Public Storage 2010 Annual Report Download - page 107

Download and view the complete annual report

Please find page 107 of the 2010 Public Storage annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 128

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128

PUBLIC STORAGE
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2010
F-25
On August 3, 2010, we repurchased 400,000 shares of our 6.850% Cumulative Preferred Shares Series
Y. The carrying value of the shares repurchased totaled $10 million and exceeded the aggregate repurchase cost
of $9.2 million by $0.8 million. For purposes of determining net income per share, income allocated to our
preferred shareholders was reduced by the $0.8 million for the year ended December 31, 2010.
On October 7, 2010, we issued 5,000,000 depositary shares (including the subsequent exercise, in part,
RIWKHXQGHUZULWHU¶VRYHU-allotment option) each representing 1/1,000 of a 6.500% Cumulative Preferred Share
of Beneficial Interest, Series P, for gross proceeds of $125,000,000.
On November 5, 2010, we redeemed our Series B Cumulative Preferred Shares, at par. The aggregate
redemption amount, before payment of accrued dividends, was $108,750,000. In applying EITF D-42 to this
redemption, we allocated $3,626,000 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.
During March 2009, we repurchased certain of our Cumulative Preferred Shares in privately negotiated
transactions as follows: Series V ± 700,000 depositary shares, each representing 1/1,000 of a share of our
Cumulative Preferred Shares at a total cost of $13,230,000, Series C ± 175,000 depositary shares, each
representing 1/1,000 of a share of our Cumulative Preferred Shares at a total cost of $2,695,000 and Series F ±
107,000 depositary shares, each representing 1/1,000 of a share of our Cumulative Preferred Shares at a total
cost of $1,610,000. The carrying value of the shares repurchased totaled $23.8 million ($24.6 million
liquidation preference less $0.8 million of original issuance costs), and exceeded the aggregate repurchase cost
of $17.5 million by approximately $6.2 million. For purposes of determining net income per share, income
allocated to our preferred shareholders was reduced by the $6.2 million for the year ended December 31, 2009.
During November and December 2008, we repurchased certain of our Cumulative Preferred Shares in
privately negotiated transactions as follows: Series Y ± 849,100 Preferred Shares at a total cost of $14,091,000,
Series K ± 1,409,756 depositary shares, each representing 1/1,000 of a share of our Cumulative Preferred Shares
at a total cost of $23,786,000, Series L ± 933,400 depositary shares, each representing 1/1,000 of a share of our
Cumulative Preferred Shares at a total cost of $14,626,000 and Series M ± 934,647 depositary shares, each
representing 1/1,000 of a share of our Cumulative Preferred Shares at a total cost of $14,375,000. The carrying
value of the shares repurchased totaled $100.8 million ($103.2 million liquidation preference less $2.4 million
of original issuance costs) exceeded the aggregate repurchase cost of $66.9 million by approximately $33.9
million. For purposes of determining net income per share, income allocated to our preferred shareholders was
reduced by the $33.9 million for the year ended December 31, 2008.
Equity Shares, Series A
On March 12, 2010, we called for redemption all of our outstanding shares of Equity Shares, Series A.
The redemption occurred on April 15, 2010 at $24.50 per share for aggregate redemption amount of
$205.4 million.
During each of the three months ended March 31, 2010, 2009 and 2008, June 30, 2009 and 2008,
September 30, 2009 and 2008 and December 31, 2009 and 2008, we allocated income and paid quarterly
distributions to the holders of the Equity Shares, Series A totaling $5.1 million ($0.6125 per share) based on
8,377,193 weighted average depositary shares outstanding. Net income allocated to the Equity Shares, Series A
for the year ended December 31, 2010 also includes $25.7 million ($3.07 per share), representing the excess of
cash paid to redeem the securities over the original issuance proceeds.
Common Shares
During 2010, 2009 and 2008, activity with respect to the issuance or repurchase of our common shares
was as follows: