Public Storage 2000 Annual Report Download - page 26

P UBLIC S TORAGE , I NC . 2000 A NNUAL R EPORT
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On August 30, 2000, the Board of Directors declared a special distribution to the common shareholders of $0.60 per common
share in cash which was paid on September 30, 2000. On November 4, 1999, the Board of Directors declared a special distribution
to the common shareholders. The special distribution is comprised of (i) $0.65 per common share payable in depositary shares,
representing interests in Equity Stock, Series A, with cash being paid in lieu of fractional shares or (ii) at the election of each common
shareholder, $0.62 per common share payable in cash. The special distribution was accrued at December 31, 1999, and paid on
January 14, 2000 to shareholders of record as of November 15, 1999.
The following summarizes dividends during 2000, 1999 and 1998:
2000 1999 1998
(In thousands, except per share data) Per share Total Per share Total Per share Total
Preferred Stock:
Series A $2.500 $ 4,563 $2.500 $ 4,563 $2.500 $ 4,563
Series B $2.300 5,488 $2.300 5,488 $2.300 5,488
Series C $1.711 2,052 $1.688 2,024 $1.688 2,024
Series D $2.375 2,850 $2.375 2,850 $2.375 2,850
Series E $2.500 5,488 $2.500 5,488 $2.500 5,488
Series F $2.437 5,606 $2.437 5,606 $2.437 5,606
Series G $2.219 15,309 $2.219 15,309 $2.219 15,309
Series H $2.112 14,259 $2.112 14,259 $2.112 14,259
Series I $2.156 8,625 $2.156 8,625 $2.156 8,625
Series J $2.000 12,000 $2.000 12,000 $2.000 12,000
Series K $2.063 9,488 $1.965 9,040 ——
Series L $2.063 9,488 $1.673 7,695 ——
Series M $2.188 4,922 $0.820 1,846 ——
Convertible ——$1.032 2,163
100,138 94,793 78,375
Common Stock:
Equity Stock, Series A $2.363 11,042 ————
Common Stock
(A)
$1.480 184,084 $1.520 195,383 $0.880 100,726
Class B Common Stock $1.436 10,049 ————
$305,313 $290,176 $179,101
(A) $82,086,000 ($0.64 per share) of the common dividend in 1999 was accrued at December 31, 1999, of which $38,075,000 was paid on
January 14, 2000 in cash and $44,011,000 was paid in the issuance of depositary shares of the Company’s Equity Stock, Series A.
The dividend rate on the Series C Preferred Stock is adjusted quarterly and is equal to the highest of one of three U.S. Treasury
indices (Treasury Bill Rate, Ten Year Constant Maturity Rate, and Thirty Year Constant Maturity Rate) multiplied by 110%. However, the
dividend rate for any dividend period will not be less than 6.75% per annum nor greater than 10.75% per annum. The dividend rate
with respect to the first quarter of 2001 will be equal to 6.75% per annum.
Note 10 —
Stock Options
The Company has a 1990 Stock Option (the “1990 Plan”) which provides for the grant of non-qualified stock options. The Company
has a 1994 Stock Option Plan (the “1994 Plan”), a 1996 Stock Option and Incentive Plan (the “1996 Plan”) and a 2000 Non-
Executive/Non-Director Stock Option and Incentive Plan (the “2000 Plan”), each of which provides for the grant of non-qualified
options and incentive stock options. (The 1990 Plan, the 1994 Plan, the 1996 Plan and the 2000 Plan are collectively referred to as
the “PSI Plans”). Under the PSI Plans, the Company has granted non-qualified options to certain directors, officers and key employees
to purchase shares of the Company’s common stock at a price equal to the fair market value of the common stock at the date of grant.
Generally, options under the Plans vest over a three-year period from the date of grant at the rate of one-third per year and expire
(i) under the 1990 Plan, five years after the date they became exercisable and (ii) under the 1994 Plan, the 1996 Plan and the 2000
Plan, ten years after the date of grant. The 1996 Plan and the 2000 Plan also provide for the grant of restricted stock to officers, key