Public Storage 1999 Annual Report Download - page 53

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To limit our exposure to market risk, we principally finance our operations and growth with permanent equity capital consisting either of
common or preferred stock. At December 31, 1999, the Company’s debt as a percentage of total shareholders’equity (based on book values)
was 4.5%.
Our preferred stock is not redeemable by the holders. Except under certain conditions relating to the Company’s qualification as
a REIT, the Senior Preferred Stock is not redeemable by the Company prior to the following dates: Series A – September 30, 2002,
Series B – March 31, 2003, Series C – June 30, 1999, Series D – September 30, 2004, Series E – January 31, 2005, Series F – April 30,
2005, Series G – December 31, 2000, Series H – January 31, 2001, Series I – October 31, 2001, Series J – August 31, 2002, Series K –
January 19, 2004, Series L – March 10, 2004 and Series M – August 17, 2004. On or after the respective dates, each of the series of
Senior Preferred Stock will be redeemable at the option of the Company, in whole or in part, at $25 per share (or depositary share
in the case of the Series G, Series H, Series I, Series J, Series K, Series L and Series M), plus accrued and unpaid dividends.
Our market risk sensitive instruments include notes payable which totaled $167,338,000 at December 31, 1999. All of our notes
payable bear interest at fixed rates. See Note 7 to the financial statements for terms, valuations and approximate principal maturities
of the notes payable as of December 31, 1999.
51
U B LI C T O RAG E,N C . 1999 N N UAL RE P O RT
UANTITATIVE AND UALITATIVE DISCLO SURES ABOUT MARKET R ISK