SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
[X] Annual Report Pursuant to Section 15(d) of the Securities Exchange Act of
1934
For the fiscal year ended December 31, 2007
OR
[ ] Transition Report Pursuant to Section 15(d) of the Securities Exchange
Act of 1934
For the transition period from ____________ to ____________.
Commission File Number: 001-33519
A. Full title of the plan and the address of the plan, if different from that of
the issuer named below:
PS 401(k) PROFIT SHARING PLAN
701 Western Avenue
Glendale, CA 91201-2349
B. Name of issuer of the securities held pursuant to the plan and the address of
its principal executive office:
PUBLIC STORAGE
701 Western Avenue
Glendale, CA 91201-2349
PS 401(k) PROFIT SHARING PLAN
FINANCIAL STATEMENTS
AND SUPPLEMENTAL SCHEDULE
TABLE OF CONTENTS
Page
Report of Independent Registered Public Accounting Firm 1
Financial Statements:
Statements of Net Assets Available
for Benefits at December 31, 2007 and 2006 2
Statement of Changes in Net Assets
Available for Benefits for the year ended December 31, 2007 3
Notes to Financial Statements 4 - 10
Supplemental Schedule:
Schedule I - Schedule of Assets (Held at End of Year) 11
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Administrative Committee
PS 401(k) Profit Sharing Plan
We have audited the accompanying statements of net assets available for benefits
of PS 401(k) Profit Sharing Plan as of December 31, 2007 and 2006, and the
related statement of changes in net assets available for benefits for the year
ended December 31, 2007. These financial statements are the responsibility of
the Plan's management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. We were not engaged to perform an
audit of the Plan's internal control over financial reporting. Our audits
included consideration of internal control over financial reporting as a basis
for designing audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the Plan's
internal control over financial reporting. Accordingly, we express no such
opinion. An audit also includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Plan at
December 31, 2007 and 2006, and the changes in its net assets available for
benefits for the year ended December 31, 2007, in conformity with U.S. generally
accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the financial
statements taken as a whole. The accompanying supplemental schedule of assets
(held at end of year) as of December 31, 2007, is presented for purposes of
additional analysis and is not a required part of the financial statements but
is supplementary information required by the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. This supplemental schedule is the responsibility of the
Plan's management. The supplemental schedule has been subjected to the auditing
procedures applied in our audits of the financial statements and, in our
opinion, is fairly stated in all material respects in relation to the financial
statements taken as a whole.
/s/ Ernst & Young LLP
Los Angeles, California
June 25, 2008
1
PS 401(k) PROFIT SHARING PLAN
STATEMENTS OF NET ASSETS AVAILABLE
FOR BENEFITS
At December 31,
----------------------------------
2007 2006
---------------- --------------
Assets
Investments at fair value..................................... $86,520,986 $75,944,310
Receivables:
Participant contributions.................................. 128,082 110,246
Employer contributions..................................... 212,573 279,481
Dividends receivable....................................... 216,994 -
Due from broker............................................ 164,333 -
---------------- --------------
Total receivables............................................. 721,982 389,727
---------------- --------------
Total assets.................................................. 87,242,968 76,334,037
Liabilities
Due to broker................................................. 86,828 -
---------------- --------------
Total liabilities............................................. 86,828 -
---------------- --------------
Net assets available for benefits at fair value............... 87,156,140 76,334,037
Adjustment from fair value to contract value for fully
benefit- responsive investment contracts................... 27,544 142,222
---------------- --------------
Net assets available for benefits............................. $87,183,684 $76,476,259
================ ==============
See accompanying notes.
2
PS 401(k) PROFIT SHARING PLAN
STATEMENT OF CHANGES IN NET ASSETS
AVAILABLE FOR BENEFITS
For the Year Ended December 31, 2007
ADDITIONS TO NET ASSETS ATTRIBUTED TO:
Investment income (loss):
Net depreciation in fair value of investments.................... $ (4,518,477)
Interest income.................................................. 727,841
Dividend income.................................................. 1,748,153
-----------------
(2,042,483)
-----------------
Contributions:
Participant...................................................... 4,703,160
Participant rollovers............................................ 923,226
Employer......................................................... 2,433,843
-----------------
8,060,229
-----------------
Other.............................................................. 13,770
Net transfers...................................................... 26,319,279
-----------------
Total additions.................................................... 32,350,795
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:
Benefits paid to participants...................................... 21,602,782
Administrative expenses............................................ 40,588
-----------------
Total deductions................................................... 21,643,370
-----------------
Increase in net assets available for benefits.......................... 10,707,425
Net assets available for benefits - beginning of year.................. 76,476,259
-----------------
Net assets available for benefits - end of year........................ $ 87,183,684
=================
See accompanying notes.
