Public Storage (PSA) 10-Q 9 Nov 09 2010 Q1 Quarterly report Financial data

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (USD $)
In Thousands	Sep. 30, 2009	Dec. 31, 2008
ASSETS
Cash and cash equivalents	$670,928	$680,701
Real estate facilities, at cost:
Land	2,715,851	2,716,254
Buildings	7,551,179	7,490,768
Real estate facilities, gross	10,267,030	10,207,022
Accumulated depreciation	(2,650,793)	(2,405,473)
Real estate facilities, net	7,616,237	7,801,549
Construction in process	17,735	20,340
Total real estate facilities	7,633,972	7,821,889
Investment in real estate entities	613,800	544,598
Goodwill, net	174,634	174,634
Intangible assets, net	39,366	52,005
Loan receivable from Shurgard Europe	571,783	552,361
Other assets	104,892	109,857
Total assets	9,809,375	9,936,045
LIABILITIES AND EQUITY
Notes payable	521,662	643,811
Accrued and other liabilities	236,461	212,353
Total liabilities	758,123	856,164
Redeemable noncontrolling interests in subsidiaries (Note 7)	12,810	12,777
Equity:
Cumulative Preferred Shares of beneficial interest, $0.01 par value, 100,000,000 shares authorized, 886,140 shares issued (in series) and outstanding, (887,122 at December 31, 2008) at liquidation preference	3,399,777	3,424,327
Common Shares of beneficial interest, $0.10 par value, 650,000,000 shares authorized, 168,392,420 shares issued and outstanding (168,279,732 at December 31, 2008)	16,840	16,829
Equity Shares of beneficial interest, Series A, $0.01 par value, 100,000,000 shares authorized, 8,377.193 shares issued and outstanding	0	0
Paid-in capital	5,677,367	5,590,093
Retained deficit	(177,603)	(290,323)
Accumulated other comprehensive loss	(12,275)	(31,931)
Total Public Storage shareholders' equity	8,904,106	8,708,995
Equity of permanent noncontrolling interests in subsidiaries (Note 7)	134,336	358,109
Total equity	9,038,442	9,067,104
Total liabilities and equity	9,809,375	9,936,045
Cumulative Preferred Shares | Preferred Stock [Member]
Equity:
Total equity	3,399,777	3,424,327
Common Shares | Common Shares
Equity:
Total equity	$16,840	$16,829

1_Condensed Consolidated Balanc

Condensed Consolidated Balance Sheets [Parentheticals] (USD $)
In Hundreds, except Share data, unless otherwise specified	9 Months Ended Sep. 30, 2009	12 Months Ended Dec. 31, 2008
Cumulative Preferred Shares of beneficial interest
Preferred Shares of beneficial interest	0.01	0.01
Shares authorized	100,000,000	100,000,000
Shares issued	886,140	887,122
Shares outstanding	886,140	887,122
Common Shares of beneficial interest
Par value	0.1	0.1
Shares authorized	650,000,000	650,000,000
Shares issued	168,392,420	168,279,732
Shares outstanding	168,392,420	168,279,732
Equity Shares of beneficial interest
Par value	0.01	0.01
Shares authorized	100,000,000	100,000,000
Shares issued	8377.19	8377.19
Shares outstanding	8377.19	8377.19

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (USD $)
In Thousands, except Per Share data	3 Months Ended Sep. 30, 2009	3 Months Ended Sep. 30, 2008	9 Months Ended Sep. 30, 2009	9 Months Ended Sep. 30, 2008
Revenues:
Self-storage facilities	$378,207	$392,738	$1,121,076	$1,197,781
Ancillary operations	27,800	26,946	81,741	83,693
Interest and other income	6,857	11,485	22,006	25,343
Total revenue	412,864	431,169	1,224,823	1,306,817
Expenses:
Self-storage facilities	121,261	121,579	379,213	406,358
Ancillary operations	7,493	3,756	27,520	27,124
Depreciation and amortization	85,908	91,084	254,670	308,153
General and administrative	8,654	8,879	26,532	56,968
Interest expense	7,289	9,099	22,705	35,187
Total expenses	230,605	234,397	710,640	833,790
Income from continuing operations before equity in earnings of real estate entities, gains on disposition of real estate investments, net, casualty loss, gain on early retirement of debt and foreign currency exchange gain (loss)	182,259	196,772	514,183	473,027
Equity in earnings of real estate entities	8,824	6,318	39,033	13,679
Gains on disposition of real estate investments, net	30,573	1,024	33,295	342,797
Casualty loss	0	(525)	0	(525)
Gain on early retirement of debt	0	0	4,114	0
Foreign currency exchange gain (loss)	21,429	(53,172)	19,901	(12,203)
Income from continuing operations	243,085	150,417	610,526	816,775
Discontinued operations	866	(2,475)	(7,759)	(4,937)
Net income	243,951	147,942	602,767	811,838
Net income allocated (to) from noncontrolling equity interests:
Based upon income of the consolidated entities	(6,642)	(10,611)	(21,284)	(28,352)
Based upon repurchases of preferred partnership units	0	0	72,000	0
Net income allocable to Public Storage shareholders	237,309	137,331	653,483	783,486
Allocation of net income to (from) Public Storage shareholders:
Preferred shareholders based on distributions paid	58,108	60,333	174,324	180,999
Preferred shareholders based on repurchases	0	0	(6,218)	0
Equity Shares, Series A	5,131	5,356	15,393	16,068
Restricted share units	577	183	1,509	2,154
Common shareholders	173,493	71,459	468,475	584,265
Net income allocable to Public Storage shareholders	237,309	137,331	653,483	783,486
Net income per common share - basic
Continuing operations	1.02	0.44	2.83	3.5
Discontinued operations	0.01	-0.01	-0.05	-0.03
Net income per common share - basic, total	1.03	0.43	2.78	3.47
Basic weighted average common shares outstanding	168,373	168,133	168,344	168,248
Net income per common share - diluted
Continuing operations	1.02	0.43	2.83	3.49
Discontinued operations	0.01	-0.01	-0.05	-0.03
Net income per common share - diluted, total	1.03	0.42	2.78	3.46
Diluted weighted average common shares outstanding	169,043	168,560	168,681	168,673
Equity Shares, Series A (basic and diluted)
Net income per share	0.61	0.61	1.84	1.84
Weighted average depositary shares	8,377	8,744	8,377	8,744
Cumulative Preferred Shares | Preferred Stock [Member]
Expenses:
Net income			0
Common Shares | Common Shares
Expenses:
Net income			$0

