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Summary: Public Storage Aug 08
Standard & Poors, August 2008
The ratings on Glendale, Ca.-based Public Storage acknowledge the company's industry-leading market position benefiting from scale of operations following the successful integration of Shurgard Storage Centers Inc. (Shurgard; $5.3 billion transaction completed in 2006); conservative financial policies, including the use of perpetual preferred stock as its primary source of financing and full operating cash flow coverage of all obligations; and solid credit metrics, even with use of higher cost preferred stock. These strengths are tempered by risks associated with operating under a potentially prolonged weak macroeconomic environment, which could affect some of Public Storage's U.S. markets, as well as the still relatively new European storage market. Public Storage is the largest owner and operator of self-storage facilities with a market...
Companies mentioned in this report are: Public Storage
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