Public Storage (PSA) 10-K 1 Mar 10 2009 FY Annual report Financial data

Consolidated Balance Sheets

Consolidated Balance Sheets (USD $)
In Thousands	Dec. 31, 2009	Dec. 31, 2008
ASSETS
Cash and cash equivalents	$763,789	$680,701
Real estate facilities, at cost:
Land	2,717,368	2,716,254
Buildings	7,575,587	7,490,768
Real estate facilities, gross	10,292,955	10,207,022
Accumulated depreciation	(2,734,449)	(2,405,473)
Real estate facilities, net	7,558,506	7,801,549
Construction in process	3,527	20,340
Total real estate facilities	7,562,033	7,821,889
Investment in real estate entities	612,316	544,598
Goodwill, net	174,634	174,634
Intangible assets, net	38,270	52,005
Loan receivable from Shurgard Europe	561,703	552,361
Other assets	92,900	109,857
Total assets	9,805,645	9,936,045
LIABILITIES AND EQUITY
Notes payable	518,889	643,811
Accrued and other liabilities	212,253	212,353
Total liabilities	731,142	856,164
Redeemable noncontrolling interests in subsidiaries (Note 7)	13,122	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, 168,405,539 shares issued and outstanding (168,279,732 at December 31, 2008)	16,842	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	5,680,549	5,590,093
Accumulated deficit	(153,759)	(290,323)
Accumulated other comprehensive loss	(15,002)	(31,931)
Total Public Storage shareholders' equity	8,928,407	8,708,995
Equity of permanent noncontrolling interests in subsidiaries (Note 7)	132,974	358,109
Total equity	9,061,381	9,067,104
Total liabilities and equity	9,805,645	9,936,045
Cumulative Preferred Shares | Preferred Stock [Member]
Equity:
Total equity	3,399,777	3,424,327
Common Shares (CommonStockMember) | Common Shares (CommonStockMember)
Equity:
Total equity	$16,842	$16,829

Consolidated Balance Sheets [Pa

Consolidated Balance Sheets [Parentheticals] (USD $)
In Hundreds, except Share data, unless otherwise specified	12 Months Ended Dec. 31, 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	168,405,539	168,279,732
Shares outstanding	168,405,539	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

Consolidated Statements of Inco

Consolidated Statements of Income (USD $)
In Thousands, unless otherwise specified	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Revenues:
Self-storage facilities	$1,490,292	$1,579,017	$1,660,304
Ancillary operations	107,597	108,421	115,481
Interest and other income	29,813	36,155	11,417
Total revenue	1,627,702	1,723,593	1,787,202
Expenses:
Self-storage facilities	486,928	519,090	579,193
Ancillary operations	36,011	36,528	51,961
Depreciation and amortization	340,233	411,981	619,598
General and administrative	35,735	62,809	59,749
Interest expense	29,916	43,944	63,671
Total expenses	928,823	1,074,352	1,374,172
Income from continuing operations before equity in earnings of real estate entities, gains on disposition of real estate investments, net, casualty (loss) gain, gain on early retirement of debt and foreign currency exchange gain (loss)	698,879	649,241	413,030
Equity in earnings of real estate entities	53,244	20,391	12,738
Gains on disposition of real estate investments, net	33,426	336,545	2,547
Casualty (loss) gain	0	(525)	2,665
Gain on early retirement of debt	4,114	0	0
Foreign currency exchange gain (loss)	9,662	(25,362)	58,444
Income from continuing operations	799,325	980,290	489,424
Discontinued operations	(8,869)	(6,418)	(2,346)
Net income	790,456	973,872	487,078
Net income allocated (to) from noncontrolling interests in subsidiaries:
Based upon income of the subsidiaries	(27,835)	(38,696)	(29,543)
Based upon repurchases of preferred partnership units	72,000	0	0
Net income allocable to Public Storage shareholders	834,621	935,176	457,535
Allocation of net income to (from) Public Storage shareholders:
Preferred shareholders based on distributions paid	232,431	239,721	236,757
Preferred shareholders based on repurchases	(6,218)	(33,851)	0
Equity Shares, Series A	20,524	21,199	21,424
Restricted share units	1,918	2,304	376
Common shareholders	585,966	705,803	198,978
Net income allocable to Public Storage shareholders	834,621	935,176	457,535
Net income per common share - basic
Continuing operations	3.53	4.23	1.19
Discontinued operations	-0.05	-0.04	-0.01
Net income per common share - basic, total	3.48	4.19	1.18
Net income per common share - diluted
Continuing operations	3.52	4.22	1.18
Discontinued operations	-0.05	-0.04	-0.01
Net income per common share - diluted, total	3.47	4.18	1.17
Basic weighted average common shares outstanding	168,358	168,250	169,342
Diluted weighted average common shares outstanding	168,768	168,675	169,850
Equity Shares, Series A (basic and diluted)
Net income per share	2.45	2.45	2.45
Weighted average depositary shares	8,377	8,652	8,744
Cumulative Preferred Shares | Preferred Stock [Member]
Expenses:
Net income	0	0	0
Common Shares (CommonStockMember) | Common Shares (CommonStockMember)
Expenses:
Net income	$0	$0	$0

Consolidated Statements of Equi

Consolidated Statements of Equity (USD $)
In Thousands	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Balance	$9,067,104	$9,263,256	$8,707,223
Issuance of cumulative preferred shares (26,900 shares)			651,892
Repurchase of cumulative preferred shares (Note 8)	(17,535)	(66,879)
Repurchase of Equity Shares, Series A (Note 8)		(7,707)
Repurchase of preferred partnership units (Note 7)	(153,000)
Issuance of common shares in connection with share-based compensation (Note 10)	2,192	10,890	8,457
Repurchase of common shares (Note 8)		(111,903)
Share-based compensation expense, net of cash compensation in lieu of common shares (Note 10)	9,262	8,430	4,647
Disposition of permanent noncontrolling interests in subsidiaries, net (Note 7)			3,033
Adjustments of redeemable noncontrolling interests in subsidiaries to liquidation value (Note 7)	(1,392)	(6,469)
Deconsolidation of permanent noncontrolling interests in subsidiaries due to disposition of an interest (Note 7)		(148,901)
Net income	790,456	973,872	487,078
Net income allocated to (Note 7):
Redeemable noncontrolling interests in subsidiaries	(993)	(1,083)	(800)
Permanent noncontrolling equity interests	0	0	0
Distributions to equity holders:
Cumulative preferred shares (Note 8)	(232,431)	(239,721)	(236,757)
Permanent noncontrolling interests in subsidiaries	(26,977)	(37,993)	(40,567)
Equity Shares, Series A (depositary share)	(20,524)	(21,199)	(21,424)
Holders of unvested restricted share units	(1,306)	(1,933)	(1,313)
Common Shares	(370,404)	(470,823)	(338,689)
Other comprehensive (loss) income: (Note 2)	16,929	(74,733)	40,476
Balance	9,061,381	9,067,104	9,263,256
Cumulative Preferred Shares | Preferred Stock [Member]
Balance	3,424,327	3,527,500	2,855,000
Issuance of cumulative preferred shares (26,900 shares)			672,500
Repurchase of cumulative preferred shares (Note 8)	(24,550)	(103,173)
Repurchase of Equity Shares, Series A (Note 8)		0
Repurchase of preferred partnership units (Note 7)	0
Issuance of common shares in connection with share-based compensation (Note 10)	0	0	0
Repurchase of common shares (Note 8)		0
Share-based compensation expense, net of cash compensation in lieu of common shares (Note 10)	0	0	0
Disposition of permanent noncontrolling interests in subsidiaries, net (Note 7)			0
Adjustments of redeemable noncontrolling interests in subsidiaries to liquidation value (Note 7)	0	0
Deconsolidation of permanent noncontrolling interests in subsidiaries due to disposition of an interest (Note 7)		0
Net income	0	0	0
Net income allocated to (Note 7):
Redeemable noncontrolling interests in subsidiaries	0	0	0
Permanent noncontrolling equity interests	0	0	0
Distributions to equity holders:
Cumulative preferred shares (Note 8)	0	0	0
Permanent noncontrolling interests in subsidiaries	0	0	0
Equity Shares, Series A (depositary share)	0	0	0
Holders of unvested restricted share units	0	0	0
Common Shares	0	0	0
Other comprehensive (loss) income: (Note 2)	0	0	0
Balance	3,399,777	3,424,327	3,527,500
Common Shares (CommonStockMember) | Common Shares (CommonStockMember)
Balance	16,829	16,943	16,915
Issuance of cumulative preferred shares (26,900 shares)			0
Repurchase of cumulative preferred shares (Note 8)	0	0
Repurchase of Equity Shares, Series A (Note 8)		0
Repurchase of preferred partnership units (Note 7)	0
Issuance of common shares in connection with share-based compensation (Note 10)	13	38	28
Repurchase of common shares (Note 8)		(152)
Share-based compensation expense, net of cash compensation in lieu of common shares (Note 10)	0	0	0
Disposition of permanent noncontrolling interests in subsidiaries, net (Note 7)			0
Adjustments of redeemable noncontrolling interests in subsidiaries to liquidation value (Note 7)	0	0
Deconsolidation of permanent noncontrolling interests in subsidiaries due to disposition of an interest (Note 7)		0
Net income	0	0	0
Net income allocated to (Note 7):
Redeemable noncontrolling interests in subsidiaries	0	0	0
Permanent noncontrolling equity interests	0	0	0
Distributions to equity holders:
Cumulative preferred shares (Note 8)	0	0	0
Permanent noncontrolling interests in subsidiaries	0	0	0
Equity Shares, Series A (depositary share)	0	0	0
Holders of unvested restricted share units	0	0	0
Common Shares	0	0	0
Other comprehensive (loss) income: (Note 2)	0	0	0
Balance	16,842	16,829	16,943
Paid-in Capital
Balance	5,590,093	5,653,975	5,661,507
Issuance of cumulative preferred shares (26,900 shares)			(20,608)
Repurchase of cumulative preferred shares (Note 8)	7,015	36,294
Repurchase of Equity Shares, Series A (Note 8)		(7,707)
Repurchase of preferred partnership units (Note 7)	72,000
Issuance of common shares in connection with share-based compensation (Note 10)	2,179	10,852	8,429
Repurchase of common shares (Note 8)		(111,751)
Share-based compensation expense, net of cash compensation in lieu of common shares (Note 10)	9,262	8,430	4,647
Disposition of permanent noncontrolling interests in subsidiaries, net (Note 7)			0
Adjustments of redeemable noncontrolling interests in subsidiaries to liquidation value (Note 7)	0	0
Deconsolidation of permanent noncontrolling interests in subsidiaries due to disposition of an interest (Note 7)		0
Net income	0	0	0
Net income allocated to (Note 7):
Redeemable noncontrolling interests in subsidiaries	0	0	0
Permanent noncontrolling equity interests	0	0	0
Distributions to equity holders:
Cumulative preferred shares (Note 8)	0	0	0
Permanent noncontrolling interests in subsidiaries	0	0	0
Equity Shares, Series A (depositary share)	0	0	0
Holders of unvested restricted share units	0	0	0
Common Shares	0	0	0
Other comprehensive (loss) income: (Note 2)	0	0	0
Balance	5,680,549	5,590,093	5,653,975
