$PSA
Public Storage

2018 Q4 Form 10-K Financial Statement

#000139331119000004 Filed on February 27, 2019

View on sec.gov

Income Statement

Concept 2018 Q4 2018 2017 Q4
Revenue $692.5M $2.760B $672.3M
YoY Change 3.0% 3.41% 3.21%
Cost Of Revenue $160.4M $739.7M $151.9M
YoY Change 5.59% 4.48% 4.6%
Gross Profit $532.1M $2.015B $520.4M
YoY Change 2.24% 2.75% 2.79%
Gross Profit Margin 76.84% 73.0% 77.41%
Selling, General & Admin $11.60M $96.50M $18.70M
YoY Change -37.97% 27.14% 0.0%
% of Gross Profit 2.18% 4.79% 3.59%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $121.3M $483.6M $120.1M
YoY Change 1.0% 6.41% 7.52%
% of Gross Profit 22.8% 24.01% 23.08%
Operating Expenses $133.0M $580.1M $138.8M
YoY Change -4.18% 9.37% 6.36%
Operating Profit $399.1M $1.434B $381.6M
YoY Change 4.57% 0.3% 1.55%
Interest Expense $16.10M $32.54M $10.70M
YoY Change 50.47% 156.44% -74.09%
% of Operating Profit 4.03% 2.27% 2.8%
Other Income/Expense, Net $0.00
YoY Change
Pretax Income $587.9M $1.717B $391.0M
YoY Change 50.36% 18.55% -5.94%
Income Tax
% Of Pretax Income
Net Earnings $587.9M $1.711B $391.0M
YoY Change 50.37% 18.64% -5.5%
Net Earnings / Revenue 84.9% 62.0% 58.15%
Basic Earnings Per Share $3.05 $8.56 $1.92
Diluted Earnings Per Share $3.04 $8.54 $1.92
COMMON SHARES
Basic Shares Outstanding 174.4M 174.0M
Diluted Shares Outstanding 174.3M

Balance Sheet

Concept 2018 Q4 2018 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $361.0M $361.0M $433.0M
YoY Change -16.63% -16.63% 135.33%
Cash & Equivalents $361.2M $361.0M $433.4M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $361.0M $361.0M $433.0M
YoY Change -16.63% -16.63% 135.33%
LONG-TERM ASSETS
Property, Plant & Equipment $9.442B $9.442B $9.230B
YoY Change 2.3% 2.3% 3.44%
Goodwill $174.6M $174.6M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $784.0M $784.0M $724.0M
YoY Change 8.29% 8.29% 5.08%
Other Assets
YoY Change
Total Long-Term Assets $10.57B $10.57B $10.30B
YoY Change 2.6% 2.59% 3.56%
TOTAL ASSETS
Total Short-Term Assets $361.0M $361.0M $433.0M
Total Long-Term Assets $10.57B $10.57B $10.30B
Total Assets $10.93B $10.93B $10.73B
YoY Change 1.82% 1.82% 5.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $371.0M $371.0M $337.0M
YoY Change 10.09% 10.09% 13.09%
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 $371.0M $337.0M
YoY Change 10.09% 10.09% 13.09%
LONG-TERM LIABILITIES
Long-Term Debt $1.412B $1.412B $1.431B
YoY Change -1.33% -1.33% 265.98%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $1.412B $1.412B $1.431B
YoY Change -1.33% -1.33% 265.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $371.0M $371.0M $337.0M
Total Long-Term Liabilities $1.412B $1.412B $1.431B
Total Liabilities $1.784B $1.809B $1.769B
YoY Change 0.85% 0.89% 146.31%
SHAREHOLDERS EQUITY
Retained Earnings -$577.4M -$675.7M
YoY Change -14.56%
Common Stock $17.41M $17.39M
YoY Change 0.16%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.119B $9.119B $8.940B
YoY Change
Total Liabilities & Shareholders Equity $10.93B $10.93B $10.73B
YoY Change 1.82% 1.82% 5.95%