2_Condensed Consolidated Statem

Condensed Consolidated Statements of Equity (USD $)
In Thousands	9 Months Ended Sep. 30, 2009
Balance at December 31, 2008	$9,067,104
Repurchase of cumulative preferred shares (982,000 shares) (Note 8)	(17,535)
Repurchase of preferred partnership units (Note 7)	(153,000)
Issuance of common shares in connection with share-based compensation (112,688 shares) (Note 10)	1,899
Stock-based compensation expense (Note 10) net of cash compensation in lieu of common shares	6,371
Adjustments of redeemable noncontrolling interests in subsidiaries to liquidation value (Note 7)	(256)
Net income	602,767
Net income allocated based upon income of the consolidated entities to (Note 7):
Redeemable noncontrolling interests in subsidiaries	(753)
Permanent noncontrolling equity interests	0
Distributions to equity holders:
Cumulative preferred shares (Note 8)	(174,324)
Permanent noncontrolling interests in subsidiaries	(19,304)
Equity Shares, Series A ($1.838 per depositary share)	(15,393)
Holders of unvested restricted share units	(1,006)
Common Shares ($1.65 per share)	(277,784)
Other comprehensive income: Currency translation adjustments (Note 2)	19,656
Balance at September 30, 2009	9,038,442
Cumulative Preferred Shares | Preferred Stock [Member]
Balance at December 31, 2008	3,424,327
Repurchase of cumulative preferred shares (982,000 shares) (Note 8)	(24,550)
Repurchase of preferred partnership units (Note 7)	0
Issuance of common shares in connection with share-based compensation (112,688 shares) (Note 10)	0
Stock-based compensation expense (Note 10) net of cash compensation in lieu of common shares	0
Adjustments of redeemable noncontrolling interests in subsidiaries to liquidation value (Note 7)	0
Net income	0
Net income allocated based upon income of the consolidated entities to (Note 7):
Redeemable noncontrolling interests in subsidiaries	0
Permanent noncontrolling equity interests	0
Distributions to equity holders:
Cumulative preferred shares (Note 8)	0
Permanent noncontrolling interests in subsidiaries	0
Equity Shares, Series A ($1.838 per depositary share)	0
Holders of unvested restricted share units	0
Common Shares ($1.65 per share)	0
Other comprehensive income: Currency translation adjustments (Note 2)	0
Balance at September 30, 2009	3,399,777
Common Shares | Common Shares
Balance at December 31, 2008	16,829
Repurchase of cumulative preferred shares (982,000 shares) (Note 8)	0
Repurchase of preferred partnership units (Note 7)	0
Issuance of common shares in connection with share-based compensation (112,688 shares) (Note 10)	11
Stock-based compensation expense (Note 10) net of cash compensation in lieu of common shares	0
Adjustments of redeemable noncontrolling interests in subsidiaries to liquidation value (Note 7)	0
Net income	0
Net income allocated based upon income of the consolidated entities to (Note 7):
Redeemable noncontrolling interests in subsidiaries	0
Permanent noncontrolling equity interests	0
Distributions to equity holders:
Cumulative preferred shares (Note 8)	0
Permanent noncontrolling interests in subsidiaries	0
Equity Shares, Series A ($1.838 per depositary share)	0
Holders of unvested restricted share units	0
Common Shares ($1.65 per share)	0
Other comprehensive income: Currency translation adjustments (Note 2)	0
Balance at September 30, 2009	16,840
Paid-in Capital
Balance at December 31, 2008	5,590,093
Repurchase of cumulative preferred shares (982,000 shares) (Note 8)	7,015
Repurchase of preferred partnership units (Note 7)	72,000
Issuance of common shares in connection with share-based compensation (112,688 shares) (Note 10)	1,888
Stock-based compensation expense (Note 10) net of cash compensation in lieu of common shares	6,371
Adjustments of redeemable noncontrolling interests in subsidiaries to liquidation value (Note 7)	0
Net income	0
Net income allocated based upon income of the consolidated entities to (Note 7):
Redeemable noncontrolling interests in subsidiaries	0
Permanent noncontrolling equity interests	0
Distributions to equity holders:
Cumulative preferred shares (Note 8)	0
Permanent noncontrolling interests in subsidiaries	0
Equity Shares, Series A ($1.838 per depositary share)	0
Holders of unvested restricted share units	0
Common Shares ($1.65 per share)	0
Other comprehensive income: Currency translation adjustments (Note 2)	0
Balance at September 30, 2009	5,677,367
Retained Earnings (Deficit)
Balance at December 31, 2008	(290,323)
Repurchase of cumulative preferred shares (982,000 shares) (Note 8)	0
Repurchase of preferred partnership units (Note 7)	0
Issuance of common shares in connection with share-based compensation (112,688 shares) (Note 10)	0
Stock-based compensation expense (Note 10) net of cash compensation in lieu of common shares	0
Adjustments of redeemable noncontrolling interests in subsidiaries to liquidation value (Note 7)	(256)
Net income	602,767
Net income allocated based upon income of the consolidated entities to (Note 7):
Redeemable noncontrolling interests in subsidiaries	(753)
Permanent noncontrolling equity interests	(20,531)
Distributions to equity holders:
Cumulative preferred shares (Note 8)	(174,324)
Permanent noncontrolling interests in subsidiaries	0
Equity Shares, Series A ($1.838 per depositary share)	(15,393)
Holders of unvested restricted share units	(1,006)
Common Shares ($1.65 per share)	(277,784)
Other comprehensive income: Currency translation adjustments (Note 2)	0
Balance at September 30, 2009	(177,603)
Accumulated Other Comprehensive Loss
Balance at December 31, 2008	(31,931)
Repurchase of cumulative preferred shares (982,000 shares) (Note 8)	0
Repurchase of preferred partnership units (Note 7)	0
Issuance of common shares in connection with share-based compensation (112,688 shares) (Note 10)	0
Stock-based compensation expense (Note 10) net of cash compensation in lieu of common shares	0
Adjustments of redeemable noncontrolling interests in subsidiaries to liquidation value (Note 7)	0
Net income	0
Net income allocated based upon income of the consolidated entities to (Note 7):
Redeemable noncontrolling interests in subsidiaries	0
Permanent noncontrolling equity interests	0
Distributions to equity holders:
Cumulative preferred shares (Note 8)	0
Permanent noncontrolling interests in subsidiaries	0
Equity Shares, Series A ($1.838 per depositary share)	0
Holders of unvested restricted share units	0
Common Shares ($1.65 per share)	0
Other comprehensive income: Currency translation adjustments (Note 2)	19,656
Balance at September 30, 2009	(12,275)
Total Public Storage Shareholders' Equity
Balance at December 31, 2008	8,708,995
Repurchase of cumulative preferred shares (982,000 shares) (Note 8)	(17,535)
Repurchase of preferred partnership units (Note 7)	72,000
Issuance of common shares in connection with share-based compensation (112,688 shares) (Note 10)	1,899
Stock-based compensation expense (Note 10) net of cash compensation in lieu of common shares	6,371
Adjustments of redeemable noncontrolling interests in subsidiaries to liquidation value (Note 7)	(256)
Net income	602,767
Net income allocated based upon income of the consolidated entities to (Note 7):
Redeemable noncontrolling interests in subsidiaries	(753)
Permanent noncontrolling equity interests	(20,531)
Distributions to equity holders:
Cumulative preferred shares (Note 8)	(174,324)
Permanent noncontrolling interests in subsidiaries	0
Equity Shares, Series A ($1.838 per depositary share)	(15,393)
Holders of unvested restricted share units	(1,006)
Common Shares ($1.65 per share)	(277,784)
Other comprehensive income: Currency translation adjustments (Note 2)	19,656
Balance at September 30, 2009	8,904,106
Equity of Permanent Noncontrolling Interests in Subsidiaries
Balance at December 31, 2008	358,109
Repurchase of cumulative preferred shares (982,000 shares) (Note 8)	0
Repurchase of preferred partnership units (Note 7)	(225,000)
Issuance of common shares in connection with share-based compensation (112,688 shares) (Note 10)	0
Stock-based compensation expense (Note 10) net of cash compensation in lieu of common shares	0
Adjustments of redeemable noncontrolling interests in subsidiaries to liquidation value (Note 7)	0
Net income	0
Net income allocated based upon income of the consolidated entities to (Note 7):
Redeemable noncontrolling interests in subsidiaries	0
Permanent noncontrolling equity interests	20,531
Distributions to equity holders:
Cumulative preferred shares (Note 8)	0
Permanent noncontrolling interests in subsidiaries	(19,304)
Equity Shares, Series A ($1.838 per depositary share)	0
Holders of unvested restricted share units	0
Common Shares ($1.65 per share)	0
Other comprehensive income: Currency translation adjustments (Note 2)	0
Balance at September 30, 2009	$134,336

3_Condensed Consolidated Statem

Condensed Consolidated Statements of Equity [Parentheticals] (USD $)
	9 Months Ended Sep. 30, 2009
Condensed Consolidated Statements of Equity [Parentheticals]
Repurchase of cumulative preferred shares, shares	982,000
Issuance of common shares in connection with share-based compensation, shares	112,688
Equity Shares, Series A, depositary shares	1.838
Common Shares ($1.65 per share)	1.65

4_Condensed Consolidated Statem

Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands	9 Months Ended Sep. 30, 2009	9 Months Ended Sep. 30, 2008
Cash flows from operating activities:
Net income	$602,767	$811,838
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on disposition of real estate investments, including amounts in discontinued operations	(39,313)	(342,797)
Gain on early retirement of debt	(4,114)	0
Impairment charge on intangible asset	8,205	0
Depreciation and amortization including amounts in discontinued operations	256,108	309,911
Pro-rata share of PSB's income allocations from preferred repurchases	(16,284)	0
Distributions received from real estate entities in excess of equity in earnings	13,391	17,792
Foreign currency exchange (gain) loss	(19,901)	12,203
Adjustments for stock-based compensation, amortization of note premium, and other	36,670	314
Total adjustments	234,762	(2,577)
Net cash provided by operating activities	837,529	809,261
Cash flows from investing activities:
Capital improvements to real estate facilities	(52,449)	(72,629)
Construction in process	(11,029)	(57,972)
Acquisitions of real estate facilities	0	(31,608)
Proceeds from the disposition of interest in Shurgard Europe (Note 3)	0	609,059
Proceeds from sales of real estate and other real estate investments	10,464	1,133
Deconsolidation of Shurgard Europe (Note 3)	0	(34,588)
Acquisition of common stock of PS Business Parks	(17,825)	0
Investment in Shurgard Europe	0	(54,702)
Other acquisitions of investments in real estate entities	0	(11,961)
Other investing activities	(4,321)	22,417
Net cash (used in) provided by investing activities	(75,160)	369,149
Net cash flows from financing activities:
Principal payments on notes payable	(5,601)	(44,698)
Redemption of senior unsecured notes payable	(109,622)	0
Proceeds from borrowing on debt of Existing European Joint Ventures	0	14,654
Net proceeds from the issuance of common shares	1,899	9,868
Repurchases of common shares	0	(111,903)
Repurchases of cumulative preferred shares	(17,535)	0
Repurchases of permanent noncontrolling equity interests	(153,000)	0
Distributions paid to Public Storage shareholders	(468,507)	(475,569)
Distributions paid to noncontrolling equity interests	(20,280)	(28,936)
Net cash used in financing activities	(772,646)	(636,584)
Net (decrease) increase in cash and cash equivalents	(10,277)	541,826
Net effect of foreign exchange translation on cash	504	2,024
Cash and cash equivalents at the beginning of the period	680,701	245,444
Cash and cash equivalents at the end of the period	670,928	789,294
Cumulative Preferred Shares | Preferred Stock [Member]
Cash flows from operating activities:
Net income	0
Common Shares | Common Shares
Cash flows from operating activities:
Net income	0
Foreign currency translation adjustment [Member]
Supplemental schedule of non cash investing and financing activities:
Real estate facilities, net of accumulated depreciation	(1,440)	(94,488)
Construction in process	0	(956)
Investment in real estate entities	(18,191)	31,410
Intangible assets, net	0	(4,536)
Loan receivable from Shurgard Europe	(19,422)	52,738
Other assets	0	(3,699)
Notes payable	0	28,912
Accrued and other liabilities	0	5,879
Permanent noncontrolling interests in subsidiaries	0	7,249
Accumulated other comprehensive income	39,557	(20,485)
Deconsolidation of Shurgard Europe [Member]
Supplemental schedule of non cash investing and financing activities:
Real estate facilities, net of accumulated depreciation	0	1,693,524
Construction in process	0	10,886
Investment in real estate entities	0	(594,330)
Loan receivable from Shurgard Europe	0	(618,822)
Intangible assets, net	0	78,135
Other assets	0	68,486
Notes payable	0	(424,995)
Accrued and other liabilities	0	(98,571)
Permanent noncontrolling equity interests in subsidiaries	0	(148,901)
Real estate disposed of in exchange for other asset	2,941	0
Other asset received in exchange for disposal of real estate	(2,941)	0
Real estate acquired in exchange for assumption of mortgage note	0	(10,250)
Mortgage note assumed in connection with the acquisition of real estate	0	10,250
Revaluation of notes payables [Member]
Supplemental schedule of non cash investing and financing activities:
Notes payable	0	224
Other assets	0	(224)
Revaluation of redeemable noncontrolling interest [Member]
Supplemental schedule of non cash investing and financing activities:
Retained deficit	(256)	0
Redeemable noncontrolling interests	$256	$0

