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 Public Storage Reports Results for the Fourth Quarter and Year Ended December 31, 2014
   Thursday, February 19, 2015 5:42:05 PM ET

Public Storage (PSA ) announced today operating results for the quarter and year ended December 31, 2014.

Operating Results for the Three Months Ended December 31, 2014

For the three months ended December 31, 2014, net income allocable to our common shareholders was $284.0 million or $1.64 per diluted common share, compared to $243.7 million or $1.41 per diluted common share for the same period in 2013 representing an increase of $40.3 million or $0.23 per diluted common share. The increase is due to (i) a $41.3 million increase in self-storage net operating income and (ii) our $36.5 million equity share of PS Business Parks’ ("PSB") gain on sale of real estate included in our equity in earnings of real estate entities, offset partially by (iii) a $9.8 million increase in earnings allocated to preferred shareholders due to the issuance of additional preferred shares and (iv) a $7.8 million reduction associated with foreign currency exchange gains and losses.



The $41.3 million increase in our self-storage net operating income is a result of a $23.2 million increase for our Same Store Facilities and an $18.1 million increase for our non-Same Store Facilities. Revenues for the Same Store Facilities increased 5.6% or $24.9 million in the quarter ended December 31, 2014 as compared to the same period in 2013, due primarily to higher realized annual rent per occupied square foot. Cost of operations for the Same Store Facilities increased by 1.6% or $1.7 million in the quarter ended December 31, 2014 as compared to the same period in 2013, due primarily to increases in advertising and selling expense. The increase in net operating income for the non-Same Store Facilities is due primarily to the impact of the acquisition of 165 self-storage facilities since January 2013.

Operating Results for the Year Ended December 31, 2014

For the year ended December 31, 2014, net income allocable to our common shareholders was $908.2 million or $5.25 per diluted common share, compared to $844.7 million or $4.89 per diluted common share for the same period in 2013, representing an increase of $63.5 million or $0.36 per diluted common share. This increase is due primarily to (i) a $157.2 million increase in self-storage net operating income and (ii) our $36.5 million equity share of PSB’s gain on sale of real estate included in our equity in earnings of real estate entities, offset partially by (iii) a $49.7 million increase in depreciation and amortization expense associated with acquired facilities, (iv) a $24.1 million reduction associated with foreign currency exchange gains and losses, (v) an $28.3 million increase in earnings allocated to preferred shareholders due to the issuance of additional preferred shares and (vi) a $17.7 million decrease in interest and other income due primarily to the disposition of 51% of our loan receivable from Shurgard Europe.

The $157.2 million increase in our self-storage net operating income is a result of an $84.0 million increase for our Same Store Facilities and a $73.2 million increase for our non-Same Store Facilities. Revenues for the Same Store Facilities increased 5.4% or $93.5 million in the year ended December 31, 2014 as compared to the same period in 2013, due primarily to higher realized annual rent per occupied square foot. Cost of operations for the Same Store Facilities increased by 1.9% or $9.5 million in the year ended December 31, 2014 as compared to the same period in 2013, due primarily to increases in property tax expense and snow removal costs, offset partially by lower on-site property manager payroll expense. The increase in net operating income for the non-Same Store Facilities is due primarily to the impact of the acquisition of 165 self-storage facilities since January 2013.

Funds from Operations

For the three months ended December 31, 2014, funds from operations ("FFO") was $2.17 per diluted common share, as compared to $2.13 for the same period in 2013, representing an increase of $0.04 per share. FFO is a non-GAAP (generally accepted accounting principles) term defined by the National Association of Real Estate Investment Trusts and generally represents net income before depreciation, gains and losses and impairment charges with respect to real estate assets.

For the year ended December 31, 2014, FFO was $7.98 per diluted common share, as compared to $7.53 for the same period in 2013, representing an increase of $0.45 per share.

We also present "Core FFO per share," a non-GAAP measure that represents FFO per share excluding the impact of (i) foreign currency exchange gains and losses and (ii) certain other items such as legal settlements, recognition of deferred tax assets, costs associated with the acquisition of real estate facilities and facility closure charges. We believe Core FFO per share is a helpful measure used by investors and REIT analysts to understand our performance. However, Core FFO per share is not a substitute for net income per share. Because other REITs may not compute Core FFO per share in the same manner as we do, may not use the same terminology, or may not present such a measure, Core FFO per share may not be comparable among REITs.

The following table reconciles from FFO per share to Core FFO per share (unaudited):

                                                                                                                                                                                                                                                      
                                                                                                                                                                               Three Months Ended December 31,                                                                                                                                                                                             Year Ended December 31,
                                                                                                          -------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                          -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                        Percentage                                                                                                                                                                                                              Percentage
                                                                                                                     2014                                                                           2013                                                                  Change                                                        2014                                                                           2013                                                                       Change
                                                                                                          --------------------------                                          ------------------------------------------------                                          -----------                                          --------------------------                                          ------------------------------------------------                                          ---------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
FFO per share                                                                                                                $ 2.17                                                              $  2.13                                                                  1.9 %                                                                 $ 7.98                                                              $  7.53                                                                       6.0 %
Eliminate the per share impact of items excluded from Core FFO:
   Foreign currency exchange loss (gain)                                                                                          -                                                                (0.05 )                                                                                                                                        0.04                                                                (0.10 )
   Other items                                                                                              0.03                                                 -                                                                                                    0.07                                              0.01  
                                                                                                          -------------------- ----                                           -------------------- ----- --------------------                                                                                                -------------------- ----                                           -------------------- ----- --------------------
Core FFO per share                                                                                                           $ 2.20                                                              $  2.08                                               5.8 %                                                                 $ 8.09                                                              $  7.44                                                    8.7 %
                                                                                                          ==================== ====                                           ==================== ===== ====================                                                                                                ==================== ====                                           ==================== ===== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            

Property Operations - Same Store Facilities

The Same Store Facilities represent those facilities that have been owned and operated on a stabilized basis since January 1, 2012 and therefore provide meaningful comparisons for 2013 and 2014. The following table summarizes the historical operating results of these 1,982 facilities (125.4 million net rentable square feet) that represent approximately 87% of the aggregate net rentable square feet of our U.S. consolidated self-storage portfolio at December 31, 2014.

