1.0.0.3 false Summary of Significant Accounting Policies 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 Summary of Significant Accounting Policies 0 psa_SummaryOfSignificantAccountingPolicies psa false na duration string Summary of Significant Accounting Policies false false false false false true false false false 1 false false 0 0 false false Summary of Significant Accounting Policies false 3 Significant Accounting Policies [Text Block] 1 us-gaap_SignificantAccountingPoliciesTextBlock 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><div><div> <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;">2.</font></div> </td> <td> <div align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;"><font class="_mt" style="display: inline; text-decoration: underline;">Summary of Significant Accounting Policies</font></font></div> </td> </tr> </table> </div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 18pt; text-indent: 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;">Basis of Presentation</font></font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">The consolidated financial statements are presented on an accrual basis in accordance with U.S. generally accepted accounting principles (“GAAP”) and include the accounts of the Company and our consolidated subsidiaries.  All intercompany balances and transactions have been eliminated in consolidation.</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">Certain amounts previously reported in our December 31, 2008 and 2007 financial statements have been reclassified to conform to the December 31, 2009 presentation, including discontinued operations, the grouping of the separate captions “cumulative earnings” and “cumulative distributions” into “accumulated deficit” on our consolidated balance sheet, as well as reclassifications required by newly implemented accounting standards described below.</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 27pt; 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;">Adjustments due to accounting pronouncements becoming effective January 1, 2009</font></font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 18pt; text-indent: 45pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">On January 1, 2009, accounting standards promulgated by the Financial Accounting Standards Board (“FASB”) became effective which affected the classification of ownership interests other than those in the Company, such as limited partnership interests in entities that are consolidated in the financial statements of the Company.  In accordance with these standards, we have reclassified the equity interests previously referred to as minority interests on our balance sheet at December 31, 2008 to “equity of permanent noncontrolling interests in subsidiaries” or “redeemable noncontrolling interests in subsidiaries.”  These reclassifications increased equity by $351,640,000, increased accumulated deficit by $6,469,000, increased redeemable noncontrolling interests in subsidiaries by $12,777,000, and decreased minority interest by $364,417,000, as compared to the amounts previously presented as of December 31, 2008.  On our consolidated statement of income, income allocations to the aforementioned equity interests were reclassified from “minority interest in income”, a reduction to income, to “net income allocated to noncontrolling interests in subsidiaries,” an allocation of net income in calculating net income allocable to our common shareholders.  These adjustments increased net income $38,696,000 and $29,543,000 for the years ended December 31, 2008 and 2007, respectively, but had no impact upon net income allocable to our common shareholders or on earnings per common share, as compared to amounts previously presented.</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">In addition, FASB accounting standards became effective January 1, 2009 which required the “two class” method of allocating income with respect to our restricted share units to determine basic and diluted earnings per common share.  Previously, all restricted share units were included in weighted average diluted shares, using the treasury stock method.  This change resulted in a decrease in income allocable to our common shareholders of approximately $2,304,000 and $376,000, a decrease in diluted weighted average common shares outstanding of 208,000 and 297,000 and a decrease of $0.02 and $0.01 in basic and diluted earnings per common share, respectively, for the year ended December 31, 2008 as compared to amounts previously presented for the year ended December 31, 2008.  These changes had no impact on the basic and diluted earnings per common share amounts previously presented for the year ended December 31, 2007.</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 18pt; text-indent: 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;">Consolidation Policy</font></font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">Pursuant to Codification Section 810-10-15-14, any entity where a) the equity is insufficient to finance its activities without additional subordinated financial support provided by any parties, or b) the equity holders as a group lack specific characteristics, as defined in the Codification, of a controlling financial interest, is considered a Variable Interest Entity (“VIE”).  VIEs in which we are the primary beneficiary are consolidated.  Entities that are not VIEs that we control are consolidated.</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">When we are the general partner, we are presumed to control the partnership unless the limited partners possess either a) the substantive ability to dissolve the partnership or otherwise remove us as general partner without cause (commonly referred to as “kick-out rights”), or b) the right to participate in substantive operating and financial decisions of the limited partnership that are expected to be made in the course of the partnership’s business.</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">The accounts of the entities we control, along with the accounts of the VIEs for which we are the primary beneficiary, are included in our consolidated financial statements, and all intercompany balances and transactions are eliminated.  We account for our investment in entities that we do not consolidate using the equity method of accounting or, if we do not have the ability to exercise significant influence over an investee, the cost method of accounting.  Changes in consolidation status are reflected effective the date the change of control or determination of primary beneficiary status occurred, and previously reported periods are not restated.  