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<div> <div><!-- 2.0.3706.15792 --><div><!-- body --><div>
<div><br />
<div>
<table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
<tr valign="top">
<td style="width: 36pt;">
<div style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">4.</font></div>
</td>
<td>
<div align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;"><font class="_mt" style="display: inline; text-decoration: underline;">Real Estate Facilities</font></font></div>
</td>
</tr>
</table>
</div>
<div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify"> </div>
<div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">Activity in real estate facilities during 2009, 2008 and 2007 is as follows:</font></div>
<div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"> </div>
<div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"> <br />
<div align="center">
<table cellspacing="0" cellpadding="0" width="80%">
<tr>
<td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" colspan="2">
<div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;">
<div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">2009</font></div>
</div>
</td>
<td style="padding-bottom: 2px; text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" colspan="2">
<div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;">
<div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">2008</font></div>
</div>
</td>
<td style="padding-bottom: 2px; text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" colspan="2">
<div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;">
<div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">2007</font></div>
</div>
</td>
<td style="padding-bottom: 2px; text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
</tr>
<tr>
<td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td valign="bottom" colspan="10">
<div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(Amounts in thousands)</font></div>
</td>
<td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
</tr>
<tr>
<td valign="bottom" align="left">
<div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Operating facilities, at cost:</font></div>
</td>
<td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
</tr>
<tr>
<td valign="bottom" align="left" width="64%">
<div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Beginning balance </font></div>
</td>
<td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">10,207,022</font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">11,658,807</font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">11,261,865</font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
</tr>
<tr>
<td valign="bottom" align="left" width="64%">
<div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Capital improvements </font></div>
</td>
<td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">62,352</font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">76,311</font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">69,102</font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
</tr>
<tr>
<td valign="bottom" align="left" width="64%">
<div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Acquisition of real estate facilities </font></div>
</td>
<td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">52,932</font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">71,258</font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
</tr>
<tr>
<td valign="bottom" align="left" width="64%">
<div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Newly developed facilities opened for operations</font></div>
</td>
<td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">30,978</font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">93,416</font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">156,751</font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
</tr>
<tr>
<td valign="bottom" align="left" width="64%">
<div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Consolidation of real estate entities </font></div>
</td>
<td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">14,604</font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
</tr>
<tr>
<td valign="bottom" align="left" width="64%">
<div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Deconsolidation of real estate entities </font></div>
</td>
<td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(42,473</font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td>
</tr>
<tr>
<td valign="bottom" align="left" width="64%">
<div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Disposition of an interest in Shurgard Europe (Note 3)</font></div>
</td>
<td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(1,766,122</font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td>
<td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
</tr>
<tr>
<td valign="bottom" align="left" width="64%">
<div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Disposition of real estate facilities </font></div>
</td>
<td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(9,419</font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td>
<td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(1,522</font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td>
<td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(4,202</font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td>
</tr>
<tr>
<td style="padding-bottom: 2px;" valign="bottom" align="left" width="64%">
<div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Impact of foreign exchange rate changes </font></div>
</td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">2,022</font></td>
<td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">93,200</font></td>
<td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">131,902</font></td>
<td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
</tr>
<tr>
<td style="padding-bottom: 2px;" valign="bottom" align="left" width="64%">
<div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Ending balance </font></div>
</td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">10,292,955</font></td>
<td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">10,207,022</font></td>
<td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">11,658,807</font></td>
<td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
</tr>
<tr>
<td valign="bottom" align="left" width="64%">
<div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Accumulated depreciation:</font></div>
</td>
<td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
</tr>
<tr>
<td valign="bottom" align="left" width="64%">
<div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Beginning balance </font></div>
</td>
<td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(2,405,473</font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td>
<td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(2,128,225</font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td>
<td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(1,754,362</font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td>
</tr>
<tr>
<td valign="bottom" align="left" width="64%">
<div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Depreciation expense </font></div>
</td>
<td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(332,431</font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td>
<td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(347,895</font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td>
<td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(371,665</font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td>
</tr>
<tr>
<td valign="bottom" align="left" width="64%">
<div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Disposition of an interest in Shurgard Europe (Note 3)</font></div>
</td>
<td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">72,598</font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
</tr>
<tr>
<td valign="bottom" align="left" width="64%">
<div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Deconsolidation of real estate entities </font></div>
</td>
<td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">1,064</font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
</tr>
<tr>
<td valign="bottom" align="left" width="64%">
<div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Disposition of real estate facilities </font></div>
</td>
<td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">4,033</font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">328</font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">1,184</font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
</tr>
<tr>
<td style="padding-bottom: 2px;" valign="bottom" align="left" width="64%">