Cashflow Statement

Concept 2018 Q4 2018 2017 Q4
OPERATING ACTIVITIES
Net Income $587.9M $1.711B $391.0M
YoY Change 50.37% 18.64% -5.5%
Depreciation, Depletion And Amortization $121.3M $483.6M $120.1M
YoY Change 1.0% 6.41% 7.52%
Cash From Operating Activities $485.3M $2.064B $470.4M
YoY Change 3.17% 4.6% 1.1%
INVESTING ACTIVITIES
Capital Expenditures -$205.1M -$662.0M -$336.2M
YoY Change -38.99% -10.93% 30.61%
Acquisitions
YoY Change
Other Investing Activities $50.80M $146.1M -$3.700M
YoY Change -1472.97% 2295.08% -126.62%
Cash From Investing Activities -$154.3M -$515.9M -$339.9M
YoY Change -54.6% -30.0% 39.59%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $12.53M
YoY Change -70.53%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -402.0M -1.620B -397.6M
YoY Change 1.11% 63.23% 413.7%
NET CHANGE
Cash From Operating Activities 485.3M 2.064B 470.4M
Cash From Investing Activities -154.3M -515.9M -339.9M
Cash From Financing Activities -402.0M -1.620B -397.6M
Net Change In Cash -71.00M -72.03M -267.1M
YoY Change -73.42% -129.59% -284.97%
FREE CASH FLOW
Cash From Operating Activities $485.3M $2.064B $470.4M
Capital Expenditures -$205.1M -$662.0M -$336.2M
Free Cash Flow $690.4M $2.726B $806.6M
YoY Change -14.41% 0.35% 11.61%

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;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:13.22%;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:02.44%;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:01.66%;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:13.22%;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:01.66%;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:01.66%;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:11.42%;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:02.44%;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:01.66%;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:11.42%;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:02.44%;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:01.66%;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:11.42%;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:02.44%;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:19.56%;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 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;">Investments in Unconsolidated Real Estate</font></p> </td> <td valign="middle" style="width:01.66%;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="8" 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: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</font></p> </td> </tr> <tr> <td valign="bottom" style="width:02.44%;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:19.56%;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;">Entities at December 31,</font></p> </td> <td valign="middle" style="width:01.66%;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="8" 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;">Entities for the Year Ended December 31,</font></p> </td> </tr> <tr> <td valign="bottom" style="width:02.44%;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:19.56%;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:02.44%;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:01.66%;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:02.44%;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="bottom" style="width:02.44%;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;">2016</font></p> </td> </tr> <tr> <td valign="bottom" style="width:02.44%;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:01.66%;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="bottom" style="width:01.66%;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:11.42%;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:02.44%;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:01.66%;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:11.42%;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:02.44%;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:01.66%;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:11.42%;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:02.44%;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:19.56%;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:01.66%;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;">$</font></p> </td> <td valign="bottom" style="width:13.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">434,533&nbsp; </td> <td valign="bottom" style="width:02.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;text-align:right;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;text-align:center;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:13.22%;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> <td valign="bottom" style="width:01.66%;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:01.66%;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;">$</font></p> </td> <td valign="bottom" style="width:11.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">89,362&nbsp; </td> <td valign="bottom" style="width:02.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;text-align:right;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;text-align:center;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:11.42%;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">46,544&nbsp; </td> <td valign="bottom" style="width:02.44%;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:01.66%;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:11.42%;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">31,707&nbsp; </td> </tr> <tr> <td valign="bottom" style="width:02.44%;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:19.56%;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:01.66%;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:13.22%;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">349,455&nbsp; </td> <td valign="bottom" style="width:02.44%;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:01.66%;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:13.22%;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> <td valign="bottom" style="width:01.66%;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:01.66%;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:11.42%;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">14,133&nbsp; </td> <td valign="bottom" style="width:02.44%;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:01.66%;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:11.42%;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">25,948&nbsp; </td> <td valign="bottom" style="width:02.44%;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:01.66%;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:11.42%;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">22,324&nbsp; </td> </tr> <tr> <td valign="bottom" style="width:02.44%;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:19.56%;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;">Other Investments</font></p> </td> <td valign="bottom" style="width:01.66%;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:13.22%;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:02.44%;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:01.66%;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:13.22%;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:01.66%;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:01.66%;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:11.42%;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:02.44%;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:01.66%;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:11.42%;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">3,163&nbsp; </td> <td valign="bottom" style="width:02.44%;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:01.66%;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:11.42%;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">2,725&nbsp; </td> </tr> <tr> <td valign="bottom" style="width:02.44%;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:19.56%;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:01.66%;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:13.22%;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">783,988&nbsp; </td> <td valign="bottom" style="width:02.44%;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:01.66%;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;">$</font></p> </td> <td valign="bottom" style="width:13.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">724,173&nbsp; </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt 0pt 0pt 6pt;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;text-align:center;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:11.42%;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">103,495&nbsp; </td> <td valign="bottom" style="width:02.44%;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:01.66%;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;">$</font></p> </td> <td valign="bottom" style="width:11.42%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">75,655&nbsp; </td> <td valign="bottom" style="width:02.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;text-align:right;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0pt;text-align:center;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:11.42%;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">56,756&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>
CY2016 psa Stock Based Compensation Expense
StockBasedCompensationExpense
-20765000
CY2017 psa Stock Based Compensation Expense
StockBasedCompensationExpense
-22711000
CY2018 psa Stock Based Compensation Expense
StockBasedCompensationExpense
-57589000
CY2018Q4 psa Tenant Certificate Holders Participating Individual Insurance Program
TenantCertificateHoldersParticipatingIndividualInsuranceProgram
914000
CY2018Q4 psa Tenant Individual Insurance Limit Maximum
TenantIndividualInsuranceLimitMaximum
5000
CY2018Q4 psa Third Party Insurance Coverage For Claims Paid Exceeding Amount For Individual Event
ThirdPartyInsuranceCoverageForClaimsPaidExceedingAmountForIndividualEvent
15000000
CY2018Q4 psa Third Party Insurance Coverage For Claims Paid For Individual Event Limit
ThirdPartyInsuranceCoverageForClaimsPaidForIndividualEventLimit
5000000
CY2018Q4 srt Real Estate And Accumulated Depreciation Amount Of Encumbrances
RealEstateAndAccumulatedDepreciationAmountOfEncumbrances
27403000
CY2018Q4 srt Real Estate Federal Income Tax Basis
RealEstateFederalIncomeTaxBasis
10000000000
CY2018 srt Sec Schedule Iii Real Estate Number Of Units
SECScheduleIIIRealEstateNumberOfUnits
2429
CY2017Q4 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
337201000
CY2018Q4 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
371259000
CY2017Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-75064000