Description of the Business

Description of the Business
	9 Months Ended Sep. 30, 2009 USD / shares
Description of the Business
Nature of Operations [Text Block]	1.Description of Business Public Storage (referred to herein as the Company, the Trust, we, us, or our), a Maryland real estate investment trust, was organized in 1980. Our principal business activities include the acquisition, development, ownership and operation of self-storage facilities which offer storage spaces for lease, generally on a month-to-month basis, for personal and business use. Our self-storage facilities are located primarily in the United States (U.S.). We also have interests in self-storage facilities located in seven Western European countries. At September 30, 2009, we had direct and indirect equity interests in 2,010 self-storage facilities located in 38 states operating under the Public Storage name, and 187 self-storage facilities located in Europe which operate under the Shurgard Storage Centers name. Included in the 2,010 self-storage facilities is one facility for which we discontinued operations during the nine months ended September 30, 2009 in connection with an eminent domain proceeding. We also have direct and indirect equity interests in approximately 21 million net rentable square feet of commercial space located in 11 states in the U.S. primarily operated by PS Business Parks, Inc. (PSB) under the PS Business Parks name. Any reference to the number of properties, square footage, number of tenant reinsurance policies outstanding and the aggregate coverage of such reinsurance policies are unaudited and outside the scope of our independent registered public accounting firms review and audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board.

Summary of Significant Accounti

Summary of Significant Accounting Policies
	9 Months Ended Sep. 30, 2009 USD / shares
Summary of Significant Accounting Policies
Significant Accounting Policies [Text Block]	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) as defined in the Financial Accounting Standards Board Accounting Standards Codification (the Codification), including the related guidance with respect to interim financial information, and in conformity with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal and recurring adjustments) considered necessary for a fair presentation have been reflected in these unaudited condensed consolidated financial statements. Operating results for the three and nine months ended September 30, 2009 are not necessarily indicative of the results that may be expected for the year ending December 31, 2009 due to seasonality and other factors. The accompanying unaudited condensed consolidated financial statements should be read together with the consolidated financial statements and related notes included in the Companys Annual Report on Form 10-K for the year ended December 31, 2008. Certain amounts previously reported in our December 31, 2008 and September 30, 2008 financial statements have been reclassified to conform to the September 30, 2009 presentation, including discontinued operations, the grouping of the separate captions cumulative earnings and cumulative distributions into retained deficit on our condensed consolidated balance sheet, as well as reclassifications required by newly implemented accounting standards described below. The Company has evaluated subsequent events through November 6, 2009, which represents the filing date of this Form 10-Q with the Securities and Exchange Commission (SEC). As of November 6, 2009, there were no undisclosed subsequent events which required recognition or disclosure. Adjustments due to accounting pronouncements becoming effective January 1, 2009 On January 1, 2009, accounting standards promulgated by the FASB became effective which affected the classification of ownership interests other than those in the Company, such as limited partnership interests in entities that are consolidated in the financial statements of the Company. In accordance with these standards, we have reclassified the equity interests previously referred to as minority interests on our balance sheet at December 31, 2008 to permanent noncontrolling interests in subsidiaries or redeemable noncontrolling interests in subsidiaries. These reclassifications increased equity by $351,640,000, increased retained deficit by $6,469,000, increased redeemable noncontrolling interests in subsidiaries by $12,777,000, and decreased minority interest by $364,417,000, as compared to the amounts previously presented as of December 31, 2008. On our condensed consolidated statement of income, income allocations to the aforementioned equity interests were reclassified from minority interest in income, a reduction to income, to

Disposition of an Interest in S

Disposition of an Interest in Shurgard Europe
	9 Months Ended Sep. 30, 2009 USD / shares
Disposition of an Interest in Shurgard Europe
Disposition of interest	3. Disposition of an Interest in Shurgard Europe On March 31, 2008, an institutional investor acquired a 51% interest in Shurgard European Holdings LLC, a newly formed Delaware limited liability company and the holding company for Shurgard Europe (Shurgard Holdings). We own the remaining 49% interest and are the managing member of Shurgard Holdings. Our net proceeds from the transaction aggregated $609,059,000, comprised of $613,201,000 paid by the institutional investor less $4,142,000 in legal, accounting, and other expenses incurred in connection with the transaction. As a result of the disposition, we reduced our investment in Shurgard Europe by approximately $305,048,000 for the pro rata portion of our March 31, 2008 investment that was sold, and recognized a gain of $304,011,000 upon disposition, representing the difference between the net proceeds received of $609,059,000 and the pro rata portion of our investment sold of $305,048,000. In addition, as a result of our disposition of this interest, a portion of the cumulative currency exchange gains we had previously recognized in Other Comprehensive Income with respect to Shurgard Europe was realized. Accordingly, we recognized a cumulative currency exchange gain of $37,854,000, representing 51% (the pro rata portion of Shurgard Europe that was sold) of the cumulative currency exchange gain previously included in Other Comprehensive Income. The gain upon disposition of $304,011,000 and associated realized currency exchange gain totaling $37,854,000 are both included in the line-item gains on disposition of real estate investments, net in our condensed consolidated statement of income for the nine months ended September 30, 2008. The results of operations of Shurgard Europe have been included in our condensed consolidated statements of income for the three months ended March 31, 2008. Commencing with the quarter beginning April 1, 2008, our pro rata share of operations of Shurgard Europe is reflected on our condensed consolidated statement of income under equity in earnings of real estate entities.