Accumulated Deficit
Balance	(290,323)	(485,354)	(344,706)
Issuance of cumulative preferred shares (26,900 shares)			0
Repurchase of cumulative preferred shares (Note 8)	0	0
Repurchase of Equity Shares, Series A (Note 8)		0
Repurchase of preferred partnership units (Note 7)	0
Issuance of common shares in connection with share-based compensation (Note 10)	0	0	0
Repurchase of common shares (Note 8)		0
Share-based compensation expense, net of cash compensation in lieu of common shares (Note 10)	0	0	0
Disposition of permanent noncontrolling interests in subsidiaries, net (Note 7)			0
Adjustments of redeemable noncontrolling interests in subsidiaries to liquidation value (Note 7)	(1,392)	(6,469)
Deconsolidation of permanent noncontrolling interests in subsidiaries due to disposition of an interest (Note 7)		0
Net income	790,456	973,872	487,078
Net income allocated to (Note 7):
Redeemable noncontrolling interests in subsidiaries	(993)	(1,083)	(800)
Permanent noncontrolling equity interests	(26,842)	(37,613)	(28,743)
Distributions to equity holders:
Cumulative preferred shares (Note 8)	(232,431)	(239,721)	(236,757)
Permanent noncontrolling interests in subsidiaries	0	0	0
Equity Shares, Series A (depositary share)	(20,524)	(21,199)	(21,424)
Holders of unvested restricted share units	(1,306)	(1,933)	(1,313)
Common Shares	(370,404)	(470,823)	(338,689)
Other comprehensive (loss) income: (Note 2)	0	0	0
Balance	(153,759)	(290,323)	(485,354)
Accumulated Other Comprehensive (Loss) Income
Balance	(31,931)	50,065	19,329
Issuance of cumulative preferred shares (26,900 shares)			0
Repurchase of cumulative preferred shares (Note 8)	0	0
Repurchase of Equity Shares, Series A (Note 8)		0
Repurchase of preferred partnership units (Note 7)	0
Issuance of common shares in connection with share-based compensation (Note 10)	0	0	0
Repurchase of common shares (Note 8)		0
Share-based compensation expense, net of cash compensation in lieu of common shares (Note 10)	0	0	0
Disposition of permanent noncontrolling interests in subsidiaries, net (Note 7)			0
Adjustments of redeemable noncontrolling interests in subsidiaries to liquidation value (Note 7)	0	0
Deconsolidation of permanent noncontrolling interests in subsidiaries due to disposition of an interest (Note 7)		0
Net income	0	0	0
Net income allocated to (Note 7):
Redeemable noncontrolling interests in subsidiaries	0	0	0
Permanent noncontrolling equity interests	0	0	0
Distributions to equity holders:
Cumulative preferred shares (Note 8)	0	0	0
Permanent noncontrolling interests in subsidiaries	0	0	0
Equity Shares, Series A (depositary share)	0	0	0
Holders of unvested restricted share units	0	0	0
Common Shares	0	0	0
Other comprehensive (loss) income: (Note 2)	16,929	(81,996)	30,736
Balance	(15,002)	(31,931)	50,065
Total Public Storage Shareholders' Equity
Balance	8,708,995	8,763,129	8,208,045
Issuance of cumulative preferred shares (26,900 shares)			651,892
Repurchase of cumulative preferred shares (Note 8)	(17,535)	(66,879)
Repurchase of Equity Shares, Series A (Note 8)		(7,707)
Repurchase of preferred partnership units (Note 7)	72,000
Issuance of common shares in connection with share-based compensation (Note 10)	2,192	10,890	8,457
Repurchase of common shares (Note 8)		(111,903)
Share-based compensation expense, net of cash compensation in lieu of common shares (Note 10)	9,262	8,430	4,647
Disposition of permanent noncontrolling interests in subsidiaries, net (Note 7)			0
Adjustments of redeemable noncontrolling interests in subsidiaries to liquidation value (Note 7)	(1,392)	(6,469)
Deconsolidation of permanent noncontrolling interests in subsidiaries due to disposition of an interest (Note 7)		0
Net income	790,456	973,872	487,078
Net income allocated to (Note 7):
Redeemable noncontrolling interests in subsidiaries	(993)	(1,083)	(800)
Permanent noncontrolling equity interests	(26,842)	(37,613)	(28,743)
Distributions to equity holders:
Cumulative preferred shares (Note 8)	(232,431)	(239,721)	(236,757)
Permanent noncontrolling interests in subsidiaries	0	0	0
Equity Shares, Series A (depositary share)	(20,524)	(21,199)	(21,424)
Holders of unvested restricted share units	(1,306)	(1,933)	(1,313)
Common Shares	(370,404)	(470,823)	(338,689)
Other comprehensive (loss) income: (Note 2)	16,929	(81,996)	30,736
Balance	8,928,407	8,708,995	8,763,129
Equity of Permanent Noncontrolling Interests in Subsidiaries
Balance	358,109	500,127	499,178
Issuance of cumulative preferred shares (26,900 shares)			0
Repurchase of cumulative preferred shares (Note 8)	0	0
Repurchase of Equity Shares, Series A (Note 8)		0
Repurchase of preferred partnership units (Note 7)	(225,000)
Issuance of common shares in connection with share-based compensation (Note 10)	0	0	0
Repurchase of common shares (Note 8)		0
Share-based compensation expense, net of cash compensation in lieu of common shares (Note 10)	0	0	0
Disposition of permanent noncontrolling interests in subsidiaries, net (Note 7)			3,033
Adjustments of redeemable noncontrolling interests in subsidiaries to liquidation value (Note 7)	0	0
Deconsolidation of permanent noncontrolling interests in subsidiaries due to disposition of an interest (Note 7)		(148,901)
Net income	0	0	0
Net income allocated to (Note 7):
Redeemable noncontrolling interests in subsidiaries	0	0	0
Permanent noncontrolling equity interests	26,842	37,613	28,743
Distributions to equity holders:
Cumulative preferred shares (Note 8)	0	0	0
Permanent noncontrolling interests in subsidiaries	(26,977)	(37,993)	(40,567)
Equity Shares, Series A (depositary share)	0	0	0
Holders of unvested restricted share units	0	0	0
Common Shares	0	0	0
Other comprehensive (loss) income: (Note 2)	0	7,263	9,740
Balance	$132,974	$358,109	$500,127

