 				
11,131 				
16,191 				
3,873 				
08/22/06
Mill Creek
-
2,917 				
7,252 				
				
2,917 				
7,370 				
10,287 				
2,563 				
08/22/06
Pier 57
-
2,042 				
8,719 				
				
2,137 				
9,027 				
11,164 				
3,187 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
08/22/06
Redmond / 90th
-
3,717 				
7,011 				
				
3,716 				
7,244 				
10,960 				
2,569 				
08/22/06
Seattle / Capital Hill
-
3,811 				
11,104 				
				
3,810 				
11,608 				
15,418 				
3,941 				
08/22/06
Costa Mesa
-
3,622 				
6,030 				
				
3,622 				
6,165 				
9,787 				
2,113 				
08/22/06
West Park
-
11,715 				
12,915 				
				
11,713 				
13,309 				
25,022 				
4,471 				
08/22/06
Cabot Road
-
5,168 				
9,253 				
				
5,167 				
9,436 				
14,603 				
3,244 				
08/22/06
San Juan Creek
-
4,755 				
10,749 				
				
4,754 				
10,936 				
15,690 				
3,768 				
08/22/06
Rancho San Diego
-
4,226 				
7,652 				
				
4,225 				
7,779 				
12,004 				
2,682 				
08/22/06
Palms
-
2,491 				
11,404 				
				
2,491 				
11,588 				
14,079 				
3,986 				
08/22/06
West Covina
-
3,595 				
7,360 				
				
3,594 				
7,567 				
11,161 				
2,634 				
08/22/06
Woodland Hills
-
4,376 				
11,898 				
				
4,375 				
12,150 				
16,525 				
4,173 				
08/22/06
Long Beach
-
3,130 				
11,211 				
				
3,130 				
11,418 				
14,548 				
3,899 				
08/22/06
Northridge
-
4,674 				
11,164 				
				
4,673 				
11,402 				
16,075 				
3,942 				
08/22/06
Rancho Mirage
-
2,614 				
4,744 				
				
2,614 				
4,930 				
7,544 				
1,714 				
08/22/06
Palm Desert
-
1,910 				
5,462 				
				
1,910 				
5,631 				
7,541 				
1,946 				
08/22/06
Davie
-
4,842 				
9,388 				
				
4,841 				
9,644 				
14,485 				
3,370 				
08/22/06
Portland / I-205
-
2,026 				
4,299 				
				
2,025 				
4,457 				
6,482 				
1,579 				
08/22/06
Milwaukie/Hwy224
-
2,867 				
5,926 				
				
2,867 				
6,131 				
8,998 				
2,172 				
08/22/06
River Oaks
-
2,625 				
8,930 				
				
2,624 				
9,202 				
11,826 				
3,240 				
08/22/06
Tacoma / South Sprague Ave
-
2,189 				
4,776 				
				
2,188 				
4,968 				
7,156 				
1,796 				
08/22/06
Vancouver / Hazel Dell
-
2,299 				
4,313 				
				
2,299 				
4,408 				
6,707 				
1,550 				
08/22/06
Canyon Park
-
3,628 				
7,327 				
				
3,628 				
7,758 				
11,386 				
2,663 				
08/22/06
South Boulevard
-
3,090 				
6,041 				
2,054 				
3,765 				
7,420 				
11,185 				
2,811 				
08/22/06
Weddington
-
2,172 				
4,263 				
1,221 				
2,646 				
5,010 				
7,656 				
1,818 				
08/22/06
Gastonia
-
				
2,808 				
				
				
3,324 				
4,109 				
1,195 				
08/22/06
Amity Ct
-
				
1,378 				
				
				
1,651 				
2,394 				
				
08/22/06
Pavilion
-
1,490 				
3,114 				
1,929 				
1,817 				
4,716 				
6,533 				
1,648 				
08/22/06
Randleman
-
1,639 				
2,707 				
				
1,997 				
3,324 				
5,321 				
1,243 				
08/22/06
Matthews
-
1,733 				
6,457 				
2,064 				
2,112 				
8,142 				
10,254 				
3,141 				
08/22/06
Eastland
1,571 				
				
2,159 				
				
1,156 				
2,806 				
3,962 				
1,125 				
08/22/06
Albermarle
-
1,557 				
4,636 				
1,265 				
1,897 				
5,561 				
7,458 				
2,039 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
08/22/06
COTT
1,021 				
				
1,732 				
				
				
2,054 				
2,576 				
				
08/22/06
Ashley River
-
1,907 				
4,065 				
1,597 				
2,323 				
5,246 				
7,569 				
1,959 				
08/22/06
Clayton
-
1,071 				
2,869 				
1,613 				
1,306 				
4,247 				
5,553 				
1,505 				
08/22/06
Dave Lyle
-
				
2,111 				
1,537 				
				
3,515 				
4,252 				
1,237 				
08/22/06
English Rd
-
				
1,215 				
				
				
1,491 				
2,023 				
				
08/22/06
Sunset
-
				
1,461 				
				
				
1,842 				
2,645 				
				
08/22/06
Cone Blvd
-
1,253 				
2,462 				
				
1,526 				
3,036 				
4,562 				
1,136 				
08/22/06
Wake Forest
-
1,098 				
2,553 				
				
1,338 				
3,080 				
4,418 				
1,123 				
08/22/06
Silas Creek
-
1,304 				
2,738 				
				
1,589 				
3,362 				
4,951 				
1,245 				
08/22/06
Winston
-
1,625 				
3,368 				
1,231 				
1,979 				
4,245 				
6,224 				
1,543 				
08/22/06
Hickory
-
1,091 				
4,271 				
1,275 				
1,329 				
5,308 				
6,637 				
1,957 				
08/22/06
Wilkinson
-
1,366 				
3,235 				
1,135 				
1,664 				
4,072 				
5,736 				
1,570 				
08/22/06
Lexington NC
-
				
1,806 				
				
1,065 				
2,438 				
3,503 				
				
08/22/06
Florence
-
				
5,557 				
1,550 				
1,160 				
6,899 				
8,059 				
2,598 				
08/22/06
Sumter
-
				
2,002 				
				
				
2,573 				
3,256 				
1,001 				
08/22/06
Garners Ferry
-
1,418 				
2,516 				
				
1,727 				
3,189 				
4,916 				
1,248 				
08/22/06
Greenville
-
1,816 				
4,732 				
1,433 				
2,213 				
5,768 				
7,981 				
2,140 				
08/22/06
Spartanburg
-
				
1,550 				
				
				
2,041 				
3,015 				
				
08/22/06
Rockingham
-
				
1,352 				
				
				
1,819 				
2,277 				
				
08/22/06
Monroe
-
1,578 				
2,996 				
1,227 				
1,923 				
3,878 				
5,801 				
1,481 				
08/22/06
Salisbury
-
				
5,488 				
1,189 				
				
6,668 				
6,717 				
2,438 				
08/22/06
Pineville
-
2,609 				
6,829 				
2,235 				
3,179 				
8,494 				
11,673 				
3,101 				
08/22/06
Park Rd
-
2,667 				
7,243 				
1,828 				
3,249 				
8,489 				
11,738 				
3,034 				
08/22/06
Ballantyne
-
1,758 				
3,720 				
1,706 				
2,143 				
5,041 				
7,184 				
1,812 				
08/22/06
Stallings
-
1,348 				
2,882 				
				
1,642 				
3,521 				
5,163 				
1,354 				
08/22/06
Concord
-
1,147 				
2,308 				
				
1,398 				
2,924 				
4,322 				
1,106 				
08/22/06
Woodruff
-
1,154 				
1,616 				
				
1,406 				
1,988 				
3,394 				
				
08/22/06
Shriners
-
				
2,347 				
				
				
2,868 				
3,792 				
1,078 				
08/22/06
Charleston
-
				
3,313 				
				
				
4,065 				
4,801 				
1,494 				
08/22/06
Rock Hill
-
				
2,222 				
1,726 				
1,211 				
3,730 				
4,941 				
1,327 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
08/22/06
Arrowood
-
2,014 				
4,214 				
1,258 				
2,454 				
5,032 				
7,486 				
1,875 				
08/22/06
Country Club
-
				
3,439 				
				
1,139 				
4,116 				
5,255 				
1,494 				
08/22/06
Rosewood
-
				
2,141 				
				
				
2,510 				
2,939 				
				
08/22/06
James Island
-
2,061 				
3,708 				
1,066 				
2,512 				
4,323 				
6,835 				
1,536 				
08/22/06
Battleground
-
1,995 				
3,757 				
1,006 				
2,431 				
4,327 				
6,758 				
1,517 				
08/22/06
Greenwood Village / DTC Blvd
3,740 				
				
2,925 				
				
				
3,052 				
3,736 				
1,035 				
08/22/06
Highlands Ranch/ Colorado Blvd
2,958 				
				
2,000 				
				
				
2,162 				
2,955 				
				
08/22/06
Seneca Commons
-
2,672 				
5,354 				
1,901 				
3,256 				
6,671 				
9,927 				
2,435 				
08/22/06
Capital Blvd South
-
3,002 				
6,273 				
1,972 				
3,658 				
7,589 				
11,247 				
2,774 				
08/22/06
Southhaven
-
1,286 				
3,578 				
				
1,357 				
4,072 				
5,429 				
1,422 				
08/22/06
Wolfchase
-
				
2,816 				
				
1,042 				
3,339 				
4,381 				
1,137 				
08/22/06
Winchester
-
				
1,500 				
				
				
2,191 				
2,904 				
				
08/22/06
Sycamore View
-
				
1,936 				
				
				
2,632 				
3,376 				
1,022 				
08/22/06
South Main
-
				
				
				
				
				
				
				
08/22/06
Southfield at Telegraph
-
1,757 				
8,341 				
				
1,756 				
8,420 				
10,176 				
2,905 				
08/22/06
Westland
-
1,572 				
3,687 				
				
1,572 				
3,764 				
5,336 				
1,313 				
08/22/06
Dearborn
-
1,030 				
4,847 				
				
1,030 				
4,942 				
5,972 				
1,737 				
08/22/06
Roseville
-
1,319 				
5,210 				
				
1,319 				
5,305 				
6,624 				
1,846 				
08/22/06
Farmington Hills
-
				
2,878 				
				
				
2,988 				
3,970 				
1,076 				
08/22/06
Hunt Club
-
2,527 				
5,483 				
				
2,823 				
6,092 				
8,915 				
2,144 				
08/22/06
Speedway IN /N. High School Rd
-
2,091 				
3,566 				
				
1,991 				
3,731 				
5,722 				
1,360 				
08/22/06
Alafaya @ University Blvd.
-
2,817 				
4,549 				
				
3,147 				
5,104 				
8,251 				
1,823 				
08/22/06
McCoy @ 528
-
2,656 				
5,206 				
				
2,655 				
5,378 				
8,033 				
1,920 				
08/22/06
S. Orange Blossom Trail @ 417
-
2,810 				
6,849 				
1,117 				
3,139 				
7,637 				
10,776 				
2,726 				
08/22/06
Alafaya-Mitchell Hammock Road
-
2,363 				
5,092 				
				
2,639 				
5,661 				
8,300 				
2,008 				
08/22/06
Maitland / 17/92 @ Lake Ave
-
5,146 				
10,670 				
1,778 				
5,748 				
11,846 				
17,594 				
4,167 				
08/22/06
S. Semoran @ Hoffner Road
-
2,633 				
6,601 				
1,017 				
2,940 				
7,311 				
10,251 				
2,595 				
08/22/06
Red Bug @ Dodd Road
-
2,552 				
5,959 				
				
2,850 				
6,609 				
9,459 				
2,336 				
08/22/06
Altmonte Sprgs/SR434
-
1,703 				
5,125 				
				
1,902 				
5,705 				
7,607 				
2,018 				
08/22/06
Brandon
-
2,810 				
4,584 				
				
3,139 				
5,090 				
8,229 				
1,796 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
08/22/06
Granada @ U.S. 1
-
2,682 				
4,751 				
				
2,996 				
5,330 				
8,326 				
1,911 				
08/22/06
Daytona/Beville @ Nova Road
-
2,616 				
6,085 				
1,083 				
2,922 				
6,862 				
9,784 				
2,456 				
08/22/06
Eau Gallie
-
1,962 				
4,677 				
				
2,192 				
5,155 				
7,347 				
1,818 				
08/22/06
Hyde Park
-
2,719 				
7,145 				
1,044 				
3,037 				
7,871 				
10,908 				
2,745 				
08/22/06
Carrollwood
-
2,050 				
6,221 				
				
2,290 				
6,855 				
9,145 				
2,402 				
08/22/06
Conroy @ I-4
-
2,091 				
3,517 				
				
2,335 				
3,982 				
6,317 				
1,451 				
08/22/06
West Waters
-
2,190 				
5,186 				
				
2,446 				
5,774 				
8,220 				
2,021 				
08/22/06
Oldsmar
-
2,276 				
5,253 				
				
2,542 				
5,789 				
8,331 				
2,043 				
08/22/06
Mills North of Colonial
-
1,995 				
5,914 				
				
2,228 				
6,559 				
8,787 				
2,331 				
08/22/06
Alafaya @ Colonial
-
2,836 				
4,680 				
				
3,168 				
5,324 				
8,492 				
1,941 				
08/22/06
Fairbanks @ I-4
-
2,846 				
6,612 				
1,018 				
3,179 				
7,297 				
10,476 				
2,566 				
08/22/06
Maguire @ Colonial
-
				
