Public Storage 1996 Annual Report Download - page 42

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Common Stock Distribution Policy and Stock Price
P
UBLIC
S
TORAGE
, I
NC
. 1996 A
NNUAL
R
EPORT
40
Public Storage, Inc. has paid continuous quarterly distributions to its shareholders since 1981, its first full year of operations. Distributions paid
per share of common stock for 1996 amounted to $.88.
Holders of common stock are entitled to receive distributions when and if declared by the Company’s Board of Directors out of any funds legally
available for that purpose. The Company is required to distribute at least 95% of its net taxable ordinary income prior to the filing of the Company’s
tax return and 85%, subject to certain adjustments, during the calendar year, to maintain its REIT status for Federal income tax purposes. It is
management’s intention to pay distributions of not less than this required amount. For Federal tax purposes, distributions to shareholders are
treated as ordinary income, capital gains, return of capital or a combination thereof, and for the past three years distributions to common share-
holders were as follows:
Amount Ordinary Capital Gain Non-taxable
Year Ended Paid Income Amount Return of Capital
1996 $.88 $.88 $ – $ –
1995 .88 .88 – –
1994 .85 .85 – –
The common stock has been listed on the New York Stock Exchange since October 19, 1984 and on the Pacific Exchange since December 26, 1996.
The ticker symbol is PSA.
The following table sets forth the high and low sales prices of the common stock on the New York Stock Exchange composite tapes for the applic-
able periods.
Range
Year Quarter High Low
1995 1st $17
1
⁄
8
$13
1
⁄
2
2nd 17
1
⁄
8
15
1
⁄
4
3rd 18
3
⁄
4
16
3
⁄
8
4th 19
3
⁄
4
17
3
⁄
8
1996 1st 21
7
⁄
8
18
7
⁄
8
2nd 21
1
⁄
2
19
3
⁄
8
3rd 22
5
⁄
8
19
7
⁄
8
4th 31
3
⁄
8
22
1
⁄
4
As of February 28, 1997, there were approximately 19,676 holders of record of the common stock.