The entities that we consolidate, for the periods in which the reference applies, are referred to hereinafter as the “Subsidiaries.”  The entities that we have an interest in but do not consolidate, for the periods in which the reference applies, are referred to hereinafter as the “Unconsolidated Entities.”</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">Collectively, at December 31, 2009, the Company and the Subsidiaries own a total of 1,999 real estate facilities included in continuing operations, consisting of 1,990 self-storage facilities in the U.S., one self-storage facility in London, England and eight commercial facilities in the U.S.  One facility owned by the Company is subject to condemnation proceedings and its operating results are classified as discontinued operations for all periods presented.</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">At December 31, 2009, the Unconsolidated Entities are comprised of PSB, Shurgard Europe, and various limited and joint venture partnerships (the partnerships referred to as the “Other Investments”).  At December 31, 2009, PSB owns approximately 19.6 million rentable square feet of commercial space, Shurgard Europe has interests in 187 self-storage facilities in Europe with 10.1 million net rentable square feet, and the Other Investments own in aggregate 19 self-storage facilities with 1.1 million net rentable square feet in the U.S.</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 18pt; text-indent: 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;">Use of Estimates</font></font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes.  Actual results could differ from those estimates.</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 18pt; text-indent: 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;">Income Taxes</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;">For all taxable years subsequent to 1980, the Company has qualified and intends to continue to qualify as a real estate investment trust (“REIT”), as defined in Section 856 of the Internal Revenue Code.  As a REIT, we do not incur federal or significant state tax on that portion of our taxable income which is distributed to our shareholders, provided that we meet certain tests.  We believe we have met these tests during 2009, 2008 and 2007 and, accordingly, no provision for federal income taxes has been made in the accompanying consolidated financial statements on income produced and distributed on real estate rental operations.  We have business operations in taxable REIT subsidiaries that are subject to regular corporate tax on their taxable income, and such corporate taxes attributable to these operations are presented in ancillary cost of operations in our accompanying consolidated statements of income.  We also are subject to certain state taxes, which are presented in general and administrative expense in our accompanying consolidated statements of income.  We have concluded that there are no significant uncertain tax positions requiring recognition in our financial statements with respect to all tax periods which remain subject to examination by major tax jurisdictions as of December 31, 2009.</font></div> <div style="display: block; text-indent: 0pt;"><br /></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;">Real Estate Facilities</font></font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">Real estate facilities are recorded at cost.  Costs associated with the acquisition, development, construction, renovation and improvement of properties are capitalized.  Interest, property taxes and other costs associated with development incurred during the construction period are capitalized as building cost.  Costs associated with the sale of real estate facilities or interests in real estate investments are expensed as incurred.  The purchase cost of existing self-storage facilities that we acquire are allocated based upon relative fair value of the land, building and tenant intangible components of the real estate facility.  Expenditures for repairs and maintenance are expensed when incurred.  Depreciation expense is computed using the straight-line method over the estimated useful lives of the buildings and improvements, which generally range from 5 to 25 years.</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 18pt; text-indent: 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 Assets</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;">Other assets primarily consist of prepaid expenses, investments in held-to-maturity debt securities, accounts receivable, interest receivable, and restricted cash.</font></div> <div style="display: block; text-indent: 0pt;"><br /></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;">Accrued and Other Liabilities</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;">Accrued and other liabilities consist primarily of trade payables, property tax accruals, tenant prepayments of rents, accrued interest payable, accrued payroll, losses and loss adjustment liabilities for our own exposures, and estimated losses related to our tenant insurance activities.  Contingent losses are accrued when they are determined to be probable, and to the extent that they are estimable.  When it is at least reasonably possible that a significant unaccrued contingent loss has occurred, we disclose the nature of that potential loss under “Legal Matters” in Note 13 “Commitments and Contingencies”.</font></div> <div style="display: block; text-indent: 0pt;">  </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;">Financial Instruments</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;">We have estimated the fair value of our financial instruments using available market information and appropriate valuation methodologies.  Considerable judgment is required in interpreting market data to develop estimates of market value.  Accordingly, estimated fair values are not necessarily indicative of the amounts that could be realized in current market exchanges.</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;">For purposes of financial statement presentation, we consider all highly liquid financial instruments such as short-term treasury securities, money market funds with daily liquidity and a rating of at least AAA by Standard and Poor’s, or investment grade (rated A1 by Standard and Poor’s) short-term commercial paper with remaining maturities of three months or less at the date of acquisition to be cash equivalents.  Any such cash and cash equivalents which are restricted from general corporate use (restricted cash) due to insurance or other regulations, or based upon contractual requirements, are included in other assets.