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Business Description
Public Storage, Inc. (PSI), a real estate investment trust (REIT), engages in the acquisition, development, ownership, and operation of self-storage facilities in the United States. As of March 31, 2005, it had direct and indirect equity interests in 1,471 self-storage facilities with 89.9 million net rentable square feet located in 37 states. As of the above date, the company also had direct and indirect equity interests in approximately 19.5 million net rentable square feet of commercial and industrial space located in 10 states. In addition, it reinsures policies issued to its tenants against lost or damaged goods stored by them in storage facilities. PSI has elected to be taxed as a REIT and would distribute at least 90% of its taxable income to shareholders. The company was founded in 1971 and is headquartered in Glendale, California.

Financial Information
For the nine months ended 9/04, revenues rose 7% to $687.7 million. Net income from continuing operations applicable to Common fell 3% to $120.5 million. Results reflect higher income from self-storage facilities, offset by a $10.1 million special restructuring charges.