$PSA
Public Storage

2018 Q4 Form 10-Q Financial Statement

#000139331118000028 Filed on October 30, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $692.5M $706.4M $686.4M
YoY Change 3.0% 2.91% 3.51%
Cost Of Revenue $160.4M $195.5M $190.6M
YoY Change 5.59% 2.58% 6.73%
Gross Profit $532.1M $510.8M $495.7M
YoY Change 2.24% 3.04% 2.32%
Gross Profit Margin 76.84% 72.32% 72.23%
Selling, General & Admin $11.60M $26.00M $20.80M
YoY Change -37.97% 25.0% 3.48%
% of Gross Profit 2.18% 5.09% 4.2%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $121.3M $124.5M $113.3M
YoY Change 1.0% 9.89% 3.47%
% of Gross Profit 22.8% 24.37% 22.85%
Operating Expenses $133.0M $150.5M $134.2M
YoY Change -4.18% 12.15% 3.63%
Operating Profit $399.1M $358.9M $360.1M
YoY Change 4.57% -0.34% 1.44%
Interest Expense $16.10M $8.094M $2.389M
YoY Change 50.47% 238.8% -85.16%
% of Operating Profit 4.03% 2.26% 0.66%
Other Income/Expense, Net -$7.800M
YoY Change
Pretax Income $587.9M $379.6M $358.3M
YoY Change 50.36% 5.94% -2.93%
Income Tax
% Of Pretax Income
Net Earnings $587.9M $378.0M $356.7M
YoY Change 50.37% 5.99% -2.89%
Net Earnings / Revenue 84.9% 53.52% 51.97%
Basic Earnings Per Share $3.05 $1.85 $1.61
Diluted Earnings Per Share $3.04 $1.85 $1.61
COMMON SHARES
Basic Shares Outstanding 174.4M 174.0M 173.7M
Diluted Shares Outstanding 174.3M 174.2M

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $361.0M $433.0M $694.0M
YoY Change -16.63% -37.61% 1117.54%
Cash & Equivalents $361.2M $432.5M $694.2M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $361.0M $433.0M $694.0M
YoY Change -16.63% -37.61% 1117.54%
LONG-TERM ASSETS
Property, Plant & Equipment $9.442B $9.348B $9.006B
YoY Change 2.3% 3.8% 2.56%
Goodwill $174.6M $174.6M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $784.0M $619.0M $726.0M
YoY Change 8.29% -14.74% 4.16%
Other Assets
YoY Change
Total Long-Term Assets $10.57B $10.31B $10.07B
YoY Change 2.6% 2.41% 2.68%
TOTAL ASSETS
Total Short-Term Assets $361.0M $433.0M $694.0M
Total Long-Term Assets $10.57B $10.31B $10.07B
Total Assets $10.93B $10.75B $10.77B
YoY Change 1.82% -0.17% 9.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $371.0M $410.0M $380.0M
YoY Change 10.09% 7.89% 9.83%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $371.0M $410.0M $380.0M
YoY Change 10.09% 7.89% 9.83%
LONG-TERM LIABILITIES
Long-Term Debt $1.412B $1.418B $1.426B
YoY Change -1.33% -0.56% 230.86%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $1.412B $1.418B $1.426B
YoY Change -1.33% -0.56% 230.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $371.0M $410.0M $380.0M
Total Long-Term Liabilities $1.412B $1.418B $1.426B
Total Liabilities $1.784B $1.828B $1.830B
YoY Change 0.85% -0.11% 127.05%
SHAREHOLDERS EQUITY
Retained Earnings -$577.4M -$760.3M
YoY Change -14.56%
Common Stock $17.41M $17.41M
YoY Change 0.16%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.119B $8.895B $8.936B
YoY Change
Total Liabilities & Shareholders Equity $10.93B $10.75B $10.77B
YoY Change 1.82% -0.17% 9.12%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $587.9M $378.0M $356.7M
YoY Change 50.37% 5.99% -2.89%
Depreciation, Depletion And Amortization $121.3M $124.5M $113.3M
YoY Change 1.0% 9.89% 3.47%
Cash From Operating Activities $485.3M $600.4M $537.2M
YoY Change 3.17% 11.76% 4.25%
INVESTING ACTIVITIES
Capital Expenditures -$205.1M -$200.3M -$156.0M
YoY Change -38.99% 28.4% 2.5%
Acquisitions
YoY Change
Other Investing Activities $50.80M $93.40M $4.200M
YoY Change -1472.97% 2123.81% -126.92%
Cash From Investing Activities -$154.3M -$106.9M -$151.8M
YoY Change -54.6% -29.58% -9.54%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -402.0M -399.7M -49.40M
YoY Change 1.11% 709.11% -91.03%
NET CHANGE
Cash From Operating Activities 485.3M 600.4M 537.2M
Cash From Investing Activities -154.3M -106.9M -151.8M
Cash From Financing Activities -402.0M -399.7M -49.40M
Net Change In Cash -71.00M 93.80M 336.0M
YoY Change -73.42% -72.08% -265.44%
FREE CASH FLOW
Cash From Operating Activities $485.3M $600.4M $537.2M
Capital Expenditures -$205.1M -$200.3M -$156.0M
Free Cash Flow $690.4M $800.7M $693.2M
YoY Change -14.41% 15.51% 3.85%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
psa Allocated To Real Estate Facilities
AllocatedToRealEstateFacilities
100632000
psa Assets Damaged Due To Hurricanes
AssetsDamagedDueToHurricanes
3286000
psa Capital Expenditures To Maintain Real Estate Facilites
CapitalExpendituresToMaintainRealEstateFacilites
2272000
psa Capital Expenditures To Maintain Real Estate Facilites
CapitalExpendituresToMaintainRealEstateFacilites
-877000
CY2018Q3 psa Aggregate Coverage Of Tenants Participating
AggregateCoverageOfTenantsParticipating
2900000000
CY2018Q3 psa Aggregate Limit General Liability Coverage
AggregateLimitGeneralLiabilityCoverage
102000000
CY2018Q3 psa Aggregate Limit Property Coverage
AggregateLimitPropertyCoverage
75000000
psa Aggregate Per Occurance General Liability
AggregatePerOccuranceGeneralLiability
5000000
psa Aggregate Per Occurance Property Coverage
AggregatePerOccurancePropertyCoverage
35000000
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2018
dei Document Period End Date
DocumentPeriodEndDate
2018-09-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001393311
CY2018Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
174364490
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
Public Storage
dei Entity Small Business
EntitySmallBusiness
false
dei Trading Symbol
TradingSymbol
psa
psa Accrued And Other Liabilities
AccruedAndOtherLiabilities
8255000
psa Accrued And Other Liabilities
AccruedAndOtherLiabilities
11696000
psa Accumulated Depreciation On Real Estate Investments Disposed
AccumulatedDepreciationOnRealEstateInvestmentsDisposed
121000
CY2017Q3 psa Accumulated Other Comprehensive Loss Income
AccumulatedOtherComprehensiveLossIncome
24219000
CY2018Q3 psa Accumulated Other Comprehensive Loss Income
AccumulatedOtherComprehensiveLossIncome
-3463000
psa Acquisition Of Redeemable Noncontrolling Interests In Subsidiaries
AcquisitionOfRedeemableNoncontrollingInterestsInSubsidiaries
14425000
psa Construction In Process
ConstructionInProcess
-10527000
psa Construction In Process
ConstructionInProcess
-10819000
psa Contributions By Noncontrolling Interets
ContributionsByNoncontrollingInterets
1342000
psa Cumulative Arrearage Of Quarterly Dividends
CumulativeArrearageOfQuarterlyDividends
6
CY2018Q3 psa Deductible For General Liability
DeductibleForGeneralLiability
2000000
CY2018Q3 psa Deductible For Property
DeductibleForProperty
25000000
psa Development In Progress Current
DevelopmentInProgressCurrent
267411000
psa Development In Progress Newly Developed Facilities Opened For Operation
DevelopmentInProgressNewlyDevelopedFacilitiesOpenedForOperation
-278133000
psa Distributions In Excess Of Retained Earnings From Unconsolidated Real Estate Entities
DistributionsInExcessOfRetainedEarningsFromUnconsolidatedRealEstateEntities
91927000
psa Distributions Received From Real Estate Entities In Excess Of Other Equity In Earnings
DistributionsReceivedFromRealEstateEntitiesInExcessOfOtherEquityInEarnings
39887000
psa Distributions Received From Real Estate Entities In Excess Of Other Equity In Earnings
DistributionsReceivedFromRealEstateEntitiesInExcessOfOtherEquityInEarnings
94325000
CY2018Q3 psa Finite Lived Intangible Assets Amortization Expense Thereafter
FiniteLivedIntangibleAssetsAmortizationExpenseThereafter
6300000
psa Foreign Exchange Fluctuation
ForeignExchangeFluctuation
-44452000
CY2017Q3 psa Foreign Exchange Fluctuation
ForeignExchangeFluctuation
-13446000
psa Foreign Exchange Fluctuation
ForeignExchangeFluctuation
12738000
CY2018Q3 psa Foreign Exchange Fluctuation
ForeignExchangeFluctuation
2612000
psa Investment In Real Estate Entities Cf
InvestmentInRealEstateEntitiesCf
-19613000
psa Investment In Real Estate Entities Cf
InvestmentInRealEstateEntitiesCf
9045000
CY2017Q4 psa Investments In And Advance To Affiliates Subsidiaries Associates And Joint Ventures Amount Exceeding Share Of Equity
InvestmentsInAndAdvanceToAffiliatesSubsidiariesAssociatesAndJointVenturesAmountExceedingShareOfEquity
67300000
CY2018Q3 psa Investments In And Advance To Affiliates Subsidiaries Associates And Joint Ventures Amount Exceeding Share Of Equity
InvestmentsInAndAdvanceToAffiliatesSubsidiariesAssociatesAndJointVenturesAmountExceedingShareOfEquity
66800000
psa Investments In And Advance To Affiliates Subsidiaries Associates And Joint Ventures Amount Exceeding Share Of Equity Amortization Amount
InvestmentsInAndAdvanceToAffiliatesSubsidiariesAssociatesAndJointVenturesAmountExceedingShareOfEquityAmortizationAmount
1000000
psa Investments In And Advance To Affiliates Subsidiaries Associates And Joint Ventures Amount Exceeding Share Of Equity Amortization Amount
InvestmentsInAndAdvanceToAffiliatesSubsidiariesAssociatesAndJointVenturesAmountExceedingShareOfEquityAmortizationAmount
1100000
CY2017 psa Liquidation Preference
LiquidationPreference
4025000000
psa Liquidation Preference
LiquidationPreference
4025000000
psa Net Operating Income Ancillary Operations
NetOperatingIncomeAncillaryOperations
78394000
CY2017Q3 psa Net Operating Income Ancillary Operations
NetOperatingIncomeAncillaryOperations
22819000
psa Net Operating Income Ancillary Operations
NetOperatingIncomeAncillaryOperations
84813000
CY2018Q3 psa Net Operating Income Ancillary Operations
NetOperatingIncomeAncillaryOperations
27845000
psa Net Operating Income Self Storage Operations
NetOperatingIncomeSelfStorageOperations
1361727000
CY2017Q3 psa Net Operating Income Self Storage Operations
NetOperatingIncomeSelfStorageOperations
472923000
psa Net Operating Income Self Storage Operations
NetOperatingIncomeSelfStorageOperations
1397659000
CY2018Q3 psa Net Operating Income Self Storage Operations
NetOperatingIncomeSelfStorageOperations
482979000
psa Note Payable
NotePayable
-44262000
psa Note Payable
NotePayable
12821000
psa Number Of Additional Members Right To Elect
NumberOfAdditionalMembersRightToElect
2
psa Number Of Executives Retiring
NumberOfExecutivesRetiring
2
psa Percentage Of Real Estate Investment Trust Taxable Income Distributed For Exemption Of Federal Income Tax
PercentageOfRealEstateInvestmentTrustTaxableIncomeDistributedForExemptionOfFederalIncomeTax
1.00
CY2018Q3 psa Preferred Stock Issuance Price Per Share
PreferredStockIssuancePricePerShare
25.00
psa Real Estate Facilities Accumulated Depreciation Fc
RealEstateFacilitiesAccumulatedDepreciationFc
-412000
CY2017Q4 psa Real Estate Facilities Net
RealEstateFacilitiesNet
8965658000
CY2018Q3 psa Real Estate Facilities Net
RealEstateFacilitiesNet
9094631000
psa Real Estate Facilities Net Of Accumulated Depreciation
RealEstateFacilitiesNetOfAccumulatedDepreciation
-595000
psa Real Estate Facilities Net Of Accumulated Depreciation
RealEstateFacilitiesNetOfAccumulatedDepreciation
170000
CY2017Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
433376000
psa Real Estate Investment Property At Cost Capital Improvements
RealEstateInvestmentPropertyAtCostCapitalImprovements
93407000
psa Real Estate Investment Property At Cost Disposition Of Real Estate Facilities
RealEstateInvestmentPropertyAtCostDispositionOfRealEstateFacilities
1686000
psa Real Estate Investment Property At Cost Impact Of Foreign Exchange Rate Change
RealEstateInvestmentPropertyAtCostImpactOfForeignExchangeRateChange
-582000
psa Real Estate Investment Property At Cost Newly Developed Facilities Opened For Operation
RealEstateInvestmentPropertyAtCostNewlyDevelopedFacilitiesOpenedForOperation
278133000
psa Restricted Share Units
RestrictedShareUnits
3502000
CY2017Q3 psa Restricted Share Units
RestrictedShareUnits
1210000
psa Restricted Share Units
RestrictedShareUnits
3790000
CY2018Q3 psa Restricted Share Units
RestrictedShareUnits
1268000
psa Schedule Of Investments In Real Estate And Equity In Earnings Of Real Estate
ScheduleOfInvestmentsInRealEstateAndEquityInEarningsOfRealEstate
<div> <div style="margin-left:0pt;margin-right:0pt;"> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:04.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&#xFEFF;</font></p> </td> <td valign="bottom" style="width:36.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:24.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:24.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:04.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 9pt"> <font style="display: inline;font-size:9pt;">&#xFEFF;</font></p> </td> <td valign="middle" style="width:36.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;text-align:center;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Investments in Unconsolidated Real Estate Entities at</font></p> </td> </tr> <tr> <td valign="bottom" style="width:04.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 9pt"> <font style="display: inline;font-size:9pt;">&#xFEFF;</font></p> </td> <td valign="bottom" style="width:36.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;text-align:center;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">September 30, 2018</font></p> </td> <td valign="bottom" style="width:04.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;text-align:center;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;text-align:center;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">December 31, 2017</font></p> </td> </tr> <tr> <td valign="bottom" style="width:04.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:5.25pt;padding:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;height:5.25pt;font-size: 9pt"> <font style="display: inline;font-size:9pt;">&#xFEFF;</font></p> </td> <td colspan="6" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:5.25pt;padding:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;height:5.25pt;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:04.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-style:italic;color:#0070C0;">&#xFEFF;</font></p> </td> <td valign="bottom" style="width:36.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt 0pt 0pt 6pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">PSB </font></p> </td> <td valign="bottom" style="width:03.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;text-align:center;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:24.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">433,809&nbsp; </td> <td valign="bottom" style="width:04.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;text-align:right;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;text-align:center;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:24.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">400,133&nbsp; </td> </tr> <tr> <td valign="bottom" style="width:04.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-style:italic;color:#0070C0;">&#xFEFF;</font></p> </td> <td valign="bottom" style="width:36.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt 0pt 0pt 6pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Shurgard Europe </font></p> </td> <td valign="bottom" style="width:03.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:24.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">185,596&nbsp; </td> <td valign="bottom" style="width:04.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;text-align:right;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:24.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">324,040&nbsp; </td> </tr> <tr> <td valign="bottom" style="width:04.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 9pt"> <font style="display: inline;font-size:9pt;">&#xFEFF;</font></p> </td> <td valign="bottom" style="width:36.