Exhibit 99.1
News Release
Public Storage
701 Western Avenue
Glendale, CA 91201-2349
www.publicstorage.com
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For Release: Immediately
Date: April 22, 2008
Contact: Clemente Teng
(818) 244-8080
PUBLIC STORAGE ANNOUNCES MANAGEMENT CHANGES IN OPERATIONS
GLENDALE, CALIFORNIA - Ronald L. Havner, Jr., President and Chief Executive
Officer of Public Storage (NYSE:PSA), announced today several management
changes.
First, John E. Graul, President of Self-Storage Operations, has announced his
retirement effective December 31, 2008. John's success here at Public Storage
and throughout his career has enabled him to pursue his many personal interests.
With John's departure, we are losing a seasoned executive who has contributed
much to our company's success over the past four years. We wish him all the
best, and we will miss him.
As a result of John's retirement, we have re-evaluated the current structure of
operations management, especially considering our significant growth over the
last five years. We are pleased to announce that beginning May 1, 2008, John M.
Sambuco and David D. Young have been selected to jointly run the U.S.
operations. John Sambuco is currently Chief Operating Officer of Shurgard Europe
and will be returning to the U.S. in June. John has been with Public Storage for
over 16 years. David Young is currently a Divisional Manager in the Southeast
and has been with Public Storage for over five years.
With John Sambuco returning to the U.S., Peter G. Panos, Divisional Manager for
the Midwest, will be moving to Europe to become the Chief Operating Officer
reporting to Steven De Tollenaere, Chief Executive Officer of Shurgard Europe.
Pete Panos has been with Public Storage for nine years, starting as head of the
retail operations and then moving to Chicago where he has been a divisional
officer for the past seven years.
COMPANY INFORMATION
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Public Storage, a member of the S&P 500 and the Forbes Global 2000, is a fully
integrated, self-administered and self-managed real estate investment trust that
primarily acquires, develops, owns and operates self-storage facilities. The
Company's headquarters are located in Glendale, California. The Company's
self-storage properties are located in 38 states and seven Western European
nations. At December 31, 2007, the Company had interests in 2,012 self-storage
facilities with approximately 126 million net rentable square feet in the U.S.
and 174 storage facilities with approximately nine million net rentable square
feet in Europe.
Additional information about Public Storage is available on the Internet. The
Company's web site is www.publicstorage.com.
FORWARD-LOOKING STATEMENTS
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All statements in this press release, other than statements of historical fact,
are forward-looking statements which may be identified by the use of the words
"expects," "believes," "anticipates," "should," "estimates" and similar
expressions. These forward-looking statements involve known and unknown risks
and uncertainties, which may cause Public Storage's actual results and
performance to be materially different from those expressed or implied in the
forward-looking statements. Factors and risks that may impact future results and
performance are described from time to time in Public Storage's filings with the
Securities and Exchange Commission, including in Item 1A,
"Risk Factors" in Public Storage's Annual Report on Form 10-K for the fiscal
year ended December 31, 2007, our Quarterly Reports on Form 10-Q, and current
reports on Form 8-K. These risks include, but are not limited to, the following:
general risks associated with the ownership and operation of real estate
including changes in demand for our storage facilities, potential liability for
environmental contamination, adverse changes in tax, real estate and zoning laws
and regulations, and the impact of natural disasters; risks associated with
downturns in the national and local economies in the markets in which we
operate; the risk that the parties may for any reason be unable to finalize
negotiations and completion of a possible transaction involving Shurgard Europe;
the impact of competition from new and existing storage and commercial
facilities and other storage alternatives; difficulties in our ability to
successfully evaluate, finance, integrate into our existing operations and
manage acquired and developed properties; risks related to our participation in
joint ventures; risks associated with international operations including, but
not limited to, unfavorable foreign currency rate fluctuations that could
adversely affect our earnings and cash flows; the impact of the regulatory
environment as well as national, state, and local laws and regulations
including, without limitation, those governing REITs; risks associated with a
possible failure by us to qualify as a REIT under the Internal Revenue Code of
1986, as amended; disruptions or shutdowns of our automated processes and
systems; difficulties in raising capital at a reasonable cost; delays in the
development process; and economic uncertainty due to the impact of war or
terrorism. Public Storage disclaims any obligation to update publicly or
otherwise revise any forward-looking statements, whether as a result of new
information, new estimates, or other factors, events or circumstances after the
date of this press release, except where expressly required by law.
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