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PUBLIC STORAGE
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2010
F-24
At December 31, 2010
At December 31, 2009
Series
Earliest
Redemption
Date
Dividend
Rate
Shares
Outstanding
Liquidation
Preference
Shares
Outstanding
Liquidation
Preference
(Dollar amounts in thousands)
Series V 9/30/07 7.500% - $ - 6,200 $ 155,000
Series W 10/6/08 6.500% 5,300 132,500 5,300 132,500
Series X 11/13/08 6.450% 4,800 120,000 4,800 120,000
Series Y 1/2/09 6.850% 350,900 8,772 750,900 18,772
Series Z 3/5/09 6.250% 4,500 112,500 4,500 112,500
Series A 3/31/09 6.125% 4,600 115,000 4,600 115,000
Series B 6/30/09 7.125% - - 4,350 108,750
Series C 9/13/09 6.600% 4,425 110,625 4,425 110,625
Series D 2/28/10 6.180% 5,400 135,000 5,400 135,000
Series E 4/27/10 6.750% 5,650 141,250 5,650 141,250
Series F 8/23/10 6.450% 9,893 247,325 9,893 247,325
Series G 12/12/10 7.000% 4,000 100,000 4,000 100,000
Series H 1/19/11 6.950% 4,200 105,000 4,200 105,000
Series I 5/3/11 7.250% 20,700 517,500 20,700 517,500
Series K 8/8/11 7.250% 16,990 424,756 16,990 424,756
Series L 10/20/11 6.750% 8,267 206,665 8,267 206,665
Series M 1/9/12 6.625% 19,065 476,634 19,065 476,634
Series N 7/2/12 7.000% 6,900 172,500 6,900 172,500
Series O 4/15/15 6.875% 5,800 145,000 - -
Series P 10/7/15 6.500% 5,000 125,000 - -
Total Cumulative Preferred Shares 486,390 $ 3,396,027 886,140 $ 3,399,777
The holders of our Cumulative Preferred Shares have general preference rights with respect to
liquidation and quarterly distributions. Holders of the preferred shares, 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, holders of all outstanding series of preferred shares (voting as a single class without regard
to series) will have the right to elect two additional members to serve on our Board of Trustees until events of
default have been cured. At December 31, 2010, there were no dividends in arrears.
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Preferred Shares are not redeemable prior the dates indicated on the table above. On or after the respective
dates, each of the series of Cumulative Preferred Shares will be redeemable, at the option of the Company, in
whole or in part, at $25.00 per share (or depositary share as the case may be), plus accrued and unpaid
dividends. Holders of the Cumulative Preferred Shares do not have the right to require the Company to redeem
such shares.
Upon issuance of our Cumulative Preferred Shares of beneficial interest, we classify the liquidation
value as preferred equity on our consolidated balance sheet with any issuance costs recorded as a reduction to
paid-in capital.
On April 13, 2010, we issued 5,800,000 depositary shares each representing 1/1,000 of our 6.875%
Cumulative Preferred Shares, Series O for gross proceeds of $145,000,000.
On May 18, 2010, we redeemed our remaining Series V Cumulative Preferred Shares at par value plus
accrued dividends. In applying EITF D-42 to this redemption, we allocated $5,063,000 of income from our
common shareholders to the holders of our Preferred Shares, representing the excess of the amount paid over
the initial issuance proceeds, in the year ended December 31, 2010.