Public Storage 2000 Annual Report Download - page 50

P UBLIC S TORAGE , I NC . 2000 A NNUAL R EPORT
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Public Storage, Inc. has paid quarterly distributions to its shareholders since 1981, its first full year of operations. Overall distributions of
Common Stock for 2000 amounted to $184.1 million, which includes a special distribution declared on August 30, 2000 to common
shareholders of record as of September 15, 2000. The special distribution was paid in cash.
Holders of Common Stock are entitled to receive distributions when and if declared by the Company’s Board of Directors out of
any funds legally available for that purpose. We are required to distribute at least 95% of our net taxable ordinary income prior to the
filing of the Company’s tax return and 85%, subject to certain adjustments, during the calendar year, to maintain our REIT status for
federal income tax purposes. It is our intention to pay distributions of not less than this required amount.
For Federal tax purposes, distributions to shareholders are treated as ordinary income, capital gains, return of capital or a
combination thereof. For 2000, the dividends paid to the common shareholders ($1.48 per share), on all the various classes of
preferred stock, and on Equity Stock, Series A were characterized as ordinary income and long-term capital gain. The quarterly
breakdown is as follows:
Treatment of dividends paid for 2000
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
Ordinary Income 96.10% 95.79% 99.04% 99.96%
Long-term Capital Gain 3.90% 4.21% 0.96% 0.04%
Total 100.00% 100.00% 100.00% 100.00%
In 1999, distributions to common shareholders were $1.53 for common shareholders who elected stock in a special dividend paid
in 2000 and $1.50 for common shareholders who elected cash in the special dividend, and were all ordinary income. For 1998, the
dividends paid to the common shareholders ($0.88 per share) and on all the various classes of preferred stock were all ordinary
income for the first, third, and fourth quarter distributions. For the second quarter of 1998, 86.110% of the dividends were
characterized as ordinary income and the remainder was characterized as capital gain.
Beginning on January 1, 2000, the Company’s Class B Common Stock participates in distributions (other than liquidating
distributions) at the rate of 97% of the per-share distributions on the Common Stock, provided that cumulative distributions of at least
$0.22 per quarter per share have been paid on the Common Stock.
Distributions with respect to each Depositary Share Each Representing 1/1,000 of a Share of Equity Stock, Series A are equal to
the lesser of: a) five times the per share dividend on the Common Stock or b) $2.45 per annum (prorated for the year 2000).
S TOCK P RICE A ND H OLDERS
The Common Stock (NYSE:PSA) has been listed on the New York Stock Exchange since October 19, 1984 and on the Pacific Exchange
since December 26, 1996. The Depositary Shares Each Representing 1/1,000 of a Share of Equity Stock, Series A (NYSE:PSAA) have
been listed on the New York Stock Exchange since February 14, 2000.
The following table sets forth the high and low sales prices of the Common Stock on the New York Stock Exchange composite tapes
for the applicable periods. Range
Year Quarter High Low
1999 1st $277⁄8$241⁄4
2nd 293⁄8233⁄16
3rd 277⁄8237⁄8
4th 26 211⁄8
2000 1st 2413⁄16 207⁄8
2nd 247⁄8211⁄4
3rd 2615⁄16 233⁄16
4th 247⁄8211⁄8
The following table sets forth the high and low sales prices of the Depositary Shares Each Representing 1/1,000 of a Share of Equity
Stock, Series A on the New York Stock Exchange composite tapes for the applicable periods. Range
Year Quarter High Low
2000 1st
(a)
$201⁄8$1815⁄16
2nd 223⁄4191⁄4
3rd 245⁄8203⁄8
4th 24 221⁄16
(a) Commencing February 14, 2000.
As of March 13, 2001, there were approximately 21,168 holders of record of the Common Stock and approximately
15,853 holders of the Depositary Shares Each Representing 1/1,000 of a Share of Equity Stock, Series A.
D ISTRIBUTIONS