Public Storage 2010 Annual Report Download - page 105

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PUBLIC STORAGE
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2010
F-23
Preferred Partnership Interests
At December 31, 2010, we had no preferred partnership interests outstanding. At December 31, 2009,
our preferred partnership units outstanding were comprised of 4,000,000 units of our 7.250% Series J preferred
units ($100,000,000 carrying amount). On October 25, 2010, we repurchased all of the 7.25% Series J
Preferred Partnership units for an aggregate of $100,400,000 ($100,000,000 par value) plus accrued and unpaid
dividends. In connection with this transaction, we recorded an allocation of income pursuant to EITF D-42 to
the holders of these units of $400,000 during the year ended December 31, 2010, representing the excess paid to
redeem these units over the original issuance proceeds. These preferred units were otherwise redeemable at par
on May 9, 2011.
At December 31, 2008, our preferred partnership units outstanding were comprised of 8,000,000 units
of our 6.400% Series NN ($200,000,000 carrying amount, redeemable March 17, 2010), 1,000,000 units of our
6.250% Series Z ($25,000,000 carrying amount, redeemable October 12, 2009), and 4,000,000 units of our
7.250% Series J ($100,000,000 carrying amount, redeemable May 9, 2011) preferred partnership units.
In March 2009, we acquired all of the 6.40% Series NN preferred partnership units from a third party
($200.0 million carrying amount) for approximately $128.0 million. This transaction resulted in an increase in
paid-in capital of approximately $72.0 million for the year ended December 31, 2009, and an allocation of
$72.0 million in income from these interests in determining net income allocable to Public Storage shareholders
based, upon the excess of the carrying amount over the amount paid.
Also in March 2009, we acquired all of the 6.25% Series Z preferred partnership units from a third
party ($25.0 million carrying amount) for $25.0 million. This resulted in no increase in income allocated to the
common shareholders as they were acquired at par.
During the years ended December 31, 2010, 2009 and 2008, we allocated a total of $5,930,000,
$9,455,000 and $21,612,000, respectively, in income to these interests based upon distributions paid.
8. 6KDUHKROGHUV¶(TXLW\
Cumulative Preferred Shares
At December 31, 2010 and 2009, we had the following series of Cumulative Preferred Shares of
beneficial interest outstanding: