Public Storage was organized in 1980 as Storage equities, Inc., and since June 1, 2007, Company reorganized into Public Storage, a Maryland real estate investment trust. The Company's principal business activities include the acquisition, development, ownership and operation of self-storage facilities which offer storage spaces for lease, generally on a month-to-month basis, for personal and business use. The Company owns and operates self-storage facilities in the United States and also has an equity interest in Shurgard Europe, a private company and an equity interest in PS Business Parks, Inc. whose business activities include the ownership and operations of commercial properties. The Company's segments include Self-Storage Operations, Investment in Shurgard Europe, Investment in PSB, and Ancillary Operations. The Self-Storage Operations segment reflects the rental operations from all self-storage facilities owned by the Company and its subsidiaries. The Ancillary Operations segment reflects the sale of merchandise and reinsurance of policies against losses to goods stored by self-storage tenants, activities which are incidental to self-storage rental activities. Investment in PSB segment owns, operates, acquires and develops commercial properties, multi-tenant flex, office, and industrial space. Investment in Shurgard Europe segment represents Company's equity interest in Shurgard Europe, which owns and operates self-storage facilities located in seven countries in Western Europe. The Company faces competition for suitable acquisition properties from other real estate investors. The Company's business is subject to regulation under a variety of U.S. federal, state and local laws, regulations and policies including those imposed by the SEC.