3
PS 401(k) PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2007
1. Description of the Plan
-----------------------
General
-------
The PS 401(k) Profit Sharing Plan (the "Plan") encompasses Public
Storage, PS Business Parks, Inc. and certain of their majority owned
subsidiaries, collectively, (the "Company"). The following description
of the Plan provides only general information. Participants should
refer to the Plan documentation for a more complete description of the
Plan's provisions.
The Plan is a defined contribution plan for the benefit of all
permanent employees of the Company who have completed at least 30 days
of service and are at least 21 years of age. The Plan is subject to the
provisions of the Employee Retirement Income Security Act of 1974, as
amended ("ERISA"). Although it has not expressed the intention to do
so, the Company has the right to terminate the Plan subject to ERISA
provisions. The Plan allows interim allocations of Company
contributions and earnings or losses of trust fund assets among
participants.
The Company appoints a committee to administer the Plan. At December
31, 2007, the Plan Administrative Committee is comprised of seven
officers of the Company with Wells Fargo Bank acting as Trustee (the
"Trustee").
Prior to January 1, 2007, Union Bank of California served as Plan
trustee.
On August 22, 2006, Public Storage merged with Shurgard Storage
Centers, Inc. ("Shurgard"). Shurgard was the plan sponsor and
administrator of the Shurgard Employee Retirement Savings Plan (the
"Shurgard Plan"). Effective January 1, 2007, pursuant to an amendment
of the Plan, the Shurgard Plan was merged into the Plan and all
participants active in the Shurgard Plan as of that date became
eligible employees of the Plan on that date. Through December 31, 2006,
Fidelity Management Trust Company served as trustee of the Shurgard
Plan. On January 1, 2007, net assets of the Shurgard Plan of
$26,319,279 were merged into the Plan.
The Shurgard Plan allowed that loans may be granted to active
participants of the Shurgard Plan for any reason and are limited to 50%
of their vested account balance, not to exceed $50,000. The interest
rate charged on the loans is prime plus 1%. Such loans must be repaid
over a period of five years; however, loans for the purchase of a
primary residence can be repaid over a period not longer than 30 years.
The entire loan balance must be repaid within 60 days of termination of
the participant's employment. Effective January 1, 2007, no new loans
were permitted. At December 31, 2007, the loans outstanding earn
interest at fixed rates ranging from 5.0% to 8.75%. Payments on loans
outstanding are due through October 2015. Principal and interest are
received through payroll deductions.
Other significant provisions of the Plan are as follows:
Contributions
-------------
Employee contributions to the Plan (voluntary contributions) are
deferrals of the employee's compensation made through a direct
reduction of compensation in each payroll period. During 2007, each
eligible participant could elect a pretax contribution rate from 1% to
100% of their compensation, as defined in the Plan document, subject to
the maximum annual elective deferral amount set by the Internal Revenue
Code. Participants may also contribute amounts representing
distributions from other qualified benefit or defined contribution
plans.
The Company contributes one dollar ($1.00) for each dollar deferred by
a participant up to three percent (3%) of compensation, as defined and
subject to certain limitations as described in the Plan document. The
Company also contributes an additional fifty cents ($.50) for each
4
PS 401(k) PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2007
dollar that each participant defers in excess of three percent (3%) of
compensation up to five percent (5%) of compensation. The Company's
aggregate contributions are limited to four percent (4%) of
compensation, as defined and subject to certain limitations as
described in the Plan document. Additional amounts may be contributed
at the discretion of the Company. No such additional contributions were
made in 2007.