<div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Impact of foreign exchange rate changes </font></div>
</td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(578</font></td>
<td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(2,279</font></td>
<td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(4,446</font></td>
<td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td>
</tr>
<tr>
<td style="padding-bottom: 2px;" valign="bottom" align="left" width="64%">
<div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Ending balance </font></div>
</td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(2,734,449</font></td>
<td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(2,405,473</font></td>
<td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(2,128,225</font></td>
<td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td>
</tr>
<tr>
<td valign="bottom" align="left" width="64%">
<div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Construction in process:</font></div>
</td>
<td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
</tr>
<tr>
<td valign="bottom" align="left" width="64%">
<div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Beginning balance </font></div>
</td>
<td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">20,340</font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">51,972</font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">83,900</font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
</tr>
<tr>
<td valign="bottom" align="left" width="64%">
<div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Current development </font></div>
</td>
<td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">14,165</font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">74,611</font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">122,320</font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
</tr>
<tr>
<td valign="bottom" align="left" width="64%">
<div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Newly developed facilities opened for operation</font></div>
</td>
<td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(30,978</font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td>
<td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(93,416</font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td>
<td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(156,751</font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td>
</tr>
<tr>
<td valign="bottom" align="left" width="64%">
<div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Disposition of an interest in Shurgard Europe (Note 3)</font></div>
</td>
<td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(10,886</font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td>
<td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
</tr>
<tr>
<td valign="bottom" align="left" width="64%">
<div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Write off of development costs </font></div>
</td>
<td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(2,898</font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td>
<td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(2,120</font></td>
<td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td>
</tr>
<tr>
<td style="padding-bottom: 2px;" valign="bottom" align="left" width="64%">
<div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Impact of foreign exchange rate changes </font></div>
</td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td>
<td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">957</font></td>
<td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">4,623</font></td>
<td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
</tr>
<tr>
<td style="padding-bottom: 2px;" valign="bottom" align="left" width="64%">
<div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Ending balance </font></div>
</td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">3,527</font></td>
<td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">20,340</font></td>
<td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">51,972</font></td>
<td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
</tr>
<tr>
<td style="padding-bottom: 4px;" valign="bottom" align="left" width="64%">
<div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Total real estate facilities at December 31,</font></div>
</td>
<td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td>
<td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">7,562,033</font></td>
<td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td>
<td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">7,821,889</font></td>
<td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
<td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td>
<td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">9,582,554</font></td>
<td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
</tr>
<tr>
<td valign="bottom" width="64%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td>
</tr>
</table>
</div>
</div>
<div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify"> </div>
<div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">During 2009, we completed one newly developed facility and various expansion projects to existing facilities at an aggregate cost of $30,978,000. During 2009, we sold an existing real estate facility as well as disposed of a portion of certain real estate facilities primarily in connection with condemnation proceedings, for aggregate cash proceeds totaling $11,596,000 and an other asset valued at $2,941,000. We recorded an aggregate gain of approximately $9,151,000, of which $6,018,000 is included in discontinued operations and $3,133,000 is included in “gains on disposition of real estate investments, net.”</font></div>
<div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify"> </div>
<div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">During 2008, we completed two newly developed facilities at a total cost of $13,431,000, as well as various expansion projects at a total cost of $46,522,000. During the first quarter of 2008, prior to its deconsolidation, Shurgard Europe opened real estate facilities at a total cost of $33,463,000. During 2008, we acquired four self-storage facilities in the U.S. from third parties, and three facilities previously owned by the unconsolidated entities, for an aggregate cost of $55,957,000, consisting of $43,569,000 in cash, $2,138,000 in existing investments, and assumed mortgage debt totaling $10,250,000. The aggregate cost was allocated $52,932,000 to real estate facilities and $3,025,000 to intangibles, based upon the estimated relative fair values of the land, buildings and intangibles. During 2008, we received net proceeds from partial facility disposals as a result of condemnation proceedings, totaling $2,227,000, and recorded a gain on disposition of $1,283,000. In addition, $250,000, representing the book value of assets destroyed, was included in the income statement line-item “casualty loss” during 2008.</font></div>
<div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify"> </div>
<div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">During 2007, we completed three development and various expansion projects in the U.S. at a total cost of $66,676,000. Also in 2007, we completed nine development projects in Europe at a total cost of $90,075,000. During 2007, we acquired seven self-storage facilities in the U.S. from third parties for an aggregate cost of $72,787,000, in cash; $71,258,000 was allocated to real estate facilities and $1,529,000 was allocated to intangibles, based upon the estimated relative fair values of the land, buildings and intangibles. During 2007, we received net proceeds from partial and complete facility disposals as a result of condemnation proceedings, totaling $8,708,000, and recorded a gain on disposition of $5,690,000, of which $4,336,000 in such gains were included in discontinued operations.</font></div>
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<div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">At December 31, 2009, the adjusted basis of real estate facilities for federal tax purposes was approximately $7.3 billion (unaudited).</font></div>
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4.
Real Estate Facilities
Activity in real estate facilities during 2009, 2008 and 2007 is as
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false
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No definition available.
No authoritative reference available.
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false
1
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false
UnKnown
UnKnown
UnKnown
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true