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt 0pt 0pt 6pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Total </font></p> </td> <td valign="bottom" style="width:03.08%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;text-align:center;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:24.40%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">619,405&nbsp; </td> <td valign="bottom" style="width:04.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;text-align:right;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.08%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;text-align:center;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:24.40%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">724,173&nbsp; </td> </tr> </table></div> <p style="margin:0pt 0pt 6pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&#xFEFF;</font> </p> <p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&#xFEFF;</font> </p> <p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&#xFEFF;</font> </p> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&#xFEFF;</font></p> </td> <td valign="bottom" style="width:22.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:15.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:15.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:15.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 9pt"> <font style="display: inline;font-size:9pt;text-decoration:underline;">&#xFEFF;</font></p> </td> <td valign="bottom" style="width:22.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td colspan="11" valign="top" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;text-align:center;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Equity in Earnings of Unconsolidated Real Estate Entities for the</font></p> </td> </tr> <tr> <td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.00pt;padding:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 9pt"> <font style="display: inline;font-size:9pt;">&#xFEFF;</font></p> </td> <td valign="middle" style="width:22.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.00pt;padding:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:00.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.00pt;padding:0pt;"> <p style="margin:0pt;text-align:center;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Three Months Ended September 30,</font></p> </td> <td valign="middle" style="width:01.90%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.00pt;padding:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:00.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.00pt;padding:0pt;"> <p style="margin:0pt;text-align:center;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Nine Months Ended September 30,</font></p> </td> </tr> <tr> <td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 9pt"> <font style="display: inline;font-size:9pt;">&#xFEFF;</font></p> </td> <td valign="middle" style="width:22.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;text-align:center;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">2018</font></p> </td> <td valign="bottom" style="width:02.76%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;text-align:center;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;text-align:center;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">2017</font></p> </td> <td valign="middle" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;text-align:center;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">2018</font></p> </td> <td valign="bottom" style="width:02.76%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;text-align:center;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;text-align:center;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">2017</font></p> </td> </tr> <tr> <td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:5.25pt;padding:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;height:5.25pt;font-size: 9pt"> <font style="display: inline;font-size:9pt;">&#xFEFF;</font></p> </td> <td colspan="6" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:5.25pt;padding:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;height:5.25pt;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="middle" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:5.25pt;padding:0pt;"> <p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Times New Roman;height:5.25pt;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.90%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:5.25pt;padding:0pt;"> <p style="margin:0pt;text-align:center;line-height:100%;font-family:Times New Roman;height:5.25pt;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:15.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:5.25pt;padding:0pt;"> <p style="margin:0pt;text-align:center;line-height:100%;font-family:Times New Roman;height:5.25pt;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:5.25pt;padding:0pt;"> <p style="margin:0pt;text-align:center;line-height:100%;font-family:Times New Roman;height:5.25pt;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.90%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:5.25pt;padding:0pt;"> <p style="margin:0pt;text-align:center;line-height:100%;font-family:Times New Roman;height:5.25pt;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:15.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:5.25pt;padding:0pt;"> <p style="margin:0pt;text-align:center;line-height:100%;font-family:Times New Roman;height:5.25pt;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-style:italic;color:#0070C0;">&#xFEFF;</font></p> </td> <td valign="bottom" style="width:22.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt 0pt 0pt 6pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">PSB </font></p> </td> <td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:15.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">13,008&nbsp; </td> <td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;text-align:right;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;text-align:center;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:15.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">9,261&nbsp; </td> <td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt 0pt 0pt 6pt;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;text-align:center;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:15.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">73,451&nbsp; </td> <td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;text-align:right;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;text-align:center;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">35,694&nbsp; </td> </tr> <tr> <td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-style:italic;color:#0070C0;">&#xFEFF;</font></p> </td> <td valign="bottom" style="width:22.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt 0pt 0pt 6pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Shurgard Europe </font></p> </td> <td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:15.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">4,763&nbsp; </td> <td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;text-align:right;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:15.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">7,243&nbsp; </td> <td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt 0pt 0pt 6pt;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:15.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">17,078&nbsp; </td> <td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;text-align:right;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">19,484&nbsp; </td> </tr> <tr> <td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-style:italic;color:#0070C0;">&#xFEFF;</font></p> </td> <td valign="bottom" style="width:22.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt 0pt 0pt 6pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Legacy Institutional </font></p> </td> <td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:15.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;text-align:right;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;text-align:right;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:15.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;text-align:right;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt 0pt 0pt 6pt;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:15.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;text-align:right;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;text-align:right;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;text-align:right;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-style:italic;color:#0070C0;">&#xFEFF;</font></p> </td> <td valign="middle" style="width:22.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt 0pt 0pt 12pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Partnership</font></p> </td> <td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:15.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt 3.25pt 0pt 0pt;text-align:right;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;"> &nbsp;-</font></p> </td> <td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;text-align:right;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:15.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">714&nbsp; </td> <td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt 0pt 0pt 6pt;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:15.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt 3.25pt 0pt 0pt;text-align:right;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;"> &nbsp;-</font></p> </td> <td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;text-align:right;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">2,057&nbsp; </td> </tr> <tr> <td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 9pt"> <font style="display: inline;font-size:9pt;">&#xFEFF;</font></p> </td> <td valign="bottom" style="width:22.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt 0pt 0pt 6pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Total </font></p> </td> <td valign="bottom" style="width:01.90%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;text-align:center;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:15.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">17,771&nbsp; </td> <td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;text-align:right;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.90%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;text-align:center;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:15.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">17,218&nbsp; </td> <td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt 0pt 0pt 6pt;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.90%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;text-align:center;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:15.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">90,529&nbsp; </td> <td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;text-align:right;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.90%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;text-align:center;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:15.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">57,235&nbsp; </td> </tr> </table></div> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&#xFEFF;</font> </p> <p><font size="1"> </font></p> </div> </div>
psa Stock Based Compensation Expense
StockBasedCompensationExpense
-40987000
CY2018Q3 psa Tenant Certificate Holders Participating Individual Insurance Program
TenantCertificateHoldersParticipatingIndividualInsuranceProgram
924000
CY2018Q3 psa Tenant Individual Insurance Limit Maximum
TenantIndividualInsuranceLimitMaximum
5000
CY2017Q4 psa Tenant Intangibles Net Book Value
TenantIntangiblesNetBookValue
21500000
CY2018Q3 psa Tenant Intangibles Net Book Value
TenantIntangiblesNetBookValue
15900000
CY2018Q3 psa Third Party Insurance Coverage For Claims Paid Exceeding Amount For Individual Event
ThirdPartyInsuranceCoverageForClaimsPaidExceedingAmountForIndividualEvent
15000000
CY2018Q3 psa Third Party Insurance Coverage For Claims Paid For Individual Event Limit
ThirdPartyInsuranceCoverageForClaimsPaidForIndividualEventLimit
5000000
CY2017Q4 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
337201000
CY2018Q3 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
409973000
CY2017Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-75064000
CY2018Q3 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-84339000
CY2017Q4 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
5648399000
CY2018Q3 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
5697308000
us-gaap Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities
445017000
us-gaap Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities
449019000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
11900000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
12700000
CY2017Q4 us-gaap Assets
Assets
10732892000
CY2018Q3 us-gaap Assets
Assets
10747940000
us-gaap Basis Of Accounting
BasisOfAccounting
<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt 0pt 12pt 18pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;text-decoration:underline;">Basis of Presentation</font> </p> <p style="margin:0pt 0pt 12pt 18pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">We have prepared the accompanying interim financial statements in accordance with U.S. generally accepted accounting principles (&#x201C;GAAP&#x201D;) as set forth in the Accounting Standards Codification of the Financial Accounting Standards Board (&#x201C;FASB&#x201D;), and in conformity with the rules and regulations of the Securities and Exchange Commission (&#x201C;SEC&#x201D;).&nbsp;&nbsp;In our opinion, the interim financial statements presented herein reflect all adjustments, of a normal recurring nature, that are necessary to fairly present the interim financial statements.&nbsp;&nbsp;Because they do not include all of the disclosures required by GAAP for complete annual financial statements, these interim financial statements should be read together with the audited financial statements and related notes included in the Company&#x2019;s Annual Report on Form 10-K for the year ended December 31, 2017. </font> </p> <p><font size="1"> </font></p> </div> </div>
CY2016Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
183688000
CY2017Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
694233000
CY2018Q3 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2018Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
432525000
CY2016Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
212573000
CY2017Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
718956000
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
456053000
CY2018Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
455112000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
506383000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-941000
CY2017Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
6.00
CY2017Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
2.00
us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
6.00
CY2018Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
2.00
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
6.00
CY2017Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.10
CY2018Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.10
CY2017Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
650000000
CY2018Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
650000000
CY2017Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
173853370
CY2018Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
174059645
CY2017Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
173853370
CY2018Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
174059645
CY2017Q4 us-gaap Common Stock Value
CommonStockValue
17385000
CY2018Q3 us-gaap Common Stock Value
CommonStockValue
17406000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
1073051000
CY2017Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
363944000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
1115551000
CY2018Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
378289000
us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
4684000
CY2017Q3 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
1600000
us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
4491000
CY2018Q3 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
1562000
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
1077735000
CY2017Q3 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
365544000
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
1120042000
CY2018Q3 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
379851000
CY2018Q3 us-gaap Contractual Obligation
ContractualObligation
209200000
CY2018Q3 us-gaap Contractual Obligation Due In Next Twelve Months
ContractualObligationDueInNextTwelveMonths
36600000
CY2018Q3 us-gaap Contractual Obligation Due In Second Year
ContractualObligationDueInSecondYear
146700000
CY2018Q3 us-gaap Contractual Obligation Due In Third Year
ContractualObligationDueInThirdYear
25900000
us-gaap Cost Of Revenue
CostOfRevenue
556099000
CY2017Q3 us-gaap Cost Of Revenue
CostOfRevenue
190619000
us-gaap Cost Of Revenue
CostOfRevenue
579348000
CY2018Q3 us-gaap Cost Of Revenue
CostOfRevenue
195544000
us-gaap Costs And Expenses
CostsAndExpenses
952856000
CY2017Q3 us-gaap Costs And Expenses
CostsAndExpenses
326250000
us-gaap Costs And Expenses
CostsAndExpenses
1031898000
CY2018Q3 us-gaap Costs And Expenses
CostsAndExpenses
347489000
CY2018Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1424760000
CY2018Q3 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
-6815000
us-gaap Depreciation
Depreciation
341464000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
334426000
CY2017Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
113320000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
362272000
CY2018Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
124516000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
334426000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
362272000
CY2017Q4 us-gaap Development In Process
DevelopmentInProcess
264441000
CY2018Q3 us-gaap Development In Process
DevelopmentInProcess
253719000
us-gaap Direct Costs Of Leased And Rented Property Or Equipment
DirectCostsOfLeasedAndRentedPropertyOrEquipment
516488000
CY2017Q3 us-gaap Direct Costs Of Leased And Rented Property Or Equipment
DirectCostsOfLeasedAndRentedPropertyOrEquipment
173315000
us-gaap Direct Costs Of Leased And Rented Property Or Equipment
DirectCostsOfLeasedAndRentedPropertyOrEquipment
545700000
CY2018Q3 us-gaap Direct Costs Of Leased And Rented Property Or Equipment
DirectCostsOfLeasedAndRentedPropertyOrEquipment
183637000
us-gaap Dividends Common Stock
DividendsCommonStock
1047161000
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
1000000000
CY2017Q3 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
348600000
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
1000000000
CY2018Q3 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
349200000
us-gaap Dividends Preferred Stock Cash
DividendsPreferredStockCash
162238000
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
4.83
CY2017Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.61
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
5.51
CY2018Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.85
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
4.81
CY2017Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.61
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
5.50
CY2018Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.85
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents Continuing Operations
EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations
-165000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents Continuing Operations
EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations
-143000
CY2017Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
31000000
CY2018Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
29000000
CY2018Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
3300000
CY2018Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
6300000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
975000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
1825000
us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
975000
us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
1825000
CY2018Q3 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
1401000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