1_Consolidated Statements of Eq

Consolidated Statements of Equity [Parentheticals] (USD $)
	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Condensed Statements of Equity [Parentheticals]
Repurchase of cumulative preferred shares, shares	982,000	852,378	0
Repurchase of Equity Shares, Series A	0	367,000	0
Issuance of common shares in connection with share-based compensation, shares	125,807	377,453	278,008
Equity Shares, Series A, depositary shares	2.45	2.45	2.45
Common Shares	2.2	2.8	2

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (USD $)
In Thousands	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Cash flows from operating activities:
Net income	$790,456	$973,872	$487,078
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on disposition of real estate investments, including amounts in discontinued operations	(39,444)	(336,545)	(6,883)
Gain on early retirement of debt	(4,114)	0	0
Impairment charge on intangible asset included in discontinued operations	8,205	0	0
Depreciation and amortization, including amounts in discontinued operations	342,127	414,201	622,894
Distributions received from real estate entities (less than) in excess of equity in earnings of real estate entities	(3,836)	23,064	10,868
Foreign currency exchange (gain) loss	(9,662)	25,362	(58,444)
Other	29,125	(22,983)	(7,861)
Total adjustments	322,401	103,099	560,574
Net cash provided by operating activities	1,112,857	1,076,971	1,047,652
Cash flows from investing activities:
Capital improvements to real estate facilities	(62,352)	(76,311)	(69,102)
Construction in process	(14,165)	(74,611)	(122,320)
Acquisitions of real estate facilities	0	(43,569)	(72,787)
Acquisition of common stock of PS Business Parks	(17,825)	0	0
Proceeds from sales of real estate and other real estate investments	11,596	2,227	8,708
Proceeds from the disposition of interest in Shurgard Europe (Note 3)	0	609,059	0
Deconsolidation of Shurgard Europe (Note 3)	0	(34,588)	0
Investment in Shurgard Europe	0	(54,702)	0
Sale of real estate investments to affiliates (Note 7)	0	0	4,909
Acquisition of redeemable noncontrolling interests in subsidiaries	(750)	0	0
Other investing activities	(7,913)	12,513	(11,284)
Net cash (used in) provided by investing activities	(91,409)	340,018	(261,876)
Net cash flows from financing activities:
Principal payments on notes payable	(7,504)	(62,877)	(508,942)
Redemption of senior unsecured notes payable	(109,622)	0	0
Issuance of secured note payable	0	12,750	0
Net repayments on bank credit facilities	0	0	345,000
Proceeds from borrowing on debt of Existing European Joint Ventures	0	14,654	54,081
Net proceeds from the issuance of common shares	2,192	10,890	8,457
Net proceeds from the issuance of cumulative preferred shares	0	0	651,892
Repurchases of common shares	0	(111,903)	0
Repurchases of cumulative preferred shares	(17,535)	(66,879)	(302,150)
Repurchases of Equity Shares, Series A	0	(7,707)	0
Repurchases of permanent noncontrolling interests	(153,000)	0	0
Distributions paid to Public Storage shareholders	(624,665)	(733,676)	(598,183)
Distributions paid to redeemable noncontrolling interests	(1,290)	(1,335)	(1,092)
Distributions paid to permanent noncontrolling equity interests	(26,977)	(37,993)	(40,567)
Net cash used in financing activities	(938,401)	(984,076)	(1,081,504)
Net increase (decrease) in cash and cash equivalents	83,047	432,913	(295,728)
Net effect of foreign exchange translation on cash	41	2,344	5,488
Cash and cash equivalents at the beginning of the year	680,701	245,444	535,684
Cash and cash equivalents at the end of the year	763,789	680,701	245,444
Cumulative Preferred Shares | Preferred Stock [Member]
Cash flows from operating activities:
Net income	0	0	0
Common Shares (CommonStockMember) | Common Shares (CommonStockMember)
Cash flows from operating activities:
Net income	0	0	0
Foreign currency translation adjustment [Member]
Supplemental schedule of non cash investing and financing activities:
Real estate facilities, net of accumulated depreciation	(1,444)	(90,921)	(127,456)
Construction in process	0	(957)	(4,623)
Investment in real estate entities	(15,764)	63,495	0
Intangible assets, net	0	(4,528)	(6,226)
Loan receivable from Shurgard Europe	(9,342)	66,461	0
Other assets	0	(3,756)	(7,070)
Notes payable	0	28,912	38,116
Accrued and other liabilities	0	5,879	13,827
Permanent noncontrolling interests in subsidiaries	0	7,263	9,740
Accumulated other comprehensive income (loss)	26,591	(69,504)	89,180
Real estate disposed of in exchange for other asset	2,941	0	0
Other asset received in exchange for disposal of real estate	(2,941)	0	0
Revaluation of redeemable noncontrolling interest [Member]
Supplemental schedule of non cash investing and financing activities:
Accumulated deficit	(1,392)	(6,469)	0
Redeemable noncontrolling interests	1,392	6,469	0
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	41,409
Construction in process	0	10,886	0
Investment in real estate entities	0	(588,801)	(23,079)
Loan receivable from Shurgard Europe	0	(618,822)	0
Intangible assets, net	0	78,135	1,816
Other assets	0	68,486	344
Notes payable	0	(424,995)	(19,329)
Accrued and other liabilities	0	(104,100)	(544)
Permanent noncontrolling equity interests in subsidiaries	0	(148,901)	(682)
Real estate acquired in exchange for assumption of note payable and extinguishment of investment	0	(12,388)	0
Note payable assumed in connection with the acquisition of real estate	0	10,250	0
Investment extinguished in exchange for real estate	0	2,138	0
Investment in real estate entities disposed in exchange for other asset	0	5,300	0
Other asset received in connection with disposal of real estate investment	0	(5,300)	0
Consolidation of entities in connection with the acquisition of an interest in the Unconsolidated Entities:[Member]
Supplemental schedule of non cash investing and financing activities:
Real estate facilities	0	0	(14,604)
Intangible assets	0	0	(1,048)
Notes payable	$0	$0	$6,681

Description of the Business

Description of the Business
	12 Months Ended Dec. 31, 2009 USD / shares
Description of the Business
Nature of Operations [Text Block]	1. Description of the 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 December 31, 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 188 self-storage facilities located in Europe which operate under the Shurgard Storage Centers name.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
	12 Months Ended Dec. 31, 2009 USD / shares
Summary of Significant Accounting Policies
Significant Accounting Policies [Text Block]	2. Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements are presented on an accrual basis in accordance with U.S. generally accepted accounting principles (GAAP) and include the accounts of the Company and our consolidated subsidiaries.All intercompany balances and transactions have been eliminated in consolidation. Certain amounts previously reported in our December 31, 2008 and 2007 financial statements have been reclassified to conform to the December 31, 2009 presentation, including discontinued operations, the grouping of the separate captions cumulative earnings and cumulative distributions into accumulated deficit on our consolidated balance sheet, as well as reclassifications required by newly implemented accounting standards described below. Adjustments due to accounting pronouncements becoming effective January 1, 2009 On January 1, 2009, accounting standards promulgated by the Financial Accounting Standards Board (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 equity of permanent noncontrolling interests in subsidiaries or redeemable noncontrolling interests in subsidiaries.These reclassifications increased equity by $351,640,000, increased accumulated 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 consolidated statement of income, income allocations to the aforementioned equity interests were reclassified from minority interest in income, a reduction to income, to net income allocated to noncontrolling interests in subsidiaries, an allocation of net income in calculating net income allocable to our common shareholders.These adjustments increased net income $38,696,000 and $29,543,000 for the years ended December 31, 2008 and 2007, respectively, but had no impact upon net income allocable to our common shareholders or on earnings per common share, as compared to amounts previously presented. In addition, FASB accounting standards became effective January 1, 2009 which required the two class method of allocating income with respect to our restricted share units to determine basic and diluted earnings per common share.Previously, all restricted share units were included in weighted average diluted shares, using the treasury stock method.This change resulted in a decrease in income allocable to our common shareholders of approximately $2,304,000 and $376,000, a decrease in diluted weighted average common shares outstanding of 208,000 and 297,000 and a decrease of $0.02 and $0.01 in basic and diluted earnings per common share, respectively, for the year ended December 31, 2008 as compared to amounts previously presented for the year end

Disposition of an Interest in S

Disposition of an Interest in Shurgard Europe
	12 Months Ended Dec. 31, 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 (Shurgard Holdings), a newly formed Delaware limited liability company and the holding company for Shurgard Europe.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 $302,228,000 for the pro rata portion of our March 31, 2008 investment that was sold, and a total of$344,685,000 was reflected on our consolidated statement of income as gains on disposition of real estate investments, net, representingi) the difference between the net proceeds received of $609,059,000 and the pro rata portion of our investment sold of $302,228,000, and ii) the realization of $37,854,000 in foreign exchange gains, representing 51% (the pro rata portion of Shurgard Europe that was sold) in cumulative foreign exchange gains for Shurgard Europe previously recognized in Other Comprehensive Income. The results of operations of Shurgard Europe have been included in our consolidated statements of income for the year ended December 31, 2007 and the three months ended March 31, 2008.Commencing on April 1, 2008, our pro rata share of operations of Shurgard Europe is reflected on our consolidated statement of income under equity in earnings of real estate entities.

Real Estate Facilities

Real Estate Facilities
	12 Months Ended Dec. 31, 2009 USD / shares
Real Estate Facilities
Real Estate Disclosure [Text Block]	4. Real Estate Facilities Activity in real estate facilities during 2009, 2008 and 2007 is as follows: 2009 2008 2007 (Amounts in thousands) Operating facilities, at cost: Beginning balance $ 10,207,022 $ 11,658,807 $ 11,261,865 Capital improvements 62,352 76,311 69,102 Acquisition of real estate facilities - 52,932 71,258 Newly developed facilities opened for operations 30,978 93,416 156,751 Consolidation of real estate entities - - 14,604 Deconsolidation of real estate entities - - (42,473 ) Disposition of an interest in Shurgard Europe (Note 3) - (1,766,122 ) - Disposition of real estate facilities (9,419 ) (1,522 ) (4,202 ) Impact of foreign exchange rate changes 2,022 93,200 131,902 Ending balance 10,292,955 10,207,022 11,658,807 Accumulated depreciation: Beginning balance (2,405,473 ) (2,128,225 ) (1,754,362 ) Depreciation expense (332,431 ) (347,895 ) (371,665 ) Disposition of an interest in Shurgard Europe (Note 3) - 72,598 - Deconsolidation of real estate entities - - 1,064 Disposition of real estate facilities 4,033 328 1,184 Impact of foreign exchange rate changes (578 ) (2,279 ) (4,446 ) Ending balance (2,734,449 ) (2,405,473 ) (2,128,225 ) Construction in process: Beginning balance 20,340 51,972 83,900 Current development 14,165 74,611 122,320 Newly developed facilities opened for operation (30,978 ) (93,416 ) (156,751 ) Disposition of an interest in Shurgard Europe (Note 3) - (10,886 ) - Write off of development costs - (2,898 ) (2,120 ) Impact of foreign exchange rate changes - 957 4,623 Ending balance 3,527 20,340 51,972 Total real estate facilities at December 31, $ 7,562,033 $ 7,821,889 $ 9,582,554 During 2009, we completed one newly developed facility and various expansion projects to existing facilities at an aggregate cost of $30,978,000.During 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 $11,596,000 and an other asset valued at $2,941,000.We recorded an aggregate gain of approximately $9,151,000, of which $6,018,000 is included in discontinued operations and $3,133,000 is included in gains on disposition of real estate investments, net. During 2008, we completed two newly developed facilities at a total cost of $13,431,000, as well as various expansion projects at a total cost of $46,522,000.During the first quarter of 2008, prior to its deconsolidation, Shurgard Europe opened real estate facilities at a total cost of $33,463,000.During 2008, we acquired four self-storage fa