Real Estate Facilities

Real Estate Facilities
	9 Months Ended Sep. 30, 2009 USD / shares
Real Estate Facilities
Real Estate Disclosure [Text Block]	4. Real Estate Facilities Activity in real estate facilities is as follows: Nine Months Ended September 30, 2009 (Amounts in thousands) Operating facilities, at cost: Beginning balance $ 10,207,022 Capital improvements 52,449 Newly developed facilities opened for operations 13,634 Disposition of real estate facilities (8,093 ) Impact of foreign exchange rate changes 2,018 Ending balance 10,267,030 Accumulated depreciation: Beginning balance (2,405,473 ) Depreciation expense (248,450 ) Disposition of real estate facilities 3,708 Impact of foreign exchange rate changes (578 ) Ending balance (2,650,793 ) Construction in process: Beginning balance 20,340 Current development 11,029 Newly developed facilities opened for operation (13,634 ) Ending balance 17,735 Total real estate facilities at September 30, 2009 $ 7,633,972 During the nine months ended September 30, 2009, we sold an existing real estate facility as well as disposed of a portion of certain real estate facilities primarily in connection with condemnation proceedings, for aggregate cash proceeds totaling $10,464,000 and an other asset valued at $2,941,000. We recorded an aggregate gain of approximately $9,020,000, of which $6,018,000 is included in discontinued operations and $3,002,000 is included in gains on disposition of real estate investments, net. Construction in process at September 30, 2009 includes the development costs relating primarily to various expansions to existing self-storage facilities.

Investments in Real Estate Enti

Investments in Real Estate Entities
	9 Months Ended Sep. 30, 2009 USD / shares
Investments in Real Estate Entities
Equity Method Investments [Text Block]	5. Investments in Real Estate Entities The following table sets forth our investments in the real estate entities at September 30, 2009 and December31, 2008, and our equity in earnings of real estate entities for the three and nine months ended September 30, 2009 and 2008 (amounts in thousands): Investments in Real Estate Entities at September 30, 2009 December 31, 2008 PSB $ 327,155 $ 265,650 Shurgard Europe 272,668 264,145 Other Investments 13,977 14,803 Total $ 613,800 $ 544,598 Equity in Earnings of Real Estate Entities for the Three Months Ended September 30, Equity in Earnings of Real Estate Entities for the Nine Months Ended September 30, 2009 2008 2009 2008 PSB $ 4,684 $ 3,320 $ 30,351 $ 8,512 Shurgard Europe 3,631 2,260 7,239 3,717 Other Investments 509 738 1,443 1,450 Total $ 8,824 $ 6,318 $ 39,033 $ 13,679 During the nine months ended September 30, 2009 and 2008, respectively, we received cash distributions from the Real Estate Entities totaling $36,140,000 and $31,741,000, respectively. Included in earnings recognized for the nine months ended September 30, 2009 is $16,284,000, representing our share of the earnings allocated from PSBs preferred shareholders, as a result of PSBs repurchases of preferred stock and preferred units for amounts that were less than the related book value, during the period. During the nine months ended September 30, 2009, in addition to the impact of earnings recognized and cash distributions received, our investments in real estate entities increased by $18,191,000 due to foreign currency translation adjustments and $17,825,000 due to our acquisition of an additional 383,333 shares of PSB common stock. During the three months ended September 30, 2009, we recorded a gain of $30,293,000 in connection with PSBs sale of common stock in a public offering, and this gain was included in gains on disposition of real estate investments, net on our condensed consolidated statements of income. Our investment in real estate entities increased by $30,293,000 as a result of this gain. See Investment in PSB below for further information on this gain. Investment in PSB PSB is a REIT traded on the New York Stock Exchange, which controls an operating partnership (collectively, the REIT and the operating partnership are referred to as PSB). At September 30, 2009, PSB owned and operated approximately 19.6 million net rentable square feet of commercial space and manages certain of our commercial space. During the quarter ended September 30, 2009, PSB sold 3,450,000 shares of its common stock in a public offering for net proceeds of $153.6million during the three months ended September 30, 2009. In accordance with EITF 08-6 Equity Method Investment Considerations, we recognized a gain totaling $30,293,000 on the share issuance by PSB, as if we had sold a proportionate share of our investment in PSB. Concurrent with the public offering, we purchased an additi

Notes Payable and Line of Credi

Notes Payable and Line of Credit
	9 Months Ended Sep. 30, 2009 USD / shares
Notes Payable and Line of Credit
Debt Disclosure [Text Block]	6. Notes Payable and Line of Credit The carrying amounts of our notes payable at September 30, 2009 and December 31, 2008 consist of the following (dollar amounts in thousands): September 30, 2009 December 31, 2008 (Amounts in thousands) Unsecured Notes Payable: 5.875% effective and stated note rate, interest only and payable semi-annually, matures in March 2013 $ 186,460 $ 200,000 5.73% effective rate, 7.75% stated note rate, interest only and payable semi-annually, matures in February 2011 (carrying amount includes $2,348 of unamortized premium at September 30, 2009 and $7,433 at December 31, 2008) 105,665 207,433 Secured Notes Payable: 5.47% average effective rate fixed rate mortgage notes payable, secured by 89 real estate facilities with a net book value of $561,904 at September 30, 2009 and stated note rates between 4.95% and 8.00%, maturing at varying dates between October 2009 and August 2015 (carrying amount includes $4,393 of unamortized premium at September30, 2009 and $5,634 at December 31, 2008) 229,537 236,378 Total notes payable $ 521,662 $ 643,811 Substantially all of our debt was acquired in connection with a property or other acquisition, and in such cases an initial premium or discount is established for any difference between the stated note balance and estimated fair value. This initial premium or discount is amortized over the remaining term of the notes using the effective interest method. Estimated fair values are based upon discounting the future cash flows under each respective note at an interest rate that approximates those of loans with similar credit characteristics and term to maturity. These inputs for fair value represent significant unobservable inputs, which are Level3 inputs as the term is defined in the Codification. At September 30, 2009, we have a revolving credit agreement (the Credit Agreement) which expires on March 27, 2012, with an aggregate limit with respect to borrowings and letters of credit of $300 million. Amounts drawn on the Credit Agreement bear an annual interest rate ranging from the London Interbank Offered Rate (LIBOR) plus 0.35% to LIBOR plus 1.00% depending on our credit ratings (LIBOR plus 0.35% at September 30, 2009). In addition, we are required to pay a quarterly facility fee ranging from 0.10% per annum to 0.25% per annum depending on our credit ratings (0.10% per annum at September 30, 2009). We had no outstanding borrowings on our Credit Agreement at September 30, 2009 or at November 6, 2009. At September 30, 2009, we had undrawn standby letters of credit, which reduce our borrowing capability with respect to our line of credit by the amount of the letters of credit, totaling $18,270,000 ($17,736,000 at December 31, 2008). On February 12, 2009, we acquired $110,223,000 face amount ($113,736,000 book value) of our existing unsecured notes pursuant to a tender offer for an aggregate of $109,622,000 in cash (including costs associated with the tender of $414,000) plus accrued interest. In connec

Noncontrolling Interests in Sub

Noncontrolling Interests in Subsidiaries
	9 Months Ended Sep. 30, 2009 USD / shares
Noncontrolling Interests in Subsidiaries
Noncontrolling Interest Disclosure [Text Block]	7. Noncontrolling Interests in Subsidiaries In consolidation, we classify ownership interests in the net assets of each of the Consolidated Entities, other than our own, as noncontrolling interests in subsidiaries. Interests that have the ability to require us, except in an entity liquidation, to redeem the underlying securities for cash, assets, or other securities that would not also be classified as equity are presented on our balance sheet outside of equity. At the end of each reporting period, if the book value is less than the estimated amount to be paid upon a redemption occurring on the related balance sheet date, these interests are increased to adjust to their estimated liquidation value (which approximates fair value), with the offset against retained earnings. All other noncontrolling interests in subsidiaries are presented as a component of equity, permanent noncontrolling interests in subsidiaries. Redeemable Noncontrolling Interests in Subsidiaries At September 30, 2009, the Other Redeemable Noncontrolling Interests in Subsidiaries represent equity interests in three entities that own in aggregate 14 self-storage facilities. At December 31, 2008, these interests were increased and retained earnings (deficit) was decreased by a total of $6,469,000 in connection with the implementation of SFAS No. 160, to adjust to their estimated liquidation value (which approximates fair value). We estimate the amount to be paid upon redemption of these interests by applying the related provisions of the governing documents to our estimate of the fair value of the underlying net assets (principally real estate assets). During the three and nine months ended September 30, 2009, we allocated a total of $247,000 and $753,000, respectively, in income to these interests. During the same periods in 2008, we allocated a total of $310,000 and $823,000, respectively, of income to these interests. During the nine months ended September30, 2009, these interests were increased by $256,000 to adjust to their estimated liquidation value (which approximates fair value). During the nine months ended September 30, 2009 and 2008, we paid distributions to these interests totaling $976,000 and $926,000, respectively. In 2007, we sold an approximately 0.6% common equity interest in Shurgard Europe to various officers of the Company (the PS Officers), other than our chief executive officer. For periods commencing from the sale of the interest through March 31, 2008, the PS Officers were allocated their pro rata share of the earnings of Shurgard Europe, and this was included in Other Redeemable noncontrolling interests in subsidiaries. As described in Note 3, on March31, 2008, we deconsolidated Shurgard Europe and, as a result, noncontrolling interests in subsidiaries with respect to the PS Officers investment was eliminated. See Note 5 under Investment in Shurgard Europe for further historical information regarding Shurgard Europe. Permanent Noncontrolling Interests in Subsidiaries At September 30, 2009, the Other Permanent Noncontrolling Interests in Subsidiaries represent equity interests in 28 entities that own an aggregate of 94 self-storage fa

Public Storage Shareholders' Eq

Public Storage Shareholders' Equity
	9 Months Ended Sep. 30, 2009 USD / shares
Public Storage Shareholders' Equity
Stockholders' Equity Note Disclosure [Text Block]	8. Public Storage Shareholders Equity Cumulative Preferred Shares At September 30, 2009 and December 31, 2008, we had the following series of Cumulative Preferred Shares of beneficial interest outstanding: At September 30, 2009 At December 31, 2008 Series Earliest Redemption Date Dividend Rate Shares Outstanding Liquidation Preference Shares Outstanding Liquidation Preference (Dollar amounts in thousands) Series V 9/30/07 7.500 % 6,200 $ 155,000 6,900 $ 172,500 Series W 10/6/08 6.500 % 5,300 132,500 5,300 132,500 Series X 11/13/08 6.450 % 4,800 120,000 4,800 120,000 Series Y 1/2/09 6.850 % 750,900 18,772 750,900 18,772 Series Z 3/5/09 6.250 % 4,500 112,500 4,500 112,500 Series A 3/31/09 6.125 % 4,600 115,000 4,600 115,000 Series B 6/30/09 7.125 % 4,350 108,750 4,350 108,750 Series C 9/13/09 6.600 % 4,425 110,625 4,600 115,000 Series D 2/28/10 6.180 % 5,400 135,000 5,400 135,000 Series E 4/27/10 6.750 % 5,650 141,250 5,650 141,250 Series F 8/23/10 6.450 % 9,893 247,325 10,000 250,000 Series G 12/12/10 7.000 % 4,000 100,000 4,000 100,000 Series H 1/19/11 6.950 % 4,200 105,000 4,200 105,000 Series I 5/3/11 7.250 % 20,700 517,500 20,700 517,500 Series K 8/8/11 7.250 % 16,990 424,756 16,990 424,756 Series L 10/20/11 6.750 % 8,267 206,665 8,267 206,665 Series M 1/9/12 6.625 % 19,065 476,634 19,065 476,634 Series N 7/2/12 7.000 % 6,900 172,500 6,900 172,500 Total Cumulative Preferred Shares 886,140 $ 3,399,777 887,122 $ 3,424,327 The holders of our Cumulative Preferred Shares have general preference rights with respect to liquidation and quarterly distributions. Holders of the preferred shares, except under certain conditions and as noted below, will not be entitled to vote on most matters. In the event of a cumulative arrearage equal to six quarterly dividends, holders of all outstanding series of preferred shares (voting as a single class without regard to series) will have the right to elect two additional members to serve on our Board of Trustees until events of default have been cured. At September 30, 2009, there were no dividends in arrears. Except under certain conditions relating to the Companys qualification as a REIT, the Cumulative Preferred Shares are not redeemable prior the dates indicated on the table above. On or after the respective dates, each of the series of Cumulative Preferred Shares will be redeemable, at the option of the Company, in whole or in part, at $25.00 per share (or depositary share as the case m