                                                                                                                                                                                                                                                      
Selected Operating Data for the Same
-------------------------------------------------------------------------------------------
Store Facilities (1,982 facilities)
-------------------------------------------------------------------------------------------
(unaudited):
-------------------------------------------------------------------------------------------
                                                                                                                                                                                                   Three Months Ended December 31,                                                                                                                                                                               Year Ended December 31,
                                                                                                                                      ---------------------------------------------------------------------------------------------------------------------------------------------------------                                          -----------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                    Percentage                                                                                                                                                                                                  Percentage
                                                                                                                                                  2014                                                                   2013                                                         Change                                                          2014                                                                     2013                                                               Change
                                                                                                                                      -----------------------------                                          -----------------------------                                          ----------                                           -------------------------------                                          -------------------------------                                          --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                                            (Dollar amounts in thousands, except for weighted average data)
Revenues:
Rental income                                                                                                                                            $ 445,814                                                              $ 421,395                                                 5.8%                                                              $ 1,748,211                                                              $ 1,657,412                                                           5.5%
Late charges and administrative fees                                                                                                     21,914                                              21,435                                                 2.2%                                                88,465                                                85,770                                                           3.1%
                                                                                                                                      -------------------- -------                                           -------------------- -------                                           ----------                                           -------------------- ---------                                           -------------------- ---------                                           --------------------
      Total revenues (a)                                                                                                                467,728                                             442,830                                                 5.6%                                             1,836,676                                             1,743,182                                                           5.4%
                                                                                                                                      -------------------- -------                                           -------------------- -------                                           ----------                                           -------------------- ---------                                           -------------------- ---------                                           --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Cost of operations:
   Property taxes                                                                                                                                           27,678                                                                 27,765                                               (0.3)%                                                                  168,297                                                                  162,903                                                           3.3%
   On-site property manager payroll                                                                                                                         21,671                                                                 22,318                                               (2.9)%                                                                   98,260                                                                   99,980                                                         (1.7)%
   Supervisory payroll                                                                                                                                       7,799                                                                  7,841                                               (0.5)%                                                                   33,986                                                                   34,491                                                         (1.5)%
   Repairs and maintenance                                                                                                                                   8,663                                                                  8,349                                                 3.8%                                                                   35,478                                                                   34,804                                                           1.9%
   Snow removal                                                                                                                                                669                                                                  1,629                                              (58.9)%                                                                    7,920                                                                    5,336                                                          48.4%
   Utilities                                                                                                                                                 9,132                                                                  8,758                                                 4.3%                                                                   38,927                                                                   37,365                                                           4.2%
   Advertising and selling expense                                                                                                                           6,388                                                                  4,955                                                28.9%                                                                   26,684                                                                   27,783                                                         (4.0)%
   Other direct property costs                                                                                                                              12,476                                                                 12,291                                                 1.5%                                                                   51,409                                                                   50,386                                                           2.0%
   Allocated overhead                                                                                                                     9,237                                               8,157                                                13.2%                                                37,679                                                36,129                                                           4.3%
                                                                                                                                      -------------------- -------                                           -------------------- -------                                           ----------                                           -------------------- ---------                                           -------------------- ---------                                           --------------------
      Total cost of operations (a)                                                                                                      103,713                                             102,063                                                 1.6%                                               498,640                                               489,177                                                           1.9%
                                                                                                                                      -------------------- -------                                           -------------------- -------                                           ----------                                           -------------------- ---------                                           -------------------- ---------                                           --------------------
Net operating income (b)                                                                                                                                 $ 364,015                                                              $ 340,767                                                 6.8%                                                              $ 1,338,036                                                              $ 1,254,005                                                           6.7%
                                                                                                                                      ==================== =======                                           ==================== =======                                           ==========                                           ==================== =========                                           ==================== =========                                           ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Gross margin                                                                                                                                                 77.8%                                                                  77.0%                                                 1.0%                                                                    72.9%                                                                    71.9%                                                           1.4%
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Weighted average for the period:
   Square foot occupancy                                                                                                                                     93.5%                                                                  93.0%                                                 0.5%                                                                    93.9%                                                                    93.3%                                                           0.6%
   Realized annual rental income per (c):
      Occupied square foot                                                                                                                               $   15.20                                                              $   14.45                                                 5.2%                                                              $     14.84                                                              $     14.16                                                           4.8%
      Available square foot ("REVPAF")                                                              $   14.22                                                              $   13.44                                                 5.8%                                                              $     13.94                                                              $     13.21                                                           5.5%
At December 31:
   Square foot occupancy                                                                                                                                                                                                                                                                                                                                          92.5%                                                                    91.8%                                                           0.8%
   Annual contract rent per occupied
   square foot (d)                                                                                                                                                                                                                                                                                                                                          $     15.79                                                              $     15.05                                                           4.9%
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
       
(a)                                           Revenues and cost of operations do not include ancillary revenues
                                              and expenses generated at the facilities with respect to tenant
                                              reinsurance and retail sales.
                                               
(b)                                           See attached reconciliation of Same Store net operating income
                                              ("NOI") to operating income.
                                               
(c)                                           Realized annual rent per occupied square foot is computed by
                                              dividing annualized rental income, before late charges and
                                              administrative fees, by the weighted average occupied square feet
                                              for the period. Realized annual rent per available square foot
                                              ("REVPAF") is computed by dividing annualized rental income, before
                                              late charges and administrative fees, by the total available
                                              rentable square feet for the period. These measures exclude late
                                              charges and administrative fees in order to provide a better measure
                                              of our ongoing level of revenue. Late charges are dependent upon the
                                              level of delinquency and administrative fees are dependent upon the
                                              level of move-ins. In addition, the rates charged for late charges
                                              and administrative fees can vary independently from rental rates.
                                              These measures take into consideration promotional discounts, which
                                              reduce rental income.
                                               
(d)                                           Contract rent represents the applicable contractual monthly rent
                                              charged to our tenants, excluding the impact of promotional
                                              discounts, late charges and administrative fees.
                                               

The following table summarizes selected quarterly financial data with respect to the Same Store Facilities (unaudited):

                                                                                                                      
                                                                                                                                                                                           Three Months Ended
                                                                                                          ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                            March 31                                                June 30                                             September 30                                              December 31                                                    Full Year
                                                                                                          -------------                                          ------------                                          ---------------                                          --------------                                          --------------------------
                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                         (Amounts in thousands, except for per square foot amounts)
Total revenues:
                                2014                                                                         $ 440,404                                             $ 452,571                                                $ 475,973                                               $ 467,728                                              $            1,836,676
                                2013                                                                         $ 419,094                                             $ 429,958                                                $ 451,300                                               $ 442,830                                              $            1,743,182
                                                                                                                                                                                                                                                                                                                                              
Total cost of operations:
                                2014                                                                         $ 139,460                                             $ 126,722                                                $ 128,745                                               $ 103,713                                              $              498,640
                                2013                                                                         $ 134,144                                             $ 125,279                                                $ 127,691                                               $ 102,063                                              $              489,177
                                                                                                                                                                                                                                                                                                                                              
Property taxes:
                                2014                                                                         $  47,583                                             $  46,967                                                $  46,069                                               $  27,678                                              $              168,297
                                2013                                                                         $  45,613                                             $  44,953                                                $  44,572                                               $  27,765                                              $              162,903
                                                                                                                                                                                                                                                                                                                                              
Repairs and maintenance, including snow removal expenses:
                                2014                                                                         $  14,734                                             $   9,432                                                $   9,900                                               $   9,332                                              $               43,398
                                2013                                                                         $  11,022                                             $   9,278                                                $   9,862                                               $   9,978                                              $               40,140
                                                                                                                                                                                                                                                                                                                                              
Advertising and selling expense:
                                2014                                                                         $   6,481                                             $   6,043                                                $   7,772                                               $   6,388                                              $               26,684
                                2013                                                                         $   7,655                                             $   6,577                                                $   8,596                                               $   4,955                                              $               27,783
                                                                                                                                                                                                                                                                                                                                              
REVPAF:
                                2014                                                                         $   13.34                                             $   13.75                                                $   14.44                                               $   14.22                                              $                13.94
                                2013                                                                         $   12.69                                             $   13.05                                                $   13.67                                               $   13.44                                              $                13.21
                                                                                                                                                                                                                                                                                                                                              
Weighted average realized annual rent per occupied square foot:
                                2014                                                                         $   14.40                                             $   14.52                                                $   15.25                                               $   15.20                                              $                14.84
                                2013                                                                         $   13.81                                             $   13.88                                                $   14.48                                               $   14.45                                              $                14.16
                                                                                                                                                                                                                                                                                                                                              
Weighted average occupancy levels:
                                2014                                                                             92.6%                                                 94.7%                                                    94.7%                                                   93.5%                                                               93.9%
                                2013                                                                             91.9%                                                 94.0%                                                    94.4%                                                   93.0%                                                               93.3%
                                                                                                                                                                                                                                                                                                                                              

Investing and Capital Activities

During the three months ended December 31, 2014, we acquired 13 self-storage facilities (four located in Minnesota, two in Virginia and Texas and one each in North Carolina, South Carolina, Florida, California and Arizona), with an aggregate of 1.2 million net rentable square feet, for approximately $154 million. For the year ended December 31, 2014, we acquired 44 self-storage facilities with an aggregate of 3.4 million net rentable square feet for approximately $431 million. Subsequent to December 31, 2014, we acquired four self-storage facilities (one each in Florida, North Carolina, Washington and Texas), with an aggregate of 265,000 net rentable square feet, for approximately $32 million in cash.

During the three months ended December 31, 2014, we completed three newly developed facilities (0.2 million net rentable square feet of storage space) at an aggregate cost of $17 million, and various expansion projects with an aggregate cost of $21 million which added 0.2 million net rentable square feet of storage space. During the year ended December 31, 2014, we completed six newly developed facilities (0.5 million net rentable square feet of storage space) at an aggregate cost of $50 million, and various expansion projects with an aggregate cost of $48 million which added 0.6 million net rentable square feet of storage space. At December 31, 2014 we had projects for 25 newly developed facilities (3.0 million net rentable square feet of storage space) at an aggregate cost of $351 million, and various expansion projects at an aggregate cost of $60 million which will add 0.4 million net rentable square feet of storage space. A total of $105 million in costs were incurred through December 31, 2014 with respect to these development and expansion projects, with the remaining costs expected to be incurred primarily in 2015.

On December 31, 2014, Shurgard Europe acquired five self-storage facilities in Germany, with an aggregate of 327,000 net rentable square feet, for $82 million (EUR66 million), with the purchase price payable in the first quarter of 2015. They also acquired a building and ground lease on a managed property in the United Kingdom containing 83,000 square feet for $11 million. Cash on hand combined with borrowings on a new EUR40 million revolving credit facility from Wells Fargo will be used by Shurgard Europe to finance these acquisitions.

On December 2, 2014, we issued our 5.875% Series A Preferred Shares for gross proceeds of $190 million.

Distributions Declared

On February 19, 2015, our Board of Trustees declared a regular common quarterly dividend of $1.40 per common share. The Board also declared dividends with respect to our various series of preferred shares. All the dividends are payable on March 31, 2015 to shareholders of record as of March 16, 2015.

Fourth Quarter Conference Call

A conference call is scheduled for February 20, 2015 at 9:00 a.m. (PST) to discuss the fourth quarter earnings results. The domestic dial-in number is (866) 406-5408, and the international dial-in number is (973) 582-2770 (conference ID number for either domestic or international is 72899182). A simultaneous audio webcast may be accessed by using the link at www.publicstorage.com under "Company Info, Investor Relations, Upcoming Events." A replay of the conference call may be accessed through March 6, 2015 by calling (800) 585-8367 (domestic) or (404) 537-3406 (international) or by using the link at www.publicstorage.com under "Company Info, Investor Relations, Webcasts." All forms of replay utilize conference ID number 72899182.

About Public Storage

Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns and operates self-storage facilities. The Company’s headquarters are located in Glendale, California. At December 31, 2014, we had interests in 2,250 self-storage facilities located in 38 states with approximately 146 million net rentable square feet in the United States and 193 storage facilities located in seven Western European nations with approximately ten million net rentable square feet operated under the "Shurgard" brand. We also own a 42% common equity interest in PS Business Parks, Inc. (PSB ) which owned and operated approximately 29 million rentable square feet of commercial space at December 31, 2014.

Additional information about Public Storage is available on our website, www.publicstorage.com.

Forward-Looking Statements

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 our 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 our filings with the Securities and Exchange Commission, including in Item 1A, "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2013, our Form 10-K for the year ended December 31, 2014 expected to be filed on or before March 2, 2015, our other 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 impact of competition from new and existing self-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; changes in federal tax laws related to the taxation of REITs, which could impact our status as a REIT; difficulties in raising capital at a reasonable cost; delays in the development process; and economic uncertainty due to the impact of war or terrorism. We disclaim 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.

 
                                                                                                                                                                                                                PUBLIC STORAGE
                                                                                                                                                                                                        SELECTED INCOME STATEMENT DATA
                                                                                                                                                                                                                   (Amounts
                                                                                                                                                                                                     in thousands, except per share data)
                                                                                                                                                                                                                  (Unaudited)
                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                                                                                                               
                                                                                                                                                                 Three Months Ended                                                                                                                                                                            Year Ended
                                                                                                                                                                    December 31,                                                                                                                                                                              December 31,
                                                                                                   ----------------------------------------------------------------------------------------------------------------------------------------------                                          ---------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                          2014                                                                                        2013                                                                                         2014                                                                                          2013
                                                                                                   --------------------------------------------------                                          --------------------------------------------------                                          ----------------------------------------------------                                          -----------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                               
Operating revenues:
   Self-storage facilities                                                                                            $ 529,221                                                                                   $ 480,664                                                                                   $ 2,049,882                                                                                   $  1,849,883
   Ancillary operations                                                                               36,926                                                32,847                                                 145,522                                                  131,863  
                                                                                                   -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- --------- --------------------                                           -------------------- ---------- --------------------
                                                                                                     566,147                                               513,511                                               2,195,404                                                1,981,746  
                                                                                                   -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- --------- --------------------                                           -------------------- ---------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                               
Operating expenses:
   Self-storage cost of operations                                                                                      121,424                                                                                     114,205                                                                                       566,898                                                                                        524,086
   Ancillary cost of operations                                                                                          12,230                                                                                      10,193                                                                                        51,822                                                                                         41,075
   Depreciation and amortization                                                                                        110,573                                                                                     108,927                                                                                       437,114                                                                                        387,402
   General and administrative                                                                         19,219                                                16,691                                                  71,459                                                   66,679  
                                                                                                   -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- --------- --------------------                                           -------------------- ---------- --------------------
                                                                                                     263,446                                               250,016                                               1,127,293                                                1,019,242  
                                                                                                   -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- --------- --------------------                                           -------------------- ---------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                               
Operating income                                                                                                        302,701                                                                                     263,495                                                                                     1,068,111                                                                                        962,504
                                                                                                                                                                                                                                                                                                                                                                                                               
Other income (expense):
   Interest and other income                                                                                                775                                                                                       5,872                                                                                         4,926                                                                                         22,577
   Interest expense                                                                                                           -                                                                                      (1,822 )                                                                                      (6,781 )                                                                                       (6,444 )
   Equity in earnings of unconsolidated real estate
   entities (a)                                                                                                          44,962                                                                                      18,566                                                                                        88,267                                                                                         57,579
   Gain on real estate sales                                                                                                  -                                                                                       4,065                                                                                         2,479                                                                                          4,233
   Foreign currency exchange (loss) gain                                                                 (12 )                                                                  7,801                                                  (7,047 )                                                                    17,082  
                                                                                                   -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- --------- --------------------                                           -------------------- ---------- --------------------
Net income                                                                                                              348,426                                                                                     297,977                                                                                     1,149,955                                                                                      1,057,531
   Allocation to noncontrolling interests                                                             (1,711 )                                                                 (1,408 )                                                                   (5,751 )                                                                    (5,078 )
                                                                                                   -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- --------- --------------------                                           -------------------- ---------- --------------------
Net income allocable to Public Storage shareholders                                                                     346,715                                                                                     296,569                                                                                     1,144,204                                                                                      1,052,453
   Allocation of net income to:
      Preferred shareholders                                                                                            (61,694 )                                                                                   (51,908 )                                                                                    (232,636 )                                                                                     (204,312 )
      Restricted share units                                                                          (1,064 )                                                                   (912 )                                                                   (3,392 )                                                                    (3,410 )
                                                                                                   -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- --------- --------------------                                           -------------------- ---------- --------------------
Net income allocable to common shareholders                                                                           $ 283,957                                                                $ 243,749                                                                $   908,176                                                                $    844,731  
                                                                                                   ==================== ======= ====================                                           ==================== ======= ====================                                           ==================== ========= ====================                                           ==================== ========== ====================
                                                                                                                                                                                                                                                                                                                                                                                                               
