Summary: Public Storage Aug 10

Standard & Poors, August 2010

Abstract
Our ratings on Public Storage acknowledge the real estate investment trust's leading market position in the fragmented self-storage sector, its moderate levels of debt and preferred stock, and its strong liquidity profile. These strengths offset challenging operating conditions that continue to constrain rental rates and same-property net operating income (NOI) growth. Glendale, Calif.-based Public Storage is one of the nation's largest REITs with a $16.7 billion equity market capitalization and a $10.5 billion undepreciated real estate portfolio. Its real estate portfolio aggregates roughly 140 million square feet of self storage space in the U.S. (2,037 facilities) and Western Europe (188 facilities). Public Storage also owns a 41% interest in PS Business Parks Inc. (BBB/Positive/--), a publicly traded office REIT. The...

Companies mentioned in this report are: Public Storage,PS Business Parks Inc.
Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Public Storage,PS Business Parks Inc.

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