62331000
CY2017Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
22311000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
90278000
CY2018Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
27429000
CY2017Q4 us-gaap Goodwill
Goodwill
174600000
CY2018Q3 us-gaap Goodwill
Goodwill
174600000
us-gaap Gross Profit
GrossProfit
1440121000
CY2017Q3 us-gaap Gross Profit
GrossProfit
495742000
us-gaap Gross Profit
GrossProfit
1482472000
CY2018Q3 us-gaap Gross Profit
GrossProfit
510824000
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<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">1.</font><font style="display: inline;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;text-decoration:underline;">Description of the Business</font> </p> <p style="margin:0pt 0pt 12pt 18pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Public Storage (referred to herein as &#x201C;the Company,&#x201D; &#x201C;we,&#x201D; &#x201C;us,&#x201D; or &#x201C;our&#x201D;), a Maryland real estate investment trust (&#x201C;REIT&#x201D;), was organized in 1980.&nbsp;&nbsp;Our 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 our self-storage facilities, as well as the acquisition and development of additional self-storage space.&nbsp; </font> </p> <p style="margin:0pt 0pt 12pt 18pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">At </font><font style="display: inline;">September 30, 2018, we have direct and indirect equity interests in </font><font style="display: inline;">2,4</font><font style="display: inline;">18</font><font style="display: inline;"> self-storage facilities (with approximately </font><font style="display: inline;">1</font><font style="display: inline;">61</font><font style="display: inline;"> million net rentable square feet) located in </font><font style="display: inline;">38</font><font style="display: inline;"> states in the United States (&#x201C;U.S.&#x201D;) operating under the &#x201C;Public Storage&#x201D; name.&nbsp;&nbsp;We also own </font><font style="display: inline;">one</font><font style="display: inline;"> self-storage facility in London, England and we have a </font><font style="display: inline;">49%</font><font style="display: inline;"> interest in </font><font style="display: inline;">Shurgard Self Storage SA (&#x201C;</font><font style="display: inline;">Shurgard Europe</font><font style="display: inline;">&#x201D;)</font><font style="display: inline;">, which owns </font><font style="display: inline;">2</font><font style="display: inline;">27</font><font style="display: inline;"> self-storage facilities (with approximately </font><font style="display: inline;">12</font><font style="display: inline;">&nbsp;million net rentable square feet) located in </font><font style="display: inline;">seven</font><font style="display: inline;"> Western European countries, all operating under the &#x201C;Shurgard&#x201D; name.&nbsp;&nbsp;We also have direct and indirect equity interests in approximately </font><font style="display: inline;">29</font><font style="display: inline;"> million net rentable square feet of commercial space located in </font><font style="display: inline;">seven</font><font style="display: inline;"> states in the U.S. primarily owned and operated by PS Business Parks, Inc. (&#x201C;PSB&#x201D;) under the &#x201C;PS Business Parks&#x201D; name.&nbsp;&nbsp;At September 30, 2018, we</font><font style="display: inline;"> have an approximate </font><font style="display: inline;">42%</font><font style="display: inline;"> common equity interest in PSB.</font> </p> <p style="margin:6pt 0pt 12pt 18pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">See Note 13 &#x2018;Subsequent Events&#x201D; for further information on an initial global offering of Shurgard Europe&#x2019;s shares.</font> </p> <p style="margin:6pt 0pt 12pt 18pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Disclosures of the number and square footage of facilities, as well as the number and coverage of tenant reinsurance policies (Note 12) are unaudited and outside the scope of our independent registered public accounting firm&#x2019;s review of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (U.S.). </font> </p> <p><font size="1"> </font></p> </div> </div>
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us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Profit Loss
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<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt 0pt 12pt;text-indent:18pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;text-decoration:underline;">Use of Estimates</font> </p> <p style="margin:0pt 0pt 12pt 18pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">The financial statements and accompanying notes reflect our estimates and assumptions.&nbsp;&nbsp;Actual results could differ from those estimates and assumptions.</font> </p> <p><font size="1"> </font></p> </div> </div>
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2017Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2018Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
173933000
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
173975000

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