1.0.0.3falseRelated Party Transactionsfalse1$falsefalseUnit_1Standardhttp://www.xbrl.org/2003/iso4217USDiso42170Unit_2Standardhttp://www.xbrl.org/2003/instancepurexbrli0Unit_3Dividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0Unit_4Standardhttp://www.xbrl.org/2003/instancesharesxbrli020psa_RelatedPartyTransactionspsafalsenadurationstringRelated Party Transactionsfalsefalsefalsefalsefalsetruefalsefalsefalse1falsefalse00falsefalseRelated Party Transactionsfalse31us-gaap_RelatedPartyTransactionsDisclosureTextBlockus-gaaptruenadurationstringNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalse00<div> <div><!-- 2.0.3706.15792 --><div><!-- body --><div>
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<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;">9.</font></div>
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<div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">Mr. Hughes, Public Storage’s Chairman of the Board of Trustees, and his family (collectively the “Hughes Family”) have ownership interests in, and operate approximately 52 self-storage facilities in Canada using the “Public Storage” brand name (“PS Canada”) pursuant to a royalty-free trademark license agreement with Public Storage. We currently do not own any interests in these facilities nor do we own any facilities in Canada. The Hughes Family owns approximately 17.3% of our common shares outstanding at December 31, 2009. We have a right of first refusal to acquire the stock or assets of the corporation that manages the 52 self-storage facilities in Canada, if the Hughes Family or the corporation agrees to sell them. However, we have no interest in the operations of this corporation, we have no right to acquire this stock or assets unless the Hughes Family decides to sell and we receive no benefit from the profits and increases in value of the Canadian self-storage facilities.</font></div>
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<div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">We reinsure risks relating to loss of goods stored by tenants in the self-storage facilities in Canada. During the years ended December 31, 2009, 2008 and 2007, we received $642,000, $768,000 and $906,000 (based upon historical exchange rates between the U.S. Dollar and Canadian Dollar in effect as the revenues were earned), respectively, in reinsurance premiums attributable to the Canadian facilities. Since our right to provide tenant reinsurance to the Canadian facilities may be qualified, there is no assurance that these premiums will continue.</font></div>
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<div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">Public Storage and Mr. Hughes are co-general partners in certain consolidated partnerships and affiliated partnerships of Public Storage that are not consolidated. The Hughes Family owns 47.9% of the voting stock and Public Storage holds 46% of the voting and 100% of the nonvoting stock (representing substantially all the economic interest) of a private REIT. The private REIT owns limited partnership interests in five affiliated partnerships. The Hughes Family also owns limited partnership interests in certain of these partnerships and holds securities in PSB. PS Canada holds approximately a 1.2% interest in Stor-RE, a consolidated entity that provides liability and casualty insurance for PS Canada, Public Storage and certain affiliates of Public Storage, for occurrences prior to April 1, 2004 as described below. Public Storage and the Hughes Family receive distributions from these entities in accordance with the terms of the partnership agreements or other organizational documents.</font></div>
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<div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">From time to time, the Company and the Hughes Family have acquired limited partnership units from limited partners of the Company’s consolidated partnerships. In connection with the acquisition in 1998 and 1999 of a total of 638 limited partnership units by Tamara Hughes Gustavson and H-G Family Corp., a company owned by Hughes Family members, the Company was granted an option to acquire the limited partnership units acquired at cost, plus expenses. During the fourth quarter of 2008, the Company exercised its option to acquire the units for a total purchase price of approximately $239,000. The transaction was approved by the independent members of the Board of Trustees after considering that the value of the units had appreciated significantly since 1998 and 1999 and that the exercise price for the Company was substantially below the prices paid to acquire similar limited partner units in third party transactions. The acquisition was effective January 1, 2009.</font></div>
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Related Party Transactions
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