Public Storage (the Trust) is a real estate investment trust. The business activities of the Trust 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. The Trust operates in three business segments: self-storage, Shurgard Europe and ancillary. During the year ended December 31, 2008, the Trust had a direct and indirect ownership interests in the 2,012 and 181 storage facilities located in the 38 states within the United States and seven Western European nations.