Vesting
-------
Since January 1, 2005, employee deferrals and the Company's matching
contribution are 100% vested and non-forfeitable. With respect to
Company contributions before January 1, 2005, each participant's
account became 10 percent vested (non-forfeitable) after two years of
service (as defined), 20 percent after three years of service and an
additional 20 percent for each additional year of service thereafter.
Participants in the Shurgard Plan were always 100% vested in both their
contributions and Shurgard's and the Company's matching contributions.
Participants in the Shurgard Plan vest in the Shurgard profit sharing
contributions in accordance with the following schedule:
Vesting
Years of Service Percentage
------------------------------------ ----------
Less than 1 year.................... -%
1 year, but less than 2............. 33-1/3
2 year, but less than 3............. 66-2/3
3 or more years..................... 100
Shurgard employees terminated as a result of the merger between
Shurgard and Public Storage had their vesting in the Shurgard profit
sharing contributions accelerated to 100%.
Effective January 1, 2007, pursuant to an amendment of the Plan, future
non-elective employer contributions will become 20 percent vested
(non-forfeitable) after two years of service (as defined), 40 percent
after three years of service and an additional 20 percent for each
additional year of service thereafter. No such contributions were made
in 2007.
Upon death, severance by reason of disability, or the attainment of the
participant's sixty-fifth birthday, a participant automatically becomes
fully vested to the extent of the balance in their account. In the
event the Plan is terminated or contributions are completely
discontinued, each participant becomes fully vested.
Investment Options
------------------
Since December 19, 2005, upon enrollment in the Plan, a participant may
direct their contributions and holdings in any of the following
investment options:
5
PS 401(k) PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2007
1. Dodge & Cox International Stock Fund
2. American Funds EuroPacific Growth Fund/R5
3. American Funds Growth Fund of America/R5
4. Oakmark Equity & Income I Fund
5. PIMCO Total Return Institutional Fund
6. Selected American Shares D
7. T. Rowe Price Equity Income Fund
8. T. Rowe Price Real Estate Fund (since October 31, 2006)
9. Vanguard Explorer Admiral Fund
10. Vanguard Extended Market Index Admiral Fund
11. Vanguard Short Term Federal Admiral Fund
12. Vanguard Windsor II Admiral Fund
13. Vanguard 500 Index Admiral Fund (until January 1, 2007)
14. Fidelity Contrafund (since January 1, 2007)
15. Fidelity Diversified International Fund (since January 1, 2007)
16. Fidelity Low Priced Stock Fund (since January 1, 2007)
17. Fidelity Mid-Cap Stock Fund (since January 1, 2007)
18. Fidelity Managed Income Portfolio Fund (from January 1, 2007
through December 4, 2007)
19. Wells Fargo Stable Return Fund S (since January 1, 2007)
20. Wells Fargo S&P 500 Index Fund HBP (since January 1, 2007)
21. UBOC Stable Value B Fund (until December 4, 2007)
22. Individually Directed Account
Prior to December 19, 2005, participants had the option to direct
contributions to the Company's securities. Effective December 19, 2005,
participants no longer have that option. Existing holdings of the
Company's securities on December 19, 2005, were either held or
transferred to other Plan investment alternatives at the option of each
participant (see Note 5).
Distributions from the Trust Fund
---------------------------------
Distributions of each participant's vested account balance upon
severance or death are made in a single lump sum payment; however, upon
severance if the participant's vested account balance exceeds $5,000,
payment may be deferred at the election of the participant until April
1st of the calendar year in which the participant reaches 70 1/2 years
of age.
Additionally, the Plan provides for hardship distributions (as defined)
at the discretion of the Plan Administrative Committee.
Generally, distributions are made no later than 60 days after the close
of the Plan year in which the participant becomes eligible for such
distributions. Under certain circumstances, participants enrolled in
the Plan prior to and including December 31, 1983 may elect alternative
distribution methods.
Forfeited Accounts
------------------
Forfeitures of profit sharing contributions may be used (i) as a
non-elective allocation to all eligible Plan participants, (ii) to
reduce the Company's safe harbor matching contribution or (iii) reduce
Plan expenses. During 2007, a total of $168,000 in non-vested amounts
was forfeited, of which $26,000 was used to restore amounts previously
forfeited by former Shurgard employees. The remaining $142,000 in
non-vested forfeiture amounts from 2007 is expected to be used to
reduce to Plan administrative fees for eligible Plan participants
during 2008 and 2009.
During 2007, forfeitures of profit sharing contributions totaling
$106,000 were allocated to eligible Plan participants based upon the
6
PS 401(k) PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2007
extent an individual participant's compensation bears to the total
eligible compensation of all such eligible participants in the Plan
year the amounts were forfeited. These amounts represent forfeitures
during 2006.
2. Summary of Significant Accounting Principles
--------------------------------------------
Basis of Accounting
-------------------
The accompanying financial statements of the Plan have been prepared on
the accrual basis of accounting and are in conformity with U.S.
generally accepted accounting principles.
Estimates
---------
The preparation of financial statements in conformity with U.S.
generally accepted accounting principles requires the Plan
administrator to make estimates and assumptions that affect the amounts
reported in the financial statements and accompanying notes. Actual
results could differ from those estimates.
Income Tax Status
-----------------
The Plan has received a determination letter from the Internal Revenue
Service dated March 13, 2003, stating that the Plan is qualified under
Section 401(a) of the Internal Revenue Code (the "Code") and,
therefore, the related trust is exempt from taxation. Subsequent to
this determination by the Internal Revenue Service, the Plan was
amended and restated. Once qualified, the Plan is required to operate
in conformity with the Code to maintain its qualification. The plan
administrator believes the Plan is being operated in compliance with
the applicable requirements of the Code and, therefore, believes that
the Plan, as amended and restated is qualified and the related trust is
tax exempt. The Company has indicated it will take the necessary steps,
if any, to maintain the Plan's qualified status.
Recently Issued Accounting Standards
------------------------------------
In December 2005, the Financial Accounting Standards Board (FASB)
issued FASB Staff Position AAG INV-1 and SOP 94-4-1, Reporting of Fully
Benefit-Responsive Investment Contracts Held by Certain Investment
Companies Subject to the AICPA Investment Company Guide and
Defined-Contribution Health and Welfare and Pension Plans (the FSP).
The FSP defines the circumstances in which an investment contract is
considered fully benefit responsive and provides certain reporting and
disclosure requirements for fully benefit-responsive investment
contracts in defined contribution health and welfare and pension plans.
The financial statement presentation and disclosure provisions of the
FSP were effective for financial statements issued for annual periods
ending after December 15, 2006. The Plan adopted the provisions of the
FSP at December 31, 2006.
As required by the FSP, investments in the accompanying Statements of
Net Assets Available for Benefits include fully benefit responsive
investment contracts recognized at fair value. SOP 94-4- 1, Reporting
of Investment Contracts Held by Health and Welfare Benefit Plans and
Defined Contribution Pension Plans, as amended, requires fully
benefit-responsive investment contracts to be reported at fair value in
the Plan's Statement of Net Assets Available for Benefits with a
corresponding adjustment to reflect these investments at contract
value.
In 2006, the FASB issued Statement of Financial Accounting Standards
No. 157, Fair Value Measurement (SFAS No. 157). SFAS No. 157 provides
guidance for using fair value to measure assets and liabilities. The
standard expands required disclosures about the extent to which the
Plan measures assets and liabilities at fair value, the information
used to measure fair value, and the effect of fair value measurement on
earnings. SFAS No. 157 applies whenever other standards require (or
permit) assets or liabilities to be measured at fair value. SFAS No.
157 does not expand the use of fair value in any new circumstances.
SFAS No. 157 will be effective for the Plan's financial statements for
the year ending December 31, 2008. The Company does not expect the
adoption of SFAS No. 157 to have a material impact on the Plan's
financial statements.
7
PS 401(k) PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2007
Investment Valuation and Income Recognition
-------------------------------------------
The Plan's investments in Company common stock and mutual funds are
recorded at fair value as determined by the quoted market price on the
last business day of the plan year. Common collective trusts are
recorded at fair value based on the fair values of the underlying
investments. The fair value of fully benefit-responsive investment
contracts included in common collective trust funds is calculated by
discounting the related cash flows based on current yields of similar
instruments with comparable durations. Participant loans are recorded
at their outstanding balance which approximates fair value.
Purchases and sales of securities are recorded on a trade-date basis.
Interest income is recorded on the accrual basis. Dividends are
recorded on the payment date.
3. Investments
-----------
Effective January 1, 2007, Wells Fargo Bank has custody of the
investments under a non-discretionary trust agreement with the Plan.
The following presents the fair value of investments at December 31,
2007 and 2006 that represent five percent (5%) or more of the Plan's
net assets available for benefits:
2007 2006
------------- ------------
UBOC Stable Value B Fund $ - $ 8,365,985
Wells Fargo Stable Return Fund 9,153,640 -
Mutual Funds:
Oakmark Equity & Income I 12,952,359 8,889,270
Vanguard Index 500 - 8,909,086
Wells Fargo S&P 500 9,116,758 -
The Growth Fund of America 7,955,821 6,439,719
Public Storage Common Shares 19,491,603 24,675,221
Public Storage Equity Shares, Series A * 3,867,503
* Investment was less than 5% of the Plan's net assets available for
benefits.
During 2007, the Plan's investments (including gains and losses on
investments bought and sold, as well as held during the year)
appreciated (depreciated) in value as follows:
2007
---------------
Mutual funds........................ $ 3,288,638
Common and equity stock............. (7,807,115)
---------------
Total $ (4,518,477)
===============
4. Administration Fees
-------------------
For the Plan year ended December 31, 2007, the Plan paid to the Trustee
a quarterly participant fee of $2.50 per eligible participant and
certain transaction related expenses incurred for the administration of
the Plan. The Company directly paid for all other Trustee fees and all
other expenses related to the Plan.
5. Related Party Transactions
--------------------------
Prior to December 19, 2005, participants had the option of directing
contributions to the Company's securities. The Company is the Plan
sponsor as defined by the Plan document. While participants no longer
8
PS 401(k) PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2007
have the option of directing contributions to the Company's securities,
participants can continue to hold such investments and the Plan held
the following shares in the Company's securities from contributions
prior to December 19, 2005:
At December 31, 2007 At December 31, 2006
--------------------------- ---------------------------
Shares Amount Shares Amount
----------- ------------- ---------- -------------
Public Storage Common Shares 265,517 $ 19,491,603 253,305 $ 24,697,256
Public Storage Equity Shares, Series A 155,641 3,891,015 147,221 3,867,503
PS Business Parks Common Stock 8,864 465,803 10,112 715,020
----------- ------------- ---------- -------------
Totals 430,022 $ 23,848,421 410,638 $ 29,279,779
=========== ============= ========== =============
Ronald L. Havner Jr., the Vice-Chairman, Chief Executive Officer and
President of Public Storage and Chairman of the Board of PS Business
Parks, Inc., is a Plan participant and is a member of the Board of
Directors of Union BanCal Corporation, which was the parent company of
the Plan's previous trustee, Union Bank of California, at December 31,
2006.
UBOC Stable Value B, is a money market fund offered by the Plan's
previous trustee. At December 31, 2006, Plan participants' held
$8,365,985, in this investment selection. During 2007, the Plan's
investments in the UBOC Stable Value B Fund were liquidated and the
proceeds were invested into the other remaining Plan investments. At
December 31, 2007, the Plan had no investment in the UBOC Stable Value
B Fund.
Wells Fargo Stable Return Fund S and Wells Fargo Short Term Investment
Fund G, are money market funds offered by the Plan's Trustee. At
December 31, 2007, Plan participants held $9,153,640 and $512,625,
respectively, in these investment selections. Wells Fargo S&P 500 Index
Fund N, is an index fund offered by the Plan's Trustee that invests in
equity securities of companies that comprise the S&P 500 Index. At
December 31, 2007, Plan participants held $9,116,758 in this investment
selection.
6. Risks and Uncertainties
-----------------------
The Plan provides for investment in various investment securities.
Investment securities are exposed to various risks, such as interest
rate, market, and credit risks. Due to the level of risk associated
with certain investment securities, it is at least reasonably possible
that changes in the values of investment securities will occur in the
near term and that such changes could materially affect participants'
account balances and the amounts reported in the financial statements.
7. Concentrations
--------------
Investments in the Company's securities comprised approximately of 28%
and 38% of the Plan's total investments as of December 31, 2007 and
2006, respectively.
8. Plan Amendments
---------------
Effective January 1, 2007, the Plan was amended to incorporate the
following change:
o Participants may designate all or a portion of his or her
elective contributions as "Roth Contributions", subject to
certain limitations and other specific terms delineated in the
Plan document.
9. Reconciliation of Financial Statements to Form 5500
---------------------------------------------------
The following is a reconciliation of net assets available for benefits
per the financial statements to the Form 5500 as of December 31:
9
PS 401(k) PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2007
2007 2006
------------- -------------
Net assets available for benefits per the
financial statements............................... $ 87,183,684 $ 76,476,259
Plus: Adjustment from fair value to contract value
for fully benefit-responsive investment contracts.. (27,544) (142,222)
------------- -------------
Net assets available for benefits per the Form 5500.. $ 87,156,140 $ 76,334,037
============= =============
10
SUPPLEMENTAL INFORMATION
SCHEDULE I
PS 401(k) PROFIT SHARING PLAN
SCHEDULE H, LINE 4i -
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2007
Employer Identification Number: 95-3551121
Plan Number: 001
(a) (b) (c) (e)
Description of investment including
Identity of issue, borrower, lessor, or maturity date, rate of interest, Current
similar party collateral, par or maturity date Value
----------------------------------------- ------------------------------------------- ---------------
* Wells Fargo Wells Fargo Stable Return Fund S $ 9,153,640
* Wells Fargo Wells Fargo Short Term Investment Fund G 512,625
* Wells Fargo Wells Fargo S&P 500 Index Fund N 9,116,758
Dodge & Cox Funds Dodge & Cox International Stock Fund 2,825,435
American Funds EuroPacific Growth Fund 971,728
American Funds The Growth Fund of America 7,955,821
Fidelity Investments Fidelity Contra Fund 656,321
Fidelity Investments Fidelity Diversified International Fund 1,264,742
Fidelity Investments Fidelity Low Price Stock Fund 466,697
Fidelity Investments Fidelity Mid-Cap Stock Fund Spartan 882,373
The Oakmark Funds Equity & Income I Fund 12,952,359
PIMCO Funds PIMCO Total Return Institutional Fund 1,635,593
Selected American Funds Selected American D Fund 2,443,294
T. Rowe Price T. Rowe Price Equity Income Fund 701,574
T. Rowe Price T. Rowe Price Real Estate Fund 968,460
The Vanguard Group Mutual Funds Explorer Admiral Fund 3,142,195
The Vanguard Group Mutual Funds Extended Market Index Admiral Fund 461,899
The Vanguard Group Mutual Funds Short Term Federal Admiral Fund 3,144,902
The Vanguard Group Mutual Funds Windsor II Admiral Fund 2,486,562
* Public Storage Company common shares 19,491,603
* Public Storage Company equity shares 3,891,015
* PS Business Parks, Inc. Company common stock 465,803
Individually Directed Accounts Various investment securities 879,697
* Participant loans Interest rates from 5.0% to 8.75%, due
through October 2015 49,890
---------------
Total Investments $86,520,986
===============
* Indicates a party-in-interest of the Plan.
Note: As all Plan investments are participant directed, column (d)
providing certain participant directed transaction cost information is
not applicable and has been omitted.
11
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the incorporation by reference in the Registration Statement in
Post-effective Amendment No. 1 on Form S-8 to the Registration Statement on Form
S-4 (No. 333-141488) for the registration of common shares of beneficial
interest pertaining to the PS 401(k) Profit Sharing Plan of Public Storage of
our report dated June 25, 2008, with respect to the financial statements and
schedule of the PS 401(k) Profit Sharing Plan included in this Annual Report
(Form 11-K) for the year ended December 31, 2007.
/s/ Ernst & Young LLP
Los Angeles, California
June 25, 2008
12
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees (or other persons who administer the Plan) have duly caused this annual
report to be signed on its behalf by the undersigned hereunto duly authorized.
PS 401(k) PROFIT SHARING PLAN
Date: June 27, 2008
By: /s/ Candace Krol
-----------------
Candace Krol
Chairman, Administrative Committee