Per common share:
--------------------------------------------------------
   Net income per common share - Basic                                                                   $    1.65                                                                $    1.42                                                                $      5.27                                                                $       4.92  
                                                                                                   ==================== ======= ====================                                           ==================== ======= ====================                                           ==================== ========= ====================                                           ==================== ========== ====================
   Net income per common share - Diluted                                                                 $    1.64                                                                $    1.41                                                                $      5.25                                                                $       4.89  
                                                                                                   ==================== ======= ====================                                           ==================== ======= ====================                                           ==================== ========= ====================                                           ==================== ========== ====================
   Weighted average common shares - Basic                                               172,434                                               171,768                                                 172,251                                                  171,640  
                                                                                                   ==================== ======= ====================                                           ==================== ======= ====================                                           ==================== ========= ====================                                           ==================== ========== ====================
   Weighted average common shares - Diluted                                             173,258                                               172,798                                                 173,138                                                  172,688  
                                                                                                   ==================== ======= ====================                                           ==================== ======= ====================                                           ==================== ========= ====================                                           ==================== ========== ====================
                                                                                                                                                                                                                                                                                                                                                                                                               
       
(a)                                           Equity in earnings of unconsolidated real estate entities for the
                                              three months and year ended December 31, 2014, includes our $36.5
                                              million equity share of PSB’s gain on sale of real estate facilities.
                                               
 
                                                                                                                               PUBLIC STORAGE
                                                                                                                         SELECTED BALANCE SHEET DATA
                                                                                                                                  (Amounts
                                                                                                               in thousands, except share and per share data)
                                                                                                                                          
                                                                                                                                                                                                                                             
                                                                                                                                          December 31, 2014                                                                              December 31, 2013
                                                                                                                        -----------------------------------------------------                                          -----------------------------------------------------
ASSETS                                                                                                                                       (Unaudited)
                                                                                                                                                                                                                                             
Cash and cash equivalents                                                                                                                  $    187,712                                                                                   $     19,169
                                                                                                                                                                                                                                             
Operating real estate facilities:
   Land and buildings, at cost                                                                                                               12,863,235                                                                                     12,286,256
   Accumulated depreciation                                                                                               (4,482,520 )                                                                (4,098,814 )
                                                                                                                        -------------------- ---------- --------------------                                           -------------------- ---------- --------------------
                                                                                                                                              8,380,715                                                                                      8,187,442
Construction in process                                                                                                                         104,573                                                                                         52,336
Investments in unconsolidated real estate entities                                                                                              813,740                                                                                        856,182
Goodwill and other intangible assets, net                                                                                                       228,632                                                                                        246,854
Loan receivable from Shurgard Europe                                                                                                                  -                                                                                        428,139
Other assets                                                                                                                 103,304                                                   86,144  
                                                                                                                        -------------------- ---------- --------------------                                           -------------------- ---------- --------------------
            Total assets                                                                                                                   $  9,818,676                                                                $  9,876,266  
                                                                                                                        ==================== ========== ====================                                           ==================== ========== ====================
                                                                                                                                                                                                                                             
                                                                                                                                                                                                                                             
                                                                                                                                                                                                                                             
LIABILITIES AND EQUITY
Borrowings on bank credit facility                                                                                                         $          -                                                                                   $     50,100
Term loan                                                                                                                                             -                                                                                        700,000
Notes payable                                                                                                                                    64,364                                                                                         88,953
Accrued and other liabilities                                                                                                247,141                                                  218,358  
                                                                                                                        -------------------- ---------- --------------------                                           -------------------- ---------- --------------------
            Total liabilities                                                                                                                   311,505                                                                                      1,057,411
                                                                                                                                                                                                                                             
Equity:
   Public Storage shareholders’ equity:
      Cumulative Preferred Shares, $0.01 par value, 100,000,000 shares                                                                        4,325,000                                                                                      3,562,500
      authorized, 173,000 shares issued (in series) and outstanding
      (142,500 at December 31, 2013), at liquidation preference
      Common Shares, $0.10 par value, 650,000,000 shares authorized,                                                                             17,245                                                                                         17,178
      172,445,554 shares issued and outstanding (171,776,291 shares at
      December 31, 2013)
      Paid-in capital                                                                                                                         5,561,530                                                                                      5,531,034
      Accumulated deficit                                                                                                                      (374,823 )                                                                                     (318,482 )
      Accumulated other comprehensive loss                                                                                   (48,156 )                                                                      (500 )
                                                                                                                        -------------------- ---------- --------------------                                           -------------------- ---------- --------------------
         Total Public Storage shareholders’ equity                                                                 9,480,796                                                                                      8,791,730
      Noncontrolling interests                                                                                                26,375                                                   27,125  
                                                                                                                        -------------------- ---------- --------------------                                           -------------------- ---------- --------------------
         Total equity                                                                                                      9,507,171                                                8,818,855  
                                                                                                                        -------------------- ---------- --------------------                                           -------------------- ---------- --------------------
            Total liabilities and equity                                                                                                   $  9,818,676                                                                $  9,876,266  
                                                                                                                        ==================== ========== ====================                                           ==================== ========== ====================
                                                                                                                                                                                                                                             

Shurgard Europe Same Store Selected Operating Data

The Shurgard Europe Same Store Pool represents Shurgard Europe’s 174 facilities (9.2 million net rentable square feet) that have been operated on a stabilized basis since January 1, 2012 and therefore provide meaningful comparisons for 2013 and 2014. These 174 facilities represent approximately 89% of the aggregate net rentable square feet of Shurgard Europe’s self-storage portfolio. Our pro-rata share of the operating results for these facilities is included in "equity in earnings of unconsolidated real estate entities" on our income statement.

