1.0.0.3 false Investments in Real Estate Entities false 1 $ false false Unit_1 Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 Unit_2 Standard http://www.xbrl.org/2003/instance pure xbrli 0 Unit_3 Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 Unit_4 Standard http://www.xbrl.org/2003/instance shares xbrli 0 2 Investments in Real Estate Entities 0 psa_InvestmentsInRealEstateEntities psa false na duration string Investments in Real Estate Entities false false false false false true false false false 1 false false 0 0 false false Investments in Real Estate Entities false 3 Equity Method Investments [Text Block] 1 us-gaap_EquityMethodInvestmentsTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 <div> <div><!-- 2.0.3706.15792 --><div><!-- body --><div> <div style="display: block; text-indent: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">&nbsp;&nbsp;</div> <div> <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr valign="top"> <td style="width: 18pt;"> <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;">5.</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;">Investments in Real Estate Entities</font></font></div> </td> </tr> </table> </div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">&nbsp;&nbsp;</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;">The following table sets forth our investments in the real estate entities at December 31, 2009 and 2008, and our equity in earnings of real estate entities for each of the three years ended December&nbsp;31, 2009 (amounts in thousands):</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">&nbsp;&nbsp;</div> <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;">&nbsp;&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="6"> <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;">Investments in Real Estate Entities at December 31,</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;">&nbsp;&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="10"> <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;">Equity in Earnings of Real Estate Entities for the Year Ended December 31,</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;">&nbsp;&nbsp;</font></td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</font></td> </tr> <tr> <td valign="bottom" width="40%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">PSB</font></div> </div> </td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">326,145</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</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;">265,650</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;">&nbsp;&nbsp;</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">35,108</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</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;">14,325</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;">&nbsp;&nbsp;</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">10,502</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;">&nbsp;&nbsp;</font></td> </tr> <tr> <td valign="bottom" width="40%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Shurgard Europe</font></div> </div> </td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">272,345</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;">&nbsp;&nbsp;</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">264,145</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;">&nbsp;&nbsp;</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">16,269</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;">&nbsp;&nbsp;</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">4,134</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;">&nbsp;&nbsp;</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</font></td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom" width="40%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Other Investments</font></div> </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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">13,826</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">14,803</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">1,867</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">1,932</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">2,236</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;">&nbsp;&nbsp;</font></td> </tr> <tr> <td style="padding-bottom: 4px;" valign="bottom" width="40%"> <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="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Total</font></div> </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;">&nbsp;&nbsp;</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;">612,316</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">544,598</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</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;">53,244</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">20,391</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</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;">12,738</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;">&nbsp;&nbsp;</font></td> </tr> </table> </div> <div style="display: block; text-indent: 0pt;"><br /></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">&nbsp;&nbsp;</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;">Included in equity in earnings of real estate entities for the year ended December 31, 2009 is $16,284,000, representing our share of the earnings allocated from PSB&#8217;s preferred shareholders, as a result of PSB&#8217;s repurchases of preferred stock and preferred units for amounts that were less than the related book value, during the period.&nbsp;&nbsp;During 2008, we disposed of one of the Other Investments in exchange for another asset valued at $5,300,000, and recorded a loss of disposition of real estate investments for a total of $9,423,000.</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">&nbsp;&nbsp;</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 the years ended December 31, 2009, 2008 and 2007, we received cash distributions from our investments in real estate entities totaling $49,408,000, $43,455,000 and $23,606,000, respectively.</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">&nbsp;&nbsp;</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, in addition to the impact of earnings recognized and cash distributions received, our investments in real estate entities increased by $63,882,000 due to (i) $15,764,000 in foreign currency translation adjustments, (ii) $17,825,000 representing our acquisition of an additional 383,333 shares of PSB common stock, and (iii) $30,293,000 presented in &#8220;gains on disposition of real estate investments, net&#8221; in connection with PSB&#8217;s sale of common stock in a public offering described below in &#8220;Investment in PSB.&#8221;</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">&nbsp;&nbsp;</div> <div style="display: block; margin-left: 18pt; text-indent: 0pt; margin-right: 0pt;" 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;">Investment in PSB</font></font></div> <div style="display: block; text-indent: 0pt;"><br /></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;">PSB is a REIT traded on the New York Stock Exchange, which controls an operating partnership (collectively, the REIT and the operating partnership are referred to as &#8220;PSB&#8221;).&nbsp;&nbsp;We have a 41% common equity interest in PSB as of December 31, 2009 (46% as of December 31, 2008), comprised of our ownership of 5,801,606 shares of PSB&#8217;s common stock and 7,305,355 limited partnership units in the operating partnership (5,418,273 shares of PSB&#8217;s common stock and 7,305,355 limited partnership units at December 31, 2008).&nbsp;&nbsp;The limited partnership units are convertible at our option, subject to certain conditions, on a one-for-one basis into PSB common stock.&nbsp;&nbsp;Based upon the closing price at December&nbsp;31, 2009 ($50.05 per share of PSB common stock), the shares and units had a market value of approximately $656.0&nbsp;million as compared to a book value of $326.1 million.&nbsp;&nbsp;We account for our investment in PSB using the equity method.</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">&nbsp;&nbsp;</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 the year ended December 31, 2009, PSB sold 3,450,000 shares of its common stock in a public offering for net proceeds of $153.6&nbsp;million.&nbsp;&nbsp;In accordance with FASB ASC Topic 323, Investments &#8211; Equity Method and Joint Ventures, we recognized a gain totaling $30,293,000 on the share issuance by PSB, as if we had sold a proportionate share of our investment in PSB.</font></div> <div style="display: block; text-indent: 0pt;"><br /></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;">Concurrent with the public offering, we purchased an additional 383,333 shares of PSB common stock from PSB at the same price per share as the public offering for a total cost of $17,825,000.</font></div> <br /> <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;">The following table sets forth selected financial information of PSB; the amounts represent 100% of PSB&#8217;s balances and not our pro-rata share.</font></div> <div style="display: block; text-indent: 0pt;"><br /> &nbsp;</div> <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;">&nbsp;&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</font></td> </tr> <tr> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</font></td> </tr> <tr> <td valign="bottom"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"><u><font class="_mt" style="display: inline;">For the year ended December 31</font>,</u></font></div> </div> </td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</font></td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</font></td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</font></td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</font></td> </tr> <tr> <td valign="bottom" width="64%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Total revenue</font></div> </div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">271,655</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;">&nbsp;&nbsp;</font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">281,843</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</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;">269,298</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;">&nbsp;&nbsp;</font></td> </tr> <tr> <td valign="bottom" width="64%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Costs of operations and general and administrative expense</font></div> </div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">(92,114</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">(95,281</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">(91,162</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" width="64%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Depreciation and amortization</font></div> </div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">(84,504</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">(99,317</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">(97,998</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" width="64%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Other items</font></div> </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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">(698</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">(1,898</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">1,537</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;">&nbsp;&nbsp;</font></td> </tr> <tr> <td style="padding-bottom: 4px;" valign="bottom" width="64%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Net income&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></div> </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;">&nbsp;&nbsp;</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;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">94,339</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</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;">85,347</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">81,675</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;">&nbsp;&nbsp;</font></td> </tr> <tr> <td valign="bottom" width="64%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</font></td> </tr> <tr> <td valign="bottom" width="64%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"><u><font class="_mt" style="display: inline;">As of December 31</font>,</u></font></div> </div> </td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</font></td> </tr> <tr> <td valign="bottom" width="64%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 9pt; text-indent: -9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Total assets (primarily real estate)</font></div> </div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">1,564,822</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;">&nbsp;&nbsp;</font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">1,469,323</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;">&nbsp;&nbsp;</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</font></td> </tr> <tr> <td valign="bottom" width="64%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 9pt; text-indent: -9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Debt</font></div> </div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">52,887</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;">&nbsp;&nbsp;</font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">59,308</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;">&nbsp;&nbsp;</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</font></td> </tr> <tr> <td valign="bottom" width="64%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 9pt; text-indent: -9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Other liabilities</font></div> </div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">46,298</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;">&nbsp;&nbsp;</font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">46,428</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;">&nbsp;&nbsp;</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</font></td> </tr> <tr> <td valign="bottom" width="64%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 9pt; text-indent: -9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Preferred stock and units</font></div> </div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">699,464</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;">&nbsp;&nbsp;</font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">801,000</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;">&nbsp;&nbsp;</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</font></td> </tr> <tr> <td valign="bottom" width="64%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 9pt; text-indent: -9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Common equity</font></div> </div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">766,173</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;">&nbsp;&nbsp;</font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">562,587</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;">&nbsp;&nbsp;</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</font></td> </tr> <tr> <td valign="bottom" width="64%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</font></td> </tr> <tr> <td valign="bottom" width="64%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</font></td> </tr> </table> </div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">&nbsp;&nbsp;</div> <div style="display: block; margin-left: 18pt; text-indent: 0pt; margin-right: 0pt;" 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;">Investment in Shurgard Europe</font></font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">&nbsp;&nbsp;</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;">At December 31, 2009, we had a 49% equity investment in Shurgard Europe.&nbsp;&nbsp;As a result of our disposition of an interest in Shurgard Europe, we deconsolidated Shurgard Europe effective March&nbsp;31, 2008 (see Note 3) and subsequently account for our investment in Shurgard Europe using the equity method.</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">&nbsp;&nbsp;</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;">For the years ended December 31, 2009 and 2008, we recorded an aggregate of $16,269,000 and $4,134,000, respectively, in equity in earnings of Shurgard Europe.&nbsp;&nbsp;During the years ended December 31, 2009 and 2008, our investment in Shurgard Europe increased by approximately $15,764,000 and decreased by $63,495,000, respectively, due to the impact of changes in foreign currency exchange rates.</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">&nbsp;&nbsp;</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;">The following table sets forth selected financial information of Shurgard Europe.&nbsp;&nbsp;These amounts are based upon 100% of Shurgard Europe&#8217;s balances, rather than our pro rata share, and are based upon our historical acquired book basis.</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">&nbsp;&nbsp;</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;">Amounts for all periods are presented, notwithstanding that Shurgard Europe was deconsolidated effective March 31, 2008.&nbsp;&nbsp;Accordingly, only the amounts (net of intercompany eliminations) prior to April 1, 2008 are included in our consolidated financial statements.</font></div> <br /> <div style="display: block; text-indent: 0pt;"><br /></div> <div style="display: block; text-indent: 0pt;"><br /></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">&nbsp;&nbsp;</div> <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;">&nbsp;&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</font></td> </tr> <tr> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</font></td> </tr> <tr> <td valign="bottom"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"><u><font class="_mt" style="display: inline;">For the year ended December 31</font>,</u></font></div> </div> </td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</font></td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</font></td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</font></td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</font></td> </tr> <tr> <td valign="bottom" width="64%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Self-storage and ancillary revenues</font></div> </div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">225,777</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;">&nbsp;&nbsp;</font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">238,842</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</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;">209,997</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;">&nbsp;&nbsp;</font></td> </tr> <tr> <td valign="bottom" width="64%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Interest and other income (expense)</font></div> </div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">515</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;">&nbsp;&nbsp;</font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">1,192</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;">&nbsp;&nbsp;</font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">704</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;">&nbsp;&nbsp;</font></td> </tr> <tr> <td valign="bottom" width="64%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Self-storage and ancillary cost of operations</font></div> </div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">(100,135</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">(102,658</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">(96,875</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" width="64%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Trademark license fee payable to Public Storage</font></div> </div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">(1,606</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">(1,894</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</font></td> </tr> <tr> <td valign="bottom" width="64%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Depreciation and amortization</font></div> </div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">(59,926</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">(93,915</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">(123,546</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" width="64%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">General and administrative</font></div> </div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">(9,966</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">(16,098</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">(20,291</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" width="64%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Interest expense on third party debt</font></div> </div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">(15,557</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">(23,937</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">(22,242</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" width="64%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Interest expense on loan payable to Public Storage</font></div> </div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">(47,084</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">(45,528</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">(38,733</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" width="64%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Income (expenses) from foreign currency exchange</font></div> </div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">736</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;">&nbsp;&nbsp;</font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">(4,214</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">286</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;">&nbsp;&nbsp;</font></td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom" width="64%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Discontinued operations</font></div> </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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">8</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">(1,081</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" width="64%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Net loss (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></div> </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;">&nbsp;&nbsp;</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;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(7,238</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</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;">(48,341</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;">&nbsp;&nbsp;</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;">(91,781</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;">&nbsp;&nbsp;</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</font></td> </tr> <tr> <td valign="bottom" width="64%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 9pt; text-indent: -9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"><u><font class="_mt" style="display: inline;">As of December 31</font>,</u></font></div> </div> </td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</font></td> </tr> <tr> <td valign="bottom" width="64%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 9pt; text-indent: -9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Total assets (primarily self-storage facilities)</font></div> </div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">1,629,457</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;">&nbsp;&nbsp;</font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">1,615,370</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;">&nbsp;&nbsp;</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</font></td> </tr> <tr> <td valign="bottom" width="64%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 9pt; text-indent: -9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Total debt to third parties</font></div> </div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">328,510</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;">&nbsp;&nbsp;</font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">362,352</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;">&nbsp;&nbsp;</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</font></td> </tr> <tr> <td valign="bottom" width="64%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 9pt; text-indent: -9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Total debt to Public Storage</font></div> </div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">561,703</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;">&nbsp;&nbsp;</font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">552,361</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;">&nbsp;&nbsp;</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</font></td> </tr> <tr> <td valign="bottom" width="64%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 9pt; text-indent: -9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Other liabilities</font></div> </div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">75,074</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;">&nbsp;&nbsp;</font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">82,247</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;">&nbsp;&nbsp;</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</font></td> </tr> <tr> <td valign="bottom" width="64%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 9pt; text-indent: -9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Equity</font></div> </div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">664,170</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;">&nbsp;&nbsp;</font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">618,410</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;">&nbsp;&nbsp;</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</font></td> </tr> <tr> <td valign="bottom" width="64%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</font></td> </tr> </table> </div> <div> <table cellspacing="0" cellpadding="0" width="100%"> <tr valign="top"> <td style="width: 54pt;" align="right"> <div><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">(a)&nbsp;&nbsp;</font></div> </td> <td> <div style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">During the years ended December&nbsp;31, 2009, 2008 and 2007, approximately $8,250,000 in net income and $10,217,000 and $9,387,000 in net loss, respectively, was allocated to permanent noncontrolling equity interests in subsidiaries, of which $9,931,000, $12,752,000 and $11,513,000, respectively, represented depreciation and amortization expense.</font></div> </td> </tr> </table> </div> <div style="display: block; text-indent: 0pt;"><br /></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;">Our equity in earnings from our investment in Shurgard Europe for the years ended December&nbsp;31, 2009 and 2008, totaling $16,269,000 and $4,134,000, respectively, are comprised of (i) losses of $7,589,000 and $13,640,000, respectively, representing our 49% pro-rata share of Shurgard Europe&#8217;s net loss for the respective periods and (ii) income of $23,858,000 and $17,774,000, respectively, representing our 49% pro-rata share of the interest income and trademark license fees received from Shurgard Europe for the respective periods (such amounts are presented as equity in earnings of real estate entities rather than interest and other income).</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">&nbsp;&nbsp;</div> <div style="display: block; margin-left: 18pt; text-indent: 0pt; margin-right: 0pt;" 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;">Other Investments</font></font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">&nbsp;&nbsp;</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;">At December 31, 2009, the &#8220;Other Investments&#8221; include an aggregate common equity ownership of approximately 24% in entities that collectively own 19 self-storage facilities.&nbsp;&nbsp;We account for our investments in these entities using the equity method.</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">&nbsp;&nbsp;</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;">The following table sets forth certain condensed financial information (representing 100% of these entities&#8217; balances and not our pro-rata share) with respect to the Other Investments&#8217; 19 facilities that we have an interest in at December&nbsp;31, 2009:</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">&nbsp;&nbsp;</div> <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;">&nbsp;&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</font></td> </tr> <tr> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</font></td> </tr> <tr> <td valign="bottom"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"><u><font class="_mt" style="display: inline;">For the year ended December 31</font>,</u></font></div> </div> </td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</font></td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</font></td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</font></td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</font></td> </tr> <tr> <td valign="bottom" width="64%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Total revenue</font></div> </div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">16,641</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;">&nbsp;&nbsp;</font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">17,154</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</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;">16,421</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;">&nbsp;&nbsp;</font></td> </tr> <tr> <td valign="bottom" width="64%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Cost of operations and other expenses</font></div> </div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">(6,075</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">(6,159</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">(6,173</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" width="64%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Depreciation and amortization</font></div> </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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">(2,103</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">(2,023</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">(1,890</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" width="64%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Net income</font></div> </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;">&nbsp;&nbsp;</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;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">8,463</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</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;">8,972</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">8,358</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;">&nbsp;&nbsp;</font></td> </tr> <tr> <td valign="bottom" width="64%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</font></td> </tr> <tr> <td valign="bottom" width="64%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"><font class="_mt" style="display: inline;"><u>As of December 31,</u></font></font></div> </div> </td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</font></td> </tr> <tr> <td valign="bottom" width="64%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Total assets (primarily self-storage facilities)</font></div> </div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">37,386</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;">&nbsp;&nbsp;</font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">40,168</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;">&nbsp;&nbsp;</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</font></td> </tr> <tr> <td valign="bottom" width="64%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Total accrued and other liabilities</font></div> </div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">876</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;">&nbsp;&nbsp;</font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">888</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;">&nbsp;&nbsp;</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</font></td> </tr> <tr> <td valign="bottom" width="64%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Total Partners&#8217; equity</font></div> </div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">36,510</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;">&nbsp;&nbsp;</font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">39,280</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;">&nbsp;&nbsp;</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</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;">&nbsp;&nbsp;</font></td> </tr> </table> </div> <div style="display: block; text-indent: 0pt;"><br /></div> </div> </div><!-- body --></div></div> </div> &nbsp;&nbsp; 5. Investments in Real Estate Entities &nbsp;&nbsp; The following table sets forth our investments in the real estate entities at false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true