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PUBLIC STORAGE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2003
F-26
10. Shareholders๎‚’ equity
Cumulative Preferred Stock
At December 31, 2003 and 2002, we had the following series of Cumulative Preferred Stock
outstanding:
At December 31, 2003 At December 31, 2002
Series
Earliest
Redemption
Date
Dividend
Rate
Shares
Outstanding
Carrying
Amount
Shares
Outstanding
Carrying
Amount
(Dollar amount in thousands) (Dollar amount in thousands)
Series B 3/31/03 (a) 9.200% - $ - 2,300,000 $ 57,500
Series C 6/30/03 (a) Adjustable - - 1,200,000 30,000
Series D 9/30/04 9.500% 1,200,000 30,000 1,200,000 30,000
Series E 1/31/05 10.000% 2,195,000 54,875 2,195,000 54,875
Series F 4/30/05 9.750% 2,300,000 57,500 2,300,000 57,500
Series K (b) 1/19/04(a) 8.250% - - 4,600 115,000
Series L 3/10/04(a) 8.250% 4,600 115,000 4,600 115,000
Series M 8/17/04 8.750% 2,250 56,250 2,250 56,250
Series Q 1/19/06 8.600% 6,900 172,500 6,900 172,500
Series R 9/28/06 8.000% 20,400 510,000 20,400 510,000
Series S 10/31/06 7.875% 5,750 143,750 5,750 143,750
Series T 1/18/07 7.625% 6,086 152,150 6,086 152,150
Series U 2/19/07 7.625% 6,000 150,000 6,000 150,000
Series V 9/30/07 7.500% 6,900 172,500 6,900 172,500
Series W 10/6/08 6.500% 5,300 132,500 - -
Series X 11/13/08 6.450% 4,800 120,000 - -
Total Cumulative Preferred Stock 5,763,986 $ 1,867,025 9,258,486 $ 1,817,025
(a) Series was redeemed on the date indicated.
(b) The Series K Cumulative Preferred Stock was called for redemption in December 2003, and was redeemed in
January 2004 along with the unpaid distributions from December 31, 2003 through the redemption date.
Accordingly, the redemption value of $115,000,000 was classified as a liability at December 31, 2003.
During 2003, we issued our Series W and Series X Cumulative Preferred Stock: Series W ๎‚– issued on
October 6, 2003, net proceeds of $128,126,000 and Series X ๎‚– issued November 13, 2003, net proceeds of
$116,020,000.
During 2003, we redeemed our Series B and Series C Cumulative Preferred Stock, at par, at a total cost
of $57,517,000 and $30,018,000 (including related redemption expenses), respectively. In December 2003, we
called for redemption our Series K Cumulative Preferred Stock, at par. The total cost of redemption of the
Series K was approximately $115,000,000, plus accrued dividends, on the redemption date, January 20, 2004.
Accordingly, the $115,000,000 Series K Preferred Stock was classified as a liability at December 31, 2003.