Related Party Transactions

Related Party Transactions
	9 Months Ended Sep. 30, 2009 USD / shares
Related Party Transactions
Related Party Transactions Disclosure [Text Block]	9. Related Party Transactions Mr. Hughes, Public Storages Chairman of the Board of Trustees, and his family (collectively the Hughes Family) have ownership interests in, and operate approximately 51 self-storage facilities in Canada using the Public Storage brand name (PS Canada) pursuant to a royalty-free trademark license agreement with Public Storage. We currently do not own any interests in these facilities nor do we own any facilities in Canada. The Hughes Family owns approximately 18% of our common shares outstanding at September 30, 2009. We have a right of first refusal to acquire the stock or assets of the corporation that manages the 51 self-storage facilities in Canada, if the Hughes Family or the corporation agrees to sell them. However, we have no interest in the operations of this corporation, we have no right to acquire this stock or assets unless the Hughes Family decides to sell and we receive no benefit from the profits and increases in value of the Canadian self-storage facilities. We reinsure risks relating to loss of goods stored by tenants in the self-storage facilities in Canada. During the nine months ended September 30, 2009 and 2008, we received $479,000 and $649,000 (based upon historical exchange rates between the U.S. Dollar and Canadian Dollar in effect as the revenues were earned), respectively, in reinsurance premiums attributable to the Canadian facilities. Since our right to provide tenant reinsurance to the Canadian facilities may be qualified, there is no assurance that these premiums will continue. Public Storage and Mr. Hughes are co-general partners in certain consolidated partnerships and affiliated partnerships of Public Storage that are not consolidated. The Hughes Family owns 47.9% of the voting stock and Public Storage holds 46% of the voting and 100% of the nonvoting stock (representing substantially all the economic interest) of a private REIT. The private REIT owns limited partnership interests in five affiliated partnerships. The Hughes Family also owns limited partnership interests in certain of these partnerships and holds securities in PSB. PS Canada holds approximately a 1.2% interest in Stor-RE, a consolidated entity that provides liability and casualty insurance for PS Canada, Public Storage and certain affiliates of Public Storage, for occurrences prior to April 1, 2004 as described below. Public Storage and the Hughes Family receive distributions from these entities in accordance with the terms of the partnership agreements or other organizational documents. From time to time, the Company and the Hughes Family have acquired limited partnership units from limited partners of the Companys consolidated partnerships. In connection with the acquisition in 1998 and 1999 of a total of 638 limited partnership units by Tamara Hughes Gustavson and H-G Family Corp., a company owned by Hughes Family members, the Company was granted an option to acquire the limited partnership units acquired at cost, plus expenses. During the fourth quarter of 2008, the Company exercised its option to acquire the units for a total purchase price of approximately $239,000. The transaction was approved by th

Share-Based Compensation

Share-Based Compensation
	9 Months Ended Sep. 30, 2009 USD / shares
Share-Based Compensation
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	10. Share-Based Compensation Stock Options We have various stock option plans (collectively referred to as the PS Plans). Under the PS Plans, the Company has granted non-qualified options to certain trustees, officers and key employees to purchase the Companys common shares at a price equal to the fair market value of the common shares at the date of grant. Generally, options granted after December 31, 2002 vest generally over a five-year period and expire between eight years and ten years after the date they became exercisable. The PS Plans also provide for the grant of restricted shares (see below) to officers, key employees and service providers on terms determined by an authorized committee of our Board. We recognize compensation expense for share-based awards based upon their fair value on the date of grant amortized over the applicable vesting period (the Fair Value Method), net of estimates for future forfeitures. For the three and nine months ended September 30, 2009, we recorded $900,000 and $2,400,000, respectively, in stock option compensation expense related to options granted after January 1, 2002, as compared to $904,000 and $2,271,000 for the same periods in 2008. A total of 1,485,000 stock options were granted during the nine months ended September 30, 2009, 42,662 shares were exercised, and 118,000 shares were forfeited. A total of 3,721,670 stock options were outstanding at September 30, 2009 (2,397,332 at December 31, 2008). Outstanding stock options are included on a one-for-one basis in our diluted weighted average shares, less a reduction for the treasury stock method applied to a) the average cumulative measured but unrecognized compensation expense during the period and b) the strike price proceeds expected from the employee upon exercise. Restricted Share Units Outstanding restricted share units vest over a five or eight-year period from the date of grant ratably. The employee receives additional compensation equal to the per-share dividends received by common shareholders with respect to restricted share units outstanding. Such compensation is accounted for as dividends paid. Any dividends paid on units which are subsequently forfeited are expensed. Upon vesting, the employee receives common shares equal to the number of vested restricted share units in exchange for the units. The total value of each restricted share unit grant, based upon the market price of our common shares at the date of grant, is amortized over the service period, net of estimates for future forfeitures, as compensation expense. The related employer portion of payroll taxes is expensed as incurred. During the nine months ended September 30, 2009, 105,050 restricted share units were granted, 62,753 restricted share units were forfeited and 111,803 restricted share units vested. This vesting resulted in the issuance of 70,026 common shares. In addition, cash compensation totaling $3,082,000 was paid to employees in lieu of 41,777 common shares based upon the market value of the shares at the date of vesting, and used to settle the employees tax liability generated by the vesting. At September 30, 2009, approximately 560,706

