Public Storage 1997 Annual Report Download - page 46

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44
Public Storage, Inc. 1997 Annual Report
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 1997 amount 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 shareholders were as follows:
Amount Ordinary Capital Gain Non-taxable
Year Ended Paid Income Amount Return of Capital
1997 $.88 $.88 $ — $ —
1996 .88 .88 — —
1995 .88 .88 — —
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 applicable periods.
Range
Year Quarter High Low
1996 1st $21.875 $18.875
2nd 21.500 19.375
3rd 22.625 19.875
4th 31.375 22.250
1997 1st $30.875 $26.500
2nd 29.250 25.875
3rd 30.875 27.000
4th 30.625 26.125
As of March 2, 1998, there were approximately 23,716 holders of record of the common stock. The Company had approximately
111,723,882 common shares outstanding as of February 28, 1998.
Common Stock Distribution Policy
and Stock Price