Public Storage 2000 Annual Report Download - page 23

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P
UBLIC S TORAGE , I NC . 2000 A NNUAL R EPORT
December 31, 2000, 277,104 OP Units were redeemed in connection with the sale of real estate facilities (reducing minority interest
by $6,427,000) and 255,853 OP Units were converted into shares of the Company’s common stock (reducing minority interest by
$6,829,000). During the year ended December 31, 1999, 241,071 OP Units were exchanged for an equal number of shares of the
Company’s common stock, for a total cost of approximately $6,434,000. These transactions had the effect of reducing minority
interest by approximately $6,434,000.
In addition to the OP Unit redemptions noted above, during fiscal 2000 we acquired minority interests in the Consolidated Entities
for an aggregate cash cost of $31,271,000; these acquisitions had the effect of reducing minority interest by $16,159,000, with the
excess of cost over underlying book value ($15,112,000) allocated to real estate.
During 1999, in addition to the OP Unit redemptions noted above, we acquired limited partnership interests in certain of the
Consolidated Entities in several transactions for an aggregate cost of $76,873,000, consisting of approximately $36,846,000 in cash
and $40,027,000 in the issuance of common stock. These transactions had the effect of reducing minority interest by approximately
$31,126,000. The excess of the cost over the underlying book value ($45,747,000) has been allocated to real estate facilities in
consolidation.
During 1999 and 1998, in connection with certain business combinations (Note 3) minority interest was increased by $32,201,000
and $35,210,000, respectively, representing the remaining partners’ equity interests in the aggregate net assets of the Consolidated
Entities.
Note 9 —
Shareholders’ Equity
Preferred Stock
At December 31, 2000 and 1999, we had the following series of Preferred Stock outstanding:
(Dollar amounts in thousands) Dividend Shares Carrying
Series Rate Outsanding Amount
Series A 10.000% 1,825,000 $ 45,625
Series B 9.200% 2,386,000 59,650
Series C Adjustable 1,200,000 30,000
Series D 9.500% 1,200,000 30,000
Series E 10.000% 2,195,000 54,875
Series F 9.750% 2,300,000 57,500
Series G 8.875% 6,900 172,500
Series H 8.450% 6,750 168,750
Series I 8.625% 4,000 100,000
Series J 8.000% 6,000 150,000
Series K 8.250% 4,600 115,000
Series L 8.250% 4,600 115,000
Series M 8.750% 2,250 56,250
Total Senior Preferred Stock 11,141,100 $1,155,150
The Series A through Series M (collectively the “Cumulative Senior Preferred Stock”) have general preference rights with respect to
liquidation and quarterly distributions. Holders of the preferred stock, except under certain conditions and as noted above, will not be
entitled to vote on most matters. In the event of a cumulative arrearage equal to six quarterly dividends or failure to maintain a Debt
Ratio (as defined) of 50% or less, holders of all outstanding series of preferred stock (voting as a single class without regard to series) will
have the right to elect two additional members to serve on the Company’s Board of Directors until events of default have been cured.
At December 31, 2000, there were no dividends in arrears and the Debt Ratio was 3.0%.
Except under certain conditions relating to the Company’s qualification as a REIT, the Senior Preferred Stock is not redeemable 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, Series M – August 17, 2004.