Public Storage 2001 Annual Report Download - page 26

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P
UBLIC S TORAGE ,I NC . 2001 A NNUAL R EPORT
Note 9 — Shareholders’ Equity
Preferred Stock
At December 31, 2001 and 2000, we had the following series of Preferred Stock outstanding:
At December 31, 2001 At December 31, 2000
(Dollar amounts in thousands)
Dividend Shares Carrying Shares Carrying
Series Rate Outstanding Amount Outstanding Amount
Series A 10.000% 1,825,000 $ 45,625 1,825,000 $ 45,625
Series B 9.200% 2,386,000 59,650 2,386,000 59,650
Series C Adjustable 1,200,000 30,000 1,200,000 30,000
Series D 9.500% 1,200,000 30,000 1,200,000 30,000
Series E 10.000% 2,195,000 54,875 2,195,000 54,875
Series F 9.750% 2,300,000 57,500 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 6,000 150,000
Series K 8.250% 4,600 115,000 4,600 115,000
Series L 8.250% 4,600 115,000 4,600 115,000
Series M 8.750% 2,250 56,250 2,250 56,250
Series Q 8.600% 6,900 172,500 — —
Series R 8.000% 20,400 510,000 — —
Series S 7.875% 5,750 143,750 — —
Total Senior Preferred Stock 11,156,500 $1,540,150 11,141,100 $1,155,150
During 2001, we issued our Series Q, Series R and Series S Preferred Stock: Series Q – issued on January 19, 2001, net proceeds
of $166,966,000, Series R – issued on September 28, 2001, net proceeds of $493,085,000 and Series S – issued October 31, 2001,
net proceeds of $139,022,000.
On January 18, 2002, (unaudited) we issued $150 million of 7.625% Cumulative Preferred Stock, Series T and on February 19,
2002, (unaudited) we issued $150 million of 7.625% Cumulative Preferred Stock, Series U (Note 13).
The Series A through Series U (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, 2001, there were no dividends in arrears and the Debt Ratio was 3.1%.
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 J – August 31, 2002, Series K – January 19,
2004, Series L – March 10, 2004, Series M – August 17, 2004, Series Q – January 19, 2006, Series R – September 28, 2006 ,
Series S – October 31, 2006, Series T – January 18, 2007, Series U – February 19, 2007. 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 J through Series U), plus accrued and unpaid dividends.