Segment Information

Segment Information
	9 Months Ended Sep. 30, 2009 USD / shares
Segment Information
Segment Reporting Disclosure [Text Block]	11. Segment Information Our reportable segments reflect significant operating activities that are evaluated separately by management, and are organized based upon their operating characteristics. Each of our segments is evaluated by management based upon net segment income. Net segment income represents net income in conformity with GAAP and our significant accounting policies as denoted in Note 2. We had previously grouped our Commercial Segment with other ancillary activities such as reinsurance of policies against losses to goods stored by tenants in our self-storage facilities, merchandise sales, truck rentals, and containerized storage. Due to the termination of our containerized storage and truck rental operations, these other ancillary activities as a group have become less significant and as a result are no longer allocated to a particular reportable segment. We have adjusted the classification of the Presentation of Segment Information below with respect to prior periods to be consistent with our current segment definition. Following is the description of and basis for presentation for each of our segments. Domestic Self Storage Segment The Domestic Self-Storage Segment comprises our domestic self-storage rental operations, and is our predominant segment. It includes the operations of the 1,991 self storage facilities owned by the Company and the Consolidated Entities, as well as our equity share of the 19 self-storage facilities that we account for on the equity method. None of our interest and other income, interest expense or the related debt, general and administrative expense, or gains and losses on the sale of self-storage facilities is allocated to our Domestic Self-Storage segment because management does not consider these items in evaluating the results of operations of the Domestic Self-Storage segment. At September 30, 2009, the assets of the Domestic Self-Storage segment are comprised principally of our self-storage facilities with a book value of $7.6 billion ($7.8 billion at December 31, 2008), Tenant Intangibles with a book value of approximately $20.5 million ($33.2 million at December 31, 2008), and the Other Investments with a net book value of $14.0 million ($14.8 million at December 31, 2008). Substantially all of our other assets totaling $104.9 million, and our accrued and other liabilities totaling $236.5 million, ($109.9 million and $212.4 million, respectively, at December 31, 2008) are directly associated with the Domestic Self-Storage segment. Europe Self-Storage Segment The Europe Self-Storage segment comprises our interest in Shurgard Europe, which has a separate management team that makes the financing, capital allocation, and other significant decisions for this operation. The Europe Self-Storage segment presentation includes all of the revenues, expenses, and operations of Shurgard Europe to the extent consolidated in our financial statements, and for periods following the deconsolidation of Shurgard Europe, includes our equity share of Shurgard Europes operations, the interest and other income received from Shurgard Europe, as well as specific general and administrative expense, dispo

Commitments and Contingencies

Commitments and Contingencies
	9 Months Ended Sep. 30, 2009 USD / shares
Commitments and Contingencies
Commitments and Contingencies Disclosure [Text Block]	12. Commitments and Contingencies Legal Matters Brinkley v. Public Storage, Inc. (filed April 2005) (Superior Court of California Los Angeles County) The plaintiff sued the Company on behalf of a purported class of California non-exempt employees based on various California wage and hour laws and seeking monetary damages and injunctive relief. In May 2006, a motion for class certification was filed seeking to certify five subclasses. Plaintiff sought certification for alleged meal period violations, rest period violations, failure to pay for travel time, failure to pay for mileage reimbursement, and for wage statement violations. In October 2006, the Court declined to certify three out of the five subclasses. The Court did, however, certify subclasses based on alleged meal period and wage statement violations. Subsequently, the Company filed a motion for summary judgment seeking to dismiss the matter in its entirety. On June 22, 2007, the Court granted the Companys summary judgment motion as to the causes of action relating to the subclasses certified and dismissed those claims. The only surviving claims are those relating to the named plaintiff. The plaintiff has filed an appeal to the Courts June 22, 2007 summary judgment ruling. On October 28, 2008, the Court of Appeals sustained the trial courts ruling. The plaintiff filed a petition for review with the California Supreme Court, which was granted but further action in this matter was deferred pending consideration and disposition of a related issue in Brinker Restaurant Corp. v. Superior Court which is currently pending before the California Supreme Court. Other Items We are a party to various claims, complaints, and other legal actions that have arisen in the normal course of business from time to time that are not described above. We believe that it is unlikely that the outcome of these other pending legal proceedings including employment and tenant claims, in the aggregate, will have a material adverse impact upon our operations or financial position. Insurance and Loss Exposure We have historically carried customary property, earthquake, general liability and workers compensation coverage through internationally recognized insurance carriers, subject to customary levels of deductibles. The aggregate limits on these policies of $75 million for property coverage and $102million for general liability are higher than estimates of maximum probable loss that could occur from individual catastrophic events determined in recent engineering and actuarial studies; however, in case of multiple catastrophic events, these limits could be exhausted. Our tenant insurance program reinsures a program that provides insurance to certificate holders against claims for property losses due to specific named perils (earthquakes and floods are not covered by these policies) to goods stored by tenants at our self-storage facilities for individual limits up to a maximum of $5,000. We have third-party insurance coverage for claims paid exceeding $1,000,000 resulting from any one individual event, to a limit of $25,000,000. At September 30, 2009, there were approximately 596,000 certificate

Subsequent Events

Subsequent Events
	9 Months Ended Sep. 30, 2009 USD / shares
Subsequent Events
Schedule of Subsequent Events [Text Block]	13. Subsequent Events Effective October 31, 2009, we extended the maturity date to March 31, 2013 for our existing 391.9million ($571.8 million at September 30, 2009) loan to Shurgard Europe. Under the terms of the extension, the existing 7.5% rate of interest increased to 9.0% per annum (effective November 1, 2009). All other material terms and covenants remain the same.

Document Information

Document Information
	9 Months Ended Sep. 30, 2009 USD / shares
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	2009-09-30

Entity Information

Entity Information (USD $)
	9 Months Ended Sep. 30, 2009	Nov. 05, 2009
Entity Information [Line Items]
Entity Registrant Name	Public Storage
Entity Central Index Key	0001393311
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float	$10,093,560,000
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding		169,539,239