Public Storage (the Trust) is a real estate investment trust (REIT). The Trust’s principal business activities includes: Domestic Self-Storage, European Self-Storage and Commercial. It acquires, develops, owns, and operates self-storage facilities, which offer storage spaces for lease, on a month-to-month basis, for personal and business use. It is an owner and operator of self-storage facilities in the United States. It has direct and indirect equity interests in 2,200 self-storage facilities located in 38 states within the United States operating under the Public Storage brand name. The Trust has 49% equity interest in Shurgard Europe, with an institutional investor owning the remaining 51% interest. The Trust has 42% equity interest in PS Business Parks, Inc. (PSB), a publicly held REIT which owns and operates 29.7 million net rentable square feet of commercial space. It also wholly owns 1.4 million net rentable square feet of commercial space, all of which is managed by PSB.