The passage of time and Public Storage's price appreciation has allowed Public Storage to seal a deal that is not materially different from the one offered last July.

I'm sure (Public Storage) expected it. It's been their pattern for the last bunch of quarters.

There's more potential there that hasn't been realized. We don't know what the portfolio might be able to do in the hands of a different operator.

Certainly they would be able to eliminate the vast majority of the headquarters employees.