                                                                                                                                                                                                                                                
Selected Operating Data for the
-------------------------------------------------------------------------------------------
Shurgard Europe Same Store Pool (174
-------------------------------------------------------------------------------------------
facilities) (unaudited):                                                                                                                                                                          Three Months Ended December 31,                                                                                                                                                                            Year Ended December 31,
-------------------------------------------------------------------------------------------                                           ----------------------------------------------------------------------------------------------------------------------------------------------                                                   ----------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                  Percentage                                                                                                                                                                                              Percentage
                                                                                                                                                  2014                                                                  2013                                                        Change                                                         2014                                                                   2013                                                              Change
                                                                                                                                      ----------------------------                                          ----------------------------                                          ----------                                           -----------------------------                                          -----------------------------                                          --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                      (Dollar amounts in thousands, utilizing constant exchange rates (a))
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
Rental income, late charges and administrative fees                                                                                                      $ 50,268                                                              $ 48,444                                                 3.8%                                                              $ 209,035                                                              $ 203,230                                                           2.9%
Cost of operations                                                                                                                      21,010                                             19,422                                                 8.2%                                              88,618                                              86,255                                                           2.7%
                                                                                                                                      -------------------- ------                                           -------------------- ------                                           ----------                                           -------------------- -------                                           -------------------- -------                                           --------------------
   Net operating income                                                                                                                                  $ 29,258                                                              $ 29,022                                                 0.8%                                                              $ 120,417                                                              $ 116,975                                                           2.9%
                                                                                                                                      ==================== ======                                           ==================== ======                                           ==========                                           ==================== =======                                           ==================== =======                                           ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
Gross margin                                                                                                                                                58.2%                                                                 59.9%                                               (2.8)%                                                                  57.6%                                                                  57.6%                                                           0.0%
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
Weighted average for the period:
   Square foot occupancy                                                                                                                                    88.9%                                                                 82.7%                                                 7.5%                                                                  85.9%                                                                  80.9%                                                           6.2%
   Realized annual rent, prior to late charges and administrative
   fees, per (b):
      Occupied square foot                                                                                                                               $  24.06                                                              $  24.89                                               (3.3)%                                                              $   25.84                                                              $   26.69                                                         (3.2)%
      Available square foot ("REVPAF")                                                              $  21.39                                                              $  20.59                                                 3.9%                                                              $   22.20                                                              $   21.59                                                           2.8%
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
At December 31:
   Square foot occupancy                                                                                                                                                                                                                                                                                                                                      87.8%                                                                  82.3%                                                           6.7%
   Annual contract rent per occupied
   square foot (b)                                                                                                                                                                                                                                                                                                                                        $   26.35                                                              $   27.84                                                         (5.4)%
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
Average Euro to U.S. Dollar exchange rates (a):
   Constant exchange rates used herein                                                                                                                      1.249                                                                 1.249                                                    -                                                                  1.329                                                                  1.329                                                              -
   Actual historical exchange rates                                                                                                                         1.249                                                                 1.361                                               (8.2)%                                                                  1.329                                                                  1.328                                                           0.1%
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
       
(a)                                           In order to isolate changes in the underlying operations from the
                                              impact of exchange rates, the amounts in this table are presented on
                                              a constant exchange rate basis. The amounts for the three months and
                                              year ended December 31, 2013 have been restated using the actual
                                              exchange rates for the three months and year ended December 31, 2014.
                                               
(b)                                           Realized annual rent per occupied square foot is computed by
                                              dividing annualized rental income, before late charges and
                                              administrative fees, by the weighted average occupied square feet
                                              for the period. Realized annual rent per available square foot
                                              ("REVPAF") is computed by dividing annualized rental income, before
                                              late charges and administrative fees, by the total available
                                              rentable square feet for the period. These measures exclude late
                                              charges and administrative fees in order to provide a better measure
                                              of our ongoing level of revenue. Late charges are dependent upon the
                                              level of delinquency and administrative fees are dependent upon the
                                              level of move-ins. In addition, the rates charged for late charges
                                              and administrative fees can vary independently from rental rates.
                                              These measures take into consideration promotional discounts, which
                                              reduce rental income.
                                               
                                                                         
                                                                                                                                                                                                                       PUBLIC STORAGE
                                                                                                                                                                                                                   SELECTED FINANCIAL DATA
                                                                                                                                                                                                                         Computation
                                                                                                                                                                                                of Funds from Operations and Funds Available for Distribution
                                                                                                                                                                                                                         (Unaudited
                                                                                                                                                                                                 - amounts in thousands, except per share data)
                                                                                                                                                                                                                                               
