Public Storage 2003 Annual Report Download - page 106

PUBLIC STORAGE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2003
F-27
During 2002, we issued our Series T, Series U and Series V Cumulative Preferred Stock: Series T 
issued on January 18, 2002, net proceeds of $145,075,000, Series U  issued on February 19, 2002, net
proceeds of $145,075,000 and Series V  issued September 30, 2002, net proceeds of $166,866,000.
During 2002, we redeemed our Series A and Series J Cumulative Preferred Stock, at par, at a total cost
of $45,643,000 and $150,018,000 (including related redemption expenses), respectively.
On August 30, 2002, in a privately negotiated transaction, we exchanged an aggregate of 86,000 shares
(par value of $2,150,000) of our Preferred Stock, Series B for 86 shares (representing 86,000 depositary shares
with a par value of $2,150,000) of our Preferred Stock, Series T.
In 2004 (unaudited), we issued Series Y and Series Z Cumulative Preferred Stock: On January 2,
2004, in a private transaction, we sold 1,600,000 shares (par value of $40,000,000) of our Preferred Stock,
Series Y, priced at 6.850%; and on March 5, 2004, 4,500,000 depositary shares, with each depositary share
representing 1/1,000 of a share of 6.250% Cumulative Preferred Stock, Series Z (par value $112,500,000). We
also called for redemption all outstanding shares of our 8.25% Cumulative Preferred Stock, Series L at a
redemption price of $25 per share for a total of $57,500,000, plus accrued dividends as of March 10, 2004.
The Series B through Series Z (collectively the Cumulative Senior Preferred Stock) have general
preference rights with respect to liquidation and quarterly distributions. Holders of the preferred stock, except
under certain conditions and as noted below, will not be entitled to vote on most matters. In the event of a
cumulative arrearage equal to six quarterly dividends or failure to maintain a Debt Ratio (as defined) of 50% or
less, holders of all outstanding series of preferred stock (voting as a single class without regard to series) will
have the right to elect two additional members to serve on the Companys Board of Directors until events of
default have been cured. At December 31, 2003, there were no dividends in arrears and the Debt Ratio was
1.2%.
Upon issuance of our Preferred Stock, we classify the liquidation value as preferred stock, with any
issuance costs recorded as a reduction in Paid-in capital.
Except under certain conditions relating to the Companys qualification as a REIT, the Senior
Preferred Stock is not redeemable prior to the following dates: Series D  September 30, 2004, Series E 
January 31, 2005, Series F  April 30, 2005, Series L  March 10, 2004, Series M  August 17, 2004, Series Q
 January 19, 2006, Series R  September 28, 2006 , Series S  October 31, 2006, Series T  January 18, 2007,
Series U  February 19, 2007, Series V  September 30, 2007, Series W  October 6, 2008, Series X 
November 13, 2008, Series Y  January 2, 2009, Series Z  March 5, 2009. On or after the respective dates,
each of the series of Cumulative Senior Preferred Stock will be redeemable, at the option of the Company, in
whole or in part, at $25 per share (or depositary share in the case of the Series L through Series X and Series Z),
plus accrued and unpaid dividends.