7,521 				
1,190 				
				
8,375 				
9,190 				
2,919 				
08/22/06
St. Louis/Olive Blvd
-
				
3,023 				
				
				
3,731 				
4,518 				
1,107 				
08/22/06
Owings Mills / S. Dolfield
-
				
5,144 				
				
				
5,148 				
5,803 				
				
10/20/06
Burbank-Rich R.
-
3,793 				
9,103 				
(34) 				
3,793 				
9,069 				
12,862 				
2,953 				
10/24/06
Stonegate
4,308 				
				
4,278 				
(625) 				
				
3,653 				
4,304 				
1,202 				
02/09/07
Portland/Barbur
-
				
3,273 				
3,099 				
1,150 				
6,052 				
7,202 				
1,046 				
03/27/07
Ewa Beach / Ft Weaver Road
-
7,454 				
14,825 				
				
7,454 				
15,029 				
22,483 				
4,729 				
06/01/07
South Bay
-
1,017 				
4,685 				
				
1,017 				
4,752 				
5,769 				
1,465 				
08/14/07
Murrieta / Whitewood Road
-
5,764 				
6,197 				
				
5,764 				
6,290 				
12,054 				
1,866 				
08/22/07
Palm Springs/S. Gene Autry Trl
-
3,785 				
7,859 				
				
3,785 				
8,246 				
12,031 				
2,652 				
09/07/07
Mahopac / Rte 6
-
1,330 				
8,407 				
				
1,330 				
8,506 				
9,836 				
2,502 				
09/11/07
East Point / N Desert Dr
-
1,186 				
9,239 				
				
1,186 				
9,327 				
10,513 				
2,724 				
09/11/07
Canton / Ridge Rd
-
				
4,197 				
				
				
4,247 				
4,636 				
1,237 				
09/13/07
Murrieta / Antelope Rd
-
1,630 				
2,991 				
				
1,630 				
3,083 				
4,713 				
				
10/14/07
New Orleans / I10 & Bullard
-
1,286 				
5,591 				
(1,594) 				
1,292 				
3,991 				
5,283 				
1,845 				
04/22/08
Miramar Place
-
7,225 				
7,875 				
				
7,225 				
8,099 				
15,324 				
2,191 				
05/28/08
Bee Cave at the Galleria
-
				
4,839 				
				
				
4,864 				
5,485 				
1,283 				
05/28/08
Carlsbad Village
9,289 				
4,277 				
10,075 				
				
4,277 				
10,232 				
14,509 				
2,727 				
07/21/08
Austell / Oak Ridge Rd.
-
				
2,446 				
				
				
2,538 				
3,119 				
				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
07/21/08
Marietta / Piedmont Rd.
-
1,748 				
3,172 				
				
1,748 				
3,247 				
4,995 				
				
09/03/08
N. Las Vegas/Cheyenne
-
1,144 				
4,020 				
				
1,144 				
4,275 				
5,419 				
1,171 				
09/04/08
Las Vegas/Boulder Hwy II
-
1,151 				
4,281 				
				
1,151 				
4,412 				
5,563 				
1,154 				
11/07/08
Wash DC / Bladensburg Rd NE
-
1,726 				
6,194 				
				
1,726 				
6,218 				
7,944 				
1,497 				
12/23/08
East Palo Alto
-
2,655 				
2,235 				
				
2,655 				
2,312 				
4,967 				
				
11/30/09
Danbury / Mill Plain Rd
-
1,861 				
10,033 				
3,169 				
1,862 				
13,201 				
15,063 				
3,646 				
04/27/10
Bloomington / Linden Ave
-
1,044 				
2,011 				
				
1,044 				
2,060 				
3,104 				
				
04/27/10
Fontana / Valley Blvd
-
2,122 				
3,444 				
				
2,122 				
3,559 				
5,681 				
				
04/27/10
Monterey Park/Potrero Grande Dr
-
1,900 				
6,001 				
				
1,900 				
6,214 				
8,114 				
1,366 				
04/27/10
Panorama City / Roscoe Blvd
-
1,233 				
4,815 				
				
1,233 				
4,859 				
6,092 				
1,000 				
04/27/10
Pomona / E. 1st St
-
				
2,498 				
				
				
2,544 				
2,907 				
				
04/27/10
Diamond Bar / E.Washington Ave
-
1,709 				
4,901 				
				
1,709 				
5,042 				
6,751 				
1,220 				
04/27/10
Arlington Hgts / E. Davis St
-
				
3,018 				
				
				
3,057 				
3,599 				
				
04/27/10
Elgin / RT 31S & Jerusha St
-
				
1,569 				
				
				
1,615 				
1,895 				
				
05/13/10
Alhambra/Mission Rd&Fremont Av
-
2,458 				
6,980 				
				
2,458 				
7,001 				
9,459 				
1,345 				
05/27/10
Anaheim/S.Knott Av & W.Lincoln
-
2,020 				
4,991 				
				
2,020 				
5,041 				
7,061 				
1,035 				
05/27/10
Canoga Park / 8050 Deering Ave
-
1,932 				
2,082 				
				
1,932 				
2,124 				
4,056 				
				
05/27/10
Canoga Park / 7900 Deering Ave
-
1,117 				
3,499 				
				
1,117 				
3,740 				
4,857 				
				
05/27/10
Colton / Fairway Dr
-
				
3,195 				
				
				
3,246 				
4,065 				
				
05/27/10
Goleta / Hollister Ave
-
2,860 				
2,318 				
				
2,860 				
2,369 				
5,229 				
				
05/27/10
Irwindale / Arrow Hwy
-
2,665 				
4,562 				
				
2,665 				
4,618 				
7,283 				
1,043 				
05/27/10
Long Beach / Long Beach Blvd
-
3,398 				
5,439 				
				
3,398 				
5,615 				
9,013 				
1,211 				
05/27/10
Culver City/ W.Washington Blvd
-
1,755 				
2,319 				
				
1,755 				
2,367 				
4,122 				
				
05/27/10
Los Angeles / S Grand Ave
-
2,653 				
5,048 				
2,626 				
2,653 				
7,674 				
10,327 				
2,342 				
05/27/10
Los Angeles / Avery St
-
1,488 				
7,359 				
				
1,488 				
7,751 				
9,239 				
1,808 				
05/27/10
Los Angeles / W. 6th St
-
1,745 				
5,382 				
2,693 				
1,745 				
8,075 				
9,820 				
2,783 				
05/27/10
Montclair / Mission Blvd
-
2,070 				
4,052 				
				
2,070 				
4,206 				
6,276 				
				
05/27/10
Pasadena / S. Fair Oaks Ave
-
5,972 				
5,457 				
2,265 				
5,972 				
7,722 				
13,694 				
2,374 				
05/27/10
Santa Clarita / Bouquet Cyn Rd
-
1,273 				
2,983 				
				
1,273 				
3,128 				
4,401 				
				
05/27/10
Ventura / McGrath St
-
1,876 				
5,057 				
				
1,876 				
5,115 				
6,991 				
1,036 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
06/16/10
Marietta / Dallas Hwy
-
				