CY2018Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-64060000
CY2017Q4 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
5648399000
CY2018Q4 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
5718485000
CY2016 us-gaap Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities
484897000
CY2017 us-gaap Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities
527214000
CY2018 us-gaap Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities
344280000
CY2016 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
21700000
CY2017 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
15000000
CY2018 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
16600000
CY2017Q4 us-gaap Assets
Assets
10732892000
CY2018Q4 us-gaap Assets
Assets
10928270000
CY2018 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;">The financial statements are presented on an accrual basis in accordance with U.S. generally accepted accounting principles (&#x201C;GAAP&#x201D;) as defined in the Financial Accounting Standards Board Accounting Standards Codification (the &#x201C;Codification&#x201D;).&nbsp; </font> </p> <p><font size="1"> </font></p> </div> </div>
CY2015Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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104285000
CY2016Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
183688000
CY2017Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
433376000
CY2018Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
361218000
CY2015Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
115555000
CY2016Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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212573000
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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456053000
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
384019000
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
97018000
CY2017 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
243480000
CY2018 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-72034000
CY2017Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2018Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2017Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
3208046
CY2018Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
3138618
CY2016 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
7.30
CY2017 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
8.00
CY2018 us-gaap Common Stock Dividends Per Share Declared
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8.00
CY2017Q4 us-gaap Common Stock Par Or Stated Value Per Share
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0.10
CY2018Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.10
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650000000
CY2018Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
650000000
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CommonStockSharesIssued
173853370
CY2018Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
174130881
CY2017Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
173853370
CY2018Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
174130881
CY2017Q4 us-gaap Common Stock Value
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17385000
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17413000
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1427018000
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1462259000
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ComprehensiveIncomeNetOfTax
1722035000
CY2016 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
6863000
CY2017 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
6248000
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ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
6192000
CY2017Q4 us-gaap Depreciation And Amortization
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120100000
CY2016 us-gaap Depreciation Depletion And Amortization
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433314000
CY2016 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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1433881000
CY2017 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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1468507000
CY2018 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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1728227000
CY2018Q1 us-gaap Depreciation And Amortization
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117979000
CY2018 us-gaap Depreciation And Amortization
DepreciationAndAmortization
483646000
CY2017 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
454526000
CY2018 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
483646000
CY2015Q4 us-gaap Development In Process
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219190000
CY2016Q4 us-gaap Development In Process
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230310000
CY2018Q4 us-gaap Contractual Obligation
ContractualObligation
138500000
CY2018Q4 us-gaap Contractual Obligation Due In Next Twelve Months
ContractualObligationDueInNextTwelveMonths
126300000
CY2018Q4 us-gaap Contractual Obligation Due In Second Year
ContractualObligationDueInSecondYear
12200000
CY2016 us-gaap Cost Of Revenue
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669083000
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182902000
CY2017 us-gaap Cost Of Revenue
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707978000
CY2017Q2 us-gaap Cost Of Revenue
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182578000
CY2017Q3 us-gaap Cost Of Revenue
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190619000
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151879000
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192827000
CY2018 us-gaap Cost Of Revenue
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739722000
CY2018Q2 us-gaap Cost Of Revenue
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190977000
CY2018Q3 us-gaap Cost Of Revenue
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195544000
CY2018Q4 us-gaap Cost Of Revenue
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160374000
CY2016 us-gaap Costs And Expenses
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1190263000
CY2017 us-gaap Costs And Expenses
CostsAndExpenses
1258076000
CY2018 us-gaap Costs And Expenses
CostsAndExpenses
1374630000
CY2015Q4 us-gaap Cumulative Effect Of New Accounting Principle In Period Of Adoption
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789000
CY2018Q4 us-gaap Debt Instrument Carrying Amount
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1418834000
CY2018Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
6551000
CY2018Q4 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.0260
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406046000
CY2017 us-gaap Depreciation
Depreciation
433466000
CY2018 us-gaap Depreciation
Depreciation
457029000
CY2016 us-gaap Depreciation And Amortization
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433314000
CY2017Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
110929000
CY2017 us-gaap Depreciation And Amortization
DepreciationAndAmortization
454526000
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DepreciationAndAmortization
110177000
CY2017Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
113320000
CY2018Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
119777000
CY2018Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
124516000
CY2018Q4 us-gaap Depreciation And Amortization
DepreciationAndAmortization
121374000
CY2017Q4 us-gaap Development In Process
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264441000
CY2018Q4 us-gaap Development In Process
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285339000
CY2016 us-gaap Direct Costs Of Leased And Rented Property Or Equipment
DirectCostsOfLeasedAndRentedPropertyOrEquipment
617905000
CY2017 us-gaap Direct Costs Of Leased And Rented Property Or Equipment
DirectCostsOfLeasedAndRentedPropertyOrEquipment
657633000
CY2018 us-gaap Direct Costs Of Leased And Rented Property Or Equipment
DirectCostsOfLeasedAndRentedPropertyOrEquipment
695731000
CY2016 us-gaap Dividends Common Stock
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1267544000
CY2017 us-gaap Dividends Common Stock
DividendsCommonStock
1393812000
CY2018 us-gaap Dividends Common Stock
DividendsCommonStock
1396364000
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DividendsPreferredStock
238214000
CY2017 us-gaap Dividends Preferred Stock
DividendsPreferredStock
236535000
CY2018 us-gaap Dividends Preferred Stock
DividendsPreferredStock
216316000
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6.84
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EarningsPerShareBasic
1.62
CY2017 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
6.75
CY2017Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.59
CY2017Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.61
CY2017Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.92
CY2018Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.66
CY2018 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
8.56
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EarningsPerShareBasic
2.00
CY2018Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.85
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EarningsPerShareBasic
3.05
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EarningsPerShareDiluted
6.81
CY2017Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.62