Investments in Real Estate Enti

Investments in Real Estate Entities
	12 Months Ended Dec. 31, 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 December 31, 2009 and 2008, and our equity in earnings of real estate entities for each of the three years ended December31, 2009 (amounts in thousands): Investments in Real Estate Entities at December 31, Equity in Earnings of Real Estate Entities for the Year Ended December 31, 2009 2008 2009 2008 2007 PSB $ 326,145 $ 265,650 $ 35,108 $ 14,325 $ 10,502 Shurgard Europe 272,345 264,145 16,269 4,134 - Other Investments 13,826 14,803 1,867 1,932 2,236 Total $ 612,316 $ 544,598 $ 53,244 $ 20,391 $ 12,738 Included in equity in earnings of real estate entities for the year ended December 31, 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 2008, we disposed of one of the Other Investments in exchange for another asset valued at $5,300,000, and recorded a loss of disposition of real estate investments for a total of $9,423,000. During the years ended December 31, 2009, 2008 and 2007, we received cash distributions from our investments in real estate entities totaling $49,408,000, $43,455,000 and $23,606,000, respectively. During 2009, in addition to the impact of earnings recognized and cash distributions received, our investments in real estate entities increased by $63,882,000 due to (i) $15,764,000 in foreign currency translation adjustments, (ii) $17,825,000 representing our acquisition of an additional 383,333 shares of PSB common stock, and (iii) $30,293,000 presented in gains on disposition of real estate investments, net in connection with PSBs sale of common stock in a public offering described below in Investment in PSB. 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).We have a 41% common equity interest in PSB as of December 31, 2009 (46% as of December 31, 2008), comprised of our ownership of 5,801,606 shares of PSBs common stock and 7,305,355 limited partnership units in the operating partnership (5,418,273 shares of PSBs common stock and 7,305,355 limited partnership units at December 31, 2008).The limited partnership units are convertible at our option, subject to certain conditions, on a one-for-one basis into PSB common stock.Based upon the closing price at December31, 2009 ($50.05 per share of PSB common stock), the shares and units had a market value of approximately $656.0million as compared to a book value of $326.1 million.We account for our investment in PSB using the equity method. During the year ended December 31, 2009, PSB sold 3,450,000 shares of its common stock in a public offering for net proceeds of $153.6million.In accordance with FASB ASC Topic 323, I

Notes Payable and Line of Credi

Notes Payable and Line of Credit
	12 Months Ended Dec. 31, 2009 USD / shares
Notes Payable and Line of Credit
Debt Disclosure [Text Block]	6. Line of Credit and Notes Payable At December 31, 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 December 31, 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 December31, 2009).We had no outstanding borrowings on our Credit Agreement at December 31, 2009 or at February 26, 2010.At December 31, 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). The carrying amounts of our notes payable at December 31, 2009 and 2008 consist of the following (dollar amounts in thousands): December 31, 2009 December 31, 2008 Carrying amount Fair Value Carrying amount Fair Value Unsecured Notes Payable: 5.875% effective and stated note rate, interest only and payable semi-annually, matures in March 2013 $ 186,460 $ 183,204 $ 200,000 $ 197,995 5.7% effective rate, 7.75% stated note rate, interest only and payable semi-annually, matures in February 2011 (carrying amount includes $1,889 of unamortized premium at December 31, 2009 and $7,433 at December 31, 2008) 105,206 104,545 207,433 208,903 Secured Notes Payable: 5.5% average effective rate fixed rate mortgage notes payable, secured by 89 real estate facilities with a net book value of approximately $562 million at December 31, 2009 and stated note rates between 4.95% and 8.00%, maturing at varying dates between January 2010 and September 2028 (carrying amount includes $3,983 of unamortized premium at December31, 2009 and $5,634 at December 31, 2008) 227,223 238,134 236,378 243,638 Total notes payable $ 518,889 $ 525,883 $ 643,811 $ 650,536 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. On February 12, 2009

Noncontrolling Interests in Sub

Noncontrolling Interests in Subsidiaries
	12 Months Ended Dec. 31, 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 Subsidiaries, 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 December 31, 2009, the Redeemable Noncontrolling Interests in Subsidiaries represent equity interests in three entities that own in aggregate 14 self-storage facilities.During the years ended December31, 2009 and 2008, these interests were increased by $1,392,000 and $6,469,000, respectively, 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 years ended December 31, 2009, 2008 and 2007, we allocated a total of $993,000, $1,083,000 and $800,000, respectively, of income to these interests.During the years ended December 31, 2009, 2008 and 2007, we paid distributions to these interests totaling $1,290,000, $1,335,000 and $1,092,000, respectively. During 2009, we acquired for $750,000, a portion of our partners interest in certain of our other redeemable noncontrolling interests in subsidiaries, in connection with the exercise of our partners redemption option.The $750,000 represents the fair value of the redemption amount. Permanent Noncontrolling Interests in Subsidiaries At December 31, 2009, the Permanent Noncontrolling Interests in Subsidiaries represent (i) equity interests in 28 entities that own an aggregate of 94 self-storage facilities (the Other Permanent Noncontrolling Interests in Subsidiaries) and (ii) preferred partnership units (the Preferred Partnership Interests).These interests are presented as equity because the holders of the interests do not have the ability to require us to redeem them for cash or other assets, or other securities that would not also be classified as equity. Other Permanent Noncontrolling Interests in Subsidiaries The total carrying amount of the Other Permanent Noncontrolling Interests in Subsidiaries was $32,974,000 at December31, 2009 ($33,109,000 at December 31, 2008).During the years ended December 31, 2009, 2008 and 2007, we allocated a total of $17,387,000, $16,001,000 and $7,131,000, respectively, in income to these interests. During the years e