                                                                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                Three Months Ended                                                                                                                                                                            Year Ended
                                                                                                                                                                                   December 31,                                                                                                                                                                              December 31,
                                                                                                                  ----------------------------------------------------------------------------------------------------------------------------------------------                                          ---------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                         2014                                                                                        2013                                                                                         2014                                                                                          2013
                                                                                                                  --------------------------------------------------                                          --------------------------------------------------                                          ----------------------------------------------------                                          -----------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                              
Computation of FFO per Share:
-----------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                              
Net income allocable to common shareholders                                                                                          $ 283,957                                                                                   $ 243,749                                                                                   $   908,176                                                                                   $    844,731
   Eliminate items excluded from FFO:
      Depreciation and amortization                                                                                                    110,573                                                                                     108,927                                                                                       437,114                                                                                        387,402
      Depreciation from unconsolidated real estate
      investments                                                                                                                       18,992                                                                                      19,689                                                                                        79,413                                                                                         75,458
      Depreciation allocated to noncontrolling interests
      and restricted share unitholders                                                                                                    (808 )                                                                                    (1,002 )                                                                                      (3,638 )                                                                                       (3,976 )
      Gains on sale of real estate investments, including
      our equity share from investments, and other                                                                  (36,351 )                                                                 (3,937 )                                                                  (39,083 )                                                                    (4,104 )
                                                                                                                  -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- --------- --------------------                                           -------------------- ---------- --------------------
FFO allocable to common shares (a)                                                                                                   $ 376,363                                                                $ 367,426                                                                $ 1,381,982                                                                $  1,299,511  
                                                                                                                  ==================== ======= ====================                                           ==================== ======= ====================                                           ==================== ========= ====================                                           ==================== ========== ====================
Diluted weighted average common shares                                                                              173,258                                               172,798                                                 173,138                                                  172,688  
                                                                                                                  ==================== ======= ====================                                           ==================== ======= ====================                                           ==================== ========= ====================                                           ==================== ========== ====================
FFO per share (a)                                                                                                                    $    2.17                                                                $    2.13                                                                $      7.98                                                                $       7.53  
                                                                                                                  ==================== ======= ====================                                           ==================== ======= ====================                                           ==================== ========= ====================                                           ==================== ========== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                              
Reconciliation of Earnings per Share to
FFO per Share:
-----------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                              
Earnings per share - diluted                                                                                                         $    1.64                                                                                   $    1.41                                                                                   $      5.25                                                                                   $       4.89
   Eliminate per share amounts excluded from FFO:
                                                                                                                                          0.74                                                                                        0.74                                                                                          2.96                                                                                           2.66
      Depreciation and amortization, including amounts from investments
      and excluding amounts allocated to noncontrolling interests and
      restricted share unitholders
                                                                                                                      (0.21 )                                                                  (0.02 )                                                                    (0.23 )                                                                     (0.02 )
      Gains on sale of real estate investments, including our equity
      share from investments, and other
                                                                                                                  -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- --------- --------------------                                           -------------------- ---------- --------------------
FFO per share (a)                                                                                                                    $    2.17                                                                $    2.13                                                                $      7.98                                                                $       7.53  
                                                                                                                  ==================== ======= ====================                                           ==================== ======= ====================                                           ==================== ========= ====================                                           ==================== ========== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                              
Computation of Funds Available for
Distribution ("FAD"):
-----------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                              
FFO allocable to common shares                                                                                                       $ 376,363                                                                                   $ 367,426                                                                                   $ 1,381,982                                                                                   $  1,299,511
Eliminate effect of items included in FFO but not FAD:
   Non-cash share-based compensation expense                                                                                             7,383                                                                                       6,922                                                                                        29,541                                                                                         28,413
   Foreign currency exchange loss (gain)                                                                                                    12                                                                                      (7,801 )                                                                                       7,047                                                                                        (17,082 )
Less: Capital expenditures to maintain real estate facilities                                                       (16,185 )                                                                (15,387 )                                                                  (79,784 )                                                                   (71,270 )
                                                                                                                  -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- --------- --------------------                                           -------------------- ---------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                              
FAD (a)                                                                                                                              $ 367,573                                                                $ 351,160                                                                $ 1,338,786                                                                $  1,239,572  
                                                                                                                  ==================== ======= ====================                                           ==================== ======= ====================                                           ==================== ========= ====================                                           ==================== ========== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                              
Distributions paid to common shareholders                                                                                            $ 241,253                                                                $ 240,484                                                                $   964,591                                                                $    884,183  
                                                                                                                  ==================== ======= ====================                                           ==================== ======= ====================                                           ==================== ========= ====================                                           ==================== ========== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                              
Distribution payout ratio                                                                                              65.6 %                                                                   68.5 %                                                                     72.0 %                                                                      71.3 %
                                                                                                                  ==================== ======= ====================                                           ==================== ======= ====================                                           ==================== ========= ====================                                           ==================== ========== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                              
Distributions per common share                                                                                                       $    1.40                                                                $    1.40                                                                $      5.60                                                                $       5.15  
                                                                                                                  ==================== ======= ====================                                           ==================== ======= ====================                                           ==================== ========= ====================                                           ==================== ========== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                              
       
(a)                                           FFO and FFO per share are non-GAAP measures defined by the National
                                              Association of Real Estate Investment Trusts and, along with FAD,
                                              are considered helpful measures of REIT performance by REITs and
                                              many REIT analysts. FFO represents net income before real estate
                                              depreciation, gains or losses and impairment charges, which are
                                              excluded because they are based upon historical real estate costs
                                              and assume that building values diminish ratably over time, while we
                                              believe that real estate values fluctuate due to market conditions.
                                              FAD represents FFO adjusted to exclude certain non-cash charges and
                                              to deduct capital expenditures. FFO and FFO per share are not a
                                              substitute for net income or earnings per share. FFO and FAD are not
                                              substitutes for GAAP net cash flow in evaluating our liquidity or
                                              ability to pay dividends, because they exclude investing and
                                              financing activities presented on our statements of cash flows. In
                                              addition, other REITs may compute these measures differently, so
                                              comparisons among REITs may not be helpful.
                                               
 
                                                                                                                                                                                                          PUBLIC STORAGE
                                                                                                                                                                                                      SELECTED FINANCIAL DATA
                                                                                                                                                                                                          Reconciliation
                                                                                                                                                                                    of Same Store Data and Self-Storage Net Operating Income to
                                                                                                                                                                                                         Operating Income
                                                                                                                                                                                          (Unaudited - amounts in thousands)
                                                                                                                                                                                                                     
                                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                     Three Months Ended                                                                                                                                                                             Year Ended
                                                                                                                                                        December 31,                                                                                                                                                                               December 31,
                                                                                      ------------------------------------------------------------------------------------------------------------------------------------------------                                          ---------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                             2014                                                                                         2013                                                                                          2014                                                                                          2013
                                                                                      ---------------------------------------------------                                          ---------------------------------------------------                                          ----------------------------------------------------                                          -----------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                    
Self-storage revenues for:
   Same Store Facilities                                                                                 $  467,728                                                                                   $  442,830                                                                                   $ 1,836,676                                                                                   $  1,743,182
   Non-Same Store Facilities (a):
      2014 acquisitions                                                                                       8,532                                                                                            -                                                                                        15,347                                                                                              -
      2013 acquisitions                                                                                      25,800                                                                                       15,006                                                                                        96,947                                                                                         19,309
      2012 acquisitions                                                                                       7,605                                                                                        6,278                                                                                        28,275                                                                                         22,452
      Other                                                                               19,556                                                 16,550                                                  72,637                                                   64,940  
                                                                                      -------------------- -------- --------------------                                           -------------------- -------- --------------------                                           -------------------- --------- --------------------                                           -------------------- ---------- --------------------
Self-storage revenues                                                                                       529,221                                                                                      480,664                                                                                     2,049,882                                                                                      1,849,883
                                                                                                                                                                                                                                                                                                                                                                                                    
Self-storage cost of operations for:
   Same Store Facilities                                                                                    103,713                                                                                      102,063                                                                                       498,640                                                                                        489,177
   Non-Same Store Facilities (a):
      2014 acquisitions                                                                                       2,448                                                                                            -                                                                                         4,566                                                                                              -
      2013 acquisitions                                                                                       8,379                                                                                        5,710                                                                                        32,917                                                                                          7,574
      2012 acquisitions                                                                                       2,503                                                                                        2,373                                                                                         9,591                                                                                          8,562
      Other                                                                                4,381                                                  4,059                                                  21,184                                                   18,773  
                                                                                      -------------------- -------- --------------------                                           -------------------- -------- --------------------                                           -------------------- --------- --------------------                                           -------------------- ---------- --------------------
Self-storage cost of operations                                                          121,424                                                114,205                                                 566,898                                                  524,086  
                                                                                      -------------------- -------- --------------------                                           -------------------- -------- --------------------                                           -------------------- --------- --------------------                                           -------------------- ---------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                    
Self-storage net operating income for:
   Same Store Facilities                                                                                    364,015                                                                                      340,767                                                                                     1,338,036                                                                                      1,254,005
   Non-Same Store Facilities (a):
      2014 acquisitions                                                                                       6,084                                                                                            -                                                                                        10,781                                                                                              -
      2013 acquisitions                                                                                      17,421                                                                                        9,296                                                                                        64,030                                                                                         11,735
      2012 acquisitions                                                                                       5,102                                                                                        3,905                                                                                        18,684                                                                                         13,890
      Other                                                                               15,175                                                 12,491                                                  51,453                                                   46,167  
                                                                                      -------------------- -------- --------------------                                           -------------------- -------- --------------------                                           -------------------- --------- --------------------                                           -------------------- ---------- --------------------
Self-storage net operating income (b)                                                                       407,797                                                                                      366,459                                                                                     1,482,984                                                                                      1,325,797
Ancillary operating revenues                                                                                 36,926                                                                                       32,847                                                                                       145,522                                                                                        131,863
Ancillary cost of operations                                                                                (12,230 )                                                                                    (10,193 )                                                                                     (51,822 )                                                                                      (41,075 )
Depreciation and amortization                                                                              (110,573 )                                                                                   (108,927 )                                                                                    (437,114 )                                                                                     (387,402 )
General and administrative expense                                                       (19,219 )                                                                 (16,691 )                                                                  (71,459 )                                                                   (66,679 )
                                                                                      -------------------- -------- --------------------                                           -------------------- -------- --------------------                                           -------------------- --------- --------------------                                           -------------------- ---------- --------------------
   Operating income on our income statement                                                              $  302,701                                                                $  263,495                                                                $ 1,068,111                                                                $    962,504  
                                                                                      ==================== ======== ====================                                           ==================== ======== ====================                                           ==================== ========= ====================                                           ==================== ========== ====================
                                                                                                                                                                                                                                                                                                                                                                                                    
       
(a)                                           We have 256 additional self-storage facilities that are not Same
                                              Store Facilities, including 44 facilities acquired in 2014, 121
                                              facilities acquired in 2013 and 24 facilities acquired in 2012. The
                                              average square foot occupancy during the three months ended December
                                              31, 2014, is 90% for the facilities acquired in 2014, 91% for the
                                              facilities acquired in 2013, 93% for the facilities acquired in 2012
                                              and 85% for the remaining non-Same Store Facilities.
                                               
(b)                                           Net operating income or "NOI" is a non-GAAP financial measure that
                                              excludes the impact of depreciation and amortization expense. We
                                              believe that NOI is a meaningful measure of operating performance,
                                              because we utilize NOI in making decisions with respect to capital
                                              allocations, in determining current property values, in evaluating
                                              property performance and in comparing period-to-period and
                                              market-to-market property operating results. In addition, we believe
                                              the investment community utilizes NOI in determining operating
                                              performance and real estate values, and does not consider
                                              depreciation expense because it is based upon historical cost. NOI
                                              is not a substitute for net income, net operating cash flow, or
                                              other related GAAP financial measures, in evaluating our operating
                                              results. This table reconciles from NOI for our self-storage
                                              facilities to the operating income presented on our income statement.
                                               

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20150219006565r1&sid=cmtx6&distro=nx&lang=en

SOURCE: Public Storage

Public Storage 
Clemente Teng 
(818) 244-8080, Ext. 1141


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