3,340 				
				
				
3,418 				
3,903 				
				
06/30/10
Inglewood / S. Prairie Ave
-
1,641 				
2,148 				
				
1,641 				
2,340 				
3,981 				
				
06/30/10
La Verne / N. White Ave
-
4,421 				
4,877 				
				
4,421 				
5,058 				
9,479 				
1,101 				
06/30/10
Los Angeles / W. Pico Blvd
-
3,832 				
3,428 				
3,245 				
3,832 				
6,673 				
10,505 				
2,222 				
06/30/10
Riverside / Hole Ave
-
				
2,841 				
				
				
3,076 				
3,381 				
				
06/30/10
Sun Valley / San Fernando Rd
-
4,936 				
6,229 				
				
4,936 				
6,438 				
11,374 				
1,375 				
06/30/10
Sylmar / Foothill Blvd
-
1,146 				
3,971 				
				
1,146 				
4,152 				
5,298 				
				
08/18/10
Waipio / Waipio Uka St
-
3,125 				
3,453 				
				
3,125 				
3,552 				
6,677 				
				
08/18/10
Berkeley II /2nd & Harrison St
-
-
2,113 				
				
-
2,810 				
2,810 				
				
08/18/10
Los Angeles / Washington Blvd
-
1,275 				
1,937 				
				
1,275 				
2,125 				
3,400 				
				
08/18/10
San Francsco / Treat Ave
-
1,907 				
2,629 				
				
1,907 				
2,947 				
4,854 				
				
08/18/10
Vallejo / Couch St
-
1,714 				
2,823 				
				
1,714 				
2,880 				
4,594 				
				
08/19/10
Palatine / E. Lake Cook Rd
-
				
				
				
				
1,193 				
1,801 				
				
09/09/10
New Orleans / Washington Ave
-
				
2,875 				
				
				
3,084 				
3,552 				
				
11/17/10
Mangonia Park / 45th St
-
				
2,428 				
2,606 				
				
5,034 				
5,351 				
1,267 				
11/17/10
Fort Pierce / S. US Hwy 1
-
				
2,246 				
				
				
2,374 				
2,604 				
				
12/02/10
Groveport / S. Hamilton Road
-
				
1,118 				
				
				
1,438 				
1,566 				
				
12/08/10
Hillside / 625 Glenwood Ave
-
3,031 				
4,331 				
				
3,031 				
4,942 				
7,973 				
1,075 				
01/18/11
Gardnerville / Venture Dr.
-
				
3,072 				
				
				
3,208 				
3,513 				
				
01/18/11
Reno / N. McCarran Blvd.
-
1,114 				
3,219 				
				
1,114 				
3,438 				
4,552 				
				
01/18/11
Sparks / Boxington Way
-
1,360 				
3,684 				
				
1,360 				
3,844 				
5,204 				
				
01/18/11
Reno / S. Virginia St.
-
				
2,120 				
				
				
2,245 				
2,863 				
				
01/18/11
Reno / Selmi Dr.
-
				
3,021 				
				
				
3,154 				
3,515 				
				
02/08/11
Wanut Creek
-
				
9,422 				
				
				
9,765 				
10,380 				
1,697 				
05/26/11
Southern Blvd./Bronx
7,961 				
2,280 				
14,836 				
2,809 				
2,280 				
17,645 				
19,925 				
3,860 				
07/07/11
Aventura/NE 188th St
-
5,968 				
5,129 				
				
5,968 				
5,339 				
11,307 				
				
07/12/11
Torrance/Crenshaw & Del Amo
-
2,040 				
8,269 				
				
2,040 				
8,615 				
10,655 				
1,314 				
08/01/11
Glendale/San Fernando & 2 Fwy
-
2,685 				
5,487 				
				
2,685 				
5,582 				
8,267 				
				
08/01/11
Alameda / Webster St.
-
3,008 				
8,235 				
				
3,008 				
8,364 				
11,372 				
1,159 				
09/27/11
Laurel / Cherry Lane Court
-
1,110 				
2,483 				
				
1,110 				
2,625 				
3,735 				
				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
10/25/11
Moorpark/W. Los Angeles Ave.
-
1,848 				
7,649 				
				
1,848 				
7,824 				
9,672 				
1,097 				
12/21/11
Dallas / Ross Ave.
-
				
4,494 				
				
				
4,703 				
5,620 				
				
03/21/12
Montclair/Arrow Hwy
-
2,221 				
7,540 				
				
2,221 				
7,619 				
9,840 				
				
03/21/12
Hialeah/W. 4th Ave.
-
1,814 				
4,727 				
				
1,814 				
4,833 				
6,647 				
				
03/21/12
PompanoBch/Copans & Andrews
-
2,441 				
4,263 				
				
2,441 				
4,335 				
6,776 				
				
03/21/12
Randolph/North St & Oak St
-
1,842 				
2,941 				
				
1,842 				
3,198 				
5,040 				
				
03/21/12
Wayne/Route 23
-
1,545 				
3,558 				
				
1,545 				
3,799 				
5,344 				
				
03/21/12
Philadelphia/Castor Ave.
-
2,410 				
4,906 				
2,233 				
2,410 				
7,139 				
9,549 				
1,303 				
05/25/12
Ft. Lauderdale/ SE 24th St
-
1,557 				
8,762 				
				
1,557 				
9,079 				
10,636 				
1,009 				
05/25/12
Brooklyn/Fulton St.
-
4,675 				
4,602 				
				
4,675 				
4,882 				
9,557 				
				
06/01/12
Hialeah / Palmetto Expressway
-
1,886 				
3,300 				
				
1,886 				
3,385 				
5,271 				
				
06/01/12
Clearwater/Gulf To Bay
-
1,147 				
1,613 				
				
1,147 				
1,699 				
2,846 				
				
06/01/12
Clearwater/ E. Bay Drive
-
				
1,664 				
				
				
1,667 				
2,449 				
				
06/19/12
Valencia/Kelly Johnson Pkwy
-
4,112 				
9,117 				
				
4,112 				
9,206 				
13,318 				
				
06/27/12
Sylmar/Foothill & Yarnell
-
3,102 				
7,333 				
				
3,102 				
7,605 				
10,707 				
				
07/19/12
Whittier/Penn St
-
				
4,343 				
				
				
5,099 				
5,922 				
				
08/29/12
Burlington/Route 130
-
				
1,981 				
				
				
2,215 				
2,794 				
				
09/27/12
Waipio/Ka Uka Blvd
-
5,832 				
16,175 				
				
5,832 				
16,711 				
22,543 				
1,518 				
09/27/12
Pearl City/Kuala St.
-
6,828 				
17,291 				
				
6,828 				
17,809 				
24,637 				
1,612 				
10/04/12
Missouri City/Rocky Creek
-
				
4,336 				
				
				
4,517 				
5,474 				
				
10/10/12
Bronx/GerardAve.
-
4,941 				
23,559 				
20,476 				
5,260 				
43,716 				
48,976 				
2,245 				
10/11/12
Mesa/E Baseline & Lindsay
-
				