Public Storage Shareholders' Eq

Public Storage Shareholders' Equity
	12 Months Ended Dec. 31, 2009 USD / shares
Public Storage Shareholders' Equity
Stockholders' Equity Note Disclosure [Text Block]	8. Shareholders Equity Cumulative Preferred Shares At December 31, 2009 and 2008, we had the following series of Cumulative Preferred Shares of beneficial interest outstanding: At December 31, 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 December 31, 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 may be), plus accrued an

Related Party Transactions

Related Party Transactions
	12 Months Ended Dec. 31, 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 52 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 17.3% of our common shares outstanding at December 31, 2009.We have a right of first refusal to acquire the stock or assets of the corporation that manages the 52 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 years ended December 31, 2009, 2008 and 2007, we received $642,000, $768,000 and $906,000 (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 appro

Share-Based Compensation

Share-Based Compensation
	12 Months Ended Dec. 31, 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.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 stock options based upon their estimated fair value on the date of grant amortized over the applicable vesting period (the Fair Value Method), net of estimates for future forfeitures.We estimate the fair value of our stock options based upon the Black-Scholes option valuation model. 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. The stock options outstanding at December 31, 2009 have an aggregate intrinsic value of approximately $62,893,000, and remaining average contractual lives of approximately eight years. The aggregate intrinsic value of exercisable stock options at December 31, 2009 amounted to approximately $23,832,000.Intrinsic value includes only those stock options whose exercise price is less than the market value. Additional information with respect to stock options during 2009, 2008 and 2007 is as follows: 2009 2008 2007 Weighted Average Weighted Average Weighted Average Number of Exercise Price Number of Exercise Price Number of Exercise Price Options Per Share Options Per Share Options Per Share Options outstanding January 1 2,397,332 $ 73.42 1,689,474 $ 60.72 1,602,934 $ 52.08 Granted 1,495,000 50.86 1,025,000 83.71 323,333 91.64 Exercised (53,164 ) 40.98 (292,309 ) 36.97 (200,793 ) 40.58 Cancelled (143,500 ) 68.28 (24,833 ) 62.21 (36,000 ) 53.67 Options outstanding December 31 3,695,668 $ 64.96 2,397,332 $ 73.42 1,689,474 $ 60.72 Options exercisable at December 31 1,217,110 $ 64.03 889,905 $ 55.49 911,709 $ 45.60 2009 2008 2007 Aggregate options outstanding at period end: With exercise price less than $45 247,088 270,925 491,320 With exercise price from $45 to $65 1,758,912 388,319

Segment Information

Segment Information
	12 Months Ended Dec. 31, 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 no longer represent a reportable segment either individually or as a group.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 Subsidiaries, 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 December 31, 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 $19.4 million ($33.2 million at December 31, 2008), and the Other Investments with a net book value of $13.8 million ($14.8 million at December 31, 2008).Substantially all of our other assets totaling $92.9million, and our accrued and other liabilities totaling $212.3 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

Recent Accounting Pronouncement

Recent Accounting Pronouncements and Guidance
	12 Months Ended Dec. 31, 2009 USD / shares
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	12. Recent Accounting Pronouncements and Guidance In June 2009, the FASB issued accounting pronouncements which become effective in our fiscal year ending December31, 2010, and require restatement of previously reported financial statements on the new accounting basis.We have not yet determined whether these pronouncements will have an effect on our financial statements.One pronouncement affects accounting for Variable Interest Entities, by (i) eliminating the concept of a qualifying special purpose entity, (ii) replacing the quantitative-based risks and rewards calculation for determining which enterprise has a controlling financial interest in a variable interest entity and the obligation to absorb losses of the entity or the right to receive benefits from the entity, and (iii) providing for additional disclosures about an entitys involvement with a variable interest entity.Another pronouncement affects the accounting for transfers of financial assets, by (i) eliminating the concept of a qualifying special purpose entity, (ii) amending the derecognition criteria for a transfer to be accounted for as a sale, and (iii) requiring additional disclosure over transfers accounted for as a sale.

Commitments and Contingencies

Commitments and Contingencies
	12 Months Ended Dec. 31, 2009 USD / shares
Commitments and Contingencies
Commitments and Contingencies Disclosure [Text Block]	13.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.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.The Court certified subclasses based only on alleged meal period and wage statement violations.In June 2007, the Court granted the Companys summary judgment motion as to the causes of action relating to the subclasses certified and dismissed those claims.Plaintiff appealed.The Court of Appeals sustained the dismissal.The California Supreme Court granted review but deferred the matter pending disposition of a related issue in another case. 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 December 31, 2009, there were approximately 585,000 certificate holders held by our tenants, participating in this program representing aggregate coverage of approximately $1.3 billion.Because each certificate represents insurance of goods held by a tenant at our self-storage facilities, the geographic concentration of this $1.3 billion in coverage is dispersed throughout all of our U.S. facilities.We rely on a third-party insurance company to provide the insurance and are subject to licensing requirements and regulations in several states. Operating Lease Obligations We lease land, equipment and office space under various operating leases.At December 31, 2009, the approximate future minimum rental payments required under our operating leases for e