CY2017 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
6.73
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EarningsPerShareDiluted
1.59
CY2017Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.61
CY2017Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.92
CY2018Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.65
CY2018 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
8.54
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EarningsPerShareDiluted
2.00
CY2018Q3 us-gaap Earnings Per Share Diluted
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1.85
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EarningsPerShareDiluted
3.04
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-381000
CY2017 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents Continuing Operations
EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations
-126000
CY2018 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents Continuing Operations
EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations
-171000
CY2017Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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31000000
CY2018Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
29600000
CY2018Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
9200000
CY2018Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
2500000
CY2017Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
21500000
CY2018Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
16500000
CY2017Q4 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
1.198
CY2018Q4 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
1.144
CY2018 us-gaap Gain Loss On Sale Of Previously Unissued Stock By Subsidiary Or Equity Investee Nonoperating Income
GainLossOnSaleOfPreviouslyUnissuedStockBySubsidiaryOrEquityInvesteeNonoperatingIncome
151616000
CY2016 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
689000
CY2017 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
1421000
CY2018 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
37903000
CY2018 us-gaap Gain Or Loss On Sale Of Previously Unissued Stock By Equity Investee
GainOrLossOnSaleOfPreviouslyUnissuedStockByEquityInvestee
151616000
CY2016 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
689000
CY2017 us-gaap Gains Losses On Sales Of Investment Real Estate
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1421000
CY2018 us-gaap Gains Losses On Sales Of Investment Real Estate
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37903000
CY2016 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
83656000
CY2017 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
82882000
CY2018 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
118720000
CY2017Q4 us-gaap Goodwill
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174600000
CY2018Q4 us-gaap Goodwill
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174600000
CY2018 us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
0
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1891466000
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1960550000
CY2018 us-gaap Gross Profit
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2014558000
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6863000
CY2017 us-gaap Income Loss Attributable To Noncontrolling Interest
IncomeLossAttributableToNoncontrollingInterest
6248000
CY2018 us-gaap Income Loss Attributable To Noncontrolling Interest
IncomeLossAttributableToNoncontrollingInterest
6192000
CY2016 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
56756000
CY2017 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
75655000
CY2018 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
103495000
CY2016 us-gaap Increase Decrease In Intangible Assets Current
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23000000
CY2017 us-gaap Increase Decrease In Intangible Assets Current
IncreaseDecreaseInIntangibleAssetsCurrent
17200000
CY2018 us-gaap Increase Decrease In Intangible Assets Current
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11600000
CY2016 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
-4718000
CY2017 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
-5136000
CY2018 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
7925000
CY2017Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
18800000
CY2018Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
18800000
CY2017Q4 us-gaap Intangible Assets Net Including Goodwill
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214957000
CY2018Q4 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
209856000
CY2016 us-gaap Interest Expense
InterestExpense
4210000
CY2017 us-gaap Interest Expense
InterestExpense
12690000
CY2018 us-gaap Interest Expense
InterestExpense
32542000
CY2016 us-gaap Interest Paid
InterestPaid
9400000
CY2017 us-gaap Interest Paid
InterestPaid
16800000
CY2018 us-gaap Interest Paid
InterestPaid
36300000
CY2017Q4 us-gaap Investment Building And Building Improvements
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10718866000
CY2018Q4 us-gaap Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
11248862000
CY2016 us-gaap Investment Income Net
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15138000
CY2017 us-gaap Investment Income Net
InvestmentIncomeNet
18771000
CY2018 us-gaap Investment Income Net
InvestmentIncomeNet
26442000
CY2017Q4 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
724173000
CY2018Q4 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
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783988000
CY2017Q4 us-gaap Land
Land
3947123000
CY2018Q4 us-gaap Land
Land
4047982000
CY2017Q4 us-gaap Liabilities
Liabilities
1768523000
CY2018Q4 us-gaap Liabilities
Liabilities
1783542000
CY2017Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
10732892000
CY2018Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
10928270000
CY2017Q4 us-gaap Long Term Debt
LongTermDebt
1431322000
CY2018Q4 us-gaap Long Term Debt
LongTermDebt
1412283000
CY2018Q4 us-gaap Long Term Debt Fair Value
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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;">December </font><font style="display: inline;">31, 2018, we have direct and indirect equity interests in </font><font style="display: inline;">2,</font><font style="display: inline;">429</font><font style="display: inline;"> self-storage facilities (with approximately </font><font style="display: inline;">1</font><font style="display: inline;">62</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 have a </font><font style="display: inline;">35.2%</font><font style="display: inline;"> interest in Shurgard Self Storage SA (&#x201C;Shurgard Europe&#x201D;), which owns </font><font style="display: inline;">2</font><font style="display: inline;">32</font><font style="display: inline;"> self-storage facilities (with approximately </font><font style="display: inline;">13</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 December 31, 2018, we have an approximate </font><font style="display: inline;">42%</font><font style="display: inline;"> common</font><font style="display: inline;"> 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;">Disclosures of the number and square footage of facilities, as well as the number and coverage of tenant reinsurance policies (</font><font style="display: inline;">Note 13) are</font><font style="display: inline;"> 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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StockIssuedDuringPeriodSharesNewIssues
23200
CY2016 us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
367546
CY2017 us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
564583
CY2018 us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
277511
CY2016 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
254839
CY2017 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
482523
CY2018 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
179995
CY2016 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
1136203000
CY2017 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
561177000
CY2016 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
25541000
CY2017 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
42500000
CY2018 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
12525000
CY2016 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
34500
CY2017 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
36900
CY2016 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
862500000
CY2017 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
922500000
CY2018Q4 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
35000000
CY2017 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0
CY2018Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2016 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0
CY2018 us-gaap Use Of Estimates
UseOfEstimates
<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>
CY2016 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
787000
CY2017 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
538000
CY2018 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
328000
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
173878000
CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
174151000
CY2018 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
174297000
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
173091000
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
173613000
CY2018 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
173969000

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