Public Storage PSA

Public Storage, incorporated on March 13, 2007, is a real estate investment trust (REIT). The Company's principal business activities include the 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, ancillary activities, such as merchandise sales and tenant reinsurance to the tenants at its self-storage facilities, as well as the acquisition and development of additional self-storage space. The Company's segments include Self-Storage Operations, Ancillary Operations, Investment in PS Business Parks, Inc. (PSB) and Investment in Shurgard Europe.

As of December 31, 2016, the Company had direct and indirect equity interests in 2,348 self-storage facilities (with approximately 154 million net rentable square feet) located in 38 states in the United States operating under the Public Storage name. It also had direct and indirect equity interests in approximately 29 million net rentable square feet of commercial space located in eight states in the United States primarily owned and operated by PS Business Parks, Inc. (PSB) under the PS Business Parks name, as of December 31, 2016. As of December 31, 2016, it also managed approximately 28 self-storage facilities for third parties, owned 1.0 million net rentable square feet of commercial space, which was managed primarily by PSB, and had equity interests in and managed 12 additional self-storage facilities.

Self-storage Operations

The Company's Self-storage Operations segment reflects the rental operations from all self-storage facilities owned by the Company and the subsidiaries. As of December 31, 2016, its self-storage operations were analyzed in two groups: the 2,000 facilities that Company had owned and operated on a stabilized basis (the Same Store Facilities), and all other facilities, which were newly acquired, newly developed, or redeveloped (the Non Same Store Facilities). The Company owns one self-storage facility in London, England. Its self-storage facilities consist of between 350 to 750 storage spaces.

Ancillary Operations

The Company's Ancillary Operations segment reinsures policies against losses to goods stored by customers in its self-storage facilities. It is engaged in the sale of merchandise, primarily locks and cardboard boxes, at its self-storage facilities.

Investment in PSB

The Company holds an equity interest in PSB, a publicly held REIT that owns, operates, acquires and develops commercial properties, primarily multi-tenant flex, office and industrial parks. As of December 31, 2016, PSB owned and operated 28.1 million rentable square feet of commercial space.

Investment in Shurgard Europe

As of December 31, 2016, the Company held an equity interest in Shurgard Self Storage Europe Limited (Shurgard Europe), which owned 218 self-storage facilities (12 million net rentable square feet) located in seven countries in Western Europe operated under the Shurgard brand name. Shurgard Europe is the owner and operator of self-storage facilities in Western Europe.