Supplementary Quarterly Financi

Supplementary Quarterly Financial Data
	12 Months Ended Dec. 31, 2009 USD / shares
Quarterly Financial Data [Abstract]
Quarterly Financial Information [Text Block]	14. Supplementary Quarterly Financial Data (unaudited) Three Months Ended March 31, June 30, September 30, December 31, 2009 2009 2009 2009 (Amounts in thousands, except per share data) Revenues (a) $ 404,707 $ 407,252 $ 412,864 $ 402,879 Cost of operations (excluding depreciation expense) (a) $ 143,127 $ 134,852 $ 128,754 $ 116,206 Depreciation expense (a) $ 84,966 $ 83,796 $ 85,908 $ 85,563 Income from continuing operations (a) $ 158,807 $ 173,117 $ 182,259 $ 184,696 Net income $ 153,429 $ 205,387 $ 243,951 $ 187,689 Per Common Share (Note 2): Net income -Basic $ 0.95 $ 0.80 $ 1.03 $ 0.70 Net income -Diluted $ 0.95 $ 0.80 $ 1.03 $ 0.70 Three Months Ended March 31, June 30, September 30, December 31, 2008 2008 2008 2008 (Amounts in thousands, except per share data) Revenues (a) $ 457,154 $ 418,494 $ 431,169 $ 416,776 Cost of operations (excluding depreciation expense) (a) $ 167,959 $ 140,188 $ 125,335 $ 122,136 Depreciation expense (a) $ 122,240 $ 94,829 $ 91,084 $ 103,828 Gain on disposition of an interest in Shurgard Europe (b) $ 344,685 $ - $ - $ - Income from continuing operations (a)(b) $ 135,552 $ 140,703 $ 196,772 $ 176,214 Net income (b) $ 519,941 $ 143,955 $ 147,942 $ 162,034 Per Common Share (Note 2): Net income -Basic $ 2.64 $ 0.40 $ 0.43 $ 0.72 Net income -Diluted $ 2.64 $ 0.40 $ 0.42 $ 0.72 (a) Revenues, cost of operations, depreciation expense and income from continuing operations as presented in this table differ from those amounts as presented in our quarterly reports due to the impact of discontinued operations accounting as described in Note 2. (b) Gain on disposition of an interest in Shurgard Europe, income from continuing operations, net income, and net income per common share differ from the amounts previously presented in our March 31, 2008 financial statements.We recorded a $2,820,000 increase to gain on disposition of an interest in Shurgard Europe in the quarter ended December 31, 2008, which was for the quarter ended March 31, 2008.

Subsequent Events

Subsequent Events
	12 Months Ended Dec. 31, 2009 USD / shares
Subsequent Events
Schedule of Subsequent Events [Text Block]	15. Subsequent Events (unaudited) We are calling for redemption all outstanding depositary shares, each representing 1/1,000 of an Equity Share, Series A (NYSE: PSAA) on April 15, 2010 at $24.50 per share.The aggregate redemption amount to be paid to all holders of the depositary shares is approximately $205.2 million.

SEC Schedule, Article 12-28, Re

SEC Schedule, Article 12-28, Real Estate and Accumulated Depreciation
	12 Months Ended Dec. 31, 2009 USD / shares
Real Estate and Accumulated Depreciation Disclosure [Text Block]
Schedule of Real Estate and Accumulated Depreciation [Text Block]	PUBLIC STORAGE SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION Adjustments Resulting from 2009 Initial Cost Costs the Acquisition Gross Carrying Amount Date Encum- Buildings Subsequent of Minority At December 31, 2009 Accumulated Acquired Description brances Land Improvements to Acquisition interests Land Buildings Total Depreciation Self-storage Facilities - United States 1/1/81 Newport News / Jefferson Avenue - 108 1,071 773 - 108 1,844 1,952 1,735 1/1/81 Virginia Beach / Diamond Springs - 186 1,094 891 - 186 1,985 2,171 1,917 8/1/81 San Jose / Snell - 312 1,815 459 - 312 2,274 2,586 2,284 10/1/81 Tampa / Lazy Lane - 282 1,899 922 - 282 2,821 3,103 2,547 6/1/82 San Jose / Tully - 645 1,579 10,998 - 2,971 10,251 13,222 5,029 6/1/82 San Carlos / Storage - 780 1,387 751 - 780 2,138 2,918 2,052 6/1/82 Mountain View - 1,180 1,182 2,471 - 1,046 3,787 4,833 1,815 6/1/82 Cupertino / Storage - 572 1,270 553 - 572 1,823 2,395 1,726 10/1/82 Sorrento Valley - 1,002 1,343 (764) - 651 930 1,581 852 10/1/82 Northwood - 1,034 1,522 594 - 1,034 2,116 3,150 1,935 12/1/82 Port/Halsey - 357 1,150 (309) 326 357 1,167 1,524 899 12/1/82 Sacto/Folsom - 396 329 740 323 396 1,392 1,788 1,133 1/1/83 Platte - 409 953 604 428 409 1,985 2,394 1,639 1/1/83 Semoran - 442 1,882 8,304 720 442 10,906 11,348 4,691 1/1/83 Raleigh/Yonkers - - 1,117 653 425 - 2,195 2,195 1,658 3/1/83 Blackwood - 213 1,559 505 595 212 2,660 2,872 2,100 4/1/83 Vailsgate - 103 990 950 505 103 2,445 2,548 2,016 5/1/83 Delta Drive - 67 481 437 241 67 1,159 1,226 914 6/1/83 Ventura - 658 1,734 381 583 658 2,698 3,356 2,191 9/1/83 Southington - 124 1,233 294 546 123 2,074 2,197 1,657 9/1/83 Southhampton - 331 1,738 864 806 331 3,408 3,739 2,681 9/1/83 Webster/Keystone - 449 1,688 1,070 813 434 3,586 4,020 2,587 9/1/83 Dover - 107 1,462 828 627 107 2,917 3,024 2,250 9/1/83 Newcastle - 227 2,163 655 817 227 3,635 3,862 2,881 9/1/83 Newark - 208 2,031 522 746 208 3,299 3,507 2,649 9/1/83 Langhorne - 263 3,549 919 1,445 263 5,913 6,176 4,623 9/1/83 Hobart - 215 1,491 923 838 215 3,252 3,467 2,563 9/1/83 F

Document Information

Document Information
	12 Months Ended Dec. 31, 2009 USD / shares
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	2009-12-31

Entity Information

Entity Information (USD $)
	12 Months Ended Dec. 31, 2009	Feb. 26, 2010
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