2,199 				
				
				
2,466 				
3,099 				
				
11/08/12
Marietta/Lower Roswell Rd.
-
				
4,964 				
				
				
5,024 				
5,727 				
				
12/11/12
Suwanee/McGinnis Ferry
-
1,344 				
3,343 				
				
1,344 				
3,731 				
5,075 				
				
12/18/12
Santa Clara/Lafayette
-
3,639 				
11,250 				
				
3,639 				
11,643 				
15,282 				
1,018 				
12/20/12
Orlando/Silver Star Rd.
-
1,803 				
2,334 				
				
1,803 				
2,548 				
4,351 				
				
12/20/12
Orlando/S. Goldenrod Rd.
-
1,517 				
2,740 				
				
1,517 				
2,924 				
4,441 				
				
12/20/12
Kissimmee/N John Young
-
1,083 				
2,772 				
				
1,083 				
2,948 				
4,031 				
				
12/21/12
Oxnard/ E. Ventura Blvd.
-
				
4,386 				
				
				
4,527 				
5,131 				
				
03/20/13
Surprise/W. Willow Ave.
-
				
6,255 				
				
				
6,320 				
6,978 				
				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
03/21/13
Atlanta/Donald Lee Hollowell Pky
-
				
5,878 				
				
				
6,161 				
6,526 				
				
05/22/13
Phoenix / N. Cave Creek Rd
-
				
7,062 				
				
				
7,155 				
7,886 				
				
08/01/13
Brighton/Lincoln St.
-
6,734 				
16,200 				
				
6,734 				
16,267 				
23,001 				
				
08/01/13
Everett/Broadway St.
-
				
16,027 				
				
				
16,131 				
17,112 				
				
08/01/13
Waltham/Moody St.
-
7,715 				
18,398 				
				
7,715 				
18,454 				
26,169 				
1,059 				
08/01/13
Woburn/Washington St.
-
5,688 				
20,744 				
				
5,688 				
20,837 				
26,525 				
1,203 				
08/01/13
Cranston/Park Ave.
-
				
9,397 				
				
				
9,461 				
10,189 				
				
08/08/13
Boca Raton/Holland Dr
-
16,165 				
7,567 				
				
16,165 				
7,783 				
23,948 				
				
08/08/13
Boca Raton/Clint Moore
-
8,797 				
7,813 				
				
8,797 				
8,018 				
16,815 				
				
08/08/13
North Palm Beach / Northlake
-
5,215 				
5,328 				
				
5,215 				
5,454 				
10,669 				
				
08/08/13
North Palm Beach / US Hwy 1
-
13,069 				
6,497 				
				
13,069 				
6,666 				
19,735 				
				
08/08/13
Palm Beach Gardens / E Park
-
7,610 				
6,382 				
				
7,610 				
6,574 				
14,184 				
				
08/08/13
Palm Beach Gardens / Burns
-
11,334 				
12,279 				
				
11,334 				
12,493 				
23,827 				
				
08/08/13
Vero Beach / 5th St SW
-
				
1,603 				
				
				
2,258 				
2,544 				
				
08/08/13
W. Palm Beach / Okeechobee
-
4,726 				
5,345 				
				
4,726 				
5,596 				
10,322 				
				
08/08/13
W. Palm Beach / N Jog Rd.
-
2,716 				
5,914 				
				
2,716 				
6,058 				
8,774 				
				
08/08/13
Lantana / Hypoluxo Rd.
-
4,625 				
4,792 				
				
4,625 				
4,990 				
9,615 				
				
08/08/13
Bradenton / 53rd Ave E
-
3,005 				
4,239 				
				
3,005 				
4,353 				
7,358 				
				
08/08/13
Clearwater / 66th St N
-
1,466 				
6,609 				
				
1,466 				
6,879 				
8,345 				
				
08/08/13
New Port Richey / Mitchell
-
				
5,048 				
				
				
5,174 				
6,108 				
				
08/08/13
Port Richey / Embassy Blvd.
-
				
2,724 				
				
				
2,830 				
3,519 				
				
08/08/13
Tampa / N Dale Mabry Hwy
-
1,661 				
3,036 				
				
1,661 				
3,252 				
4,913 				
				
08/08/13
Fort Myers / Colonial Bl
-
2,365 				
5,852 				
				
2,365 				
6,155 				
8,520 				
				
08/08/13
Kissimmee / Simpson Rd
-
2,975 				
2,368 				
				
2,975 				
2,690 				
5,665 				
				
08/08/13
Ocala / 2110 NE 36th Ave (South)
-
				
2,781 				
				
				
3,624 				
3,917 				
				
08/08/13
Ocala / 3407 NE 36th Ave (North)
-
				
1,744 				
				
				
1,927 				
2,134 				
				
08/08/13
Orlando / N John Young Pkwy
-
				
5,835 				
				
				
6,223 				
7,020 				
				
08/08/13
Orlando / Silver Star Rd
-
				
4,297 				
				
				
4,534 				
5,309 				
				
08/29/13
Westwood/S. Sepulveda Blvd.
-
15,228 				
15,758 				
				
15,228 				
16,216 				
31,444 				
				
09/18/13
Somerville/Middlesex Ave.
-
2,249 				
14,496 				
				
2,249 				
14,615 				
16,864 				
				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
09/26/13
Spring / I-45 & Spring Stuebner
-
				
5,343 				
1,320 				
				
6,663 				
7,212 				
				
10/03/13
Alpharetta / S. Main St
-
1,296 				
7,673 				
				
1,296 				
7,767 				
9,063 				
				
10/03/13
Barnwell / Ellenton St
-
				
2,286 				
				
				
2,441 				
2,870 				
				
10/03/13
Austin / W 5th Street
-
10,825 				
5,612 				
				
10,825 				
5,846 				
16,671 				
				
10/03/13
North Charleston/Dorchester Rd
-
1,346 				
7,604 				
				
1,346 				
7,719 				
9,065 				
				
10/03/13
Summerville / N. Main St
-
1,556 				
4,604 				
				
1,556 				
4,774 				
6,330 				
				
10/03/13
Charlotte / Reames Rd
-
2,467 				
5,785 				
				
2,467 				
5,927 				
8,394 				
				
10/03/13
Monroe Indian Trail / W Highway 74
-
1,294 				
5,340 				
				
1,294 				
5,507 				
6,801 				
				
10/03/13
Mooresville / Brawley School Rd
-
4,569 				
3,601 				
				
4,569 				
3,669 				
8,238 				
				
10/03/13
Charlotte / Tyvola Crossing
-
				
7,062 				
				
				
7,180 				
7,838 				
				
10/03/13
Charlotte / Mount Holly Rd
-
				
2,855 				
				
				
2,992 				
3,727 				
				
10/03/13
Charlotte / N. Tryon-Uptown
-
1,016 				
3,759 				
				
1,016 				
3,916 				
4,932 				
				
10/03/13
Orangeburg / North Rd
-
1,975 				
3,017 				
				
1,975 				
3,172 				
5,147 				
				
10/03/13
Sumter / N Guignard Dr
-
				
2,218 				
				
				
2,372 				
3,331 				
				
10/03/13
Sumter / Broad St
-
1,327 				
2,655 				
				
1,327 				
2,811 				
4,138 				
				
10/03/13
Dallas City Place/N Central
-
6,999 				
4,638 				
				
6,999 				
4,902 				
11,901 				
				
10/03/13
Plano / W. Plano Pkwy
-
4,044 				
4,935 				
				
4,044 				
5,245 				
9,289 				
				
10/03/13
Florence / 2nd Loop Rd
-
1,161 				
4,671 				
				
1,161 				
4,834 				
5,995 				
				
10/03/13
Friendswood E FM 528 Rd
-
1,381 				
5,326 				
				
1,381 				
5,490 				
6,871 				
				
10/03/13
Houston / San Felipe St
-
11,762 				
5,585 				
				
11,762 				
5,858 				
17,620 				
				
10/03/13
Conroe / I-45 South
-
1,222 				
4,102 				
				
1,222 				
4,400 				
5,622 				
				
10/03/13
Houston / Barker Cypress Rd
-
2,765 				
3,386 				
				
2,765 				
3,520 				
6,285 				
				
10/03/13
Houston / W Little York Rd
-
1,385 				
2,768 				
				
1,385 				
3,067 				
4,452 				
				
10/03/13
Houston / Louetta Rd
-
1,780 				
2,351 				
				
1,780 				
2,540 				
4,320 				
				
10/03/13
Houston / Kuykendahl Rd
-
				
1,711 				
				
				
1,978 				
2,823 				
				
10/03/13
Jersey Village / Northwest Fwy
-
5,653 				
6,017 				
				
5,653 				
6,326 				
11,979 				
				
10/03/13
Magnolia / FM 1488 Rd
-
4,343 				
3,597 				
				
4,343 				
3,770 				
8,113 				
				
10/03/13
Spring / Cypresswood Dr
-
1,154 				
2,919 				
				
1,154 				
3,058 				
4,212 				
				
10/03/13
Spring / Stuebner Airline Rd
-
1,093 				
1,996 				
				
1,093 				
2,181 				
3,274 				
				
10/03/13
Tomball / Kuykendahl Rd
-
1,613 				
3,806 				
				
1,613 				
3,941 				
5,554 				
				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
10/03/13
Norfolk / W. 35th St
-
1,438 				
8,710 				
				
1,438 				
9,062 				
10,500 				
				
10/03/13
Virginia Beach / Haden Rd
-
1,008 				
5,737 				
				
1,008 				
5,811 				
6,819 				
				
10/03/13
Chesapeake/ Battlefield Blvd N
-
3,732 				
4,673 				
				
3,732 				
4,904 				
8,636 				
				
10/03/13
Carrboro Chapel Hill / Greensboro
-
8,712 				
4,219 				
				
8,712 				
4,357 				
13,069 				
				
10/03/13
Carrboro / Jones Ferry Rd
-
-
3,630 				
				
-
3,771 				
3,771 				
				
10/03/13
San Antonio / NE Loop 410
-
1,313 				
4,696 				
				
1,313 				
4,917 				
6,230 				
				
10/03/13
Pooler / Pipemaker Circle
-
6,398 				
5,161 				
				
6,398 				
5,320 				
11,718 				
				
10/03/13
Savannah / Largo Dr
-
2,537 				
3,411 				
				
2,537 				
3,512 				
6,049 				
				
10/03/13
Statesboro / Stambuk Lane
-
4,565 				
3,961 				
				
4,565 				
4,082 				
8,647 				
				
10/03/13
Beaufort / Storage Rd
-
1,971 				
4,850 				
				
1,971 				
4,937 				
6,908 				
				
10/03/13
Hilton Head /Mathews Dr
-
3,904 				
4,437 				
				
3,904 				
4,626 				
8,530 				
				
10/03/13
Hilton Head /Dillon Rd
-
1,283 				
1,217 				
				
1,283 				
1,692 				
2,975 				
				
10/03/13
Hilton Head /Arrow Rd
-
				
1,049 				
				
				
1,139 				
1,793 				
				
10/03/13
Hilton Head/Marshland
-
1,301 				
1,287 				
				
1,301 				
1,500 				
2,801 				
				
10/30/13
Long Beach / Atlantic Ave.
5,780 				
3,835 				
5,177 				
				
3,835 				
5,598 				
9,433 				
				
12/12/13
Duluth/Pleasant Hill
-
1,631 				
5,344 				
				
1,631 				
5,466 				
7,097 				
				
12/12/13
Decatur/Austin Dr & Redwing Cir
-
2,139 				
3,463 				
				
2,139 				
3,681 				
5,820 				
				
12/12/13
Dunwoody / Dunwoody Park
-
2,519 				
4,797 				
				
2,519 				
4,884 				
7,403 				
				
12/12/13
Marietta/Johnson Ferry & Roswell Rd
-
2,956 				
5,964 				
				
2,956 				
6,157 				
9,113 				
				
12/12/13
Roswell/Hwy 92 & Sandy Plains Rd
-
2,168 				
3,012 				
				
2,168 				
3,083 				
5,251 				
				
12/12/13
Sandy Springs/Roswell &Windsor
-
5,512 				
6,362 				
				
5,512 				
6,509 				
12,021 				
				
12/12/13
Tucker / Montreal Circle
-
1,112 				
4,732 				
				
1,112 				
5,063 				
6,175 				
				
12/12/13
Charlotte/N.Tryon & University City Bl
-
5,004 				
3,937 				
				
5,004 				
4,034 				
9,038 				
				
12/12/13
Denver / I-25 & Santa Fe Dr
-
5,462 				
6,681 				
				
5,462 				
6,791 				
12,253 				
				
12/12/13
Aurora / S.Reservoir & Quincy Ave
-
3,326 				
3,707 				
				
3,326 				
3,808 				
7,134 				
				
12/12/13
Littleton / Kipling & Bowles
-
3,994 				
3,253 				
				
3,994 				
3,311 				
7,305 				
				
12/12/13
Lone Tree/Park Meadows & Yosemite
-
6,862 				
5,506 				
				
6,862 				
5,636 				
12,498 				
				
12/12/13
Aventura / Biscayne Blvd
-
7,969 				
3,401 				
				
7,969 				
3,450 				
11,419 				
				
12/12/13
Coconut Creek / N.State Rd 7 & NW 61st
-
5,375 				
4,387 				
				
5,375 				
4,511 				
9,886 				
				
12/12/13
Davie/S University & Griffin Rd
-
3,489 				
4,406 				
				
3,489 				
4,470 				
7,959 				
				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
12/12/13
Deerfield Beach/W.Hillsboro Bl
-
4,914 				
4,600 				
				