</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;">Due to the short maturity and the underlying characteristics of our cash and cash equivalents, other assets, and accrued and other liabilities, we believe the carrying values as presented on the consolidated balance sheets are reasonable estimates of fair value.</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;">Financial assets that are exposed to credit risk consist primarily of cash and cash equivalents, restricted cash which are included in other assets on our accompanying consolidated balance sheets, accounts receivable and the loan receivable from Shurgard Europe.  Cash and cash equivalents and restricted cash, consisting of short-term investments, including commercial paper, are only invested in instruments with an investment grade rating.  See “Loan Receivable from Shurgard Europe” below for information regarding our fair value measurement of this instrument.</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;">At December 31, 2009, due primarily to our investment in and loan receivable from Shurgard Europe, our operations and our financial position are affected by fluctuations in currency exchange rates between the Euro, and to a lesser extent, other European currencies, against the U.S. Dollar.</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;">We estimate the fair value of our notes payable to be $525,883,000 at December 31, 2009, based primarily upon discounting the future cash flows under each respective note at an interest rate that approximates loans with similar credit quality and term to maturity.</font></div> <div style="display: block; text-indent: 0pt;"><br /></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;">Goodwill</font></font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">Goodwill represents the excess of acquisition cost over the fair value of net tangible and identifiable intangible assets acquired in business combinations, and has an indeterminate life.  Each business combination from which our goodwill arose was for the acquisition of single businesses and accordingly, the allocation of our goodwill to our business segments is based directly on such acquisitions. Our goodwill balance of $174,634,000 is reported net of accumulated amortization of $85,085,000 as of December 31, 2009 and 2008 in our accompanying consolidated balance sheets.</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 18pt; text-indent: 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;">Intangible Assets</font></font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">We acquire finite-lived intangible assets representing primarily the estimated value of the tenants in place (a “Tenant Intangible”) at the date of the acquisition of each respective acquired facility.  Tenant Intangibles are amortized relative to the benefit of the tenants in place to each period.</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">At December 31, 2009, our Tenant Intangibles have a net book value of $19,446,000 ($33,181,000 at December 31, 2008).  Accumulated amortization with respect to properties where the related Tenant Intangibles had not yet become fully amortized totaled $14,688,000 at December 31, 2009 ($142,976,000 at December 31, 2008 with respect to properties where the related Tenant Intangibles had not yet become fully amortized).</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">Amortization expense of $5,530,000, $51,158,000 and $247,844,000 was recorded for our Tenant Intangibles for the years ended December 31, 2009, 2008 and 2007, respectively.  Also during the year ended December 31, 2009, we recorded an impairment charge of $8,205,000, reflected under “discontinued operations” on our consolidated statement of income, in connection with an eminent domain proceeding at one of our facilities.</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;">We also have an intangible asset representing the value of the “Shurgard” trade name, which is used by Shurgard Europe pursuant to a licensing agreement, with a book value of $18,824,000 at December 31, 2009 and 2008.  The Shurgard trade name has an indefinite life and, accordingly, we do not amortize this asset but instead analyze it on an annual basis for impairment.  No impairments have been noted from any of our annual evaluations.</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 18pt; text-indent: 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;">Evaluation of Asset Impairment</font></font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">We evaluate our real estate and intangibles for impairment on a quarterly basis.  We first evaluate these assets for indicators of impairment, and if any indicators of impairment are noted, we determine whether the carrying value of such assets is in excess of the future estimated undiscounted cash flows attributable to these assets.  If there is excess carrying value over such future undiscounted cash flows, an impairment charge is booked for the excess of carrying value over the assets’ estimated fair value.  Any long-lived assets which we expect to sell or otherwise dispose of prior to their estimated useful life are stated at the lower of their estimated net realizable value (estimated fair value less cost to sell) or their carrying value.  No impairment was identified from our evaluations in any periods presented in the accompanying consolidated financial statements, other than the impairment totaling $8,205,000 described above with respect to Tenant Intangibles which impairment was recorded in 2009.</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">We evaluate impairment of goodwill annually by comparing the aggregate book value (including goodwill) of each reporting unit to their respective estimated fair value.  No impairment of our goodwill was identified in our annual evaluation at December 31, 2009.</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 18pt; text-indent: 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;">Revenue and Expense Recognition</font></font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">Rental income, which is generally earned pursuant to month-to-month leases for storage space, as well as late charges and administrative fees, are recognized as earned.  Promotional discounts are recognized as a reduction to rental income over the promotional period, which is generally during the first month of occupancy.  Ancillary revenues and interest and other income are recognized when earned.  Equity in earnings of real estate entities is recognized based on our ownership interest in the earnings of each of the Unconsolidated Entities.</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">We accrue for property tax expense based upon actual amounts billed for the related time periods and, in some circumstances due to taxing authority assessment and billing timing and disputes of assessed amounts, estimates and historical trends.  If these estimates are incorrect, the timing and amount of expense recognition could be affected.  Cost of operations, general and administrative expense, interest expense, as well as television, yellow page, and other advertising expenditures are expensed as incurred.  Casualty losses or gains are recognized in the period the casualty occurs, based upon the differential between the book value of assets destroyed and estimated insurance proceeds, if any, that we expect to receive in accordance with our insurance contracts.</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 18pt; text-indent: 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;">Foreign Currency Exchange Translation</font></font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">The local currency is the functional currency for the foreign operations for which we have an interest.  Assets and liabilities included on our consolidated balance sheets, including our equity investment in, and our loan receivable from, Shurgard Europe, are translated at end-of-period exchange rates, while revenues, expenses, and equity in earnings in the related real estate entities, are translated at the average exchange rates in effect during the period.  The Euro, which represents the functional currency used by a majority of the foreign operations for which we have an interest, was translated at an end-of-period exchange rate of approximately 1.433 U.S. Dollars per Euro at December 31, 2009 (1.409 at December 31, 2008), and average exchange rates of 1.393, 1.470 and 1.370 for the years ended December 31, 2009, 2008 and 2007, respectively.  Equity is translated at historical rates and the resulting cumulative translation adjustments, to the extent not included in net income, are included as a component of accumulated other comprehensive income (loss) until the translation adjustments are realized.  See “Other Comprehensive Income” below for further information regarding our foreign currency translation gains and losses.</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 18pt; text-indent: 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;">Fair Value Accounting</font></font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">In 2006, the FASB clarified in accounting pronouncements that “fair value” as the term is used in GAAP is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, and established a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value.  The Company adopted the provisions of these revised accounting pronouncements on January 1, 2008 with respect to financial assets and liabilities and on January 1, 2009 with respect to non-financial assets and liabilities.  The adoption of these provisions had no effect on our financial position, operating results or cash flows.  See “Loan Receivable from Shurgard Europe” below and “Financial Instruments” above, as well as “Redeemable Noncontrolling Interests in Subsidiaries” and “Other Permanent Noncontrolling Interests in Subsidiaries” in Note 7 for information regarding our fair value measurements.</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 18pt; text-indent: 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;">Loan Receivable from Shurgard Europe</font></font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">As of December 31, 2009, we had a €391.9 million loan receivable from Shurgard Europe totaling $561,703,000 ($552,361,000 at December 31, 2008).  The loan, as amended, bears interest at a fixed rate of 9.0% per annum and matures March 31, 2013.  Prior to being amended on October 31, 2009, the loan bore interest at a fixed rate of 7.5% per annum and matured on March 31, 2010.  All other material terms and conditions remained the same.</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">As of December 31, 2009, we have a commitment to provide additional loans, up to €185 million ($265.2 million at December 31, 2009), to Shurgard Europe to assist in financing an acquisition of its joint venture partners’ interest in affiliated two joint ventures.  Shurgard Europe has no obligation to acquire these interests, and the acquisition of these interests is contingent on a number of items, including whether we assent to the acquisition.  Our commitment expires on March 31, 2010 and any borrowings under this commitment will have the same terms and conditions as the existing outstanding loan, as amended.</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">The loan is denominated in Euros and is converted to U.S. Dollars for financial statement purposes.  During each applicable period, because we have expected repayment of the loan within two years of each respective balance sheet date, we have recognized foreign exchange rate gains or losses in income as a result of changes in exchange rates between the Euro and the U.S. Dollar.</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">For the years ended December 31, 2009 and 2008, we recorded interest income of approximately $24,013,000 and $17,859,000, respectively, related to the loan.  These amounts reflect 51% of the aggregate interest on the loans, with the other 49%, reflecting our ownership interest in Shurgard Europe, classified as equity in earnings of real estate entities.  Loan fees collected from Shurgard Europe are amortized on a straight-line basis as interest income over the applicable term to which the fee applies.</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">Although there can be no assurance, we believe that Shurgard Europe has sufficient liquidity and collateral, and we have sufficient creditor rights, such that credit risk is minimal.  In addition, we believe the interest rate on the loan approximates the market rate for loans with similar credit characteristics and tenor, and that the carrying value of the loan approximates fair value. The characteristics of the loan and comparative metrics utilized in our evaluation represent significant unobservable inputs, which are “Level 3” inputs as the term is utilized in FASB Codification Section 820-10-35-52.</font></div> <div style="display: block; text-indent: 0pt;"><br /></div> <div style="display: block; margin-left: 0pt; text-indent: 18pt; 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 Comprehensive Income</font></font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">Other comprehensive income consists of foreign currency translation adjustments that are not already recognized in our net income.  Other comprehensive income is reflected as an adjustment to “Accumulated Other Comprehensive Income” in the equity section of our consolidated balance sheet, and is added to our net income in determining total comprehensive income for the period as reflected in the following table:</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </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;">  </font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="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;">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;">  </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;">  </font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">2009</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">2008</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">2007</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> </tr> <tr> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td valign="bottom" colspan="10"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 3.6pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(Amounts in thousands)</font></div> </td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> </tr> <tr> <td valign="bottom" width="64%"> <div style="display: block; 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;">Net income</font></div> </td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">790,456</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">973,872</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">487,078</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;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Other comprehensive income (loss):</font></div> </td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> </tr> <tr> <td valign="bottom" align="left" width="64%"> <div style="display: block; margin-left: 27pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Aggregate foreign currency translation adjustments for the period</font></div> </td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">26,591</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(69,504</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" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">89,180</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> </tr> <tr> <td valign="bottom" align="left" width="64%"> <div style="display: block; margin-left: 27pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Less: foreign currency translation adjustments recognized during the period and reflected in “Gain (loss) on disposition of real estate investments”</font></div> </td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(37,854</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom" align="left" width="64%"> <div style="display: block; margin-left: 27pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Less: foreign currency translation adjustments reflected in net income as “Foreign currency (gain) loss”</font></div> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(9,662</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">25,362</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(58,444</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom" align="left" width="64%"> <div style="display: block; margin-left: 27pt; text-indent: -27pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Other comprehensive income (loss) income for the period</font></div> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">16,929</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(81,996</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">30,736</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> </tr> <tr> <td style="padding-bottom: 4px;" valign="bottom" align="left" width="64%"> <div style="display: block; margin-left: 9pt; text-indent: -9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Total comprehensive income</font></div> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">807,385</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">891,876</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">517,814</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> </table> </div> <div style="display: block; text-indent: 0pt;"><br /></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;">Discontinued Operations</font></font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">Discontinued operations reflect those operations that have or will soon be eliminated from the ongoing operations of the Company pursuant to a plan.  We segregate all of our discontinued operations that can be distinguished from the rest of the Company and reclassify all historical revenues and expenses of discontinued operations, for all periods, into “discontinued operations”.</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">During 2009, we discontinued our truck rental and our containerized storage operations.  We also disposed of real estate facilities in 2009 and in 2007.  In addition to the historical revenues and expenses of these operations,  discontinued operations includes $3,500,000 in truck disposal expenses for the truck operations in 2009, gains on the sale of real estate facilities totaling $6,018,000 and $4,336,000, respectively, in 2009 and 2007, as well as an $8,205,000 impairment charge on intangible assets incurred at a discontinued facility in 2009.</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 18pt; text-indent: 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;">Net Income per Common Share</font></font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">We first allocate net income to our noncontrolling interests in subsidiaries (Note 7) and preferred shareholders to arrive at net income allocable to our common shareholders and Equity Shares, Series A.  Net income allocated to preferred shareholders or noncontrolling interests in subsidiaries includes any excess of the cash required to redeem any preferred securities in the period over the net proceeds from the original issuance of the securities (or, if securities are redeemed for less than the original issuance proceeds, income allocated to the holders of the redeemed securities is reduced).</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;">The remaining net income is allocated among our regular common shares, restricted share units, and our Equity Shares, Series A based upon the dividends declared (or accumulated) for each security in the period, combined with each security’s participation rights in undistributed earnings.</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">Net income allocated to our regular common shares from continuing operations is computed by eliminating the net income or loss from discontinued operations allocable to our regular common shares, from net income allocated to our regular common shares.</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">Basic net income per share, basic net income (loss) from discontinued operations per share, and basic net income from continuing operations per share are computed using the weighted average common shares outstanding.  Diluted net income per share, diluted net income (loss) from discontinued operations per share, and diluted net income from continuing operations per share are computed using the weighted average common shares outstanding, adjusted for the impact, if dilutive, of stock options outstanding (Note 10).</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </div> <div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">The following table reflects the components of the calculations of our basic and diluted net income per share, basic and diluted net loss from discontinued operations per share, and basic and diluted net income from continuing operations per share which are not already otherwise set forth on the face of our consolidated statements of income:</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify">  </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;">  </font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="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;">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;">  </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;">  </font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">2009</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">2008</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">2007</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> </tr> <tr> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td valign="bottom" colspan="10"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(Amounts in thousands)</font></div> </td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> </tr> <tr> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> </tr> <tr> <td style="border-bottom: black 2px solid;" valign="bottom" align="left"> <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;"><font class="_mt" style="display: inline;">Net income allocable to common shareholders from continuing operations and discontinued operations:</font></font></div> </td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="padding-bottom: 2px;" valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="padding-bottom: 2px;" valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="padding-bottom: 2px;" valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> </tr> <tr> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> </tr> <tr> <td valign="bottom" align="left" width="64%"> <div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Net income allocable to common shareholders</font></div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">585,966</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;">  </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;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">705,803</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">198,978</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> </tr> <tr> <td valign="bottom" width="64%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom" align="left" width="64%"> <div style="display: block; margin-left: 18pt; text-indent: -9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Eliminate: Discontinued operations allocable to common shareholders</font></div> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">8,869</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">6,418</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">2,346</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> </tr> <tr> <td style="padding-bottom: 4px;" valign="bottom" align="left" width="64%"> <div style="display: block; margin-left: 18pt; text-indent: -9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Net income from continuing operations allocable to common shareholders</font></div> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">594,835</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">712,221</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">201,324</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> </tr> <tr> <td valign="bottom" width="64%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> </tr> <tr> <td style="border-bottom: black 2px solid;" valign="bottom" align="left" width="64%"> <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;"><font class="_mt" style="display: inline;">Weighted average common shares and equivalents outstanding:</font></font></div> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="padding-bottom: 2px; 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="padding-bottom: 2px; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="padding-bottom: 2px; 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="padding-bottom: 2px; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="padding-bottom: 2px; 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="padding-bottom: 2px; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> </tr> <tr> <td valign="bottom" align="left" width="64%"> <div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Basic weighted average common shares outstanding</font></div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">168,358</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">168,250</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">169,342</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom" align="left" width="64%"> <div style="display: block; margin-left: 18pt; text-indent: -9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Net effect of dilutive stock options - based on treasury stock method using average market price</font></div> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">410</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">425</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">508</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> </tr> <tr> <td style="padding-bottom: 4px;" valign="bottom" align="left" width="64%"> <div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Diluted weighted average common shares outstanding</font></div> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">168,768</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">168,675</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;">  </font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">  </font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">169,850</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> </table> </div> <div style="display: block; text-indent: 0pt;"><br /></div> </div> </div></div></div> </div> 2. Summary of Significant Accounting Policies    Basis of Presentation    The consolidated financial statements are presented on an false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true