Public Storage 1999 Annual Report Download - page 54

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ISTRIBU TIO N S
Public Storage, Inc. has paid quarterly distributions to its shareholders since 1981, its first full year of operations. Overall distributions per share
of Common Stock for 1999 amounted to $1.52, which includes a special distribution declared in November 1999 to shareholders of record as
of November 15, 1999. The special distribution was paid in January 2000, at the option of the shareholder, either $0.62 per share in cash or
$0.65 per share in Depositary Shares, Each Representing 1/ 1,000 of a Share of the Company’s Equity Stock, Series A.
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 R EIT status for Federal
income tax purposes. It is our 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. In 1999, distributions to common shareholders were $1.53 for common shareholders who elected stock in a special dividend declared
in 1999 and $1.50 for common shareholders who elected cash in the special dividend, and were all ordinary income. Distributions to
common shareholders were $0.88 per share in each of 1998 and 1997, and were all ordinary income for 1997. For 1998, the dividends paid to
the common shareholders ($0.88 per share) were all ordinary income for the first, third and fourth quarter distributions. For the second
quarter of 1998, 86.110% of the dividends were characterized as ordinary income and the remainder was characterized as capital gain.
Beginning on January 1, 2000, the Company’s Class B common stock participates in distributions (other than liquidating distributions) at
the rate of 97 percent of the per-share distributions on the common stock, provided that cumulative distributions of at least $0.22 per quarter
per share have been paid on the common stock.
Distributions with respect to each Depositary Share Each Representing 1/ 1,000 of a Share of Equity Stock, Series A will be equal to the
lesser of: a) five times the per share dividend on the common stock or b) $2.45 per annum (prorated for the year 2000).
STOC K RICE AND O LD ERS
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 Depositary Shares Each Representing 1/ 1,000 of a Share of Equity Stock, Series A
have been listed on the New York Stock Exchange since February 14, 2000. The ticker symbol is PSA.A.
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.
R ange
Year Quarter High Low
1998 1st $33.6250 $28.6875
2nd 32.7500 26.3125
3rd 29.2500 22.6250
4th 28.0625 24.2500
1999 1st $27.8750 $24.2500
2nd 29.3750 23.1875
3rd 27.8750 23.8750
4th 26.0000 21.1250
As of March 15, 2000, there were approximately 22,811 holders of record of the common stock and 125,412,257 common shares
outstanding. As of March 15, 2000, there were approximately 16,947 holders of the Depositary Shares Each Representing 1/ 1,000 of a Share
of Equity Stock, Series A and 4,300,555 depositary shares outstanding.
U B L I C T O R A G E ,N C . 1999 N N U A L RE P O R T
TOCK DATA