4,914 				
4,716 				
9,630 				
				
12/12/13
Fort Lauderdale / NE 14th Ave
-
1,179 				
6,281 				
				
1,179 				
6,356 				
7,535 				
				
12/12/13
Sunrise / Commercial West
-
4,639 				
4,964 				
				
4,639 				
5,049 				
9,688 				
				
12/12/13
Miami / Doral Blvd
-
3,585 				
7,100 				
				
3,585 				
7,262 				
10,847 				
				
12/12/13
Pembroke Pines/Sheridan & I-75
-
3,537 				
6,387 				
				
3,537 				
6,454 				
9,991 				
				
12/12/13
Weston / S Commerce Pkwy West
-
4,140 				
6,154 				
				
4,140 				
6,245 				
10,385 				
				
12/12/13
Weston / S Commerce Pkwy East
-
5,804 				
5,253 				
				
5,804 				
5,394 				
11,198 				
				
12/12/13
Coral Springs/Coral Ridge & Sawgrass
-
4,667 				
7,797 				
				
4,667 				
7,921 				
12,588 				
				
12/12/13
Davie/ Orange Dr & Flamingo Rd
-
3,572 				
6,560 				
				
3,572 				
6,701 				
10,273 				
				
12/12/13
Miami Gardens / NW 167th
-
2,654 				
5,627 				
				
2,654 				
5,851 				
8,505 				
				
12/12/13
Merritt Island / S. Plumosa St
-
2,424 				
3,450 				
				
2,424 				
3,536 				
5,960 				
				
12/12/13
Orlando/N. Goldenrod & Yucatan
-
1,945 				
3,771 				
				
1,945 				
3,858 				
5,803 				
				
12/12/13
Oviedo / Aloma & Red Bug Lake
-
4,633 				
3,927 				
				
4,633 				
3,995 				
8,628 				
				
12/12/13
Palm Bay/Babcock St & Palm Bay
-
				
2,993 				
				
				
3,057 				
3,629 				
				
12/12/13
Midlothian / Hull Street Road
-
2,613 				
3,088 				
				
2,613 				
3,192 				
5,805 				
				
12/12/13
Fairfax/Waples Mill
-
12,388 				
10,427 				
				
12,388 				
10,579 				
22,967 				
				
12/12/13
Manassas/Sudley Rd
-
12,471 				
4,555 				
				
12,471 				
4,680 				
17,151 				
				
12/12/13
Sterling/Gentry Dr & Cascades Pky
-
8,454 				
4,454 				
				
8,454 				
4,551 				
13,005 				
				
12/12/13
Centreville/Stone Rd & Lee Hwy
-
12,913 				
6,287 				
				
12,913 				
6,433 				
19,346 				
				
12/12/13
Woodbridge / Prince William Pkwy
-
6,991 				
3,746 				
				
6,991 				
3,849 				
10,840 				
				
12/12/13
Boynton Beach/E. Industrial Ave
-
3,683 				
5,458 				
				
3,683 				
5,527 				
9,210 				
				
12/12/13
Boynton Beach / Boynton Mall
-
3,140 				
6,529 				
				
3,140 				
6,615 				
9,755 				
				
12/12/13
Lake Worth / Hypoluxo & Jog Rd
-
2,158 				
4,207 				
				
2,158 				
4,301 				
6,459 				
				
12/12/13
Boca Raton / Turnpike & Glades
-
5,559 				
6,779 				
				
5,559 				
6,892 				
12,451 				
				
12/12/13
Fort Pierce / US Hwy 1 S
-
2,827 				
3,066 				
				
2,827 				
3,170 				
5,997 				
				
12/12/13
Greenacres/Lake Worth & Jog Rd
-
1,441 				
2,384 				
				
1,441 				
2,472 				
3,913 				
				
12/12/13
Lantana/Hypoluxo & Military Trl
-
4,207 				
3,432 				
				
4,207 				
3,516 				
7,723 				
				
12/12/13
Stuart/SE Federal Hwy & Kanner
-
1,495 				
2,850 				
				
1,495 				
2,916 				
4,411 				
				
12/12/13
Vero Beach / 4th St
-
3,530 				
3,444 				
				
3,530 				
3,561 				
7,091 				
				
12/19/13
Miramar/SW 29th St.
-
2,299 				
7,665 				
				
2,299 				
7,851 				
10,150 				
				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
12/20/13
Hawthorne/Rosecrans& Inglewood
-
5,615 				
10,953 				
				
5,615 				
11,809 				
17,424 				
				
01/31/14
Irvine/Bake Pkwy
-
5,241 				
15,911 				
-
5,241 				
15,911 				
21,152 				
				
02/10/14
Glendale Hts/Schmale &Army Trl
-
				
5,655 				
				
				
5,666 				
6,159 				
				
04/04/14
Austin/Spectrum Dr & Parmer Ln
4,984 				
3,819 				
6,665 				
				
3,819 				
6,816 				
10,635 				
				
05/29/14
Charlotte/M SharonAmty&Milton
-
1,182 				
2,793 				
				
1,182 				
3,410 				
4,592 				
				
05/29/14
Charlotte/E. WT Harris&ThePlaza
-
1,719 				
3,711 				
				
1,719 				
3,894 				
5,613 				
				
05/29/14
Charlotte/N. Tryon & Sugar Crk
-
1,453 				
3,005 				
				
1,453 				
3,560 				
5,013 				
				
05/29/14
Charlotte/Albemarle & WT Harris
-
1,497 				
4,832 				
				
1,497 				
5,064 				
6,561 				
				
05/29/14
Charlotte/Crump & Westinghouse
-
				
2,795 				
				
				
3,017 				
3,598 				
				
07/01/14
Bonita Spgs/Tamiami & Terry St
-
2,222 				
6,865 				
				
2,222 				
7,025 				
9,247 				
				
07/01/14
Debary/CRB Bl & SpringVista Dr
-
1,358 				
3,645 				
				
1,358 				
3,751 				
5,109 				
				
07/01/14
Fort Myers/ Colonial & Tamiami
-
				
3,838 				
				
				
3,963 				
4,766 				
				
07/01/14
Fort Myers/Kelly Rd &SanCarlos
-
				
3,486 				
				
				
3,594 				
4,088 				
				
07/01/14
Hollywood/Knights Rd & Johnson
-
3,852 				
4,984 				
				
3,852 				
5,254 				
9,106 				
				
07/01/14
Kissimmee/Buenaventura&Osceola
-
1,712 				
4,026 				
				
1,712 				
4,129 				
5,841 				
				
07/01/14
Kissimmee / S John Young Pkwy
-
				
5,145 				
				
				
5,283 				
6,170 				
				
07/01/14
Melbourne/N Wickham Rd
-
6,989 				
4,747 				
				
6,989 				
4,909 				
11,898 				
				
07/01/14
Naples/Davis Bl & Snta Barbara
-
5,671 				
7,580 				
				
5,671 				
7,716 				
13,387 				
				
07/01/14
Orlando/E Michigan St
-
4,520 				
4,675 				
				
4,520 				
4,793 				
9,313 				
				
07/01/14
Orlando/E Colonial Dr &Dean Rd
-
1,212 				
6,434 				
				
1,212 				
6,540 				
7,752 				
				
07/01/14
Pensacola/Plantation&Creighton
-
				
5,574 				
				
				
5,636 				
6,109 				
				
07/01/14
Rockledge/Murrell Rd &Gus Hipp
-
3,704 				
3,393 				
				
3,704 				
3,496 				
7,200 				
				
07/01/14
Sarasota/Bee Rdg Rd &Sawyer Rd
-
6,918 				
6,887 				
				
6,918 				
6,983 				
13,901 				
				
07/01/14
Sarasota/N Beneva Rd & 12th St
-
4,678 				
4,025 				
				
4,678 				
4,144 				
8,822 				
				
07/01/14
Spring Hill/Mariner&Northclife
-
1,157 				
3,831 				
				
1,157 				
3,939 				
5,096 				
				
07/01/14
Summerfield/S US Hwy441
-
				
3,425 				
				
				
3,585 				
4,428 				
				
07/01/14
Tampa/CrossCrk Bl& Morris Brdg
-
2,622 				
4,185 				
				
2,622 				
4,266 				
6,888 				
				
07/01/14
Tampa/W Hillsborough Av
-
1,091 				
5,558 				
				
1,091 				
5,710 				
6,801 				
				
07/01/14
Gaithersburg / E Diamond Ave
-
3,243 				
5,219 				
				
3,243 				
5,388 				
8,631 				
				
07/01/14
Hyattsville / Hwy 50 & Hwy 295
-
4,625 				
8,532 				
				
4,625 				
8,736 				
13,361 				
				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
07/01/14
Silver Spring / Lockwood Dr
-
9,058 				
10,409 				
				
9,058 				
10,638 				
19,696 				
				
07/01/14
Apex / Ten Ten Rd & Hwy 1
-
6,835 				
5,373 				
				
6,835 				
5,532 				
12,367 				
				
07/01/14
Wallington/Curie Av&PatersonAv
-
2,473 				
14,711 				
				
2,473 				
15,043 				
17,516 				
				
07/01/14
Manassas Park / Euclid Ave
-
4,803 				
3,713 				
				
4,803 				
3,911 				
8,714 				
				
08/01/14
Sarasota/Clark Rd & McIntoshRd
-
1,363 				
4,376 				
-
1,363 				
4,376 				
5,739 				
				
10/09/14
Raleigh / Commodity Pkwy
-
1,525 				
4,517 				
				
1,525 				
4,596 				
6,121 				
				
10/09/14
Cayce / Knox Abbott Dr
-
1,149 				
4,078 				
				
1,149 				
4,286 				
5,435 				
				
10/09/14
Fredericksburg / Business Dr
-
3,269 				
7,229 				
				
3,269 				
7,470 				
10,739 				
				
10/09/14
Stafford / Garrisonville Rd
-
8,765 				
6,662 				
				
8,765 				
6,824 				
15,589 				
				
10/16/14
Houston/Hwy 6 S & Empanada Dr.
-
				
2,165 				
				
				
2,336 				
3,228 				
				
10/21/14
Minneapolis / 3rd Ave N
5,000 				
1,313 				
8,696 				
				
1,313 				
8,739 				
10,052 				
				
10/21/14
St Louis Park / France Ave S
-
7,865 				
7,467 				
				
7,865 				
7,522 				
15,387 				
				
10/21/14
Port Saint Lucie / NW University
-
1,031 				
6,848 				
				
1,031 				
6,938 				
7,969 				
				
10/29/14
Fridley / Industrial Blvd NE
2,308 				
3,705 				
5,308 				
				
3,705 				
5,347 				
9,052 				
				
10/30/14
Mesa / E McDowell Rd
4,443 				
2,498 				
6,455 				
				
2,498 				
6,480 				
8,978 				
				
10/31/14
Gilbert/E Chandler
-
1,532 				
4,778 				
				
1,532 				
4,784 				
6,316 				
				
11/12/14
Sunnyvale / E. Arques Ave
-
15,244 				
22,386 				
				
15,244 				
22,427 				
37,671 				
				
12/02/14
Houston/Jackson & McGowaen
-
				
2,093 				
				
				
2,198 				
3,106 				
				
12/12/14
Gilbert/S Power
-
1,491 				
4,370 				
-
1,491 				
4,370 				
5,861 				
				
12/30/14
St Paul/Highway 280
3,569 				
3,812 				
8,081 				
				
3,812 				
8,109 				
11,921 				
				
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Self-storage Facility - Europe
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
3/31/08
West London
-
5,730 				
14,278 				
1,642 				
4,545 				
17,105 				
21,650 				
11,298 				
						
						
						
						
						
						
						
						
						
Other properties
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
02/16/96
Glendale/Western Avenue
-
1,622 				
3,771 				
18,006 				
1,612 				
21,787 				
23,399 				
20,975 				
						
						
						
						
						
						
						
						
						
						
PUBLIC STORAGE
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						
Initial Cost
Costs
Gross Carrying Amount
						
Date
						
Encum-
						
Buildings &
Subsequent
At December 31, 2014
Accumulated
Acquired
Description
brances
Land
Improvements
to Acquisition
Land
Buildings
Total
Depreciation
			
		
12/13/99
Burlingame
-
4,043 				
9,434 				
				
4,043 				
10,427 				
14,470 				
6,644 				
04/28/00
San Diego/Sorrento
-
1,282 				
3,016 				
1,050 				
1,024 				
4,324 				
5,348 				
2,774 				
12/30/99
Tamarac Parkway
-
1,902 				
4,467 				
1,373 				
1,890 				
5,852 				
7,742 				
5,238 				
04/02/02
Long Beach
-
				
6,251 				
				
				
6,595 				
7,482 				
2,060 				
08/22/06
Lakewood 512
-
4,437 				
6,685 				
2,439 				
4,437 				
9,124 				
13,561 				
4,273 				
08/22/06
St. Peters (land)
-
1,138 				
-
-
1,138 				
-
1,138 				
-
08/22/06
Monocacy (land)
-
1,386 				
-
-
1,386 				
-
1,386 				
-
08/22/06
Village of Bee Caves (land)
-
				
-
-
				
-
				
-
08/22/06
Fontana (land)
-
				
-
-
				
-
				
-
						
						
						
						
						
						
						
						
						
Construction in progress
-
-
-
104,573 				
-
104,573 				
104,573 				
-
						
						
						
						
						
						
						
						
						
						
$
64,364 				 $
3,417,049 				 $
7,575,693 				 $
1,975,066 				 $
3,476,883 				 $
9,490,925 				 $
12,967,808 				 $
4,482,520 				
						
						
						
						
						
						
						
						
						
Note:
Buildings are depreciated over a useful life of 25 years.

Market Capitalization: 34248111.06915283
1-Year Return: -0.001108318450860679
252-Day Return: $252_day_return